Equity Residential Finds a Home with AT&T

AT&T Inks $5.5 Million Agreement with Largest Owner of Apartment Complexes in the U.S.

Chicago, Illinois, February 27, 2006

AT&T Inc. (NYSE: T) announced today that it has won a three-year $5.5 million networking contract to integrate and simplify local, long distance and toll-free services for Equity Residential (NYSE: EQR), the largest publicly traded owner of apartment complexes in the U.S.

Under the terms of the agreement, AT&T will provide Equity Residential with an integrated networking solution that will help the company standardize its information technology, provide room for growth and expansion and position it for advanced communications capabilities in the future. Equity Residential has nearly 1,000 properties in 31 states.

The AT&T network will link Equity Residential's corporate, regional and property-based business offices nationwide, as well as provide toll-free services for its call center operation. The consolidated services provide Equity Residential with simplicity, cost-savings and unsurpassed reliability.

"We're delighted to collaborate with AT&T, one of the premier communications companies in the world," said Michael Manelis, senior vice president, Property Operations of Equity Residential. "The new network gives us visibility and control over our telecommunications infrastructure and expense and is flexible enough to support our portfolio strategy."

About Equity Residential
With more choices in more markets, Equity Residential is America's choice for apartment living. Equity Residential is the largest publicly traded owner, operator and developer of multifamily housing in the United States with more than 197,000 apartments for rent across the country. Equity Residential is an S&P 500 company and has been named one of America's Most Admired Companies by Fortune magazine.

About the New AT&T
AT&T Inc. is one of the world's largest telecommunications holding companies and is the largest in the United States. Operating globally under the AT&T brand, AT&T companies are recognized as the leading worldwide providers of IP-based communications services to business and as leading U.S. providers of high-speed DSL Internet, local and long distance voice, and directory publishing and advertising services. AT&T Inc. holds a 60 percent ownership interest in Cingular Wireless, which is the No. 1 U.S. wireless services provider with more than 54 million wireless customers. Additional information about AT&T Inc. and AT&T products and services is available at www.TheNewATT.com.

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