Equity LifeStyle Properties

Our Story
• One of the nation’s largest real estate networks with 406 properties containing 151,323 sites in 32 states and British Columbia • Unique business model uOwn the land uLow maintenance costs/customer turnover costs uLease developed sites
• High-quality real estate locations uMore than 90 properties with lake, river or ocean frontage    uMore than 100 properties within 10 miles of coastal United States uProperty locations are strongly correlated with population migration uProperty locations in retirement and vacation destinations
• Stable, predictable financial performance and fundamentals uBalance sheet flexibility
• In business for more than 40 years
1

Property Locations 2

Steady,Predictable Revenue Streams Property Operating
Revenue Buckets(2)
Property/Site composition(1) Transient 6.0%
• 205 manufactured/resort home communities Seasonal 4.0%    u 73,000 sites Annual
Right to Use
• 190 RV resorts 6.6%    u 76,200 sites    u Annuals 28,800 Annual RV    u Seasonal 11,600 16.0%    u Transient 11,700    uMembership sites 24,100 Annual MH
67.4%
Note:
(1) Property and site counts exclude Marina JV investment properties.
(2) Property operating revenue buckets reflect estimated 2018 property operating revenues, derivable from                our guidance included in Exhibit 99.1 to the Form 8-K filed with the SEC on January 30, 2018 (“ELS All Annual Revenue = 90.0%
Reports Fourth Quarter Results”).
3

Our Lifestyle Options
• Customers own the units they place on our sites    u Manufactured homes u Resort cottages (park models) u Recreational vehicles
• We offer a lifestyle and a variety of product options to meet our customers’ needs • We seek to create long-term relationships with our customers
RV Site
Manufactured Home
RV Resort Cottage
4

Favorable Customer Demographics
• The population of people age 55 and older is expected to grow 22% from 2018 to 2033 • Roughly 10,000 Baby Boomers will turn 65 every day through 2030
U.S. Population Over Age 55 (in millions)
120
100
80 New Residents
60 MH u Average age: 59 years RV u Average age: 55 years
40
20
0
2018 2023 2028 2033
55-59                60-64                 65-69                70-74                 75+
Note:
Sources: US Census, Released Dec 2014, Pew Research Center 2010 5

Track Record 10-Year Total Return Performance
500
400
300
Item IPO Year—1993 2018 200
100
Properties 41 406
0
Sites 12,312 151,323 -100
States 16 32 1/31/08 1/31/09 1/31/10 1/31/11 1/31/12 1/31/13 1/31/14 1/31/15 1/31/16 1/31/17 1/31/18
ELS (+405%) S&P 500 (+154%) SNL US REIT Equity (+115%)
Net Income Per Share (1) $0.35 $2.45 FFO Per Share (1) $0.47 $3.85 Normalized FFO Per Share (1) $0.47 $3.85
Total Return Performance Since IPO
Common Stock Price (2) $6.44 $86.32
Enterprise Value (3) $296 million $10.4 billion 4,500
4,000
Dividend Paid Cumulative (4)—$22.92 3,500
3,000
Cumulative Total Return (5)—3,777%
2,500
S&P 500 Total Return (5)—947% 2,000
1,500 1,000
Note: 500
(1) The 2018 amounts are the midpoint of an estimate range. See our guidance included in Exhibit 99.1 to the Form 8-K 0
2/25/93 2/25/95 2/25/97 2/25/99 2/25/01 2/25/03 2/25/05 2/25/07 2/25/09 2/25/11 2/25/13 2/25/15 2/25/17                filed with the SEC on January 30, 2018. See pages 11 and 12 for the reconciliation and definition of ELS (+3,777%) S&P 500 (+947%) SNL US REIT Equity (+1,106%)                FFO and Normalized FFO. The 1993 amount was determined from amounts presented in the 1996 Form 10-K.
(2) The 1993 stock price is adjusted for stock splits; the 2018 price is the closing price as of January 31, 2018. (3) The 2018 enterprise value is as of January 31, 2018. See page 9.
(4) Source: SNL Financial. Includes dividends paid from IPO date of February 25,1993 through Notes: January 31, 2018 and adjusted for stock splits. Source: SNL Financial
(5) Source: SNL Financial from IPO through January 31, 2018 (calculation assumes common dividend reinvestment). (1) Total return calculation assumes dividend reinvestment.
(2) SNL US REIT Equity; Includes all publicly traded (NYSE, NYSE Amex, NASDAQ,    OTC BB, Pink Sheets) Equity REITs in SNL’s coverage universe.
(3) Stock price date from IPO as of January 31, 2018.
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Consistent Same Store NOI Growth and Outperformance
ELS has maintained positive same store NOI growth in all quarters since at least Q3 1998.

