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                                                                  Exhibit 10.350

                             REISTERSTOWN ROAD PLAZA

                             CONTRIBUTION AGREEMENT

       THIS CONTRIBUTION AGREEMENT (this "AGREEMENT"), dated as of July_______,
2004, is made by and between REISTERSTOWN PLAZA HOLDINGS, LLC, a Maryland
limited liability company ("HOLDING COMPANY") and INLAND REISTERSTOWN HC,
L.L.C., a Delaware limited liability company ("INLAND AFFILIATE").

                                    RECITALS

       A. Holding Company owns all of the equity interest in Reisterstown Plaza
Associates, LLC, a Maryland limited liability company ("RPA") and all of the
equity interest in RRP Hecht, LLC, a Maryland limited liability company ("RRP
HECHT", RPA and RRP Hecht are sometimes herein individually or collectively
called "SUBSIDIARY"). Subsidiary is the owner of the following (collectively,
the "PROPERTY"): (a) Reisterstown Road Plaza, a retail/office complex containing
approximately 800,000 square feet of gross leasable area on approximately 52.6
acres of land located at the intersection of Reisterstown Road and Patterson
Avenue, City of Baltimore, State of Maryland, (b) all of the right, title and
interest in and to the "landlord's interest" in and to all Leases (as defined in
Section 4.9.2 below); (c) all improvements located upon the Property (excluding
improvements owned by tenants or providers of utilities); (d) all personal
property, if any, used in connection with the operation of the Property
(excluding personal property owned by tenants or providers of utilities); (e)
all shrubs, trees, plants and other landscaping located upon the Property; (f)
all easements, rights of way, and other rights appurtenant to the Property; and
(g) all of the right, title and interest, if any, in and to the name
"Reisterstown Road Plaza" and "The Plaza". A legal description of the parcels of
land that are included in the Property (the "LAND") are set forth on EXHIBIT "A"
hereto. The Property serves as collateral for the loan described on EXHIBIT "B"
(the "EXISTING LOAN").

       B. RRP Investors, LLC, a Maryland limited liability company ("CORDISH
AFFILIATE") owns a fifty percent (50%) equity interest in Holding Company and CR
Reisterstown Plaza, LLC, a Maryland limited liability company ("CR
AFFILIATE")owns a fifty percent (50%) equity interest in Holding Company.

       C. Inland Affiliate is wholly owned by Inland Western Retail Real Estate
Trust, Inc., a Maryland corporation ("INLAND"). On the CLOSING DATE (as that
term is defined in Section 1.7), simultaneously with the Closing, Inland
Affiliate, Cordish Affiliate and CR Affiliate shall enter into a certain Amended
and Restated Limited Liability Company Agreement attached hereto as EXHIBIT "C"
(the "OPERATING AGREEMENT") concerning Holding Company. Pursuant to and subject
to the terms and conditions of this Agreement, Inland Affiliate will pay and
make the CAPITAL CONTRIBUTION (as that term is defined in Section 1.1 hereof)
and pay the AGGREGATE EARNOUT AMOUNT (as that term is defined in Section 1.4
hereof) in exchange for which Inland Affiliate will

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become a MEMBER (as defined in the Operating Agreement) in Holding Company and
will receive the Percentage Interest in Holding Company specified in SCHEDULE A
of the Operating Agreement.

       NOW THEREFORE, in consideration of the foregoing and the mutual
representations, warranties, covenants, and agreements herein contained, and for
Ten and 00/100 Dollars ($10.00) and other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, Holding Company and
Inland Affiliate agree as follows:

                                    ARTICLE I
                        CAPITAL CONTRIBUTION AND EARNOUT

       1.1.   CAPITAL CONTRIBUTION. In consideration for its admission to
Holding Company, Inland Affiliate: (a) shall pay the sum of EIGHTY-EIGHT MILLION
FOUR HUNDRED FIFTY-THREE THOUSAND THREE HUNDRED TWENTY-SIX AND 00/100 DOLLARS
($88,453,326.00), as increased or decreased by the adjustments provided for in
Section 1.2 hereof (the "CAPITAL CONTRIBUTION") in accordance with the
provisions of this Section 1.1 and Section 1.5 hereof; and (b) shall deposit and
pay the AGGREGATE EARNOUT AMOUNT (as that term is defined in Section 1.4 hereof)
in accordance with the provisions of Section 1.4 hereof. The Capital
Contribution shall be paid as follows:

              1.1.1. EARNEST MONEY DEPOSIT: PAYMENT AT CLOSING. Upon execution
of this Agreement, Inland Affiliate shall: (a) by wire transfer of immediately
available funds, deposit with Chicago Title Insurance Company, a New York
corporation ("Escrowee"), attention Nancy Castro, the sum of One Million and
00/100 Dollars ($1,000,000.00) (the "EARNEST MONEY"); and (b) deliver a
promissory note (the "EARNEST MONEY NOTE") to Escrowee, made by Inland to the
order of Holding Company in the amount of Nineteen Million and 00/100 Dollars
($19,000,000.00). The Earnest Money Note shall be in the form attached hereto as
EXHIBIT "1.1.1." The Earnest Money and the Earnest Money Note shall be held in
escrow by Escrowee for the mutual benefit of the parties hereto. The disposition
of the Earnest Money and the Earnest Money Note shall be governed by the terms
of this Section 1.1.1 from and after the date hereof. The Earnest Money shall be
held by Escrowee in an interest bearing account (any interest earned thereon
shall be paid to Inland Affiliate). At CLOSING (as that term is defined in
Section 1.7): (i) the Earnest Money and the Earnest Money Note, shall be
disbursed by Escrowee in accordance with Section 1.5 hereof; and (ii) any
interest earned on the Earnest Money shall be paid by Escrowee to Inland
Affiliate. Escrowee shall be reimbursed equally by the parties hereto for all of
its out-of-pocket expenses. If Closing does not occur, the Earnest Money Deposit
shall be paid over in accordance with the balance of this Section 1.1.1., all
interest thereon shall be paid to Inland Affiliate and the Earnest Money Note
shall be delivered in accordance with the balance of this Section 1.1.1. At
Closing, immediately after the closing of all of the transactions contemplated
by this Agreement, Escrowee shall deliver the Earnest Money Note to Inland
Affiliate, which will have the right to cancel same. The terms of the Earnest
Money Note shall govern the Earnest Money Note.

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                     1.1.1.1. INLAND AFFILIATE'S DEFAULT; LIQUIDATED DAMAGES.
Holding Company and Inland Affiliate each acknowledge that it would be difficult
to ascertain the actual damages which would be suffered by Holding Company if
Inland Affiliate defaults in consummating the transactions contemplated by this
Agreement. Accordingly, if all conditions to Inland Affiliate's obligation to
consummate the transactions contemplated by this Agreement as set forth in
Section 6.2 of this Agreement have been satisfied or waived, but Inland
Affiliate fails, refuses or is unable to consummate the transactions
contemplated by this Agreement, then Holding Company's exclusive remedy shall be
to give Escrowee and Inland Affiliate written notice of Inland Affiliate's
default, receive and retain the release of the Escrow Money and the Escrow Money
Note and collect and retain all amounts due under the Earnest Money Note. Unless
Inland Affiliate gives notice to Holding Company and Escrowee disputing such
request for payment and disbursement, which notice is received by Escrowee
within ten (10) BUSINESS DAYS (as that term is defined in Section 8.21 hereof)
following receipt by Escrowee of Holding Company's request for such payment and
distribution, such payment and distribution shall be made on the fifteenth
(15th) Business Day following the date that Escrowee received such request. Upon
payment of the Earnest Money to Holding Company, the distribution of the Earnest
Money Note to Holding Company and the full payment by Inland to Holding Company
of the full amount of the Earnest Money Note, no party to this Agreement shall
have any further liability to any other party, and this Agreement shall be and
become null and void and of no further force and effect, either at law or in
equity.

                     1.1.1.2. HOLDING COMPANY'S DEFAULT. If all conditions to
Holding Company's obligations to consummate the transactions contemplated by
this Agreement as set forth in Section 6.1 have been satisfied or waived, but
Holding Company fails, refuses or is unable to consummate the transactions
contemplated by this Agreement, then Inland Affiliate shall have the right to
either: (i) give Escrowee and Holding Company written notice of Holding
Company's default, in which event fifteen (15) Business Days after Escrowee
receives such notice Escrowee shall pay the Earnest Money to Inland Affiliate
and deliver the Earnest Money Note to Inland Affiliate (unless Holding Company
gives notice to Inland Affiliate and Escrowee disputing such request for
payment, which notice is received by Escrowee within ten (10) Business Days
following receipt by Escrowee of Inland Affiliate's request for a distribution)
and no party to this Agreement shall have any further liability to any other
party and this Agreement shall be and become null and void and of no further
force and effect, either at law or in equity, or (ii) seek specific performance
of the obligations of Holding Company hereunder, together with an action for the
costs and expenses of such specific performance action, (including reasonable
attorney's fees).

                     1.1.1.3. RIGHTS OF ESCROWEE. In the event of any dispute as
to who is entitled to receive the Earnest Money and the Earnest Money Note,
Escrowee shall have the right to retain the Earnest Money and the Earnest Money
Note and disburse them in accordance with the final order of a court of
competent jurisdiction, or to deposit the Earnest Money and the Earnest Money
Note with the Court, pending a final decision of the controversy. The provisions
of this Agreement concerning jury trial waiver, applicable law, attorney fees
and venue shall apply to such litigation. The parties hereto further agree that
the Escrowee shall not be liable for failure of the depository. The provisions
of

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Section 8.7 hereof shall not apply to a dispute as to who is entitled to receive
the Earnest Money and the Earnest Money Note.

                     1.1.1.4. Disputes concerning who is entitled to receive the
Earnest Money and the Earnest Money Note shall not be subject to arbitration.

              1.1.2. CAPITAL CONTRIBUTION AT CLOSING. On the CLOSING DATE (as
that term is defined in Section 1.7), Inland Affiliate shall deposit the balance
of the Capital Contribution (less the Earnest Money) with Escrowee pursuant to
Sections 1.3 and 1.5 hereof.

              1.1.3. Notwithstanding any provision or inference herein to the
contrary, each party hereto hereby acknowledges and agrees that Inland Affiliate
intends to fund a portion of the Capital Contribution by causing the Subsidiary,
simultaneously with the CLOSING (as defined below), to borrow funds from an
unrelated third party lender. The proceeds of any such loan shall be deemed to
constitute a portion of the "CAPITAL CONTRIBUTION" for all purposes of this
Agreement and the proceeds of any such loan shall be aggregated with the
proceeds of the Capital Contribution directly paid by Inland Affiliate for all
purposes of this Agreement (including, but not limited to, the provisions of
Section 1.5 hereof and EXHIBIT "1.5" attached hereto). Such borrowing, however,
shall not be a condition to the Closing.

       1.2.   ADJUSTMENTS TO CAPITAL CONTRIBUTION. The following items shall be
prorated and adjusted between Holding Company and Inland Affiliate as of the
Closing Date and shall constitute either additions to or reductions of the
Capital Contribution:

              1.2.1. RESERVED

              1.2.2. REAL PROPERTY TAXES.

                     1.2.2.1. Real estate property taxes and assessments due and
payable prior to the Closing Date have been paid in full. As a result of such
payment, a portion of the real estate property taxes and assessments accrued,
assessed, and billed against the Property for the fiscal year July 1, 2004
through June 30, 2005 have been paid in advance by Subsidiary (the "TAXES PAID
IN ADVANCE"). At the Closing, the Capital Contribution shall be increased by an
amount calculated as follows: (i) divide the Taxes Paid in Advance by 365, and
(ii) multiply the quotient obtained thereby by the number of days from and
including the Closing Date through June 30, 2005 (the "POST CONTRIBUTION TAX
PERIOD"), and (iii) from the product obtained thereby, subtract all payments
made to Subsidiary by tenants under Leases (and any other party) attributable to
the Post Contribution Tax Period. After the Closing Date, if Subsidiary or
Holding Company receives payments from tenants under Leases (or any other party)
attributable to pre-Closing Date real estate tax contributions, such amounts
shall be remitted to Holding Company. The Holding Company shall immediately
deposit fifty percent (50%) of such amounts in the "OPERATIONS RESERVE" (as that
term is defined in Section

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6.4 of the Operating Agreement) and the balance of such amounts in the "CAPITAL
RESERVE" (as that term is defined in Section 6.4 of the Operating Agreement).

                     1.2.2.2. If any general or special assessments (as
contrasted to ad valorem taxes) are payable in installments, Inland Affiliate
shall cause Subsidiary to continue to pay all such future installments and
Holding Company's only obligation shall be as to installments due prior to the
Closing Date with no obligation to prepay such gross amount and without any
reduction in the Capital Contribution.

              1.2.3. RENT. Rent, percentage rent and reimbursements for common
area maintenance charges, insurance premiums and other lease charges (other than
real estate taxes and assessments, which shall be accounted for and prorated as
provided in Section 1.2.2)(collectively, "RENTS") shall be accounted for and
prorated as follows: except as otherwise provided in this Agreement, Inland
Affiliate shall be entitled to all Rents accruing from (including) the Closing
Date, regardless of when paid or collected, and all such items, if any, accruing
prior to the Closing Date shall be deposited on a fifty/fifty basis in the
Operations Reserve and the Capital Reserve, regardless of when paid or
collected. Thus if the Closing Date is September 15, 2004, one-half of the
minimum rent collected for the month of September, 2004 will be credited to
Inland Affiliate and the balance shall be deposited on a fifty/fifty base in the
Operations Reserve and the Capital Reserve. The parties further agree that
percentage rent for each tenant shall be prorated post closing based upon the
pre-and post Closing allocations described above. There shall be no credit with
respect to any unpaid accrued Rents owing from tenants of the Property as of the
Closing Date. Holding Company shall not retain in the Operations Reserve any
security deposits or prepaid rent to offset any unpaid accrued rent or other
unpaid amounts. With respect to any such unpaid amounts (including, but not
limited to a reimbursement owed to Subsidiary by the State of Maryland,
Baltimore City Community College for excess tenant improvements) (x) Subsidiary,
acting exclusively by and through Cordish Affiliate and CR Affiliate shall
retain the right to sue the applicable tenant for collection of any such unpaid
amounts (provided the costs of suit are funded exclusively from the Operations
Reserve and the Capital Reserve) and, to the extent the applicable lease
permits, collection costs and interest (and, in such regard, Inland Affiliate
agrees to cooperate reasonably with any efforts to collect the aforesaid unpaid
amounts; provided, however, Cordish Affiliate and Inland Affiliate shall not be
entitled to sue for possession or terminate any Lease), and provided further
that Inland Affiliate shall be reimbursed for any reasonable cost or expense
incurred by Inland Affiliate in connection with such cooperation, and
Subsidiary, acting exclusively by and through Cordish Affiliate and CR
Affiliate, shall have the right and power to prosecute and settle such suits,
and (y) if any such unpaid amounts are collected, such amounts shall be promptly
deposited on a fifty/fifty basis in the Operations Reserve and the Capital
Reserve (and in such regard, if any amount is received from a tenant as to which
such tenant specifically informs its landlord in writing to which lease
obligation such payment is to be applied, such payment shall be so applied; if
such tenant does not so inform Subsidiary as to how a particular payment is to
be applied, such payment shall be applied first, on account of amounts owed
subsequent to the Closing Date; second, on account of past due amounts owed
prior to the Closing Date. Any balance remaining in any tenant's common area
maintenance escrow account shall be part of the reconciliation and adjustments
between the parties as of the Closing Date. Holding Company

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and Subsidiary shall promptly deliver to Inland Affiliate all Rents received
from tenants under Leases, which are attributable to ownership periods beginning
on (and including) and after the Closing Date, except to the extent already
included as a credit.

              1.2.4. UTILITIES. Except insofar as the same constitute expenses
pro ratable elsewhere under this Section 1.2, utility charges and deposits,
fuels and all other items of expense customarily prorated on the transfer of
properties similar to the Property shall be prorated on an accrual basis as of
the Closing Date on the basis of the most recent ascertainable bills or on other
reliable information with respect to each item of expense.

              1.2.5. OTHER. All other income and expenses of the Property.

              1.2.6. CLOSING COSTS. Inland Affiliate shall pay for fifty percent
(50%) of the Title Company Closing Costs and one hundred percent (100%) of the
title insurance costs and charges associated with the closing of a loan by
Subsidiary secured by a lien on the Property and all other due diligence costs
and expenses of Inland Affiliate. The Capital Contribution shall be reduced by
and amount equal to fifty percent (50%) of the Title Company Closing Costs. The
term "TITLE INSURANCE CLOSING COSTS" means the cost of title search, title
insurance, and ancillary charges of Escrowee in connection with its issuance to
Subsidiary of an owner's title insurance policy for the Property at the Closing
and the cost of surveys of the Property prepared in connection with the Closing.

              1.2.7. For purposes of calculating pro rations and adjustments,
Inland Affiliate shall be deemed to be in title to the Property, and therefore
entitled to income therefrom and responsible for the expenses thereof, for the
entire day on which the Closing Date occurs. Except as otherwise described, all
pro rations and adjustments shall be final, except that, in the event of any
computational mistake or error is discovered on or before the first anniversary
of the Closing Date, the parties shall make an appropriate adjustment(s) in cash
between them to correct such mistake or error promptly after the discovery
thereof.

              1.2.8. The obligations set forth in Subsection 1.2.3 shall survive
the Closing for three (3) years following the Closing Date and the balance of
the obligations set forth in this Section 1.2 shall survive the closing
hereunder for one (1) year following the Closing Date.

       1.3.   ESCROW AMOUNT AND LIQUIDITY AMOUNT.

              1.3.1. (a) On the Closing Date, Subsidiary (acting by and through
Holding Company), Cordish Affiliate and Escrowee shall each execute and deliver
to each other that certain Escrow Agreement (the "ESCROW AGREEMENT") that is in
the form attached hereto as EXHIBIT "1.3 (a)". At the Closing, the Holding
Company, subject to the approval of Inland Affiliate, which approval shall not
be unreasonably withhold, shall complete the blanks in the Escrow Agreement in
accordance with the provisions of this Section 1.3.

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                     (b) On the Closing Date, Subsidiary (acting by and through
Holding Company), Cordish Affiliate and Escrowee shall each execute and deliver
to each other that certain Liquidity Amount Escrow Agreement (the "LIQUIDITY
AMOUNT ESCROW AGREEMENT") that is in the form attached hereto as EXHIBIT "1.3
(b)". At the Closing, the Holding Company, subject to the approval of Inland
Affiliate, which approval shall not be unreasonably withhold, shall complete the
blanks in the Liquidity Amount Escrow Agreement in accordance with the
provisions of this Section 1.3.

              1.3.2. On the Closing Date Inland Affiliate shall, by wire
transfer of immediately available funds to the account designated by Escrowee,
deposit with Escrowee a portion of the Capital Contribution equal to the ESCROW
AMOUNT (as that term is defined in Section 1.3.3 (a) hereof) and a portion of
the Capital Contribution equal to the LIQUIDITY AMOUNT (as that term is defined
in Section 1.3.3 (b) hereof.) Escrowee shall invest, hold and disburse the
Escrow Amount in accordance with the terms of the Escrow Agreement and shall
invest, hold and disburse the Liquidity Amount in accordance with the terms of
the Liquidity Amount Escrow Agreement.

              1.3.3 (a) The term "ESCROW AMOUNT" means an amount equal to the
sum of: (i) all unpaid tenant improvement allowances due under any Lease signed
as of the Closing Date (exclusive of any Lease for the Earnout Space) which
shall be described on EXHIBIT "A" of the Escrow Agreement; and (ii) all unpaid
broker commissions or consultant fees due by reason of any Lease signed as of
the Closing Date (exclusive of any Lease for the Earnout Space), which shall be
described on EXHIBIT "A" of the Escrow Agreement; and (iii) a sum equal to six
(6) months of rent and reimbursable expenses under any Lease signed as of the
Closing Date (exclusive of any Lease for the Earnout Space) for which the TENANT
CONDITIONS are not then fulfilled, which shall be described on EXHIBIT "A" of
the Escrow Agreement; and (iv) a sum equal to the amount of rent that would have
been payable by a tenant after the Closing Date under a Lease for which the
Tenant Conditions have been fulfilled had an applicable "free rent period"
contained therein not apply, which shall be listed on EXHIBIT "A" of the Escrow
Agreement; and (v) for all tenant spaces vacant and not subject to a Lease as of
the Closing Date, an amount equal the sum of: (A) $2.59 per square foot of
Project Vacant Space as and for leasing commissions, which shall be described on
EXHIBIT "A" of the Escrow Agreement; (B) $26.13 per square foot of Project
Vacant Space as and for tenant improvement allowances, which amount shall be
described on EXHIBIT "A" of the Escrow Agreement; (C) the rental rate provided
on the Rent Roll for each tenant space that is a part of Project Vacant Space as
of the Closing Date for 24-months, which amount shall be described on EXHIBIT
"A" of the Escrow Agreement; and (D) an amount equal to 24-months of
reimbursable expenses, which shall be described on EXHIBIT "A" of the Escrow
Agreement. Attached hereto as EXHIBIT "1.3.3" is an example of what EXHIBIT "A"
of the Escrow Agreement would consist of and contain in the event that the
Closing Date was the date hereof.

