|   | 1. | Capitalized      terms not defined herein shall have the meanings set forth in the Purchase      Agreement. |
|--------|----|-------------------------------------------------------------------------------------------------------------|

|   | 2. | Section      9.1(a) of the Purchase Agreement is hereby deleted in its entirety and the      following is inserted in its place: |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------|

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|   | 3. | Except      as expressly modified herein, the Purchase Agreement shall remain      unchanged and in full force andeffect. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------|

|   | 4. | This      Agreement shall be governed by, interpreted under, and construed and      enforced in accordance with, the laws of the State of New      York. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5. | This      Agreement may be executed in two or more counterparts, each of which shall      be deemed an original, and it shall not be necessary in making proof of      this Agreement to produce or account for more than one such counterpart.      This Agreement may be executed by the exchange of copies bearing the      electronic or facsimile signatures of the  parties. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | SELLER:                         |                                      |
|--------|---------------------------------|-------------------------------------------|
|   |                            |                                      |
|   | GLIMCHER PROPERTIES LIMITED     |                                      |
|   | PARTNERSHIP, a Delaware limited |                                      |
|   | partnership                     |                                      |
|   |                            |                                      |
|   | By:                             | GLIMCHER      PROPERTIES                  |   |
|   |                            | CORPORATION,      its general partner     |   |
|   |                            |                                      |   |
|        | By:                             | /s/ George      A. Schmidt           |   |
|   |                            | Name:      George A. Schmidt              |   |
|   |                            | Title:      Executive      Vice President |   |
|   |                            |                                      |   |

|   | BUYER:                           |                                   |
|--------|----------------------------------|----------------------------------------|
|   |                             |                                   |
|   | BRE/GRJV HOLDING LLC, a Delaware |                                   |
|   | limited liability company        |                                   |
|   |                             |                                   |   |
|        | By:                              | /s/ Anthony      M. Myers         |   |
|   |                             | Name:  Anthony      M. Myers |   |
|   |                             | Title:      Managing Director and Vice |   |
|   |                             | President                              |   |