<SEC-DOCUMENT>0001193125-19-166735.txt : 20190606
<SEC-HEADER>0001193125-19-166735.hdr.sgml : 20190606
<ACCEPTANCE-DATETIME>20190606085004
ACCESSION NUMBER:		0001193125-19-166735
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20190606
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190606
DATE AS OF CHANGE:		20190606

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQUITY RESIDENTIAL
		CENTRAL INDEX KEY:			0000906107
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				363877868
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12252
		FILM NUMBER:		19881571

	BUSINESS ADDRESS:	
		STREET 1:		EQUITY RESIDENTIAL
		STREET 2:		TWO NORTH RIVERSIDE PLAZA, SUITE 400
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129281178

	MAIL ADDRESS:	
		STREET 1:		TWO NORTH RIVERSIDE PLAZA
		STREET 2:		SUITE 400
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUITY RESIDENTIAL PROPERTIES TRUST
		DATE OF NAME CHANGE:	19930524

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ERP OPERATING LTD PARTNERSHIP
		CENTRAL INDEX KEY:			0000931182
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				363894853
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24920
		FILM NUMBER:		19881570

	BUSINESS ADDRESS:	
		STREET 1:		TWO N RIVERSIDE PLZ
		STREET 2:		STE 400
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3124741300

	MAIL ADDRESS:	
		STREET 1:		TWO N RIVERSIDE PLAZA
		STREET 2:		SUITE 450
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d759345d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of Earliest Event Reported): June&nbsp;6, 2019 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>EQUITY RESIDENTIAL </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B>Maryland</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">1-12252</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">13-3675988</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification Number)</B></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>ERP OPERATING LIMITED PARTNERSHIP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B>Illinois</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">0-24920</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">36-3894853</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification Number)</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Two North Riverside Plaza</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Suite 400, Chicago, Illinois</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>60606</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (312)
<FONT STYLE="white-space:nowrap">474-1300</FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not applicable </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or former address, if changed since last report.) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (<I>see</I> General Instruction A.2 below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities registered pursuant to Section&nbsp;12(b) of the Act: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
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<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of each class</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trading</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Symbol(s)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Name of each exchange</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>on which registered</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Common Shares of Beneficial Interest,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$0.01&nbsp;Par Value (Equity Residential)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>EQR</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>New York Stock Exchange</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>7.57% Notes due August&nbsp;15, 2026</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(ERP Operating Limited Partnership)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>N/A</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>New York Stock Exchange</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the
Securities Act of 1933 (&#167;230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Emerging growth company&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an
emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On June&nbsp;6, 2019, Equity Residential (the &#147;Company&#148;) and its operating partnership, ERP Operating Limited Partnership (the
&#147;Operating Partnership&#148;), entered into a Distribution Agreement (a &#147;Distribution Agreement&#148;) with each of JPMorgan Chase Bank, National Association, London Branch, J.P. Morgan Securities LLC, Barclays Bank PLC, Barclays Capital
Inc., Bank of America, N.A., BofA Securities, Inc., The Bank of New York Mellon, BNY Mellon Capital Markets, LLC, Morgan Stanley&nbsp;&amp; Co. LLC, MUFG Securities EMEA plc, MUFG Securities Americas Inc., The Bank of Nova Scotia, Scotia Capital
(USA) Inc., UBS AG, London Branch, and UBS Securities LLC, acting in their respective capacity as Agents (as described below), as Forward Sellers (as described below) and/or as Forward Purchasers (as described below), as applicable, with respect to
the issuance and sale of up to 13,000,000 common shares of beneficial interest, par value $0.01 per share, of the Company (the &#147;Shares&#148;) from time to time in &#147;at the market&#148; offerings or certain other transactions (the &#147;ATM
Program&#148;). The Company refers to these entities, when acting in their capacity as sales agents, individually as an &#147;Agent&#148; and collectively as &#147;Agents.&#148; The Company refers to these entities, when acting as agents for Forward
Purchasers (as described below), individually as a &#147;Forward Seller&#148; and collectively as &#147;Forward Sellers.&#148; The 13,000,000 Shares consist of 13,000,000 Shares that remain unsold under the prospectus supplement dated June&nbsp;29,
2016 to the prospectus dated June&nbsp;28, 2016, which expired upon the filing of the automatic shelf registration statement discussed below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Distribution Agreement provides that, in addition to the issuance and sale of the Shares through the Agents, the Company also may enter
into forward sale agreements under separate master forward sale confirmation agreements (each, a &#147;Master Forward Sale Confirmation&#148;) and related supplemental confirmations between the Company and a Forward Seller or its affiliate. The
Company refers to these entities, when acting in this capacity, individually as a &#147;Forward Purchaser&#148; and collectively as &#147;Forward Purchasers.&#148; In connection with each particular forward sale agreement, the relevant Forward
Purchaser will borrow from third parties and, through the relevant Forward Seller, sell a number of Shares equal to the number of Shares underlying the particular forward sale agreement.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company will not initially receive any proceeds from the sale of borrowed Shares by a Forward Seller. The Company expects to fully
physically settle each particular forward sale agreement with the relevant Forward Purchaser on one or more dates specified by the Company on or prior to the maturity date of that particular forward sale agreement, in which case the Company will
expect to receive aggregate net cash proceeds at settlement equal to the number of Shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, the Company may also elect to cash settle or net share
settle a particular forward sale agreement, in which case the Company may not receive any proceeds from the issuance of Shares, and the Company will instead receive or pay cash (in the case of cash settlement) or receive or deliver Shares (in the
case of net share settlement). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Distribution Agreement provides that each Agent will receive from the Company a commission that will
not exceed, but may be lower than, 2.0% of the gross sales price of all Shares sold through it as Agent under the Distribution Agreement. In connection with each forward sale, the Company will pay the relevant Forward Seller, in the form of a
reduced initial forward sale price under the related forward sale agreement with the related Forward Purchaser, commissions at a mutually agreed rate that shall not be more than 2.0% of the gross sales price of all borrowed Shares sold by it as a
Forward Seller. </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Shares will be issued pursuant to the prospectus supplement filed on June&nbsp;6, 2019
and the Company&#146;s automatic shelf registration statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-231967)</FONT> filed on June&nbsp;5, 2019 with the Securities and Exchange
Commission. This Current Report shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Distribution Agreement and the form of Master Forward Sale
Confirmation are filed as Exhibits 1.1 and 1.2, respectively, to this Current Report. The descriptions of the Distribution Agreement and the form of Master Forward Sale Confirmation do not purport to be complete and are qualified in their entirety
by reference to the Distribution Agreement and the form of Master Forward Sale Confirmation filed herewith as exhibits to the Current Report. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;7.01. Regulation FD Disclosure. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Automatic
Shelf Registration&nbsp;&amp; Share Repurchase Program </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The automatic shelf registration statement referred to above was filed to replace the
Company&#146;s automatic shelf registration that was scheduled to expire on June&nbsp;28, 2019.&nbsp;The Company also maintains a share repurchase program with authorization for the repurchase of up to 13&nbsp;million Shares. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01. Financial Statements and Exhibits. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="91%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center"><B>Exhibit<BR>Number</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Description</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;1.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d759345dex11.htm">Distribution Agreement, dated June&nbsp;
6, 2019, among the Company, the Operating Partnership, JPMorgan Chase Bank, National Association, London Branch, J.P. Morgan Securities LLC, Barclays Bank PLC, Barclays Capital Inc., Bank of America, N.A., BofA Securities, Inc., The Bank of New York Mellon,
 BNY Mellon Capital Markets, LLC, Morgan Stanley&nbsp;&amp; Co. LLC, MUFG Securities EMEA plc, MUFG Securities Americas Inc., The Bank of Nova Scotia, Scotia Capital (USA) Inc., UBS AG, London Branch and UBS Securities LLC </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;1.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d759345dex12.htm">Form of Master Forward Sale Confirmation </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d759345dex51.htm">Opinion of DLA Piper LLP (US) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d759345dex51.htm">Consent of DLA Piper LLP (US) (included in Exhibit&nbsp;5.1) </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
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<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>EQUITY RESIDENTIAL</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: June&nbsp;6, 2019</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott J. Fenster</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Scott J. Fenster</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice President, General Counsel</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">and
Corporate Secretary</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>ERP OPERATING LIMITED PARTNERSHIP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Equity Residential, its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: June&nbsp;6, 2019</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott J. Fenster</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Scott J. Fenster</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice President, General Counsel</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">and
Corporate Secretary</P></TD></TR>
</TABLE>
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<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>d759345dex11.htm
<DESCRIPTION>EX-1.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-1.1</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 1.1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DISTRIBUTION AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">June&nbsp;6, 2019 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JPMorgan Chase Bank, National
Association, London Branch, as Forward Purchaser </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25 Bank Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Canary Wharf </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">London E14 5JP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">England </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC, as Agent and Forward Seller
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">383 Madison Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10179 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bank of America, N.A., as Forward Purchaser </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One Bryant Park
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10036 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BofA Securities, Inc., as Agent
and Forward Seller </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One Bryant Park </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10036
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Bank of New York Mellon, as Forward Purchaser and BNY Mellon Capital Markets, LLC, as Agent and Forward Seller </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">240 Greenwich Street, 3 East </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10286 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Morgan Stanley&nbsp;&amp; Co. LLC, as Forward Purchaser, Agent and Forward Seller </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1585 Broadway </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10036 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Bank of Nova Scotia, as Forward Purchaser </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">GWO-Derivative</FONT> Products </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">44 King Street West </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Central Mail Room </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Toronto, Ontario, Canada M5H 1H1 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Scotia Capital (USA) Inc., as Agent and Forward Seller </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">250
Vesey Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10281 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Barclays Bank PLC,
as Forward Purchaser </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5 The North Colonnade </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Canary Wharf, London E14 4BB </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Barclays Capital Inc., as Agent and Forward Seller </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">745 Seventh
Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY 10019 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">UBS AG, London Branch, as
Forward Purchaser </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5 Broadgate </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">London </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EC2M 2QS </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United Kingdom </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">UBS Securities LLC, as Agent and Forward Seller </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1285 Avenue of
the Americas </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10019 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MUFG Securities EMEA
plc, as Forward Purchaser </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ropemaker Place </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25 Ropemaker
Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">London, EC2Y 9AJ </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United Kingdom </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MUFG Securities Americas Inc., as Agent and Forward Seller </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1221
Avenue of the Americas, 6<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10020 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Equity Residential, a
Maryland real estate investment trust ( &#147;<B>EQR</B>&#148; or the &#147;<B>Company</B>&#148;), and ERP Operating Limited Partnership, an Illinois limited partnership ( &#147;<B>ERP</B>&#148; and, together with EQR, the &#147;<B>Transaction
Entities</B>&#148;), confirm their agreement with JPMorgan Chase Bank, National Association, London Branch, Bank of America, N.A., The Bank of New York Mellon, Morgan Stanley&nbsp;&amp; Co. LLC, The Bank of Nova Scotia, Barclays Bank PLC, UBS AG,
London Branch and MUFG Securities EMEA plc (in their capacities as purchasers under any Forward Contracts (as defined below), the &#147;<B>Forward Purchasers</B>&#148;) and J.P. Morgan Securities LLC, BofA Securities, Inc., BNY Mellon Capital
Markets, LLC, Morgan Stanley&nbsp;&amp; Co. LLC, Scotia Capital (USA) Inc., Barclays Capital Inc., UBS Securities LLC and MUFG Securities Americas Inc. (in their capacities as agents and/or principals under any Terms Agreement (as defined in
Section&nbsp;1(a) below) in connection with the offering and sale of any Issuance Securities (as defined below), the &#147;<B>Agents</B>&#148; and in their capacities as agents for the Forward Purchasers in connection with the offering and sale of
any Forward Hedge Securities (as defined below), the &#147;<B>Forward Sellers</B>&#148;), as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">EQR proposes to issue and sell from
time to time, in the manner and subject to the terms and conditions described below in this Distribution Agreement (this &#147;<B>Agreement</B>&#148;), up to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
13,000,000 common shares (the &#147;<B>Maximum Number</B>&#148;) of beneficial interest, $0.01 par value per share (the &#147;<B>Common Shares</B>&#148;), of EQR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Transaction Entities have jointly filed with the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) a registration
statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (No. <FONT STYLE="white-space:nowrap">333-231967)</FONT> (the &#147;<B>registration statement</B>&#148;) for the registration of the Securities (as defined below) and other securities of
the Transaction Entities under the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder (collectively, the &#147;<B>Act</B>&#148;); and such registration statement sets forth the terms of the offering, sale
and plan of distribution of the Securities and contains additional information concerning the Transaction Entities and their business. Except where the context otherwise requires, &#147;<B>Registration Statement</B>,&#148; as used herein, means the
registration statement, as amended at the time of such registration statement&#146;s effectiveness for purposes of Section&nbsp;11 of the Act, as such section applies to the Agents or the Forward Sellers, as applicable, including (1)&nbsp;all
documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein and (2)&nbsp;any information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule 424(b) under the Act,
to the extent such information is deemed, pursuant to Rule 430B or Rule 430C under the Act, to be part of the registration statement at the effective time. &#147;<B>Base Prospectus</B>&#148; means the prospectus dated June&nbsp;5, 2019 filed as part
of the Registration Statement, including the documents incorporated by reference therein as of the date of such prospectus; &#147;<B>Prospectus Supplement</B>&#148; means the most recent prospectus supplement relating to the Securities, to be filed
by EQR with the Commission pursuant to Rule 424(b) under the Act on or before the second business day after the date of its first use in connection with a public offering or sale of Securities pursuant hereto (or such earlier time as may be required
under the Act), in the form furnished by EQR to the Agents or the Forward Sellers, as applicable, in connection with the offering of the Securities; &#147;<B>Prospectus</B>&#148; means the Prospectus Supplement (and any additional prospectus
supplement prepared in accordance with the provision of Section&nbsp;4(h) of this Agreement and filed in accordance with the provisions of Rule 424(b)) together with the Base Prospectus attached to or used with the Prospectus Supplement; and
&#147;<B>Permitted Free Writing Prospectus</B>&#148; has the meaning set forth in Section&nbsp;3(b). Any reference herein to the Registration Statement, the Base Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing
Prospectus shall, unless otherwise stated, be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein (the &#147;<B>Incorporated Documents</B>&#148;), including, unless the
context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents. Any reference herein to the terms &#147;amend,&#148; &#147;amendment&#148; or &#147;supplement&#148; with respect to the Registration Statement, the
Base Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall, unless stated otherwise, be deemed to refer to and include the filing of any document under the Securities Exchange Act of 1934, as amended,
and the rules and regulations thereunder (collectively, the &#147;<B>Exchange Act</B>&#148;) on or after the initial effective date of the Registration Statement, or the date of the Base Prospectus, the Prospectus Supplement, the Prospectus or such
Permitted Free Writing Prospectus, as the case may be, and deemed to be incorporated therein by reference. References in this Agreement to financial statements or other information that is &#147;contained,&#148; &#147;included,&#148;
&#147;described,&#148; &#147;set forth&#148; or &#147;provided&#148; in the Registration Statement, the Base Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus and any similar references shall, unless
stated otherwise, include any information incorporated or deemed to be incorporated by reference therein. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">As used in this Agreement, the following terms have the respective meanings set forth below:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Actual Sold Forward Amount</B>&#148; means, for any Forward Hedge Selling Period for any Forward, the number of Forward Hedge
Securities to be the specified, fixed number (i.e., the Fixed Number of Securities to be Sold) set forth in the Transaction Proposal; <I>provided</I>, <I>however</I>, that in the event the Forward Purchaser for such Forward, in its commercially
reasonable judgment, determines that it is unable (via the Forward Seller) through commercially reasonable efforts to establish a commercially reasonable hedge position in such number of Forward Hedge Securities in accordance with the Transaction
Proposal in light of market liquidity conditions and/or the provisions of Section&nbsp;1 of this Agreement, the Actual Sold Forward Amount shall equal the aggregate number of Forward Hedge Securities actually sold through such Forward Seller (in
connection with the establishment of a commercially reasonable hedge position) pursuant to this Agreement (including Sections 1(c) and 1(e) hereof) during the Forward Hedge Selling Period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Aggregate Forward Hedge Price</B>&#148; means, with respect to a period, the Actual Sold Forward Amount during such period multiplied
by the Forward Hedge Price during such period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Aggregate Sales Price</B>&#148; means, with respect to a period, the sum of the
Sales Prices for all Issuance Securities or Forward Hedge Securities, as applicable, sold during such period pursuant to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Capped Number</B>&#148; with respect to any Forward Contract has the meaning set forth in such Forward Contract. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Commitment Period</B>&#148; means the period commencing on the date of this Agreement and expiring on the date this Agreement is
terminated pursuant to Section&nbsp;8. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Fixed Number of Securities to be Sold</B>&#148; means, for any Forward, the number
specified as such in the Transaction Proposal for such Forward (as amended by the corresponding Transaction Acceptance, if applicable), which number shall be the maximum number of Forward Hedge Securities to be sold by the applicable Forward Seller
in respect of such Forward, subject to the terms and conditions of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Forward</B>&#148; means the transaction
resulting from each Transaction Proposal (as defined below) (as amended by the corresponding Transaction Acceptance (as defined below), if applicable) specifying that it relates to a &#147;Forward&#148; and requiring the Forward Seller to use
commercially reasonable efforts to sell, as specified in such Transaction Proposal (as amended by the corresponding Transaction Acceptance, if applicable) and subject to the terms and conditions of this Agreement and the applicable Forward Contract,
the Forward Hedge Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Forward Contract</B>&#148; means, for each Forward, the contract evidencing such Forward between
EQR and the Forward Purchaser, which shall be comprised of the Master Forward Confirmation and the related &#147;Supplemental Confirmation&#148; (as defined in the Master Forward Confirmation) for such Forward. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Forward Hedge Amount</B>&#148; means, for any Forward, the amount specified as such
in the Transaction Proposal for such Forward (as amended by the corresponding Transaction Acceptance, if applicable), which amount shall be the maximum Aggregate Sales Price of the Forward Hedge Securities to be sold by the applicable Forward Seller
in respect of such Forward, subject to the terms and conditions of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Forward Hedge Price</B>&#148; means, for any
Forward Contract, the product of (x)&nbsp;an amount equal to one (1)&nbsp;minus the Forward Hedge Selling Commission Rate for such Forward Contract; and (y)&nbsp;the Volume-Weighted Hedge Price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Forward Hedge Securities</B>&#148; means all Common Shares borrowed by the applicable Forward Purchaser (or its affiliate) and
offered and sold by the applicable Forward Seller in connection with any Forward that has occurred or may occur in accordance with the terms and conditions of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Forward Hedge Selling Commission</B>&#148; means, for any Forward Contract, the product of (x)&nbsp;the Forward Hedge Selling
Commission Rate for such Forward Contract and (y)&nbsp;the Volume-Weighted Hedge Price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Forward Hedge Selling Commission
Rate</B>&#148; means, for any Forward Contract, a rate mutually agreed to between EQR and the Forward Seller and recorded in the applicable Transaction Proposal (as amended by the corresponding Transaction Acceptance, if applicable), not to exceed
2%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Forward Hedge Selling Period</B>&#148; means, subject to Section&nbsp;1(f) hereof, the period of one (1)&nbsp;to twenty
(20)&nbsp;consecutive Trading Days (as defined in Section&nbsp;1(a)) (as determined by EQR in EQR&#146;s sole discretion and specified in the applicable Transaction Proposal (as amended by the corresponding Transaction Acceptance, if applicable)
that relates to a &#147;Forward&#148;) beginning on the date specified in the applicable Transaction Proposal (as amended by the corresponding Transaction Acceptance, if applicable) or, if such date is not a Trading Day, the next Trading Day
following such date and ending on the last such Trading Day or such earlier date on which the applicable Forward Seller shall have completed the sale of Forward Hedge Securities in connection with the applicable Forward; provided that if, prior to
the scheduled end of any Forward Hedge Selling Period (i)&nbsp;any event occurs that would permit the Forward Purchaser to designate a &#147;Scheduled Trading Day&#148; as an &#147;Early Valuation Date&#148; (as each such term is defined in or
pursuant to the Master Forward Confirmation) under, and pursuant to the provisions opposite the caption &#147;Early Valuation&#148; in Section&nbsp;2 of the Master Forward Confirmation or (ii)&nbsp;a &#147;Bankruptcy Termination Event&#148; (as such
term is defined in the Master Forward Confirmation) occurs, then the Forward Hedge Selling Period shall, upon the Forward Seller or the Forward Purchaser becoming aware of such occurrence, immediately terminate as of the first such occurrence. Any
Forward Hedge Selling Period then in effect shall immediately terminate upon the termination of this Agreement pursuant to Section&nbsp;8 hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Issuance</B>&#148; means each occasion (1)&nbsp;EQR elects to exercise its right to deliver a Transaction Proposal that does not
involve a Forward and that specifies that it relates to an </P>
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&#147;Issuance&#148; and requires the applicable Agent to use commercially reasonable efforts to sell the Issuance Securities as specified in such Transaction Proposal and (2)&nbsp;EQR enters
into a Terms Agreement, in each case, subject to the terms and conditions of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Issuance Amount</B>&#148; means the
maximum Aggregate Sales Price of the Issuance Securities to be sold by the applicable Agent with respect to any Issuance as specified in the Transaction Proposal for such Issuance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Issuance Securities</B>&#148; means all Common Shares issued or issuable pursuant to an Issuance that has occurred or may occur in
accordance with the terms and conditions of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Issuance Selling Period</B>&#148; means the period of one
(1)&nbsp;to twenty (20)&nbsp;consecutive Trading Days (as determined by EQR in EQR&#146;s sole discretion and specified in the applicable Transaction Proposal (as amended by the corresponding Transaction Acceptance, if applicable) that relates to an
&#147;Issuance&#148;) beginning on the date specified in the applicable Transaction Proposal (as amended by the corresponding Transaction Acceptance, if applicable) or, if such date is not a Trading Day, the next Trading Day following such date.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Master Forward Confirmation</B>&#148; means each Master Confirmation for Issuer Share Forward Sale Transactions, dated as of the
date hereof, by and among EQR, ERP and a Forward Purchaser, including all provisions incorporated by reference therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Sales
Price</B>&#148; means, for each Forward or each Issuance hereunder, the actual sale execution price of each Forward Hedge Security or Issuance Security, as the case may be, sold by the Agent or the Forward Seller (assuming the Agent or the Forward
Seller sold such Forward Hedge Security or Issuance Security in a commercially reasonable manner that reflects the prevailing market prices) on the New York Stock Exchange hereunder in the case of ordinary brokers&#146; transactions, or as otherwise
agreed by the parties in other methods of sale, which in any event shall reflect the prevailing market price of the Forward Hedge Security or Issuance Security. For the avoidance of doubt, the Sales Price shall be based on the actual sale execution
price of each Forward Hedge Security or Issuance Security, without reduction for any tax imposed or collected pursuant to Section&nbsp;897 or Section&nbsp;1445 of the Code, any current or future regulations or official interpretations thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Securities</B>&#148; means Issuance Securities and Forward Hedge Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Selling Period</B>&#148; means any Forward Hedge Selling Period or any Issuance Selling Period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Unwind Date</B>&#148; shall have the meaning set forth in the Master Forward Confirmation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Volume-Weighted Hedge Price</B>&#148; has the meaning set forth in the Master Forward Confirmation; provided that, for purposes of
determining the Aggregate Forward Hedge Price payable to the applicable Forward Purchaser in respect of a Trading Day on which the applicable Forward Seller has made sales of Forward Hedge Securities hereunder pursuant to Sections 1(c)
</P>
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and 2(f), the Volume-Weighted Hedge Price shall be determined solely with respect to the Forward Hedge Securities sold by such Forward Seller on such Trading Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Transaction Entities, the Agents, the Forward Purchasers and the Forward Sellers agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Issuance and Sale</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Upon the basis of the representations, warranties and agreements and subject to the terms and conditions set forth herein and provided EQR
provides the Agents and the Forward Sellers with any due diligence materials and information reasonably requested by the Agents or the Forward Sellers necessary for the Agents and the Forward Sellers to satisfy their due diligence obligations, on
any Trading Day selected by EQR (and, with respect to any Forward, provided no event described in clause (i)&nbsp;or clause (ii)&nbsp;of the proviso contained in the definition of Forward Hedge Selling Period shall have occurred), EQR and the Agent
of EQR&#146;s choice (i.e., the applicable Agent) (in the case of an Issuance) or the Forward Seller and Forward Purchaser of EQR&#146;s choice (i.e., the applicable Forward Seller and Forward Purchaser) (in the case of a Forward) shall enter into
an agreement in accordance with Section&nbsp;2 hereof which shall at a minimum specify whether it relates to an Issuance or a Forward and shall include the number of Securities to be placed and the manner in which and other terms upon which such
placement is to occur (each such transaction being referred to as an &#147;<B>Agency Transaction</B>&#148;). EQR may also offer to sell Issuance Securities directly to the applicable Agent, as principal, in which event such parties shall enter into
a separate agreement (each, a &#147;<B>Terms Agreement</B>&#148;) in substantially the form of Exhibit A hereto (with such changes thereto as may be agreed upon by EQR and the applicable Agent to accommodate a transaction involving additional
underwriters), relating to such sale in accordance with Section&nbsp;2(i) of this Agreement (each such transaction being referred to as a &#147;<B>Principal Transaction</B>&#148;). As used herein, (i)&nbsp;the &#147;<B>Term</B>&#148; shall be the
period commencing on the date hereof and ending on the earlier of (x)&nbsp;the date on which the aggregate number of Securities issued and sold pursuant to this Agreement, the Master Forward Confirmation and any Terms Agreements or Supplemental
Confirmations is equal to the Maximum Number<B> </B>and (y)&nbsp;any termination of this Agreement pursuant to Section&nbsp;8, (ii) a &#147;<B>Trading Day</B>&#148; means any day during the Term that is a trading day for the Exchange other than a
day on which trading on the Exchange is scheduled to close prior to its regular weekday closing time, and (iii) &#147;<B>Exchange</B>&#148; means the New York Stock Exchange. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Subject to the terms and conditions set forth below, EQR appoints the Agents as sales agents in connection with the offer and sale of
Issuance Securities in any Agency Transactions relating to Issuances entered into hereunder. Upon the delivery of a Transaction Proposal (as defined in Section&nbsp;2(a) below) (as amended by the corresponding Transaction Acceptance, if applicable)
specifying that it relates to an Issuance, the applicable Agent will use commercially reasonable efforts, consistent with its normal trading and sales practices, to sell such Issuance Securities in accordance with the terms and subject to the
conditions hereof and of the applicable Transaction Proposal (as amended by the corresponding Transaction Acceptance, if applicable). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Subject to the terms and conditions set forth below and the Master Forward Confirmation,
EQR and the Forward Purchasers appoint the Forward Sellers as agents of the Forward Purchasers in connection with the offer and sale of the Forward Hedge Securities in any Agency Transactions relating to Forwards entered into hereunder. Upon the
delivery of a Transaction Proposal (as amended by the corresponding Transaction Acceptance, if applicable) specifying that it relates to a Forward, the applicable Forward Purchaser (or its affiliate) will use commercially reasonable efforts,
consistent with its normal trading and sales practices, to borrow, offer and sell Forward Hedge Securities of a number up to the Fixed Number of Securities to be Sold specified in the applicable Transaction Proposal through the applicable Forward
Seller to hedge the Forward, and the applicable Forward Seller will use its commercially reasonable efforts, consistent with its normal trading and sales practices, to sell such Forward Hedge Securities at market prevailing prices up to the Forward
Hedge Amount in accordance with the terms and subject to the conditions hereof and of the applicable Transaction Proposal (as amended by the corresponding Transaction Acceptance, if applicable). The Forward Seller will provide written confirmation
by email to all of the individuals listed as authorized representatives of EQR on <U>Schedule A</U> hereto and to the Forward Purchaser no later than the opening of the Trading Day immediately following each Trading Day on which it has made sales of
Forward Hedge Securities hereunder setting forth the number of Forward Hedge Securities sold on such day, the Forward Hedge Selling Commission in respect of such Forward Hedge Securities, the corresponding Aggregate Sales Price and the Aggregate
Forward Hedge Price payable to the Forward Purchaser in respect thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) No later than the opening of the Trading Day immediately
following the last Trading Day of each Forward Hedge Selling Period (or, if earlier, no later than the opening of the Trading Day immediately following the date on which any Forward Hedge Selling Period is suspended or terminated pursuant to
Section&nbsp;2(b) or Section&nbsp;2(g) of this Agreement or the Master Forward Confirmation or this Agreement is terminated pursuant to Section&nbsp;8 hereof), the Forward Purchaser and EQR shall execute and deliver a Supplemental Confirmation in
respect of the Forward for such Forward Hedge Selling Period, which Supplemental Confirmation shall set forth the &#147;Trade Date&#148; for such Forward (which shall, subject to the terms of the Master Forward Confirmation, be the last Trading Day
of such Forward Hedge Selling Period), the &#147;Effective Date&#148; for such Forward (which shall, subject to the terms of the Master Forward Confirmation, be the date one &#147;Settlement Cycle&#148; (as such term is defined in or pursuant to the
Master Forward Confirmation) immediately following the last Trading Day of such Forward Hedge Selling Period), the initial &#147;Number of Shares&#148; for such Forward (which shall be the Actual Sold Forward Amount for such Forward Hedge Selling
Period), the &#147;Maturity Date&#148; for such Forward (which shall, subject to the terms of the Master Forward Confirmation, be the date that follows the last Trading Day of such Forward Hedge Selling Period by the number of days or months set
forth opposite the caption &#147;Term&#148; in the Transaction Proposal (as amended by the corresponding Transaction Acceptance, if applicable) for such Forward, which number of days or months shall in no event be less than three (3)&nbsp;months nor
more than two (2)&nbsp;years), the &#147;Initial Forward Price&#148; for such Forward, the &#147;Spread&#148; for such Forward (as set forth in the related Transaction Proposal (as amended by the corresponding Transaction Acceptance, if
applicable)), the &#147;Volume-Weighted Hedge Price&#148; for such Forward, the &#147;Threshold Price&#148; for such Forward, the &#147;Initial Stock Loan Rate&#148; for such Forward (as set forth in the related Transaction Proposal (as amended by
the corresponding Transaction Acceptance, if applicable)), the &#147;Maximum Stock Loan Rate&#148; for such Forward (as set forth in the related Transaction Proposal (as amended by the </P>
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corresponding Transaction Acceptance, if applicable)), the &#147;Threshold Number of Shares&#148; for such Forward, the &#147;Forward Price Reduction Dates&#148; for such Forward (which shall be
each of the dates set forth below the caption &#147;Forward Price Reduction Dates&#148; in the Transaction Proposal (as amended by the corresponding Transaction Acceptance, if applicable) for such Forward) and the &#147;Forward Price Reduction
Amounts&#148; corresponding to such Forward Price Reduction Dates (which shall be each amount set forth opposite each &#147;Forward Price Reduction Date&#148; and below the caption &#147;Forward Price Reduction Amounts&#148; in the Transaction
Proposal (as amended by the corresponding Transaction Acceptance, if applicable) for such Forward) and the &#147;Regular Dividend Amounts&#148; for such Forward (which shall be each of the amount(s) set forth below the caption &#147;Regular Dividend
Amounts&#148; in the Transaction Proposal (as amended by the corresponding Transaction Acceptance, if applicable) for such Forward). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)
Notwithstanding anything herein to the contrary, the Forward Purchaser&#146;s obligation to use its commercially reasonable efforts to borrow all or any portion of the Forward Hedge Securities (and the Forward Seller&#146;s obligation to use its
commercially reasonable efforts to sell such portion of the Forward Hedge Securities) for any Forward hereunder shall be subject in all respects to the last paragraph of Section&nbsp;3 of the Master Forward Confirmation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) None of EQR, any Agent, any Forward Purchaser or any Forward Seller shall have any obligation to enter into an Agency Transaction. EQR
shall be obligated to issue and sell through an Agent, and such Agent shall be obligated to use commercially reasonable efforts, consistent with its normal trading and sales practices and as provided herein and in the applicable Transaction
Acceptance, to place Issuance Securities only if and when EQR makes a Transaction Proposal to such Agent related to such Issuance and a Transaction Acceptance related to such Issuance has been delivered to EQR by such Agent as provided in
Section&nbsp;2 below and then only upon the terms specified in such Transaction Proposal (as amended by the corresponding Transaction Acceptance, if applicable) and this Agreement. EQR, any Forward Seller and any Forward Purchaser shall have
obligations with respect to any placement of Forward Hedge Securities only if and when EQR makes a Transaction Proposal to such Forward Seller and Forward Purchaser related to such Forward and a Transaction Acceptance related to such Forward has
been delivered to EQR by such Forward Seller and Forward Purchaser as provided in Section&nbsp;2 below and then only upon the terms specified in such Transaction Proposal (as amended by the corresponding Transaction Acceptance, if applicable), this
Agreement and the Master Forward Confirmation. No Transaction Proposal may be delivered hereunder other than on a Trading Day during the Commitment Period; no Transaction Proposal may be delivered hereunder if the Selling Period specified therein
may overlap in whole or in part with any Selling Period specified in a Transaction Proposal (as amended by the corresponding Transaction Acceptance, if applicable) delivered hereunder unless the Securities to be sold under all such previously
delivered Transaction Proposals have all been sold; no Transaction Proposal may be delivered hereunder if any Selling Period specified therein may overlap in whole or in part with any Unwind Date under any Forward Contract entered into between EQR
and any Forward Purchaser; and EQR may not deliver a Transaction Proposal specifying that it relates to a Forward if such Transaction Proposal, together with all prior Transaction Proposals (as amended by the corresponding Transaction Acceptance, if
applicable) delivered by EQR relating to a Forward hereunder, would result in the sum of the number of Common Shares issued under all Forward Contracts that have settled, plus the Capped Numbers under all Forward Contracts then outstanding or to be
entered into between the Company and the Forward Purchaser and any </P>
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Forward Contracts then outstanding between the Company exceeding 19.99% of the number of Common Shares outstanding as of the date of this Agreement. For the avoidance of doubt, EQR shall have
responsibility for complying with, and maintaining records with respect to compliance with, the immediately preceding sentence. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) Each
Agent and Forward Seller, as agent in any Agency Transaction, hereby covenants and agrees not to make any sales of the Securities pursuant to this Agreement other than (A)&nbsp;by means of negotiated transactions, which may include block trades, or
by means of ordinary brokers&#146; transactions between members of the Exchange that qualify for delivery of a Prospectus in accordance with Rule 153 under the Act and meet the definition of an &#147;at the market offering&#148; under Rule 415(a)(4)
under the Act (such transactions are hereinafter referred to as &#147;<B>At the Market Offerings</B>&#148;) and (B)&nbsp;such other sales of the Securities as shall be agreed by EQR and the applicable Agent or the applicable Forward Seller, as the
case may be, in writing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) If Issuance Securities are to be sold in an Agency Transaction in an At the Market Offering, the applicable
Agent will confirm in writing to EQR the number of Issuance Securities sold on any Trading Day and the related Gross Sales Price and Net Sales Price (as each of such terms is defined in Section&nbsp;2(c) below) no later than prior to the opening of
trading on the immediately following Trading Day. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) If EQR shall default on its obligation to deliver Issuance Securities to the
applicable Agent pursuant to the terms of any Agency Transaction or Terms Agreement, the Transaction Entities shall (i)&nbsp;indemnify and hold harmless such Agent and its successors and assigns from and against any and all losses, claims, damages,
liabilities and expenses arising from or as a result of such default by EQR and (ii)&nbsp;notwithstanding any such default, pay to such Agent the commission to which it would otherwise be entitled in connection with such sale in accordance with this
Agreement or any Terms Agreement, as the case may be. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) EQR acknowledges and agrees that (i)&nbsp;there can be no assurance that any
Agent will be successful in selling Issuance Securities, (ii)&nbsp;no Agent shall incur liability or obligation to EQR or any other person or entity if it does not sell Issuance Securities for any reason other than a failure by such Agent to use its
commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Issuance Securities in accordance with the terms of this Agreement, (iii)&nbsp;no Agent shall be under any
obligation to purchase Issuance Securities on a principal basis pursuant to this Agreement, except as may otherwise be specifically agreed by any Agent and the Transaction Entities in a Terms Agreement, (iv)&nbsp;there can be no assurance that any
Forward Purchaser (or its affiliate) will be successful in borrowing or that the Forward Seller will be successful in selling any Forward Hedge Securities, (v)&nbsp;no Forward Seller shall incur liability or obligation to EQR, any Forward Purchaser
or any other person or entity if it does not sell Forward Hedge Securities borrowed by any Forward Purchaser (or its affiliate) for any reason other than a failure by such Forward Seller to use its commercially reasonable efforts consistent with its
normal trading and sales practices and applicable law and regulations to sell such Forward Hedge Securities in accordance with the terms of this Agreement and (vi)&nbsp;no Forward Purchaser shall incur liability or obligation to EQR, the Forward
Seller or any other person or entity if it does not borrow Forward Hedge Securities for any reason other than a failure by the Forward Purchaser to use its commercially reasonable efforts consistent with its normal trading and sale practices and
applicable law and regulations to </P>
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borrow such Forward Hedge Securities in accordance with the terms of this Agreement. In acting hereunder, the Forward Sellers will be acting as agents for the Forward Purchasers and not as
principals. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Transaction Acceptances and Terms Agreements</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) EQR may, from time to time during the Term, propose to any Agent (with respect to an Issuance) or any Forward Seller and Forward Purchaser
(with respect to a Forward) that they enter into an Agency Transaction to be executed on a specified Trading Day or over a specified period of Trading Days, which proposal shall be made to the applicable Agent or the applicable Forward Seller and
Forward Purchaser, as the case may be, by any means permissible under Section&nbsp;10 hereof from any of the individuals listed as an authorized representative of EQR on Schedule A hereto, and which proposal shall be in substantially the form of
Exhibit B hereto (with such changes thereto as may be agreed upon by EQR and the applicable Agent or the applicable Forward Purchaser and Forward Seller, as the case may be) (each, a &#147;<B>Transaction Proposal</B>&#148;). If the applicable Agent
(with respect to an Issuance) or the applicable Forward Seller and Forward Purchaser (with respect to a Forward) agree to the terms of such proposed Agency Transaction or if EQR and the applicable Agent or the applicable Forward Seller and Forward
Purchaser, as the case may be, mutually agree to modified terms for such proposed Agency Transaction, then the applicable Agent or the applicable Forward Seller and Forward Purchaser, as the case may be, shall promptly deliver to EQR by any means
permissible under Section&nbsp;10 hereof a notice (each, a &#147;<B>Transaction Acceptance</B>&#148;) confirming the terms of such proposed Agency Transaction as set forth in such Transaction Proposal or setting forth the modified terms for such
proposed Agency Transaction as agreed by EQR and the applicable Agent or the applicable Forward Seller and Forward Purchaser, as the case may be, whereupon such Transaction Acceptance shall become a binding agreement between EQR and the applicable
Agent or the applicable Forward Seller and Forward Purchaser, as the case may be. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) A Transaction Proposal shall not set forth an
Issuance Amount or Forward Hedge Amount, as applicable, that, when added to the aggregate number of Securities previously purchased and to be purchased pursuant to pending Transaction Acceptances (if any) hereunder and any Terms Agreements, results
or could result in the sale of a total number of Securities that exceeds the Maximum Number of Securities nor shall it set forth any lowest price at which EQR is willing to sell Securities on any Trading Day during a Selling Period (each, a
&#147;<B>Purchase Date</B>&#148;) or a formula pursuant to which such lowest price shall be determined (a &#147;<B>Floor Price</B>&#148;) which is lower than the minimum price authorized from time to time by EQR&#146;s board of trustees or, if
permitted by applicable law and EQR&#146;s charter and <FONT STYLE="white-space:nowrap">by-laws,</FONT> a duly authorized committee thereof. EQR shall have responsibility for maintaining records with respect to the aggregate number of Securities
sold and for otherwise monitoring the availability of Securities for sale under the Registration Statement and for ensuring that the aggregate number of Securities offered and sold does not exceed, and the price at which any Securities are offered
or sold is not lower than, the aggregate number of Securities and the minimum price, respectively, authorized from time to time by EQR&#146;s board of trustees or, if permitted by applicable law and EQR&#146;s charter and <FONT
STYLE="white-space:nowrap">by-laws,</FONT> a duly authorized committee thereof. In the event that more than one Transaction Acceptance with respect to any Selling Period is delivered by the applicable Agent or the applicable Forward Purchaser and
Forward Seller, as the case may be, to EQR, the latest Transaction Acceptance shall govern any sales of Securities for the relevant Selling Period </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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except to the extent of any action occurring pursuant to a prior Transaction Acceptance and prior to the delivery to EQR of the latest Transaction Acceptance. EQR or the applicable Agent or the
applicable Forward Purchaser and Forward Seller, as the case may be, may, upon notice to the other such party or parties by telephone (confirmed promptly by <FONT STYLE="white-space:nowrap">e-mail),</FONT> suspend or terminate the offering of the
Securities pursuant to Agency Transactions for any reason; <I>provided</I>, <I>however</I>, that such suspension or termination shall not affect or impair the parties&#146; respective obligations with respect to the Securities sold hereunder prior
to the giving of such notice (including, in the case of Forward Hedge Securities, the obligation to enter into the resulting Forward Contract) or their respective obligations under any Terms Agreement or Forward Contract. Notwithstanding the
foregoing, if the terms of any Agency Transaction contemplate that Securities shall be sold on more than one Purchase Date, then EQR and the applicable Agent or the applicable Forward Purchaser and Forward Seller, as the case may be, shall mutually
agree to such additional terms and conditions as they deem reasonably necessary in respect of such multiple Purchase Dates, and such additional terms and conditions shall be set forth in or confirmed by, as the case may be, the relevant Transaction
Acceptance and be binding to the same extent as any other terms contained therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The Issuance Selling Period in respect of the
Issuance Securities deliverable pursuant to any Transaction Acceptance shall be set forth in or confirmed by, as the case may be, the applicable Transaction Acceptance. With respect to an Issuance, except as otherwise agreed between EQR and the
applicable Agent, the applicable Agent&#146;s commission for any Issuance Securities sold through such Agent as sales agent pursuant to this Agreement shall be a percentage, not to exceed 2%,<B> </B>of the actual sales price of such Issuance
Securities (the &#147;<B>Gross Sales Price</B>&#148;), which commission shall be as set forth in or confirmed by, as the case may be, the applicable Transaction Acceptance; <I>provided</I>, <I>however</I>, that such commission shall not apply when
the applicable Agent acts as principal, in which case such commission or a discount shall be set forth in the applicable Terms Agreement. Notwithstanding the foregoing, in the event EQR engages an Agent for a sale of Issuance Securities in an Agency
Transaction that would constitute a &#147;distribution,&#148; within the meaning of Rule 100 of Regulation M under the Exchange Act, EQR will provide the applicable Agent, at the applicable Agent&#146;s request and upon reasonable advance notice to
EQR, on or prior to the Issuance Settlement Date (as defined in 2(d) below) the opinions of counsel, accountants&#146; letters and officers&#146; certificates pursuant to Section&nbsp;6 hereof, each dated the applicable Issuance Settlement Date, and
such other documents and information as the applicable Agent shall reasonably request, and EQR and the applicable Agent will agree to compensation that is customary for the applicable Agent with respect to such transaction. The Gross Sales Price,
less the applicable Agent&#146;s commission and after deduction for any transaction fees, transfer taxes or similar taxes or fees imposed by any governmental, regulatory or self-regulatory organization in respect of the sale of the applicable
Issuance Securities is referred to herein at the &#147;<B>Net Sales Price</B>.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Payment of the Net Sales Price for Issuance
Securities sold on any Purchase Date pursuant to a Transaction Acceptance shall be made to EQR by wire transfer of immediately available funds to the account of EQR (which EQR shall provide to the applicable Agent at least one Trading Day prior to
the applicable Issuance Settlement Date) against delivery of such Issuance Securities to the applicable Agent&#146;s account, or an account of the applicable Agent&#146;s designee, at The Depository Trust Company (&#147;<B>DTC</B>&#148;) through its
Deposit and Withdrawal at Custodian System (&#147;<B>DWAC</B>&#148;) or by such other means of delivery as may be agreed to by EQR </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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and the applicable Agent. Such payment and delivery shall be made at or about 10:00 a.m. (New York City time) on the second Trading Day (or such other day as may, from time to time, become
standard industry practice for settlement of such a securities issuance or as agreed to by EQR and the applicable Agent) following each Purchase Date (each, an &#147;<B>Issuance Settlement Date</B>&#148;). For purposes of the previous sentence,
Trading Day also includes days on which trading on the Exchange is scheduled to close prior to its regular weekday closing time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) If,
as set forth in or confirmed by, as the case may be, the related Transaction Acceptance relating to an Issuance, a Floor Price has been agreed to by the parties with respect to a Purchase Date, and the applicable Agent thereafter determines and
notifies EQR that the Gross Sales Price for such Agency Transaction would not be at least equal to such Floor Price, then EQR shall not be obligated to issue and sell through the applicable Agent, and the applicable Agent shall not be obligated to
place, the Issuance Securities proposed to be sold pursuant to such Agency Transaction on such Purchase Date, unless EQR and the applicable Agent otherwise agree in writing. No Agent shall sell Issuance Securities below the Floor Price except as
otherwise agreed to in writing by EQR, and such Floor Price may be adjusted by EQR at any time upon notice to the Agents and confirmation to EQR. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Unless otherwise specified in the applicable Transaction Proposal (as amended by the corresponding Transaction Acceptance, if applicable),
settlement for sales of Forward Hedge Securities will occur on the second Trading Day (or such earlier day as is industry practice for <FONT STYLE="white-space:nowrap">regular-way</FONT> trading) following the date on which such sales are made
(each, a &#147;<B>Forward Hedge Settlement Date</B>&#148;). On or before each Forward Hedge Settlement Date, the applicable Forward Purchaser will, or will cause its transfer agent to, electronically transfer the Forward Hedge Securities being sold
by crediting the applicable Forward Seller&#146;s or its designee&#146;s account (provided the Forward Seller shall have given the Forward Purchaser written notice of such designee prior to the Forward Hedge Settlement Date) at DTC through DWAC or
by such other means of delivery as may be agreed to by EQR and the applicable Forward Purchaser and Forward Seller which in all cases shall be freely tradable, transferable, registered shares in good deliverable form. On each Forward Hedge
Settlement Date, the Forward Seller will deliver the related Aggregate Forward Hedge Price to the Forward Purchaser in same day funds to an account designated by the Forward Purchaser prior to the relevant Forward Hedge Settlement Date.
Notwithstanding the foregoing, in the event EQR engages a Forward Seller for a sale of Forward Hedge Securities in an Agency Transaction that would constitute a &#147;distribution,&#148; within the meaning of Rule 100 of Regulation M under the
Exchange Act, EQR will provide the applicable Forward Seller and Forward Purchaser, at the applicable Forward Seller&#146;s or Forward Purchaser&#146;s request and upon reasonable advance notice to EQR, on or prior to the Forward Hedge Settlement
Date the opinions of counsel, accountants&#146; letters and officers&#146; certificates pursuant to Section&nbsp;6 hereof, each dated the applicable Forward Hedge Settlement Date, and such other documents and information as the applicable Forward
Seller shall reasonably request, and EQR and the applicable Forward Seller will agree to compensation that is customary for the applicable Forward Seller with respect to such transaction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) If any party has reason to believe that the exemptive provisions set forth in Rule 101(c)(1) of Regulation M under the Exchange Act are not
satisfied with respect to the Common Shares, it shall promptly notify the other parties, and sales of Issuance Securities under this Agreement, any Transaction Acceptance or any Terms Agreement shall be suspended and any
</P>
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Forward Hedge Selling Period shall be terminated and, other than the Forward Contract relating to such Forward Hedge Selling Period being terminated, no new Forward Contracts shall be entered
into until that or other exemptive provisions have been satisfied in the reasonable judgment of each party. On or prior to the delivery of a prospectus that is required (whether physically or through compliance with Rule 172 under the Act or any
similar rule) in connection with the offering or sale of the Securities, EQR shall calculate the average daily trading volume (as defined under &#147;<B>ADTV</B>&#148; by Rule 100 of Regulation M under the Exchange Act) of the Common Shares based on
market data provided by Bloomberg L.P. or such other sources as agreed upon by EQR and the Agents. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">(i) If EQR wishes to issue and sell the Securities pursuant to this Agreement but other than as set forth in
Section&nbsp;2(a) of this Agreement, it will notify the applicable Agent of the proposed terms of the Principal Transaction. If the applicable Agent, acting as principal, wishes to accept such proposed terms (which it may decline to do for any
reason in its sole discretion) or, following discussions with EQR, wishes to accept amended terms, the Transaction Entities and the applicable Agent shall enter into a Terms Agreement setting forth the terms of such Principal Transaction.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(ii) The terms set forth in a Terms Agreement shall not be binding on the Transaction Entities or the applicable Agent
unless and until the Transaction Entities and the applicable Agent have each executed and delivered such Terms Agreement accepting all of the terms of such Terms Agreement. In the event of a conflict between the terms of this Agreement and the terms
of a Terms Agreement, the terms of such Terms Agreement shall control. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) Each sale of Issuance Securities to the applicable Agent in a
Principal Transaction shall be made in accordance with the terms of this Agreement and a Terms Agreement, which shall provide for the sale of such Issuance Securities to, and the purchase thereof by, the applicable Agent. A Terms Agreement may also
specify certain provisions relating to the reoffering of such Issuance Securities by the applicable Agent. The commitment of the applicable Agent to purchase the Issuance Securities pursuant to any Terms Agreement shall be deemed to have been made
on the basis of the representations, warranties and agreements of the Transaction Entities contained, and shall be subject to the terms and conditions set forth, in this Agreement and such Terms Agreement. Any such Terms Agreement shall specify the
number of Issuance Securities to be purchased by the applicable Agent pursuant thereto, the price to be paid to EQR for such Issuance Securities, any provisions relating to rights of, and default by, underwriters, if any, acting together with the
applicable Agent in the reoffering of the Issuance Securities, and the time and date (each such time and date being referred to herein as a &#147;<B>Principal Settlement Date</B>&#148; and, together with any Issuance Settlement Date and Forward
Hedge Settlement Date, a &#147;<B>Settlement Date</B>&#148;) and place of delivery of and payment for such Issuance Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j)
Notwithstanding any other provision of this Agreement, EQR shall not offer, sell or deliver, or request the offer or sale, of any Securities pursuant to this Agreement (whether in an Agency Transaction or a Principal Transaction) and, by notice to
the applicable Agent (in the case of an Issuance) or the applicable Forward Seller and the Forward Purchaser (in the case of a </P>
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Forward) given by telephone (confirmed promptly by <FONT STYLE="white-space:nowrap">e-mail),</FONT> shall cancel any instructions for the offer or sale of any Securities during any period in
which EQR is in possession of material <FONT STYLE="white-space:nowrap">non-public</FONT> information and an Agent, Forward Seller or Forward Purchaser, as applicable, shall not be obligated to offer, sell or borrow, as applicable, any Securities
during any period in which such Agent, Forward Seller or Forward Purchaser, as applicable, reasonably believes that EQR is, or could be deemed to be, in possession of material <FONT STYLE="white-space:nowrap">non-public</FONT> information.<B> </B>
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) EQR agrees that any offer to sell, any solicitation of an offer to buy, or any sales of Securities pursuant to this Agreement shall be
effected only by or through one Agent or Forward Seller on any Trading Day. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) Anything in this Agreement to the contrary
notwithstanding, EQR shall not authorize the issuance and sale of, and no Agent or Forward Seller shall be permitted to sell, any Securities at a price lower than the minimum price, or in a number or with an aggregate gross or net sales price in
excess of the number or aggregate gross or net sales price, as the case may be, authorized from time to time to be issued and sold under this Agreement and any Terms Agreement or any Forward Contract, in each case by EQR&#146;s board of trustees or,
if permitted by applicable law and EQR&#146;s charter and <FONT STYLE="white-space:nowrap">by-laws,</FONT> a duly authorized committee thereof, or in a number in excess of the number of Common Shares approved for listing on the Exchange, or in
excess of the number or amount of Common Shares available for issuance on the Registration Statement or as to which EQR has paid the applicable registration fee, it being understood and agreed by the parties hereto that compliance with any such
limitations by EQR, and the communications of any such limitations by EQR to the Agents and the Forward Sellers, shall be the sole responsibility of EQR. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Representations, Warranties and Agreements of the Transaction Entities</U>. Each of EQR and ERP, jointly and severally, represent and
warrant to, and agree with, the Agents, the Forward Sellers and the Forward Purchasers on and as of (i)&nbsp;the date hereof, (ii)&nbsp;each date on which EQR delivers a Transaction Proposal, (iii)&nbsp;each date on which the Transaction Entities
execute and deliver a Terms Agreement, (iv)&nbsp;each Time of Sale (as defined in Section&nbsp;3(a)), (v) each Settlement Date and (vi)&nbsp;each Bring-Down Delivery Date (as defined in Section&nbsp;6(b)) (each such date listed in (i)&nbsp;through
(vi), a &#147;<B>Representation Date</B>&#148;), as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Registration Statement is an &#147;automatic shelf registration
statement&#148; as defined under Rule 405 of the Act that has been filed with the Commission not earlier than three years prior to the date hereof; there is no order preventing or suspending the use of the Registration Statement, the Prospectus or
any Permitted Free Writing Prospectus, and, to the knowledge of EQR and ERP, no proceeding for that purpose or pursuant to Section&nbsp;8A of the Act against EQR or ERP or related to the offering has been initiated or threatened by the Commission;
no notice of objection of the Commission to the use of such Registration Statement pursuant to Rule 401(g)(2) under the Act has been received by EQR or ERP; the Registration Statement complied when it initially became effective, complies as of the
date hereof and, as then amended or supplemented, as of each other Representation Date will comply, in all material respects, with the requirements of the Act; the conditions to the use of Form <FONT STYLE="white-space:nowrap">S-3ASR</FONT> in
connection with the offering and sale of the Securities as contemplated hereby have been satisfied; the Registration Statement meets, and the offering and sale of the Securities as contemplated hereby comply with, the requirements of Rule 415 under
the Act (including, </P>
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without limitation, Rule&nbsp;415(a)(5)); the Prospectus complied or will comply, at the time it was or will be filed with the Commission, and will comply, as then amended or supplemented, as of