                     (b) The term "LIQUIDITY AMOUNT" means an amount equal to
ten percent (10%) of the Capital Contribution made by Inland Affiliate on the
Closing Date.

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              1.3.4. The term "PROJECT VACANT SPACE" means any gross leasable
area of the Property (exclusive of the Earnout Space), that, as of the Closing
Date, has not satisfied the Tenant Conditions. The term "TENANT CONDITIONS"
shall have the meaning ascribed to it in the Escrow Agreement.

       1.4.  AGGREGATE EARNOUT AMOUNT.

              1.4.1. Pursuant to the provisions of this Section 1.4, Inland
Affiliate may be obligated to make an additional Capital Contribution to Holding
Company, which shall then deposit such sum fifty percent (50%) to the Operations
Reserve and deposit the balance to the Capital Reserve, in the aggregate, up to
ELEVEN MILLION FIVE HUNDRED FORTY-SIX THOUSAND SIX HUNDRED SEVENTY-FOUR AND
00/100 DOLLARS ($11,546,674.00) (the "AGGREGATE EARNOUT AMOUNT"). From time to
time during the twenty-four (24) month period (i.e. two full years) commencing
on the Closing Date Inland Affiliate shall be obligated to deposit and pay each
EARNOUT SPACE AMOUNT (I.E., the portion of the Aggregate Earnout Amount
allocable to an Earnout Space) to Holding Company at an "EARNOUT CLOSING" (on a
Earnout Tenant by Earnout Tenant basis); PROVIDED: (a) PROJECT COMPLETION OF THE
EARNOUT SPACE (as that term is defined in Section 1.4.6 hereof) shall have been
achieved for such Earnout Space; and (b) the Tenant Conditions shall have been
satisfied with regard to the Earnout Tenant for such Earnout Space
(collectively, the "EARNOUT CONDITIONS"). If the Earnout Conditions for a
particular Earnout Space have not been satisfied prior to the expiration of such
twenty-four (24) month period, Inland Affiliate shall not be obligated to
distribute and pay the Earnout Space Amount for such Earnout Space and Cordish
Affiliate and CR Affiliate shall be deemed to have waived their right to the
Earnout Space Amount for such Earnout Space. Notwithstanding the provisions of
this Section 1.4.1, in the event that on the expiration of such twenty-four (24)
month period, a Lease has been executed for an Earnout Space and the tenant
under such Lease is in occupancy of the Earnout Space and constructing
improvements therein, but that the Project Completion of the Earnout Space for
such Earnout Space has not been achieved and the Earnout Conditions have not
been satisfied, such twenty-four (24) month period shall be automatically
extended to twenty-seven (27) months.

              1.4.2. Prior to the date hereof, Subsidiary has entered into the
Leases (each an "EARNOUT LEASE") with tenants (each an "EARNOUT TENANT") for
space at the Property for which the Tenant Conditions have not been satisfied.
EXHIBIT "1.4" hereof lists each Earnout Lease, the Earnout Tenant under such
Earnout Lease, the space in the Property leased by such Earnout Tenant (each an
"EARNOUT SPACE") and the Earnout Space Amount allocated to such Earnout Space.
However, in the event that the Earnout Conditions for an Earnout Space has not
been satisfied by the first day of the seventeenth full calendar month following
the Closing Date, but such Earnout conditions are satisfied prior to the
expiration of the twenty-four (24) month period referred to above, as same may
be extended as provided above, the Earnout Space Amount allocated to such space
shall be adjusted pursuant to the formula attached hereto as EXHIBIT "1.4.2".

              1.4.3. Each Earnout Closing shall occur upon satisfaction of the
Earnout Conditions for an Earnout Space upon ten (10) business Days prior
written notice by Cordish Affiliate to Inland

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Affiliate. The Earnout Closing shall occur on a date, time and place set forth
in such notice to Inland Affiliate by Cordish Affiliate. At the Earnout Closing,
Inland Affiliate shall deposit fifty percent (50%) of the Earnout Space Amount
allocated to such Earnout Space to the Operations Reserve and deposit fifty
percent (50%) of the remaining balance of the Earnout Space Amount allocable to
such Earnout Space to the Capital Reserve.

              1.4.4. The EARNOUT SPACE COSTS (as that term is hereinafter
defined) shall be paid fifty (50%) from the Operations Reserve and fifty percent
(50%) from the Capital Reserve. On or before Closing, all construction contracts
with respect to the Earnout Space (which construction contracts are attached
hereto as EXHIBIT "1.4.4") in existence prior to Closing shall be assigned by
Subsidiary to Cordish Affiliate and assumed, performed and discharged thereafter
by Cordish Affiliate, with the assistance of CR Affiliate, in accordance with
the provisions of the LEASING AGREEMENT (as that term is defined in Section 3.4
hereof). In addition, notwithstanding anything to the contrary contained herein,
Inland Affiliate shall pay each installment of tenant allowance due and owing to
an Earnout Tenant (which amount shall reduce the Earnout Space Amount for such
Earnout Tenant) within ten (10) Business Days of the date that Cordish Affiliate
requests Inland Affiliate to pay such installment and provides Inland Affiliate
with evidence that such Earnout Tenant has satisfied the conditions in its Lease
for such payment. The term "EARNOUT SPACE COST" means the costs incurred by
Cordish Affiliate and/or CR Affiliate in satisfying the Earnout Conditions for
an Earnout Space, such as fulfillment of the initial construction obligations of
Subsidiary under an Earnout Lease and tenant improvement costs, tenant allowance
costs and leasing commissions incurred in connection with an Earnout Space.
Cordish Affiliate shall provide Inland Affiliate with a certification by Cordish
Affiliate of the Earnout Space Cost for each Earnout Space.

              1.4.5. With regard to each Earnout Space, prior to the
contribution and payment of the Earnout Space Amount for such Earnout Space,
Inland Affiliate shall: (a) cause Subsidiary to comply with all of the terms and
provisions of the Earnout Lease for such Earnout Space; (b) promptly forward all
notices it receives from the Earnout Tenant under such Earnout Lease to Cordish
Affiliate and CR Affiliate; (c) fully cooperate, and cause Subsidiary to fully
cooperate, with the efforts of Cordish Affiliate and CR Affiliate to satisfy the
Earnout Conditions for such Earnout Space; and (d) not permit Subsidiary to
enter into any amendments or any modifications of such Earnout Leases without
first obtaining the consent of Cordish Affiliate, which consent Cordish
Affiliate may withhold in its commercially reasonable discretion.

              1.4.6. "PROJECT COMPLETION OF THE EARNOUT SPACE" for each Earnout
Tenant means the satisfaction of the following described requirements: (1)
certificates of substantial completion (subject only to an attached punch list)
as to Subsidiary's work (as delegated to Cordish Affiliate) for construction of
the applicable Earnout Space shall have been issued and signed by an architect
selected by Cordish Affiliate stating that: (A) the "landlord's work" under the
applicable Earnout Lease has been substantially completed in accordance with the
terms, conditions and provisions of the applicable Earnout Lease, and (B) all
material applicable governmental rules, regulations and requirements have been
satisfied in connection with the work performed by Cordish Affiliate in
connection with the applicable Earnout Space; (2) the applicable Earnout Tenant
shall not have filed

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for bankruptcy, insolvency, or reorganization protection pursuant to any statute
either of the United States or any state after the date of Closing and prior to
the date of the applicable Earnout Closing and such filing has not been
dismissed or withdrawn or the Earnout Tenant has not been reorganized; (3)
Cordish Affiliate shall have caused the survey to be later-dated to show the "as
built" Property and related improvements (to the extent EXHIBIT "1.4" indicates
that this is a requirement for such Earnout Tenant); (4) Cordish Affiliate shall
have delivered to the Title Company lien waivers for work performed by or on
behalf of Cordish Affiliate in connection with the applicable Earnout Space (or
Cordish Affiliate has provided the Title Company with an indemnity acceptable to
the Title Company in lieu of such lien waivers) (to the extent EXHIBIT "1.4"
indicates that this is a requirement for such Earnout Tenant); and (5) the Title
Company shall have performed a bring-to-date title search confirming that no new
liens have attached to the Property between the Closing and the completion of
the Earnout Space (to the extent EXHIBIT "1.4" indicates that this is a
requirement for such Earnout Tenant.) Inland Affiliate shall cause the Title
Company and the surveyor who prepared the survey referred to above to fully
cooperate with the efforts of Cordish Affiliate to satisfy the provisions of
this Subsection concerning title insurance and surveys.

              1.4.7. (a) If an Earnout Lease is terminated prior to the Earnout
Closing for such Earnout Lease, or the Earnout Tenant for such Earnout Lease
filed for bankruptcy, insolvency, or reorganization protection pursuant to any
statute either of the United States or any state after the date of Closing,
Cordish Affiliate shall have the right to replace such Earnout Lease during such
twenty-four (24) month period with a lease or leases from a tenant or tenants
reasonably acceptable to Inland Affiliate and such replacement lease or leases
and tenant or tenants shall be deemed an "Earnout Lease or Leases and Earnout
Tenant or Tenants for purposes of this Section 1.4.

                     (b) Notwithstanding anything to the contrary contained
herein, certain of the Earnout Spaces are not presently subject to an Earnout
Lease. Cordish Affiliate, with the cooperation of CR Affiliate, shall have the
right, during the twenty-four months following the Closing Date, to attempt to
lease such space and cause Project Completion of the Earnout Space for such
spaces. When doing so, Cordish Affiliate shall comply with the provisions of the
Leasing Agreement. The Earnout Amount for each such space shall be determined
based on the formula attached hereto as EXHIBIT "1.4.7". Such exhibit contains a
list of each vacant Earnout Space and the pro forma rental and the Aggregate
Earnout Amount allocated to such Earnout Space. In the event the actual rental
achieved for each such Earnout Space varies from the pro forma rental allocated
to such space, the Aggregate Earnout Amount shall be proportionately adjusted.
Thus if the actual rental exceeds the pro forma rental for an Earnout Space by
10%, the Aggregate Earnout Amount for such space shall be increased by 10%.
Thus, notwithstanding the provisions of Section 1.4.1, the actual Aggregate
Earnout Amount will fluctuate and may be higher or lower than the amount
contained in Section 1.4.1 hereof.

              1.4.8. Inland Affiliate recognizes and acknowledges that Holding
Company and Cordish Affiliate have agreed with CR Affiliate not to consent to
the modification or amendment of any of the provisions of this Section 1.4 to
the extent that such modification or amendment would

                                       10
<Page>

likely adversely affect CR Affiliate without first obtaining the consent of the
CR Affiliate to such modification or amendment.

              1.4.9. Notwithstanding anything to the contrary contained in this
Section 1.4, on the date that a tenant of an Earnout Space has commenced payment
of rent and/or expenses prior to the satisfaction of the Earnout Conditions,
Inland Affiliate shall thereafter, until the Earnout Conditions for such Earnout
Space has been satisfied, within five (5) Business Days of receipt by of any
such amount, deposit, fifty percent (50%) of such amount to the Operations
Reserve and deposit fifty percent (50%) of such amount to the Operations
Reserve.

              1.4.10. The provisions of this Section 1.4 shall survive Closing.

       1.5.   METHOD OF CONTRIBUTION AND DISTRIBUTION. On the Closing Date,
Inland Affiliate shall: (a) deposit the Capital Contribution (exclusive of the
Escrow Amount, the Liquidity Amount and the Earnest Money, to the extent the
Earnest Money is being held by Escrowee), adjusted pursuant to Section 1.2, with
Escrowee by wire transfer of immediately available funds; (b) deposit the Escrow
Amount with Escrowee by wire transfer of immediately available funds; and (c)
deposit the Liquidity Amount with Escrowee by wire transfer of immediately
available funds. Escrowee shall cause the Capital Contribution (including the
Earnest Money, the Escrow Amount and the Liquidity Amount) to be distributed or
retained in accordance with EXHIBIT "1.5".

       1.6.   POST CLOSING DATE ADJUSTMENTS AND RELEASE OF LETTERS OF CREDIT.

              1.6.1. On the Closing Date, Holding Company shall cause the
Existing Loan to be paid in full or fully defeased, pursuant to EXHIBIT "1.5".
All funds paid to Subsidiary on and after the Closing Date in connection with
the Existing Loan, such as the release of any escrows for real estate taxes and
insurance, capital improvements and leasing expenses shall be paid fifty percent
(50%) to Cordish Affiliate and fifty percent (50%) to CR Affiliate. In addition,
Holding Company, exclusively acting by and through Cordish Affiliate shall have
the right to cause Subsidiary to close all bank accounts and checking accounts
of Subsidiary and/or Holding Company that exist prior to the Closing Date and
retain such amounts. By execution of this Agreement, Inland Affiliate and
Holding Company agree and acknowledge and confirm that all such accounts have
been and are irrevocably assigned to the exclusive control of Cordish Affiliate.

              1.6.2. Attached hereto as EXHIBIT "1.6.2" hereof contains a list
of letters of credit that were posted by Subsidiary with various governmental
authorities concerning the Property. If, when and as each such letter of credit
is released to Subsidiary, Subsidiary shall promptly deliver same to Cordish
Affiliate and Cordish Affiliate shall have the right to cause same to be
surrendered to the issuing bank and any collateral posted in connection
therewith delivered to Cordish Affiliate or the affiliate of Cordish Affiliate
(other than Subsidiary or Holding Company) that posted same. Inland Affiliate
shall cause the Subsidiary to reasonably cooperate with the efforts of Cordish
Affiliate to obtain the release of such letters of credit.

                                       11

<Page>

              1.6.3. The provisions of this Section 1.6 shall survive Closing.

       1.7.   CLOSING; CLOSING DATE. Upon the terms and subject to the
conditions of this Agreement, and provided that the Giant Food Condition is
satisfied, the transactions contemplated by this Agreement shall take place at a
closing (the "CLOSING") to be held at the offices of The Cordish Company, 601
East Pratt Street, 6th Floor, Baltimore, Maryland, at 10:00 a.m., Baltimore
time, or at such other location in Baltimore, Maryland selected by Holding
Company, on the second Business Day following the satisfaction or waiver of all
of the conditions to the obligations of the parties set forth in ARTICLE VI. The
day on which the Closing takes place is referred to herein as the "CLOSING
DATE." The term "GIANT FOOD CONDITION" means Giant Food, Inc.'s premises at the
Property has satisfied the Tenant Conditions (as that term is defined in Section
2.1 (c) of the Escrow Agreement.) For purposes of this definition of Giant Food
Condition, Giant Food, Inc.'s premises at the Property shall be deemed a
Project Vacant Space.

                                   ARTICLE II
                         EVENTS OCCURRING AT THE CLOSING

       2.1.   DELIVERIES BY INLAND AFFILIATE. At the Closing, Inland Affiliate
will unconditionally deliver to Cordish Affiliate the following:

              2.1.1. A copy of resolutions of Inland Affiliate and Inland,
certified by its Secretary, in the case of Inland, or the Secretary of its sole
member, in the case of Inland Affiliate, authorizing or ratifying its execution
and delivery of this Agreement and the Other Agreements, and the consummation of
the transactions contemplated hereby and thereby.

              2.1.2. The Other Agreements, which shall be duly executed by
Subsidiary, Inland Affiliate, CR Affiliate and/or Inland, as appropriate.

              2.1.3. A copy of the organizational documents of Inland Affiliate
and Inland, certified as of a date within five (5) days of the Closing Date by
the Secretary of State of the state of organization.

              2.1.4. A certificate of its Secretary, in the case of Inland, and
the Secretary of its sole member, in the case of Inland Affiliate, attaching
thereto a true and complete copy of its Bylaws (in the case of Inland) and
Operating Agreement (in the case of Inland Affiliate) as in effect on the
Closing Date for Inland Affiliate and Inland

              2.1.5. A certificate of the Secretary of its sole member stating
that, to the best of his information and belief, the representations and
warranties contained herein of Inland Affiliate are true, complete, and accurate
in all material respects at and as of the Closing Date.

              2.1.6. The opinion of counsel for Subsidiary, Inland Affiliate and
Inland in form and substance similar to EXHIBIT "2.1.6". dated the Closing Date.

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<Page>

              2.1.7. A COPY of the owner's title insurance policy, with all
instruments, documents and plats referenced to therein, for the Property and the
survey of the Property prepared for Inland Affiliate or the Subsidiary in
connection with this Agreement.

              2.1.8. Such other documents and instruments as reasonably may be
required by Holding Company, exclusively acting by and through Cordish
Affiliate, and the Title Company issuing the new owner's policy for Subsidiary
on the Closing Date (the "TITLE COMPANY") and which may be necessary to
consummate this transaction and otherwise to effect the agreements of the
parties hereto.

              2.1.9. The mutual waiver and release in the form attached hereto
as EXHIBIT "2.2.9" executed by Inland Affiliate pertaining to Inland Affiliate's
alleged breach of that certain Confidentiality Agreement between Inland Real
Estate Acquisition, Inc. and The Cordish Company, dated as February 27, 2004 to
the extent that such alleged breach concerned the Property and Subsidiary. (Such
release shall also contain a standstill agreement by The Cordish Company not to
pursue any claims under any similar agreements concerning any other property
owned by an entity that is partially owned by any affiliate of The Cordish
Company as long as such property is subject to a valid and binding contribution
agreement that is similar to this agreement between such affiliate of The
Cordish Company and an affiliate of Inland Affiliate.)

       2.2.   DELIVERIES BY HOLDING COMPANY. At the Closing, Holding Company,
acting by and through Cordish Affiliate, will deliver to Inland Affiliate the
following:

              2.2.1.

                     2.2.1.1. A copy of the authorization of both members of
Holding Company authorizing or ratifying its execution and delivery of this
Agreement, and the consummation of the transactions contemplated hereby and
thereby by Holding Company.

                     2.2.2.2. A copy of the authorization of the members of
Cordish Affiliate authorizing or ratifying its execution and delivery of the
Other Agreements, and the consummation of the transactions contemplated thereby
by Cordish Affiliate.

              2.2.2. The Other Agreements, which shall be duly executed by
Cordish Affiliate, CR Affiliate or their respective affiliates as appropriate.

              2.2.3. A copy of its Articles of Organization (and a copy of the
Articles of Organization of Cordish Affiliate, CR Affiliate and each Subsidiary)
certified as of a date within five (5) days of the Closing Date by the Secretary
of State (or equivalent official) of its state (or jurisdiction) of
organization.

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<Page>

              2.2.4. A certificate from the Secretary of State (or equivalent
official) of the state (or jurisdiction) of organization as to its good standing
in such state (or jurisdiction), certified as of a date within five (5) days of
the Closing Date (and such a certificate for Cordish Affiliate, CR Affiliate and
each Subsidiary).

              2.2.5. A certificate from Cordish Affiliate stating that, to the
best of its information and belief, the representations and warranties contained
in ARTICLE IV are true, complete, and accurate in all material respects at and
as of the Closing Date.

              2.2.6. The opinions of counsel for Holding Company, Cordish
Affiliate and CR Affiliate in form and substance similar to EXHIBIT "2.2.6",
dated the Closing Date.

              2.2.7. The affidavits for the title company in the form attached
hereto as EXHIBIT "2.2.7" from the persons or entities identified on such
exhibit.

              2.2.8. A letter to each tenant of the Property in the form
attached hereto as EXHIBIT "2.2.8" notifying each tenant of the change of notice
address of Subsidiary.

