Equity Commonwealth 6 1/2% Series D Cumulative Convertible Preferred Shares

Ticker: EQC-D

Parent Ticker: EQC

OTC Grey Market Temporary Ticker: NA

Issuance Date: 10/10/2006

1st Call Date: 11/20/2011

Maturity Date: None

Shares Issued: 13,200,000

Overallotment Shares: 0

Coupon: 6.5%

Face Value: $25.00

Cumulative: Yes

Qualified: No

Quarterly Dividend Amount: 0.406

Ex-Dividend Months:

Approx. Ex-Dividend Day: Last Day

Payment Months: FEB, MAY, AUG, NOV

Payment Day: 15

S&P Rating: NR

III Rating (In Regards to Dividend Safety Only): C

Moody Rating: NR

Fitch Rating: NR

Egan-Jones Rating: NR