each Representation Date, in all material respects, with the requirements of the Act; the Registration Statement did not, as of the time of its initial effectiveness, and does not or will not, as then amended or supplemented, as of each
Representation Date, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; as of each Representation Date, the Prospectus, as then
amended or supplemented, together with all of the then issued Permitted Free Writing Prospectuses, if any, will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in
light of the circumstances under which they were made, not misleading;<I> provided, however, </I>that neither EQR nor ERP makes any representation or warranty with respect to any statement in or omission from the Registration Statement, the
Prospectus or any Permitted Free Writing Prospectus made in reliance upon and in conformity with information concerning the Agents, the Forward Sellers or the Forward Purchasers and furnished in writing by or on behalf of the Agents, the Forward
Sellers or the Forward Purchasers expressly for use in the Registration Statement, the Prospectus or such Permitted Free Writing Prospectus (it being understood that such information consists solely of the information specified in
Section&nbsp;9(b)), and provided further, that the foregoing representations and warranties are given on the basis that any statement contained in a document incorporated or deemed to be incorporated prior to any Settlement Date shall be deemed not
to be contained in the Registration Statement, the Prospectus or such Permitted Free Writing Prospectus to the extent that such statement has been modified or superseded by any subsequent statement in such documents. As used herein, &#147;<B>Time of
Sale</B>&#148; means (i)&nbsp;with respect to each offering of Securities pursuant to this Agreement, the time of the applicable Agent&#146;s or the applicable Forward Seller&#146;s initial entry into contracts with investors for the sale of such
Securities or initial sale of such Securities on the Exchange, as applicable, and (ii)&nbsp;with respect to each offering of Securities pursuant to any relevant Terms Agreement, the time of sale of such Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Other than offerings that have terminated prior to the date of this Agreement, EQR has not, directly or indirectly, offered or sold any of
the Securities by means of any &#147;prospectus&#148; (within the meaning of the Act) or used any &#147;prospectus&#148; (within the meaning of the Act) in connection with the offer or sale of the Securities, in each case other than the Base
Prospectus. EQR represents and agrees that, unless it obtains the prior consent of the Agents, the Forward Sellers and the Forward Purchasers, until the termination of this Agreement, it has not made and will not make any offer relating to the
Securities that would constitute an &#147;issuer free writing prospectus&#148; (as defined in Rule 433 under the Act) or that would otherwise constitute a &#147;free writing prospectus&#148; (as defined in Rule 405 under the Act) other than any
Permitted Free Writing Prospectus. Any such free writing prospectus relating to the Securities consented to by the Agents, the Forward Sellers and the Forward Purchasers (including any free writing prospectus prepared by EQR solely for use in
connection with the offering contemplated by a particular Terms Agreement) is hereinafter referred to as a &#147;<B>Permitted Free Writing Prospectus</B>&#148;. EQR has complied and will comply in all material respects with the requirements of Rule
433 under the Act applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping. The conditions set forth in one or more of subclauses (i)&nbsp;through (iv), inclusive,
of Rule 433(b)(1) under the Act are satisfied, and the registration statement relating to the offering of the Securities contemplated </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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hereby, as initially filed with the Commission, includes a prospectus that, other than by reason of Rule 433 under the Act, satisfies the requirements of Section&nbsp;10 of the Act; EQR is not
disqualified, by reason of Rule 164(f) or (g)&nbsp;under the Act, from using, in connection with the offer and sale of the Securities, &#147;free writing prospectuses&#148; (as defined in Rule 405 under the Act) pursuant to Rules 164 and 433 under
the Act; EQR was not as of each eligibility determination date for purposes of Rules 164 and 433 under the Act with respect to the offering of the Securities contemplated by the Registration Statement and this Agreement, and is not, an
&#147;ineligible issuer&#148; and was as of each such eligibility date, and is, a &#147;well-known seasoned issuer&#148; (each as defined in Rule 405 under the Act). EQR has paid or, no later than the business day after the date of this Agreement,
will pay the registration fee for the offering of the Maximum Number of Securities pursuant to Rule 457 under the Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The
Incorporated Documents, when they were filed with the Commission (or, if any amendment with respect to any such document was filed, when such amendment was filed), conformed in all material respects to the requirements of the Act or the Exchange
Act, as applicable, and none of such documents contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which
they were made, not misleading; and any further documents so filed during the Term and incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, when such documents become effective or are
filed with the Commission, as the case may be, will conform in all material respects to the requirements of the Act or the Exchange Act, as applicable, and will not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The consolidated financial statements of EQR and ERP and related notes included or incorporated by reference in the Registration Statement
and the Prospectus present fairly in all material respects the financial position of EQR, ERP and their consolidated subsidiaries as at the dates indicated and the results of their operations specified, and except as may otherwise be stated in the
Registration Statement and the Prospectus, have been prepared in accordance with generally accepted accounting principles (&#147;<B>GAAP</B>&#148;) applied on a consistent basis throughout such periods. The supporting schedules included or
incorporated by reference in the Registration Statement present fairly in accordance with GAAP the information required to be stated therein. The financial information and statistical data included in the Registration Statement and the Prospectus
present fairly in all material respects the information included therein and have been prepared on a basis consistent with that of the financial statements included in the Registration Statement and the Prospectus. The pro forma financial statements
included in the Registration Statement and the Prospectus, if any, comply in all material respects with the applicable requirements of <FONT STYLE="white-space:nowrap">Rule&nbsp;11-02</FONT> of
<FONT STYLE="white-space:nowrap">Regulation&nbsp;S-X</FONT> (&#147;<B>Regulation <FONT STYLE="white-space:nowrap">S-X</FONT></B>&#148;) of the Commission and the pro forma adjustments have been properly applied to the historical amounts in the
compilation of such statements, and the assumptions used in the preparation thereof are, in the opinion of EQR and ERP, reasonable; and no other pro forma financial information is required to be included or incorporated by reference in the
Registration Statement; all disclosures contained in the Registration Statement or the Prospectus regarding <FONT STYLE="white-space:nowrap">&#147;non-GAAP</FONT> financial measures&#148; (as such term is defined by the rules and regulations of the
Commission) comply in all material respects </P>
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with Regulation G of the Exchange Act and Item 10 of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> of the Act, to the extent applicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Any financial statements or financial information required by <FONT STYLE="white-space:nowrap">Rule&nbsp;3-14</FONT> or Article&nbsp;11 of <FONT
STYLE="white-space:nowrap">Regulation&nbsp;S-X</FONT> (collectively, the &#147;<B>Rule</B><B></B><B><FONT STYLE="white-space:nowrap">&nbsp;3-14</FONT> Information</B>&#148;) to be included or incorporated by reference in the Registration Statement
or the Prospectus, together with the related notes and schedules, have been included or incorporated by reference therein as required by the Act and the Exchange Act, and present fairly the material factors considered by EQR or ERP, as the case may
be, when assessing each such property; and there are no properties for which EQR or ERP is required to disclose <FONT STYLE="white-space:nowrap">Rule&nbsp;3-14</FONT> Information other than as included or incorporated by reference in the
Registration Statement and the Prospectus. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Since the respective dates as of which information is given in the Registration Statement,
the Prospectus and any Permitted Free Writing Prospectus, except as otherwise stated therein, (i)&nbsp;there has been no material adverse change in the financial condition or in the earnings, assets, business affairs or business prospects of EQR,
ERP and their respective subsidiaries, considered as a single enterprise, whether or not arising in the ordinary course of business, (ii)&nbsp;there have been no material transactions entered into by EQR, ERP or any of their respective subsidiaries,
which are material with respect to EQR, ERP and their respective subsidiaries considered as a single enterprise, (iii)&nbsp;none of EQR, ERP or any of their respective subsidiaries have incurred any material obligation or liability, direct,
contingent or otherwise, (iv)&nbsp;there has been no material change in the debt of EQR or ERP and (v)&nbsp;except for (a)&nbsp;regular quarterly distributions on the Common Shares and EQR&#146;s preferred shares of beneficial interest, $0.01 par
value (the &#147;<B>Preferred Shares</B>&#148;) and (b)&nbsp;as disclosed in the Prospectus, there has been no dividend or distribution of any kind declared, paid or made by EQR on any class of its shares of beneficial interest. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) EQR, ERP and each of their respective subsidiaries have been duly organized and are validly existing and in good standing under the laws of
their respective jurisdictions of organization, and have all power and authority necessary to own, hold, lease and operate their respective properties and conduct the businesses in which they are engaged as described in the Registration Statement
and the Prospectus, except where the failure to be in good standing would not, individually or in the aggregate, have a material adverse effect on the financial condition or in the earnings, assets, business affairs or business prospects of the
Transaction Entities and their respective subsidiaries, considered as a single enterprise, whether or not arising in the ordinary course of business, or any material adverse effect on the Transaction Entities&#146; ability to consummate the
transactions contemplated by, or to execute, deliver and perform their obligations under, this Agreement, the Master Forward Confirmation, any Terms Agreement or any Supplemental Confirmation (a &#147;<B>Material Adverse Effect</B>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) EQR, ERP and each of their respective subsidiaries are duly qualified to do business and are in good standing in each jurisdiction in which
their respective ownership or lease of property or the conduct of their respective businesses required such qualification, except where the failure to be so qualified or in good standing would not, individually or in the aggregate, have a Material
Adverse Effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) The capitalization of EQR is as set forth in the Registration Statement, the Prospectus
and any Permitted Free Writing Prospectus (except for subsequent issuances, if any, (A)&nbsp;pursuant to this Agreement, the Master Forward Confirmation, any Terms Agreement or any Supplemental Confirmation, (B)&nbsp;pursuant to reservations,
agreements or employee benefit plans or dividend reinvestment or stock purchase plans referred to in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, (C)&nbsp;pursuant to the exercise, redemption or exchange of
convertible or exchangeable securities, options or warrants referred to in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, including OP Units or LTIP units in ERP or (D)&nbsp;unregistered issuances not required
to be disclosed pursuant to the Exchange Act, the Act or any regulation promulgated thereunder) and all of the issued and outstanding Common Shares and the Preferred Shares have been duly authorized and validly issued and are fully paid and <FONT
STYLE="white-space:nowrap">non-assessable;</FONT> and none of such shares of beneficial interest were issued in violation of preemptive or other similar rights of any securityholder of EQR. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) The capitalization of ERP is as set forth in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus (except
for subsequent issuances, if any, (A)&nbsp;pursuant to this Agreement, the Master Forward Confirmation, any Terms Agreement or any Supplemental Confirmation, (B)&nbsp;pursuant to reservations, agreements or employee benefit plans or dividend
reinvestment or stock purchase plans referred to in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, (C)&nbsp;pursuant to the exercise, redemption or exchange of convertible or exchangeable securities, options or
warrants referred to in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, including OP Units or LTIP units in ERP or (D)&nbsp;unregistered issuances not required to be disclosed pursuant to the Exchange Act, the
Act or any regulation promulgated thereunder) and all of the outstanding partnership interests of ERP have been duly authorized and validly issued and the capital contributions with respect thereto have been made in full; the partnership interests
owned by EQR are owned in the percentage amount set forth in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity, other
than (A)&nbsp;as described in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus or (B)&nbsp;any security interest, mortgage, pledge, lien, encumbrance, claim or equity that would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) Except for transactions described in the Registration Statement,
the Prospectus or any Permitted Free Writing Prospectus, the property acquisition agreements with respect to the sale or issuance of Common Shares or units of limited partnership interests in ERP or the registration of Common Shares or Common Shares
underlying units of limited partnership interests in ERP which are not material in amount and outstanding shares, LTIP units and options granted to employees and trustees for compensatory purposes, there are no outstanding rights, warrants or
options to acquire, or instruments convertible into or exchangeable for, or agreements or understandings with respect to the sale or issuance or registration under the Act of, any shares of beneficial interest or capital stock of, or partnership or
other equity interest in, EQR, ERP or any subsidiary of EQR or ERP. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) All of the issued and outstanding shares of beneficial interest or
capital stock, partnership and limited liability company interests, as the case may be, of each subsidiary owned, directly or indirectly, by EQR or ERP have been duly and validly authorized and issued
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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and, in the case of capital stock, fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> and, with respect to the shares of capital stock, partnership and limited liability
company interests owned by EQR, ERP, another subsidiary and/or certain affiliated entities, are owned by EQR, ERP, another subsidiary and/or certain affiliated entities, respectively, as described in the Registration Statement, the Prospectus and
any Permitted Free Writing Prospectus, in each case free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity, except for security interests, mortgages, pledges, liens, encumbrances, claims or equities the
foreclosure of which would not have a Material Adverse Effect. Except as disclosed in the Registration Statement and the Prospectus, neither EQR nor ERP owns a direct or indirect equity interest in any entity other than their respective
subsidiaries, except for such interests as, in the aggregate, are not material to the financial condition or the earnings, assets or business affairs of EQR, ERP and their respective subsidiaries considered as a single enterprise. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) <U>Intentionally omitted</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) Each of this Agreement and the Master Forward Confirmation has been duly authorized, executed and delivered by EQR and ERP and any Terms
Agreement and any Supplemental Confirmation will have been duly authorized, executed and delivered by EQR and ERP. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(o) The Securities to
be issued, sold and delivered hereunder or under any Terms Agreement and the Common Shares to be delivered in connection with any Forward Contract have been duly authorized by EQR and, when issued and delivered and paid for as provided herein, or in
any Terms Agreement or Forward Contract, as the case may be, will be duly and validly authorized and issued, will be fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> and will conform, in all material respects, to the description
thereof in the Registration Statement, the Prospectus, and any Permitted Free Writing Prospectus; and the issuance and sale of the Securities and the Common Shares to be delivered in connection with any Forward Contract are not and will not be
subject to any preemptive or similar rights. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(p) EQR and ERP, as applicable, each have full right, power and authority to execute and
deliver this Agreement, the Master Forward Confirmation and any Terms Agreement or Supplemental Confirmation and perform their respective obligations hereunder or thereunder, including EQR&#146;s issuance, sale and delivery of the Securities and the
Common Shares to be issued in connection with any Forward Contract as provided herein and therein; and all action required to be taken for the due and proper authorization, execution and delivery by each of EQR and ERP of this Agreement, the Master
Forward Confirmation and any Terms Agreement or Supplemental Confirmation and the consummation by each of them of the transactions contemplated hereby and thereby has been duly and validly taken (or, in the case of any Terms Agreement or
Supplemental Confirmation, such action will have been duly and validly authorized). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(q) This Agreement and the Master Forward Confirmation
conform in all material respects to the descriptions thereof contained in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(r) Neither EQR, ERP nor any of their respective subsidiaries is (i)&nbsp;in violation of
its charter or <FONT STYLE="white-space:nowrap">by-laws</FONT> or other Organizational Documents (as defined below); (ii) in default, and no event of default has occurred that, with notice or lapse of time or both, would constitute such a default in
the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which EQR, ERP or any of their respective subsidiaries is a party or by
which EQR, ERP or any of their respective subsidiaries is bound or to which any of the property or assets of EQR, ERP or any of their respective subsidiaries is subject; or (iii)&nbsp;in violation of any law or statute or any judgment, order, rule
or regulation of any court or arbiter or governmental or regulatory authority, except, in the case of clauses (ii)&nbsp;and (iii) above, for any such default or violation that could not, individually or in the aggregate, be reasonably expected to
have a Material Adverse Effect. As used herein, the term &#147;<B>Organizational Documents</B>&#148; means, (i)&nbsp;with respect to a corporation, its charter and <FONT STYLE="white-space:nowrap">by-laws,</FONT> (ii)&nbsp;with respect to a limited
or general partnership, its partnership agreement and certificate of partnership (or similar document), (iii) with respect to a limited liability company, its limited liability company agreement and certificate of limited liability company (or
similar document), and (iv)&nbsp;with respect to any other entity, its similar organizational documents. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(s) The execution, delivery and
performance by EQR and ERP of this Agreement, the Master Forward Confirmation, any Terms Agreement and any Supplemental Confirmation, the issuance, sale and delivery of the Securities and the Common Shares to be delivered in connection with any
Forward Contract, the compliance by EQR and ERP with the terms hereof, the Master Forward Confirmation, any Terms Agreement and any Supplemental Confirmation, and the consummation of the transactions contemplated hereby or by the Master Forward
Confirmation, any Terms Agreement or any Supplemental Confirmation, will not (i)&nbsp;conflict with or constitute a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of
any lien, charge or encumbrance upon any property or assets of EQR, ERP or any of their respective subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which EQR, ERP or any of their
respective subsidiaries is a party or by which EQR, ERP or any of their respective subsidiaries is bound or to which any of the property or assets of EQR, ERP or any of their respective subsidiaries is subject, (ii)&nbsp;result in any violation of
the provisions of the charter or <FONT STYLE="white-space:nowrap">by-laws</FONT> or other Organizational Documents of EQR, ERP or any of their respective subsidiaries or (iii)&nbsp;result in the violation of any law or statute or any judgment,
order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (i)&nbsp;and (iii) above, for any such conflicts, breaches, violations or defaults that would not, individually or in the
aggregate, have a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(t) No consent, approval, authorization, order, license, registration or qualification of or
with any court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by EQR and ERP of this Agreement, the Master Forward Confirmation, any Terms Agreement or any Supplemental Confirmation, the
issuance, sale and delivery of the Securities and the Common Shares to be delivered in connection with any Forward Contract, compliance by EQR and ERP with the terms of this Agreement, the Master Forward Confirmation or any Terms Agreement or
Supplemental Confirmation and the consummation of the transactions contemplated by this Agreement, the Master Forward Confirmation or any Terms Agreement or Supplemental Confirmation, except as have been made
</P>
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or obtained, except as may be required by and made in accordance with or obtained under state securities laws or regulations, and except for such filings of Permitted Free Writing Prospectuses
and any amendments or supplements to the Registration Statement or the Prospectus or any documents incorporated or deemed to be incorporated by reference therein as may be required by the Act or the Exchange Act from time to time, and except for
such filings as the Exchange may require from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(u) There is no action, suit or proceeding before or by any court or
governmental agency or body, now pending, or, to the knowledge of EQR or ERP, threatened, against or affecting EQR, ERP or any of their respective subsidiaries which is required to be disclosed in the Registration Statement and the Prospectus (other
than as disclosed in the Registration Statement and the Prospectus) or which could reasonably be expected to result in a Material Adverse Effect or which could reasonably be expected to materially and adversely affect the properties thereof which
individually or in the aggregate are material to the business of EQR, ERP and their respective subsidiaries, considered as one enterprise, or which could reasonably be expected to materially and adversely affect the consummation of this Agreement,
the Master Forward Confirmation, any Terms Agreement or any Supplemental Confirmation or the transactions contemplated herein or therein; all pending legal or governmental proceedings to which EQR, ERP or any of their respective subsidiaries is a
party or of which any of their properties or assets is the subject which are not described in the Registration Statement or the Prospectus, including ordinary routine litigation incidental to the business, could not, considered in the aggregate,
reasonably be expected to result in a Material Adverse Effect; and there are no contracts or documents of EQR, ERP or any of their subsidiaries which would be required to be filed as exhibits to the Registration Statement or described therein by the
Act which have not been filed as exhibits to the Registration Statement or so described as required. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) The accountants who certified the
financial statements and supporting schedules included or incorporated by reference in the Registration Statement and the Prospectus with respect to EQR and ERP are a registered public accounting firm within the applicable rules and regulations
adopted by the Commission and the Public Company Accounting Oversight Board (United States) and as required by the Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(w) Except as
otherwise set forth in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus, each of EQR, ERP and their respective subsidiaries have good and marketable title in fee simple to all real property and good title to all
personal property owned by it which is material to the business of EQR, ERP and their respective subsidiaries, taken as one enterprise, in each case free and clear of all liens, encumbrances, claims and defects except those that do not materially
interfere with the use made and proposed to be made of such property by EQR, ERP and their respective subsidiaries or would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; and any real property and
buildings held under lease by EQR, ERP or any of their respective subsidiaries are held by it under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with the use made and proposed to be made of
such property and buildings by EQR, ERP or such subsidiaries, in each case except as described in or contemplated by the Registration Statement and the Prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x) None of EQR, ERP or any of their respective subsidiaries are required to own or possess
any patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, or licenses necessary for the conduct of their respective businesses as currently conducted, other than those
whereby the failure to own or possess would not have a Material Adverse Effect. None of EQR, ERP or their respective subsidiaries has received any written notice or is otherwise aware of any infringement of or conflict with asserted rights of others
with respect to any trademarks, service marks, trade names or copyrights, or of any facts or circumstances which could render any trademarks, service marks, tradenames or copyrights invalid or inadequate to protect the interest of EQR, ERP or their
respective subsidiaries which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(y) None
of EQR, ERP or any of their respective subsidiaries are and, after giving effect to the offering and sale of the Securities and the application of the net proceeds thereof as described in the Registration Statement, the Prospectus or any Permitted
Free Writing Prospectus, and the consummation of the transactions contemplated by the Master Forward Confirmation and each Supplemental Confirmation, will be required to register as an &#147;investment company&#148; within the meaning of the
Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder (collectively, the &#147;<B>Investment Company Act</B>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(z) Each of EQR, ERP and their respective subsidiaries has filed all material federal, state, local and foreign income tax returns which have
been required to be filed and has paid all taxes required to be paid and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except in all cases for any such tax, assessment, fine or
penalty for which an extension has been granted or that is being contested in good faith and except in any case in which the failure to file or pay such taxes would not have a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(aa) Each of EQR, ERP and their respective subsidiaries possesses all licenses, certificates, permits and other authorizations issued by, and
has made all declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or the conduct of their respective
businesses as described in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus, except where the failure to possess or make the same would not, individually or in the aggregate, have a Material Adverse Effect; and
except as described in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus, neither EQR, ERP nor any of their respective subsidiaries has received any written notice of any revocation or modification of any such
license, certificate, permit or authorization which, if the subject of an unfavorable decision, ruling or finding, would result in a Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(bb) No labor dispute with the employees of EQR, ERP or any of their respective subsidiaries exists, or to the knowledge of EQR and ERP, is
imminent which could reasonably be expected to have a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(cc) Except as otherwise stated in the Registration
Statement or the Prospectus or as would not, singly or in the aggregate, result in a Material Adverse Effect, (i)&nbsp;none of EQR, ERP </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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or any of their respective subsidiaries is in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial or
administrative interpretation thereof including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human health, the environment (including, without limitation, ambient air, surface water,
groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances,
petroleum or petroleum products (collectively, &#147;<B>Hazardous Materials</B>&#148;) or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively,
&#147;<B>Environmental Laws</B>&#148;), (ii)&nbsp;EQR, ERP and their respective subsidiaries have all permits, authorizations and approvals required under any applicable Environmental Laws and are each in compliance with their requirements,
(iii)&nbsp;there are no pending or threatened administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any Environmental Law
against EQR, ERP or any of their respective subsidiaries and (iv)&nbsp;there are no events or circumstances that could reasonably be expected to form the basis of an order for <FONT STYLE="white-space:nowrap">clean-up</FONT> or remediation, or an
action, suit or proceeding by any private party or governmental body or agency, against or affecting EQR, ERP or any of their respective subsidiaries relating to Hazardous Materials or any Environmental Laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(dd) Since its inception, EQR has been organized and has operated in such a manner as to qualify to be taxed as a &#147;real estate investment
trust&#148; under the Internal Revenue Code of 1986, as amended (the &#147;<B>Code</B>&#148;); the proposed method of operation of EQR as described in the Registration Statement and the Prospectus will enable EQR to continue to meet the requirements
for qualification and taxation as a &#147;real estate investment trust&#148; under the Code; and EQR intends to continue to operate in such a manner as to qualify to be taxed as a &#147;real estate investment trust.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ee) EQR and ERP maintain a system of internal accounting and other controls sufficient to provide reasonable assurances that
(a)&nbsp;transactions are executed in accordance with management&#146;s general or specific authorization, (b)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain
accountability for assets, (c)&nbsp;acquisition, disposition or other uses of assets are permitted only in accordance with management&#146;s general or specific authorization, (d)&nbsp;the recorded accounting for assets is compared with existing
assets at reasonable intervals and appropriate action is taken with respect to any differences and (e)&nbsp;interactive data in eXtensible Business Reporting Language (&#147;<B>XBRL Data</B>&#148;) included or incorporated by reference in the
Registration Statement fairly present the information called for in all material respects and are prepared in accordance with the Commission&#146;s rules and guidelines applicable thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ff) EQR and ERP have established and maintain disclosure controls and procedures (as such term is defined in Rule <FONT
STYLE="white-space:nowrap">13a-15(e)</FONT> under the Exchange Act); such disclosure controls and procedures are designed to ensure that material information relating to EQR, ERP and their consolidated subsidiaries is made known to the principal
executive officer and principal financial officer of EQR by others within those entities, and, as of the end of the most recent fiscal quarter of EQR and ERP, the disclosure controls and procedures were effective to perform the functions for which
they were established (pursuant to Rule <FONT STYLE="white-space:nowrap">13a-15(e)</FONT> under the Exchange Act); auditors </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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for EQR and ERP and the Audit Committee of the board of trustees of EQR have been advised by the principal executive officer and principal financial officer of EQR of: (a)&nbsp;any material
weakness or significant deficiency in the design or operation of internal controls over financial reporting which is reasonably likely to have a material adverse effect on the ability of EQR and ERP to record, process, summarize, and report
financial information; and (b)&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the internal control over financial reporting of EQR and ERP; and since the end of the most recently
completed fiscal quarter of EQR and ERP, there have been no changes in the internal controls over financial reporting of EQR and ERP that have materially affected, or are reasonably likely to materially affect, the internal controls over financial
reporting of EQR and ERP. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(gg) The Registration Statement and the documents incorporated by reference therein include and incorporate by
reference all XBRL Data required to be included therein; and the XBRL Data included or incorporated by reference in the Registration Statement or the documents incorporated by reference therein fairly present the information called for in all
material respects and have been prepared in accordance with the Commission&#146;s rules and guidelines applicable thereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(hh) Each of
EQR, ERP and their respective subsidiaries is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged; and none of EQR, ERP
nor any of their respective subsidiaries has (i)&nbsp;received notice from any insurer or agent of such insurer that capital improvements or other expenditures are required or necessary to be made in order to continue such insurance or (ii)&nbsp;any
reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage at reasonable cost from similar insurers as may be necessary to continue its business at a cost that
would not have a Material Adverse Effect, except as described in or contemplated by the Registration Statement or the Prospectus. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)
Each of EQR, ERP and their respective subsidiaries has obtained title insurance on all of the material properties owned by each of them covering risks and in amounts that are commercially reasonable for the assets owned by them and that are
consistent with the types and amounts of insurance typically maintained by current owners of similar properties, and in each case such title insurance is in full force and effect except for any lack or inadequacy of title insurance which would not
result, individually or in the aggregate, in a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(jj) Except as disclosed in the Prospectus, the mortgages and
deeds of trust encumbering the material properties and assets described in general in the Prospectus are not convertible and are not cross-defaulted or cross-collateralized to any property not owned by EQR, ERP or any of their respective
subsidiaries; and none of EQR, ERP or any of their respective subsidiaries holds any material amount of participating interests in such mortgages and deeds of trust. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(kk) The operations of EQR, ERP and their respective subsidiaries are and have been conducted at all times, in compliance in all material
respects with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the applicable money laundering statutes of all
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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jurisdictions where any of EQR, ERP and their respective subsidiaries conducts business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued,
administered or enforced by any governmental agency (collectively, the &#147;<B>Anti-Money Laundering Laws</B>&#148;) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving EQR,
ERP or any of their respective subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of EQR and ERP, threatened. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ll) Neither the Transaction Entities nor any of their subsidiaries nor, to the knowledge of the Transaction Entities, any director, officer,
employee, agent, affiliate or other person associated with or acting on behalf of the Transaction Entities or any of their subsidiaries has (i)&nbsp;used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful
expense relating to political activity; (ii)&nbsp;made or taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government official or employee, including
of any government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political
office; (iii)&nbsp;violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in
International Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom or any other applicable anti-bribery or anti-corruption law; or (iv)&nbsp;made, offered, agreed, requested or taken an act in furtherance
of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit, in each case in connection with or related to the Transaction Entities
or any of their subsidiaries or businesses. The Transaction Entities and their subsidiaries have instituted, maintain and enforce, and will continue to maintain and enforce policies and procedures designed to promote and ensure compliance with all
applicable anti-bribery and anti-corruption laws. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(mm) Neither of the Transaction Entities nor any of their respective subsidiaries, nor,
to the knowledge of the Transaction Entities, any director, officer, employee, agent, affiliate or other person acting on behalf of the Transaction Entities or any of their respective subsidiaries is currently the subject or the target of any
sanctions administered or enforced by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury (&#147;<B>OFAC</B>&#148;) or the U.S. Department of State and including, without
limitation, the designation as a &#147;<B>specially designated national</B>&#148; or &#147;<B>blocked person</B>&#148;), the United Nations Security Council (&#147;<B>UNSC</B>&#148;), the European Union, Her Majesty&#146;s Treasury
(&#147;<B>HMT</B>&#148;) or other relevant sanctions authority (collectively, &#147;<B>Sanctions</B>&#148;), nor is either of the Transaction Entities or any of their respective subsidiaries located, organized or resident in a country or territory
that is the subject or target of Sanctions, including, without limitation, Crimea, Cuba, Iran, North Korea and Syria (each, a &#147;<B>Sanctioned Country</B>&#148;); and the Transaction Entities will not directly or indirectly use the proceeds of
the offering of the Securities hereunder or the proceeds, if any, due upon settlement of any Forward Contract, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity
(i)&nbsp;to fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii)&nbsp;to fund or facilitate any activities of or business in any Sanctioned
Country or (iii)&nbsp;to cause in any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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other manner a violation by any person (including any person participating in the transaction, whether as agent, underwriter, advisor, investor or otherwise) of Sanctions. For the past five
years, the Transaction Entities and their respective subsidiaries have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or
the target of Sanctions or with any Sanctioned Country. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(nn) Except as disclosed in the Registration Statement, the Prospectus or any
Permitted Free Writing Prospectus, no subsidiary of EQR or ERP is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to EQR, from making any other
distribution on such subsidiary&#146;s capital stock, from repaying to EQR any loans or advances to such subsidiary from EQR or from transferring any of such subsidiary&#146;s properties or assets to EQR or any other subsidiary of EQR, other than
prohibitions that would not, individually or in the aggregate, prevent EQR from making distributions to its shareholders in a manner necessary to maintain its status as a real estate investment trust under the Code. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(oo) Neither the Transaction Entities nor any of their respective subsidiaries is a party to any contract, agreement or understanding with any
person (other than this Agreement, the Master Forward Confirmation, any Terms Agreement or any Supplemental Confirmation) that would give rise to a valid claim against the Transaction Entities or any of their respective subsidiaries or any Agent for
a brokerage commission, finder&#146;s fee or like payment in connection with the offering and sale of the Securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(pp) No person has
the right to require EQR, ERP or any of their respective subsidiaries to register any securities for sale under the Act by reason of the filing of the Registration Statement with the Commission or the offering, issuance or sale of the Securities or
the Common Shares to be issued in connection with any Forward Contract. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(qq) Neither the Transaction Entities nor any respective
subsidiary or affiliate of the Transaction Entities has taken nor will the Transaction Entities or any subsidiary or affiliate of the Transaction Entities take, directly or indirectly, any action which is designed to or which has constituted or
which, to its knowledge, would reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of EQR to facilitate the sale or resale of the Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(rr) EQR and ERP are in compliance in all material respects with the applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and
regulations promulgated in connection therewith (the &#147;<B>Sarbanes-Oxley Act</B>&#148;), including Section&nbsp;402 relating to loans and Sections 302 and 906 relating to certifications. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ss) <U>Intentionally omitted</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(tt) Any statistical and market-related data included in the Registration Statement or the Prospectus are based on or derived from sources that
EQR and ERP believe, after reasonable inquiry, to be reliable and accurate and, to the extent required, EQR and ERP have obtained the written consent to the use of such data from such sources. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(uu) All of the Securities that have been or may be sold under this Agreement, the Master
Forward Confirmation, any Terms Agreement and any Supplemental Confirmation (including a number of Common Shares at least equal to the aggregate Capped Number under all outstanding Forward Contracts entered into between the Company and any Forward
Purchaser) have been approved for listing, subject only to official notice of issuance, on the Exchange. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vv) Neither EQR nor ERP has
taken or will take, directly or indirectly, any action prohibited by Regulation&nbsp;M under the Exchange Act. The Common Shares are an &#147;actively-traded security&#148; excepted from the requirements of Rule 101 of Regulation M under the
Exchange Act by Rule 101(c)(1) thereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ww) The assets of EQR and ERP do not constitute &#147;plan assets&#148; under the Employee
Retirement Income Security Act of 1974, as amended. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xx) EQR intends to apply the net proceeds from the sale of the Securities and the
proceeds, if any, due upon settlement of any Forward Contract, in accordance with the description set forth in the Registration Statement and Prospectus under the heading &#147;Use of Proceeds.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(yy) Any certificate signed by any officer, general partner, managing member or other authorized representative of EQR, ERP or any of their
respective subsidiaries and delivered to the Agents, the Forward Sellers and the Forward Purchasers or to counsel to the Agents, the Forward Sellers and the Forward Purchasers pursuant to or in connection with this Agreement or any Terms Agreement
shall be deemed a representation and warranty by EQR and ERP to the Agents as to the matters covered thereby as of the date of such certificate. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(zz) Except as disclosed in the Registration Statement, the Prospectus or any Free Writing Prospectus and except as would not reasonably be
expected to have a Material Adverse Effect, to the knowledge of EQR and ERP, (i)&nbsp;there have been no breaches or violations of (or unauthorized access to) EQR, ERP or their subsidiaries&#146; information technology assets and equipment,
computers, systems, networks, hardware, software, websites, applications and databases (&#147;IT Systems&#148;) or any personal, personally identifiable, sensitive, confidential or regulated data (&#147;Personal Data&#148;) processed or stored by or
on behalf of EQR, ERP or their subsidiaries, nor are there any pending internal investigations relating to the same, (ii)&nbsp;EQR, ERP and their subsidiaries have implemented and maintained commercially reasonable controls, policies, procedures and
safeguards to maintain and protect their material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and data (including Personal Data) and (iii)&nbsp;EQR, ERP and their subsidiaries are
presently in compliance in all material respects with all applicable laws, statutes and regulations and contractual obligations relating to the privacy and security of IT Systems and Personal Data. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Certain Covenants of the Transaction Entities.</U> The Transaction Entities, jointly and severally, hereby agree with the Agents, the
Forward Sellers and the Forward Purchasers: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) For so long as the delivery of a prospectus is required (whether physically or through
compliance with Rule 172 under the Act or any similar rule) in connection with the offering or sale of Securities or during any Selling Period, before using or filing any Permitted </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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Free Writing Prospectus and before using or filing any amendment or supplement to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus (in each case, other than due
to the filing of an Incorporated Document), to furnish to the Agents, the Forward Sellers and the Forward Purchasers a copy of each such proposed Permitted Free Writing Prospectus, amendment or supplement within a reasonable period of time before
filing with the Commission or using any such Permitted Free Writing Prospectus, amendment or supplement and EQR will not use or file any such Permitted Free Writing Prospectus or any such proposed amendment or supplement to which any Agent, Forward
Seller or Forward Purchaser reasonably objects, unless EQR&#146;s legal counsel has advised EQR that use or filing of such document is required by law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) To file the Prospectus, each Prospectus Supplement and any other amendments or supplements to the Prospectus pursuant to, and within the
time period required by, Rule 424(b) under the Act (without reference to Rule 424(b)(8)) and to file any Permitted Free Writing Prospectus to the extent required by Rule 433 under the Act and to provide copies of the Prospectus, each Prospectus
Supplement, any other amendments or supplements to the Prospectus and each Permitted Free Writing Prospectus (to the extent not previously delivered or filed on the Commission&#146;s Electronic Data Gathering, Analysis and Retrieval system or any
successor system thereto (collectively, &#147;<B>EDGAR</B>&#148;)) to the Agents, the Forward Sellers and the Forward Purchasers via <FONT STYLE="white-space:nowrap">e-mail</FONT> in &#147;.pdf&#148; format on such filing date to an <FONT
STYLE="white-space:nowrap">e-mail</FONT> account designated by the Agents, the Forward Sellers and the Forward Purchasers and, at the Agents&#146; , the Forward Sellers&#146; and the Forward Purchasers&#146; request, to also furnish copies of the
Prospectus, each Prospectus Supplement, any other amendments or supplements to the Prospectus and each Permitted Free Writing Prospectus to each exchange or market on which sales were effected as may be required by the rules or regulations of such
exchange or market. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) To file timely all reports and any definitive proxy or information statements required to be filed by EQR with the
Commission pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act for so long as the delivery of a prospectus is required (whether physically or through compliance with Rule 172 under the Act or any similar rule) in connection with the
offering or sale of the Securities or during any Selling Period, and during such same period to advise the Agents, the Forward Sellers and the Forward Purchasers promptly after EQR receives a notice thereof, (i)&nbsp;of the time when any amendment
to the Registration Statement has been filed or has become effective or any supplement to the Prospectus or any Permitted Free Writing Prospectus or any amended Prospectus has been filed with the Commission; (ii)&nbsp;of the issuance by the
Commission of any stop order or any order preventing or suspending the use of any prospectus relating to the Securities or the initiation or threatening of any proceeding for that purpose, pursuant to Section&nbsp;8A of the Act; (iii)&nbsp;of any
objection by the Commission to the use of Form <FONT STYLE="white-space:nowrap">S-3ASR</FONT> by EQR pursuant to Rule&nbsp;401(g)(2) under the Act; (iv)&nbsp;of the suspension of the qualification of the Securities for offering or sale in any
jurisdiction or of the initiation or threatening of any proceeding for any such purpose; (v)&nbsp;of any request by the Commission for the amendment of the Registration Statement or the amendment or supplementation of the Prospectus (in each case
including any documents incorporated by reference therein) or for additional information; (vi)&nbsp;of the occurrence of any event as a result of which the Prospectus or any Permitted Free Writing Prospectus as then amended or supplemented includes
any untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances existing when the
</P>
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Prospectus or any such Permitted Free Writing Prospectus is delivered to a purchaser, not misleading; and (vii)&nbsp;of the receipt by EQR of any notice of objection of the Commission to the use
of the Registration Statement or any post-effective amendment thereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) In the event of the issuance of any such stop order or of any
such order preventing or suspending the use of any such prospectus or suspending any such qualification, or of any notice of the objection pursuant to Rule 401(g)(2) under the Act, during a Selling Period, to use its commercially reasonable efforts
to promptly obtain its withdrawal; in the event any such stop order or such other order is issued outside a Selling Period, EQR will promptly advise the Agents, the Forward Sellers and the Forward Purchasers as to the issuance thereof and as to
whether EQR intends to seek to obtain its withdrawal. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) To use commercially reasonable efforts to furnish such information as may be
required and otherwise cooperate in qualifying the Securities for offering and sale under the securities or blue sky laws of such states or other jurisdictions as the Agents or the Forward Sellers may reasonably designate and to maintain such
qualifications in effect so long as required for the distribution of the Securities; provided that EQR shall not be required to qualify as a foreign corporation, become a dealer of securities, or become subject to taxation in, or to consent to the
service of process under the laws of, any such state or other jurisdictions (except service of process with respect to the offering and sale of the Securities); and to promptly advise the Agents, the Forward Sellers and the Forward Purchasers of the
receipt by EQR of any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) To make available to the Agents, the Forward Sellers and the Forward Purchasers at their respective offices in New York City, without
charge, as soon as reasonably practicable after the Registration Statement becomes effective, and thereafter from time to time to furnish to the Agents, the Forward Sellers and the Forward Purchasers, as many copies of the Prospectus and the
Prospectus Supplement (or of the Prospectus or Prospectus Supplement as amended or supplemented if EQR shall have made any amendments or supplements thereto and documents incorporated by reference therein after the effective date of the Registration
Statement) and each Permitted Free Writing Prospectus as any Agent, Forward Seller or Forward Purchaser may reasonably request for so long as the delivery of a prospectus is required (whether physically or through compliance with Rule 172 under the
Act or any similar rule); and for so long as this Agreement is in effect, EQR will prepare and file promptly such amendment or amendments to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as may be necessary to
comply with the requirements of Section&nbsp;10(a)(3) of the Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) To furnish or make available to the Agents, the Forward Sellers and
the Forward Purchasers during the Term (i)&nbsp;copies of any reports or other communications which EQR shall send to its shareholders or shall from time to time publish or publicly disseminate and (ii)&nbsp;copies of all annual, quarterly and
current reports filed with the Commission on Forms <FONT STYLE="white-space:nowrap">10-K,</FONT> <FONT STYLE="white-space:nowrap">10-Q</FONT> and <FONT STYLE="white-space:nowrap">8-K,</FONT> or such other similar form as may be designated by the
Commission, and to furnish to the Agents from time to time during the Term such other information as the Agents, the Forward Sellers and the Forward Purchasers may reasonably request regarding EQR, ERP or their respective subsidiaries, in each case
as soon as such reports, communications, documents or information becomes available or promptly upon the request of the Agents, the Forward Sellers </P>
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and the Forward Purchasers, as applicable; provided, however, that EQR shall have no obligation to provide the Agents with any document filed on EDGAR or included on EQR&#146;s Internet website.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) If, at any time during the Term, any event shall occur or condition shall exist as a result of which it is necessary in the reasonable
opinion of counsel for the Agents, the Forward Sellers and the Forward Purchasers or counsel for EQR, to further amend or supplement the Prospectus or any Permitted Free Writing Prospectus as then amended or supplemented in order that the Prospectus
or any such Permitted Free Writing Prospectus will not include an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading, in light of
the circumstances existing at the time the Prospectus or any such Permitted Free Writing Prospectus is delivered to a purchaser, or if it shall be necessary, in the reasonable opinion of either such counsel, to amend or supplement the Registration
Statement, the Prospectus or any Permitted Free Writing Prospectus in order to comply with the requirements of the Act, in the case of such a determination by counsel to EQR, immediate notice shall be given, and confirmed in writing, to the Agents,
the Forward Sellers and the Forward Purchasers to cease the solicitation of offers to purchase the Securities by the Agents and the Forward Sellers, as applicable (and if so notified the Agents and the Forward Sellers, as applicable, shall cease
such offers as soon as practicable), and, in either case, EQR will, subject to Section&nbsp;4(a) above, promptly prepare and file with the Commission such amendment or supplement, whether by filing documents pursuant to the Act, the Exchange Act or
otherwise, as may be necessary to correct such untrue statement or omission or to make the Registration Statement, the Prospectus or any such Permitted Free Writing Prospectus comply with such requirements. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) To generally make available to its security holders as soon as reasonably practicable, but not later than 16 months after the first day of
each fiscal quarter referred to below, an earnings statement (in form complying with the provisions of Section&nbsp;11(a) under the Act and Rule 158 of the Commission promulgated thereunder) covering each twelve-month period beginning, in each case,
not later than the first day of EQR&#146;s fiscal quarter next following each &#147;effective date&#148; (as defined in such Rule 158) of the Registration Statement with respect to each sale of Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) To apply the net proceeds from the sale of the Securities and the proceeds, if any, due upon settlement of any Forward Contract in the
manner described in the Prospectus Supplement under the caption &#147;Use of Proceeds.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) Not to, and to cause their subsidiaries
not to, take, directly or indirectly, any action designed to cause or result in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of EQR to facilitate the sale or
resale of the Securities; <I>provided</I> that nothing herein shall prevent EQR from filing or submitting reports under the Exchange Act or issuing press releases in the ordinary course of business. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) <U>Intentionally omitted</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) Except as otherwise agreed between the Transaction Entities and the Agents, the Forward
Sellers and the Forward Purchasers, to pay all costs, expenses, fees and taxes in connection with (i)&nbsp;the preparation and filing of the Registration Statement, the Prospectus, any Permitted Free Writing Prospectus, and any amendments or
supplements thereto, and the printing and furnishing of copies of each thereof to the Agents and to dealers (including costs of mailing and shipment), (ii) the registration, issue and delivery of the Securities, (iii)&nbsp;the qualification of the
Securities for offering and sale under the securities or blue sky laws of such states or other jurisdictions as the Agents or the Forward Sellers may reasonably designate as aforesaid (including filing fees and the reasonable legal fees and
disbursements of counsel to the Agents and the Forward Sellers in connection therewith) and the printing and furnishing of copies of any blue sky surveys to the Agents, (iv)&nbsp;the listing of the Securities (including a number of Common Shares at
least equal to the aggregate Capped Number under all outstanding Forward Contracts entered into between the Company and any Forward Purchaser) on the Exchange and any registration thereof under the Exchange Act, (v)&nbsp;any filing for review, and
any review, of the public offering of the Securities by FINRA (including filing fees and the reasonable legal fees and disbursements of counsel to the Agents, the Forward Sellers and the Forward Purchasers in connection therewith), (vi) the fees and
disbursements of counsel to EQR and of EQR&#146;s independent registered public accounting firm, (vii)the reasonable fees and disbursements of counsel to the Agents, the Forward Sellers and the Forward Purchasers and (viii)&nbsp;the performance of
EQR&#146;s other obligations under this Agreement, the Master Forward Confirmation, any Terms Agreement and any Supplemental Confirmation; provided that, except as otherwise agreed with EQR, the Agents, the Forward Sellers and the Forward Purchasers
shall be responsible for any transfer taxes on resale of Securities by it and any costs and expenses associated with the sale and marketing of the Securities other than as specifically provided above. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) With respect to the offering(s) contemplated by this Agreement or any Terms Agreement, EQR will not offer Common Shares or any securities
convertible into or exchangeable or exercisable for Common Shares in a manner in violation of the Act or the Exchange Act; and EQR will not distribute any offering material in connection with the offer and sale of the Securities, other than the
Registration Statement, the Prospectus or any Permitted Free Writing Prospectus and any amendments or supplements thereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(o) Unless
there are no pending Agency Transactions, Principal Transactions or ongoing sales of Forward Hedge Securities during a Forward Selling Period, EQR will not, without (A)&nbsp;giving the Agents, the Forward Sellers and the Forward Purchasers at least
one Trading Day&#146;s prior written notice specifying the nature of the proposed sale and the date of such proposed sale<B> </B>and (B)&nbsp;the Agents suspending activity under this program for such period of time as requested by EQR or deemed
appropriate by the Agents in light of the proposed sale, (i)&nbsp;offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or
warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any Common Shares or other equity securities of EQR or any securities convertible into or exercisable, redeemable or exchangeable for Common Shares or other equity
securities of EQR, or file any registration statement under the Act with respect to any of the foregoing (other than a registration statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> or post-effective amendment to the Registration
Statement) or (ii)&nbsp;enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of </P>
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Common Shares or other equity securities of EQR, whether any such transaction described in clause (i)&nbsp;or (ii) above is to be settled by delivery of Common Shares or other securities, in cash
or otherwise. The foregoing sentence shall not apply to (A)&nbsp;Securities offered and sold under this Agreement or any Terms Agreement or in settlement of any Forward Contract, (B)&nbsp;securities issued pursuant to any of EQR&#146;s equity
incentive plans described in the Registration Statement and the Prospectus or upon the exercise of options granted thereunder, (C)&nbsp;Common Shares or any securities convertible into, or exercisable, or exchangeable for, Common Shares in
connection with any acquisition or strategic investment (including any joint venture or partnership) or (D)&nbsp;Common Shares issuable upon conversion of securities or the exercise of warrants, options or other rights disclosed in the Registration
Statement and Prospectus. Any <FONT STYLE="white-space:nowrap">lock-up</FONT> provisions relating to a Principal Transaction shall be set forth in the applicable Terms Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(p) EQR will, pursuant to reasonable procedures developed in good faith, retain copies of each Permitted Free Writing Prospectus that is not
filed with the Commission in accordance with Rule 433 under the Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(q) EQR will use commercially reasonable efforts to cause the
Securities and any Common Shares to be issued in connection with any Forward Contract (including a number of Common Shares at least equal to the aggregate Capped Number under all outstanding Forward Contracts entered into between the Company and any
Forward Purchaser) to be listed on the Exchange. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(r) EQR consents to the Agents, the Forward Sellers and the Forward Purchasers trading in
the Common Shares for the Agents,&#146; the Forward Sellers&#146; and the Forward Purchasers&#146; own accounts and for the accounts of their clients at the same time as sales of the Securities occur pursuant to this Agreement or any Terms
Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(s) EQR will promptly notify each of the Agents, the Forward Sellers and the Forward Purchasers when the Maximum Number of
Securities has been sold pursuant to this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(t) If immediately prior to the third anniversary (the &#147;<B>Renewal
Deadline</B>&#148;) of the initial effective date of the Registration Statement, EQR has not sold the Maximum Number of Securities and this Agreement has not expired or been terminated, EQR will, prior to the Renewal Deadline, advise the Agents, the
Forward Sellers and the Forward Purchasers as to whether it intends to file, if it has not already done so, a new automatic shelf registration statement or shelf registration statement, as applicable, relating to the Securities. References herein to
the Registration Statement shall include such new automatic shelf registration statement or such new shelf registration statement, as the case may be. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(u) A number of Common Shares at least equal to the aggregate Capped Number under all outstanding Forward Contracts entered into between the
Company and any Forward Purchaser will be reserved for issuance. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Execution of Agreement</U>. The obligations of the Agents, the Forward Sellers and the
Forward Purchasers under this Agreement shall be subject to the satisfaction of the following conditions in connection with and on the date of the execution of this Agreement: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) EQR and ERP shall have delivered to the Agents, the Forward Sellers and the Forward Purchasers: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">an officers&#146; certificate signed by two officers of EQR (one of whom shall be the Chief Financial Officer
or other senior financial officer) and ERP certifying as to the matters set forth in Exhibit C hereto; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">an opinion and, if not covered in such opinion, a negative assurance letter of DLA Piper LLP (US), counsel for
the Transaction Entities, an opinion of DLA Piper LLP (US) regarding certain tax matters and an opinion of the General Counsel of EQR, addressed to the Agents, the Forward Sellers and the Forward Purchasers and dated the date of this Agreement, in
the form of Exhibit <FONT STYLE="white-space:nowrap">D-1,</FONT> Exhibit <FONT STYLE="white-space:nowrap">D-2</FONT> and Exhibit <FONT STYLE="white-space:nowrap">D-3,</FONT> respectively, hereto; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a &#147;comfort&#148; letter from Ernst&nbsp;&amp; Young LLP, addressed to the Agents, the Forward Sellers and
the Forward Purchasers and dated the date of this Agreement, addressing such matters as the Agents, the Forward Sellers and the Forward Purchasers may reasonably request; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a certificate signed by EQR&#146;s Chief Financial Officer , certifying as to certain financial, numerical and
statistical data not covered by the &#147;comfort&#148; letter referred to in Section&nbsp;5(a)(iii) hereof in a form reasonably acceptable to the Agents, the Forward Sellers and the Forward Purchasers; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">evidence reasonably satisfactory to the Agents, the Forward Sellers and the Forward Purchasers and their
counsel that the Securities (including a number of Common Shares at least equal to the aggregate Capped Number under all outstanding Forward Contracts entered into between the Company and any Forward Purchaser) have been approved for listing on the
Exchange, subject only to notice of issuance on or before the date hereof; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">resolutions duly adopted by EQR&#146;s board of trustees, and certified by an officer of EQR, authorizing the
execution of this Agreement and the Master Forward Confirmation by EQR and ERP and the consummation by EQR and ERP of the transactions contemplated hereby and thereby, including the issuance and sale of the Securities; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">such other documents as the Agents, the Forward Sellers and the Forward Purchasers shall reasonably request.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Agents, the Forward Sellers and the Forward Purchasers shall have received a letter or letters, which shall
include legal opinions and negative assurance statements, of Morrison&nbsp;&amp; Foerster LLP, counsel to the Agents, the Forward Sellers and the Forward </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