              2.2.9. The mutual waiver and release in the form attached hereto
as EXHIBIT "2.2.9" executed by The Cordish Company and Cordish Affiliate,
pertaining to Inland Affiliate's alleged breach of that certain Confidentiality
Agreement between Inland Real Estate Acquisition, Inc. and The Cordish Company,
dated as February 27, 2004 to the extent that such alleged breach concerned the
Property and Subsidiary. (Such release shall also contain a standstill agreement
by The Cordish Company not to pursue any claims under any similar agreements
concerning any other property owned by an entity that is partially owned by any
affiliate of The Cordish Company as long as such property is subject to a valid
and binding contribution agreement that is similar to this agreement between
such affiliate of The Cordish Company and an affiliate of Inland Affiliate.)

              2.2.10. The books and records of each Subsidiary relating to the
operation of the Property, then in the possession of Subsidiary, CR Affiliate or
Cordish Affiliate, to the extent requested by Inland Affiliate.

              2.2.11. An amount equal to the SECURITY DEPOSITS (as that term is
defined in Section 4.9.6 hereof). Such delivery shall be accomplished by wire
transfer of immediately available funds to an account designated by Inland
Affiliate at Closing.

              2.2.12. Such other documents and instruments as reasonably may be
required by Inland Affiliate and the Title Company (exclusive of affidavits) and
which may be necessary to consummate this transaction and otherwise to effect
the agreements of the parties hereto.

       2.3.   EFFECT OF CONTRIBUTIONS. In exchange for the Capital Contribution:
(i) Inland Affiliate, Cordish Affiliate and CR Affiliate shall execute, seal and
deliver to the other the Operating Agreement, (ii) Inland Affiliate will become
a member of Holding Company pursuant to

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<Page>

the terms of the Operating Agreement, (iii) Inland Affiliate will receive the
Percentage Interest set forth beside its name on SCHEDULE A of the Operating
Agreement, and (iv) the Capital Account of Inland Affiliate will be credited
with such amount set forth beside its name on SCHEDULE A of the Operating
Agreement. Such Capital Account shall be adjusted hereafter with respect to any
adjustments to the Capital Contribution as set forth in Article I of this
Agreement that occur after the Closing.

                                   ARTICLE III
                              RELATED TRANSACTIONS

       At the Closing, Inland, Cordish Affiliate, CR Affiliate, Subsidiary,
Inland Affiliate, and/or David S. Cordish shall enter into the following
agreements (collectively, the "OTHER AGREEMENTS"):

       3.1.   ESCROW AGREEMENT. Inland Affiliate shall cause Escrowee to execute
and deliver the Escrow Agreement to Subsidiary and Cordish Affiliate. The Escrow
Agreement shall also be executed and delivered by Cordish Affiliate and
Subsidiary to each other and Escrowee at the Closing.

       3.2.   OPERATING AGREEMENT. The Operating Agreement in the form attached
hereto as EXHIBIT "C." The Operating Agreement shall be executed by Inland
Affiliate, Cordish Affiliate and CR Affiliate and delivered to each other at the
Closing.

       3.3.   INDEMNIFICATION AND GUARANTY AGREEMENT. The Indemnification and
Guaranty Agreement attached hereto as EXHIBIT "3.3", which: (i) Cordish
Affiliate and Inland Affiliate shall execute and deliver to each other at the
Closing; (ii) Cordish Affiliate shall cause David S. Cordish to execute and
deliver to Inland Affiliate at the Closing; and (iii) Inland Affiliate shall
cause Inland to execute and deliver to Cordish Affiliate at the Closing (the
"INDEMNITY AGREEMENT").

       3.4.   LEASING AND CONSTRUCTION SERVICE AGREEMENT. The Leasing and
Construction Service Agreement attached hereto as EXHIBIT "3.4", which
Subsidiary, Cordish Affiliate and CR Affiliate shall execute and deliver to each
other at the Closing (the "LEASING AGREEMENT").

       3.5.   AUDIT LETTER. Within ten (10) Business Days after receipt of a
written request from the Subsidiary's independent auditor, Cordish Affiliate
shall cause the representation letter attached hereto as EXHIBIT "3.5" to be
executed and delivered to such auditor. This covenant shall survive the Closing.

       3.6.   LIQUIDITY AMOUNT ESCROW AGREEMENT. Inland Affiliate shall cause
Escrowee to execute and deliver the Liquidity Amount Escrow Agreement to
Subsidiary and Cordish Affiliate. The Liquidity Amount Escrow Agreement shall
also be executed and delivered by Cordish Affiliate and Subsidiary to each other
and Escrowee at the Closing.

                                       15

<Page>

                                  ARTICLE III A
                           POST CLOSING UNDERTAKINGS

       3A.1.  SHELL IMPROVEMENTS. From the date hereof, until the Closing Date,
Subsidiary will be prosecuting the construction of certain improvements (the
"SHELL IMPROVEMENTS") pursuant to and described in those certain construction
contracts described on EXHIBIT "3A.1" hereto (the "SHELL IMPROVEMENTS
CONTRACTS"). Cordish Affiliate shall be solely responsible for the payment of
the SHELL IMPROVEMENTS COSTS (as that term is defined herein.) However, Cordish
Affiliate shall be entitled to be reimbursed for the Shell Improvements Costs
from the Operations Reserve and from the Capital Reserve. On or before Closing,
the Shell Improvements Contracts shall be assigned by Subsidiary to Cordish
Affiliate and assumed, performed and discharged thereafter by Cordish Affiliate
in accordance with the provisions of the Leasing Agreement. The term "SHELL
IMPROVEMENTS COSTS" means the actual third-party costs incurred by Cordish
Affiliate in connection with the undertaking and completing of the Shell
Improvements Contracts.

       3A.2.  SURVIVAL. The provisions of this Article III A shall survive the
Closing.

                                   ARTICLE IV
                REPRESENTATIONS AND WARRANTIES OF HOLDING COMPANY

       Holding Company hereby represents and warrants to Inland Affiliate as
follows:

       4.1.   OWNERSHIP OF HOLDING COMPANY AND SUBSIDIARY.

              4.1.1  From and after January 28, 2003, the sole member of each
Subsidiary was Holding Company. From such date until the date hereof, the sole
member of Subsidiary has been Holding Company. All of the outstanding equity
interests in Subsidiary have been duly authorized and are validly issued.
Holding Company has good and marketable title to its interest in, and after
consummating the transactions contemplated herein will continue to be the sole
equity owner of, each Subsidiary.

              4.1.2  From the date of its formation until the date hereof, the
sole members of Holding Company were Cordish Affiliate and CR Affiliate. All of
the outstanding equity interests in Holding Company have been duly authorized
and are validly issued. Simultaneously with the consummation of the transactions
contemplated herein, Cordish Affiliate and CR Affiliate shall have good and
marketable title to its interest in Holding Company.

              4.1.3  From January 28, 2003 until the Closing Date Holding
Company's ownership interest in each Subsidiary has not been changed and there
has been no change in the ownership structure of Holding Company.

                                       16

<Page>

              4.1.4  There are no outstanding (i) options, warrants or other
rights to acquire any of the equity interests in one or both Subsidiary or
Holding Company, (ii) securities convertible into or exchangeable for limited
liability company membership interests in one or both Subsidiary or Holding
Company or any other interests in one or both Subsidiary or Holding Company, or
(iii) other commitments of any kind for the issuance of additional equity
interests, options, warrants or other securities in one or both Subsidiary or
Holding Company.

       4.2.   ORGANIZATION.

              4.2.1. On the Closing Date, each of Holding Company, each
Subsidiary, Cordish Affiliate and CR Affiliate will be a limited liability
company that is duly organized, validly existing, and in good standing under the
laws of its respective state of organization, with the limited liability company
power and authority to own, lease, and operate its properties and to carry on
its business as now being conducted.

              4.2.2. The copies of the organizational documents and all
amendments thereto of Holding Company, Cordish Affiliate, CR Affiliate and each
Subsidiary, as delivered to Inland Affiliate, are true, complete, and correct
copies of the organizational documents, as amended and presently in effect, of
Holding Company, Cordish Affiliate, CR Affiliate and each Subsidiary.

       4.3.   QUALIFICATION. On the Closing Date, Holding Company, each
Subsidiary, Cordish Affiliate and CR Affiliate will each be licensed or
qualified to do business as foreign entities and will be in good standing in the
jurisdictions in which they conduct business.

       4.4.   AUTHORITY. Holding Company has the limited liability company power
and authority to execute and deliver this Agreement and to consummate the
transactions contemplated hereby. The execution and delivery by Holding Company
of this Agreement has been duly authorized as of the date hereof. No other
proceedings on the part of Holding Company or any other person or entity are
necessary to authorize Holding Company to enter into this Agreement or to
consummate the transactions contemplated hereby; and this Agreement is he legal,
valid, and binding obligations of the Holding Company.

       4.5.   NO VIOLATIONS. To Cordish Affiliate's Knowledge, except as set
forth in EXHIBIT "4.5", neither the execution nor delivery of this Agreement,
nor the consummation of the transactions contemplated hereby or thereby:

              4.5.1. Requires any filing or registration with, or consent,
authorization, approval, or Permit of, any governmental or regulatory authority
on the part of Holding Company,;

              4.5.2. Violates or will violate (i) any order, writ, injunction,
judgment, decree, or award of any court or governmental or regulatory authority
or (ii) any "LAW," as defined in Section

                                       17

<Page>

4.7 of this Agreement, of any governmental or regulatory authority to which
Holding Company, or any of their respective properties or assets are subject; or

              4.5.3. (i) violates or breaches or constitutes a default (or an
event which, with notice or lapse of time or both, would constitute a default)
under, or gives rise to a right to terminate, any mortgage, contract, agreement,
partnership agreement, limited liability company operating agreement (or
like-agreement), deed of trust, license, lease, or other instrument,
arrangement, commitment, obligation, understanding, or restriction of any kind
to which Holding Company or either Subsidiary is a party or by which its
properties (including the Property) may be bound, or (ii) will cause, or give
any person grounds to cause, to be accelerated (with notice or lapse of time or
both) the maturity of, or will increase, any liability or obligation of Holding
Company or either Subsidiary which violation, breach, default, liability, or
obligation, individually or in the aggregate, is or would negatively impact the
business or financial condition of Holding Company, or either Subsidiary.

       4.6.   LITIGATION. From the date that is three (3) years prior to the
date hereof until the date hereof, except as set forth in EXHIBIT "4.6", there
have been and are no claims, actions, suits, arbitration's, proceedings or
investigations pending before any governmental authority or otherwise, or, to
the Cordish Affiliate's Knowledge, threatened against Cordish Affiliate, CR
Affiliate, Holding Company and/or either Subsidiary that have not been resolved
and any judgments against any such entities paid in full. Cordish Affiliate, CR
Affiliate, Holding Company and each Subsidiary are not subject to any order,
writ, judgment, injunction, decree, determination or award. From the date that
is three (3) years prior to the date hereof until the date hereof, to Cordish
Affiliate's Knowledge there have been no unresolved disputes or disagreement
between any Cordish Affiliate and entity or affiliate and any other member (or
partner) of each Subsidiary or Holding Company.

       4.7.   COMPLIANCE WITH APPLICABLE LAW; ADVERSE RESTRICTIONS. As used
herein, all laws (statutory or otherwise), ordinances, rules, regulations,
bylaws, and codes of all governmental and regulatory authorities, whether
federal, state, or local are referred to singularly as a "LAW" and collectively,
as the "LAWS." Except as and to the extent set forth in EXHIBIT "4.7", neither
Holding Company nor each Subsidiary, Cordish Affiliate nor CR Affiliate has
received any written notification during the last three (3) years of any
asserted failure to comply with any Law.

       4.8.   ASSETS.

              4.8.1. From the time of its formation and organization until the
date hereof, Holding Company has not owned or leased any asset other than its
interest in each Subsidiary, and cash distributed from Subsidiary. Holding
Company has not engaged in any business other than the ownership of its interest
in Subsidiary. From the time of its formation and organization until the date
hereof, Holding Company has not held an interest in any entity other than each
Subsidiary.

              4.8.2. From January 28, 2003, until the date hereof, each
Subsidiary has not owned or leased any material asset other than its portion of
the Property (and assets necessary to the

                                       18

<Page>

operation of its portion of the Property) and has not engaged in any business
other than the ownership, development, and operation of its portion of the
Property.

       4.9.   THE PROPERTY.

              4.9.1. Except as set forth on EXHIBIT "4.9.1", neither Cordish
Affiliate, CR Affiliate nor either Subsidiary has received during the last three
(3) years: (i) building code violation notices (other than notices of violations
which have been removed or corrected); and (ii) notices of any action or
governmental proceeding in eminent domain, or for a zoning change, or affecting
the environmental (including wetlands) condition of the Property.

              4.9.2. There are no leases or rental agreements affecting the
Property other than the leases described on EXHIBIT "4.9.2", copies of which
have been supplied to Inland Affiliate (the "LEASES"). EXHIBIT "4.9.2" also
contains, as of the date of the rent roll, a complete, correct and current rent
roll for the Property. Except for matters disclosed in tenant estoppel
certificates delivered to Inland Affiliate or an affiliate of Inland Affiliate
or the counsel of Inland Affiliate in connection with this transaction and/or
routine tenants matters which have been settled, dismissed, or as set forth in
EXHIBIT "4.9.2", neither Holding Company nor either Subsidiary has received any
claim during the last three (3) years from any tenant under the Leases alleging
any type of default by the landlord under the Leases or demanding any work or
payment from landlord that has not been resolved. All leasing commissions, and
tenant improvement allowances, and post-Closing rental abatements arising in
connection with any Lease entered into prior to the Closing Date shall be fully-
paid, discharged or credited to Inland Affiliate at Closing.

              4.9.3. Except as set forth on EXHIBIT "4.9.3", (a) there are no
management, leasing services or employment contracts affecting the Property that
will be in effect on the Closing Date unless such are terminable without
penalty; (b) there are no persons employed by Holding Company or either
Subsidiary, Cordish Affiliate or CR Affiliate in connection with the operation
of the Property, and (c) to Cordish Affiliate's Knowledge there are no
maintenance, advertising or service contracts affecting the Property that will
be in effect on the Closing Date unless such are terminable without penalty.

              4.9.4. Except as set forth in the Leases or EXHIBIT "4.9.4": (a)
collectively, Subsidiary owns fee simple title to the Property, (b) to Cordish
Affiliate's Knowledge prior to January 28, 2003, no third party acquired any
right to purchase all or any part of the Property; and (c) subsequent to January
28, 2003, no third party acquired any right to purchase all or any part of the
Property.

              4.9.5. Except as set forth in EXHIBIT "4.9.5", there exists no
obligation on the part of Holding Company or either Subsidiary for any leasing
and/or broker commissions or like payments for any period subsequent to the
Closing Date, in connection with any Lease executed prior to the Closing Date,
except for those arising out of renewal, expansion or other similar options
exercised by tenants under any Lease.

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<Page>

              4.9.6. EXHIBIT "4.9.6" contains a true, accurate and complete list
of each Lease under which a tenant has paid a Subsidiary a security deposit, and
the amount of such security deposit, which security deposit either Subsidiary
may have an obligation to return upon the expiration of such Lease (each a
"SECURITY DEPOSIT").

              4.9.7. Except as set forth in the Leases or in an instrument or
agreement that is recorded among the appropriate land records, no Subsidiary has
granted a tenant or occupant of the Property an exclusive right to use the
Property for any particular purposes.

       4.10.  TAXES.

              4.10.1. All returns, declarations, reports, claims for refunds, or
information returns or statements or other forms relating to all fees (including
without limitation documentation, recording, license, and registration fees),
taxes (including without limitation net income, alternative, unitary,
alternative minimum, minimum franchise, value added, ad valorem, income,
receipts, capital, excise, sales, use, leasing, fuel, excess profits, turnover,
occupational, property (personal and real, tangible and intangible), transfer,
recording and stamp taxes, levies, imposts, duties, charges, fees assessments,
or withholdings of any nature whatsoever, general or special, ordinary or
extraordinary, and any transaction privilege or similar taxes) imposed by or on
behalf of a governmental authority, together with any and all penalties, fines,
additions to tax and interest thereon (the "TAXES"), including any schedule or
attachment thereto, and including any amendment thereof (the "TAX RETURNS")
required to be filed by Holding Company and either Subsidiary have, to the
Knowledge of Cordish, been accurately prepared in all material respects and
timely filed.

              4.10.2. All Taxes for which Holding Company or either Subsidiary
may be held liable (whether or not appearing on such Tax Returns and other than
the Taxes referred to in the next sentence), have been paid or accrued within
the prescribed period or any extension thereof. All Taxes required to be
withheld by Holding Company or either Subsidiary, including, but not limited to,
Taxes arising as a result of payments or distributions (or amounts allocable) to
foreign partners or foreign persons or to employees of Holding Company or each
Subsidiary, have been collected and withheld, and have been either paid to the
respective governmental agencies, set aside in accounts for such purpose, or
accrued, reserved against, and entered upon the books and records of the
employer.

              4.10.3. To Cordish Affiliate's Knowledge, there are no Tax
liensupon the Property, except for liens for current Taxes not yet due and
payable.

              4.10.4. Holding Company and each Subsidiary qualify (and has since
their respective dates of formation), and, giving effect to the terms of the
Operating Agreement, will qualify immediately after the Closing Date, to be
treated as a partnership or disregarded entity for federal income tax purposes.
No taxing authority has taken a position inconsistent with such treatment.
Neither Cordish Affiliate nor any other member of Holding Company or a
Subsidiary has taken any

                                       20

<PAGE>

action, or failed to take any action, that would cause Holding Company or a
Subsidiary to be treated as an association taxable as a corporation for income
tax purposes.

              4.10.5 Neither a Subsidiary, Holding Company, Cordish Affiliate
nor CR Affiliate has received from any governmental authority any written notice
of proposed adjustment, deficiency or underpayment of any Taxes pertaining to
the ownership or operation of the Property, which notice has not been satisfied
by payment or been withdrawn, and to Cordish Affiliate's Knowledge, there are no
claims with respect thereto that have been asserted or threatened against a
Subsidiary, Holding Company, Cordish Affiliate or CR Affiliate.

              4.10.6 There are no agreements for the extension of time for the
assessment of any Taxes of Holding Company or a Subsidiary.

              4.10.7 Except as set forth on EXHIBIT "4.10.7", there are no
pending appeals of any Taxes of Holding Company or a Subsidiary.

       4.11.  INSURANCE. To Cordish Affiliate's Knowledge insurance policies or
binders of insurance in the types and amounts set forth on EXHIBIT 4.11 are
valid and currently in effect. Each Subsidiary has paid, or caused to be paid,
all premiums due under such policies, and to Cordish Affiliate's Knowledge each
Subsidiary is not in default with respect to its obligations under any such
policies.

       4.12.  CONTRACTS.

              4.12.1. EXHIBIT "4.12.1" lists each material contract and
agreement of each Subsidiary with respect to the Property, other than those set
forth on EXHIBIT "4.9.3" (the "CONTRACTS "). To Cordish Affiliate's Knowledge,
there are no material contracts or agreements of a Subsidiary that will be in
effect after the Closing Date except for the Contracts and the Leases.

              4.12.2. A true and complete copy of each material Contract has
been made available to Inland Affiliate. Except as disclosed in EXHIBIT
"4.12.2":

                      4.12.2.1.     To the Knowledge of Cordish Affiliate, each
Contract and Lease is valid and binding on the respective parties thereto and is
in full force and effect.

                      4.12.2.2.     To the Knowledge of Cordish Affiliate, after
the Closing, each Contract and Lease shall continue in full force and effect
throughout its effective term, except in the event that a party thereto has
breached such Contract and Lease and as result of such breach, the Contract or
Lease is terminated, or unless an event has occurred that is described therein
that gives rise to a right of termination, which is effectuated or in the event
a party thereto seeks bankruptcy or reorganization protection and has the right,
as a result thereof, to terminate the Contract or Lease and does so.
Notwithstanding the preceding sentence, it is agreed by all of the parties that
all existing management arrangements or contracts (whether oral or written) will
be terminated as of the Closing.

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<Page>

                      4.12.2.3.     To the Knowledge of Cordish Affiliate, each
Subsidiary has neither received nor delivered a written notice of default with
respect to any Contract or Lease within the past three years that is presently
unresolved.

                      4.12.2.4.     To the Knowledge of Cordish Affiliate, each
Subsidiary has not delivered a written notice of default to any other party to a
Contract or Lease that is presently unresolved.

                      4.12.2.5      To the Knowledge of Holding Company there
are no material defaults existing with respect to any Lease or material Contract
that has or is likely to have a material adverse effect on a Subsidiary or the
Property.