Dividend
Dividend per Share
$2.50
• 2018—$2.20/share(1) $1.00 g $2.20(1)
$2.00
u 13% increase u 8% FFO growth
$1.50
• Dividend growth
$1.00
u 5 year CAGR
(2)
uELS 17%
$0.50
(3)
uREIT Average 7%
$0.00
• Tax treatment of dividend 2013 2014 2015 2016 2017 2018
ELS(4) REIT average (5) u70% Ordinary Income u70% Ordinary Income u30% Capital Gains u10% Capital Gains u20% Return of Capital
Note:
(1) On October 31, 2017, our Board approved setting the annual dividend rate for 2018 at $2.20 per common share. (2) Compound average growth rate through 2018.
(3) Source: SNL Financial; Includes all publicly traded U.S. Equity REITs in SNL’s coverage universe that declared regular dividends during the period January 1, 2011 through December 31, 2016. (4) Tax treatment of dividend in 2017.
(5) Source: Citi Research and NAREIT 8

Capital Structure
As of January 31, 2018 (in millions) Loan Maturity as of December 31, 2017
• Total enterprise value is $10.4 billion $400,000 • Debt to enterprise value is 21.4% $350,000
$300,000
• $370 million available line of credit thousands)
(in $250,000
OPU’s $503.2, 4.9% Debt $200,000 Term Loan $200.0, 1.9% Line of Credit $30.0, 0.3% $150,000 $100,000
Outstanding $50,000
$0
Mortgage 2018 2019 2020 2021 2022 2023 2025 2028 2031 2034 2036 2037 2038 2039 2040 2041
Debt Common(1) Year
$1,992.5 $7,647.2 Secured Fully Amortizing Unsecured
19.2% 73.7%
12 4.5%
Average to Maturity Years Weighted Interest Average Rate
Note:
(1) Stock price as of January 31, 2018.
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Performance Update
• 200 Manufactured Home Communities(1) • 189 RV Resorts(1) u Core(2) occupancy of 94.5% as of 1/31/18 u Core resort base rental income    u Core occupancy has grown 33 consecutive    growth for the month ended    quarters through 12/31/17    1/31/18 is 7.9%(3) u Core rental income growth from u Core community base rental income growth    for the month ended 1/31/18 is 4.7%(3)                annuals for the month ended
1/31/18 is 6.2%(3)
Note:
(1) Excludes joint venture properties.
(2) Core Portfolio is defined as properties acquired prior to December 31, 2016.
The Core Portfolio may change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations. (3) Compared to the month ended January 31, 2017. 10