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Purchasers, addressed to the Agents, the Forward Sellers and the Forward Purchasers and dated the date of this Agreement, addressing such matters as the Agents, the Forward Sellers and the
Forward Purchasers may reasonably request. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Additional Covenants of the Transaction Entities</U>. The Transaction Entities jointly
and severally further covenant and agree with the Agents, the Forward Sellers and the Forward Purchasers as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Each Transaction
Proposal made by EQR that is accepted by the applicable Agent or the applicable Forward Seller and Forward Purchaser, as the case may be, by means of a Transaction Acceptance, and each execution and delivery by EQR and ERP of a Terms Agreement or by
EQR of a Supplemental Confirmation shall be deemed to be (i)&nbsp;an affirmation that the representations, warranties and agreements of EQR and ERP herein contained and contained in any certificate delivered to the Agents pursuant hereto are true
and correct as of the date of the Transaction Proposal or the date of such Terms Agreement or Supplemental Confirmation, as the case may be, and (ii)&nbsp;an undertaking that such representations, warranties and agreements will be true and correct
on any applicable Time of Sale and Settlement Date, as though made at and as of each such time (it being understood that such representations, warranties and agreements shall relate to the Registration Statement, the Prospectus or any Permitted Free
Writing Prospectus as amended and supplemented to the time of such Transaction Acceptance or Terms Agreement or Supplemental Confirmation, as the case may be). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Each time that (i)&nbsp;the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus shall be amended or
supplemented (including, except as noted in the proviso at the end of this Section&nbsp;6(b), by the filing of any Incorporated Document) other than by an amendment or supplement relating solely to the offering of securities other than the Common
Shares, (ii)&nbsp;there is a Principal Settlement Date pursuant to a Terms Agreement, or (iii)&nbsp;any Agent, Forward Purchaser or Forward Seller shall reasonably request (each date referred to clauses (i), (ii) and (iii)&nbsp;above, a
&#147;<B>Bring-Down Delivery Date</B>&#148;), EQR shall, unless the Agents, the Forward Sellers and the Forward Purchasers agree otherwise, furnish or cause to be furnished to the Agents, the Forward Sellers and the Forward Purchasers certificates,
dated as of such Bring-Down Delivery Date and delivered as promptly as practicable after the applicable Bring-Down Delivery Date or, in the case of a Bring-Down Delivery Date resulting from a Principal Settlement Date, delivered on such Principal
Settlement Date, of the same tenor as the certificates referred to in Sections 5(a)(i) and 5(a)(iv) hereof, modified as necessary to relate to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as amended and
supplemented to the time of delivery of such certificates and, in the case of the officer&#146;s certificate, setting forth the number of Common Shares reserved for issuance by EQR and listed, subject to notice of issuance, on the Exchange in
connection with the transaction contemplated hereby and by the Master Forward Confirmation less (x)&nbsp;any Common Shares issued in connection with an Issuance hereunder or pursuant to a Forward Contract and (y)&nbsp;the aggregate Capped Number
under all outstanding Forward Contracts entered into between the Company and any Forward Purchaser and, in the case of the Chief Financial Officer&#146;s certificate, covering such other financial, numerical and statistical data that is not covered
by the accountants&#146; &#147;comfort&#148; letter dated as of such Bring-Down Delivery Date as the Agents, the Forward Sellers and the Forward Purchasers may reasonably request, or, in lieu of such certificates, certificates to the effect that the
statements contained in the certificates referred to in Sections 5(a)(i) and, unless </P>
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the Agents shall have requested that the Chief Financial Officers&#146; certificate cover different or additional data as aforesaid, 5(a)(iv) hereof furnished to Agents, the Forward Sellers and
the Forward Purchasers are true and correct as of such Bring-Down Delivery Date as though made at and as of such date (except that such statements shall be deemed to relate to the Registration Statement, the Prospectus or any Permitted Free Writing
Prospectus as amended and supplemented to the time of delivery of such certificate); <I>provided</I>, <I>however</I>, that the filing of a Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> will not constitute a Bring-Down Delivery
Date under clause (i)&nbsp;above unless either (A)&nbsp;(x) such Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> is filed at any time during which either a Transaction Acceptance is binding and EQR has not suspended the use
thereof (and prior to the settlement of the Securities specified therein) or a prospectus relating to the Securities is required to be delivered under the Act (whether physically or through compliance with Rule 172 under the Act or any similar rule)
or such Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> is filed at any time from and including the date of a Terms Agreement through and including the related Settlement Date and (y)&nbsp;the Agents have reasonably requested that
such date be deemed to be a Bring-Down Delivery Date based upon the event or events reported in such Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> or (B)&nbsp;such Current Report on Form
<FONT STYLE="white-space:nowrap">8-K</FONT> contains capsule financial information, historical or pro forma financial statements, supporting schedules or other financial data, including any Current Report on Form
<FONT STYLE="white-space:nowrap">8-K</FONT> or part thereof under Item 2.02 of such form that is considered &#147;filed&#148; under the Exchange Act; <I>provided, further</I>, that the Transaction Entities shall have the right in their sole
discretion to suspend the delivery of all such certificates otherwise required by this Section&nbsp;6(b) if the Transaction Entities do not expect to enter into any Agency Transaction or Terms Agreement with respect to the Securities for that
quarter; <I>provided further</I>, that, in the event the Transaction Entities have suspended the delivery of such certificates pursuant to the terms of the immediately preceding proviso of this Section&nbsp;6(b), the delivery of the certificates
listed in this Section&nbsp;6(b), dated as of the date of their delivery, shall be a condition precedent to any request by EQR to sell any Securities pursuant to an Agency Transaction or Terms Agreement in that quarter. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Each Bring-Down Delivery Date, EQR shall as soon as practicable, unless the Agents agree otherwise, cause to be furnished to the Agents,
the Forward Sellers and the Forward Purchasers (A)&nbsp;the written opinion and, if not included in such opinion, negative assurance letter of DLA Piper LLP, counsel to the Transaction Entities, and the written opinion of the General Counsel of the
Company, each dated as of the applicable Bring-Down Delivery Date and delivered as promptly as practicable after the applicable Bring-Down Delivery Date or, in the case of a Bring-Down Delivery Date resulting from a Principal Settlement Date, dated
and delivered on such Principal Settlement Date, of the same tenor as the opinions and letter referred to in Section&nbsp;5(a)(ii) hereof, but modified as necessary to relate to the Registration Statement, the Prospectus or any Permitted Free
Writing Prospectus as amended and supplemented to the time of delivery of such opinions and letter, or, in lieu of such opinion and letter, such counsel shall furnish the Agents with a letter substantially to the effect that the Agents, the Forward
Sellers and the Forward Purchasers may rely on the opinions and letter of such counsel referred to in Section&nbsp;5(a)(ii), furnished to the Agents, to the same extent as though they were dated the date of such letter authorizing reliance (except
that statements in such last opinions and letter of each such counsel shall be deemed to relate to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as amended and supplemented to the time of delivery of such
letters authorizing reliance); <I>provided, however</I>, that the Transaction Entities shall have the right in their sole discretion to suspend the delivery of all such opinions and the negative assurance
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>