       4.13.  "KNOWLEDGE." For purposes of this Agreement, "KNOWLEDGE" means the
actual knowledge of the individuals whose names are set forth on EXHIBIT "4.13",
without any obligation of investigation or inquiry by such individuals. For the
avoidance of doubt, the parties agree that the term "KNOWLEDGE" as used in this
Agreement with an initial lower case "k" shall have the same meaning as the
defined term, "KNOWLEDGE" with an initial uppercase "K".

       4.14.  BROKERS' FEES. Neither Holding Company, either Subsidiary, Cordish
Affiliate nor CR Affiliate has incurred any liability or obligation to pay any
fees or commissions to any broker, finder or agent with respect to the
transactions contemplated by this Agreement.

       4.15   INSOLVENCY. Since January 28, 2003, neither Holding Company nor
Subsidiary have (i) made a general assignment for the benefit of its creditors,
(ii) instituted, or been the subject of, any proceeding to be adjudicated
bankrupt or insolvent or consented to the institution of bankruptcy or
insolvency proceedings against it, (iii) filed a petition, answer or consent
seeking reorganization or relief under any applicable federal or state
bankruptcy law or consented to the filing of any such petition or to the
appointment of a receiver, liquidator, assignee, trustee, sequestrator or other
similar official of it or of any part of its property, or (iv) admitted in
writing its inability to pay its debts generally as they become due.

                                    ARTICLE V
               REPRESENTATIONS AND WARRANTIES OF INLAND AFFILIATE

       Inland Affiliate hereby represents and warrants to Holding Company as
follows:

       5.1.   ORGANIZATION, QUALIFICATION AND CORPORATE POWER. Inland Affiliate
is a limited liability company duly organized, validly existing and in good
standing under the laws of the State of Delaware and is duly qualified to
conduct business and is in corporate and tax good standing under the laws of
each jurisdiction in which the nature of its businesses or the ownership or
leasing of its

                                       22

<Page>

properties requires such qualification. Inland Affiliate has all requisite power
and authority to carry on the businesses in which it is engaged and to own and
use the properties owned and used by it.

       5.2.   AUTHORIZATION OF TRANSACTION. Inland Affiliate has all requisite
power and authority to execute and deliver this Agreement and the Other
Agreements, and to perform its obligations hereunder and thereunder. The
execution and delivery by Inland Affiliate of this Agreement and the Other
Agreements, and the consummation by Inland Affiliate of the transactions
contemplated hereby and thereby, have been duly and validly authorized by all
necessary action on the part of Inland Affiliate. This Agreement has been duly
and validly executed and delivered by Inland Affiliate and constitutes a valid
and binding obligation of Inland Affiliate, enforceable against it in accordance
with its terms.

       5.3.   NONCONTRAVENTION. Neither the execution and delivery by Inland
Affiliate of this Agreement or the Other Agreements, nor the consummation by
Inland Affiliate of the transactions contemplated hereby and thereby, will (a)
conflict with or violate any provision of the organizational documents of Inland
Affiliate, (b) require on the part of Inland Affiliate any filing with, or
permit, authorization, consent or approval of, any third party, (c) conflict
with, result in breach of, constitute (with or without due notice or lapse of
time or both) a default under, result in the acceleration of obligations under,
create in any party any right to terminate, modify or cancel, or require any
notice, consent or waiver under, any contract or instrument to which Inland
Affiliate is a party or by which it is bound or to which its assets are subject,
or (d) violate any order, writ, injunction, decree, statute, rule or regulation
applicable to Inland Affiliate or any of its properties or assets.

       5.4.   SECURITIES LAW COMPLIANCE. Inland Affiliate acknowledges that the
offering and issuance to it of an equity interest in Holding Company (the
"INTEREST") is intended to be exempted from registration under the Securities
Act of 1933, as amended (the "SECURITIES ACT"). Inland Affiliate understands and
agrees that it will sell or otherwise transfer the Interest (or any portion
thereof) only in accordance with the provisions of the Securities Act, pursuant
to registration under the Securities Act or pursuant to an available exemption
from registration thereunder and otherwise in a manner that does not violate the
securities laws of any state of the United States. Inland Affiliate understands
that Holding Company is under no obligation to register the Interest on behalf
of  Inland  Affiliate  or to  assist  Inland  Affiliate  in  complying  with any
exemption  from  registration  under  the  Securities  Act or  under  any  other
applicable  securities  laws.  Inland  Affiliate also  understands that sales or
transfers  of the  Interest  are further  restricted  by the  provisions  of the
Operating Agreement and the securities laws of the states of the United States.

       5.5.   PURCHASE FOR INLAND. Inland Affiliate is acquiring the Interest
for its own account as principal, for investment and not with a view to, or for
the resale, distribution, or fractionalization thereof, in whole or in part, and
no other person has any direct or indirect beneficial interest in the Interest.

       5.6.   ACCREDITED INVESTOR, ETC. Inland Affiliate is an "accredited
investor" within the meaning of Regulation D promulgated under the Securities
Act. Inland Affiliate has such knowledge

                                       23

<Page>

and experience in financial, tax, and business matters that it is capable of
evaluating the merits and risks of its acquisition of the Interest.

       5.7.   DUE DILIGENCE. Inland Affiliate acknowledges that, except for the
matters that are expressly covered by the provisions of this Agreement, the
Indemnity Agreement or the Operating Agreement, Inland Affiliate is relying on
its own investigation and analysis in entering into the transactions
contemplated by this Agreement. Inland Affiliate acknowledges that it is
acquiring its membership rights in and to Holding Company without any
representation or warranty, express or implied, by Cordish Affiliate, CR
Affiliate, Holding Company or Subsidiary, except as expressly set forth herein.
With respect to any projection or forecast delivered by or on behalf of Holding
Company to Inland Affiliate, Inland Affiliate acknowledges that (i) there are
uncertainties inherent in attempting to make such projections and forecasts,
(ii) the accuracy and correctness of such projections and forecasts may be
affected by information which may become available after the date of such
projections and forecasts, and (iii) Inland Affiliate is familiar with each of
the foregoing. Inland Affiliate has no knowledge of any facts and/or
circumstances that would make any of the representations and warranties
contained in Article IV untrue or misleading.

       5.8.   BROKERS' FEES. Neither Inland Affiliate nor any affiliate thereof
has any liability or obligation to pay any fees or commissions to any broker,
finder or agent with respect to the transactions contemplated by this Agreement.

       5.9.   COOPERATION ON TAX MATTERS. Inland Affiliate will cooperate fully,
as and to the extent reasonably requested by Holding Company, Cordish Affiliate
or CR Affiliate, in connection with any audit, litigation or other proceeding
with respect to Taxes. Such cooperation shall include the retention and (upon
the other party's request) the provision of records and information that are
reasonably relevant to any such audit, litigation, or other proceeding and
making employees available on a mutually convenient basis to provide additional
information and explanation of any material provided hereunder. Holding Company
and Inland Affiliate agree (a) to retain all books and records that are relevant
to the determination of the Tax liabilities pertinent to Holding Company and
Subsidiary relating to any prior Tax period until the expiration of the
applicable statute of limitations and to abide by all record retention
agreements entered into with any Taxing Authority and (b) to give the other
party reasonable written notice prior to destroying or discarding any such books
and records and, if the other party so requests, Holding Company or Inland
Affiliate, as the case may be, shall allow the other party to take possession of
such books and records.

                                   ARTICLE VI
                              CONDITIONS TO CLOSING

       6.1.   CONDITIONS TO OBLIGATIONS OF HOLDING COMPANY. The obligation of
Holding Company to consummate the transactions contemplated by this Agreement
shall be subject to the

                                       24

<Page>

fulfillment, at or prior to the Closing Date, of each of the following
conditions, unless waived in writing by Holding Company:

              6.1.1. REPRESENTATIONS AND WARRANTIES. Each representation and
warranty of Inland Affiliate contained in this Agreement shall be true and
correct in all material respects on and as of the Closing Date.

              6.1.2. PERFORMANCE OF AGREEMENTS. Inland Affiliate shall have
performed or complied in all material respects with all agreements and covenants
required by this Agreement to be performed or complied with by it on or prior to
the Closing Date.

              6.1.3. NO PROCEEDING OR LITIGATION. (i) No action shall have been
commenced by any governmental authority against Cordish Affiliate, CR Affiliate,
Subsidiary, Holding Company or Inland Affiliate seeking to restrain or
materially and adversely alter the transactions contemplated by this Agreement
and (ii) no injunction or order of any governmental authority or any Law shall
be in effect which, in the case of each of (i) and (ii), in the reasonable, good
faith determination of Holding Company, is likely to render it impossible or
unlawful to consummate such transactions.

              6.1.4. INLAND AFFILIATE'S DELIVERIES. Inland Affiliate shall have
delivered to Holding Company and Escrowee at or before the Closing the items
specified in Section 2.1.

              6.1.5. REORGANIZATIONS. CR Affiliate shall have executed and
delivered to Holding Company an Agreement to Reorganize that is substantially in
the form attached hereto as EXHIBIT "6.1.5", and the transactions contemplated
therein shall have been consummated.

              6.1.6. OTHER TRANSACTIONS. Inland Affiliate shall have consummated
the transactions contemplated by the Contribution Agreements it has entered into
of even date with respect to the limited liability companies set forth on
EXHIBIT "6.1.6".

       6.2.   CONDITIONS TO OBLIGATIONS OF INLAND AFFILIATE. The obligation of
Inland Affiliate to consummate the transactions contemplated by this Agreement
shall be subject to the fulfillment, at or prior to the Closing Date, of each of
the following conditions, unless waived in writing by Inland Affiliate:

              6.2.1. REPRESENTATIONS AND WARRANTIES. Each representation and
warranty of Holding Company and Cordish Affiliate contained in this Agreement
shall be true and correct in all material respects on and as of the Closing
Date.

              6.2.2. PERFORMANCE OF AGREEMENTS. Holding Company shall have
performed or complied in all material respects with all agreements and covenants
required by this Agreement to be performed or complied with by it on or prior to
the Closing Date.

                                       25

<Page>

              6.2.3. NO PROCEEDING OR LITIGATION. (i) No action shall have been
commenced by any governmental authority against Cordish Affiliate, CR Affiliate,
Subsidiary, Holding Company or Inland Affiliate seeking to restrain or
materially and adversely alter the transactions contemplated hereby and (ii) no
injunction or order of any governmental authority or Law shall be in effect,
which, in the case of each of (i) and (ii), in the reasonable, good faith
determination of Inland Affiliate is likely to render it impossible or unlawful
to consummate the transactions contemplated by this Agreement.

              6.2.4. HOLDING COMPANY'S DELIVERIES. Holding Company shall have
delivered to Inland Affiliate and Escrowee at the Closing the items specified in
Section 2.2.

              6.2.5. REORGANIZATIONS. CR Affiliate shall have executed, sealed;
and delivered to Cordish Affiliate the Agreement to Reorganize attached hereto
as EXHIBIT "6.1.5", and the transactions contemplated therein shall have been
consummated.

              6.2.6. LEASES. There shall not be a material default under: (a)
any Lease at the Property described on EXHIBIT "6.2.6" hereof (the "ANCHOR
LEASES"); or (b) Leases, exclusive of the Anchor Leases, representing more than
five (5%) percent of the gross leasable area of the Property.

              6.2.7. ESTOPPEL CERTIFICATES. Inland Affiliate shall have received
the estoppel certificates from those tenants under Leases and others forth on
EXHIBIT "6.2.7".

              6.2.8. CASUALTY OR CONDEMNATION. If prior to the Closing all or
any part of the Property is destroyed or damaged or is taken by condemnation,
eminent domain or other governmental acquisition provisions, then the following
procedures shall apply:

                     6.2.8.1. (a) If the reasonable estimated cost of repair or
replacement to be incurred by Subsidiary or the value of the governmental taking
is Ten Million and no/100 Dollars ($10,000,000.00) or less (the "THRESHOLD"),
AND, (b) if as a result of such damage or taking Leases for at least ninety
percent (90%) of the gross leasable area of the Property are: (i) not terminable
on account thereof (assuming any necessary repairs, replacements or alterations
required under the Leases are diligently pursued by the landlord thereunder),
and/or (ii) if so terminable, the tenant or tenants under such Lease or Leases
has or have waived its or their termination rights AND, (c) to the extent
abatement of rent occurs as a result of the damage, destruction or condemnation
that continues after the Closing Date with regard to Leases for ten percent
(10%) or more of the gross leasable area of the Property, such abatement of rent
is covered and paid for by insurance coverage of Subsidiary which payments
continue after the Closing Date (or other alternative payment arrangements are
implemented by Cordish Affiliate at no cost and expense to Subsidiary which are
reasonably acceptable by Inland Affiliate), THEN this condition to the Closing
shall be deemed waived by Inland Affiliate, and Inland Affiliate shall proceed
to the Closing, with the exception of a credit thereto for any applicable
deductible, the Capital Contribution shall not be reduced, and Inland Affiliate
shall retain the sole benefit, through Subsidiary, of all casualty insurance and
condemnation proceeds due

                                       26

<Page>

with respect to such destruction, damage or taking, as well as the proceeds and
benefits under any rent loss or business interruption policies attributable to
the period following the Closing.

                     6.2.8.2. (a) If any material point of ingress or egress to
or from the Property is either taken (or threatened to be taken) and cannot be
replaced or relocated with a suitable alternative, OR (b) if five percent (5%)
or more of any parking located upon the Property is either taken (or threatened
to be taken), OR (c) if the cost of reasonable cost of repair or replacement to
be incurred by Subsidiary or the value of the casualty or governmental taking is
greater than the Threshold, OR (d) Leases representing more than ten percent
(10%) of the gross leasable area of the Property are terminable on account
thereof (notwithstanding any necessary repairs, replacements or alterations
required under the Leases are diligently pursued by the landlord thereunder) and
the tenant or tenants under such Leases have not waived their termination rights
or, (e) to the extent abatement of rent occurs as a result of the damage,
destruction or condemnation that continues after the Closing Date with, regard
to Leases and such abatement of rent for Leases representing ten percent (10%)
or more of the gross leasable area of the Property is not covered and paid for
by insurance coverage of Subsidiary which payments continue after the Closing
Date (or other alternative payment arrangements are not implemented by Cordish
Affiliate at no cost and expense to Subsidiary which are reasonably acceptable
by Inland Affiliate), THEN Inland Affiliate, at its sole option, may elect
either to (x) terminate this Agreement by written notice to Holding Company and
receive an immediate return of the Earnest Money and neither party shall have
any further liability to the other hereunder; or (y) accept Subsidiary's rights
to all casualty insurance and condemnation proceeds with respect thereto with no
reduction in the Capital Contribution (except for the amount of any deductible
under existing insurance policies), it being understood and agreed that, in such
event, Cordish Affiliate shall cooperate with Inland Affiliate in the adjustment
and settlement of the insurance or condemnation claim.

                     6.2.8.3. If there is a dispute between Inland Affiliate and
Holding Company with respect to the cost of repair, restoration or replacement
with respect to the matters set forth in this Section 6.2.8, an engineer
designated by Holding Company and an engineer designated by Inland Affiliate
shall select an independent engineer licensed to practice in the jurisdiction
where the Property is located- who shall resolve such dispute. All fees, costs
and expenses of this third engineer shall be shared equally by Inland Affiliate
and Holding Company.

              6.2.9. The Title Company, which has delivered to Inland Affiliate
the commitment to issue an owner's title insurance policy attached hereto as
EXHIBIT "6.2.9" (the "TITLE COMMITMENT"), upon compliance by the parties hereto
of their respective obligations hereunder, is prepared to issue a title
insurance policy in form and substance materially similar to the Title
Commitment.

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<Page>

                                   ARTICLE VII
                             TERMINATION AND WAIVER

       7.1.   TERMINATION. This Agreement may be terminated at any time prior to
the Closing only as follows:

              7.1.1. By Inland Affiliate if, on or prior to the Closing Date:
(i) any representation or warranty of Holding Company or Cordish Affiliate set
forth in this Agreement shall not have been true and correct in all material
respects when made or ceases to be true and correct in all material respects at
any time subsequent to the date hereof and Holding Company shall have failed to
cure any material misstatement or omission subsequent to the date hereof
promptly after notice by Inland Affiliate; (ii) Holding Company shall not have
complied in all material respects with each covenant or agreement imposed by
this Agreement to be complied with or performed on or prior to the Closing Date
and Holding Company shall have failed to cure any material breach of a covenant
or agreement promptly after notice by Inland Affiliate; or (iii) either Holding
Company or Subsidiary makes a general assignment for the benefit of creditors,
or any proceeding shall be instituted by or against either Holding Company or
Subsidiary seeking to adjudicate either bankrupt or insolvent, or seeking
liquidation, winding up or reorganization, arrangement, adjustment, protection,
relief or composition of its debts under any Law relating to bankruptcy,
insolvency or reorganization.

              7.1.2. By Holding Company or Inland Affiliate if the Closing shall
not have occurred on or prior to the first anniversary of the date hereof.

              7.1.3. By Inland Affiliate or Holding Company if any governmental
authority shall have issued an order, decree or ruling or taken any other action
restraining, enjoining or otherwise prohibiting the transactions contemplated by
this Agreement and such order, decree, ruling or other action shall have become
final and nonappealable. This provision shall not apply to any governmental
authority that is acting in its capacity as "landlord" under any ground lease
between such governmental authority and Subsidiary.

              7.1.4. By the mutual written consent of Holding Company and Inland
Affiliate.

              7.1.5. By Holding Company if, between the date hereof and the time
scheduled for the Closing: (i) any representation or warranty of Inland
Affiliate set forth in this Agreement shall not have been true and correct in
all material respects when made or ceases to be true and correct in all material
respects at any time subsequent to the date hereof and Inland Affiliate shall
have failed to cure any material misstatement or omission subsequent to the date
hereof promptly after notice by Holding Company; (ii) Inland Affiliate shall not
have complied in all material respects with each covenant or agreement imposed
by this Agreement to be complied with or performed on or prior to the Closing
Date and Inland Affiliate shall have failed to cure any material breach of a
covenant or agreement promptly after notice by Holding Company or (iii) Inland
Affiliate makes a general assignment for the benefit of creditors, or any
proceeding shall be instituted by or against Inland Affiliate seeking to
adjudicate it bankrupt or insolvent, or seeking liquidation, winding up or

                                       28

<Page>

reorganization, arrangement, adjustment, protection, relief or composition of
its debts under any Law relating to bankruptcy, insolvency or reorganization.

       7.2.   EFFECT OF TERMINATION. If this Agreement is terminated as provided
in Section 7.1, this Agreement shall forthwith be canceled and rendered null and
void in its entirety, except that no such termination shall serve to relieve any
breaching party of any liability under this Agreement (except as otherwise
provided in Section 1.1). This Section 7.2 is not intended to modify the
provisions of Section 1.1. In the event this Agreement is terminated by Inland
Affiliate pursuant to the provisions of Section 7.1, the provisions of that
certain letter agreement dated April 24, 2004, between an affiliate of Inland
Affiliate and The Cordish Company shall apply concerning the reimbursement of
certain costs incurred by Inland Affiliate in connection with this Agreement.

       7.3.   WAIVER. Holding Company (and after the Closing Date, Holding
Company acting exclusively by and through Cordish Affiliate) on the one hand and
Inland Affiliate on the other hand may (a) extend the time for the performance
of any of the obligations or other acts of the other party, (b) waive any
inaccuracies in the representations and warranties of the other party contained
herein or in any document delivered by such other party pursuant hereto, or (c)
waive compliance with any of the agreements or conditions of the other party
contained herein. Any such extension or waiver shall be valid only if set forth
in an instrument in writing signed by the party to be bound thereby. Any waiver
of any term or condition shall not be construed as a waiver of any subsequent
breach or a subsequent waiver of the same term or condition, or a waiver of any
other term or condition, of this Agreement. The failure of any party to assert
any of its rights hereunder shall not constitute a waiver of any of such rights.

                                  ARTICLE VIII
                            MISCELLANEOUS PROVISIONS

       8.1.   AMENDMENT AND MODIFICATION. This Agreement may be amended,
modified or supplemented only by written agreement of the parties hereto.

       8.2.   FURTHER ASSURANCES. From time to time, at the request of Inland
Affiliate or Holding Company (exclusively acting by and through Cordish
Affiliate on and after the Closing Date) and without further consideration, each
party, at its own expense, will execute and deliver such other documents, and
take such other action, as Inland Affiliate or Holding Company (exclusively
acting by and through Cordish Affiliate on and after the Closing Date) may
reasonably request in order to consummate more effectively the transactions
contemplated hereby and to vest in Holding Company good and marketable title to
Subsidiary.

