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Equity LifeStyle Completes Acquisition of Privileged Access

August 2008 --Equity LifeStyle Properties, Inc. announced the acquisition of substantially all of the assets and certain liabilities of Privileged Access, LP for a note payable of $2.0 million. Privileged Access is an RV and vacation membership business with approximately 130,000 members, which leased approximately 24,300 sites at 82 of the Company’s properties. The $2.0 million unsecured note payable matures on August 14, 2010 and accrues interest at 10 percent per annum. The Company received a fairness opinion regarding the terms of the transaction. Concurrent with the acquisition, all leases between Privileged Access and the Company were terminated and the operations of Privileged Access will be included in the Company’s financial results.

The Company will provide additional guidance as to the impact of this transaction on its business in the third quarter 2008 earnings press release and related conference call. As a result of the acquisition, nonrefundable up front payments from the sale of membership or right-to-use contracts will be deferred and recognized as revenue in subsequent years in accordance with generally accepted accounting principles. These non-cash deferral adjustments may have a significant negative impact on reported net income, although there is expected to be no material impact on funds from operations.

Equity LifeStyle Properties, Inc. owns or has an interest in 309 quality properties in 28 states and British Columbia consisting of 111,997 sites. The Company is a self-administered, self-managed, real estate investment trust (REIT) with headquarters in Chicago.

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