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letter otherwise required by this Section&nbsp;6(c) if the Transaction Entities do not expect to enter into any Agency Transaction or Terms Agreement with respect to the Securities for that
quarter; <I>provided further</I>, that, in the event the Transaction Entities have suspended the delivery of such opinions and negative assurance letter pursuant to the immediately preceding proviso of this Section&nbsp;6(c), the delivery of the
opinions and negative assurance letter listed in this Section&nbsp;6(c), dated as of the date of their delivery, shall be a condition precedent to any request by EQR to sell any Securities pursuant to an Agency Transaction or Terms Agreement in that
quarter. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Each Bring-Down Delivery Date, EQR shall, unless the Agents, the Forward Sellers and the Forward Purchasers agree otherwise,
cause its independent registered public accounting firm to furnish to the Agents a &#147;comfort&#148; letter, dated as of the applicable Bring-Down Delivery Date and delivered as promptly as practicable after the applicable Bring-Down Delivery Date
or, in the case of a Bring-Down Delivery Date resulting from a Principal Settlement Date, delivered on such Principal Settlement Date, of the same tenor as the letter referred to in Section&nbsp;5(a)(iii) hereof, but modified to relate to the
Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as amended and supplemented to the date of such letter (other than with respect to the offering price), and, if the Registration Statement, the Prospectus or any
Permitted Free Writing Prospectus shall include or incorporate by reference the financial statements of any entity or business (other than the consolidated financial statements of EQR, ERP and their respective subsidiaries), EQR shall, if requested
by the Agents, the Forward Sellers and the Forward Purchasers, cause a firm of independent public accountants to furnish to the Agents, the Forward Sellers and the Forward Purchasers a &#147;comfort&#148; letter, dated as of the applicable
Bring-Down Delivery Date and delivered as promptly as practicable after the applicable Bring-Down Delivery Date or, in the case of a Bring-Down Delivery Date resulting from a Principal Settlement Date, delivered on such Principal Settlement Date,
addressing such matters as the Agents may reasonably request; <I>provided, however</I>, that the Transaction Entities shall have the right in their sole discretion to suspend the delivery of the letter otherwise required by this Section&nbsp;6(d) if
the Transaction Entities do not expect to enter into any Agency Transaction or Terms Agreement with respect to the Securities for that quarter; <I>provided further</I>, that, in the event the Transaction Entities have suspended the delivery of such
comfort letter pursuant to the immediately preceding proviso of this Section&nbsp;6(d), the delivery of the comfort letter listed in this Section&nbsp;6(d), dated as of the date of its delivery, shall be a condition precedent to any request by EQR
to sell any Securities pursuant to an Agency Transaction or Terms Agreement in that quarter. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Anything in this Agreement to the
contrary notwithstanding, each time that EQR requests to sell any Securities pursuant to an Agency Transaction or Terms Agreement at any time from and including the date on which EQR shall issue a press release containing, or shall otherwise
publicly announce (an &#147;<B>Earnings Announcement</B>&#148;), its earnings, revenues or other results of operations (&#147;<B>Earnings Information</B>&#148;) through and including the time that EQR files a Quarterly Report on Form <FONT
STYLE="white-space:nowrap">10-Q</FONT> or an Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> that includes consolidated financial statements as of and for the same period or periods, as the case may be, covered by such Earnings
Announcement, (i)&nbsp;the filing of a Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> containing such Earnings Announcement (an &#147;<B>Earnings Form <FONT STYLE="white-space:nowrap">8-K</FONT></B>&#148;) shall be deemed a
Bring-Down Delivery Date and (ii)&nbsp;EQR shall cause such Earnings Form <FONT STYLE="white-space:nowrap">8-K</FONT> (or a portion of such Earnings Form <FONT STYLE="white-space:nowrap">8-K</FONT> containing the Earnings Information rather than the
entire Earnings Announcement) to be deemed &#147;filed&#148; under the Exchange Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;(i) No stop order suspending the effectiveness of the Registration Statement shall
be in effect, and no proceeding for such purpose or pursuant to Section&nbsp;8A under the Act shall be pending before or<B> </B>threatened by the Commission; the Prospectus and each Permitted Free Writing Prospectus shall have been timely filed with
the Commission under the Act (in the case of a Permitted Free Writing Prospectus, to the extent required by Rule 433 under the Act); and all requests by the Commission for additional information shall have been complied with and no suspension of the
qualification of the Securities for offering or sale in any jurisdiction, or, to the knowledge of EQR, the initiation or threatening of any proceedings for any such purposes, shall have occurred and be in effect at the time EQR delivers a
Transaction Proposal to the applicable Agent or the applicable Forward Purchaser and Forward Seller, as the case may be, or the time the applicable Agent or the applicable Forward Purchaser and Forward Seller, as the case may be, delivers a
Transaction Acceptance to EQR; and (ii)&nbsp;the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus shall not contain an untrue statement of material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading at the time EQR delivers a Transaction Proposal to the applicable Agent or the applicable Forward Purchaser and Forward Seller, as the
case may be, or the time the applicable Agent or the applicable Forward Purchaser and Forward Seller, as the case may be, delivers a Transaction Acceptance to EQR. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) The Transaction Entities shall reasonably cooperate with any reasonable due diligence review requested by the Agents, the Forward Sellers,
the Forward Purchasers or their counsel from time to time in connection with the transactions contemplated hereby or any Terms Agreement, including, without limitation, furnishing requested materials and making senior management and outside auditors
available for due diligence conference calls, upon the reasonable request of the Agents, the Forward Sellers or the Forward Purchasers. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) EQR and ERP shall disclose, in their combined Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> and in their combined
Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> and, if requested by the Agents, in supplements to the Prospectus to be filed by the Transaction Entities with the Commission from time to time, the number of the Securities sold
under this Agreement and any Terms Agreement, and the net proceeds to EQR from the sale of the Securities and any other information that EQR is required to disclose to comply with the Act or any rules or regulations thereunder with respect to sales
of the Securities pursuant to this Agreement during the relevant quarter or, in the case of any such prospectus supplement, such shorter period as the Agents may reasonably request or, in the case of an Annual Report on Form <FONT
STYLE="white-space:nowrap">10-K,</FONT> during the fiscal year covered by such Annual Report and the fourth quarter of such fiscal year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">All opinions, letters and other documents referred to in Sections 6(b) through (d)&nbsp;above shall be reasonably satisfactory in form and
substance to the Agents, the Forward Sellers and the Forward Purchasers and, at each Bring-Down Delivery Date, EQR and ERP shall deliver to the Agents, the Forward Sellers and the Forward Purchasers such other documents as the Agents, the Forward
Sellers and the Forward Purchasers shall reasonably request. The Agents, the Forward Sellers and the Forward Purchasers will provide the Transaction Entities with such notice (which may be oral, and in such case, will be confirmed via <FONT
STYLE="white-space:nowrap">e-mail</FONT> as soon as reasonably practicable thereafter) as is reasonably practicable under the circumstances when requesting an opinion, letter or other document referred to in Sections 6(b) through (d)&nbsp;above.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Conditions of the Obligations of the Agents, the Forward Sellers and the Forward
Purchasers</U>. The Agents&#146; obligation to solicit purchases on an agency basis for the Issuance Securities or otherwise take any action pursuant to a Transaction Acceptance and to purchase Issuance Securities pursuant to any Terms Agreement,
and the Forward Sellers&#146; obligation to solicit purchases on an agency basis for the Forward Hedge Securities and the Forward Purchasers&#146; obligations to borrow Forward Hedge Securities or otherwise take any action pursuant to a Transaction
Acceptance shall be subject to the satisfaction of the following conditions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) At the date on which EQR receives a Transaction
Acceptance (each such date, the &#147;<B>Time of Acceptance</B>&#148;), at the time of the commencement of trading on the Exchange on the Purchase Date(s) and at the relevant Time of Sale and Issuance Settlement Date or Forward Hedge Settlement
Date, as the case may be, or with respect to a Principal Transaction pursuant to a Terms Agreement, at the time of execution and delivery of the Terms Agreement by the Transaction Entities and at the relevant Time of Sale and Principal Settlement
Date: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The representations, warranties and agreements on the part of the Transaction Entities herein contained or
contained in any certificate of an officer or officers, general partner, managing member or other authorized representative of the Transaction Entities or any of their respective subsidiaries delivered pursuant to the provisions hereof shall be true
and correct in all respects. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Transaction Entities shall have performed and observed the covenants and other obligations hereunder and/or
under any Terms Agreement, as the case may be, in all material respects. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In the case of an Agency Transaction, from the Time of Acceptance until the Issuance Settlement Date or the
Forward Hedge Settlement Date, as the case may be, or, in the case of a Principal Transaction pursuant to a Terms Agreement, from the time of execution and delivery of the Terms Agreement by the Transaction Entities until the Principal Settlement
Date, trading in the Common Shares on the Exchange shall not have been suspended. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">From the date of this Agreement, no event or condition of a type described in Section&nbsp;3(f) hereof shall
have occurred or shall exist, which event or condition is not described in a Permitted Free Writing Prospectus (excluding any amendment or supplement thereto) or the Prospectus (excluding any amendment or supplement thereto) and the effect of which
in the judgment of the applicable Agent makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities on the applicable Settlement Date on the terms and in the manner contemplated by this Agreement, any Terms
Agreement, any Permitted Free Writing Prospectus and the Prospectus. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No event of the type described in clauses (i)&nbsp;through (iv) of Section&nbsp;8(b)(ii) hereof shall have
occurred. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Securities to be issued pursuant to the Transaction Acceptance, pursuant to a Terms Agreement (including a
number of Common Shares at least equal to the aggregate Capped Number under all outstanding Forward Contracts entered into between the Company and any Forward Purchaser), as applicable, shall have been approved for listing on the Exchange, subject
only to notice of issuance. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">(A) No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted
or issued by any federal, state or foreign governmental or regulatory authority that would, as of the relevant Settlement Date, prevent the issuance or sale of the Securities and (B)&nbsp;no injunction or order of any federal, state or foreign court
shall have been issued that would, as of the relevant Settlement Date, prevent the issuance or sale of the Securities. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">(A) No order suspending the effectiveness of the Registration Statement shall be in effect, no proceeding for
such purpose or pursuant to Section&nbsp;8A of the Act shall be pending before or, to the knowledge of EQR, threatened by the Commission and no notice of objection of the Commission to the use of the Registration Statement pursuant to Rule 401(g)(2)
under the Act shall have been received by EQR or ERP; (B)&nbsp;the Prospectus and each Permitted Free Writing Prospectus shall have been timely filed with the Commission under the Act (in the case of any Permitted Free Writing Prospectus, to the
extent required by Rule 433 under the Act); (C) all requests by the Commission for additional information shall have been complied with to the satisfaction of the Agents; and (D)&nbsp;no suspension of the qualification of the Securities for offering
or sale in any jurisdiction, and no initiation or threatening of any proceedings for any of such purposes, shall have occurred and be in effect. The Registration Statement, the Prospectus or any Permitted Free Writing Prospectus shall not contain an
untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading at the time the applicable Agent
or the applicable Forward Purchaser and Forward Seller, as the case may be, delivers a Transaction Acceptance to EQR or EQR, ERP and the applicable Agent execute a Terms Agreement, as the case may be. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ix)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No amendment or supplement to the Registration Statement, the Prospectus or any Permitted Free Writing
Prospectus shall have been filed to which the Agents, the Forward Purchasers or the Forward Sellers shall have reasonably objected in writing. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(x)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In respect of any Transaction Proposal delivered in respect of any Forward, the Master Forward Confirmation
shall be in full force and effect. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(xi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In no event may EQR issue a Transaction Proposal that relates to an Issuance unless the number of Issuance
Securities specified in such Transaction Proposal is less than the Remaining Number of Shares as of the date of delivery of such Transaction Proposal, and in no event may EQR issue a Transaction Proposal that relates to a Forward unless the Fixed
Number of Securities to be Sold set forth in such Transaction Proposal is less than the Remaining Number of Shares as of the date of delivery of such Transaction Proposal, where &#147;Remaining Number of Shares&#148; means the Maximum Number minus
the aggregate number of Securities previously sold hereunder or the subject of a pending Transaction Acceptance. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) As
promptly as practicable after the applicable Bring-Down Delivery Date or, in the case of a Bring-Down Delivery Date resulting from a Principal Settlement Date, on such Principal Settlement Date, the Agents, the Forward Sellers and the Forward
Purchasers shall have received the officer&#146;s certificates, opinions and negative assurance letters of counsel and &#147;comfort&#148; letters and other documents provided for under Sections 6(b) through (d), inclusive. For purposes of clarity
and without limitation to any other provision of this Section&nbsp;7 or elsewhere in this Agreement, the parties hereto agree that the Agents&#146;, the Forward Sellers&#146; and the Forward Purchasers&#146; obligations, if any, to solicit purchases
of Securities on an agency basis or otherwise take any action pursuant to a Transaction Acceptance shall, unless otherwise agreed in writing by the Agents, the Forward Sellers and the Forward Purchasers, be suspended during the period from and
including a Bring-Down Delivery Date through and including the time that the Agents, the Forward Sellers and the Forward Purchasers shall have received the documents described in the preceding sentence. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) EQR shall, if requested by any Forward Purchaser prior to the commencement of the applicable Forward Hedge Selling Period, have delivered
to such Forward Purchaser an opinion of Maryland counsel in form and substance reasonably satisfactory to such Forward Purchaser, with respect to the matters set forth in Section&nbsp;3(a)(i)-(iv) of the ISDA 2002 Master Agreement (the &#147;<B>ISDA
Form</B>&#148;), as published by the International Swaps and Derivatives Association, Inc., as incorporated into the Master Forward Confirmation, and that the maximum number of Common Shares initially issuable under the applicable Forward Contract
have been duly authorized and, upon issuance pursuant to the terms of such Forward Contract, will be validly issued, fully paid and nonassessable, and an opinion of New York counsel in form and substance reasonably satisfactory to such Forward
Purchaser with respect to the matters set forth in Section&nbsp;3(a)(v) of the ISDA Form, as incorporated into the Master Forward Confirmation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Termination</U>. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Transaction Entities may terminate this Agreement in their sole discretion at any time upon prior written
notice to the Agents, the Forward Sellers and the Forward Purchasers. Any such termination shall be </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
without liability of any party to any other party, except that (A)&nbsp;with respect to any pending sale or outstanding Forward, the obligations of the Transaction Entities, including in respect
of compensation of the Agents, the Forward Sellers and the Forward Purchasers, shall remain in full force and effect notwithstanding such termination; and (B)&nbsp;the provisions of Sections 3, 4 (except that if no Securities have been previously
sold hereunder or under any Terms Agreement, only Section&nbsp;4(m)), 9, 10, 11, 12, 13, 15, 16, 17 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In the case of any completed sale by EQR pursuant to a Terms Agreement, the obligations of the Transaction
Entities pursuant to such Terms Agreement and this Agreement may not be terminated by either Transaction Entity without the prior written consent of the applicable Agent. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Agents, the Forward Sellers and the Forward Purchasers, in their sole discretion, or any one of them in its
sole discretion as to itself, may terminate this Agreement at any time upon giving prior written notice to the Transaction Entities. Any such termination shall be without liability of any party to any other party, except that the provisions of
Sections 3, 4 (except that if no Securities have been previously sold hereunder or under any Terms Agreement, only Section&nbsp;4(m)), 9, 10, 11, 12, 13, 15, 16, 17 and 20 of this Agreement shall remain in full force and effect notwithstanding such
termination. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In the case of any purchase by an Agent pursuant to a Terms Agreement, the obligations of the applicable Agent
pursuant to such Terms Agreement shall be subject to termination by the applicable Agent at any time prior to or at the Principal Settlement Date if since the time of execution of the Terms Agreement or the respective dates as of which information
is given in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus, (i)&nbsp;trading generally shall have been suspended or materially limited on or by any of the New York Stock Exchange, the Nasdaq Stock Market, the
Chicago Board Options Exchange, the Chicago Mercantile Exchange or the Chicago Board of Trade, (ii)&nbsp;trading of any securities issued or guaranteed by EQR, ERP or any of their respective subsidiaries shall have been suspended on any exchange or
in any <FONT STYLE="white-space:nowrap">over-the</FONT> counter market, (iii)&nbsp;a general moratorium on commercial banking activities shall have been declared by federal or New York state authorities, and (iv)&nbsp;there shall have occurred any
outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis, either within or outside the United States, that, solely in the case of events and conditions described in this clause (iv), in the applicable
Agent&#146;s judgment, is material and adverse and makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Issuance Securities on the terms and in the manner contemplated in the Prospectus or such Terms
</P></TD></TR></TABLE>
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<TD WIDTH="13%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
Agreement. If the applicable Agent elects to terminate its obligations pursuant to this Section&nbsp;8(b)(ii), EQR shall be notified promptly in writing. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) This Agreement shall remain in full force and effect until the earliest of (A)&nbsp;termination of the Agreement pursuant to
Section&nbsp;8(a) or 8(b) above or otherwise by mutual written agreement of the parties, (B)&nbsp;such date that the Maximum<B> </B>Number<B> </B>of Securities has been sold in accordance with the terms of this Agreement, the Master Forward
Confirmation and any Terms Agreements or Supplemental Confirmation and (C)&nbsp;the third anniversary of the date of this Agreement, in each case except that the provisions of Section&nbsp;3, 4 (except that if no Securities have been previously sold
hereunder or under any Terms Agreement or Forward Contract, only Section&nbsp;4(m)), 9, 10, 11, 12, 13, 15, 16, 17 and 20 of this Agreement shall remain in full force and effect notwithstanding such termination. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Any termination of this Agreement shall be effective on the date specified in such notice of termination; <I>provided</I> that,
notwithstanding the foregoing, such termination shall not be effective until the close of business on the date of receipt of such notice by the Agents, the Forward Sellers and the Forward Purchasers or EQR, as the case may be, or such later date as
may be required pursuant to Section&nbsp;8(a) or (b). If such termination shall occur prior to the Settlement Date for any sale of Securities, such sale shall settle in accordance with the provisions of Section&nbsp;2 hereof. Notwithstanding
anything to the contrary contained herein, any obligation under any Forward Contract as a result of sales of Forward Hedge Securities occurring prior to such termination shall survive such termination and remain in full force and effect. For the
avoidance of doubt, any such termination shall not affect or impair any party&#146;s obligations with respect to any Securities sold hereunder prior to the occurrence thereof (including, in the case of any Forward Hedge Securities, the obligation
under the resulting Forward Contract). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Indemnity and Contribution</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Transaction Entities, jointly and severally, agree to indemnify and hold harmless the Agents, the Forward Sellers, the Forward
Purchasers and each of their respective affiliates, directors and officers and each person, if any, who controls the respective Agents, Forward Sellers and Forward Purchasers within the meaning of Section&nbsp;15 of the Act or Section&nbsp;20 of the
Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, reasonable out of pocket legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim
asserted, as such fees and expenses are incurred), that arise out of, or are based upon, (i)&nbsp;any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto) or arising out
of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, not misleading or (ii)&nbsp;any untrue statement or alleged untrue statement of a
material fact contained in the Prospectus (or any amendment or supplement thereto), any Permitted Free Writing Prospectus (or any amendment or supplement thereto), any &#147;issuer information&#148; filed or required to be filed pursuant to Rule
433(d) under the Act or any road show as defined in Rule 433(h) under the Act (a &#147;<B>road show</B>&#148;), or arising out of or based upon any omission or alleged omission to state therein a material fact necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>

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omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to the Agents, the Forward Sellers or the Forward Purchasers furnished to
the Transaction Entities in writing by any Agent, Forward Seller or Forward Purchaser expressly for use therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Each of the Agents,
the Forward Sellers and the Forward Purchasers severally and not jointly, agrees to indemnify and hold harmless each of EQR and ERP, their trustees, directors, officers who signed the Registration Statement and each person, if any, who controls EQR
or ERP within the meaning of Section&nbsp;15 of the Act or Section&nbsp;20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a)&nbsp;above, but only with respect to any losses, claims, damages or liabilities that arise
out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Agent, Forward Seller or Forward Purchaser furnished to EQR or ERP in
writing by any Agent, Forward Seller or Forward Purchaser expressly for use in the Registration Statement (or any amendment thereto), the Prospectus (or any amendment or supplement thereto), any Permitted Free Writing Prospectus (or any amendment or
supplement thereto) or any road show. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) If any suit, action, proceeding (including any governmental or regulatory investigation), claim
or demand shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to either Section&nbsp;9(a) or 9(b) above, such person (the &#147;<B>Indemnified Person</B>&#148;) shall notify as promptly as
reasonably practicable the person against whom such indemnification may be sought (the &#147;<B>Indemnifying Person</B>&#148;) in writing; <U>provided</U> that the failure to notify the Indemnifying Person shall not relieve it from any liability
that it may have under this Section&nbsp;9 except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and <U>provided</U>, <U>further</U>, that the failure to notify the
Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under this Section&nbsp;9. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have
notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified Person, be counsel to the Indemnifying Person) to
represent the Indemnified Person and any others entitled to indemnification pursuant to this Section&nbsp;9 that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding,
as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i)&nbsp;the Indemnifying Person and the
Indemnified Person shall have mutually agreed to the contrary; (ii)&nbsp;the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii)&nbsp;the Indemnified Person shall have
reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv)&nbsp;the named parties in any such proceeding (including any impleaded parties)
included both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed that the
Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm (in addition to any local counsel) for (A)&nbsp;the
Agents, the Forward Sellers and the Forward </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">44 </P>

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Purchasers and their respective affiliates, directors and officers and control persons, if any, or (B)&nbsp;the Transaction Entities, their trustees, directors, their officers who signed the
Registration Statement and their control persons, if any, as the case may be, and that all such reasonable fees and expenses shall be paid or reimbursed as they are incurred. Any such separate firm for the Agents, the Forward Sellers, the Forward
Purchasers and their respective affiliates, directors and officers and their control persons, if any, shall be designated in writing by the Agents, the Forward Sellers and the Forward Purchasers, and any such separate firm for the Transaction
Entities, their trustees, directors, their officers who signed the Registration Statement and their control persons, if any, shall be designated in writing by EQR or ERP.<B> </B>The Indemnifying Person shall not be liable for any settlement of any
proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason
of such settlement or judgment. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a
party and indemnification is or could have been sought hereunder by such Indemnified Person, unless such settlement (x)&nbsp;includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such
Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (y)&nbsp;does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person.
Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested an Indemnifying Person to reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this Section&nbsp;9(c), the Indemnifying
Person agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i)&nbsp;such settlement is entered into more than 45 days after receipt by such Indemnifying Person of the aforesaid request,
(ii)&nbsp;such Indemnifying Person shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii)&nbsp;such Indemnifying Person shall not have reimbursed the Indemnified Person in
accordance with such request prior to the date of such settlement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) If the indemnification provided for in Sections&nbsp;9(a) and 9(b)
above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such Sections, in lieu of indemnifying such Indemnified Person
thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by EQR and ERP,
on the one hand, and the Agents, the Forward Purchasers and the Forward Sellers on the other, from the offering of the Securities pursuant to this Agreement and any Terms Agreements or Forward Contracts or (ii)&nbsp;if the allocation provided by
clause (i)&nbsp;is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;but also the relative fault of either EQR and ERP, on the one hand, and the Agents, the
Forward Sellers and the Forward Purchasers, on the other, in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits
received by EQR and ERP, on the one hand, and the Agents, the Forward Sellers and the Forward Purchasers, on the other, shall be deemed to be in the same respective proportions as (w)&nbsp;with respect to EQR and ERP, the sum of (A)&nbsp;the net
proceeds (before deducting expenses) received by EQR from the sale of the Issuance Securities from each Issuance pursuant to this Agreement and any Terms Agreements and the total discounts and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">45 </P>

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commissions received by the Agents in connection therewith bear to the aggregate Gross Sales Price of such Issuance Securities and (B)&nbsp;the Actual Sold Forward Amount for each Forward
pursuant to this Agreement multiplied by the Forward Hedge Price for such Forward (the &#147;<B>Net Forward Proceeds</B>&#148;) bear to the sum of the Net Forward Proceeds and the Actual Forward Commission (as defined below) (such sum, the
&#147;<B>Gross Forward Amount</B>&#148;), (x) with respect to the Agents, the total commission received by the Agents bear to the aggregate public offering price of the Issuance Securities, (y)&nbsp;with respect to the Forward Sellers, the Actual
Sold Forward Amount for each Forward pursuant to this Agreement, multiplied by the Forward Hedge Selling Commission for such Forward (the &#147;<B>Actual Forward Commission</B>&#148;) bear to the Gross Forward Amount and (z)&nbsp;with respect to the
Forward Purchasers, the net Spread (as such term is defined in the Master Forward Confirmation and net of any stock borrow costs or other costs or expenses actually incurred) for all Forward Contracts executed in connection with this Agreement bear
to the Gross Forward Amount. The relative fault of EQR and ERP, on the one hand, and the Agents, Forward Sellers and Forward Purchasers, on the other, shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by EQR or ERP, on the one hand, or by the Agents, the Forward Sellers and the Forward Purchasers, on the other hand, and the
parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) The
Transaction Entities and the Agents, the Forward Sellers and the Forward Purchasers agree that it would not be just and equitable if contribution pursuant to this Section&nbsp;9 were determined by <U>pro</U> <U>rata</U> allocation or by any other
method of allocation that does not take account of the equitable considerations referred to in Section&nbsp;9(d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in
Section&nbsp;9(d) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this
Section&nbsp;9, in no event shall the Agents, the Forward Sellers or the Forward Purchasers, as applicable, be required to contribute any amount in excess of the amount by which, in the case of the Agents, the total discounts and commissions
received by the Agents with respect to the offering of Issuance Securities pursuant to this Agreement or any Terms Agreement, or, in the case of the Forward Sellers and the Forward Purchasers, the total discounts and commissions received by the
Forward Sellers with respect to the offering of the Forward Hedge Securities sold by the Forward Sellers, exceeds the amount of any damages that the applicable Agents, Forward Sellers or Forward Purchasers have otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) For purposes of clarity and without limitation to any provision of this Agreement, the
obligations of the Agents, the Forward Sellers and the Forward Purchasers under this Agreement are several and not joint. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) For purposes
of clarity and without limitation to any provision of this Agreement, the obligations of the Transaction Entities are joint and several. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">46 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) The remedies provided for in this Section&nbsp;9 are not exclusive and shall not limit
any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Notices</U>. All notices and
other communications under this Agreement, the Master Forward Confirmation, any Terms Agreement and any Supplemental Confirmation shall be in writing and (except in the case of a Master Forward Confirmation or a Supplemental Confirmation) shall be
deemed to have been duly given if mailed or transmitted and confirmed by any standard form of communication, and shall be sufficient in all respects if delivered or sent as follows (and, in the case of a notice under a Master Forward Confirmation or
a Supplemental Confirmation, shall be given and deemed effective in accordance with the ISDA Master Agreement referenced therein): (i) if to JPMorgan Chase Bank, National Association, London Branch, 25 Bank Street, Canary Wharf, London E14 5JP,
England, Attention: EDG Marketing Support, (ii)&nbsp;if to J.P. Morgan Securities LLC, 383 Madison Avenue, 10<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, New York, New York 10179, Facsimile No.: (312)
<FONT STYLE="white-space:nowrap">300-7716Attention:</FONT> Stephanie Little, with a copy to Brett Chalmers, (iii)&nbsp;if to Bank of America, N.A., One Bryant Park, New York, New York 10036, Attention: Christine Roemer, with a copy to ECM Legal,
(iv)&nbsp;if to BofA Securities, Inc., One Bryant Park, New York, New York 10036, Attention: Christine Roemer, with a copy to ECM Legal, (v)&nbsp;if to The Bank of New York Mellon, 240 Greenwich Street, 3 East, New York, New York 10286, Facsimile
No. (732) <FONT STYLE="white-space:nowrap">667-9766,</FONT> (vi) if to BNY Mellon Capital Markets, LLC, 240 Greenwich Street, 3 East, New York, New York 10286, Attention: JC Mas, with copies (which shall not by itself constitute notice) to The Bank
of New York Mellon, Markets Equity Trading Desk, 240 Greenwich Street, 3 East, New York, New York 10286, Attention: Head of Deliveries, Facsimile No. (732) <FONT STYLE="white-space:nowrap">667-9766,</FONT> (vii) if to Morgan Stanley&nbsp;&amp; Co.
LLC, 1585 Broadway, New York, New York 10036, Attention: Equity Syndicate Desk, (viii)&nbsp;if to The Bank of Nova Scotia, <FONT STYLE="white-space:nowrap">GWO-Derivative</FONT> Products, 44 King Street West, Central Mail Room, Toronto, Ontario,
Canada M5H 1H1, c/o Scotia Capital (USA) Inc., 250 Vesey Street, 24<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, New York, New York 10281, Attention: Gary Nathanson / Bahar Alast, Facsimile No.: (212)
<FONT STYLE="white-space:nowrap">225-5633,</FONT> with a copy to <FONT STYLE="white-space:nowrap">GWO-OTC</FONT> Confirmations, The Bank of Nova Scotia, Global Wholesale Operations, OTC Confirmations, 44 King Street West, Central Mail Room, Toronto,
Ontario, Canada M5H 1H1, (ix) if to Scotia Capital (USA) Inc., 250 Vesey Street, 24<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, New York, New York 10281, Attention Equity Capital Markets, Facsimile No.: <FONT
STYLE="white-space:nowrap">(212)&nbsp;225-6553,</FONT> with a copy to (which shall not constitute notice) Chief Legal Officer, U.S., 250 Vesey Street, 24<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, New York, New York 10281,
Facsimile No.: (212) <FONT STYLE="white-space:nowrap">225-6653,</FONT> (x) if to Barclays Bank plc, to 5 North Colonnade, Canary Wharf, London E14 4BB, (xi)&nbsp;if to Barclays Capital Inc., 745 Seventh Avenue, New York, New York 10019, (xii) if to
UBS AG, London Branch, 5 Broadgate, London, EC2M 2QS, United Kingdom, (xiii)&nbsp;if to UBS Securities LLC, 1285 Avenue of the Americas, New York, New York 10019, (xiv) if to MUFG Securities Americas Inc., 1221 Avenue of the Americas, 6<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, New York, New York 10020, (xv) if to MUFG Securities EMEA plc, Ropemaker Place, 25 Ropemaker Street, London, EC2Y 9AJ, United Kingdom, and (xvi)&nbsp;if to either of the Transaction Entities,
shall be sufficient in all respects if delivered or sent to it at c/o Equity Residential, Two North Riverside Plaza, Chicago, Illinois 60606, Attention Chief Financial Officer, Facsimile No.:
<FONT STYLE="white-space:nowrap">(312)&nbsp;526-9216,</FONT> with copies (which shall not constitute notice) to: c/o Equity Residential, Two North Riverside Plaza, Chicago, Illinois 60606, Attention General Counsel, Facsimile No.: <FONT
STYLE="white-space:nowrap">(312)&nbsp;526-0678,</FONT> and to: DLA Piper LLP (US), 444 West Lake Street, Suite 900, Chicago, Illinois 60606, Attention Gregory W. Hayes, Facsimile No.: <FONT STYLE="white-space:nowrap">(312)&nbsp;251-2188.</FONT>
Copies of all notices sent to the Agents, the Forward Purchasers and/or the Forward Sellers </P>
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should also be sent to Morrison&nbsp;&amp; Foerster&nbsp;LLP, 2000 Pennsylvania Avenue Northwest, Washington, DC, 20006-1888, Attention David P. Slotkin, Facsimile No.: <FONT
STYLE="white-space:nowrap">(202)&nbsp;887-0763.</FONT> Notwithstanding the foregoing, (a)&nbsp;Transaction Proposals shall be delivered by EQR to the Agents, the Forward Purchaser and the Forward Sellers by telephone or <FONT
STYLE="white-space:nowrap">e-mail</FONT> (i)&nbsp;if to JPMorgan Chase Bank, National Association, London Branch, by <FONT STYLE="white-space:nowrap">e-mail</FONT> to edg_notices@jpmorgan.com and edg_ny_corporate_sales_support@jpmorgan.com,
(ii)&nbsp;if to J.P. Morgan Securities LLC, to Stephanie Little <FONT STYLE="white-space:nowrap">e-mail</FONT> stephanie.little@jpmorgan.com and Brett Chalmers at <FONT STYLE="white-space:nowrap">e-mail</FONT> brett.chalmers@jpmorgan.com,
(iii)&nbsp;if to Bank of America, N.A., to Christine Roemer at telephone number (646) <FONT STYLE="white-space:nowrap">855-8901</FONT> or <FONT STYLE="white-space:nowrap">e-mail</FONT> christine.roemer@baml.com, (iv)&nbsp;if to BofA Securities,
Inc., to Christine Roemer at telephone number (646) <FONT STYLE="white-space:nowrap">855-8901</FONT> or <FONT STYLE="white-space:nowrap">e-mail</FONT> christine.roemer@baml.com, (v)&nbsp;if to The Bank of New York Mellon, to Head of Derivatives at
telephone number (212) <FONT STYLE="white-space:nowrap">815-8170</FONT> or <FONT STYLE="white-space:nowrap">e-mail</FONT> ETFTrading@bnymellon.com, (vi)&nbsp;if to BNY Mellon Capital Markets, LLC, to Equity Capital Markets (Attention: Michael Palma)
at telephone number (212) <FONT STYLE="white-space:nowrap">815-4979</FONT> or <FONT STYLE="white-space:nowrap">e-mail</FONT> Michael.x.Palma@bnymellon.com, (vii)&nbsp;if to Morgan Stanley&nbsp;&amp; Co. LLC, to Jon Sierant at telephone number (212) <FONT
STYLE="white-space:nowrap">761-3778</FONT> or <FONT STYLE="white-space:nowrap">e-mail</FONT> jon.sierant@morganstanley.com with a copy to Steven Seltzer at telephone number (212) <FONT STYLE="white-space:nowrap">537-2368</FONT> or <FONT
STYLE="white-space:nowrap">e-mail</FONT> steven.seltzer@morganstanley.com, (viii)&nbsp;if to The Bank of Nova Scotia, to Gary Nathanson / Bahar Alast at telephone number (212) <FONT STYLE="white-space:nowrap">225-5582</FONT> / (212) <FONT
STYLE="white-space:nowrap">225-5230,</FONT> (ix) if to Scotia Capital (USA) Inc., at <FONT STYLE="white-space:nowrap">e-mail</FONT> us.ecm@scotiabank.com and us.legal@scotiabank.com, (x)&nbsp;if to Barclays Bank plc, to Paul Robinson at telephone
number (212) <FONT STYLE="white-space:nowrap">526-0111</FONT> or <FONT STYLE="white-space:nowrap">e-mail</FONT> paul.robinson1@barclays.com, (xi)&nbsp;if to Barclays Capital Inc., to Scott Kinloch at telephone number (212) <FONT
STYLE="white-space:nowrap">526-9420</FONT> or <FONT STYLE="white-space:nowrap">e-mail</FONT> scott.kinloch@barclays.com and Daniel Sinni at telephone number (212) <FONT STYLE="white-space:nowrap">526-9420</FONT> or
<FONT STYLE="white-space:nowrap">e-mail</FONT> daniel.sinni@barclays.com, (xii)&nbsp;if to UBS AG, London Branch, to Alexander Li at telephone number (212) <FONT STYLE="white-space:nowrap">713-4419</FONT> or
<FONT STYLE="white-space:nowrap">e-mail</FONT> alexander.li@ubs.com, (xiii)&nbsp;if to UBS Securities LLC, to Jess O&#146;Neill at telephone number (203) <FONT STYLE="white-space:nowrap">719-8931</FONT> or
<FONT STYLE="white-space:nowrap">e-mail</FONT> <FONT STYLE="white-space:nowrap">jesse.o-neill@ubs.com,</FONT> (xiv)&nbsp;if to MUFG Securities Americas Inc., at telephone number (212) <FONT STYLE="white-space:nowrap">405-7440</FONT> or <FONT
STYLE="white-space:nowrap">e-mail</FONT> FLOEStrading@us.sc.mufg.jp, or (xv)&nbsp;if to MUFG Securities EMEA plc, to Michael Gordon at telephone number (212) <FONT STYLE="white-space:nowrap">405-7376</FONT> and
<FONT STYLE="white-space:nowrap">e-mail</FONT> Michael.gordon@mufgsecurities.com and to Katie Considine at telephone number (212) <FONT STYLE="white-space:nowrap">405-7393</FONT> and email Kathleen.considine@mufgsecurities.com and
(b)&nbsp;Transaction Acceptances shall be delivered by the Agents, the Forward Purchaser and the Forward Sellers to EQR to Claudio Moreno at telephone number (312) <FONT STYLE="white-space:nowrap">928-1102</FONT> or
<FONT STYLE="white-space:nowrap">e-mail</FONT> cmoreno1@eqr.com and DerivativeCompliance@eqr.com. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>Press Releases and
Disclosure</U>. EQR may issue a press release describing the material terms of the transactions contemplated hereby as soon as practicable following the date of this Agreement, and may file with the Commission a Current Report on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> describing the material terms of the transactions contemplated hereby, and EQR shall consult with the Agents prior to making such disclosures, and the parties shall use all commercially reasonable efforts,
acting in good faith, to agree upon a text for such disclosures that is reasonably satisfactory to all parties. No party hereto shall issue thereafter any press release or like public statement (including, without limitation, any disclosure required
in reports filed with the Commission pursuant to the Exchange Act) related to this Agreement or any of the transactions contemplated hereby that includes information related to this Agreement or transactions contemplated hereby that has not
previously been disclosed without the prior written approval of the other party hereto, except as may be necessary or appropriate in the opinion of the party seeking to make disclosure to comply with the requirements of applicable law or stock
exchange rules. If any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">48 </P>

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such press release or like public statement is so required, the party making such disclosure shall consult with the other party prior to making such disclosure, and the parties shall use all
commercially reasonable efforts, acting in good faith, to agree upon a text for such disclosure that is reasonably satisfactory to all parties. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <U>No Assignment</U>. Other than pursuant to Section&nbsp;17 of this Agreement, this Agreement and the rights, duties and obligations
hereunder may not be assigned or delegated by the Transaction Entities or the Agents, the Forward Purchasers or the Forward Sellers and any such purported assignment or delegation of rights, duties or obligations hereunder shall be void and of no
effect; provided however, that any Agent, Forward Purchaser or Forward Seller may assign its rights and obligations hereunder to a broker-dealer affiliate of such Agent, Forward Purchaser or Forward Seller. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <U>No Fiduciary Relationship</U>. EQR acknowledges and agrees that the Agents, the Forward Purchasers and the Forward Sellers are acting
solely in the capacity of an arm&#146;s length contractual counterparty to the Transaction Entities with respect to the offering of Securities contemplated hereby and by the Master Forward Confirmation and any Terms Agreements and Supplemental
Confirmations (including in connection with determining the terms of the offering) and not as financial advisors or fiduciaries to, or an agent of, EQR or any other person. Additionally, the Agents, the Forward Purchasers and the Forward Sellers are
not advising the Transaction Entities or any other person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The Transaction Entities shall consult with their own advisors concerning such matters and shall be
responsible for making their own independent investigation and appraisal of the transactions contemplated hereby, and the Agents shall have no responsibility or liability to the Transaction Entities with respect thereto. Any review by the Agents,
the Forward Purchasers and the Forward Sellers of the Transaction Entities, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Agents, the Forward Purchasers and the
Forward Sellers and shall not be on behalf of the Transaction Entities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <U>Adjustments for Stock Splits</U>. The parties acknowledge
and agree that all share related numbers contained in this Agreement, any Transaction Proposal and any Transaction Acceptance shall be adjusted to take into account any stock split effected with respect to the Common Shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <U>Governing Law and Venue</U>. This Agreement, the Master Forward Confirmation, any Terms Agreement and any claim, counterclaim or dispute
of any kind or nature whatsoever arising out of or in any way relating to this Agreement, the Master Forward Confirmation, any Terms Agreement or any Supplemental Confirmation (each a &#147;<B>Claim</B>&#148;), directly or indirectly, shall be
governed by, and construed in accordance with, the laws of the State of New York. Any legal suit, action or proceeding arising under this Agreement, the Master Forward Confirmation, any Terms Agreement or any Supplemental Confirmation will be
instituted in the state or U.S. federal court of proper jurisdiction located in New York, Borough of Manhattan, New York. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. <U>Trial by
Jury</U>. Each of the Transaction Entities (on its own behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and each of the Agents, the Forward Purchasers and the Forward Sellers hereby irrevocably
waives, to the fullest extent </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">49 </P>

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permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement, the Master Forward Confirmation or the transactions
contemplated hereby or thereby. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. <U>Persons Entitled to Benefit of Agreement</U>. This Agreement, the Master Forward Confirmation, any
Supplemental Confirmation and any Terms Agreement shall inure to the benefit of and be binding upon the parties hereto and thereto, respectively, and their respective successors and the officers, trustees, directors, affiliates and controlling
persons referred to in Section&nbsp;9 hereof and their heirs and legal representatives. This Agreement shall inure to the benefit of and be binding upon BofAML Securities, Inc., as an assignee to BofA Securities, Inc., without prior written consent
of any party. Nothing in this Agreement, the Master Forward Confirmation, any Supplemental Confirmation or any Terms Agreement is intended or shall be construed to give any other person, firm or corporation any legal or equitable right, remedy or
claim under or in respect of this Agreement, the Master Forward Confirmation, any Supplemental Confirmation or any such Terms Agreement or any provision contained herein or therein.&nbsp;This Agreement, the Master Forward Confirmation, any
Supplemental Confirmation and any Terms Agreement and all conditions and provisions hereof and thereof are intended to be for the sole and exclusive benefit of the parties hereto and thereto, respectively, and their respective successors and the
officers, trustees, directors, affiliates and controlling persons referred to in Section&nbsp;9 hereof and their heirs and legal representatives, and for the benefit of no other person, firm or corporation.&nbsp;No purchaser of Securities from or
through the Agents or the Forward Sellers shall be deemed to be a successor merely by reason of purchase. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. <U>Recognition of the U.S.
Special Resolution Regimes</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) In the event that any Agent, Forward Purchaser or Forward Seller that is a Covered Entity (as defined
below) becomes subject to a proceeding under a U.S. Special Resolution Regime (as defined below), the transfer from such Agent, Forward Purchaser or Forward Seller of this Agreement, and any interest and obligation in or under this Agreement, will
be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In the event that any Agent, Forward Purchaser or Forward Seller that is a Covered Entity or a BHC Act Affiliate (as defined below) of such
Agent, Forward Purchaser or Forward Seller becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights (as defined below) under this Agreement that may be exercised against such Agent, Forward Purchaser or Forward Seller
are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) For purposes of this Section a &#147;<B>BHC Act Affiliate</B>&#148; has the meaning assigned to the term &#147;affiliate&#148; in, and
shall be interpreted in accordance with, 12 U.S.C. &#167; 1841(k). &#147;<B>Covered Entity</B>&#148; means any of the following: (i)&nbsp;a &#147;covered entity&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167;
252.82(b); (ii) a &#147;covered bank&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 47.3(b); or (iii)&nbsp;a &#147;covered FSI&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R.
&#167; 382.2(b). &#147;<B>Default </B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">50 </P>

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<B>Right</B>&#148; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167; 252.81, 47.2 or 382.1, as applicable. &#147;<B>U.S. Special
Resolution Regime</B>&#148; means each of (i)&nbsp;the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated
thereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19. <U>Counterparts</U>. This Agreement, the Master Forward Confirmation, any Supplemental Confirmation and any Terms
Agreement may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20. <U>Survival</U>. The respective indemnities, rights of contribution, representations, warranties and agreements of the Transaction Entities
and the Agents, the Forward Purchasers and the Forward Sellers contained in this Agreement, the Master Forward Confirmation and any Terms Agreement or Supplemental Confirmation or made by or on behalf of the Transaction Entities or the Agents, the
Forward Purchasers and the Forward Sellers pursuant to this Agreement, the Master Forward Confirmation or any Terms Agreement or Supplemental Confirmation or any certificate delivered pursuant hereto or thereto shall survive the delivery of and
payment for the Securities and shall remain in full force and effect, regardless of any termination of this Agreement, the Master Forward Confirmation or any Terms Agreement or Supplemental Confirmation or any investigation made by or on behalf of
the Transaction Entities or the Agents, the Forward Purchasers and the Forward Sellers. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21. <U>Certain Defined Terms</U>. For purposes of
this Agreement, except where otherwise expressly provided, the term &#147;affiliate&#148; has the meaning set forth in Rule 405 under Act; the term &#147;business day&#148; means any day other than a day on which banks are permitted or required to
be closed in New York City; and the term &#147;subsidiary&#148; has the meaning set forth in Rule 405 under the Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">22. <U>USA Patriot
Act</U>. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. <FONT STYLE="white-space:nowrap">107-56</FONT> (signed into law October&nbsp;26, 2001)), each Agent is required to obtain, verify and record information that
identifies its clients, including the Transaction Entities, which information may include the name and address of its clients, as well as other information that will allow such Agent to properly identify its clients. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">23. <U>Amendments or Waivers</U>. No amendment or waiver of any provision of this Agreement, the Master Forward Confirmation or any Terms
Agreement or Supplemental Confirmation, nor any consent or approval to any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto or thereto as the case may be. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">24. <U>Headings</U>. The headings in this Agreement, the Master Forward Confirmation and in any Terms Agreement or Supplemental Confirmation
are included for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement, the Master Forward Confirmation or any Terms Agreement or Supplemental Confirmation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[</B>Signature Page Follows<B>]</B> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">If the foregoing correctly sets forth the understanding between the Transaction Entities, on
one hand, and the Agents, the Forward Sellers and the Forward Purchasers, on the other hand, please so indicate in the space provided below for that purpose, whereupon this letter and your acceptance shall constitute a binding agreement among EQR,
ERP and the Agents, the Forward Sellers and the Forward Purchasers. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>EQUITY RESIDENTIAL</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;/s/ Claudio Moreno</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Claudio Moreno</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: First Vice President &amp; Treasurer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ERP OPERATING LIMITED PARTNERSHIP</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Equity Residential, its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;/s/ Claudio Moreno</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Claudio Moreno</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: First Vice President &amp; Treasurer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">52 </P>

