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Equity Lifestyle Properties Inc • March 10th, 2011 • Real estate investment trusts

This 8.034% Series G Cumulative Redeemable Perpetual Preference Units Term Sheet and Joinder to the Second Amended and Restated Agreement of Limited Partnership is made and entered as of March 4, 2011 (the “Term Sheet”) by the signatories hereto. As of March 4, 2011 (the “Effective Date”), each person and entity signing this Term Sheet hereby joins in, adopts and agrees to be bound by all the terms and provisions of the Agreement (as defined below) as a Limited Partner of the Partnership holding the number of Series G Units (as defined below) as indicated on Exhibit A attached hereto. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Agreement (as defined below).

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