       8.3.   GOVERNING LAW. This Agreement shall be governed by and construed
in accordance with the laws of the State of Maryland (without regard to its
conflicts of law doctrines).

       8.4.   COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same

                                       29

<Page>

instrument and shall become a binding Agreement when one or more of the
counterparts have been signed by each of the parties and delivered to the other
party.

       8.5.   PUBLICITY. Neither of the parties will make any disclosure of the
transactions contemplated by this Agreement, or any discussions in connection
therewith or issue a press release concerning the closing of any such
transaction, or make any public announcement concerning the closing of any such
transaction, without the prior written consent of each of the other parties. The
preceding sentence shall not apply to: (a) any disclosure required to be made by
Law or the regulations of any stock exchange(s), or the Securities and Exchange
Commission, or Blue Sky Laws, as reasonably determined by counsel to the party
determining that such disclosure is required; or (b) a disclosure following
Closing made in the ordinary course of operations of Inland or Cordish
Affiliate; provided any such disclosure made pursuant to clause (a) or (b) of
this sentence is not inconsistent with the form of the transactions as described
in this Agreement. This provision shall survive Closing.

       8.6.   NOTICES. All notices, demands, consents, approvals, requests or
other communications which any of the parties to this Agreement may desire or be
required to give hereunder (collectively, "NOTICES") shall be in writing and
shall be given by personal delivery, nationally recognized next day delivery
service (delivery charges prepaid, return receipt requested) or United States
registered or certified mail (postage prepaid, return receipt requested)
addressed as hereinafter provided. Except as otherwise specified herein, the
effective date of any Notice (I.E., the date a party shall be deemed to have
received such Notice), shall be the earliest to occur of: (a) if by personal
delivery, the date of receipt, or attempted delivery, if such communication is
refused; (b) if by nationally recognized next day delivery service (as
aforesaid), the next Business Day after delivery to such service; and (c) if
sent by mail (as aforesaid), three (3) Business Days after posting. Until
further notice, notices and other communications under this Agreement shall be
addressed to the parties listed below as follows:

       If to Inland Affiliate: c/o Inland Western Retail Real Estate Trust, Inc.
                               2901 Butterfield Road
                               Oak Brook, Illinois 60523
                               Attention: Chief Financial Officer

       with a copy to:         c/o The Inland Real Estate Group, Inc.
                               2901 Butterfield Road
                               Oak Brook, Illinois 60523
                               Attention: General Counsel

       with a copy to:         John J. Ghingher III, Esquire
                               Saul Ewing, LLP
                               100 South Charles Street
                               Baltimore, Maryland 21201

                                       30

<Page>

       If to Holding Company:

                               c/o The Cordish Company
                               601 East Pratt Street, Sixth Floor
                               Baltimore, Maryland 21202
                               Attention: President

       with a copy to:
                               c/o The Cordish Company
                               601 East Pratt Street, Sixth Floor
                               Baltimore, Maryland 21202
                               Attention: General Counsel

       with a copy to:         CR Reisterstown Plaza, LLC
                               1427 Clarkview Road
                               Suite 500
                               Baltimore, MD 21209

       with a copy (which
       shall be for
       information purposes
       only) to:               CR Reisterstown Plaza, LLC
                               1427 Clarkview Road
                               Suite 500
                               Baltimore, MD 21209
                               Attention: General Counsel

       Any party hereto may designate another addressee (and/or change its
address) for Notices hereunder by a Notice given pursuant to this Section to
each of the other parties hereto. On and after the Closing Date, all notices
from Inland Affiliate to Holding Company in connection with this Agreement shall
be sent to Holding Company, care of Cordish Affiliate at the above addresses for
Holding Company.

       8.7.   ARBITRATION. Except as otherwise provided in Section 1.1.1.3
hereof, in the event that any dispute shall arise between Inland Affiliate and
Holding Company with respect to the application of any of the provisions of this
Agreement, and such dispute is not resolved to the satisfaction of Inland
Affiliate and Holding Company within twenty (20) days after Inland Affiliate or
Holding Company shall notify the other in writing of its desire to arbitrate the
dispute (the "ARBITRATION NOTICE"), then the dispute shall be resolved in
accordance with the Commercial Arbitration Rules of the American Arbitration
Association then pertaining. The decision of the arbitrator shall be binding,
final and conclusive on the parties. Unless the parties otherwise agree, such
arbitration proceedings shall be conducted in Baltimore City, Maryland. The
arbitrator shall be selected by the American Arbitration Association in
accordance with the Commercial Arbitration Rules of the

                                       31

<Page>

American Arbitration Association. The fees of the arbitrator and the expenses
incident to the proceedings shall be borne by the losing party. The reasonable
fees of respective counsel engaged by the parties, and the fees of expert
witnesses and other witnesses called for the parties, shall also be paid by the
losing party. The decision of the arbitrator shall be rendered within thirty
(30) days after the conclusion of the arbitration. A judgment of a court of
competent jurisdiction may be entered upon the award of the arbitrator in
accordance with the rules and statutes applicable thereto then obtaining. The
parties hereto agree that the arbitrator may order and compel specific
performance. Notwithstanding anything to the contrary contained in this Section
8.7, disputes concerning who is entitle to receive the Earnest Money and the
Earnest Money Note shall not be subject to arbitration.

       8.8.   ATTORNEY FEES. Subject to the provisions of Section 8.7, if either
Inland Affiliate or Holding Company brings suit or other legal proceedings to
enforce the provisions of this Agreement against the other, then the party
prevailing in such suit or proceeding shall be reimbursed by the other for all
reasonable attorneys' fees and litigation costs and expenses incurred by the
prevailing party in connection with such suit or proceeding.

       8.9.   VENUE. Any lawsuit, action, or proceeding arising under this
Agreement that is not subject to arbitration shall, to the extent there is
federal jurisdiction over the parties and subject matter, be brought exclusively
in the Northern Division of the United States District Court for the District of
Maryland. In the event federal jurisdiction does not exist, such lawsuit, action
or proceeding shall be brought in the Circuit Court for Baltimore County,
Maryland.

       8.10   WAIVER OF JURY TRIAL. Subject to the provisions of Section 8.7,
Inland Affiliate and Holding Company do hereby waive trial by jury in any
action, suit, proceeding, and/or counterclaim brought by either of the parties
hereto against the other on any matters whatsoever arising out of or in any way
connected with this Agreement any claim of injury or damage, and/or statutory
remedy.

       8.11.  HEADINGS. The article and section headings contained in this
Agreement, including the Exhibits attached hereto, are for reference purposes
only and shall not affect in any way the meaning or interpretation of this
Agreement.

       8.12   ENTIRE AGREEMENT. This Agreement, together with the Other
Agreements, embodies the entire agreement and understanding of the parties
hereto in respect of the subject matter contained herein. This Agreement
supersedes all prior agreements and understandings between the parties with
respect to such subject matter.

       8.13.  SEVERABILITY. If any one or more provisions contained in this
Agreement shall, for any reason, be held to be invalid, illegal, or
unenforceable in any respect, such invalidity, illegality, or unenforceability
shall not affect any other provision of this Agreement, but this Agreement shall
be construed as if such invalid, illegal, or unenforceable provision had never
been contained herein.

                                       32

<Page>

       8.14.  INCONSISTENCY OR CONFLICT. In the event of any inconsistency or
conflict between any provision of this Agreement and any provision of any of the
Other Agreements, the provisions of this Agreement shall govern.

       8.15.  EXHIBITS, SCHEDULES AND RECITALS INCORPORATED INTO AGREEMENT. All
exhibits, schedules and recitals form a part of this Agreement.

       8.16.  CONSTRUCTION. The construction of this Agreement shall not take
into consideration the party who drafted or whose representative drafted any
portion of this Agreement, and no cannon of construction shall be applied that
resolves ambiguities against the drafter of a document. The parties acknowledge
that they were advised by competent counsel that each has chosen to represent
such party and each party has had a full opportunity to comment upon and
negotiate the terms of this Agreement.

       8.17.  DUTY OF COOPERATION. Each of the parties hereto shall cooperate
with the other party generally, and in particular will make available, as the
other party reasonably requests, management decisions, liaison personnel,
information, approvals and acceptances so that the other party may properly
perform its obligations under this Agreement. The provisions of this Section
8.17 shall survive Closing.

       8.18.  FAIR DEALING. The parties recognize and intend that portions of
this Agreement are very general in nature, and the parties acknowledge that they
intend to operate in good faith and deal fairly with one another when
interpreting their respective obligations hereunder.

       8.19.  TIME OF THE ESSENCE. Time is of the essence in the performance of
the obligations of Holding Company and Inland Affiliate under this Agreement.

       8.20.  INTERPRETATION. Except as otherwise expressly provided herein, the
following rules of interpretation apply to this Agreement: (i) the singular
includes the plural and the plural includes the singular except when the context
otherwise requires; (ii) "include" and "including" are not limiting; (iii) a
reference to any agreement or contract includes exhibits, schedules, and
permitted supplements and amendments thereto; (iv) a reference to a Law includes
any amendment or modification to such law and any rules or regulations issued
thereunder, and (v) a reference to a person includes such person's permitted
successors and assigns.

       8.21.  BUSINESS DAY. The term "BUSINESS DAY" means any day other than
Saturday, Sunday or any other day on which commercial banks or savings and loan
associations are required or authorized by law to close in New York City.

                             SIGNATURES ON NEXT PAGE

                                       33

<Page>

       IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement,
under seal, as of the date first above written.

WITNESS/ATTEST:             HOLDING COMPANY:

                            REISTERSTOWN PLAZA HOLDINGS, LLC, a
                            Maryland limited liability company

                            By:   RRP Investors, LLC, a Maryland liability
                            company, co-managing member

/s/ [ILLEGIBLE]             By: /s/ Charles F. Jacobs   (SEAL)
-----------------              ------------------------
                               Charles F. Jacobs
                               Authorized Person

                                  and

                            By: CR Reisterstown Plaza, LLC, a Maryland limited
                            liability company, co-managing member

/s/ [ILLEGIBLE]             By: /s/ [ILLEGIBLE]         (SEAL)
-----------------              ------------------------
                               ILLEGIBLE, Authorized Person
                               ---------

                            INLAND AFFILIATE:

                            INLAND REISTERSTOWN HC, L.L.C., a
                            Delaware limited liability company,

                            By: Inland Western Retail Real Estate Trust, Inc.,
                                   a Maryland corporation, its sole member

/s/ [ILLEGIBLE]             By: /s/ [ILLEGIBLE]          (SEAL)
-----------------              ------------------------
                            Name: [ILLEGIBLE]
                                 -----------------------
                            As Its: Authorized Person
                                   ---------------------

                                       34

<Page>

       CHICAGO TITLE INSURANCE COMPANY, a Missouri corporation, for good and
valuable consideration, the receipt and adequacy of which it hereby
acknowledges, executes this Contribution Agreement under seal as of the date
first above written, to acknowledge its receipt of an original copy of this
Agreement as executed by Holding Company, and Inland Affiliate and to
acknowledge its agreement to act as Escrowee in accordance with the terms and
conditions set forth in Section 1.1 hereof and to comply with the provisions of
Section 1.5 hereof.

WITNESS/ATTEST                            ESCROWEE:

                                          CHICAGO TITLE INSURANCE
                                          COMPANY, a Missouri corporation,

/s/ [ILLEGIBLE]                           By: /s/ Nancy R. Castro     (SEAL)
-----------------                            ------------------------
                                          Name: NANCY R. CASTRO
                                               ----------------------
                                          Title: AVP
                                                 -------------------------

       INLAND WESTERN RETAIL REAL ESTATE TRUST, INC., a Maryland corporation
("INLAND"), for Ten and 00/100 Dollars ($10.00) and other good and valuable
consideration, the receipt and adequacy of which it hereby acknowledges, hereby
guarantees to Holding Company the prompt payment by Inland Affiliate of all
amounts, costs and expenses that Inland Affiliate may be obligated to pay or
deposit pursuant to Sections 1.1., 8.7 and 8.8, above including any and all
costs and expenses of Holding Company that Inland Affiliate may be obligated to
pay Holding Company pursuant to the provisions of Sections 1.1, 8.7 and 8.8
above. Such guaranty shall be primary and not secondary and Inland shall be
deemed jointly and severally liable with Inland Affiliate in connection with the
obligation to pay any such amount, cost or expense. In addition, Inland hereby
agrees to be bound by the provisions of Sections 1.1, 8.7, 8.8, 8.9 and 8.10
above. Notices by Holding Company to Inland shall be deemed properly given if
addressed to Inland, care of Inland in accordance with the provisions of Section
8.6 above. Inland also agrees that in the event the Earnest Money Note is
wrongfully or negligently delivered to Inland by Escrowee or by a Court, upon
the request of Holding Company, Inland shall issue and deliver to Holding
Company a replacement Earnest Money Note, payable to the order of Holding
Company, that is in the same form, dated as of the same date and in the same
amount as the original Earnest Money Note. Inland has executed this Agreement
under seal as of the date first above written.

WITNESS/ATTEST:                        INLAND WESTERN RETAIL REAL ESTATE
                                       TRUST, INC, a Maryland corporation

                                       By:                         (Seal)
-----------------                         ------------------------
                                       Name:
                                            -----------------------
                                       As Its:
                                              -------------------------

                                       35

<Page>

       CHICAGO TITLE INSURANCE COMPANY, a New York corporation, for good and
valuable consideration, the receipt and adequacy of which it hereby
acknowledges, executes this Contribution Agreement under seal as of the date
first above written, to acknowledge its receipt of an original copy of this
Agreement as executed by Holding Company, and Inland Affiliate and to
acknowledge its agreement to act as Escrowee in accordance with the terms and
conditions set forth in Section 1.1 hereof and to comply with the provisions of
Section 1.5 hereof.

WITNESS/ATTEST                            ESCROWEE:

                                          CHICAGO TITLE INSURANCE
                                          COMPANY, a New York corporation,

                                          By:                         (SEAL)
-----------------                            ------------------------
                                          Name:
                                               ----------------------
                                          Title:
                                                 -------------------------

[GRAPHIC]

       INLAND WESTERN RETAIL REAL ESTATE TRUST, INC., a Maryland corporation
("INLAND"), for Ten and 00/100 Dollars ($10.00) and other good and valuable
consideration, the receipt and adequacy of which it hereby acknowledges, hereby
guarantees to Holding Company the prompt payment by Inland Affiliate of all
amounts, costs and expenses that Inland Affiliate may be obligated to pay or
deposit pursuant to Sections 1.1., 8.7 and 8.8, above including any and all
costs and expenses of Holding Company that Inland Affiliate may be obligated to
pay Holding Company pursuant to the provisions of Sections 1.1, 8.7 and 8.8
above. Such guaranty shall be primary and not secondary and Inland shall be
deemed jointly and severally liable with Inland Affiliate in connection with the
obligation to pay any such amount, cost or expense. In addition, Inland hereby
agrees to be bound by the provisions of Sections 1.1, 8.7, 8.8, 8.9 and 8.10
above. Notices by Holding Company to Inland shall be deemed properly given if
addressed to Inland, care of Inland in accordance with the provisions of Section
8.6 above. Inland also agrees that in the event the Earnest Money Note is
wrongfully or negligently delivered to Inland by Escrowee or by a Court, upon
the request of Holding Company, Inland shall issue and deliver to Holding
Company a replacement Earnest Money Note, payable to the order of Holding
Company, that is in the same form, dated as of the same date and in the same
amount as the original Earnest Money Note. Inland has executed this Agreement
under seal as of the date first above written.

WITNESS/ATTEST:                        INLAND WESTERN RETAIL REAL ESTATE
                                       TRUST, INC, a Maryland corporation

/s/ [ILLEGIBLE]                        By:     [ILLEGIBLE]         (Seal)
-----------------                         ------------------------
                                       Name:   [ILLEGIBLE]
                                            -----------------------
                                       As Its: Authorized Person
                                              -------------------------

                                       35

<PAGE>

                             CONTRIBUTION AGREEMENT
                             REISTERSTOWN ROAD PLAZA

                                    EXHIBIT A

A LEGAL DESCRIPTION OF THE PARCEL OF LAND THAT IS INCLUDED IN THE PROPERTY (THE
                   "LAND") IS SET FORTH ON EXHIBIT "A" HERETO.

<Page>

                                                                       Exhibit A

                         LEGAL DESCRIPTION OF PARCEL ONE
                                50.0564 ACRES +/-

       Beginning for the same at a point on the northwesternmost Right-of-Way
Line of Patterson Avenue, as laid out and now existing with a variable width;
said point being on and 20.16 feet from the beginning of the Third or north 49
degrees 17 minutes 18 seconds west 1301.02 feet Deed Line of that certain piece,
parcel or tract of land which, by a Deed dated March 17, 1980 and recorded among
the Land Records of Baltimore, Maryland in Liber W.A. No. 3890, folio 166, was
granted and conveyed by and between Reisterstown Road Plaza, Inc. to
Reisterstown Plaza Associates; said point being North 52 degrees 21' 51" East
0.24 feet from a rebar and cap heretofore set; thence leaving said north
westernmost Right-of-Way Line of Patterson Avenue and running with the remainder
of the aforesaid Third and all of the Fourth and part of the Fifth Deed Lines of
the said Reisterstown to Reisterstown conveyance as now surveyed with all of the
following courses and distances referred to the Baltimore Survey Control System,
the three following courses and distances, viz: 1) North 49 degrees 17' 18" West
1280.86 feet to a rebar and cap now set; 2) North 43 degrees 43' 54" East 473.62
feet to a rebar and cap now set and 3) North 46 degrees 16' 06" West 450.00 feet
to a nail now set at a point on the south easternmost Right-of-Way Line of
Brookhill Road, as laid out and now existing 50 feet wide; thence leaving said
Deed outline and running with the aforesaid south easternmost Right-of-Way Line
of Brookhill Road 4) North 43 degrees 43' 54" East 1002.94 feet to a point of
intersection with the south westernmost Right-of-Way Line of Reisterstown Road,
as laid out and now existing 94 feet wide; thence running along the aforesaid
south westernmost Right-of-Way Line of Reisterstown Road the following two
courses and distances, viz: 5) South 44 degrees 49' 10" East 1098.65 feet to a
point and 6) South 46 degrees 11' 20" East 564.04 feet to a point of
intersection with the aforesaid north westernmost Right-of-Way Line of Patterson
Avenue; thence running with the aforesaid north westernmost Right-of-Way Line of
Patterson Avenue the following six courses and distances, viz: 7) South 43
degrees 48' 40" West 4.91 feet to a point; 8) southeasterly along a line curving
to the right having a radius of 50.00 feet for an arc length of 51.13 feet, said
curve subtended by a long chord bearing of South 08 degrees 50' 44" East 48.93
feet to a point; 9) southwesterly along a line curving to the right having a
radius of 190.00 feet for an arc length of 49.45 feet, said curve subtended by a
long chord bearing of South 27 degrees 54' 19" West 49.31 feet to a point; 10)
South 35 degrees 21' 37" West 183.52 feet to a point; 11) South 39 degrees 22'
00" West 463.15 feet to a point and 12) South 47 degrees 52' 52" West 656.78
feet to the place of beginning. Containing 2,290,453 square feet or 52.5816
acres of land, more or less.