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<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accepted and agreed to as of the </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">date first above written: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>JPMORGAN CHASE BANK, NATIONAL
ASSOCIATION, as Forward Purchaser </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Brett Chalmers</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name: Brett Chalmers</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title: Vice President</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>J.P. MORGAN SECURITIES LLC, as Agent and Forward Seller </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Brett Chalmers</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Brett Chalmers</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Vice President</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BANK OF AMERICA, N.A., as Forward Purchaser </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jake Mendelsohn</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Jake Mendelsohn</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Managing Director</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BOFA SECURITIES, INC., as Agent and Forward Seller </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Chris Djoganopoulos</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Chris Djoganopoulos</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Managing Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;Investment Banking</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THE BANK OF NEW YORK MELLON, as Forward Purchaser </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Rob Lynch</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Rob Lynch</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Authorized Signatory</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Edwin G. McGann</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Edwin G. McGann</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Managing Director</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">53 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BNY MELLON CAPITAL MARKETS, LLC, as Agent and Forward Purchaser </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jean-Christophe Mas</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Jean-Christophe Mas</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Director</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Dan Klinger</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Dan Klinger</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Managing Director</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MORGAN STANLEY&nbsp;&amp; CO. LLC, as Agent, Forward Purchaser and Forward Seller </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jon Sierant</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Jon Sierant</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Executive Director</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THE BANK OF NOVA SCOTIA, as Forward Purchaser </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ John Stracquadanio</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: John Stracquadanio</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Managing Director</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SCOTIA CAPITAL (USA) INC., as Agent and Forward Seller </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ John Stracquadanio</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: John Stracquadanio</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Managing Director</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BARCLAYS BANK PLC, as Forward Purchaser </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Nicholas Cunningham</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Nicholas Cunningham</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Managing Director</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BARCLAYS CAPITAL INC., as Agent and Forward Seller </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Nicholas Cunningham</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Nicholas Cunningham</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Managing Director</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">54 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>UBS AG, LONDON BRANCH, as Forward Purchaser </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Lee Frankenfield</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lee Frankenfield</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Chris Baxter</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chris Baxter</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Managing Director</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Equity
Derivatives</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>UBS SECURITIES LLC, as Agent and Forward Seller </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Lee Frankenfield</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lee Frankenfield</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Chris Baxter</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chris Baxter</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Managing Director</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Equity
Derivatives</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MUFG SECURITIES EMEA PLC, as Forward Purchaser </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ James Morgan</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">James Morgan</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorised Signatory</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MUFG SECURITIES AMERICAS INC., as Agent and Forward Seller </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jason Demark</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jason Demark</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director</TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">55 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Schedule A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Authorized Company Representatives </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="75%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Mark J. Parrell</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">President and Chief Executive Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Telephone:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">(312) <FONT STYLE="white-space:nowrap">928-1168</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Facsimile:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">(312) <FONT STYLE="white-space:nowrap">526-9252</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">mparrell@eqr.com</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Address:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Two North Riverside Plaza</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chicago, Illinois 60606</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Robert Garechana</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Executive Vice President and Chief Financial Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Telephone:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">(312) <FONT STYLE="white-space:nowrap">928-1239</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Facsimile:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">(312) <FONT STYLE="white-space:nowrap">526-9216</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">rgarechana@eqr.com</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Address:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Two North Riverside Plaza</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chicago, Illinois 60606</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Claudio Moreno</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">1<SUP STYLE="font-size:85%; vertical-align:top">st</SUP> Vice President and Treasurer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Telephone:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">(312) <FONT STYLE="white-space:nowrap">928-1102</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Facsimile:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">(312) <FONT STYLE="white-space:nowrap">454-0434</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">cmoreno1@eqr.com</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Address:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Two North Riverside Plaza</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chicago, Illinois 60606</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Michael Gast</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Vice President and Assistant Treasurer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Telephone:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">(312) <FONT STYLE="white-space:nowrap">928-1290</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Facsimile:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">(312) <FONT STYLE="white-space:nowrap">526-9258</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">mgast@eqr.com</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Address:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Two North Riverside Plaza</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chicago, Illinois 60606</TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Equity Residential Common Shares </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>TERMS AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</U>, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[Name of Applicable Agent] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Equity Residential,
a Maryland real estate investment trust (&#147;<B>EQR</B>&#148;), proposes, subject to the terms and conditions stated herein and in the Distribution Agreement dated June&nbsp;6, 2019 (the &#147;<B>Distribution Agreement</B>&#148;) by and among EQR,
ERP Operating Limited Partnership and JPMorgan Chase Bank, National Association, London Branch, Bank of America, N.A., The Bank of New York Mellon, Morgan Stanley&nbsp;&amp; Co. LLC, The Bank of Nova Scotia, Barclays Bank PLC, UBS AG, London Branch
and MUFG Securities EMEA plc (in their capacities as purchasers under any Forward Contracts, the &#147;<B>Forward Purchasers</B>&#148;) and J.P. Morgan Securities LLC, BofA Securities, Inc., BNY Mellon Capital Markets, LLC, Morgan Stanley&nbsp;&amp;
Co. LLC, Scotia Capital (USA) Inc., Barclays Capital Inc., UBS Securities LLC and MUFG Securities Americas Inc. (in their capacities as agents and/or principals under any Terms Agreement in connection with the offering and sale of any Issuance
Securities , the &#147;<B>Agents</B>&#148; and in their capacities as agents for the Forward Purchasers in connection with the offering and sale of any Forward Hedge Securities , the &#147;<B>Forward Sellers</B>&#148;), to issue and sell to [Name of
Applicable Agent] the securities specified in the Schedule hereto (the &#147;<B>Purchased Securities</B>&#148;). Unless otherwise defined below, terms defined in the Distribution Agreement shall have the same meanings when used herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Each of the provisions of the Distribution Agreement not specifically related to the solicitation by [Name of Applicable Agent], as agent of
EQR, of offers to purchase securities is incorporated herein by reference in its entirety, and shall be deemed to be part of this Terms Agreement to the same extent as if such provisions had been set forth in full herein. Each of the
representations, warranties and agreements set forth therein shall be deemed to have been made as of the date of this Terms Agreement and the Settlement Date set forth in the Schedule hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">An amendment to the Registration Statement or a supplement to the Prospectus, as the case may be, relating to the Purchased Securities, in the
form heretofore delivered to [insert name of applicable agent], is now proposed to be filed with the Securities and Exchange Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Subject to the terms and conditions set forth herein and in the Distribution Agreement which are incorporated herein by reference, EQR agrees
to issue and sell to [insert name of applicable agent], and the latter agrees to purchase from EQR, the Purchased Securities at the time and place and at the purchase price set forth in the Schedule hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Notwithstanding any provision of the Distribution Agreement or this Terms Agreement to the contrary, EQR consents to the Agent trading in the
Common Shares for [insert name of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
applicable agent]&#146;s own account and for the account of its clients at the same time as sales of the Purchased Securities occur pursuant to this Terms Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I><B><I>[</I></B><I>Signature Page Follows</I><B><I>]</I></B><I> </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">If the foregoing is in accordance with your understanding, please sign and return to us a
counterpart hereof, whereupon this Terms Agreement, including those provisions of the Distribution Agreement incorporated herein by reference, shall constitute a binding agreement between [Name of Applicable Agent] and EQR. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="5"><B>EQUITY RESIDENTIAL</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR></TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="5"><B>ERP OPERATING LIMITED PARTNERSHIP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="5"></TD></TR>
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<TD VALIGN="top" COLSPAN="5">By: Equity Residential, its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accepted and agreed as of </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">the date first above written: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[NAME OF APPLICABLE AGENT] </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Schedule to Terms Agreement </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title of Purchased Securities: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Common Shares,
par value $0.01 per share </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Number of Shares of Purchased Securities: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>[</B>&#149;<B>]</B> shares </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Initial Price to
Public: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">$<B>[</B>&#149;<B>]</B> per share </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Purchase Price Payable by [Name of Applicable Agent]: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">$<B>[</B>&#149;<B>]</B> per share </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Method of and
Specified Funds for Payment of Purchase Price: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>[</B>By wire transfer to a bank account specified by EQR in same day funds.<B>]</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Method of Delivery: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>[</B>To the [Name of
Applicable Agent]&#146;s account, or the account of the [Name of </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Applicable Agent]&#146;s designee, at The Depository Trust Company via
DWAC in return for payment of the purchase price.<B>]</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Settlement Date: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">[&#149;], 20[&#149;] </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Closing Location: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">[&#149;] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Documents to be Delivered: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following documents referred to in the Distribution Agreement shall be delivered on the Settlement Date as a condition to the closing for the Purchased
Securities (which documents shall be dated on or as of the Settlement Date and shall be appropriately updated to cover any Permitted Free Writing Prospectuses and any amendments or supplements to the Registration Statement, the Prospectus, any
Permitted Free Writing Prospectuses and any documents incorporated by reference therein): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1) the officer&#146;s certificate referred to in
Section&nbsp;5(a)(i); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(2) the opinion<B>[</B>s<B>]</B> and negative assurance letter<B>[</B>s<B>]</B> of EQR&#146;s outside counsel <B>[</B>and general
counsel<B>]</B> referred to in Section&nbsp;5(a)(ii); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(3) the &#147;comfort&#148; letter referred to in Section&nbsp;5(a)(iii); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(4) <B>[</B>the Chief Financial Officer&#146;s certificate referred to in Section&nbsp;5(a)(iv)<B>]</B>; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(5) the opinion and negative assurance letter referred to in Section&nbsp;5(b); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(6) such other documents as the [insert name of applicable agent] shall reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[</B>Lockup:<B>]</B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">[&#149;] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Time of sale: <B>[</B>&#149;<B>]</B> <B>[</B>a.m./p.m.<B>]</B> (New York City time) on
<B>[</B>&#149;<B>]</B>, <B>[</B>&#149;<B>]</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Time of sale information: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The number of shares of Purchased Securities set forth above </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The initial price to public set forth above </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>[Other]</B> </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-5 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit B </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Equity Residential Common Shares </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>TRANSACTION PROPOSAL </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
20<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[Name of Applicable Agent (1)] / [Applicable Forward Seller and Forward Purchaser (2)] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Reference is made
to the Distribution Agreement dated June&nbsp;6, 2019 (the &#147;<B>Distribution Agreement</B>&#148;) by and among EQR, ERP Operating Limited Partnership and JPMorgan Chase Bank, National Association, London Branch, Bank of America, N.A., The Bank
of New York Mellon, Morgan Stanley&nbsp;&amp; Co. LLC, The Bank of Nova Scotia, Barclays Bank PLC, UBS AG, London Branch and MUFG Securities EMEA plc (in their capacities as purchasers under any Forward Contracts, the &#147;<B>Forward
Purchasers</B>&#148;) and J.P. Morgan Securities LLC, BofA Securities, Inc., BNY Mellon Capital Markets, LLC, Morgan Stanley&nbsp;&amp; Co. LLC, Scotia Capital (USA) Inc., Barclays Capital Inc., UBS Securities LLC and MUFG Securities Americas Inc.
(in their capacities as agents and/or principals under any Terms Agreement in connection with the offering and sale of any Issuance Securities , the &#147;<B>Agents</B>&#148; and in their capacities as agents for the Forward Purchasers in connection
with the offering and sale of any Forward Hedge Securities , the &#147;<B>Forward Sellers</B>&#148;). Capitalized terms used in this Transaction Proposal without definition shall have the respective definitions ascribed to them in the Distribution
Agreement. This Transaction Proposal relates to [an &#147;Issuance&#148;](3) [a &#147;Forward&#148;](4). EQR confirms that all conditions to the delivery of this Transaction Proposal are satisfied as of the date hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">[EQR confirms that it has not declared and will not declare any dividend, or caused or cause there to be any distribution, on the Common
Shares if the <FONT STYLE="white-space:nowrap">ex-dividend</FONT> date or <FONT STYLE="white-space:nowrap">ex-date,</FONT> as applicable, for such dividend or distribution will occur during the period from, and including, the first Trading Day of
the Forward Hedge Selling Period to, and including, the last Trading Day of the Forward Hedge Selling Period.](5) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">EQR represents and
warrants that each representation, warranty, covenant and other agreement of EQR contained in the Distribution Agreement [and the Master Forward Confirmation](6) is true and correct on the date hereof, and that the Prospectus, including the
documents incorporated by reference therein, and any applicable issuer free writing prospectus, as of the date hereof, do not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Number of Days in [Issuance](7) [Forward Hedge](8)
Selling Period: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">First Date of [Issuance](9) [Forward Hedge](10) Selling Period: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">[Maximum Number of Securities to be Sold] (11) [Fixed Number of Securities to be Sold] (12): </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">[Issuance](13) [Forward Hedge](14) Amount: $ </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">[Forward Hedge Selling Commission Rate: % </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="65%"></TD>
<TD VALIGN="bottom" WIDTH="34%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Forward Price Reduction Dates</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Forward&nbsp;Price&nbsp;Reduction&nbsp;Amounts</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Spread: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Initial Stock Loan Rate: basis points </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Maximum Stock Loan Rate: basis points </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Regular Dividend Amounts: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">For any calendar quarter ending on or prior to [December 31, 20[ ]]:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">]&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">For any calendar quarter ending after [December 31, 20[ ]]:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">[&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">]&nbsp;](15)&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[Term: [Days][Months]](16): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Floor Price (Adjustable by EQR during the [Issuance](17) [Forward Hedge](18) Selling Period, and in no event less than $[1.00] per share): $
per share </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[There shall be no limitation on the number of Securities that may be sold on any one (1)&nbsp;day, subject to the maximum
number of Securities to be sold above.][No more than [ ] Securities may be sold on any one (1)&nbsp;day.][other sales parameters] </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insert for a Transaction Proposal that relates to an &#147;Issuance.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insert for a Transaction Proposal that relates to a &#147;Forward.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insert for a Transaction Proposal that relates to an &#147;Issuance.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insert for a Transaction Proposal that relates to a &#147;Forward.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insert for a Transaction Proposal that relates to a &#147;Forward.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insert for Transaction Proposal that relates to a &#147;Forward.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insert for a Transaction Proposal that relates to an &#147;Issuance.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(8)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insert for a Transaction Proposal that relates to a &#147;Forward.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(9)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insert for a Transaction Proposal that relates to an &#147;Issuance.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(10)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insert for a Transaction Proposal that relates to a &#147;Forward.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(11)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insert for a Transaction Proposal that relates to an &#147;Issuance.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(12)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insert for a Transaction Proposal that relates to a &#147;Forward.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(13)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insert for a Transaction Proposal that relates to an &#147;Issuance.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(14)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insert for a Transaction Proposal that relates to a &#147;Forward.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(15)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insert for a Transaction Proposal that relates to a &#147;Forward.&#148; Regular Dividend Amounts shall not
exceed the Forward Price Reduction Amount for the Forward Price Reduction Date occurring in the relevant calendar quarter (or, if none, shall not exceed zero). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(16)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insert for a Transaction Proposal that relates to a &#147;Forward.&#148; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(17)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insert for a Transaction Proposal that relates to an &#147;Issuance.&#148; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-2 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(18) Insert for a Transaction Proposal that relates to a &#147;Forward.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-3 </P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.2
<SEQUENCE>3
<FILENAME>d759345dex12.htm
<DESCRIPTION>EX-1.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-1.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 1.2 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Date:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">June&nbsp;6, 2019</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>To:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Equity Residential</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Two North Riverside Plaza</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chicago, Illinois 60606</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>From:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[Dealer]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">[Address]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Attn: [&#149;]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Telephone: [&#149;]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Facsimile: [&#149;]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">E-mail:</FONT> [&#149;]</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Master Confirmation for Issuer Share Forward Sale Transactions </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The purpose of this communication (this
&#147;<B>Master Confirmation</B>&#148;) is to set forth the terms and conditions of the transactions to be entered into from time to time between [Dealer] (&#147;<B>Dealer</B>&#148;) and Equity Residential, a Maryland real estate investment trust
(&#147;<B>Counterparty</B>&#148;), in accordance with the terms of the Distribution Agreement, dated as of June&nbsp;6, 2019, among JPMorgan Chase Bank, National Association, London Branch, as forward purchaser, J.P. Morgan Securities LLC, as agent
and forward seller, Bank of America, N.A., as forward purchaser, BofA Securities, Inc., as agent and forward seller, The Bank of New York Mellon, as forward purchaser, BNY Mellon Capital Markets, LLC, as agent and forward seller, Morgan
Stanley&nbsp;&amp; Co. LLC, as forward purchaser, agent and forward seller, The Bank of Nova Scotia, as forward purchaser, Scotia Capital (USA) Inc., as agent and forward seller, Barclays Bank PLC, as forward purchaser, Barclays Capital Inc., as
agent and forward seller, UBS AG, London Branch, as forward purchaser, UBS Securities LLC, as agent and forward seller, MUFG Securities EMEA plc, as forward purchaser, and MUFG Securities Americas Inc., as agent and forward seller, ERP Operating
Limited Partnership (the &#147;<B>Operating Partnership</B>&#148;) and Counterparty (the &#147;<B>Distribution Agreement</B>&#148;) on the Trade Dates specified herein (collectively, the &#147;<B>Transactions</B>&#148; and each, a
&#147;<B>Transaction</B>&#148;). This communication constitutes a &#147;Confirmation&#148; as referred to in the Agreement specified below. Each Transaction will be evidenced by a supplemental confirmation (each, a &#147;<B>Supplemental
Confirmation</B>&#148;, and each such Supplemental Confirmation, together with this Master Confirmation, a &#147;<B>Confirmation</B>&#148; for purposes of the Agreement specified below) substantially in the form of Exhibit A hereto. [Dealer is not a
member of the Securities Investor Protection Corporation.<B> </B>Dealer is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.]<SUP
STYLE="font-size:85%; vertical-align:top">1</SUP> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. Each Confirmation is subject to, and incorporates, the 2002 ISDA Equity Derivatives Definitions (the
&#147;<B>Equity Definitions</B>&#148;), as published by the International Swaps and Derivatives Association, Inc. (&#147;<B>ISDA</B>&#148;). For purposes of the Equity Definitions, each Transaction will be deemed to be a Share Forward Transaction.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Confirmation shall supplement, form a part of and be subject to an agreement (the &#147;<B>Agreement</B>&#148;) in the form of the
ISDA 2002 Master Agreement (the &#147;<B>ISDA Form</B>&#148;), as published by ISDA, as if Dealer and Counterparty had executed the ISDA Form on the date hereof (but without any Schedule except for (i)&nbsp;the election of New York law (without
regard to New York&#146;s choice of laws doctrine other than Title 14 of Article 5 of the New York General Obligations Law (the &#147;<B>General Obligations Law</B>&#148;)) as the governing law and US Dollars (&#147;<B>USD</B>&#148;) as the
Termination Currency and (ii)&nbsp;the election that the &#147;Cross Default&#148; provisions of Section&nbsp;5(a)(vi) shall apply to Dealer and Counterparty with a &#147;Threshold Amount&#148; in respect of Dealer of 3% of the
[stockholders&#146;][members&#146;] equity of Dealer and a &#147;Threshold Amount&#148; in respect of Counterparty of USD 250&nbsp;million; <I>provided </I>that (x)&nbsp;the words &#147;, or becoming capable at such time of being declared,&#148;
shall be deleted from clause (1)&nbsp;thereof, (y) &#147;Specified Indebtedness&#148; has the meaning specified in Section&nbsp;14 of the Agreement, except that such term shall not include obligations in respect of deposits received in the ordinary
course of Dealer&#146;s banking business and (z)&nbsp;the following language shall be added to the end of such Section&nbsp;5(a)(vi): &#147;Notwithstanding the foregoing, a default under subsection (2)&nbsp;hereof shall not constitute an Event of
Default if (X)&nbsp;the default was caused solely by error or omission of an administrative or operational nature; (Y)&nbsp;funds were available to enable the party to make the payment when due; and </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Barclays provision. </P></TD></TR></TABLE>
</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Z) the payment is made within two Local Business Days of such party&#146;s receipt of written notice of its
failure to pay;&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All provisions contained in the Agreement are incorporated into and shall govern each Confirmation except as
expressly modified below. Each Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the relevant Transaction and replaces any previous agreement between the parties with respect to the subject
matter hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Transactions hereunder shall be the sole Transactions under the Agreement. If there exists any ISDA Master Agreement
between Dealer or any of its Affiliates and Counterparty or any confirmation or other agreement between Dealer or any of its Affiliates and Counterparty pursuant to which an ISDA Master Agreement is deemed to exist between Dealer or any of its
Affiliates and Counterparty, then notwithstanding anything to the contrary in such ISDA Master Agreement, such confirmation or agreement or any other agreement to which Dealer or such other Affiliates and Counterparty are parties, the Transactions
shall not be considered Transactions under, or otherwise governed by, such existing or deemed ISDA Master Agreement. In the event of any inconsistency among the Agreement, this Master Confirmation, any Supplemental Confirmation and the Equity
Definitions, the following will prevail in the order of precedence indicated: (i)&nbsp;such Supplemental Confirmation; (ii)&nbsp;this Master Confirmation; (iii)&nbsp;the Equity Definitions; and (iv)&nbsp;the Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. The terms of the particular Transactions to which this Master Confirmation relates are as follows: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>General Terms: </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Trade Date:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be, subject to the provisions opposite the caption &#147;Early Valuation&#148; below, the last Trading Day (as defined in the Distribution
Agreement) of the Forward Hedge Selling Period (as defined in the Distribution Agreement) for such Transaction.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Effective Date:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be the date that is one Settlement Cycle following the Trade Date for such Transaction, or such later date on which the conditions set
forth in Section&nbsp;3 of this Master Confirmation shall have been satisfied or waived by Dealer.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Buyer:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Dealer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Seller:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Counterparty</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Maturity Date:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be the date that follows the Trade Date for such Transaction by the number of days or months set forth in the Transaction Proposal (as
defined in the Distribution Agreement and amended by any corresponding Transaction Acceptance (as defined in the Distribution Agreement), if applicable (the &#147;<B>Accepted Transaction Proposal</B>&#148;)) for such Transaction (or, if such date is
not a Scheduled Trading Day, the next following Scheduled Trading Day).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Shares:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The common shares of beneficial interest, par value USD 0.01 per Share, of Counterparty (Ticker: &#147;EQR&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Number of Shares:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For each Transaction, initially, as specified in the Supplemental Confirmation for such Transaction, to be the number of Shares equal to the Actual Sold Forward Amount (as defined in the Distribution Agreement) for the Forward Hedge
Selling Period for such Transaction, as reduced on each Relevant Settlement Date (as defined under &#147;Settlement Terms&#148; below) by the number of Settlement Shares (as defined below) to which the related Valuation Date relates.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Settlement Currency:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">USD</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Exchange:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The New York Stock Exchange</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Related Exchange:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">All Exchanges</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Prepayment:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Not Applicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Variable Obligation:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Not Applicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Forward Price:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For each Transaction, on the Effective Date for such Transaction, the Initial Forward Price for such Transaction, and on any day thereafter, the product of the Forward Price for such Transaction on the immediately preceding calendar
day and 1 + the Daily Rate * (1/365); <I>provided </I>that the Forward Price for such Transaction on each Forward Price Reduction Date for such Transaction shall be the Forward Price for such Transaction otherwise in effect on such date <I>minus
</I>the Forward Price Reduction Amount for such Forward Price Reduction Date.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Notwithstanding the foregoing, to the extent Counterparty delivers Shares in respect of a Transaction on or after a Forward Price Reduction Date applicable to such Transaction and at or before the record date for an ordinary cash
dividend with an <FONT STYLE="white-space:nowrap">ex-dividend</FONT> date corresponding to such Forward Price Reduction Date (and, for the avoidance of doubt, the related dividend will be paid on such Shares), the Calculation Agent shall reverse the
reduction to the Forward Price on such Forward Price Reduction Date for purposes of the related Settlement Date.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Initial Forward Price:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be the product of (i)&nbsp;an amount equal to 1 <I>minus </I>the Forward Hedge Selling Commission Rate (as defined in the Distribution
Agreement) applicable to such Transaction; and (ii)&nbsp;the Volume-Weighted Hedge Price, subject to adjustment as set forth herein.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Volume-Weighted Hedge Price:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be the volume-weighted average of the Sales Prices (as defined in the Distribution Agreement) per share of Forward Hedge Securities (as
defined in the Distribution Agreement) sold on each Trading Day of the Forward Hedge Selling Period for such Transaction; <I>provided </I>that, solely for the purposes of calculating the Initial Forward Price, each such Sales Price (other than, with
respect to the application of the Daily Rate, the Sales Price for the last day of the relevant Forward Hedge Selling Period) shall be subject to adjustment by the Calculation Agent (including, for the avoidance of doubt, by application of the Daily
Rate and any Forward Price Reduction Amount), in the same manner as the Forward Price pursuant to the definition thereof during the period from, and including, the date one Settlement Cycle immediately following the first Trading Day of the relevant
Forward Hedge Selling Period on which the Forward Hedge Securities related to such Sales Price are sold to, and including, the Effective Date of such Transaction.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Daily Rate:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For any day, the Overnight Bank Rate (or if the Overnight Bank Rate is no longer available, a successor rate selected by the Calculation Agent in its commercially reasonable discretion) <I>minus </I>the Spread.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Spread:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For each Transaction, as specified in the Supplemental Confirmation for such Transaction.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Overnight Bank Rate:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For any day, the rate set forth for such day opposite the caption &#147;Overnight bank funding rate&#148; as displayed on the page &#147;OBFR01 &lt;Index&gt; &lt;GO&gt;&#148; on the BLOOMBERG Professional Service, or any successor
page; <I>provided </I>that, if no such rate appears for such day on such page, Overnight Bank Rate for such day shall be such rate for the immediately preceding day for which such a rate appears.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Forward Price Reduction Dates:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For each Transaction, as specified in Schedule I to the Supplemental Confirmation for such Transaction, to be each date set forth under the heading &#147;Forward Price Reduction Date&#148; in the Accepted Transaction Proposal for
such Transaction.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Forward Price Reduction Amounts:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For each Forward Price Reduction Date of a Transaction, as specified in Schedule I to the Supplemental Confirmation for such Transaction, to be the Forward Price Reduction Amount set forth opposite such date in the Accepted
Transaction Proposal for such Transaction.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><U>Valuation:</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Valuation Date:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For any Settlement (as defined below) with respect to any Transaction, if Physical Settlement is applicable, as designated in the relevant Settlement Notice (as defined below); or if Cash Settlement or Net Share Settlement is
applicable, the last Unwind Date for such Settlement. Section&nbsp;6.6 of the Equity Definitions shall not apply to any Valuation Date.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Unwind Dates:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For any Cash Settlement or Net Share Settlement with respect to any Settlement of any Transaction, each day on which Dealer (or its agent or affiliate) purchases Shares in the market in connection with unwinding its commercially
reasonable hedge position in a commercially reasonable manner in connection with such Settlement, starting on the First Unwind Date for such Settlement.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">First Unwind Date:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For any Cash Settlement or Net Share Settlement with respect to any Settlement of any Transaction, as designated in the relevant Settlement Notice, subject to the timing set out in &#147;Settlement Notice&#148; below.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Unwind Period:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For any Cash Settlement or Net Share Settlement with respect to any Settlement of any Transaction, the period starting on the First Unwind Date for such Settlement and ending on the Valuation Date for such Settlement.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Cash Settlement Valuation</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Disruption:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">If Cash Settlement is applicable with respect to any Transaction and any Unwind Date during the related Unwind Period is a Disrupted Day, the Calculation Agent shall determine (except in the case of a Disrupted Day that occurs as a
result of a Regulatory Disruption, which shall always be a Disrupted Day in full) whether (i)&nbsp;such Disrupted Day is a Disrupted Day in full, in which case the <FONT STYLE="white-space:nowrap">10b-18</FONT> VWAP for such Disrupted Day shall not
be included in the calculation of the Settlement Price, or (ii)&nbsp;such Disrupted Day is a Disrupted Day only in part, in which case the <FONT STYLE="white-space:nowrap">10b-18</FONT> VWAP for such Disrupted Day shall be determined by the
Calculation Agent based on Rule <FONT STYLE="white-space:nowrap">10b-18</FONT> eligible transactions (as defined below) in the Shares on such Disrupted Day, taking into account the nature and duration of the relevant Market Disruption Event, and the
weightings of the <FONT STYLE="white-space:nowrap">10b-18</FONT> VWAP and the Forward Prices for each Unwind Date during such Unwind Period shall be adjusted in a commercially reasonable manner by the Calculation Agent for purposes of determining
the Settlement Price and the Relevant Forward Price, as applicable, to account for the occurrence of such partially Disrupted Day, with such adjustments based on the duration of any Market Disruption Event and the volume, historical trading patterns
and price of the Shares.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Market Disruption Event:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The definition of &#147;Market Disruption Event&#148; in Section&nbsp;6.3(a) of the Equity Definitions is hereby amended by deleting the words &#147;at any time during the <FONT STYLE="white-space:nowrap">one-hour</FONT> period that
ends at the relevant Valuation Time, Latest Exercise Time, <FONT STYLE="white-space:nowrap">Knock-in</FONT> Valuation Time or <FONT STYLE="white-space:nowrap">Knock-out</FONT> Valuation Time, as the case may be&#148; and inserting the words &#147;at
any</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">time on any Exchange Business Day during the Unwind Period&#148; after the word &#147;material,&#148; in the third line thereof.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Early Closure:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Section&nbsp;6.3(d) of the Equity Definitions is hereby amended by replacing the remainder of the provision following the term &#147;Scheduled Closing Time&#148; in the fourth line thereof with the phrase, &#147;which the
Calculation Agent determines is material.&#148;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><U>Settlement Terms:</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Settlement:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">With respect to any Transaction, any Physical Settlement, Cash Settlement or Net Share Settlement of all or any portion of such Transaction, in each case at the election of the Counterparty as set forth in the applicable Settlement
Notice.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Settlement Notice:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For any Transaction, subject to &#147;Early Valuation&#148; below, Counterparty may elect to effect a Settlement of all or any portion of such Transaction by designating one or more Scheduled Trading Days following the Effective
Date for such Transaction and on or prior to the Maturity Date for such Transaction to be Valuation Dates (or, with respect to Cash Settlements or Net Share Settlements of such Transaction, First Unwind Dates, each of which First Unwind Dates shall
occur no later than the 60th Scheduled Trading Day immediately preceding the Maturity Date for such Transaction) in a written notice to Dealer (a &#147;<B>Settlement Notice</B>&#148;) delivered no later than the applicable Settlement Method Election
Date for such Transaction, which notice shall also specify (i)&nbsp;the number of Shares (the &#147;<B>Settlement Shares</B>&#148;) for such Settlement (not to exceed the number of Undesignated Shares for such Transaction as of the date of such
Settlement Notice) and (ii)&nbsp;the Settlement Method applicable to such Settlement; <I>provided </I>that (A)&nbsp;Counterparty may not designate a First Unwind Date for a Cash Settlement or a Net Share Settlement of any Transaction if, as of the
date of such Settlement Notice, any Shares have been designated as Settlement Shares for a Cash Settlement or a Net Share Settlement of such Transaction for which the related Relevant Settlement Date has not occurred; and (B)&nbsp;if the number of
Undesignated Shares as of the Maturity Date for such Transaction is not zero, then the Maturity Date for such Transaction shall be a Valuation Date for a Physical Settlement of such Transaction and the number of Settlement Shares for such Settlement
shall be the number of Undesignated Shares for such Transaction as of the Maturity Date for such Transaction (<I>provided </I>that if such Maturity Date occurs during the period from the time any Settlement Notice is given for a Cash Settlement or
Net Share Settlement of such Transaction until the related Relevant Settlement Date, inclusive, then the provisions set forth below opposite &#147;Early Valuation&#148; shall apply to such Transaction as if the Maturity Date for such Transaction
were the Early Valuation Date for such Transaction).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Undesignated Shares:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For any Transaction, as of any date, the Number of Shares for such Transaction <I>minus </I>the number of Shares designated as Settlement Shares for Settlements of such Transaction for which the related Relevant Settlement Date has
not occurred.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Settlement Method Election:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For any Transaction, applicable; <I>provided </I>that:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">(i)&#8195;Net Share Settlement shall be deemed to be included as an additional settlement method
under Section&nbsp;7.1 of the Equity Definitions;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">(ii)&#8194;&#8201;Counterparty may elect Cash Settlement or Net Share Settlement for any
Settlement of any Transaction only if</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Counterparty represents and warrants to Dealer in the Settlement Notice containing such election that, as of the date
of such Settlement Notice: (A)&nbsp;Counterparty is not aware of any material nonpublic information concerning itself or the Shares; (B)&nbsp;Counterparty is electing the settlement method and designating the First Unwind Date specified in such
Settlement Notice in good faith and not as part of a plan or scheme to evade compliance with Rule <FONT STYLE="white-space:nowrap">10b-5</FONT> (&#147;<B>Rule <FONT STYLE="white-space:nowrap">10b-5</FONT></B>&#148;) under the Securities Exchange Act
of 1934, as amended (the &#147;<B>Exchange Act</B>&#148;), or any other provision of the federal securities laws; (C)&nbsp;Counterparty is not &#147;insolvent&#148; (as such term is defined under Section&nbsp;101(32) of the U.S. Bankruptcy Code
(Title 11 of the United States Code) (the &#147;<B>Bankruptcy Code</B>&#148;)); (D) Counterparty would be able to purchase a number of Shares equal to the greater of (x)&nbsp;the number of Settlement Shares designated in such Settlement Notice and
(y)&nbsp;a number of Shares with a value as of the date of such Settlement Notice equal to the <I>product of </I>(I)<I></I>&nbsp;such number of Settlement Shares and (II)&nbsp;the applicable Relevant Forward Price for such Cash Settlement or Net
Share Settlement in compliance with the laws of Counterparty&#146;s jurisdiction of organization; and (E)&nbsp;such election, and settlement in accordance therewith, does not and will not violate or conflict with any law or regulation applicable to
Counterparty, or any order or judgment of any court or other agency of government applicable to it or any of its assets, and any governmental consents that are required to have been obtained by Counterparty with respect to such election or
settlement have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">(iii)&#8201;&#8201;Notwithstanding any election to the contrary in any Settlement Notice, Physical
Settlement shall be applicable for any Settlement of any Transaction:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">(A)&#8194;&#8202;to all of the Settlement Shares designated in such Settlement Notice if, at any
time from the date such Settlement Notice is received by Dealer until the related First Unwind Date, inclusive, the closing price per Share on the Exchange is below the Threshold Price; or</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">(B)&#8194;&#8202;to all or a portion of the Settlement Shares designated in such Settlement Notice
if (I)&nbsp;on any day during the relevant Unwind Period, the closing price per Share on the Exchange is below the Threshold Price or (II)&nbsp;Dealer has not completed its unwind of a commercially reasonable hedge position in compliance with the
requirements of the Transaction by the Maturity Date, in which case the provisions set forth below in the fourth paragraph opposite &#147;Early Valuation&#148; shall apply as if such day were the Early Valuation Date for such Transaction and
(x)&nbsp;for purposes of clause (i)&nbsp;of such paragraph, such day shall be the last Unwind Date of such Unwind Period and the &#147;Unwound Shares&#148; shall be calculated to, and including, such day and (y)&nbsp;for purposes of clause
(ii)&nbsp;of such paragraph, the &#147;Remaining Shares&#148; shall be equal to the number of Settlement Shares designated</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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<TR>
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<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; font-size:10pt; font-family:Times New Roman">in such Settlement Notice <I>minus </I>the Unwound Shares determined in accordance with clause (x)&nbsp;of this
sentence.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Threshold Price:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For each Transaction, as specified in the Supplemental Confirmation for such Transaction, to be 50% of the Initial Forward Price for such Transaction.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Electing Party:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Counterparty</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Settlement Method Election Date:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">With respect to any Settlement of any Transaction, the Scheduled Trading Day immediately preceding (x)&nbsp;the Valuation Date for such Transaction, in the case of Physical Settlement, or (y)&nbsp;the First Unwind Date for such
Transaction, in the case of Cash Settlement or Net Share Settlement.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Default Settlement Method:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Physical Settlement</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Physical Settlement:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Notwithstanding Section&nbsp;9.2(a)(i) of the Equity Definitions, on the Settlement Date for any Settlement of any Transaction to which Physical Settlement is applicable, Dealer shall pay to Counterparty an amount equal to the
Forward Price for such Transaction on the relevant Settlement Date <I>multiplied by </I>the number of Settlement Shares for such Settlement, and Counterparty shall deliver to Dealer such Settlement Shares.&nbsp;If, on any such Settlement Date, the
Shares to be delivered by Counterparty to Dealer hereunder are not so delivered (the &#147;Deferred Shares&#148;), and a Forward Price Reduction Date with respect to such Transaction occurs during the period from, but excluding, such Settlement Date
to, and including, the date such Shares are actually delivered to Dealer, then the portion of the amount payable by Dealer to Counterparty in respect of the Deferred Shares shall be reduced by an amount equal to the Forward Price Reduction Amount
for such Forward Price Reduction Date, <I>multiplied</I> <I>by</I> the number of Deferred Shares.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Settlement Date:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For any Settlement of any Transaction to which Physical Settlement is applicable, the Valuation Date for such Settlement.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Net Share Settlement:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">On the Net Share Settlement Date for any Settlement of any Transaction to which Net Share Settlement is applicable, if the Net Share Settlement Amount for such Settlement is greater than zero, Counterparty shall deliver a number of
Shares equal to such Net Share Settlement Amount (rounded down to the nearest integer) to Dealer, and if such Net Share Settlement Amount is less than zero, Dealer shall deliver a number of Shares equal to the absolute value of such Net Share
Settlement Amount (rounded down to the nearest integer) to Counterparty, in either case, in accordance with Section&nbsp;9.4 of the Equity Definitions, with such Net Share Settlement Date deemed to be a &#147;Settlement Date&#148; for purposes of
such Section&nbsp;9.4, and, in either case, plus cash in lieu of any fractional Shares included in such Net Share Settlement Amount but not delivered due to rounding required hereby, valued at the relevant Settlement Price.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Net Share Settlement Date:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For any Settlement of any Transaction to which Net Share Settlement is applicable, the date that follows the Valuation Date for such Settlement by one Settlement Cycle.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Net Share Settlement Amount:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For any Settlement of any Transaction to which Net Share Settlement is applicable, an amount equal to the Forward Cash Settlement Amount for such Settlement <I>divided by </I>the Settlement Price for such Settlement.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Cash Settlement:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">On the Cash Settlement Date for any Settlement of any Transaction to which Cash Settlement is applicable, if the Forward Cash Settlement Amount for such Settlement is greater than zero, Counterparty shall pay such Forward Cash
Settlement Amount to Dealer, and if such Forward Cash Settlement Amount is less than zero, Dealer shall pay to Counterparty the absolute value of such Forward Cash Settlement Amount.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Cash Settlement Payment Date:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For any Settlement of any Transaction to which Cash Settlement is applicable, the date that follows the Valuation Date for such Settlement by one Settlement Cycle.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Forward Cash Settlement Amount:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Notwithstanding Section&nbsp;8.5(c) of the Equity Definitions, the Forward Cash Settlement Amount for any Cash Settlement or Net Share Settlement of any Transaction shall be equal to (i)&nbsp;the number of Settlement Shares for such
Settlement <I>multiplied by </I>(ii)<I></I>&nbsp;an amount equal to (A)&nbsp;the Settlement Price for such Settlement <I>minus </I>(B)<I></I>&nbsp;the Relevant Forward Price for such Settlement.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Relevant Forward Price:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For any Cash Settlement of any Transaction, subject to &#147;Cash Settlement Valuation Disruption&#148; above, the arithmetic average of the Forward Prices for such Transaction on each Unwind Date relating to such Settlement,
<I>minus</I> a commercially reasonable commission related to the Dealer&#146;s purchase of Shares in a commercially reasonable manner in connection with the unwind of its commercially reasonable hedge position, which in no event shall exceed USD
0.02 per Share.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For any Net Share Settlement of any Transaction, the weighted average of the Forward Prices for such Transaction on each Unwind Date relating to such Settlement (weighted based on the number of Shares purchased by Dealer or its
agent or affiliate on each such Unwind Date in connection with unwinding its commercially reasonable hedge position in connection with such Settlement, as determined by the Calculation Agent), <I>minus</I> a commercially reasonable commission
related to the Dealer&#146;s purchase of Shares in a commercially reasonable manner in connection with the unwind of its commercially reasonable hedge position, which in no event shall exceed USD 0.02 per Share.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Settlement Price:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For any Cash Settlement of any Transaction, subject to &#147;Cash Settlement Valuation Disruption&#148; above, the arithmetic average of the <FONT STYLE="white-space:nowrap">10b-18</FONT> VWAP on each Unwind Date relating to such
Settlement.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For any Net Share Settlement of any Transaction, the weighted average price of the purchases of Shares made by Dealer (or its agent or affiliate) during the Unwind Period for such Settlement (with such purchases to be made in a
commercially reasonable manner at prevailing market prices) in connection with unwinding its commercially reasonable hedge position relating to such Settlement (weighted based on the number of Shares purchased by Dealer or its agent or affiliate on
each Unwind Date in connection with unwinding its commercially reasonable hedge position in connection with such Settlement, as determined by the Calculation Agent).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">10b-18 VWAP:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For any Exchange Business Day, as determined by the Calculation Agent based on the <FONT STYLE="white-space:nowrap">10b-18</FONT> Volume Weighted Average Price per Share as reported in the composite transactions for United States
exchanges and quotation systems for the regular trading session (including any extensions thereof) of the Exchange on such Exchange Business Day (without regard to <FONT STYLE="white-space:nowrap">pre-open</FONT> or after hours trading outside of
such regular trading session for such Exchange Business Day), as published by Bloomberg at 4:15 p.m. New York time (or 15 minutes following</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">the end of any extension of the regular trading session) on such Exchange Business Day, on Bloomberg page &#147;EQR &lt;Equity&gt; AQR SEC&#148; (or any successor thereto), or if such price is not so reported on such Exchange
Business Day for any reason or is, in the Calculation Agent&#146;s reasonable determination, erroneous, such <FONT STYLE="white-space:nowrap">10b-18</FONT> VWAP shall be as reasonably determined by the Calculation Agent. <B></B>For purposes of
calculating the <FONT STYLE="white-space:nowrap">10b-18</FONT> VWAP for such Exchange Business Day, the Calculation Agent will include only those trades that are reported during the period of time during which Counterparty could purchase its own
shares under Rule <FONT STYLE="white-space:nowrap">10b-18(b)(2)</FONT> and are effected pursuant to the conditions of Rule <FONT STYLE="white-space:nowrap">10b-18(b)(3),</FONT> each under the Exchange Act (such trades, &#147;<B>Rule <FONT
STYLE="white-space:nowrap">10b-18</FONT> eligible transactions</B>&#148;).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Unwind Activities:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The times and prices at which Dealer (or its agent or affiliate) purchases any Shares during any Unwind Period in connection with unwinding its commercially reasonable hedge position in respect of each Transaction shall be
determined by Dealer in a commercially reasonable manner. Without limiting the generality of the foregoing, in the event that Dealer concludes, in its reasonable discretion based on advice of counsel, that it is appropriate with respect to any
legal, regulatory or self-regulatory requirements or related policies and procedures (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by Dealer but so long as such policies or procedures
are related to legal, regulatory or self-regulatory issues and are generally applicable in similar situations and applied to similar transactions in a <FONT STYLE="white-space:nowrap">non-discriminatory</FONT> manner) (a &#147;<B>Regulatory
Disruption</B>&#148;) for it to refrain from or limit purchasing Shares in connection with unwinding its commercially reasonable hedge position in respect of such Transaction on any Scheduled Trading Day that would have been an Unwind Date but for
the occurrence of a Regulatory Disruption, Dealer shall notify Counterparty in writing that a Regulatory Disruption has occurred on such Scheduled Trading Day with respect to such Transaction, in which case Dealer shall, to the extent practicable in
its good faith discretion, specify the nature of such Regulatory Disruption. In such an instance, the Regulatory Disruption shall be deemed to be a Market Disruption Event and, for the avoidance of doubt, such Scheduled Trading Day shall be a
Disrupted Day in full. Dealer may exercise its right in respect of any Regulatory Disruption only in good faith in relation to events or circumstances that are not the result of actions of it or any of its Affiliates that are taken with the intent
to avoid its obligations under the Transactions.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Relevant Settlement Date:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For any Settlement of any Transaction, the Settlement Date, Cash Settlement Payment Date or Net Share Settlement Date for such Settlement, as the case may be.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Other Applicable Provisions:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">To the extent Dealer is obligated to deliver Shares under any Transaction, the provisions of Sections 9.2 (last sentence only), 9.8, 9.9, 9.10, 9.11 and 9.12 of the Equity Definitions will be applicable as if &#147;Physical
Settlement&#148; applied to such Transaction; <I>provided </I>that the Representation and Agreement contained in Section&nbsp;9.11 of the Equity Definitions shall be modified by excluding any representations therein relating to restrictions,
obligations, limitations or requirements under applicable securities laws that exist as a result of the fact that Counterparty is the issuer of the Shares.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><U>Share Adjustments:</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Potential Adjustment Events:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Neither any Extraordinary Dividend nor any cash dividend or distribution on the Shares shall constitute a Potential Adjustment</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Event. For the avoidance of doubt, a cash dividend on the Shares that differs from expected dividends as of the first Trading Day of the Forward Hedge Selling Period for such Transaction shall not be a Potential Adjustment Event
under Section&nbsp;11.2(e)(vii) of the Equity Definitions with respect to such Transaction.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Extraordinary Dividend:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For any Transaction, any dividend or distribution on the Shares with an <FONT STYLE="white-space:nowrap">ex-dividend</FONT> date occurring on any day following the first Trading Day of the Forward Hedge Selling Period for such
Transaction (other than (i)&nbsp;any dividend or distribution of the type described in Section&nbsp;11.2(e)(i) or Section&nbsp;11.2(e)(ii)(A) of the Equity Definitions or (ii)&nbsp;a regular, quarterly cash dividend in an amount equal to or less
than the Regular Dividend Amount for such calendar quarter for such Transaction that has an <FONT STYLE="white-space:nowrap">ex-dividend</FONT> date no earlier than the Forward Price Reduction Date occurring in the relevant calendar quarter for such
Transaction).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Regular Dividend Amount:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For each Transaction and for each calendar quarter from and including the calendar quarter in which the first Trading Day of the Forward Hedge Selling Period for such Transaction occurs to and including the calendar quarter in which
the Maturity Date occurs, the amount set forth under the heading &#147;Regular Dividend Amounts&#148; in the Accepted Transaction Proposal for such Transaction and for such calendar quarter (or, if no such amount is specified, zero), as specified in
Schedule I to the Supplemental Confirmation for such Transaction. For the avoidance of doubt, Counterparty may not specify a Regular Dividend Amount in an Accepted Transaction Proposal for a particular calendar quarter that exceeds the Forward Price
Reduction Amount for the Forward Price Reduction Date that occurs in such calendar quarter (or, if none, that exceeds zero).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Method of Adjustment:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Calculation Agent Adjustment</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><U>Extraordinary Events:</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Extraordinary Events:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The consequences that would otherwise apply under Article 12 of the Equity Definitions (as modified herein) to any applicable Extraordinary Event (excluding any Failure to Deliver, Increased Cost of Hedging, Increased Cost of Stock
Borrow, Loss of Stock Borrow or any Extraordinary Event that also constitutes a Bankruptcy Termination Event, but including, for the avoidance of doubt, any other applicable Additional Disruption Event) shall not apply.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Tender Offer:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Applicable; <I>provided </I>that Section&nbsp;12.1(d) of the Equity Definitions shall be amended by replacing the reference therein to &#147;10%&#148; with a reference to &#147;20%&#148;.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Delisting:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">In addition to the provisions of Section&nbsp;12.6(a)(iii) of the Equity Definitions, it shall also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately <FONT
STYLE="white-space:nowrap">re-listed,</FONT> <FONT STYLE="white-space:nowrap">re-traded</FONT> or <FONT STYLE="white-space:nowrap">re-quoted</FONT> on any of the New York Stock Exchange, the NASDAQ Global Select Market or the NASDAQ Global Market
(or their respective successors); if the Shares are immediately <FONT STYLE="white-space:nowrap">re-listed,</FONT> <FONT STYLE="white-space:nowrap">re-traded</FONT> or <FONT STYLE="white-space:nowrap">re-quoted</FONT> on any such exchange or
quotation system, such exchange or quotation system shall be deemed to be the Exchange.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><U>Additional Disruption Events:</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Change in Law:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Applicable; <I>provided </I>that (A)&nbsp;any determination as to whether (i)&nbsp;the adoption of or any change in any applicable law or regulation (including, without limitation, any tax law) or (ii)&nbsp;the promulgation of or
any change in or announcement or statement of the formal or informal interpretation by any court, tribunal or regulatory authority</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">with competent jurisdiction of any applicable law or regulation (including any action taken by a taxing authority), in each case, constitutes a &#147;Change in Law&#148; shall be made without regard to Section&nbsp;739 of the
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any similar legal certainty provision in any legislation enacted, or rule or regulation promulgated, on or after the Trade Date, (B)&nbsp;Section&nbsp;12.9(a)(ii) of the Equity
Definitions is hereby amended (i)&nbsp;by adding the words &#147;including, for the avoidance of doubt and without limitation, adoption or promulgation of new regulations authorized or mandated by existing statute&#148; after the word
&#147;regulation&#148; in the second line thereof and (ii)&nbsp;by replacing the words &#147;the interpretation&#148; with the words &#147;or announcement or statement of any formal or informal interpretation&#148; in the third line thereof and
(C)&nbsp;the words &#147;, unless the illegality is due to an act or omission of the party seeking to elect termination of the Transaction with the intent to avoid its obligations under the terms of the Transaction&#148; are added immediately
following the word &#147;Transaction&#148; in the fifth line thereof; and <I>provided further </I>that Section&nbsp;12.9(a)(ii) of the Equity Definitions is hereby amended by adding the phrase &#147;and/or Hedge Position&#148; after the word
&#147;Shares&#148; in clause (X)&nbsp;thereof and (iii)&nbsp;by immediately following the word &#147;Transaction&#148; in clause (X)&nbsp;thereof, adding the phrase &#147;in the manner contemplated by the Hedging Party on the Trade
Date&#148;.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Failure to Deliver:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Applicable with respect to a Transaction if Dealer is required to deliver Shares under such Transaction; otherwise, Not Applicable.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Hedging Disruption:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Applicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Increased Cost of Hedging:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Applicable; <I>provided </I>that Section&nbsp;12.9(b)(vi) of the Equity Definitions shall be amended by (i)&nbsp;adding &#147;or&#148; before clause (B)&nbsp;of the second sentence thereof, (ii)&nbsp;deleting clause (C)&nbsp;of the
second sentence thereof and (iii)&nbsp;deleting the third and fourth sentences thereof.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Increased Cost of Stock Borrow:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Applicable; <I>provided </I>that Section&nbsp;12.9(b)(v) of the Equity Definitions shall be amended by (i)&nbsp;adding &#147;or&#148; before clause (B)&nbsp;of the second sentence thereof, (ii)&nbsp;deleting clause (C)&nbsp;of the
second sentence thereof, (iii)&nbsp;deleting the third and fourth sentences thereof and (iv)&nbsp;deleting the words &#147;or termination&#148; and clause (X)&nbsp;of the fifth sentence thereof in its entirety. The Lending Party may not be
Counterparty or an affiliate of Counterparty. For the avoidance of doubt, upon the announcement of any event that, if consummated, would result in a Merger Event or Tender Offer, the term &#147;rate to borrow Shares&#148; as used in
Section&nbsp;12.9(a)(viii) of the Equity Definitions shall include any commercially reasonable cost borne or amount payable by the Hedging Party in respect of maintaining or reestablishing its commercially reasonable hedge position with respect to
the relevant Transaction, including, but not limited to, any commercially reasonable assessment or other amount payable by the Hedging Party to a lender of Shares in respect of any merger or tender offer premium, as applicable.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Initial Stock Loan Rate:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For each Transaction, as specified in the Supplemental Confirmation for such Transaction.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Loss of Stock Borrow:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Applicable; <I>provided </I>that Section&nbsp;12.9(b)(iv) of the Equity Definitions shall be amended by (i)&nbsp;deleting clause (A)&nbsp;of the first sentence thereof in its entirety and (ii)&nbsp;replacing the words &#147;neither
the <FONT STYLE="white-space:nowrap">Non-Hedging</FONT> Party nor the Lending Party lends&#148; with &#147;the Lending Party does not lend&#148; in the second sentence thereof. The Lending Party may not be Counterparty or an affiliate of
Counterparty.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Maximum Stock Loan Rate:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For each Transaction, as specified in the Supplemental Confirmation for such Transaction.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Hedging Party:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For all applicable Additional Disruption Events, Dealer.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><U>Early Valuation:</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Early Valuation:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For any Transaction, notwithstanding anything to the contrary herein, in the Agreement, in any Supplemental Confirmation or in the Equity Definitions, at any time (x)&nbsp;following the occurrence of (1)&nbsp;a Hedging Event, and
during the continuance of such Hedging Event, with respect to such Transaction, (2)&nbsp;the declaration by Counterparty of an Extraordinary Dividend, or (3)&nbsp;an ISDA Event (and, in the case of an ISDA Event under clause (i)&nbsp;thereof, during
the continuance of such ISDA Event) with respect to such Transaction or (y)&nbsp;if an Excess Section&nbsp;13 Ownership Position, an Excess NYSE Ownership Position or an Excess Regulatory Ownership Position exists (any such event, an &#147;<B>Early
Valuation Event</B>&#148;), Dealer (or, in the case of such an ISDA Event that is an Event of Default or Termination Event, the party entitled to designate an Early Termination Date in respect of such event pursuant to Section&nbsp;6 of the
Agreement) shall have the right to designate any Scheduled Trading Day to be the &#147;<B>Early Valuation Date</B>&#148; for such Transaction (or, if Early Valuation with respect to only a portion of such Transaction would result in such Early
Valuation Event ceasing to be continuing, such portion of such Transaction) (all or such portion of such Transaction, as applicable, the &#147;<B>Affected Portion</B>&#148;), in which case the provisions set forth in this &#147;Early Valuation&#148;
section shall apply to such Affected Portion, which right shall be, other than in the case of an Event of Default under Section&nbsp;5(a)(vii) of the Agreement with respect to which Dealer is the sole Defaulting Party, in lieu of those specified in
Section&nbsp;6 of the Agreement. For the avoidance of doubt, any amount calculated pursuant to this &#147;Early Valuation&#148; section as a result of an Extraordinary Dividend shall not be adjusted by the value associated with such Extraordinary
Dividend.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Dealer represents and warrants to and agrees with Counterparty that (i)&nbsp;based upon advice of counsel, Dealer (A)&nbsp;does not know of the existence on the first Trading Day of the relevant Forward Hedge Selling Period of an
Excess Section&nbsp;13 Ownership Position, an Excess NYSE Ownership Position or an Excess Regulatory Ownership Position and (B)&nbsp;based on reasonable internal inquiry in the ordinary course of Dealer&#146;s business does not know on the first
Trading Day of the relevant Forward Hedge Selling Period of any event or circumstance that will cause the occurrence of an Excess Section&nbsp;13 Ownership Position, an Excess NYSE Ownership Position or an Excess Regulatory Ownership Position on any
day during the term of such Transaction; and (ii)&nbsp;Dealer will not knowingly cause the occurrence of an Excess Section&nbsp;13 Ownership Position, an Excess NYSE Ownership Position or an Excess Regulatory Ownership Position on any day during the
term of any Transaction for the purpose, in whole or in part, of causing the occurrence of an Early Valuation Date.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">If an Early Valuation Date for an Affected Portion occurs on a date that is not during an Unwind Period for such Transaction, then such Early Valuation Date shall be a Valuation Date for a Physical Settlement of such Affected
Portion, and the number of Settlement Shares for such Settlement shall be the portion of the Number of Shares on such Early Valuation Date that corresponds to such Affected Portion; <I>provided </I>that Dealer may in its sole discretion
permit</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Counterparty to elect Cash Settlement or Net Share Settlement in respect of such Affected Portion. Notwithstanding anything to the contrary in this Master Confirmation, any Supplemental Confirmation, the Agreement or the Equity
Definitions, if Dealer designates an Early Valuation Date with respect to the Affected Portion (1)&nbsp;following the occurrence of an ISDA Event and such Early Valuation Date is to occur before the date that is one Settlement Cycle after the last
day of the Forward Hedge Selling Period for such Transaction or (2)&nbsp;prior to the Counterparty&#146;s execution of the Supplemental Confirmation relating to such Transaction, then, for purposes of such Early Valuation Date, (i)&nbsp;a
Supplemental Confirmation relating to such Transaction reasonably completed by Dealer shall, notwithstanding the provisions under Section&nbsp;3 below, be deemed to be effective; and (ii)&nbsp;in the case of (1), the Forward Price shall be deemed to
be the Initial Forward Price (calculated assuming that the last Trading Day of such Forward Hedge Selling Period were the day immediately following the date Dealer so notifies Counterparty of such designation of an Early Valuation Date for purposes
of such Early Valuation Date).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">If an Early Valuation Date for the Affected Portion occurs during an Unwind Period for such Transaction, then (i)(A) the last Unwind Date of such Unwind Period shall be deemed to be such Early Valuation Date, (B)&nbsp;a Settlement
shall occur in respect of such Unwind Period, and the Settlement Method elected by Counterparty in respect of such Settlement shall apply, and (C)&nbsp;the number of Settlement Shares for such Settlement shall be the number of Unwound Shares for
such Unwind Period on such Early Valuation Date and (ii)(A) such Early Valuation Date shall be a Valuation Date for an additional Physical Settlement of such Transaction (<I>provided </I>that Dealer may in its sole discretion elect that the
Settlement Method elected by Counterparty for the Settlement described in clause (i)&nbsp;of this sentence shall apply) and (B)&nbsp;the number of Settlement Shares for such additional Settlement shall be the portion of the Remaining Shares that
corresponds to such Affected Portion.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Notwithstanding the foregoing, in the case of a Nationalization or Merger Event, if at the time of the related Relevant Settlement Date the Shares have changed into cash or any other property or the right to receive cash or any
other property, the Calculation Agent shall adjust the nature of the Shares as it determines appropriate to account for such change such that the nature of the Shares is consistent with what shareholders of the Shares receive in such
event.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">ISDA Event:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(i) Any Event of Default or Termination Event, other than an Event of Default or Termination Event that also constitutes a Bankruptcy Termination Event, that gives rise to the right of either party to designate an Early Termination
Date pursuant to Section&nbsp;6 of the Agreement or (ii)&nbsp;the announcement of any event or transaction on or after the first Trading Day of the Forward Hedge Selling Period for such Transaction that, if consummated, would result in a Merger
Event, Tender Offer, Nationalization, Delisting or Change in Law, in each case, as determined by the Calculation Agent.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Amendment to Merger Event:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Section&nbsp;12.1(b) of the Equity Definitions is hereby amended by deleting the remainder of such Section beginning with the words &#147;in each case if the Merger Date is on or before&#148; in the fourth to last line
thereof.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Hedging Event:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">In respect of any Transaction, the occurrence or existence of any of the following events on or following the first Trading Day of the Forward Hedge Selling Period: (i)&nbsp;(x) a Loss of Stock Borrow in connection</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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<TR>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">with which Counterparty does not refer the Hedging Party to a satisfactory Lending Party that lends Shares in the amount of the Hedging Shares within the required time period as provided in Section&nbsp;12.9(b)(iv) of the Equity
Definitions or (y)&nbsp;a Hedging Disruption, (ii)&nbsp;(A) an Increased Cost of Stock Borrow in connection with which Counterparty does not refer the Hedging Party to a satisfactory Lending Party that lends Shares in the amount of the Hedging
