AMENDMENT NO. 1 TO AMENDED AND RESTATED ADVISORY AGREEMENT

THIS AMENDMENT NO. 1 TO AMENDED AND RESTATATED ADVISORY AGREEMENT, made as of
May 17, 2006, between WINTHROP REALTY TRUST, an Ohio business trust (f/k/a First
Union Real Estate Equity and Mortgage Investments) (the “Trust”), and FUR
ADVISORS LLC (the “Advisor”).

WHEREAS, the Trust and the Advisor are party to that certain Amended and
Restated Advisory Agreement dated November 7, 2005 (the “Advisory Agreement”)
pursuant to which the Advisor was retained to provide advisory services to the
Company;

WHEREAS, the Trust and the Advisor desire to amend the Advisory Agreement as
hereinafter provided;

NOW, THEREFORE, in consideration of the premises and of the mutual agreements
herein set forth, the parties hereto agree as follows:

1. Capitalized Terms. Capitalized terms used herein and not otherwise defined
shall have the meaning ascribed thereto in the Advisory Agreement.

2. Amendments to Advisory Agreement. Section 4.1(a) of the Advisory Agreement,
is hereby amended by deleting the second sentence thereof in its entirety and
inserting the following in lieu thereof

 

“If the amount determined for a calendar quarter pursuant to clause (ii) of the
foregoing sentence exceeds the amount determined for such calendar quarter
pursuant to clause (i) of the foregoing sentence, such excess amount shall be
applied against future amounts due under this Section 4.1 and, if such excess
amount is not fully applied against future amounts within eight calendar
quarters, such amount then remaining shall be paid by the Advisor to FUR within
30 days of such determination.”

3. Miscellaneous. (a) Except as modified hereby, the Advisory Agreement remains
in full force and effect and the provisions thereof are hereby ratified and
confirmed.

(b) All references in the Advisory Agreement to “this Agreement”, “hereunder”,
“hereto” or similar references, and all references in all other documents to the
Advisory Agreement shall hereinafter be deemed references to the Advisory
Agreement as amended hereby.

(c) This Amendment may be executed in one or more counterparts, all of which
together shall for all purposes constitute one amendment, binding on all parties
hereto, notwithstanding that the parties have not signed the same counterparts.

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date and year first above written.

  WINTHROP REALTY TRUST                       By:          

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    Peter Braverman
President                       FUR ADVISORS LLC             By: FUR Holdings
LLC
Managing Member                         By: WEM-FUR Investors LLC
Managing Member                           By:          

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        Michael L. Ashner
Managing Member

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