       Saving and Excepting the following tract of land:

       Beginning for the same at a point located South 60'46'34" West 291.06
feet from a point on the northwesterly Right-of-Way Line of Patterson Avenue, as
laid out and now existing with a variable width, said Right-of-Way point (N
21.324.55 W 24.655.32) being at the beginning of the Third or "by a line curving
to the left with a radius of 190.00 feet the distance of 49.44 feet...."Deed
Line of that certain piece, parcel or tract of land which, by a Deed dated April
1, 1982 and recorded among the Land Records of Baltimore City in Liber S.E.B.
No. 0057, folio 795 was granted and conveyed by and between Reisterstown Plaza
Associates to the Mayor and City Council of Baltimore; said point of beginning
being at the beginning of the First or South forty-four (44) degrees,
twenty-nine (29) minutes and forty-five (45) seconds West three hundred
sixty-nine (369.00) feet Deed Line of that certain piece, parcel or tract of
Land which, by a Deed dated July 18, 1989 and recorded among the aforesaid Land
Records in Liber S.E.B. No. 2171, folio 097 was granted and conveyed by and
between May Centers, Inc. to RRP Hecht

<Page>

LEGAL DESCRIPTION OF PARCEL ONE
50.0564 ACRES +/-
Page 2

Building Limited Partnership; thence running with all of the First through the
Twelfth Deed Lines of the aforesaid May to RRP conveyance the following twelve
courses and distances, viz: (1) South forty-four (44) degrees, twenty-nine (29)
minutes and forty-five (45) seconds West three hundred sixty-nine (369.00) feet;
(2) North forty-five (45) degrees, thirty (30) minutes and fifteen (15) seconds
West forty-six and seventeen one hundredths (46.17) feet; (3) South forty-four
(44) degrees, twenty-nine (29) minutes and forty-five (45) seconds West
seventy-four (74.00) feet; 4) North forty-five (45) degrees, thirty (30) minutes
and fifteen (15) seconds West one hundred sixteen and eighty three one
hundredths (116.83) feet; (5) North forty-four (44) degrees, twenty-nine (29)
minutes and forty-five (45) seconds East eighty-four (84.00) feet; (6) North
forty-five (45) degrees, thirty (30) minutes and fifteen (15) seconds West one
hundred twelve (112.00) feet; (7) North forty-four (44) degrees, twenty-nine
(29) minutes and forty-five (45) seconds East one hundred fourteen(l 14.00)
feet; (8) North forty-five (45) degrees, thirty (30) minutes and fifteen (15)
seconds West ten (10.00) feet; (9) North forty-four (44) degrees, twenty-nine
(29) minutes and forty-five (45) seconds East one hundred (100.00) feet; (10)
South forty-five (45) degrees, thirty (30) minutes and fifteen (15) seconds East
ten (10.00) feet; (11) North forty-four (44) degrees, twenty-nine (29) minutes
and forty-five (45) seconds East one hundred forty-five (145.00) feet; and (12)
South forty-five (45) degrees, thirty (30) minutes and fifteen (15) seconds East
two hundred seventy five (275.00) feet to the place of beginning. Containing
110,000 square feet or 2.5252 acres of land, more or less.

       Containing, in all, 50.0564 acres, more or less.

       Being all of that certain piece, parcel or tract of land which, by a Deed
dated December 18, 2002 and recorded among the aforesaid Land Records in Liber
F.M.C. No. 3193, folio 233, was granted and conveyed by and between REISTERSTOWN
PLAZA ASSOCIATES to REISTERSTOWN PLAZA ASSOCIATES, LLC.

<Page>

                         LEGAL DESCRIPTION OF PARCEL TWO
                                2.5252 ACRES +/-

       Beginning for the same at a point located South 60'46'34" West 291.06
feet from a point on the northwesterly Right-of-Way Line of Patterson Avenue, as
laid out and now existing with a variable width, said Right-of-Way point (N
21.324.55 W 24.655.32) being at the beginning of the Third or "by a line curving
to the left with a radius of 190.00 feet the distance of 49.44 feet...."Deed
Line of that certain piece, parcel or tract of land which, by a Deed dated April
1, 1982 and recorded among the Land Records of Baltimore City in Liber S.E.B.
No. 0057, folio 795 was granted and conveyed by and between Reisterstown Plaza
Associates to the Mayor and City Council of Baltimore; said point of beginning
being at the beginning of the First or South forty-four (44) degrees,
twenty-nine (29) minutes and forty-five (45) seconds West three hundred
sixty-nine (369.00) feet Deed Line of that certain piece, parcel or tract of
Land which, by a Deed dated July 18, 1989 and recorded among the aforesaid Land
Records in Liber S.E.B. No. 2171, folio 097 was granted and conveyed by and
between May Centers, Inc. to RRP Hecht Building Limited Partnership; thence
running with all of the First through the Twelfth Deed Lines of the aforesaid
May to RRP conveyance the following twelve courses and distances, viz: (1) South
forty-four (44) degrees, twenty-nine (29) minutes and forty-five (45) seconds
West three hundred sixty-nine (369.00) feet; (2) North forty-five (45) degrees,
thirty (30) minutes and fifteen (15) seconds West forty-six and seventeen one
hundredths (46.17) feet; (3) South forty-four (44) degrees, twenty-nine (29)
minutes and forty-five (45) seconds West seventy-four (74.00) feet; 4) North
forty-five (45) degrees, thirty (30) minutes and fifteen (15) seconds West one
hundred sixteen and eighty three one hundredths (116.83) feet; (5) North
forty-four (44) degrees, twenty-nine (29) minutes and forty-five (45) seconds
East eighty-four (84.00) feet; (6) North forty-five (45) degrees, thirty (30)
minutes and fifteen (15) seconds West one hundred twelve (112.00) feet; (7)
North forty-four (44) degrees, twenty-nine (29) minutes and forty-five (45)
seconds East one hundred fourteen(114.00) feet; (8) North forty-five (45)
degrees, thirty (30) minutes and fifteen (15) seconds West ten (10.00) feet; (9)
North forty-four (44) degrees, twenty-nine (29) minutes and forty-five (45)
seconds East one hundred (100.00) feet; (10) South forty-five (45) degrees,
thirty (30) minutes and fifteen (15) seconds East ten (10.00) feet; (11) North
forty-four (44) degrees, twenty-nine (29) minutes and forty-five (45) seconds
East one hundred forty-five (145.00) feet; and (12) South forty-five (45)
degrees, thirty (30) minutes and fifteen (15) seconds East two hundred seventy
five (275.00) feet to the place of beginning. Containing 110,000 square feet or
2.5252 acres of land, more or less.

       Being all of that certain piece, parcel or tract of land which, by a Deed
dated December 18, 2002 and recorded among the aforesaid Land Records in Liber
F.M.C. No. 3193, folio 224, was granted and conveyed by and between RRP HECHT
BLDG. LIMITED PARTNERSHIP, LLLP to RRP HECHT, LLC.

<Page>

                                   EXHIBIT "B"

                             REISTERSTOWN ROAD PLAZA

                                    EXHIBIT B

  THE PROPERTY SERVES AS COLLATERAL FOR THE LOAN DESCRIBED ON EXHIBIT "B" (THE
                                "EXISTING LOAN").

                          DESCRIPTION OF EXISTING LOAN

Loan in an amount up to $ 51,000,000 evidenced by Promissory Notes each dated as
of January 28, 2003, from Reisterstown Plaza Holdings, LLC to SouthTrust Bank
and to Key Bank National Association, and secured by an Indemnity Deed of Trust,
Assignment of Rents, Security Interest and Fixture Filing by Reisterstown Plaza
Associates, LLC and RRP Hecht, LLC to Christopher J. Hart as Trustee, for the
benefit of KeyBank National Association, and recorded among the Land Records of
Baltimore City, Maryland in Liber 3337, folio 215.

    Total outstanding debt including interest to be funded on July 1, 2004 is
                                 $39,696,162.79.

<Page>

                             CONTRIBUTION AGREEMENT
                            REISTERSTOWN ROAD PLAZA

                                    EXHIBIT C

   AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT ATTACHED HERETO AS
                     EXHIBIT "C" (THE "OPERATING AGREEMENT")
<Page>

================================================================================

                        REISTERSTOWN PLAZA HOLDINGS, LLC

                              AMENDED AND RESTATED
                               OPERATING AGREEMENT

                            -------------------------
                            DATED as OF JULY 30, 2004
                            -------------------------

================================================================================

<Page>

                              AMENDED AND RESTATED
                               OPERATING AGREEMENT
                                       OF
                        REISTERSTOWN PLAZA HOLDINGS, LLC

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                   PAGE
                                                                                                   ----
<S>                                                                                                  <C>
ARTICLE I        DEFINED TERMS........................................................................1

ARTICLE II       CONTINUATION; NAME; PRINCIPAL OFFICE; PURPOSE; TERM.................................12

  SECTION 2.1.      Continuation.....................................................................12
  SECTION 2.2.      Name, Registered Office, and Resident Agent;
                      Principal Place of Business....................................................12
  SECTION 2.3.      Purpose..........................................................................13
  SECTION 2.4.      Term.............................................................................14
  SECTION 2.5.      Classification of the Company for Tax Purposes...................................14
  SECTION 2.6.      Liability of the Members.........................................................14
  SECTION 2.7.      Ownership and Waiver of Partition and Valuation..................................15
  SECTION 2.8.      Waiver of Right to Judicial Dissolution..........................................15

ARTICLE III      MEMBERS; COMPANY CAPITAL; PERCENTAGE INTERESTS......................................16

  SECTION 3.1.      Members..........................................................................16
  SECTION 3.2.      Initial Capital Contributions....................................................16
  SECTION 3.3.      Additional Capital Contributions.................................................17
  SECTION 3.4.      Funding of Additional Cash Requirements..........................................17
  SECTION 3.5.      Loans............................................................................19
  SECTION 3.6.      No Third Party Beneficiaries.....................................................19
  SECTION 3.7.      Capital Accounts.................................................................19
  SECTION 3.8.      Return of Capital................................................................20

ARTICLE IV       DISTRIBUTIONS; ESCROWS AND REPAYMENT OF EXISTING DEBT...............................20

  SECTION 4.1.      Escrow Payments and ExistingDebt.................................................20
  SECTION 4.2.      Distributions of Net Cash Flow...................................................21
  SECTION 4.3.      Net Proceeds of a Capital Transaction............................................21
  SECTION 4.4       Net Proceeds of a Financing......................................................21
  SECTION 4.5.      Other Distribution Rules.........................................................22
  SECTION 4.6.      Withholding......................................................................22
</Table>

                                      - i -
<Page>

<Table>
<S>                                                                                                  <C>
ARTICLE V        ALLOCATION OF PROFITS AND LOSSES....................................................24

  SECTION 5.1.      Profits and Losses...............................................................24
  SECTION 5.2.      Regulatory and Special Allocations...............................................25
  SECTION 5.3.      Other Allocation Rules...........................................................26
  SECTION 5.4.      Tax Allocations: Code Section 704(c).............................................26

ARTICLE VI       GOVERNANCE AND ADMINISTRATIVE PROVISIONS............................................27

  SECTION 6.1.      Management of Business and Affairs...............................................27
  SECTION 6.2.      Delegation of Authority Regarding Specific Matters...............................32
  SECTION 6.4.      Operations and Capital Reserves..................................................35
  SECTION 6.4.      Operations and Capital Reserves..................................................35
  SECTION 6.5       Acquisition of Additional Properties.............................................37
  SECTION 6.6       Compliance with Certain Requirements.............................................40
  SECTION 6.7       Exculpation and Indemnification..................................................40

ARTICLE VII      BOOKS AND RECORDS; RESERVES.........................................................41

  SECTION 7.1.      Bank Accounts....................................................................41
  SECTION 7.2.      Books of Account.................................................................42
  SECTION 7.3.      Operating Statements.............................................................42
  SECTION 7.4.      The Accountant...................................................................43
  SECTION 7.5.      Tax Matters Member...............................................................43

ARTICLE VIII     TRANSFER OF LLC INTERESTS...........................................................46

  SECTION 8.1.      No Transfer......................................................................46
  SECTION 8.2.      Permitted Transfers..............................................................46
  SECTION 8.3.      Succession by Operation of Law...................................................47
  SECTION 8.4.      Additional Restrictions on Transfers.............................................47

ARTICLE IX       DISSOLUTION AND TERMINATION OF THE COMPANY..........................................48

  SECTION 9.1.      Dissolution......................................................................48
  SECTION 9.2.      Termination......................................................................48
  SECTION 9.3.      Liquidating Member...............................................................48
  SECTION 9.4       Cordish Termination Rights.......................................................49
  SECTION 9.5.      Cordish Closing..................................................................50
  SECTION 9.6.      Purchase Price on Redemption of Cordish LLC Interests............................51
  SECTION 9.7.      CRC Termination Rights...........................................................52
  SECTION 9.8.      CRC Closing......................................................................53
  SECTION 9.9.      Purchase Price on Redemption of CRC LLC Interests................................54
</Table>

                                     - ii -
<Page>

<Table>
<S>                                                                                                  <C>
ARTICLE X        MISCELLANEOUS.......................................................................55

  SECTION 10.1.     Further Assurances...............................................................55
  SECTION 10.2.     Notices..........................................................................55
  SECTION 10.3.     Independent Representation.......................................................56
  SECTION 10.4.     Governing Law....................................................................57
  SECTION 10.5.     Captions.........................................................................57
  SECTION 10.6.     Pronouns.........................................................................57
  SECTION 10.7.     Successors and Assigns...........................................................57
  SECTION 10.8.     Extension Not a Waiver...........................................................57
  SECTION 10.9.     Construction.....................................................................57
  SECTION 10.10.    Severability.....................................................................57
  SECTION 10.1l.    Consents.........................................................................58
  SECTION 10.12.    Entire Agreement.................................................................58
  SECTION 10.13.    Rules of Construction............................................................58
  SECTION 10.14.    Counterparts.....................................................................59
  SECTION 10.15.    Expenses.........................................................................59
  SECTION 10.16.    Arbitration......................................................................59
  SECTION 10.17     General Indemnity/Liability......................................................60
</Table>

SCHEDULES

Schedule A     List of Members
Schedule 5.2   Regulatory and Special Allocations

EXHIBITS

Exhibit A      Description of Existing Property and Owner Entities
Exhibit B      Approved Financing of Properties
Exhibit C      Form of REIT Declaration of Trust
Exhibit D      Form of Promissory Note
Exhibit E      Calculations Exhibit

                                     - iii -
<Page>

                              AMENDED AND RESTATED
                               OPERATING AGREEMENT
                                       OF
                        REISTERSTOWN PLAZA HOLDINGS, LLC

       THIS AMENDED AND RESTATED OPERATING AGREEMENT (this "AGREEMENT") dated as
of July 30, 2004 is made by and between RRP INVESTORS, LLC, a Maryland limited
liability company (collectively "CORDISH"), CR REISTERSTOWN PLAZA, LLC, a
Maryland limited liability company ("CRC") and INLAND REISTERSTOWN HC, L.L.C., a
Delaware limited liability company ("INLAND").

                             PRELIMINARY STATEMENTS

       Reisterstown Plaza Holdings, LLC (the "COMPANY") was organized as a
limited liability company under the Maryland Limited Liability Company Act
pursuant to the filing of Articles of Organization with the Maryland State
Department of Assessments and Taxation on December 20, 2002 and an Operating
Agreement dated January 28, 2003 (the "ORIGINAL AGREEMENT"). The current Members
of the Company are Cordish and CRC, each with a 50% interest.

       The Company is the sole member of Reisterstown Road Plaza Associates,
LLC, a Maryland limited liability company ("RPA, LLC") which owns and operates a
certain parcel of property known as Reisterstown Road Plaza Shopping Center
("PLAZA").

       The Company also owns the sole member interest in RRP Hecht, LLC, a
Maryland limited liability company ("RRP HECHT") which owns certain property and
improvements adjacent to the Plaza (the "HECHT BUILDING").

       Pursuant to the terms of a Contribution Agreement dated July 21, 2004,
Inland has agreed to make certain cash contributions to the Company in exchange
for a membership interest in the Company.

       The parties hereto now desire to enter into this Amended and Restated
Operating Agreement in order to (i) reflect the admission of Inland as a Member
of the Company and (ii) establish the manner in which the business and affairs
of the Company shall be managed and to determine the respective rights, duties
and obligations of the Members with respect to the Company and each other.

       NOW THEREFORE, the parties hereto, in consideration of the foregoing
premises and the mutual covenants and agreements contained herein, hereby agree
as follows:

                                    ARTICLE I

                                  DEFINED TERMS

       The following terms shall have the following meanings when used herein:

       ADDITIONAL CAPITAL CONTRIBUTIONS: The Capital Contributions made by a
Member, if any, to fund the acquisition and/or ownership by the Company,
directly or indirectly, of a Property.

<Page>

       ADDITIONAL PROPERTY: Each direct or indirect ownership interest which the
Company acquires in a property in accordance with the terms of Section 6.5
hereof, together with all related assets and properties, whether, real, personal
or mixed, tangible or intangible, used in connection therewith. Subject to the
terms of Section 6.2.D hereof, an Additional Property may include an equity
interest in an entity that owns a property, including, but not limited to, an
equity interest in an Affiliate of a Member. The Existing Property shall not
constitute an Additional Property. Each Additional Property shall be acquired
and owned in a separate Additional Property Owner Entity.

       ADDITIONAL PROPERTY OWNER ENTITY: Each of the limited liability companies
that is the owner of an Additional Property. Each Additional Property Owner
Entity shall be wholly-owned by the Company.

       ADJUSTED CAPITAL ACCOUNT DEFICIT: With respect to any Member, the deficit
balance, if any, in such Member's Capital Account as of the end of the relevant
Allocation Year, after giving effect to the following adjustments: (i) credit to
such Capital Account any amount that such Member is obligated to restore
pursuant to any provision of this Agreement, is otherwise treated as being
obligated to restore under Treasury Regulation Section 1.704-1(b)(2)(ii)(c), or
is deemed to be obligated to restore pursuant to the penultimate sentences of
Treasury Regulation Sections 1.704-2(g)(l) and 1.704-2(i)(5); and (ii) debit to
such Capital Account the items described in Treasury Regulations Sections
1.704-l(b)(2)(ii)(d)(4), (5) and (6). The foregoing definition of Adjusted
Capital Account Deficit is intended to comply with the provisions of Treasury
Regulation Section 1.704-l(b)(2)(ii)(d) and shall be interpreted consistently
therewith.

       ADJUSTED CAPITAL BALANCE: With respect to (a) Inland, an amount equal to
$88,453,326 less (i) the amount of all distributions made to Inland pursuant to
Sections 4.3(iv) and 4.4(ii), and (ii) increased by additional Capital
Contributions made by Inland pursuant to provisions of Section 1 of the
Contribution Agreement and Section 3.3.A of this Agreement, and (b) each
Associate Member, the amount set forth opposite such Member's name on Schedule A
attached hereto, (i) less the amount of all distributions made to such Member as
of such date pursuant to the provisions of Sections 4.3(ii), and 4.4(iv), and
(ii) increased from time to time in accordance with the provisions of Section
3.2.B hereof.

       ADDITIONAL PROPERTY OWNER ENTITY AGREEMENT: The Operating Agreement of
each Additional Property Owner Entity, as the same may be amended or modified
from time to time.

       AFFILIATE: With respect to any Person, (i) any Person directly or
indirectly controlled by, controlling or under common control with such Person,
(ii) any officer, director, general partner or manager of such Person, or (iii)
any Person which owns, directly or indirectly, ten percent (10%) or more of any
class of voting securities of such Person or which exercises control over the
management of such Person. For the purposes of this Agreement, "control" when
used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities or other beneficial interests, by contract or
otherwise; and the term "controls", "controlling" and "controlled" have the
meanings correlative to the foregoing.

       ALLOCATION YEAR: Means (i) the period commencing on the Closing Date and
ending on December 31, 2004, (ii) any subsequent period commencing on January 1
and ending on the following December 31, or (iii) any portion of the period
described in clause (ii) for which the

                                      - 2 -
<Page>

Company is required to allocate Profits, Losses and other items of Company
income, gain, loss or deduction pursuant to Article V.

       APPROVED FINANCING: Means any financing or refinancing of a Property on
the terms set forth on EXHIBIT B hereto.

       ASSOCIATE MEMBER: means each of Cordish and CRC.

       BUSINESS DAY: Any day other than Saturday, Sunday or any other day on
which commercial banks or savings and loan associations are required or
authorized by law to close in New York City.

       CAPITAL ACCOUNT: The Capital Account maintained for each Member pursuant
to Section 3.7.

       CAPITAL CONTRIBUTION: With respect to any Member, the amount of money and
the initial Gross Asset Value of any property contributed by or credited to such
Member, to the Company (net of any liabilities secured by such property or to
which such property is otherwise subject, determined taking into account Code
Section 752(c) and the Treasury Regulations thereunder, and any other applicable
provisions of the Code and the Regulations).

       CAPITAL EXPENDITURES: For any period, the amount expended for items
capitalized under generally accepted accounting principles, consistently
applied, except for such items as are otherwise classified under this Agreement.

       CAPITAL RESERVE: The reserve established and maintained by the Company in
accordance with Section 6.4 hereof.

       CAPITAL TRANSACTION: Any of the following: (a) a sale, exchange,
transfer, assignment or other disposition of all or a portion of any Company
Asset other than tangible personal property that is not sold or transferred in
connection with the sale or transfer of real property or a leasehold interest in
real property; (b) any condemnation or deeding in lieu of condemnation of all or
a portion of any Company Asset; (c) any fire or other casualty to the Property
or any other Company Asset; and (d) the financing or refinancing of any
Additional Property.