Shares within the required time period as provided in Section&nbsp;12.9(b)(v) of the Equity Definitions or (B)&nbsp;an Increased Cost of Hedging in connection with which, in the case of <FONT STYLE="white-space:nowrap">sub-clause</FONT> (A)&nbsp;or
(B), Counterparty does not elect, and so notify the Hedging Party of its election, in each case, within the required time period to either amend such Transaction pursuant to Section&nbsp;12.9(b)(v)(A) or Section&nbsp;12.9(b)(vi)(A) of the Equity
Definitions, as applicable, or pay an amount determined by the Calculation Agent that corresponds to the relevant Price Adjustment pursuant to Section&nbsp;12.9(b)(v)(B) or Section&nbsp;12.9(b)(vi)(B) of the Equity Definitions, as applicable, or
(iii)&nbsp;a Market Disruption Event during an Unwind Period for such Transaction and the continuance of such Market Disruption Event for at least eight Scheduled Trading Days. In respect of any Transaction, if a Hedging Event occurs or exists with
respect to such Transaction on or after the first Trading Day of the Forward Hedge Selling Period (as each such term is defined in the Distribution Agreement) for such Transaction and prior to the Trade Date for such Transaction, the Calculation
Agent may reduce the Initial Forward Price to account for the economic effect of such Hedging Event and any commercially reasonable costs or expenses reasonably incurred by Dealer in relation to establishing, maintaining, or unwinding its
commercially reasonable hedge position as a result of such Hedging Event.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Remaining Shares:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For any Transaction, on any day, the Number of Shares for such Transaction as of such day (or, if such day occurs during an Unwind Period for such Transaction, the Number of Shares for such Transaction as of such day <I>minus
</I>the Unwound Shares for such Transaction for such Unwind Period on such day).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Unwound Shares:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For any Transaction, for any Unwind Period in respect of such Transaction on any day, the aggregate number of Shares with respect to which Dealer has unwound its commercially reasonable hedge position in respect of such Transaction
in connection with the related Settlement as of such day.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><U>Acknowledgements:</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-Reliance:</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Applicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Agreements&nbsp;and&nbsp;Acknowledgements</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Regarding Hedging Activities:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Applicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Additional Acknowledgements:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Applicable</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Transfer:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Notwithstanding anything to the contrary in the Agreement, Dealer may assign, transfer and set over all rights, title and interest, powers, privileges and remedies and obligations of Dealer under all Transactions to an Affiliate of
Dealer (a &#147;<B>Transferee</B>&#148;) without the consent of Counterparty, so long as (a)(i) the senior unsecured debt rating or long term issuer credit rating (as applicable, the &#147;<B>Credit Rating</B>&#148;) of such Transferee is equal to
or greater than the Credit Rating of Dealer, as specified by each of S&amp;P Global Ratings and Moody&#146;s Investors Service, Inc., at the time of such assignment or transfer or (ii)&nbsp;the obligations of such Transferee are fully,
unconditionally and irrevocably guaranteed by Dealer or, if Dealer&#146;s</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">ultimate parent entity satisfies the Credit Rating requirements that would otherwise apply to a Transferee, by Dealer&#146;s ultimate parent entity; (b)&nbsp;Counterparty will not be required to pay (including a payment in kind) to
such assignee or transferee an amount in respect of an Indemnifiable Tax under Section&nbsp;2(d)(i)(4) of the Agreement greater than the amount in respect of which Counterparty would have been required to pay (including a payment in kind) Dealer in
the absence of such assignment or transfer; (c)&nbsp;Counterparty will not receive a payment (including a payment in kind) from which an amount has been withheld or deducted on account of a Tax under Section&nbsp;2(d)(i) of the Agreement in excess
of that which Dealer would have been required to so withhold or deduct in the absence of such assignment or transfer; (d)&nbsp;no Early Valuation Event or other event or circumstance giving rise to a right or responsibility to terminate or cancel
such Transaction or to make an adjustment to the terms of the Transaction will occur as a result of such assignment or transfer; and (e)&nbsp;such transfer does not materially and adversely affect the availability of the relief provided in the
Interpretive Letter or the application thereof to such Transaction in the manner contemplated by Counterparty on the Trade Date. Dealer agrees to give reasonable prior notice to Counterparty of any transfer or assignment without Counterparty&#146;s
consent pursuant to this paragraph. Notwithstanding any such notice, no assignment or transfer by Dealer pursuant to this subparagraph shall take effect unless and until all conditions to such transfer or assignment are satisfied.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Calculation Agent:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Dealer; <I>provided </I>that, following the occurrence and during the continuation of an Event of Default pursuant to Section&nbsp;5(a)(vii) of the Agreement with respect to which Dealer is the sole Defaulting Party, Counterparty
shall have the right to select a leading dealer in the market for U.S. corporate equity derivatives to replace Dealer as Calculation Agent, and the parties shall work in good faith to execute any appropriate documentation required by such
replacement Calculation Agent. Following any determination or calculation by the Calculation Agent hereunder, upon a written request by Counterparty, the Calculation Agent will, within 3 Exchange Business Days following such request, provide to
Counterparty by <FONT STYLE="white-space:nowrap">e-mail</FONT> to the <FONT STYLE="white-space:nowrap">e-mail</FONT> address provided by Counterparty in such written request a report (in a commonly used file format for the storage and manipulation
of financial data) displaying in reasonable detail the basis for such determination or calculation, as the case may be; <I>provided </I>that Dealer shall not be required to disclose any proprietary or confidential models of Dealer or any information
that is proprietary or subject to contractual, legal or regulatory obligations to not disclose such information.</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="53%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Counterparty Payment/Delivery Instructions:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">To be provided by Counterparty.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Dealer Payment/Delivery Instructions:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">To be provided by Dealer.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Counterparty&#146;s Contact Details for Purpose of Giving Notice: To be provided by
Counterparty.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Dealer&#146;s Contact Details for Purpose of Giving Notice:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">[&#149;]</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Attn: [&#149;]</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Telephone: [&#149;]</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Email: [&#149;]</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Offices:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[The Office of Dealer for each Transaction is: [London]<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> [New York]<SUP STYLE="font-size:85%; vertical-align:top">3</SUP>
[Toronto]<SUP STYLE="font-size:85%; vertical-align:top">4</SUP></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Effectiveness.</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each Transaction shall be effective if and only if Shares are sold on or after the first day of the applicable Forward Hedge Selling Period (as defined in the
Distribution Agreement) and on or prior to the last day of the applicable Forward Hedge Selling Period through Dealer&#146;s Forward Seller (as defined in the Distribution Agreement) pursuant to a &#147;Forward&#148; under the Distribution
Agreement. If the Distribution Agreement is terminated prior to any such sale of Shares thereunder, the parties shall have no further obligations in connection with the relevant Transaction, other than in respect of breaches of representations or
covenants on or prior to such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing or any other provision of this Master Confirmation or any Supplemental Confirmation, if
in respect of any Transaction (x)&nbsp;on or prior to 9:00 a.m., New York City time, on any &#147;Forward Hedge Settlement Date&#148; (as defined in the Distribution Agreement), in connection with Dealer establishing Dealer&#146;s commercially
reasonable hedge position in respect of such Transaction, in the Dealer&#146;s commercially reasonable judgment, Dealer is unable, after using commercially reasonable efforts, to borrow and deliver for sale the full number of Shares to be borrowed
and sold pursuant to the Distribution Agreement on such Forward Hedge Settlement Date or (y)&nbsp;in the Dealer&#146;s commercially reasonable judgment, Dealer would incur a stock loan cost of more than a rate equal to the Maximum Stock Loan Rate
for such Transaction with respect to all or any portion of such full number of Shares, the effectiveness of the related Supplemental Confirmation and such Transaction shall be limited to the number of Shares Dealer is so able to borrow in connection
with establishing its commercially reasonable hedge position of such Transaction at a cost of not more than a rate equal to the Maximum Stock Loan Rate for such Transaction, which, for the avoidance of doubt, may be zero.</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. <U>Additional Mutual Representations and Warranties</U>. In addition to the representations and warranties in the Agreement, each party represents and
warrants to the other party that, as of the Trade Date of each Transaction, it is an &#147;eligible contract participant&#148;, as defined in the U.S. Commodity Exchange Act (as amended), and an &#147;accredited investor&#148; as defined in
Section&nbsp;2(a)(15)(ii) of the Securities Act of 1933 (as amended) (the &#147;<B>Securities Act</B>&#148;), and is entering into each Transaction hereunder as principal and not for the benefit of any third party. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <U>Additional Representations and Warranties of Counterparty and the Operating Partnership</U>. The representations and warranties of Counterparty and the
Operating Partnership set forth in Section&nbsp;3 of the Distribution Agreement are true and correct as of the date hereof, each Placement Date, each Trade Date for any Transaction and each &#147;Forward Hedge Settlement Date&#148; (as defined in
the Distribution Agreement) and are hereby deemed to be repeated to Dealer as if set forth herein. In addition to the representations and warranties in Section&nbsp;3 of the Distribution Agreement, the Agreement and those contained elsewhere herein,
Counterparty represents and warrants to Dealer, and agrees with Dealer, that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">without limiting the generality of Section&nbsp;13.1 of the Equity Definitions, it acknowledges that Dealer is
not making any representations or warranties with respect to the treatment of any Transaction, including without limitation ASC Topic 260, <I>Earnings Per Share</I>, ASC Topic 815, <I>Derivatives and Hedging</I>, FASB Statements 128, 133, as
amended, 149 or 150, EITF <FONT STYLE="white-space:nowrap">00-19,</FONT> <FONT STYLE="white-space:nowrap">01-6,</FONT> <FONT STYLE="white-space:nowrap">03-6</FONT> or <FONT STYLE="white-space:nowrap">07-5,</FONT> ASC Topic 480,<I> Distinguishing
Liabilities from Equity</I>, ASC <FONT STYLE="white-space:nowrap">815-40,</FONT> <I>Derivatives and Hedging &#151; Contracts in Entity&#146;s Own Equity </I>(or any successor issue statements) or under the Financial Accounting Standards Board&#146;s
Liabilities&nbsp;&amp; Equity Project; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Counterparty shall not take any action to reduce or decrease the number of authorized and unissued Shares below
the sum of (i)&nbsp;the aggregate Number of Shares across all Transactions hereunder <I>plus </I>(ii)<I></I>&nbsp;the total number of Shares issuable upon settlement (whether by net share settlement or otherwise) of any other transaction or
agreement to which it is a party; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Counterparty will not repurchase any Shares if, immediately following such repurchase, the aggregate Number of
Shares across all Transactions hereunder would be equal to or greater than </P></TD></TR></TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Provision for JPM, Barclays, UBS and MUFG. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Provision for BAML, BONY and Morgan Stanley. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Provision for Scotiabank. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
4.5% of the number of then-outstanding Shares and it will notify Dealer promptly upon the consummation of any repurchase of Shares in an amount that, taken together with the amount of all
repurchases since the date of the last such notice exceeds 0.5% of the number of then-outstanding Shares (or, in the case of the first such notice would result in the aggregate Number of Shares across all Transactions hereunder being equal to or
greater than 3.5% of the number of then-outstanding Shares); and Counterparty shall promptly notify Dealer of any public announcement by Counterparty of a share repurchase program that, if consummated, would result in the aggregate Number of Shares
across all Transactions hereunder being equal to or greater than 3.5% of the number of assumed outstanding Shares, which assumed number shall be calculated by reducing the then-outstanding Shares by a number of Shares equal to the amount of the
announced share repurchase program divided by the closing price of the Shares on the day of such announcement (or, if Counterparty has previously provided a notice pursuant to this clause (c), the aggregate Number of Shares across all Transactions
hereunder exceeds 4.0% of such assumed outstanding Shares); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">it is not entering into this Master Confirmation or any Supplemental Confirmation to create actual or apparent
trading activity in the Shares (or any security convertible into or exchangeable for Shares), or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for Shares) for the purpose of
inducing the purchase or sale of the Shares (or any security convertible into or exchangeable for Shares) by others in each case in violation of the Exchange Act, including the rules and regulations promulgated thereunder; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">it is not aware of any material <FONT STYLE="white-space:nowrap">non-public</FONT> information regarding itself
or the Shares; it is entering into this Master Confirmation and each Supplemental Confirmation and will provide any Settlement Notice in good faith and not as part of a plan or scheme to evade compliance with Rule
<FONT STYLE="white-space:nowrap">10b-5</FONT> or any other provision of the federal securities laws; it has not entered into or altered any hedging transaction relating to the Shares corresponding to or offsetting any Transaction; and it has
consulted with its own advisors as to the legal aspects of its adoption and implementation of this Master Confirmation and each Supplemental Confirmation under Rule <FONT STYLE="white-space:nowrap">10b5-1</FONT> under the Exchange Act (&#147;<B>Rule
<FONT STYLE="white-space:nowrap">10b5-1</FONT></B>&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">as of the date hereof and the Trade Date for each Transaction no state or local (including <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> jurisdictions) law, rule, regulation or regulatory order applicable to the Shares would give rise to any reporting, consent, registration or other requirement (including without limitation a requirement to
obtain prior approval from any person or entity) as a result of Dealer or its affiliates owning or holding (however defined) Shares; <I>provided </I>that Counterparty makes no such representation or warranty regarding any such requirement that is
applicable generally to the ownership of equity securities by Dealer; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">as of the date hereof and the Trade Date for each Transaction, it is not and will not be &#147;insolvent&#148;
(as such term is defined under Section&nbsp;101(32) of the Bankruptcy Code); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">it is not as of the date hereof, and on the Trade Date for each Transaction and after giving effect to the
transactions contemplated hereby and by each Supplemental Confirmation will not be, required to register as an &#147;investment company&#148; as such term is defined in the Investment Company Act of 1940, as amended; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">as of the date hereof and the Trade Date for each Transaction, it: (i)&nbsp;is an &#147;institutional
account&#148; as defined in FINRA Rule 4512(c); and (ii)&nbsp;is capable of evaluating investment risks independently, both in general and with regard to each Transaction, and will exercise independent judgment in evaluating any recommendations of
Dealer or its associated persons; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">[<I>Reserved</I>.] </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(k)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">it is in compliance with its reporting obligations under the Exchange Act and its most recent Annual Report on
Form <FONT STYLE="white-space:nowrap">10-K,</FONT> together with all reports subsequently filed by it pursuant to the Exchange Act, taken together and in each case as amended and supplemented to the date of this representation, do not contain any
untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(l)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">it understands, agrees and acknowledges that no obligation of Dealer to it hereunder shall be entitled to the
benefit of deposit insurance and that such obligation shall not be guaranteed by any affiliate of Dealer or any governmental agency; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(m)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Counterparty has total assets of at least USD 50,000,000 as of the date hereof; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(n)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">IT UNDERSTANDS AS OF THE DATE HEREOF AND AS OF THE TRADE DATE FOR EACH TRANSACTION THAT EACH TRANSACTION IS
SUBJECT TO COMPLEX RISKS WHICH MAY ARISE WITHOUT WARNING AND MAY AT TIMES BE VOLATILE AND THAT LOSSES MAY OCCUR QUICKLY AND IN UNANTICIPATED MAGNITUDE AND IS WILLING TO ACCEPT SUCH TERMS AND CONDITIONS AND ASSUME (FINANCIALLY AND OTHERWISE) SUCH
RISKS. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Additional Covenants of Counterparty.</U> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Counterparty acknowledges and agrees that any Shares delivered by Counterparty to Dealer on any Settlement Date
or Net Share Settlement Date for any Transaction will be (i)&nbsp;newly issued, (ii)&nbsp;approved for listing or quotation on the Exchange, subject to official notice of issuance, and (iii)&nbsp;registered under the Exchange Act, and, subject to
Section&nbsp;12, when delivered by Dealer (or an affiliate of Dealer) to securities lenders from whom Dealer (or an affiliate of Dealer) borrowed Shares in connection with hedging its exposure to such Transaction, will be freely saleable without
further registration or other restrictions under the Securities Act in the hands of those securities lenders, irrespective of whether any such stock loan is effected by Dealer or an affiliate of Dealer. Accordingly, subject to Section&nbsp;12,
Counterparty agrees that any Shares so delivered will not bear a restrictive legend and will be deposited in, and the delivery thereof shall be effected through the facilities of, the Clearance System. In addition, Counterparty represents and agrees
that any such Shares shall be, upon such delivery, duly and validly authorized, issued and outstanding, fully paid and nonassessable, free of any lien, charge, claim or other encumbrance. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Counterparty agrees that Counterparty shall not enter into or alter any hedging transaction relating to the
Shares corresponding to or offsetting any Transaction. Without limiting the generality of the provisions set forth opposite the caption &#147;Unwind Activities&#148; in Section&nbsp;2 of this Master Confirmation, Counterparty acknowledges that it
has no right to, and agrees that it will not seek to, control or influence Dealer&#146;s decision to make any &#147;purchases or sales&#148; (within the meaning of Rule <FONT STYLE="white-space:nowrap">10b5-1(c)(1)(i)(B)(3))</FONT> under the
Exchange Act or in connection with any Transaction, including, without limitation, Dealer&#146;s decision to enter into any hedging transactions. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Counterparty acknowledges and agrees that any amendment, modification or waiver of this Master Confirmation or
any Supplemental Confirmation must be effected in accordance with the requirements for the amendment of a &#147;plan&#148; as defined in Rule <FONT STYLE="white-space:nowrap">10b5-1(c).</FONT> Without limiting the generality of the foregoing, any
such amendment, modification or waiver shall be made in good faith and not as part of a plan or scheme to evade the prohibitions of Rule <FONT STYLE="white-space:nowrap">10b-5,</FONT> and no such amendment, modification or waiver shall be made at
any time at which Counterparty is aware of any material <FONT STYLE="white-space:nowrap">non-public</FONT> information regarding Counterparty or the Shares. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Counterparty shall promptly provide notice thereof to Dealer (i)&nbsp;upon the occurrence of any event that
constitutes an Event of Default in respect of which Counterparty is a Defaulting Party and (ii)&nbsp;upon announcement by Counterparty (or by any other person, to the extent Counterparty has knowledge of such announcement) of any event that, if
consummated, would constitute an Extraordinary Event or Potential Adjustment Event. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Neither Counterparty nor any of its &#147;affiliated purchasers&#148; (as defined by Rule <FONT
STYLE="white-space:nowrap">10b-18</FONT> under the Exchange Act (&#147;<B>Rule <FONT STYLE="white-space:nowrap">10b-18</FONT></B>&#148;)) shall take any action that would cause any purchases of Shares by Dealer or any of its Affiliates in connection
with any Cash Settlement or Net Share Settlement of any Transaction not to meet the requirements of the safe harbor provided by Rule <FONT STYLE="white-space:nowrap">10b-18</FONT> if such purchases were made by Counterparty. Without limiting the
generality of the foregoing, during any Unwind Period for any Transaction, except with the prior written consent of Dealer or except to the extent any direct or indirect purchase would not constitute a Rule
<FONT STYLE="white-space:nowrap">10b-18</FONT> purchase covered by Rule <FONT STYLE="white-space:nowrap">10b-18</FONT> if made by Counterparty, Counterparty will not, and will cause its affiliated purchasers (as
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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defined in Rule <FONT STYLE="white-space:nowrap">10b-18)</FONT> not to, directly or indirectly (including, without limitation, by means of a derivative instrument) purchase, offer to purchase,
place any bid or limit order that would effect a purchase of, or announce or commence any tender offer relating to, any Shares (or equivalent interest, including a unit of beneficial interest in a trust or limited partnership or a depository share)
or any security convertible into or exchangeable for the Shares. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Counterparty will not be subject to any &#147;restricted period&#148; (as such term is defined in Regulation M
promulgated under the Exchange Act (&#147;<B>Regulation M</B>&#148;)) in respect of Shares or any security with respect to which the Shares are a &#147;reference security&#148; (as such term is defined in Regulation M) during any Unwind Period for
any Transaction. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Counterparty shall: (i)&nbsp;not, during any Unwind Period, make, and will use its commercially reasonable
efforts to not permit to be made to the extent within its control, any public announcement (as defined in Rule 165(f) under the Securities Act) of any Merger Transaction unless such public announcement is made prior to the opening or after the close
of the regular trading session on the Exchange; (ii)&nbsp;promptly (but in any event prior to the next opening of the regular trading session on the Exchange) notify Dealer following any such announcement that such announcement has been made; and
(iii)&nbsp;promptly (but in any event prior to the next opening of the regular trading session on the Exchange) provide Dealer with written notice specifying (A)&nbsp;Counterparty&#146;s average daily Rule
<FONT STYLE="white-space:nowrap">10b-18</FONT> Purchases (as defined in Rule <FONT STYLE="white-space:nowrap">10b-18)</FONT> during the three full calendar months immediately preceding the announcement date for the Merger Transaction that were not
effected through Dealer or its affiliates and (B)&nbsp;the number of Shares purchased pursuant to the proviso in Rule <FONT STYLE="white-space:nowrap">10b-18(b)(4)</FONT> under the Exchange Act for the three full calendar months preceding such
announcement date. Such written notice shall be deemed to be a certification by Counterparty to Dealer that such information is true and correct. In addition, Counterparty shall promptly notify Dealer of the earlier to occur of the completion of
such transaction and the completion of the vote by target shareholders. Counterparty acknowledges that any such notice may result in a Regulatory Disruption, or, if such notice relates to an event that is also an ISDA Event, an Early Valuation, or
may affect the length of any ongoing Unwind Period. Accordingly, Counterparty acknowledges that its delivery of such notice must comply with the standards set forth in Section&nbsp;6(c) above. &#147;<B>Merger Transaction</B>&#148; means any merger,
acquisition or similar transaction involving a recapitalization as contemplated by Rule <FONT STYLE="white-space:nowrap">10b-18(a)(13)(iv)</FONT> under the Exchange Act, other than any such transaction in which the consideration consists solely of
cash and there is no valuation period. For the avoidance of doubt, a Merger Transaction or the announcement thereof shall not give either party the right to designate an Early Valuation Date for any Transaction and/or to accelerate or preclude an
election by Counterparty of Physical Settlement for any Settlement of any Transaction, unless such Merger Transaction or the announcement thereof is also an ISDA Event. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Counterparty will promptly execute each properly completed Supplemental Confirmation delivered to Counterparty
by Dealer. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Counterparty represents to Dealer that Dealer, solely in its capacity as &#147;Forward Purchaser&#148; (as
defined in the Distribution Agreement) or it or any of its affiliates in its capacity as &#147;Forward Seller&#148; (as defined in the Distribution Agreement) and solely with respect to its entering into and consummating the transactions
contemplated by this Master Confirmation and the Distribution Agreement (including any &#147;Forward Contract&#148; thereunder) either (x)&nbsp;will not collectively with the other Forward Purchasers or Forward Sellers under the Distribution
Agreement be a &#147;Person&#148; (as defined in Counterparty&#146;s Articles of Restatement of Declaration of Trust, dated December&nbsp;9, 2004 (the &#147;<B>Charter</B>&#148;)) by virtue of being a member of a &#147;group&#148; (as referenced in
the definition of Person in the Charter) with such Forward Purchasers or Forward Sellers or both; or (y)&nbsp;may, to the extent necessary to consummate the transactions contemplated by this Master Confirmation and the Distribution Agreement
(including any &#147;Forward Contract&#148; thereunder), &#147;Beneficially Own&#148; and &#147;Constructively Own&#148; Shares in excess of the &#147;Ownership Limit&#148; (as defined in the Charter) by virtue of entering into transactions
described in Section&nbsp;7.2(g)(4) of the Charter. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Counterparty represents to Dealer, in respect of any Transaction, that a number of Shares at least equal to the
Capped Number (as defined below) will be reserved for issuance by the Counterparty&#146;s board of trustees. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. <U>Termination on Bankruptcy</U>. The parties hereto agree that, notwithstanding anything to the contrary
in the Agreement or the Equity Definitions, each Transaction constitutes a contract to issue a security of Counterparty as contemplated by Section&nbsp;365(c)(2) of the Bankruptcy Code and that a Transaction and the obligations and rights of
Counterparty and Dealer (except for any liability as a result of breach of any of the representations or warranties provided by Counterparty in Section&nbsp;4 or Section&nbsp;5 above) shall immediately terminate, without the necessity of any notice,
payment (whether directly, by netting or otherwise) or other action by Counterparty or Dealer, if, on or prior to the final Settlement Date, Cash Settlement Payment Date or Net Share Settlement Date, as the case may be, for such Transaction an
Insolvency Filing occurs or any other proceeding commences with respect to Counterparty under the Bankruptcy Code to which Section&nbsp;365(c)(2) is applicable (a &#147;<B>Bankruptcy Termination Event</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. <U>Additional Provisions</U>. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Dealer acknowledges and agrees that Counterparty&#146;s obligations under the Transactions are not secured by
any collateral and that neither this Master Confirmation nor any Supplemental Confirmation is intended to convey to Dealer rights with respect to the transactions contemplated hereby and by any Supplemental Confirmation that are senior to the claims
of common stockholders in any U.S. bankruptcy proceedings of Counterparty; <I>provided </I>that nothing herein shall limit or shall be deemed to limit Dealer&#146;s right to pursue remedies in the event of a breach by Counterparty of its obligations
and agreements with respect to this Master Confirmation, any Supplemental Confirmation or the Agreement; <I>provided further </I>that nothing herein shall limit or shall be deemed to limit Dealer&#146;s rights in respect of any transaction other
than the Transactions. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">[Reserved.] </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The parties hereto intend for: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">each Transaction to be a &#147;securities contract&#148; as defined in Section&nbsp;741(7) of the Bankruptcy
Code, and the parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(27), 362(o), 546(e), 546(j), 555 and 561 of the Bankruptcy Code; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the rights given to Dealer pursuant to &#147;Early Valuation&#148; in Section&nbsp;2 above to constitute
&#147;contractual rights&#148; to cause the liquidation of a &#147;securities contract&#148; and to set off mutual debts and claims in connection with a &#147;securities contract&#148;, as such terms are used in Sections 555 and 362(b)(6) of the
Bankruptcy Code; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">any cash, securities or other property provided as performance assurance, credit support or collateral with
respect to the Transactions to constitute &#147;margin payments&#148; and &#147;transfers&#148; under a &#147;securities contract&#148; as defined in the Bankruptcy Code; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">all payments for, under or in connection with the Transactions, all payments for Shares and the transfer of
Shares to constitute &#147;settlement payments&#148; and &#147;transfers&#148; under a &#147;securities contract&#148; as defined in the Bankruptcy Code; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">any or all obligations that either party has with respect to this Master Confirmation, any Supplemental
Confirmation or the Agreement to constitute property held by or due from such party to margin, guaranty or settle obligations of the other party with respect to the transactions under the Agreement (including the Transactions) or any other agreement
between such parties. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Notwithstanding any other provision of the Agreement, this Master Confirmation or any Supplemental
Confirmation, in no event will Counterparty be required to deliver in the aggregate in respect of all Settlement Dates, Net Share Settlement Dates or other dates on which Shares are delivered in respect of any amount owed under any Transaction a
number of Shares greater than two times the Number of Shares for such Transaction as of the Trade Date for such Transaction (the &#147;<B>Capped Number</B>&#148;). The Capped Number shall be subject to adjustment only on account of
(x)&nbsp;Potential Adjustment Events of the type specified in (1)&nbsp;Sections 11.2(e)(i) through (vi)&nbsp;of the Equity Definitions or (2)&nbsp;Section&nbsp;11.2(e)(vii) of the Equity Definitions so long as, in the case of this <FONT
STYLE="white-space:nowrap">sub-clause</FONT> (2), such event is within Counterparty&#146;s control and (y)&nbsp;Merger Events requiring corporate </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
action of Counterparty (or any surviving entity of Counterparty hereunder in connection with any such Merger Event). Counterparty represents and warrants to Dealer (which representation and
warranty shall be deemed to be repeated for all Transactions on each day that any Transaction is outstanding) that the aggregate Capped Number across all Transactions hereunder is equal to or less than the number of authorized but unissued Shares
that are not reserved for future issuance in connection with transactions in the Shares (other than the Transactions) on the date of the determination of such aggregated Capped Number. In the event Counterparty shall not have delivered the full
number of Shares otherwise deliverable under any Transaction as a result of this Section&nbsp;8(d) (the resulting deficit for such Transaction, the &#147;<B>Deficit Shares</B>&#148;), Counterparty shall be continually obligated to deliver Shares,
from time to time until the full number of Deficit Shares have been delivered pursuant to this paragraph, on a pro rata basis across all Transactions hereunder or under similar Master Confirmations, when, and to the extent that, (A)&nbsp;Shares are
repurchased, acquired or otherwise received by Counterparty or any of its subsidiaries after the date hereof (whether or not in exchange for cash, fair value or any other consideration), (B) authorized and unissued Shares reserved for issuance in
respect of other transactions prior to such date which prior to the relevant date become no longer so reserved or (C)&nbsp;Counterparty additionally authorizes any unissued Shares that are not reserved for transactions other than the Transactions
(such events as set forth in clauses (A), (B) and (C)&nbsp;above, collectively, the &#147;<B>Share Issuance Events</B>&#148;). Counterparty shall promptly notify Dealer of the occurrence of any of the Share Issuance Events (including the number of
Shares subject to clause (A), (B) or (C)&nbsp;and the corresponding number of Shares to be delivered for each Transaction) and, as promptly as reasonably practicable, deliver such Shares thereafter. Counterparty shall not, until Counterparty&#146;s
obligations under the Transactions have been satisfied in full, use any Shares that become available for potential delivery to Dealer as a result of any Share Issuance Event for the settlement or satisfaction of any transaction or obligation other
than the Transactions hereunder or under similar Master Confirmations or reserve any such Shares for future issuance for any purpose other than to satisfy Counterparty&#146;s obligations to Dealer under the Transactions hereunder or under similar
Master Confirmations. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The parties intend for this Master Confirmation and each Supplemental Confirmation to constitute a
&#147;Contract&#148; as described in the letter dated October&nbsp;6, 2003 submitted on behalf of Goldman, Sachs&nbsp;&amp; Co. to Paula Dubberly of the staff of the Securities and Exchange Commission (the &#147;<B>Staff</B>&#148;) to which the
Staff responded in an interpretive letter dated October&nbsp;9, 2003 (the &#147;<B>Interpretive Letter</B>&#148;). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The parties intend for each Transaction (taking into account purchases of Shares in connection with any Cash
Settlement or Net Share Settlement of any Transaction) to comply with the requirements of Rule <FONT STYLE="white-space:nowrap">10b5-1(c)(1)(i)(A)</FONT> under the Exchange Act and for this Master Confirmation and each Supplemental Confirmation to
constitute a binding contract or instruction satisfying the requirements of <FONT STYLE="white-space:nowrap">10b5-1(c)</FONT> and to be interpreted to comply with the requirements of Rule <FONT STYLE="white-space:nowrap">10b5-1(c).</FONT>
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Role of Agent. [Each of Dealer and Counterparty acknowledges to and agrees with the other party hereto and to
and with the Agent that (i)&nbsp;the Agent is acting as agent for Dealer under the Transaction pursuant to instructions from such party to an Affiliate of Dealer, (ii)&nbsp;the Agent is not a principal or party to the Transaction, and may transfer
its rights and obligations with respect to the Transaction, (iii)&nbsp;the Agent shall have no responsibility, obligation or liability, by way of issuance, guaranty, endorsement or otherwise in any manner with respect to the performance of either
party under the Transaction, (iv)&nbsp;Dealer and the Agent have not given, and Counterparty is not relying (for purposes of making any investment decision or otherwise) upon, any statements, opinions or representations (whether written or oral) of
Dealer or the Agent, other than the representations expressly set forth in this Master Confirmation or the Agreement, and (v)&nbsp;each party agrees to proceed solely against the other party, and not the Agent, to collect or recover any money or
securities owed to it in connection with the Transaction. Each party hereto acknowledges and agrees that the Agent is an intended third party beneficiary hereunder. Counterparty acknowledges that the Agent is an affiliate
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
of Dealer. Dealer will be acting for its own account in respect of this Master Confirmation and the Transaction contemplated hereunder.]<SUP STYLE="font-size:85%; vertical-align:top">5</SUP>
[Reserved.]<SUP STYLE="font-size:85%; vertical-align:top">6</SUP> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Counterparty acknowledges that: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">during the term of the Transactions, Dealer and its affiliates may buy or sell Shares or other securities or
buy or sell options or futures contracts or enter into swaps or other derivative securities in order to establish, adjust or unwind its hedge position with respect to the Transactions; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Dealer and its affiliates may also be active in the market for the Shares and derivatives linked to the Shares
other than in connection with hedging activities in relation to the Transactions, including acting as agent or as principal and for its own account or on behalf of customers; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">subject to its obligations hereunder, Dealer shall make its own determination as to whether, when or in what
manner any hedging or market activities in Counterparty&#146;s securities shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the Forward Price and the Settlement Price for each
Transaction; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">any market activities of Dealer and its affiliates with respect to the Shares may affect the market price and
volatility of the Shares, as well as the Forward Price and the Settlement Price for each Transaction, each in a manner that may be adverse to Counterparty; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">each Transaction is a derivatives transaction; Dealer may purchase or sell shares for its own account at an
average price that may be greater than, or less than, the price received by Counterparty under the terms of the relevant Transaction. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Counterparty and Dealer agree and acknowledge that: (A)&nbsp;the Transactions contemplated by this Master
Confirmation will be entered into in reliance on the fact that this Master Confirmation and each Supplemental Confirmation hereto form a single agreement between Counterparty and Dealer, and Dealer would not otherwise enter into such Transactions;
(B)&nbsp;this Master Confirmation, together with each Supplemental Confirmation hereto, is a &#147;qualified financial contract&#148;, as such term is defined in <FONT STYLE="white-space:nowrap">Section&nbsp;5-701(b)(2)</FONT> of the General
Obligations Law; (C)&nbsp;each Supplemental Confirmation hereto, regardless of whether transmitted electronically or otherwise, constitutes a &#147;confirmation in writing sufficient to indicate that a contract has been made between the
parties&#148; hereto, as set forth in <FONT STYLE="white-space:nowrap">Section&nbsp;5-701(b)(3)(b)</FONT> of the General Obligations Law; and (D)&nbsp;this Master Confirmation and each Supplemental Confirmation hereto constitute a prior
&#147;written contract&#148;, as set forth in <FONT STYLE="white-space:nowrap">Section&nbsp;5-701(b)(1)(b)</FONT> of the General Obligations Law, and each party hereto intends and agrees to be bound by this Master Confirmation and such Supplemental
Confirmation. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Counterparty and Dealer agree that, upon the effectiveness of any Accepted Transaction Proposal relating to a
Forward (as such term is defined in the Distribution Agreement), in respect of the Transaction to which such Accepted Transaction Proposal relates, each of the representations, warranties, covenants, agreements and other provisions of this Master
Confirmation and the Supplemental Confirmation for such Transaction (including, without limitation, Dealer&#146;s right to designate an Early Valuation Date in respect of such Transaction pursuant to the provisions opposite the caption &#147;Early
Valuation&#148; in Section&nbsp;2 and the termination of such Transaction following a Bankruptcy Termination Event as described in Section&nbsp;7) shall govern, and be applicable to, such Transaction as of the first Trading Day of the Forward Hedge
Selling Period for such Transaction as if the Trade Date for such Transaction were such first Trading Day. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(k)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Tax Matters. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Barclays provision. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">6</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insert for all other Dealers. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Payer Tax Representations. For the purpose of Section&nbsp;3(e) of the Agreement, Dealer and Counterparty make
the following representation: </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">It is not required by any applicable law, as modified by the practice of any relevant
governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section&nbsp;9(h) of the Agreement or any tax imposed under section 871(m) or
1471 through 1474 of the Code or amounts payable hereunder that may be considered to be interest for United States federal income tax purposes) to be made by it to the other party under the Agreement. In making this representation, it may rely on
(i)&nbsp;the accuracy of any representations made by the other party pursuant to Section&nbsp;3(f) of the Agreement, (ii)&nbsp;the satisfaction of the agreement contained in Section&nbsp;4(a)(i) or 4(a)(iii) of the Agreement and the accuracy and
effectiveness of any document provided by the other party pursuant to Section&nbsp;4(a)(i) or 4(a)(iii) of the Agreement and (iii)&nbsp;the satisfaction of the agreement of the other party contained in Section&nbsp;4(d) of the Agreement; provided
that it will not be a breach of this representation where reliance is placed on clause (ii)&nbsp;above and the other party does not deliver a form or document under Section&nbsp;4(a)(iii) by reason of material prejudice to its legal or commercial
position. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Payee Tax Representations. For the purpose of Section&nbsp;3(f) of the Agreement, Dealer and Counterparty make
the following representations: </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Dealer makes the following
representations:<SUP STYLE="font-size:85%; vertical-align:top">7</SUP> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">[(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">It is a &#147;U.S. person&#148; (as that term is used in section
<FONT STYLE="white-space:nowrap">1.1441-4(a)(3)(ii)</FONT> of the U.S. Treasury Regulations) for U.S. federal income tax purposes. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">It is a national banking association organized or formed under the laws of the United States and is an exempt
recipient under U.S. Treasury Regulation <FONT STYLE="white-space:nowrap">Section&nbsp;1.6049-4(c)(1)(ii)(M).]</FONT><SUP STYLE="font-size:85%; vertical-align:top">8</SUP> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">[It is a chartered bank organized under the laws of Canada and is treated as a corporation for U.S. federal
income tax purposes. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">It is acting through a dependent agent located in the United States (including only the States thereof and the
District of Columbia), it is a &#147;foreign person&#148; (as that term is used in U.S. Treasury Regulation <FONT STYLE="white-space:nowrap">Section&nbsp;1.6041-4(a)(4))</FONT> for U.S. federal income tax purposes and each payment received or to be
received by it in connection with this Agreement will be effectively connected with its conduct of a trade or business in the United States.]<SUP STYLE="font-size:85%; vertical-align:top">9</SUP> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">[Dealer is a limited liability company duly organized and formed under the laws of the State of Delaware and is a disregarded entity for U.S.
federal income tax purposes. Dealer&#146;s sole member is a corporation duly organized under the laws of the State of Delaware, is a &#147;U.S. person&#148; as that term is used in section <FONT STYLE="white-space:nowrap">1.1441-4(a)(3)(ii)</FONT>
of the U.S. Treasury Regulations for U.S. federal income tax purposes and is an exempt recipient under <FONT STYLE="white-space:nowrap">Section&nbsp;1.6049-4(c)(1)(ii)</FONT> of the U.S. Treasury Regulations.]<SUP
STYLE="font-size:85%; vertical-align:top">10</SUP> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">[Dealer is a national banking association organized and existing under the laws of the
United States, is an exempt recipient under U.S. Treasury Regulation <FONT STYLE="white-space:nowrap">Section&nbsp;1.6049-4(c)(1)(ii)(M),</FONT> and its federal taxpayer identification number is <FONT STYLE="white-space:nowrap">94-1687665.</FONT>
Dealer is a </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">7</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>NTD</B>: Appropriate reps for each Dealer to be inserted into each Confirmation. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">8</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">JPM provision. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">9</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Scotiabank provision. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">10</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Morgan Stanley provision. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">
&#147;U.S. person&#148; (as that term is used in section <FONT STYLE="white-space:nowrap">1.1441-4(a)(3)(ii)</FONT> of the U.S. Treasury Regulations) for U.S. federal income tax purposes.]<SUP
STYLE="font-size:85%; vertical-align:top">11</SUP> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">[Dealer is a &#147;U.S. person&#148; (as that term is used in section <FONT
STYLE="white-space:nowrap">1.1441-4(a)(3)(ii)</FONT> of the U.S. Treasury Regulations) for U.S. federal income tax purposes and an &#147;exempt recipient&#148; under section <FONT STYLE="white-space:nowrap">1.6049-4(c)(1)(ii)(M)</FONT> of the U.S.
Treasury Regulations.]<SUP STYLE="font-size:85%; vertical-align:top">12</SUP> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">[For U.S. federal income tax purposes, Dealer is acting as
nominee on behalf of UBS Securities LLC, a person that is a &#147;U.S. person&#148; as that term is used in section <FONT STYLE="white-space:nowrap">1.1441-4(a)(3)(ii)</FONT> of the U.S. Treasury Regulations for U.S. federal income tax purposes and
an &#147;exempt recipient&#148; as that term is defined in section <FONT STYLE="white-space:nowrap">1.6049-4(c)(1)(ii)</FONT> of the U.S. Treasury Regulations.]<SUP STYLE="font-size:85%; vertical-align:top">13</SUP> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">[For the purpose of Section&nbsp;3(f) of the Agreement, Dealer makes the following representation to Counterparty: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each payment received or to be received by it in connection with the Agreement is effectively connected with
its conduct of a trade or business within the United States; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">It is a &#147;foreign person&#148; (as that term is used in
<FONT STYLE="white-space:nowrap">Section&nbsp;1.6041-4(a)(4)</FONT> of the U.S. Treasury Regulations) for U.S. federal income tax purposes.]<SUP STYLE="font-size:85%; vertical-align:top">14</SUP> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">[For the purpose of Section&nbsp;3(f) of the Agreement, the following representations will apply to Dealer: (i)&nbsp;Dealer is a <FONT
STYLE="white-space:nowrap">&#147;non-U.S.</FONT> branch of a foreign person&#148; as that term is used in <FONT STYLE="white-space:nowrap">Section&nbsp;1.1441-4(a)(3)(ii)</FONT> of the U.S. Treasury Regulations, and it is a &#147;foreign
person&#148; as that term is used in <FONT STYLE="white-space:nowrap">Section&nbsp;1.6041-4(a)(4)</FONT> of the U.S. Treasury Regulations and (ii)&nbsp;Dealer is a &#147;Qualified Derivatives Dealer&#148; as of the date hereof, as defined for
purposes of Chapter 3 of the U.S. Internal Revenue Code of 1986, as amended, and is acting as a principal with respect to any Transaction under the Master Confirmation.]<SUP STYLE="font-size:85%; vertical-align:top">15</SUP> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The following representations will apply to Counterparty: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Counterparty is a corporation for U.S. federal income tax purposes. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Counterparty is a &#147;U.S. person&#148; (as that term is used in section
<FONT STYLE="white-space:nowrap">1.1441-4(a)(3)(ii)</FONT> of the U.S. Treasury Regulations) for U.S. federal income tax purposes and a corporation that is an exempt recipient under U.S. Treasury Regulation
<FONT STYLE="white-space:nowrap">Section&nbsp;1.6049-4(c)(1)(ii)(J).</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Agreements to Deliver Documents. [For the purpose of Section&nbsp;4(a)(i) of the Agreement, Dealer and
Counterparty each agrees to deliver, as applicable, (i)&nbsp;in the case of Dealer, a completed and accurate U.S. Internal Revenue Service Form <FONT STYLE="white-space:nowrap">W-9</FONT> or applicable Form
<FONT STYLE="white-space:nowrap">[W-8]</FONT> <FONT STYLE="white-space:nowrap">[W-8ECI]</FONT><SUP STYLE="font-size:85%; vertical-align:top">16</SUP> (or successor thereto) [a U.S. Internal Revenue Service Form
<FONT STYLE="white-space:nowrap">W-8IMY</FONT> (or successor thereto) certifying that Dealer is a &#147;Qualified Derivatives Dealer&#148;]<SUP STYLE="font-size:85%; vertical-align:top">17</SUP> <FONT STYLE="white-space:nowrap">[W-8IMY</FONT> for
UBS AG, London Branch, together with the required U.S. Internal Revenue Service Form <FONT STYLE="white-space:nowrap">W-9</FONT> for UBS Securities LLC (or any successor forms), and any required attachments </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">11</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">BAML provision. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">12</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">BONY provision. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">13</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">UBS provision. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">14</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Barclays provision. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">15</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">MUFG provision. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">16</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Barclays and Scotia to deliver Form <FONT STYLE="white-space:nowrap">W-8ECI.</FONT> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">17</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">MUFG provision. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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thereto]<SUP STYLE="font-size:85%; vertical-align:top">18</SUP> and (ii)&nbsp;in the case of Counterparty, a complete and accurate U.S. Internal Revenue Service Form <FONT
STYLE="white-space:nowrap">W-9</FONT> (or successor thereto), in each case (x)&nbsp;promptly upon execution of this Master Confirmation, (y)&nbsp;promptly upon reasonable demand by the other party and (z)&nbsp;promptly upon learning that any form
previously provided has become obsolete, invalid or incorrect.] </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Change of Account. Section&nbsp;2(b) of the Agreement is hereby amended by the addition of the following after
the word &#147;delivery&#148; in the first line thereof: &#147;to another account in the same legal and tax jurisdiction&#148;. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;Indemnifiable Tax&#148; as defined in Section&nbsp;14 of the Agreement shall not include (A)&nbsp;any tax
imposed or collected pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section&nbsp;1471(b) of the Code, or any fiscal or regulatory
legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (a &#147;<B>FATCA Withholding Tax</B>&#148;) and (B)&nbsp;any tax imposed or
collected pursuant to Section&nbsp;871(m) of the Code or any current or future regulations or official interpretation thereof (a &#147;<B>Section</B><B></B><B>&nbsp;871(m) Withholding Tax</B>&#148;). For the avoidance of doubt, each of a FATCA
Withholding Tax and a Section&nbsp;871(m) Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for purposes of Section&nbsp;2(d) of the Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Deduction or Withholding for Tax. Sections 2(d)(i), 2(d)(i)(4), 2(d)(ii)(1) of the Agreement and the definition
of &#147;Tax&#148; in the Agreement are hereby amended by replacing the words &#147;pay&#148;, &#147;paid&#148;, &#147;payment&#148; or &#147;payments&#148; with the words &#147;pay or deliver&#148;, &#147;paid or delivered&#148;, &#147;payment or
delivery&#148; or &#147;payments or deliveries&#148;, respectively. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9. <U>Indemnification</U>. Counterparty and the Operating
Partnership agree to indemnify and hold harmless Dealer, its affiliates and its permitted assignees and their respective directors, officers, employees, agents and controlling persons (Dealer and each such person being an &#147;<B>Indemnified
Party</B>&#148;) from and against any and all losses (excluding, for the avoidance of doubt, financial losses resulting from the economic terms of the Transactions), claims, damages and liabilities (or actions in respect thereof), joint and several,
incurred by or asserted against such Indemnified Party arising out of, in connection with, or relating to any breach of any covenant or representation made by Counterparty in this Master Confirmation, any Supplemental Confirmation or the
Agreement.&nbsp;Counterparty and the Operating Partnership will not be liable under the foregoing indemnification provision to the extent that any loss, claim, damage, liability or expense is found in a nonappealable judgment by a court of competent
jurisdiction to have resulted from the willful misconduct, gross negligence or bad faith of any Indemnified Party. If for any reason the foregoing indemnification is unavailable to any Indemnified Party or insufficient to hold harmless any
Indemnified Party, then Counterparty and the Operating Partnership shall contribute, to the maximum extent permitted by law, to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability. In addition,
Counterparty and the Operating Partnership will reimburse any Indemnified Party for all reasonable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses (including reasonable and documented counsel
fees and expenses) as they are incurred in connection with the investigation of, preparation for or defense or settlement of any pending or threatened claim covered by this Section&nbsp;9 or any action, suit or proceeding arising therefrom, whether
or not such Indemnified Party is a party thereto and whether or not such claim, action, suit or proceeding is initiated or brought by or on behalf of Counterparty or the Operating Partnership. The provisions of this Section&nbsp;9 shall survive the
completion of the Transactions contemplated by this Master Confirmation and any Supplemental Confirmation and any assignment and/or delegation of the Transactions made pursuant to the Agreement, this Master Confirmation or any Supplemental
Confirmation and shall inure to the benefit of any permitted assignee of Dealer. For the avoidance of doubt, any payments due as a result of this provision may not be used to set off any obligation of Dealer upon settlement of the Transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10. <U>Beneficial Ownership</U>. Notwithstanding anything to the contrary in the Agreement, this Master Confirmation or any Supplemental Confirmation, in no
event shall Dealer be entitled to receive, or be deemed to receive, or, with respect to clause (y)&nbsp;below, have the &#147;right to acquire&#148; (within the meaning of NYSE Rule 312.04(g)), Shares to the extent that, upon such receipt of such
Shares, (i)&nbsp;the &#147;beneficial ownership&#148; (within the meaning of Section&nbsp;13 of the Exchange Act and the rules promulgated thereunder) of Shares by Dealer, any of its affiliates&#146; business units subject </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">18</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">UBS provision. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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to aggregation with Dealer for purposes of the &#147;beneficial ownership&#148; test under Section&nbsp;13 of the Exchange Act and all persons who may form a &#147;group&#148; (within the meaning
of Rule <FONT STYLE="white-space:nowrap">13d-5(b)(1)</FONT> under the Exchange Act) with Dealer with respect to &#147;beneficial ownership&#148; of any Shares (collectively, &#147;<B>Dealer Group</B>&#148;) would be equal to or greater than the
lesser of (x) 4.5% of the outstanding Shares (such condition, an &#147;<B>Excess Section</B><B></B><B>&nbsp;13 Ownership Position</B>&#148;), and (y) 4.9% of the outstanding Shares as of the Trade Date for any Transaction, which shall be notified by
Counterparty to Dealer on or promptly following the Trade Date and set forth in the Supplemental Confirmation (such number of Shares, the &#147;<B>Threshold Number of Shares</B>&#148; and such condition, the &#147;<B>Excess NYSE Ownership
Position</B>&#148;) or (ii)&nbsp;Dealer, Dealer Group or any person whose ownership position would be aggregated with that of Dealer or Dealer Group (Dealer, Dealer Group or any such person, a &#147;<B>Dealer Person</B>&#148;) under Sections <FONT
STYLE="white-space:nowrap">3-601</FONT> through <FONT STYLE="white-space:nowrap">3-603</FONT> of the Maryland Code (Corporations and Associations) or any state or federal bank holding company or banking laws, or any federal, state or local laws,
regulations or regulatory orders applicable to ownership of Shares (&#147;<B>Applicable Laws</B>&#148;), would own, beneficially own, constructively own, control, hold the power to vote or otherwise meet a relevant definition of ownership in excess
of a number of Shares equal to (x)&nbsp;the lesser of (A)&nbsp;the maximum number of Shares that would be permitted under Applicable Laws and (B)&nbsp;the number of Shares that would give rise to reporting or registration obligations or other
requirements (including obtaining prior approval by a state or federal regulator) of a Dealer Person under Applicable Laws and with respect to which such requirements have not been met or the relevant approval has not been received or that would
give rise to any consequences under the constitutive documents of Counterparty (including, without limitation, Section&nbsp;7.2 of the Charter or any contract or agreement to which Counterparty is a party), in each case <I>minus </I>(y)<I> </I>1% of
the number of Shares outstanding on the date of determination (such condition described in clause (i), an &#147;<B>Excess Regulatory Ownership Position</B>&#148;). If any delivery owed to Dealer under any Transaction is not made, in whole or in
part, as a result of this provision, (i)&nbsp;Counterparty&#146;s obligation to make such delivery shall not be extinguished and Counterparty shall make such delivery as promptly as practicable after, but in no event later than one Exchange Business
Day after, Dealer gives notice to Counterparty that such delivery would not result in (x)&nbsp;Dealer Group directly or indirectly so beneficially owning in excess of the lesser of (A) 4.5% of the outstanding Shares and (B)&nbsp;the Threshold Number
of Shares or (y)&nbsp;the occurrence of an Excess Regulatory Ownership Position and (ii)&nbsp;if such delivery relates to a Physical Settlement of any Transaction, notwithstanding anything to the contrary herein, Dealer shall not be obligated to
satisfy the portion of its payment obligation with respect to such Transaction corresponding to any Shares required to be so delivered until the date Counterparty makes such delivery. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11. <U><FONT STYLE="white-space:nowrap">Non-Confidentiality</FONT></U>. The parties hereby agree that (i)&nbsp;effective from the date of commencement of
discussions concerning the Transactions, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transactions and all
materials of any kind, including opinions or other tax analyses, provided by Dealer and its affiliates to Counterparty relating to such tax treatment and tax structure and (ii)&nbsp;Dealer does not assert any claim of proprietary ownership in
respect of any description contained herein or therein relating to the use of any entities, plans or arrangements to give rise to a particular United States federal income tax treatment for Counterparty. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12. <U>Restricted Shares</U>. If Counterparty is unable to comply with the covenant of Counterparty contained in Section&nbsp;6 above or Dealer otherwise
determines in its reasonable opinion, based on advice of counsel, that any Shares to be delivered to Dealer by Counterparty under any Transaction may not be freely returned by Dealer to securities lenders as described in the covenant of Counterparty
contained in Section&nbsp;6 above, then delivery of any such Settlement Shares (the &#147;<B>Unregistered Settlement Shares</B>&#148;) shall be effected pursuant to Annex A hereto, unless waived by Dealer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13. <U>Use of Shares</U>. Dealer acknowledges and agrees that, except in the case of a Private Placement Settlement (as defined in Annex A hereto), Dealer
shall use any Shares delivered by Counterparty to Dealer on any Settlement Date to return to securities lenders to close out borrowings created by Dealer in connection with Dealer&#146;s hedging activities related to exposure under the Transactions
and otherwise in compliance with applicable law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">14. <U>Rule <FONT STYLE="white-space:nowrap">10b-18</FONT></U>. In connection with bids and purchases of
Shares in connection with any Net Share Settlement or Cash Settlement of any Transaction, Dealer shall use commercially reasonable efforts to conduct its activities, or cause its affiliates to conduct their activities, in a manner consistent with
the requirements of the safe harbor provided by Rule <FONT STYLE="white-space:nowrap">10b-18</FONT> under the Exchange Act, as if such provisions were applicable to such purchases and taking into account any applicable Securities and Exchange
Commission <FONT STYLE="white-space:nowrap">no-action</FONT> letters as appropriate, and subject to any delays between the execution and reporting of a trade of the Shares on the Exchange and other circumstances reasonably beyond Dealer&#146;s
control; <I>provided</I> that, without limiting the generality of the first sentence of this Section&nbsp;14, Dealer shall not be responsible for any failure to comply with Rule <FONT STYLE="white-space:nowrap">10b-18(b)(3)</FONT> to the extent any
transaction that was executed (or deemed to be executed) by or on behalf of Counterparty or an &#147;affiliated purchaser&#148; (as defined under </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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Rule <FONT STYLE="white-space:nowrap">10b-18)</FONT> pursuant to a separate agreement is not deemed to be an &#147;independent bid&#148; or an &#147;independent transaction&#148; for purposes of
Rule <FONT STYLE="white-space:nowrap">10b-18(b)(3).</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15. [<I>Reserved</I>.] </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16. <U><FONT STYLE="white-space:nowrap">Set-Off</FONT></U>. Each party waives any and all rights it may have to <FONT STYLE="white-space:nowrap">set-off</FONT>
delivery or payment obligations it owes to the other party under any Transaction against any delivery or payment obligations owed to it by the other party, whether arising under the Agreement, under any other agreement between parties hereto, by
operation of law or otherwise. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17. <U>Staggered Settlement</U>. Notwithstanding anything to the contrary herein, Dealer may, by prior notice to
Counterparty, satisfy its obligation to deliver any Shares or other securities on any date due (an &#147;<B>Original Delivery Date</B>&#148;) by making separate deliveries of Shares or such securities, as the case may be, at more than one time on or
prior to such Original Delivery Date, so long as the aggregate number of Shares and other securities so delivered on or prior to such Original Delivery Date is equal to the number required to be delivered on such Original Delivery Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">18. <U>Waiver of Trial by Jury</U>. EACH OF COUNTERPARTY AND DEALER HEREBY IRREVOCABLY WAIVES (ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE
LAW, ON BEHALF OF ITS STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE TRANSACTION OR THE ACTIONS OF DEALER OR ITS AFFILIATES IN THE
NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19. <U>Jurisdiction</U>. THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURTS
OF THE STATE OF NEW YORK AND THE UNITED STATES COURT FOR THE SOUTHERN DISTRICT OF NEW YORK IN CONNECTION WITH ALL MATTERS RELATING HERETO AND WAIVE ANY OBJECTION TO THE LAYING OF VENUE IN, AND ANY CLAIM OF INCONVENIENT FORUM WITH RESPECT TO, THESE
COURTS. NOTHING IN THIS PROVISION SHALL PROHIBIT A PARTY FROM BRINGING AN ACTION TO ENFORCE A MONEY JUDGMENT IN ANY OTHER JURISDICTION. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">20.
<U>Counterparts</U>. This Master Confirmation may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Master Confirmation by signing and delivering one or more
counterparts. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">21. <U>Delivery of Cash</U>. For the avoidance of doubt, nothing in this Master Confirmation or any Supplemental Confirmation shall be
interpreted as requiring Counterparty to deliver cash in respect of the settlement of the Transactions, except in circumstances where the required cash settlement thereof is permitted for classification of the contract as equity by ASC <FONT
STYLE="white-space:nowrap">815-40,</FONT> <I>Derivatives and Hedging &#151; Contracts in Entity&#146;s Own Equity</I>, as in effect on the Trade Date (including, for the avoidance of doubt, where Counterparty elects Cash Settlement). For the
avoidance of doubt, the preceding sentence shall not be construed as limiting Section&nbsp;9 hereunder or any damages that may be payable by Counterparty as a result of a breach of this Master Confirmation or any Supplemental Confirmation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">22. <U>Adjustments</U>. For the avoidance of doubt, whenever the Calculation Agent, the Hedging Party or the Determining Party is called upon to make an
adjustment, determination or election pursuant to the terms of this Master Confirmation, any Supplemental Confirmation or the Equity Definitions to take into account the effect of an event, the Calculation Agent, the Hedging Party or the Determining
Party, as applicable, shall make such adjustment determination or election in a commercially reasonable manner by reference to the effect of such event on the Hedging Party, assuming that the Hedging Party maintains a commercially reasonable hedge
position at the time of the event. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">23. <U>Other Forward Transactions</U>. Counterparty agrees that (x)&nbsp;it shall not cause to occur, or permit to
exist, any Forward Hedge Selling Period at any time there is (1)&nbsp;a &#147;Forward Hedge Selling Period&#148; (or equivalent term) relating to any other issuer forward sale or similar transaction (including, without limitation, any
&#147;Transaction&#148; under (as and defined under) any substantially identical master forward confirmation) with any financial institution other than Dealer (an &#147;<B>Other Forward Transaction</B>&#148;), (2) any &#147;Unwind Period&#148; (or
equivalent term) hereunder or under any Other Forward Transaction or (3)&nbsp;any other period in which Counterparty directly or indirectly issues and sells Shares pursuant to an underwriting agreement (or similar agreement including, without
limitation, any equity distribution agreement) (such period, a &#147;<B>Selling Period</B>&#148;) that Counterparty enters into with any financial institution other than Dealer, and (y)&nbsp;Counterparty shall not cause to occur, or permit to exist,
an Unwind Period at any time there is an </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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&#147;Unwind Period&#148; (or equivalent term) under any Other Forward Transaction, a &#147;Forward Hedge Selling Period&#148; (or equivalent term) relating to any Transaction or any Other
Forward Transaction, or any Selling Period. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">24. <U>Designation by Dealer</U>. Notwithstanding any other provision of this Master Confirmation or any
Supplemental Confirmation to the contrary requiring or allowing Dealer to purchase, sell, receive or deliver any Shares or other securities to or from Counterparty, Dealer may designate any of its affiliates to purchase, sell, receive or deliver
such Shares or other securities and otherwise to perform Dealer&#146;s obligations in respect of any Transaction and any such designee may assume such obligations. Dealer shall be discharged of its obligations to Counterparty only to the extent of
any such performance. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25. <U>HIRE Act.</U> To the extent that either party to the Agreement with respect to a Transaction is not an adhering party to the
ISDA 2015 Section&nbsp;871(m) Protocol published by the International Swaps and Derivatives Association, Inc. on November&nbsp;2, 2015 and available at www.isda.org, as may be amended, supplemented, replaced or superseded from time to time (the
&#147;<B>871(m) Protocol</B>&#148;), the parties agree that the provisions and amendments contained in the Attachment to the 871(m) Protocol are incorporated into and apply to the Agreement with respect to this Transaction as if set forth in full
herein. The parties further agree that, solely for purposes of applying such provisions and amendments to the Agreement with respect to this Transaction, references to &#147;each Covered Master Agreement&#148; in the 871(m) Protocol will be deemed
to be references to the Agreement with respect to this Transaction, and references to the &#147;Implementation Date&#148; in the 871(m) Protocol will be deemed to be references to the Trade Date of this Transaction. For greater certainty, if there
is any inconsistency between this provision and provision 8(k)(v) of this Master Confirmation or the provisions contained in any other agreement between the parties with respect to this Transaction, this provision shall prevail unless such other
agreement expressly overrides the provisions of the Attachment to the 871(m) Protocol. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">26. <U>[U.S. Stay Regulations</U>. To the extent that the QFC Stay
Rules are applicable hereto, then the parties agree that (i)&nbsp;to the extent that prior to the date hereof both parties have adhered to the 2018 ISDA U.S. Resolution Stay Protocol (the &#147;<B>Protocol</B>&#148;), the terms of the Protocol are
incorporated into and form a part of this Master Confirmation, and for such purposes this Master Confirmation shall be deemed a Protocol Covered Agreement and each party shall be deemed to have the same status as &#147;Regulated Entity&#148; and/or
&#147;Adhering Party&#148; as applicable to it under the Protocol; (ii)&nbsp;to the extent that prior to the date hereof the parties have executed a separate agreement the effect of which is to amend the qualified financial contracts between them to
conform with the requirements of the QFC Stay Rules (the &#147;<B>Bilateral Agreement</B>&#148;), the terms of the Bilateral Agreement are incorporated into and form a part of this Master Confirmation and each party shall be deemed to have the
status of &#147;Covered Entity&#148; or &#147;Counterparty Entity&#148; (or other similar term) as applicable to it under the Bilateral Agreement; or (iii)&nbsp;if clause (i)&nbsp;and clause (ii)&nbsp;do not apply, the terms of Section&nbsp;1 and
Section&nbsp;2 and the related defined terms (together, the &#147;<B>Bilateral Terms</B>&#148;) of the form of bilateral template entitled &#147;Full-Length Omnibus (for use between U.S. <FONT STYLE="white-space:nowrap">G-SIBs</FONT> and Corporate
Groups)&#148; published by ISDA on November&nbsp;2, 2018 (currently available on the 2018 ISDA U.S. Resolution Stay Protocol page at www.isda.org and, a copy of which is available upon request), the effect of which is to amend the qualified
financial contracts between the parties thereto to conform with the requirements of the QFC Stay Rules, are hereby incorporated into and form a part of this Master Confirmation, and for such purposes this Master Confirmation shall be deemed a
&#147;Covered Agreement,&#148; Dealer shall be deemed a &#147;Covered Entity&#148; and Counterparty shall be deemed a &#147;Counterparty Entity.&#148; In the event that, after the date of this Master Confirmation, both parties hereto become adhering
parties to the Protocol, the terms of the Protocol will replace the terms of this paragraph. In the event of any inconsistencies between this Master Confirmation and the terms of the Protocol, the Bilateral Agreement or the Bilateral Terms (each,
the &#147;<B>QFC Stay Terms</B>&#148;), as applicable, the QFC Stay Terms will govern. Terms used in this paragraph without definition shall have the meanings assigned to them under the QFC Stay Rules. For purposes of this paragraph, references to
&#147;this Master Confirmation&#148; include any related credit enhancements entered into between the parties or provided by one to the other. In addition, the parties agree that the terms of this paragraph shall be incorporated into any related
covered affiliate credit enhancements, with all references to Dealer replaced by references to the covered affiliate support provider. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>QFC Stay
Rules</B>&#148; mean the regulations codified at 12 C.F.R. 252.2, 252.81&#151;8, 12 C.F.R. <FONT STYLE="white-space:nowrap">382.1-7</FONT> and 12 C.F.R. <FONT STYLE="white-space:nowrap">47.1-8,</FONT> which, subject to limited exceptions, require an
express recognition of the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">stay-and-transfer</FONT></FONT> powers of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and the Orderly Liquidation
Authority under Title II of the Dodd Frank Wall Street Reform and Consumer Protection Act and the override of default rights </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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related directly or indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions on the transfer of any covered affiliate credit Enhancements.]<SUP
STYLE="font-size:85%; vertical-align:top">19</SUP>[Reserved.] </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">27. <U>[Regulatory Provisions</U>.<B> </B>The time of dealing for the Transaction will be
confirmed by Dealer upon written request by Counterparty. The Agent will furnish to Counterparty upon written request a statement as to the source and amount of any remuneration received or to be received by the Agent in connection with a
Transaction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28. <U>Method of Delivery</U>. Whenever delivery of funds or other assets is required hereunder by or to Counterparty, such delivery shall be
effected through the Agent. In addition, all notices, demands and communications of any kind relating to the Transaction between Dealer and Counterparty shall be transmitted exclusively through the Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">29. <U>2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol</U>. The parties agree that the terms of the 2013 EMIR Portfolio
Reconciliation, Dispute Resolution and Disclosure Protocol published by ISDA on July&nbsp;19, 2013 (&#147;<B>Protocol</B>&#148;) apply to the Agreement as if the parties had adhered to the Protocol without amendment. In respect of the Attachment to
the Protocol, (i)&nbsp;the definition of &#147;Adherence Letter&#148; shall be deemed to be deleted and references to &#147;Adherence Letter&#148; shall be deemed to be to this section (and references to &#147;such party&#146;s Adherence
Letter&#148; and &#147;its Adherence Letter&#148; shall be read accordingly), (ii) references to &#147;adheres to the Protocol&#148; shall be deemed to be &#147;enters into the Agreement&#148;, (iii) references to &#147;Protocol Covered
Agreement&#148; shall be deemed to be references to the Agreement (and each &#147;Protocol Covered Agreement&#148; shall be read accordingly), and (iv)&nbsp;references to &#147;Implementation Date&#148; shall be deemed to be references to the date
of this Master Confirmation. For the purposes of this section: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Dealer is a Portfolio Data Sending Entity and Counterparty is a Portfolio Data Receiving Entity;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Dealer and Counterparty may use a Third Party Service Provider, and each of Dealer and Counterparty consents to
such use including the communication of the relevant data in relation to Dealer and Counterparty to such Third Party Service Provider for the purposes of the reconciliation services provided by such entity. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Local Business Days for such purposes in relation to Dealer and Counterparty is New York, New York, USA.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The following are the applicable email addresses. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="95%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Portfolio Data:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Dealer: MarginServicesPortRec@barclays.com</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Counterparty: DerivativeCompliance@eqr.com</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Notice of discrepancy:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Dealer: PortRecDiscrepancy@barclays.com</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Counterparty: DerivativeCompliance@eqr.com</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dispute Notice:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Dealer: EMIRdisputenotices@barclays.com</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Counterparty: DerivativeCompliance@eqr.com</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">30. <U>N</U><U>FC Representation Protocol</U>. The parties agree that the provisions set out in the Attachment to the
ISDA 2013 EMIR NFC Representation Protocol published by ISDA on March&nbsp;8, 2013 (the &#147;<B>NFC Representation Protocol</B>&#148;) shall apply to the Agreement as if each party were an Adhering Party under the terms of the NFC Representation
Protocol. In respect of the Attachment to the NFC Representation Protocol, (i)&nbsp;the definition of &#147;Adherence Letter&#148; shall be deemed to be deleted and references to &#147;Adherence Letter&#148; shall be deemed to be to this section
(and references to &#147;the relevant Adherence Letter&#148; and &#147;its Adherence Letter&#148; shall be read accordingly), (ii) references to &#147;adheres to the Protocol&#148; shall be deemed to be &#147;enters into the Agreement&#148;, (iii)
references to &#147;Covered Master Agreement&#148; shall be deemed to be references to the Agreement (and each &#147;Covered Master Agreement&#148; shall be read accordingly), and (iv)&nbsp;references to &#147;Implementation Date&#148; shall be
deemed to be references to the date of this Master Confirmation. Counterparty confirms that it enters into this Master Confirmation as a party making the NFC </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">19</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insert for all Dealers other than Barclays and The Bank of Nova Scotia.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

