Equity Office Names Richard Kincaid President, Ceo & Trustee

Nov. 18, 2002

CHICAGO--(BUSINESS WIRE)--Nov. 18, 2002--Equity Office Properties Trust (NYSE: EOP) announced today that its Board of Trustees has named Richard D. Kincaid president and trustee of the company, effective immediately. In addition, the Board named Mr. Kincaid as chief executive officer of EOP, effective April 1, 2003. Prior to this date, Sam Zell, chairman of Equity Office and current chief executive officer, will continue in the CEO role for the purpose of providing continuity throughout the transition.

    "Richard has demonstrated extensive leadership qualities during his roles as CFO and COO at Equity Office," said Mr. Zell. "While we considered external candidates, we came to realize that collectively, Richard's undeniable financial, operational and human capital management skills served as a strong and unifying force within the company. At the end of the day, it was evident that Richard was the highest quality and correct choice for this position."

    Prior to his appointment, Mr. Kincaid served Equity Office as executive vice president and chief operating officer. In this role, he focused on developing the company's corporate strategy, translating this strategy into operating plans and ensuring consistent implementation across the organization.

    Mr. Kincaid's leadership and operational acumen has become evident during Equity Office's internal restructuring process. As the leader of this initiative, which began a little over a year ago, Mr. Kincaid has spearheaded the company's effort to create a new operating model in the commercial office industry. This reorganization permeates every facet of Equity Office, from the restructuring of the company's regions, to processes implemented throughout the corporate office.

    Mr. Kincaid has been with Equity Office for more than seven years. Named CFO at the age of 33, he played an instrumental role in taking Equity Office public in July 1997. He also led the financial, technology and integration strategies for the company during its tremendous growth, which included more than $17 billion in mergers and acquisitions.

    As CFO, Mr. Kincaid gained a reputation for innovative financial strategy, which has helped propel Equity Office to its industry leadership position. Among these achievements were the largest unsecured real estate investment trust (REIT) debt offering of $1.5 billion, which was issued within the first six months of Equity Office's IPO, and a July 2001 global bond offering, which was the first in REIT history.

    Prior to joining Equity Office in 1995, Mr. Kincaid was senior vice president of finance for Equity Group Investments, Inc., where he was one of three senior finance officers who oversaw debt financing activities for the public and private owners of real estate controlled by Mr. Zell. Prior to joining Equity Group Investments in 1990, Mr. Kincaid held positions with Barclays Bank PLC and The First National Bank of Chicago.

    Mr. Kincaid is a member of the Real Estate Capital Policy Advisory Committee. He received his master's degree in business administration from the University of Texas, and his bachelor's degree from Wichita State University.

    Certain matters discussed in this release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Equity Office believes the expectations reflected in these statements are based on reasonable assumptions, there can be no assurance that its expectations will be realized. Certain factors that could cause actual results to differ materially from Equity Office's expectations are set forth in its SEC reports and filings, including the cautionary statements set forth in its current report on Form 8-K dated February 12, 2002. Many of these factors are beyond Equity Office's ability to control or predict. Forward-looking statements are not guarantees of performance. For forward-looking statements in this release, Equity Office claims protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Equity Office assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

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