       CASH SHORTFALL: For any period, and, to the extent applicable, with
respect to each Owner Entity and each Additional Property Owner Entity, the
excess, if any, of (a) Operating Expenses over (b) Gross Receipts (determined,
to the extent applicable, for each Owner Entity and each Additional Property
Owner Entity).

       CASH SHORTFALL LOAN: A loan made by a Member (or Affiliate or other
Person designated by a Member) to an Owner Entity or Additional Property Owner
Entity pursuant to Section 3.4.A or 3.4.B hereof, on the terms set forth in
Section 3.4.C and Section 3.4.E hereof.

       CERTIFICATE: The Articles of Organization of the Company filed with the
Maryland State Department of Assessments and Taxation, as the same may be
amended and restated from time to time.

       CLOSING DATE: Means the date of this Agreement.

                                      - 3 -
<Page>

       CODE: The Internal Revenue Code of 1986, as amended, or any corresponding
provision or provisions of prior or succeeding law.

       COMPANY: Reisterstown Plaza Holdings, LLC which has been organized as a
limited liability company under the laws of the State of Maryland, and any
successor limited liability company.

       COMPANY ASSET: Any of the assets and property, whether tangible or
intangible and whether real, personal, or mixed, at any time owned by or held
for the benefit of the Company or any Owner Entity or Additional Property Owner
Entity and all membership or beneficial interests in each Owner Entity and
Additional Property Owner Entity.

       COMPANY MINIMUM GAIN: Has the meaning given to the term "partnership
minimum gain" set forth in Treasury Regulations Section 1.704-2(d).

       CONTRIBUTION AGREEMENT: The Contribution Agreement between the Company
and Inland dated July 21, 2004, as amended through the date hereof.

       CORDISH: RRP Investors, LLC, a Maryland limited liability company.

       CORDISH LLC INTEREST (OR LLC INTEREST OF CORDISH): The entire LLC
Interest in the Company held directly or indirectly by Cordish, any Cordish
Affiliate and any and all successors and permitted assignees of Cordish and/or
any Cordish Affiliate.

       CORDISH MANAGED ENTITIES: Each Additional Property Owner Entity managed
by Cordish but owned by the Company.

       CORDISH PREFERRED RETURN: A per annum rate equal to 6.0% per annum on
Cordish's Adjusted Capital Balance as adjusted from time to time, provided,
however, that such rate shall be pro rated for each Fiscal Year of the Company
which is less than twelve (12) full months.

       CRC: CR Reisterstown Plaza, LLC, a Maryland limited liability company.

       CRC LLC INTEREST (OR LLC INTEREST OF CRC): The entire LLC Interest in the
Company held directly or indirectly by CRC, any CRC Affiliate and any and all
successors and permitted assignees of CRC and/or any CRC Affiliate.

       CRC MANAGED ENTITIES: Each Additional Property Owner Entity managed by
CRC but owned by the Company.

       CRC PREFERRED RETURN: A per annum rate equal to 6.0% per annum on CRC's
Adjusted Capital Balance as adjusted from time to time, provided, however, that
such rate shall be pro rated for each Fiscal Year of the Company which is less
than twelve (12) full months.

       DECLARATION OF TRUST: is defined in Section 6.2.D and set forth in
EXHIBIT C.

       DEFAULT LOAN: A loan defined herein as a "Default Loan" pursuant to
Sections 3.4.A, 3.4.B and/or 6.5.F.

       DEPRECIATION: For each Allocation Year, an amount equal to the
depreciation, amortization, or other cost recovery deduction allowable with
respect to an asset for such

                                      - 4 -
<Page>

Allocation Year, except that if the Gross Asset Value of an asset differs from
its adjusted basis for federal income tax purposes at the beginning of such
Allocation Year, Depreciation shall be an amount which bears the same ratio to
such beginning Gross Asset Value as the federal income tax depreciation,
amortization, or other cost recovery deduction for such Allocation Year bears to
such beginning adjusted tax basis. If any asset shall have a zero adjusted basis
for federal income tax purposes, Depreciation shall be determined utilizing any
reasonable method selected by the Tax Matters Member and the Manager.

       DEVELOPMENT PLAN: With respect to any Additional Property a plan prepared
by an Associate Member and submitted to Inland setting forth the overall plan
for the acquisition and development or redevelopment of an Additional Property,
including the following items, as applicable: purchase price for the Additional
Property, environmental studies, conceptual plans, leasing plan, a development
budget, material terms of anticipated project financing and such other material
information respecting the acquisition, development or redevelopment of such
Additional Property as determined by such Associate Member.

       80% OWNED AFFILIATE: With respect to any Person, an Affiliate of such
Person 80% or more of the capital stock (or its equivalent in the case of
Persons other than corporations) of which is owned beneficially by such Person
directly, or indirectly through one or more 80% Owned Affiliates, or by a Person
who, directly or indirectly, owns beneficially 80% or more of the equity
interest (or its equivalent in the case of Persons other than corporations) of
such Person; provided that, for purposes of determining the ownership of the
equity interests of any Person, DE MINIMIS amounts of stock held by directors,
nominees and similar Persons pursuant to statutory or regulatory requirements
shall not be taken into account.

       ESCROW AGREEMENT: means that certain Escrow Agreement executed
concurrently herewith, by and among the Associate Members, the Owner Entities
and Chicago Title Insurance Company, as escrowee.

       EVENT OF BANKRUPTCY: With respect to any Member, if such Member (i) makes
an assignment for the benefit of creditors, (ii) files a voluntary petition in
bankruptcy, (iii) is adjudged a bankrupt or insolvent, or has entered against it
an order for relief, in any bankruptcy or insolvency proceeding, (iv) files a
petition or answer seeking for itself any reorganization, arrangement,
composition, readjustment, liquidation, dissolution or similar relief under any
statute, law or regulation, (v) files an answer or other pleading admitting or
failing to contest the material allegations of a petition filed against it in
any proceeding of this nature, (vi) seeks, consents to or acquiesces in the
appointment of a trustee, receiver or liquidator of the Member or of all or any
substantial part of its properties, or (vii) 120 days after the commencement of
any proceeding against the Member seeking reorganization, arrangement,
composition, readjustment, liquidation, dissolution or similar relief under any
statute, law or regulation, if the proceeding has not been dismissed, or if
within 90 days after the appointment without such Member's consent or
acquiescence of a trustee, receiver or liquidator of such Member or of all or
any substantial part of its properties, the appointment is not vacated or
stayed, or within 90 days after the expiration of any such stay, the appointment
is not vacated. With respect to a Member, the foregoing definition of "Event of
Bankruptcy" is intended to replace and shall supersede and replace the
definition of "Bankruptcy" set forth in the LLC Act.

       EXISTING PROPERTY: means the Plaza and the Hecht Building, as further
described on EXHIBIT A.

                                      - 5 -
<Page>

       FISCAL YEAR: Means (i) the period commencing on the date hereof and
ending on December 31, 2004, and (ii) any subsequent period commencing on
January 1 and ending on the earlier to occur of (A) the following December 31,
or (B) the date on which all Company Assets are distributed pursuant to Section
9.2 and the Certificate has been cancelled pursuant to the Act.

       GROSS ASSET VALUE: With respect to any asset, the asset's adjusted basis
for federal income tax purposes, except as follows:

              (a)    The initial Gross Asset Value of any asset contributed by
       or credited to a Member to the Company shall be the gross fair market
       value of such asset, as determined by the Members;

              (b)    The Gross Asset Values of all Company Assets shall be
       adjusted to equal their respective gross fair market values, as
       determined by the Manager, as of the following times: (i) the acquisition
       of an interest or an additional interest in the Company by any new or
       existing Member in exchange for more than a de minimis Capital
       Contribution; (ii) the distribution by the Company to a Member of more
       than a de minimis amount of property or money as consideration for an
       interest in the Company; (iii) the liquidation of the Company within the
       meaning of Treasury Regulations Section 1.704-l(b)(2)(ii)(g); and (iv)
       whenever otherwise permitted under Treasury Regulations Section
       1.704-l(b)(2)(iv)(f); provided, however, that adjustments pursuant to
       clause (i) above shall be made only if the Tax Matters Member determines
       that such adjustments are necessary or appropriate to reflect the
       relative economic interests of the Members;

              (c)    The Gross Asset Value of any Company Asset distributed to a
       Member shall be the gross fair market value of such asset on the date of
       distribution as determined in accordance with the provisions hereof;

              (d)    The Gross Asset Values of Company Assets shall be increased
       (or decreased) to reflect any adjustments to the adjusted basis of such
       assets pursuant to Code Section 734(b) or Code Section 743(b), but only
       to the extent that such adjustments are taken into account in determining
       Capital Accounts pursuant to Treasury Regulations Section
       1.704-l(b)(2)(iv)(m) and subparagraph (vi) of the definition of Profit
       and Losses; PROVIDED, HOWEVER, that Gross Asset Values shall not be
       adjusted pursuant to this paragraph (d) to the extent the Tax Matters
       Member determines that an adjustment pursuant to paragraph (b) hereof is
       necessary or appropriate in connection with a transaction that would
       otherwise result in an adjustment pursuant to this paragraph (d); and

              (e)    If the Gross Asset Value of an asset has been determined or
       adjusted pursuant to paragraphs (a), (b), or (d), such Gross Asset Value
       shall thereafter be adjusted by the Depreciation taken into account with
       respect to such asset for purposes of computing Profits and Losses.

              (f)    The Members agree that, as of the date hereof, the Gross
       Asset Value of the Existing Property is $100.0 million.

       GROSS RECEIPTS: For any period and with respect to each Property, all
cash receipts and revenues of the Company and the associated Owner Entity or
Additional Property Owner Entity, as applicable, of any kind calculated on a
cash basis (other than distributions received by the

                                      - 6 -
<Page>

Company from any Owner Entity or Additional Property Owner Entity, as
applicable), including, without duplication (i) all Rents received by such Owner
Entity or Additional Property Owner Entity, as applicable, (ii) all payments
received by such Owner Entity or Additional Property Owner Entity, as
applicable, from the operators of any licensed facilities or concessions, (iii)
all other forms of rent, revenue, income, proceeds, royalties, profits and other
benefits paid to such Owner Entity or Additional Property Owner Entity, as
applicable, from using, leasing, licensing, processing, operating from or in, or
otherwise enjoying all or any portion of the Property, (including, but not
limited to, any amounts released to the Company pursuant to the terms of the
Escrow Agreement which are not deposited in the Operations Reserve or Capital
Reserve), (iv) all payments under business interruption insurance policies or
proceeds payable under any policy of insurance covering loss of Rents, (v) any
utility or other deposits returned to such Owner Entity or Additional Property
Owner Entity, as applicable, or other refunds accruing to such Owner Entity or
Additional Property Owner Entity, as applicable, (vi) any interest earned on
security deposits held by such Owner Entity or Additional Property Owner Entity,
as applicable, to the extent retained by such Owner Entity or Additional
Property Owner Entity, as applicable, and interest earned on operating and other
accounts of such Owner Entity or Additional Property Owner Entity, as
applicable, (vii) all amounts received by such Owner Entity or Additional
Property Owner Entity, as applicable, from tenants at the Property in connection
with the surrender of such tenant's lease and (viii) all refunds, rebates and
other recoveries of items previously charged as Operating Expenses, but
excluding, (a) Capital Contributions to such Owner Entity or Additional Property
Owner Entity, as applicable, or the Company, (b) Net Proceeds of a Capital
Transaction and Net Proceeds of a Financing with respect to such Owner Entity or
Additional Property Owner Entity, as applicable, or the Company, (c) sums held
by such Owner Entity or Additional Property Owner Entity, as applicable, as
security deposits under leases for space at the Property unless and until
applied to the satisfaction of tenants' obligations under such leases (to the
extent permitted under applicable leases and law) and (d) non-cash charges
accruing to the Company or such Owner Entity or Additional Property Owner
Entity, as applicable, in the nature of depreciation and amortization of the
Property.

       HECHT BUILDING: is defined in the Preliminary Statement.

       IMPOSITIONS: With respect to any Property, all taxes (including sales and
use taxes), assessments (including all assessments for public improvements or
benefits, whether or not commenced or completed prior to the date hereof),
water, sewer or other rents, rates and charges, excises, levies, license fees,
permit fees, inspection fees and other authorization fees and other charges, in
each case whether general or special, ordinary or extraordinary, of every
character (including all interest and penalties thereon), which at any time may
be assessed, levied, confirmed or imposed by any governmental or
quasi-governmental authority having jurisdiction over the Property on or in
respect of or be a lien upon (i) the Property or any estate or interest therein,
(ii) any occupancy, use or possession of, or activity conducted on, the
Property, or (iii) the Rents from the Property or the use or occupancy thereof.

       INDEMNIFICATION AGREEMENT: That certain Indemnification and Guaranty
Agreement, dated as of the date hereof, by and between David S. Cordish,
Cordish, Inland Western Retail Real Estate Trust, Inc. and Inland.

       INITIAL CAPITAL CONTRIBUTION: The Capital Contribution made by Inland as
set forth in Section 3.2.A.

                                      - 7 -
<Page>

       INLAND PREFERRED RETURN: A per annum rate equal to 18% per annum on
Inland's Adjusted Capital Balance as adjusted from time to time, provided,
however, that such rate shall be pro rated for each Fiscal Year of the Company
which is less than twelve (12) full months.

       LIQUIDITY ESCROW AGREEMENT: Means that certain Liquidity Amount Escrow
Agreement, executed concurrently herewith by and among Cordish, the Owner
Entities and Chicago Title Insurance Company, as escrowee.

       LLC INTEREST: As to any Member, all of the interest of that Member in the
Company including, without limitation, such Member's (i) right to a distributive
share of the Profits and Losses and cash flow of the Company, (ii) right to a
distributive share of Company Assets and (iii) right to participate in the
management of the business and affairs of the Company, as provided in this
Agreement.

       MANAGER. Means the Person in whom the management of the Company is vested
to the extent so provided in this Agreement. The Manager must be a Member of the
Company. The Manager is Inland.

       MEMBER: At any time, any Person admitted and remaining as a member of the
Company pursuant to the terms of this Agreement. As of the date of this
Agreement, the Members of the Company are Cordish, CRC and Inland.

       MEMBER NONRECOURSE DEBT: Has the meaning given to the term "partner
nonrecourse debt" set forth in Treasury Regulations Section 1.704-2(b)(4).

       MEMBER NONRECOURSE DEBT MINIMUM GAIN: An amount, with respect to each
Member Nonrecourse Debt, equal to the Company Minimum Gain that would result if
such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined
in accordance with Treasury Regulations Section 1.704-2(i)(2) and (3).

       MEMBER NONRECOURSE DEDUCTIONS: Has the meaning given to the term "partner
nonrecourse deductions" set forth in Treasury Regulations Section 1.704-2(i)(2).
For any Allocation Year, the amount of Member Nonrecourse Deductions with
respect to a Member Nonrecourse Debt equals the excess, if any, of the net
increase, if any, in the amount of the Member Nonrecourse Debt Minimum Gain
attributable to such Member Nonrecourse Debt over the aggregate amount of any
distributions during such Allocation Year to the Member that bears the economic
risk of loss for such Member Nonrecourse Debt to the extent such distributions
are from proceeds of such Member Nonrecourse Debt and are allocable to an
increase in Member Nonrecourse Debt Minimum Gain, determined according to the
provisions of Treasury Regulations Section 1.704-2(i)(2).

       NET CASH FLOW: For any period, the excess of (a) Gross Receipts plus any
amount, as reasonably determined by the Manager, taken out of any general
reserve account (other than the Operations Reserve and Capital Reserve which are
governed by Section 6.4 hereof) established by the Company or any Owner Entity
or Additional Property Owner Entity, over (b) Operating Expenses plus any
amount, as reasonably determined by the Manager, added during such period to any
such general reserve account (other than from the Operations Reserve and the
Capital Reserve).

                                      - 8 -
<Page>

       NET PROCEEDS OF A CAPITAL TRANSACTION: With respect to any Property,
Additional Property, Owner Entity or Additional Property Owner Entity, the net
cash proceeds from a Capital Transaction less any portion thereof used to (i)
establish reserves as reasonably determined by the Manager, (ii) repay any debts
or other obligations of the Company or the Owner Entity or Additional Property
Owner Entity, as applicable (including Cash Shortfall Loans and Development
Loans), or (iii) restore the Property following a casualty or condemnation. "Net
Proceeds of a Capital Transaction" shall INCLUDE all principal, interest and
other payments as and when received with respect to any note or other obligation
received by the Company, an Owner Entity or Additional Property Owner Entity, as
applicable in connection with a Capital Transaction.

       NET PROCEEDS OF A FINANCING: With respect to the Existing Property, the
net cash proceeds from an Approved Financing (or otherwise with the consent of
the Members) less any portion thereof used to (i) establish reserves as
reasonably determined by the Manager, or (ii) repay any debts or other
obligations of the Owner Entity (including Cash Shortfall Loans to an Owner
Entity).

       NONRECOURSE DEDUCTIONS: Has the meaning set forth in Treasury Regulations
Section 1.704-2(b)(l). The amount of Nonrecourse Deductions for an Allocation
Year equals the excess, if any, of the net increase, if any, in the amount of
Company Minimum Gain during that Allocation Year, over the aggregate amount of
any distributions during that Allocation Year of proceeds of a Nonrecourse
Liability that are allocable to an increase in Company Minimum Gain, determined
according to the provisions of Treasury Regulations Section 1 .704-2(c).

       NONRECOURSE LIABILITY: Has the meaning set forth in Treasury Regulations
Section 1.704-2(b)(3).

       OPERATING EXPENSES: For any period and with respect to each Property, all
expenses incurred by the Company and/or an Owner Entity (or Additional Property
Owner Entity, as applicable) during such period, calculated on a cash basis,
including, without duplication (subject to the exclusions described below): (i)
current operating expenses and taxes incurred by an Owner Entity (or Additional
Property Owner Entity, as applicable) or the Company including (without
duplication) utility charges, costs of materials, normal repair and maintenance
costs, Impositions and other business taxes applicable to any Property (except
as excluded below), license fees, costs of complying with any encumbrance upon
any Property, premiums for insurance, fees of the Company's counsel, the
accounting fees, the costs of any audits and appraisals performed by the Company
and any other reasonable costs which are paid for by the Company, (ii) the
management fee and leasing commissions paid to a property manager by any Owner
Entity (or Additional Property Owner Entity, as applicable) pursuant to a
management agreement or leasing commission agreement, (iii) Capital Expenditures
incurred in accordance with the provisions hereof or as mandated by law or
necessitated by an emergency for improvements to space at any Property leased to
tenants, inducements granted to such tenants and leasing expenses (including
leasing commissions) (notwithstanding the foregoing, Capital Expenditures and
other costs and expenses incurred in connection with the acquisition,
development, redevelopment, improvement, construction and/or leasing of the
Additional Properties, or any of them, including costs for improvements to space
at any Additional Property leased to tenants and inducements granted to such
tenants shall not constitute Operating Expenses), and (iv) payments of fees,
interest and scheduled amortization of principal on any financing affecting the
Property or the Company Assets, but excluding without duplication: (A)
expenditures paid or to be paid from insurance proceeds or condemnation awards
available for

                                      - 9 -
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restoration of a Property; (B) any non-cash charges from depreciation or
amortization of property; (C) any expenses or costs incurred in connection with
a Capital Transaction that would not have been incurred but for such Capital
Transaction; and (D) any payments on Cash Shortfall Loans, and Development
Loans.

       OPERATIONS RESERVE: The reserve established and maintained by the Company
in accordance with Section 6.4 hereof.

       OWNER ENTITY: Each of Reisterstown Plaza Associates, LLC, a Maryland
limited liability company and RRP Hecht, LLC, a Maryland limited liability
company as identified on EXHIBIT A. The term "Owner Entity" shall also include
any borrowing entity formed and utilized by an Owner Entity in connection with
an Approved Financing as described in EXHIBIT B.

       OWNER ENTITY AGREEMENT: The Operating Agreement of an Owner Entity, as
the same may be amended or modified from time to time.

       PERCENTAGE INTEREST: As to any Member, the Percentage Interest of such
Member specified in Section 3.1.

       PERSON: Any individual, corporation, partnership, limited liability
company, association, trust or other entity or organization.

       PLAZA: is defined in the Preliminary Statement.