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Representation (as such term is defined in the NFC Representation Protocol). Counterparty shall promptly notify Dealer of any change to its status as a party making the NFC Representation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">31. <U><FONT STYLE="white-space:nowrap">Bail-In</FONT> Protocol.</U> Notwithstanding anything contained in the Agreement, the parties agree that the provisions
of the ISDA 2016 <FONT STYLE="white-space:nowrap">Bail-In</FONT> Article 55 BRRD Protocol published by the International Swaps and Derivatives Association, Inc. on 14&nbsp;July 2016 (the &#147;<B><FONT STYLE="white-space:nowrap">Bail-In</FONT>
Protocol</B>&#148;) shall be deemed to be incorporated into and apply to the Agreement with effect from the date of this Master Confirmation as if references in those provisions to &#147;Protocol Covered Agreement&#148; as defined in the <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Protocol were references to the Agreement, and on the basis that references to the &#147;Implementation Date&#148; in the <FONT STYLE="white-space:nowrap">Bail-in</FONT> Protocol shall be deemed to be
references to the date of this Master Confirmation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">32. <U>Contractual Recognition of UK Stay Resolution</U>. Notwithstanding anything contained in the
Agreement, the parties agree that the provisions of paragraphs 1 to 4 (inclusive) of the UK (PRA Rule) Jurisdictional Module (the &#147;<B>UK Module</B>&#148;) published by the International Swaps and Derivatives Association, Inc. on 3&nbsp;May
2016, as amended from time to time, shall be deemed to be incorporated into the Agreement as if references in those provisions to &#147;Covered Agreement&#148; were references to the Agreement, and on the basis that: (i)&nbsp;Dealer shall be treated
as a &#147;Regulated Entity&#148; and as a &#147;Regulated Entity Counterparty&#148; with respect to Counterparty, (ii)&nbsp;Counterparty shall be treated as a &#147;Module Adhering Party&#148;, and (iii)&nbsp;references to the &#147;Implementation
Date&#148; in the UK Module shall be deemed to be references to the date of this Master Confirmation.]<SUP STYLE="font-size:85%; vertical-align:top">20</SUP> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">33. [EMIR Portfolio Reconciliation and NFC Representation Protocol </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol</U>. The parties agree that the terms of the Attachment
to the 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol published by ISDA on July&nbsp;19, 2013 (&#147;<B>Protocol</B>&#148;) apply to this Agreement as if the parties had adhered to the Protocol without amendment. In
respect of the Attachment to the Protocol, (i)&nbsp;the definition of &#147;Adherence Letter&#148; shall be deemed to be deleted and references to &#147;Adherence Letter&#148; shall be deemed to be to this Section [&#149;](a) (and references to
&#147;such party&#146;s Adherence Letter&#148; and &#147;its Adherence Letter&#148; shall be read accordingly), (ii) references to &#147;adheres to the Protocol&#148; shall be deemed to be &#147;enters into this Agreement&#148;, (iii) references to
&#147;Protocol Covered Agreement&#148; shall be deemed to be references to this Agreement (and each &#147;Protocol Covered Agreement&#148; shall be read accordingly), and (iv)&nbsp;references to &#147;Implementation Date&#148; shall be deemed to be
references to the date of this Agreement. For the purposes of this Section [&#149;](a): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Dealer is a Portfolio Data Sending Entity and Counterparty is a Portfolio Data Receiving Entity.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Dealer and Counterparty may use a Third Party Service Provider, and each of Dealer and Counterparty consents to
such use including the communication of the relevant data in relation to Dealer and Counterparty to such Third Party Service Provider for the purposes of the reconciliation services provided by such entity. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Local Business Days for such purposes in relation to Dealer are London, and in relation to Counterparty are
New York. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The provisions in this paragraph shall survive the termination of this Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The following are the applicable email addresses. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Portfolio Data: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Dealer: <FONT STYLE="white-space:nowrap">OPS-ClientValuations@int.sc.mufg.jp</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Counterparty: DerivativeCompliance@eqr.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Notice of discrepancy:&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Dealer:&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT STYLE="white-space:nowrap">OPS-ClientValuations@int.sc.mufg.jp</FONT></U> </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">20</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Barclays provisions. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:8%; font-size:10pt; font-family:Times New Roman">Counterparty: DerivativeCompliance@eqr.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">Dispute Notice: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:8%; font-size:10pt; font-family:Times New Roman">Dealer:&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT STYLE="white-space:nowrap">OPS-ClientValuations@int.sc.mufg.jp</FONT></U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:8%; font-size:10pt; font-family:Times New Roman">Counterparty: DerivativeCompliance@eqr.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>NFC Representation Protocol</U><I>.</I> The parties agree that the provisions set out in the Attachment to the ISDA 2013 EMIR NFC
Representation Protocol published by ISDA on March&nbsp;8, 2013 (the &#147;<B>NFC Representation Protocol</B>&#148;) shall apply to this Agreement as if each party were an Adhering Party under the terms of the NFC Representation Protocol. In respect
of the Attachment to the Protocol, (i)&nbsp;the definition of &#147;Adherence Letter&#148; shall be deemed to be deleted and references to &#147;Adherence Letter&#148; shall be deemed to be to this Section [&#149;](b) (and references to &#147;the
relevant Adherence Letter&#148; and &#147;its Adherence Letter&#148; shall be read accordingly), (ii) references to &#147;adheres to the Protocol&#148; shall be &#147;enters into this Agreement&#148;, (iii) references to &#147;Covered Master
Agreement&#148; shall be deemed to be references to this Agreement (and each &#147;Covered Master Agreement&#148; shall be read accordingly), and (iv)&nbsp;references to &#147;Implementation Date&#148; shall be deemed to be references to the date of
this Agreement. The Counterparty confirms that it enters into this Agreement as a party making the NFC Representation (as such term is defined in the NFC Representation Protocol). The Counterparty shall promptly send any required notification under
the NFC Representation Protocol to Dealer (with a copy to MUSICMP.EMIREnquiries@int.sc.mufg.jp). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">34. <U>Transaction Reporting - Consent for Disclosure of
Information</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything to the contrary herein or in the Agreement or any
<FONT STYLE="white-space:nowrap">non-disclosure,</FONT> confidentiality or other agreements entered into between the parties from time to time, each party hereby consents to the Disclosure of information (the &#147;<B>Reporting Consent</B>&#148;):
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">to the extent required by, or necessary in order to comply with, any applicable law, rule or regulation which
mandates Disclosure of transaction and similar information or to the extent required by, or necessary in order to comply with, any order, request or directive regarding Disclosure of transaction and similar information issued by any relevant
authority or body or agency (&#147;<B>Reporting Requirements</B>&#148;); or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">to and between the other party&#146;s head office, branches or affiliates; to any person, agent, third party or
entity who provides services to such other party or its head office, branches or affiliates; to a Market; or to any trade data repository or any systems or services operated by any trade repository or Market, in each case, in connection with such
Reporting Requirements; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">subject to an agreement containing provisions substantially similar to those of the Reporting Consent, to any
prospective counterparty to a derivatives transaction relating to any Transaction hereunder. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Disclosure&#148;
means disclosure, reporting, retention, or any action similar or analogous to any of the aforementioned. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Market&#148; means any
exchange, regulated market, clearing house, central clearing counterparty or multilateral trading facility. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Disclosures made pursuant to
this Reporting Consent may include, without limitation, Disclosure of information relating to disputes over transactions between the parties, a party&#146;s identity, and certain transaction and pricing data and may result in such information
becoming available to the public or recipients in a jurisdiction which may have a different level of protection for personal data from that of the relevant party&#146;s home jurisdiction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">This Reporting Consent shall be deemed to constitute an agreement between the parties with respect to Disclosure in general and shall survive
the termination of this Master Confirmation. No amendment to or termination of this Reporting Consent shall be effective unless such amendment or termination is made in writing between the parties and specifically refers to this Reporting Consent.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">35. <U>Contractual Recognition of <FONT STYLE="white-space:nowrap">Bail-In</FONT> (United Kingdom)</U>. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Notwithstanding anything to the contrary in the Agreement or in any other agreement, arrangement or
understanding among the parties, each party acknowledges and accepts that liabilities arising under the Agreement (other than Excluded Liabilities) may be subject to the exercise of the UK <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power by the
relevant resolution authority and agrees and consents to, and acknowledges and accepts to be bound by, any <FONT STYLE="white-space:nowrap">Bail-in</FONT> Action and the effects thereof (including any variation, modification and/or amendment to the
terms of the Agreement as may be necessary to give effect to any such <FONT STYLE="white-space:nowrap">Bail-in</FONT> Action), which if the <FONT STYLE="white-space:nowrap">Bail-in</FONT> Termination Amount is payable by the BRRD Party to the
Creditor Counterparty may include, without limitation: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a reduction, in full or in part, of the <FONT STYLE="white-space:nowrap">Bail-in</FONT> Termination Amount;
and/or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a conversion of all, or a portion of, the <FONT STYLE="white-space:nowrap">Bail-in</FONT> Termination Amount
into shares or other instruments of ownership, in which case the Creditor Counterparty acknowledges and accepts that any such shares or other instruments of ownership may be issued to or conferred upon it as a result of the <FONT
STYLE="white-space:nowrap">Bail-in</FONT> Action. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each party acknowledges and accepts that this provision is exhaustive on the matters described herein to the
exclusion of any other agreements, arrangements or understanding between the parties relating to the subject matter of the Agreement and that no further notice shall be required between the parties pursuant to the Agreement in to order to give
effect to the matters described herein. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The acknowledgements and acceptances contained in paragraphs (1)&nbsp;and (2) above will not apply if:
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the relevant resolution authority determines that the liabilities arising under the Agreement may be subject to
the exercise of the UK <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power pursuant to the law of a third country governing such liabilities or a binding agreement concluded with such third country and in either case the UK Regulations have been
amended to reflect such determination; and/or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the UK Regulations have been repealed or amended in such a way as to remove the requirement for either party to
give or obtain the acknowledgements and acceptances contained in paragraphs (1)&nbsp;and (2). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitions. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">&#147;Bail-in</FONT> Action&#148; means the exercise of the UK <FONT STYLE="white-space:nowrap">Bail-in</FONT>
Power by the relevant resolution authority in respect of any transaction under the Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">&#147;Bail-in</FONT> Termination Amount&#148; means the early termination amount or early termination amounts
(howsoever described), together with any accrued but unpaid interest thereon, in respect of all transactions (or if the <FONT STYLE="white-space:nowrap">Bail-in</FONT> Action is exercised only with respect to transactions in one or more netting
sets, all transactions relating to such netting set(s), as applicable) under the Agreement (before, for the avoidance of doubt, any such amount is written down or converted by the relevant resolution authority). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;BRRD&#148; means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and
investment firms. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;BRRD Party&#148; means the party in respect of which the UK <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power
has been exercised by the relevant resolution authority. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;Creditor Counterparty&#148; means the party which is not the BRRD Party.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;Excluded Liabilities&#148; means liabilities excluded from the scope of the contractual recognition of <FONT
STYLE="white-space:nowrap">bail-in</FONT> requirement pursuant to the UK Regulations. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;UK <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power&#148; means any write-down or
conversion power existing from time to time (including, without limitation, any power to amend or alter the maturity of eligible liabilities of an institution under resolution or amend the amount of interest payable under such eligible liabilities
or the date on which interest becomes payable, including by suspending payment for a temporary period) under, and exercised in compliance with, the UK Regulations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;UK Regulations&#148; means any laws, regulations, rules or requirements in effect in the United Kingdom relating to the transposition of
the BRRD as amended from time to time, including but not limited to, the Banking Act 2009 as amended from time to time, and the instruments, rules and standards created thereunder, pursuant to which the obligations of a regulated entity (or other
affiliate of a regulated entity) can be reduced (including to zero), cancelled or converted into shares, other securities, or other obligations of such regulated entity or any other person. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">A reference to a &#147;regulated entity&#148; is to any BRRD Undertaking as such term is defined under the PRA Rulebook promulgated by the
United Kingdom Prudential Regulation Authority or to any person falling within IFPRU 11.6, of the FCA Handbook promulgated by the United Kingdom Financial Conduct Authority, both as amended from time to time, which includes, certain credit
institutions, investment firms, and certain of their parent or holding companies. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">36. <U>Special Resolution Regime Termination Right</U>. Upon the
occurrence of a Crisis Prevention Measure, Crisis Management Measure or a Recognised Third-Country Resolution Action (each as defined in section 48Z(1) of the UK Banking Act 2009) and/or any <FONT STYLE="white-space:nowrap">Bail-in</FONT> Action in
relation to Dealer, Counterparty shall be entitled to exercise termination rights under, or rights to enforce its rights, in connection with this Agreement, to the extent that it would be entitled to do so under the Special Resolution Regime (as
defined in the UK Banking Act 2009) if this Agreement were governed by the laws of any part of the United Kingdom. For the purposes of the immediately preceding sentence, Section&nbsp;48Z of the U.K. Banking Act 2009 is to be disregarded to the
extent that it relates to a Crisis Prevention Measure other than the making of a &#147;mandatory reduction instrument&#148; by the Bank of England under section 6B of the U.K. Banking Act 2009. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">37. <U>Capacity of Dealer</U>. The parties acknowledge and agree that Dealer is not a U.S. registered broker-dealer, and that its participation in this
Agreement and any Transaction is pursuant and subject to Rule <FONT STYLE="white-space:nowrap">15a-6.</FONT> The parties acknowledge and agree that Dealer&#146;s U.S. registered broker-dealer affiliate, MUFG Securities Americas Inc. (its
&#147;<B>U.S. Affiliate</B>&#148;), will act as Dealer&#146;s chaperone for purposes of the activities contemplated in this Agreement, and that any reference to any obligation of Dealer in this Agreement, shall &#150; to the extent that such
obligations are required to be carried out by a registered broker or dealer under Rule <FONT STYLE="white-space:nowrap">15a-6</FONT> &#150; be deemed to be a requirement that Dealer procure that U.S. Affiliate perform such obligations. Such
obligations include but are not limited to effecting transactions, issuing confirmations, maintaining books and records, participating in oral communications, and obtaining certain representations and consents.]<SUP
STYLE="font-size:85%; vertical-align:top">21</SUP> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">38. <U>[Automatic Assignment</U>. Notwithstanding anything to the contrary in the &#147;Transfer&#148;
provision in Section&nbsp;2 above, to the extent that Physical Settlement or Net Share Settlement applies to any Transaction or a portion thereof, such Transaction or portion thereof shall, effective two Local Business Days prior to the related
Settlement Date, be deemed to be automatically assigned by Dealer to a U.S. broker-dealer affiliate of Dealer designated by Dealer (the &#147;<B>Designated Assignee</B>&#148;), and delivery of Shares by Counterparty in connection with such Physical
Settlement or Net Share Settlement shall be made to an account of such Designated Assignee, as advised by Dealer. Dealer shall be discharged of its obligations to Counterparty only to the extent of the Designated Assignee&#146;s performance. The
Counterparty and the Designated Assignee hereby waive any and all rights each such party may have to <FONT STYLE="white-space:nowrap">set-off</FONT> delivery or payment obligations it owes to the other such party under any Transaction against any
delivery or payment obligations owed to it by the other such party, whether arising under the Agreement, under any other agreement between such parties, by operation of law or otherwise.]<SUP STYLE="font-size:85%; vertical-align:top">22</SUP> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">39. [<U>Communications with Employees of J.P. Morgan Securities LLC</U>.&nbsp;If Counterparty interacts with any employee of J.P. Morgan Securities LLC with
respect to any Transaction, Counterparty is hereby notified that such </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">21</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">MUFG provisions. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">22</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">BONY provision. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
employee will act solely as an authorized representative of JPMorgan Chase Bank, N.A. (and not as a representative of J.P. Morgan Securities LLC) in connection with such Transaction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">40. <U>Wall Street Transparency and Accountability Act</U>.&nbsp;In connection with Section&nbsp;739 of the Wall Street Transparency and Accountability Act of
2010 (the &#147;<B>WSTAA</B>&#148;), the parties hereby agree that neither the enactment of the WSTAA or any regulation under the WSTAA, nor any requirement under the WSTAA or an amendment made by the WSTAA, shall limit or otherwise impair either
party&#146;s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Master Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change
or similar event under this Master Confirmation, the Equity Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from any Early Valuation Event or Illegality (as defined in the Agreement)). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">41. <U>Severability</U>.&nbsp;If any term, provision, covenant or condition of this Master Confirmation, or the application thereof to any party or
circumstance, shall be held to be invalid or unenforceable in whole or in part for any reason, the remaining terms, provisions, covenants, and conditions hereof shall continue in full force and effect as if this Master Confirmation had been executed
with the invalid or unenforceable provision eliminated, so long as this Master Confirmation as so modified continues to express, without material change, the original intentions of the parties as to the subject matter of this Master Confirmation and
the deletion of such portion of this Master Confirmation will not substantially impair the respective benefits or expectations of parties to the Agreement; provided, however, that this severability provision shall not be applicable if any provision
of Section&nbsp;2, 5, 6 or 13 of the Agreement (or any definition or provision in Section&nbsp;14 to the extent that it relates to, or is used in or in connection with any such Section) shall be so held to be invalid or unenforceable.]<SUP
STYLE="font-size:85%; vertical-align:top">23</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page Follows] </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">23</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">JPM provisions. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Counterparty hereby agrees (a)&nbsp;to check this Master Confirmation carefully and promptly upon receipt so
that errors or discrepancies can be promptly identified and rectified and (b)&nbsp;to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer and Counterparty hereunder, by
manually signing this Master Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and promptly returning an executed copy to us. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Yours faithfully,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">[Dealer]<SUP STYLE="font-size:85%; vertical-align:top">24</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[Agent]</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Agreed and accepted by: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EQUITY RESIDENTIAL </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Agreed and accepted with respect to Sections 5 (introductory paragraph) and 9 hereof and Annex A hereto by </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ERP OPERATING LIMITED PARTNERSHIP </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="88%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to Master Confirmation] </I></P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">24</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Two Dealer sig blocks are required by BONY. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>ANNEX A </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRIVATE PLACEMENT PROCEDURES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If
Counterparty delivers Unregistered Settlement Shares pursuant to Section&nbsp;12 above (a &#147;<B>Private Placement Settlement</B>&#148;), then: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">42. all
Unregistered Settlement Shares shall be delivered to Dealer (or any affiliate of Dealer designated by Dealer) pursuant to the exemption from the registration requirements of the Securities Act provided by Section&nbsp;4(a)(2) thereof; provided that
if, on or before the date that a Private Placement Settlement would occur, Counterparty or the Operating Partnership has taken, or caused to be taken, any action that would make unavailable either the exemption pursuant to Section&nbsp;4(a)(2) of
the Securities Act for the sale by Counterparty to Dealer (or any Affiliate designated by Dealer) of the Unregistered Settlement Shares or the exemption pursuant to Section&nbsp;4(a)(1) or Section&nbsp;4(a)(3) of the Securities Act for resales of
the Unregistered Settlement Shares by Dealer (or any such Affiliate of Dealer) or Counterparty fails to deliver the Unregistered Settlement Shares when due or otherwise fails to perform obligations within its control in respect of a Private
Placement Settlement, it shall be an Event of Default with respect to Counterparty and Section&nbsp;6 of the Agreement shall apply. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">43. as of or prior to
the date of delivery, Dealer and any potential purchaser of any such shares from Dealer (or any affiliate of Dealer designated by Dealer) identified by Dealer shall be afforded a commercially reasonable opportunity to conduct a due diligence
investigation with respect to Counterparty customary in scope for private placements of equity securities of similar size (including, without limitation, the right to have made available to them for inspection all financial and other records,
pertinent corporate documents and other information reasonably requested by them); <I>provided </I>that prior to receiving or being granted access to any such information, Dealer, such affiliate of Dealer or such potential purchaser, as the case may
be, may be required by Counterparty to enter into a customary nondisclosure agreement with Counterparty in respect of any such due diligence investigation; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">44. as of the date of delivery, Counterparty and the Operating Partnership shall enter into an agreement (a &#147;<B>Private Placement Agreement</B>&#148;)
with Dealer (or any affiliate of Dealer designated by Dealer) in connection with the private placement of such shares by Counterparty to Dealer (or any such affiliate) and the private resale of such shares by Dealer (or any such affiliate),
substantially similar to private placement purchase agreements customary for private placements of equity securities of similar size, in form and substance commercially reasonably satisfactory to Dealer, which Private Placement Agreement shall
include, without limitation, provisions substantially similar to those contained in such private placement purchase agreements relating, without limitation, to the indemnification of, and contribution in connection with the liability of, Dealer and
its affiliates and obligations to use best efforts to obtain customary opinions, accountants&#146; comfort letters and lawyers&#146; negative assurance letters, and shall provide for the payment by Counterparty of all commercially reasonable fees
and expenses in connection with such resale, including all commercially reasonable fees and expenses of counsel for Dealer, and shall contain representations, warranties, covenants and agreements of Counterparty reasonably necessary or advisable to
establish and maintain the availability of an exemption from the registration requirements of the Securities Act for such resales; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">45. in connection
with the private placement of such shares by Counterparty to Dealer (or any such affiliate) and the private resale of such shares by Dealer (or any such affiliate), Counterparty shall, if so requested by Dealer, prepare, in cooperation with Dealer,
a private placement memorandum in form and substance reasonably satisfactory to Dealer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the case of a Private Placement Settlement, Dealer shall, in
its good faith discretion, adjust the amount of Unregistered Settlement Shares to be delivered to Dealer hereunder in a commercially reasonable manner to reflect the fact that such Unregistered Settlement Shares may not be freely returned to
securities lenders by Dealer and may only be saleable by Dealer at a discount to reflect the lack of liquidity in Unregistered Settlement Shares. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If
Counterparty delivers any Unregistered Settlement Shares in respect of a Transaction, Counterparty agrees that (i)&nbsp;such Shares may be transferred by and among Dealer and its affiliates and (ii)&nbsp;after the applicable &#147;holding
period&#148; within the meaning of Rule 144(d) under the Securities Act has elapsed after the applicable Settlement Date, Counterparty shall promptly remove, or cause the transfer agent for the Shares to remove, any legends referring to any transfer
restrictions from such Shares upon delivery by Dealer (or such affiliate of Dealer) to Counterparty or such transfer agent of any seller&#146;s and broker&#146;s representation letters customarily delivered by Dealer or its affiliates in connection
with resales of restricted securities pursuant to Rule 144 under the Securities Act, each without any further requirement for the delivery of any certificate, consent, agreement, opinion of counsel, notice or any other document, any transfer tax
stamps or payment of any other amount or any other action by Dealer (or such affiliate of Dealer). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex A - 1 </P>