Safe Harbor Statement
Under the Private Securities Litigation Reform Act of 1995:
The the heading forward -“Risk looking Factors” statements in our contained 2017 Annual in this Report presentation on Form are 10 -subject K. See to Form certain 8-K economic filed January risks 30, and 2018 uncertainties for the full described text of our under forward    -looking statements projections .are We based assume on no 2018 obligation budgets, to reforecasts update or supplement and pro forma forward expectations -looking statements on recent investments that become . untrue because of subsequent events. All
Non-GAAP Financial Measures
Net Income to FFO and Normalized FFO Reconciliation (in millions)
2013 2014 2015 2016 2017 2018 (1)
Net income available for common stockholders    $106.9 $118.7 $130.1 $164.0 $189.9 $217.9
Income allocated to common OP units 9.7 10.5 11.1 13.9 12.8 13.7 Right-to-use contract revenue and commissions deferred, net    3.3 2.9 2.7 2.9 3.8 5.3 Depreciation on real estate assets and other    102.7 101.2 104.0 108.0 112.6 114.0 Depreciation on rental homes    6.5 10.9 10.7 10.7 10.4 10.1 Depreciation on discontinued operations    1.5 — — -Amortization of in-place leases 1.9 4.0 2.4 3.4 2.2 3.0 Gain on real estate (41.5) (1.5) — —
FFO available for common stock and OP unit holders    191.0 246.7 261.0 302.9 331.7 364.0
Change in fair value of contingent consideration asset 1.4 (0.1) — —Transaction costs    2.0 1.6 1.1 1.2 0.7 -Loss from early extinguishment of debt    37.9 5.1 16.9—2.7 -Litigation settlement, net ——2.4 —Preferred stock original issuance costs — — 0.8 -
Normalized FFO available for common stock and OP unit holders    $232.3 $253.3 $279.0 $279.0 $335.9 $364.0
Note:
(1) The 2018 amounts are the midpoint of an estimate range. See our guidance included in Exhibit 99.1 to the Form 8-K filed with the SEC on January 30, 2018.
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Non-GAAP Financial Measures
This the paragraphs document contains below. We certain believe non investors -GAAP measures should review used these by management non-GAAP that measures, we believe along are with helpful GAAP in understanding net income and our cash business, flow from as further operating discussed activities, in and investing operating activities measures and financing and other activities, terms when may differ evaluating from an the equity definitions REIT’s and operating methodologies performance used. Our by other definitions REITs and and, calculations accordingly, of these may not non be -GAAP comparable financial. These cash available non-GAAP to pay financial distributions and operating and should measures not be do considered not represent as an cash alternative generated to net from income, operating determined activities in in accordance accordance with with GAAP, GAAP, as nor an do indication they represent of our financial available performance, to fund our cash or to needs, cash flow including from our operating ability to activities, make cash determined distributions in accordance . with GAAP, as a measure of our liquidity, nor is it indicative of funds from FUNDS sales FROM of properties, OPERATIONS plus real (FFO) estate . We related define depreciation FFO as net and income, amortization, computed impairments, in accordance if any, with and GAAP, after adjustments excluding gains for unconsolidated and actual or estimated partnerships losses and with joint ventures our interpretation . Adjustments of standards for unconsolidated established partnerships by the National and Association joint ventures of are Real calculated Estate Investment to reflect FFO Trusts on (“NAREIT”), the same basis which . We may compute not be comparable FFO in accordance to FFO we reported do. We by receive other REITs up-front that non do not -refundable define the payments term in accordance from the entry with of the right current -to-use NAREIT contracts definition . In accordance or that interpret with GAAP, the current the upfront NAREIT non definition -refundable differently payments than of and non related -refundable commissions right-to -are use deferred payments, and we amortized believe that over it the is appropriate estimated customer to adjust for life .the Although impact the of the NAREIT deferral definition activity of in FFO our calculation does not address of FFO. the treatment expense NORMALIZED items: a) FUNDS the financial FROM impact OPERATIONS of contingent (NORMALIZED consideration; FFO) b) .gains We define and losses Normalized from early FFO debt as FFO extinguishment, excluding the following including non prepayment -operating penalties income and and Normalized defeasance FFO costs; presented c) property herein acquisition is not necessarily and other transaction comparable costs to Normalized related to FFO mergers presented and acquisitions; by other real and estate d) other companies miscellaneous due to non the -fact comparable that not all items real. estate companies use the same methodology for computing this amount. the We effect believe of that depreciation, FFO and Normalized amortization, FFO impairments, are helpful to if any, investors and actual as supplemental or estimated measures gains or losses of the performance from sales of of real an estate, equity all REIT of. which We believe are based that by on excluding historical among costs and other which equity may REITs be of. We limited further relevance believe in that evaluating Normalized current FFO performance, provides useful FFO information can facilitate to comparisons investors, analysts of operating and our performance management between because periods it allows and having them to to compare account our for differences operating performance not related to to our the operations operating. performance For example, of we other believe real that estate excluding companies the early and extinguishment between periods of debt, on a consistent property acquisition basis without and operating other transaction performance costs in related future to periods mergers because and acquisitions these costs from do Normalized not affect the FFO future allows operations investors, of analysts the properties and our . In management some cases, to we assess provide the information sustainability about of identified non-cash components of FFO and Normalized FFO because it allows investors, analysts and our management to assess the impact of those items.
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Equity LifeStyle Properties
Two North Riverside Plaza, Chicago, Illinois 60606 800.247.5279 | EquityLifeStyleProperties.com
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