</DIV></Center>


<p Style='page-break-before:always'>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUPPLEMENTAL CONFIRMATION </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="31%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="67%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>To:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Equity Residential</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>From:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[Dealer]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Re:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Issuer Share Forward Sale Transaction</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[ ], 20[ ]</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
purpose of this Supplemental Confirmation is to confirm the terms and conditions of the Transaction entered into between [&#149;] (&#147;<B>Dealer</B>&#148;) and Equity Residential (&#147;<B>Counterparty</B>&#148;) (together, the
&#147;<B>Contracting Parties</B>&#148;) on the Trade Date specified below. This Supplemental Confirmation is a binding contract between Dealer and Counterparty as of the relevant Trade Date for the Transaction referenced below. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. This Supplemental Confirmation supplements, forms part of, and is subject to the Master Confirmation dated as of [__], 20[ ] (the &#147;<B>Master
Confirmation</B>&#148;) between the Contracting Parties, as amended and supplemented from time to time. All provisions contained in the Master Confirmation govern this Supplemental Confirmation except as expressly modified below. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. The terms of the Transaction to which this Supplemental Confirmation relates are as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="31%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="67%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Trade Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[ ], 20[ ]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Effective Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[ ], 20[ ]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Maturity Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[ ], 20[ ]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Number of Shares:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[ ]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Initial Forward Price:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">USD [ ]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Spread:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[ . ]%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Volume-Weighted Hedge Price:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">USD [ ]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Threshold Price:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">USD [ ]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Initial Stock Loan Rate:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[ ] basis points per annum</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Maximum Stock Loan Rate:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[ ] basis points per annum</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Threshold Number of Shares:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">[ ]</TD></TR>
</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit A - 1 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Counterparty hereby agrees (a)&nbsp;to check this Supplemental Confirmation carefully and promptly upon
receipt so that errors or discrepancies can be promptly identified and rectified and (b)&nbsp;to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer and Counterparty
hereunder, by manually signing this Supplemental Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and promptly returning an executed copy to us. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Yours faithfully,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">[Dealer]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[Agent]</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Agreed and accepted by: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EQUITY RESIDENTIAL </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit A - 2 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Schedule I </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORWARD PRICE REDUCTION AMOUNTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Forward Price Reduction Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Forward Price Reduction Amount:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Trade Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">USD 0.00</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[ ], 20[ ]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">USD[&nbsp;]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[ ], 20[ ]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">USD[&nbsp;]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">........</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">........</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[ ], 20[ ]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">USD[&nbsp;]</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">REGULAR DIVIDEND AMOUNTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[For any calendar quarter ending on or prior to [&#149;]:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">USD[&nbsp;]</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">For any calendar quarter ending after [&#149;]:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">USD[&nbsp;]]</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Schedule I - 1 </P>

</DIV></Center>

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<TYPE>EX-5.1
<SEQUENCE>4
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<DESCRIPTION>EX-5.1
<TEXT>
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<TITLE>EX-5.1</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>DLA Piper LLP (US) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">The
Marbury Building </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">6225 Smith Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Baltimore, Maryland 21209-3600 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>T</B> 410.580.3000 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>F</B>
410.580.3001 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>W</B> www.dlapiper.com </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">June&nbsp;6, 2019 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">E<SMALL>QUITY</SMALL> R<SMALL>ESIDENTIAL</SMALL> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Two North
Riverside Plaza, Suite 400 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chicago, Illinois 60606 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Legality of Common Shares Registered under Registration Statement on Form
<FONT STYLE="white-space:nowrap">S-3</FONT></U> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We serve as special Maryland counsel to Equity Residential, a Maryland real estate investment trust (the &#147;<U>Company</U>&#148;), in
connection with the offering (the &#147;<U>ATM Offering</U>&#148;) of up to 13,000,000 common shares (the &#147;<U>Placement Shares</U>&#148;) of beneficial interest, $0.01 par value per share, of the Company (&#147;<U>Common Shares</U>&#148;),
pursuant to the prospectus supplement dated June&nbsp;6, 2019 (the &#147;<U>Prospectus Supplement</U>&#148;), supplementing the prospectus dated June&nbsp;5, 2019 (the &#147;<U>Base Prospectus</U>&#148;) that forms a part of the Company&#146;s
Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-231967)</FONT> (the &#147;<U>Registration Statement</U>&#148;) filed with the Securities and Exchange Commission (the
&#147;<U>Commission</U>&#148;) under the Securities Act of 1933, as amended (the &#147;<U>Securities Act</U>&#148;). The Placement Shares are to be sold from time to time pursuant to (i)&nbsp;the distribution agreement, dated June&nbsp;6, 2019 (the
&#147;<U>Distribution Agreement</U>&#148;), by and among the Company, ERP Operating Limited Partnership, an Illinois limited partnership (the &#147;<U>Operating Partnership</U>&#148;), and JPMorgan Chase Bank, National Association, London Branch,
Bank of America, N.A., The Bank of New York Mellon, Morgan Stanley&nbsp;&amp; Co. LLC, The Bank of Nova Scotia, Barclays Bank PLC, UBS AG, London Branch and MUFG Securities EMEA plc (in their capacities as forward purchasers, the &#147;<U>Forward
Purchasers</U>&#148;) and J.P. Morgan Securities LLC, BofA Securities, Inc., BNY Mellon Capital Markets, LLC, Morgan Stanley&nbsp;&amp; Co. LLC, Scotia Capital (USA) Inc., Barclays Capital Inc., UBS Securities LLC and MUFG Securities Americas Inc.
(in their capacities as agents and/or principals, the &#147;<U>Agents</U>&#148; and in their capacities as agents for the Forward Purchasers, the &#147;<U>Forward Sellers</U>&#148;), and (ii)&nbsp;those certain master forward sale confirmations,
dated as of June&nbsp;6, 2019 (the &#147;<U>Master Forward Confirmations</U>&#148;), by and among each of the Forward Purchasers and the Forward Sellers, the Company and the Operating Partnership. This opinion is being provided at your request in
connection with the filing of a Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> by the Company with the Commission on the date hereof (the &#147;<U>Form <FONT STYLE="white-space:nowrap">8-K</FONT></U>&#148;). </P>
<P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">E<SMALL>QUITY</SMALL> R<SMALL>ESIDENTIAL</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">June 6, 2019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with our representation of the Company, and as a basis for the opinion
hereinafter set forth, we have examined originals or copies, certified or otherwise identified to our satisfaction, of the following documents (collectively, the &#147;<U>Documents</U>&#148;): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. The Distribution Agreement, a conformed copy of which is filed as an exhibit to the Form <FONT STYLE="white-space:nowrap">8-K;</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. The Master Forward Confirmations, a form of which is filed as an exhibit to the Form <FONT STYLE="white-space:nowrap">8-K;</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. The Registration Statement, in the form in which it was filed with the Commission under the Securities Act; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. The Base Prospectus, in the form contained in the Registration Statement at the time it was filed with the Commission under the Securities
Act; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. The Prospectus Supplement, in the form in which it was filed with the Commission under the Securities Act (together with the Base
Prospectus, the &#147;<U>Prospectus</U>&#148;); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. The Articles of Restatement of Declaration of Trust of the Company, as amended,
supplemented and restated (the &#147;<U>Declaration</U>&#148;), certified as of the date hereof by the Secretary of the Company; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. The
Eighth Amended and Restated Bylaws of the Company, as amended by the First Amendment to Eighth Amended and Restated Bylaws of the Company (the &#147;<U>Bylaws</U>&#148;), certified as of the date hereof by the Secretary of the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. All resolutions adopted by the Board of Trustees of the Company (the &#147;<U>Board</U>&#148;) and the Pricing Committee of the Board
relating to (a)&nbsp;the ATM Offering, (b)&nbsp;the authorization, execution and delivery of the Distribution Agreement and the transactions contemplated thereby, (c)&nbsp;the authorization, execution and delivery of the Master Forward Confirmations
and the transactions contemplated thereby, and (d)&nbsp;the registration, sale and issuance of the Placement Shares, certified as of the date hereof by the Secretary of the Company; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. A certificate of the State Department of Assessments and Taxation of Maryland (the &#147;<U>SDAT</U>&#148;) as to the good standing of the
Company, dated as of a recent date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. A Certificate of Corporate Secretary executed by Scott J. Fenster, Executive Vice President,
General Counsel and Corporate Secretary of the Company, dated as of the date hereof; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. Such other documents as we have considered
necessary to the rendering of the opinion expressed below. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">E<SMALL>QUITY</SMALL> R<SMALL>ESIDENTIAL</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">June 6, 2019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In examining the Documents and expressing the opinion set forth below, we have assumed the
following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. Each individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent
to do so. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. Each individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. Each of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the
Documents to which such party is a signatory, and such party&#146;s obligations (including the Company&#146;s) set forth therein are legal, valid and binding. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. All Documents submitted to us as originals are authentic. All Documents submitted to us as certified or photostatic copies or telecopies or
portable document file (&#147;.PDF&#148;) copies conform to the original documents. All signatures on all such Documents are genuine. All public records reviewed by us are true and complete. All statements and information contained in the Documents
are true and complete. There has been no oral or written modification or amendment to the Documents, or waiver of any provision of the Documents, by action or omission of the parties or otherwise. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. The Placement Shares will not be issued or transferred in violation of any restriction or limitation on transfer or ownership of Shares (as
defined in the Declaration) contained in the Declaration. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. As to all factual matters relevant to the opinions set forth below, we have
relied upon the representations and warranties made in the Certificate of Corporate Secretary as to the factual matters set forth therein, which we assume to be accurate and complete. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. Prior to the issuance of any of the Placement Shares, the Company will have available for issuance, under the Declaration, the requisite
number of authorized but unissued Common Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based upon the foregoing, and subject to the assumptions, limitations and qualifications
stated herein, it is our opinion that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. The Company is a real estate investment trust duly formed and existing under and by virtue of
the laws of the State of Maryland and is in good standing with the SDAT. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. When (a)&nbsp;the purchase price or prices for the Placement
Shares and the number of the Placement Shares (in any case not to exceed 13,000,000 in the aggregate) to be offered and sold from time to time have been duly established and approved by resolutions duly adopted by the Board, or a duly authorized
committee thereof, and agreed upon by the Company and the respective purchasers of the Placement Shares, and (b)&nbsp;the Placement Shares have been issued </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">E<SMALL>QUITY</SMALL> R<SMALL>ESIDENTIAL</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">June 6, 2019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"> Page
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and delivered by the Company against payment of such purchase price or prices, as the case may be, in accordance with the Distribution Agreement and the Master Forward Confirmations, as
applicable, after deduction from such purchase price or prices of the applicable Agent&#146;s or Forward Seller&#146;s commission and such other amounts, if any, as may be deducted therefrom in accordance with the Distribution Agreement and the
Master Forward Confirmations, as applicable, and resolutions duly adopted by the Board, or a duly authorized committee thereof, the Placement Shares will be duly authorized, validly issued, fully paid and nonassessable; provided, that (i)&nbsp;the
purchase price per Placement Share paid by purchasers is equal to or in excess of any minimum purchase price, and within any other parameters, established by the Board, or a duly authorized committee thereof in accordance with the resolutions
authorizing the issuance thereof, and (ii)&nbsp;the aggregate number of Placement Shares issued and issuable pursuant to the Distribution Agreement and the Master Forward Confirmations, as applicable, when taken together with the other issued and
outstanding Common Shares, does not exceed the number of authorized Common Shares set forth in the Declaration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing opinion is
limited to the substantive laws of the State of Maryland, and we do not express any opinion herein concerning any other law. We express no opinion as to compliance with the securities (or &#147;blue sky&#148;) laws of the State of Maryland. The
opinion expressed herein is subject to the effect of judicial decisions which may permit the introduction of parol evidence to modify the terms or the interpretation of agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that
might change the opinion expressed herein after the date hereof. This opinion is limited to the matters set forth herein, and no other opinion should be inferred beyond the matters expressly stated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hereby consent to the filing of this opinion as an exhibit to the Form <FONT STYLE="white-space:nowrap">8-K</FONT> and to the use of the
name of our firm in the Prospectus under the heading &#147;Legal Matters&#148;. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section&nbsp;7 of the Securities Act. </P>
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ DLA Piper LLP (US)</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>DLA PIPER LLP (US)</B></P></TD></TR>
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