       PROFITS AND LOSSES: For any Allocation Year, the taxable income or loss
of the Company for federal income tax purposes for such Allocation Year, as
determined by the Accountant after consultation with the Members, in accordance
with Code Section 703(a) (for this purpose, all items of income, gain, loss or
deduction required to be separately stated pursuant to Code Section 703(a)(l)
shall be included in taxable income or loss), with the following adjustments:

              (i)    Any income of the Company that is exempt from federal
       income tax and not otherwise taken into account in computing Profits or
       Losses hereunder shall be added to such taxable income or loss;

              (ii)   Any expenditures of the Company described in Code Section
       705(a)(2)(B), or treated as Code Section 705(a)(2)(B) expenditures
       pursuant to Treasury Regulations Section 1.704-l(b)(2)(iv)(i) and not
       otherwise taken into account in computing Profits or Losses hereunder
       shall be subtracted from such taxable income or loss.

              (iii)  In the event the Gross Asset Value of any Company asset is
       adjusted pursuant to the provisions of this Agreement, the amount of such
       adjustment shall be taken into account as gain or loss from the
       disposition of such asset for purposes of computing Profits or Losses;

              (iv)   Gain or loss resulting from any disposition of property
       with respect to which gain or loss is recognized for federal income tax
       purposes shall be computed with reference to the Gross Asset Value of the
       property disposed of, notwithstanding that the adjusted tax basis of such
       property differs from its Gross Asset Value;

                                     - 10 -
<Page>

              (v)    In lieu of the depreciation, amortization and other cost
       recovery deductions taken into account in computing such taxable income
       or loss, there shall be taken into account Depreciation for such
       Allocation Year;

              (vi)   To the extent an adjustment to the adjusted tax basis of
       any Company asset pursuant to Code Section 734(b) is required pursuant to
       Treasury Regulations Section 1.704-l(b)(2)(iv)(m)(4) to be taken into
       account in determining Capital Accounts as a result of a distribution
       other than in liquidation of a Member's LLC Interest, the amount of such
       adjustment shall be treated as an item of gain (if the adjustment
       increases the basis of the asset) or loss (if the adjustment decreases
       the basis of the asset) from the disposition of the asset and shall be
       taken into account for purposes of computing Profits and Losses; and

              (vii)  Notwithstanding any other provisions of the foregoing
       provisions of this definition, any items which are specially allocated to
       a Member hereunder shall not be taken into account in computing Profits
       or Losses.

The amount of the items of Company income, gain, loss or deduction available to
be specially allocated pursuant to Section 5.2 hereof shall be determined by
applying rules analogous to those set forth in subparagraphs (i) through (vi)
above.

       PROPERTY: In the singular, each of the Existing Property and Additional
Properties, and in the plural, any two or more of the Existing Property and/or
Additional Properties.

       RENTS:  Collectively, all fixed, base, minimum, guaranteed, additional,
retroactive, percentage, participation or escalation rents, operating cost
pass-throughs, utility charges, common area maintenance or management charges,
administrative charges, parking, maintenance, tax and insurance contributions
payable under any lease for space at the Property, deficiency rents and
liquidated damages following default by any tenant at the Property, premiums
payable by any tenant at the Property upon the exercise of a cancellation
privilege originally provided in any lease for space at the Property, and any
rights and claims of any kind which the Company may have against any tenant at
the Property.

       REORGANIZATION AGREEMENT: means that certain Agreement to Reorganize
dated July ____, 2004 by and among the Company, Cordish and CRC.

       RPA: is defined in the Preliminary Statement.

       RRP: is defined in the Preliminary Statement.

       TAX MATTERS MEMBER. Has the meaning set forth in Section 7.5.

       TRANSFER: Any sale, assignment, gift, pledge, hypothecation or other
transfer, direct or indirect, by operation of law or otherwise, of a Member's
LLC Interest.

       TREASURY REGULATIONS: The Income Tax Regulations promulgated under the
Code as such regulations may be amended from time to time (including Temporary
Regulations).

                                     - 11 -
<Page>

       UNPAID CORDISH PREFERRED RETURN: As of any given date, the Cordish
Preferred Return accrued to such date less distributions made by the Company to
Cordish pursuant to the provisions of Sections 4.2(i), 4.3(i) and 4.4(iii)
hereof as of such date.

       UNPAID CRC PREFERRED RETURN: As of any given date, the CRC Preferred
Return accrued to such date less distributions made by the Company to CRC
pursuant to the provisions of Sections 4.2(i), 4.3(i) and 4.4(iii) hereof as of
such date.

       UNPAID INLAND PREFERRED RETURN: As of any given date, the Inland
Preferred Return accrued to such date less distributions made by the Company to
Inland pursuant to the provisions of Sections 4.2(ii), 4.3(iii) and 4.4(i)
hereof as of such date.

                                   ARTICLE II

               CONTINUATION; NAME; PRINCIPAL OFFICE; PURPOSE; TERM

       SECTION 2.1.      CONTINUATION.

       A.     The Company has previously been organized as a limited liability
company pursuant to the provisions of the Maryland Limited Liability Company Act
(the "LLC Act"). This Agreement amends, restates and replaces the Original
Agreement. To the extent permitted by the LLC Act, the provisions of this
Agreement shall override the provisions of the LLC Act in the event of any
inconsistency between them.

       B.     In order to maintain the Company as a limited liability company
under the laws of the State of Maryland, the Manager shall, from time to time,
take appropriate action, including the preparation and filing of such amendments
to the Certificate and such other assumed name certificates, documents,
instruments and publications as may be required by or desirable under law,
including, without limitation, action to reflect:

              (i)    any change in the Company name; or

              (ii)   any correction of false or erroneous statements in the
       Certificate or the desire of the Members to make a change in any
       statement therein in order that it shall accurately represent the
       agreement among the Members.

       C.     Each necessary Member shall further execute, and the Company shall
file and record (or cause to be filed and recorded) and shall publish, if
required by law, such other and further certificates, statements or other
instruments as may be necessary or desirable under the laws of the State of
Maryland or the state in which any Property is located in connection with the
formation of the Company and the commencement and carrying on of its business.

       SECTION 2.2.      NAME, REGISTERED OFFICE, AND RESIDENT AGENT; PRINCIPAL
                         PLACE OF BUSINESS.

       A.     The name of the Company shall continue to be "Reisterstown Plaza
Holdings, LLC."

       B.     The principal place of business and office of the Company shall be
located at c/o Inland Western Retail Real Estate Trust, Inc., 2901 Butterfield
Road Oak Brook, Illinois 60523

                                     - 12 -
<Page>

or at such other places or within the county in which the Property is located as
the Manager may from time to time designate. The Company may have such
additional offices and places of business as may be established at such other
locations as may be determined from time to time by the Manager.

       C.     The present address of the registered office of the Company in the
State of Maryland and its resident agent for service of process in the State of
Maryland are as set forth in the Certificate.

       SECTION 2.3.      PURPOSE.

       A.     The purpose and business of the Company are solely to:

              (i)    Acquire all the ownership interests in and exercise all the
       rights of the sole member of the Owner Entities and the Additional
       Property Owner Entities;

              (ii)   Indirectly through each Owner Entity, to acquire, own,
       finance (using special purpose entities or otherwise), develop,
       redevelop, operate, lease, manage, control, sell, transfer, exchange or
       otherwise dispose of the Existing Property;

              (iii)  Subject to the further provisions hereof and indirectly
       through the Additional Property Owner Entities, to acquire, own, finance,
       develop, redevelop, operate, lease, manage, control, sell, transfer,
       exchange or otherwise dispose of Additional Properties; and

              (iv)   To do and perform all acts necessary or desirable to carry
       out any of the foregoing purposes.

       B.     The Company shall not own any direct interest in real property or
any other business venture, and shall not incur any debt, obligation or
liability with respect to such assets. Instead, the Company shall only invest in
qualified REIT real estate assets, which assets shall generate qualified REIT
income and be owned separately by the Owner Entity and Additional Property Owner
Entities and any debts and liabilities shall be incurred only by such Entities.

       C.     Nothing in this Agreement shall be deemed to create a mutual
agency between the Members with respect to any activities of the Company or the
Members whatsoever. Except as expressly provided herein, no Member shall be
deemed to be the agent of any other Member for any purposes and no Member shall
have any authority to bind any other Member.

       D.     Without the unanimous approval of the Members, the Company, the
Owner Entities and the Additional Property Owner Entities shall not engage in
any other business or activity.

       E.     The Company intends that the Existing Property will be owned by
the Owner Entities and all Additional Properties will be owned by Additional
Property Owner Entities, through which the Company's business will be conducted.
The terms of the organizational documents relating to the formation of each
Owner Entity have been reviewed by the Members and are hereby approved by the
Members, and the terms of the organizational documents relating to the formation
of any Additional Property Owner Entity will be approved by the Members,
provided that such approval shall not be unreasonably withheld or delayed;
provided, however,

                                     - 13 -
<Page>

that the organizational documents of any Owner Entity may be amended by Inland
if the amendments do not materially adversely affect Cordish or CRC; and
provided further, however, that subject to Section 6.2.D, the organization
documents of any Cordish Managed Entity may be amended by Cordish if the
amendments do not materially adversely affect the Company, Inland, or CRC; and
further, subject to Section 6.2.D, the organization documents of any CRC Managed
Entity may be amended by CRC if the amendments do not materially adversely
affect the Company, Inland or Cordish. Notwithstanding the foregoing, each
Member hereby acknowledges and agrees that simultaneously with the effective
time of this Agreement, Inland shall cause the organizational documents of each
Owner Entity to be amended and restated in their entirety to reflect the fact
that Inland shall be appointed as the sole manager of each Owner Entity from and
after the date hereof.

       SECTION 2.4.      TERM.

       The Company shall have perpetual existence beginning on the date that the
Certificate was filed with the Maryland State Department of Assessments and
Taxation; PROVIDED THAT the Company may be dissolved in accordance with Section
9.1 hereof.

       SECTION 2.5.      CLASSIFICATION OF THE COMPANY FOR TAX PURPOSES.

       The Members hereby acknowledge their intention that the Company be
classified, for federal and state income tax purposes, as a partnership and not
as an association taxable as a corporation pursuant to Section 7701(a)(2) of the
Code and the Regulations promulgated thereunder, and hereby agree that the
provisions of this Agreement shall be applied and construed in a manner to give
full effect to such intent. Accordingly, each Member, by its execution or
acceptance of this Agreement, covenants and agrees that (i) it will not cause
the Company, any Owner Entity, or any Additional Property Owner Entity to make
an election under Regulations Section 301.7701-3(b) to be taxed as a corporation
for federal income tax purposes (ii) it will file its own federal and state
income tax returns in a manner that is consistent with tax classification of the
Company as a partnership and (iii) it will not take any action which is
inconsistent with such classification.

       SECTION 2.6.      LIABILITY OF THE MEMBERS.

       No Member shall be liable under a judgment, decree or order of a court,
or in any other manner for the debts or any other obligations or liabilities of
the Company, an Owner Entity or an Additional Property Owner Entity solely by
reason of being a Member of the Company. A Member shall be liable only to make
the contributions described in Sections 3.2 and 3.3, on the terms therein
described, and except as provided in Section 3.4 or 6.5.F, shall not be required
to lend any funds to the Company, any Owner Entity or Additional Property Owner
Entity, or to make any other contributions, assessments or payments to the
Company; provided that a Member may be required to repay distributions made to
it as provided in the LLC Act. No Member shall have any personal liability for
any repayment of any Capital Contribution of any Member. The terms of this
Section 2.6 shall not limit or diminish in any way the obligations of the
Members (and the other parties thereto) under this Agreement, the
Indemnification Agreement and the Contribution Agreement.

                                     - 14 -
<Page>

       SECTION 2.7.      OWNERSHIP AND WAIVER OF PARTITION AND VALUATION.

       The LLC Interests of each Member in the Company shall be personal
property for all purposes. All property and interests in property, real or
personal, owned (directly or indirectly) by the Company shall be deemed owned
(directly or indirectly) by the Company as an entity, and no Member,
individually, shall have any ownership of or interest in such property or
interest owned (directly or indirectly) by the Company except as a member of the
Company. To avoid irreparable damage to the Company, each Member, on behalf of
itself and its successors, representatives, heirs, and assigns hereby
irrevocably, unconditionally and completely waives, renounces and releases each
and all of the following rights that it has or may have, if any, by virtue of
holding LLC Interests in the Company: (i) any right of partition or any right to
take any other action that otherwise might be available to such Member for the
purpose of severing its relationship with the Company or such Member's interest
in the assets held by the Company from the interest of the other Members; and
(ii) any right to valuation and payment with respect to such Member's LLC
Interests or any portion thereof, except to the extent specifically set forth
herein. Notwithstanding any provision herein to the contrary, each Member hereby
acknowledges and agrees that, pursuant to the provisions of Section 9.4.E(iii)
hereof, in the event that Cordish seeks, or attempts to seek, to take any action
in violation or inconsistent with the foregoing, Inland shall be permitted, in
its sole and absolute discretion, to deliver a Redemption Notice to Cordish and
to thereupon immediately cause the Company to purchase the Cordish LLC Interest
pursuant to the terms of Sections 9.4, 9.5 and 9.6 hereof. In addition,
notwithstanding any provision herein to the contrary, each Member hereby
acknowledges and agrees that, pursuant to the provisions of Section 9.7.E(ii)
hereof, in the event that CRC seeks, or attempts to seek, to take any action in
violation or inconsistent with the foregoing, Inland shall be permitted at any
time, in its sole and absolute discretion, to deliver a Redemption Notice to CRC
and to thereupon immediately cause the Company to purchase the CRC LLC Interest
pursuant to the terms of Sections 9.7, 9.8 and 9.9 hereof.

       SECTION 2.8.      WAIVER OF RIGHT TO JUDICIAL DISSOLUTION.

       The Members agree that irreparable damage would be done to the good will
and reputation of the Company if any Member should bring an action in court to
dissolve the Company. Accordingly, to avoid irreparable damage to the Company,
each Member hereby irrevocably, unconditionally and completely waives, renounces
and releases its right to seek a court decree of dissolution or to seek the
appointment by a court of a liquidator for the Company. Notwithstanding any
provision herein to the contrary, each Member hereby acknowledges and agrees
that, pursuant to the provisions of Section 9.4.E(iii) hereof, in the event that
Cordish seeks, or attempts to seek, to take any action in violation or
inconsistent with the foregoing, Inland shall be permitted, in its sole and
absolute discretion, to deliver a Redemption Notice to Cordish and to thereupon
immediately cause the Company to purchase the Cordish LLC Interest pursuant to
the terms of Sections 9.4, 9.5 and 9.6 hereof. In addition, notwithstanding any
provision herein to the contrary, each Member hereby acknowledges and agrees
that, pursuant to the provisions of Section 9.7E(ii) hereof, in the event that
CRC seeks, or attempts to seek, to take any action in violation or inconsistent
with the foregoing, Inland shall be permitted at any time, in its sole and
absolute discretion, to deliver a Redemption Notice to CRC and to thereupon
immediately cause the Company to purchase the CRC LLC Interest pursuant to the
terms of Sections 9.7, 9.8 and 9.9 hereof.

                                     - 15 -
<Page>

                                   ARTICLE III
                 MEMBERS; COMPANY CAPITAL; PERCENTAGE INTERESTS

       SECTION 3.1.      MEMBERS.

       A.     In accordance with the terms of the Contribution Agreement, Inland
is hereby admitted as a Member in the Company. The respective names, business
addresses and Percentage Interests of the Members are as set forth on SCHEDULE A
and the Members identified on SCHEDULE A are, as of this date, the only members
in the Company. SCHEDULE A shall be amended from time to time to reflect any
changes of address, the admission of any additional or substitute Members or any
changes to the information set forth thereon. The respective Percentage
Interests of the Members set forth on SCHEDULE A shall not change or otherwise
be modified or amended as a result of Capital Contributions made by the Members.

       B.     One or more Persons may be admitted to the Company as additional
Members from time to time only with the unanimous written consent of the
Members, provided, however, that the admission of transferees permitted pursuant
to Article VIII hereof shall not require the consent of the Manager or the
Members.

       C.     In addition to any other requirements set forth in this Agreement,
no Person shall be admitted to the Company as an additional or substitute Member
unless and until such Person has accepted and agreed to all the provisions of
this Agreement by executing a counterpart signature page hereto or an amendment
to this Agreement.

       SECTION 3.2.      INITIAL CAPITAL CONTRIBUTIONS.

       A.     In accordance with the terms of the Contribution Agreement, upon
the execution of this Agreement, Inland has contributed to the Company cash in
the amount set forth next to its name on SCHEDULE A attached hereto and made a
part hereof. The Capital Contributions of Inland provided in this Section 3.2A
shall be referred to as its "INITIAL CAPITAL CONTRIBUTIONS."

       B.     The Members hereby agree that, upon the admission of Inland as a
Member of the Company, the Capital Accounts of the Associate Members shall be
increased to equal the amounts set forth next to each Associate Member's name on
SCHEDULE A, which reflect the Gross Asset Value of the Existing Property, as of
the date hereof, reduced by (i) the amount of the Existing Debt as of the date
hereof, (ii) the aggregate amount deposited in escrow pursuant to Section 1 of
the Escrow Agreement and Section 1 of the Liquidity Escrow Agreement, and (iii)
amounts not yet contributed to the Company by Inland as of the date hereof
pursuant to Section 1.4.1 of the Contribution Agreement. The Capital Accounts
(and Adjusted Capital Balance) of each Associate Member shall be increased from
time to time, without duplication, as and when funds are released and deposited
into the Operations Reserve and Capital Reserve, respectively, pursuant to
Sections 2.1 and 2.2 of the Escrow Agreement, Section 2 of the Liquidity Escrow
Agreement and the terms of Article I of the Contribution Agreement and Section
3.3.A of this Agreement..

       C.     The initial Adjusted Capital Balance of Inland shall equal the
Initial Capital Contribution of Inland as determined under Section 3.2.A hereof.
The initial Adjusted Capital Balance of each Associate Member shall equal the
initial Capital Account of such Associate Member as determined under Section
3.2.B hereof. The initial Adjusted Capital Balance of each Member shall be set
forth opposite such Member's name on SCHEDULE A attached hereto.

                                     - 16 -
<Page>

       D.     The manner in which Capital Contributions, Adjusted Capital
Balances, Capital Accounts, the Operating Reserve and the Capital Reserve shall
be determined and adjusted (under the terms and conditions of this Section 3.2
and this Agreement) is illustrated on EXHIBIT E attached hereto, which Exhibit
is based on estimated figures and may not, therefore, reflect the actual figures
applied under the terms of this Agreement.

       SECTION 3.3.      ADDITIONAL CAPITAL CONTRIBUTIONS.

       A.     In accordance with and subject to the terms of Section 1.4.1 of
the Contribution Agreement, Inland shall make additional Capital Contributions
to the Company from time to time, 50% of which shall be deposited directly in
the Operations Reserve and 50% of which shall be deposited directly in the
Capital Reserve, as set forth in the Contribution Agreement.

       B.     Other than the Capital Contributions of the Members required under
Section 3.2 and 3.3.A, and as otherwise provided in this Agreement, no Member
shall (i) be required or entitled to make any further Capital Contributions or
(ii) be required or entitled to lend any funds to the Company.

       C.     Except as provided in Section 3.3.A, no Member shall have any
obligation to make additional Capital Contributions to restore a deficit balance
in its Capital Account. Notwithstanding the foregoing, any Member may, by
delivery of written notice to the Manager delivered on or before December 31 of
any year, voluntarily elect (in its sole and absolute discretion) to incur an
unconditional obligation to restore a deficit balance in its Capital Account.
Any such election, if made, shall be effective only for such period indicated in
the written notice, and may, in the sole and absolute discretion of the electing
Member, be limited to a specified dollar amount and/or specific period of time.
This Section 3.3.C and any election made hereunder shall be interpreted and
applied consistently with the provisions Treasury Regulation Section
1.704-1(b)(2)(ii)(c).

       SECTION 3.4.      FUNDING OF ADDITIONAL CASH REQUIREMENTS.

       A.     If any Owner Entity, other than an Additional Property Owner
Entity (which is addressed by Section 3.4.B), experiences a Cash Shortfall
(other than to the extent that the Company's Cash Shortfall is attributable
solely to an Additional Property Owner Entity, which is addressed in Section
3.4.B), the Manager shall have the right to provide written notice of such Cash
Shortfall to all other Members (a "CASH SHORTFALL NOTICE"). Upon receipt of the
Cash Shortfall Notice, the Members may, upon unanimous consent, elect to (a)
make an Additional Capital Contribution in proportion to their respective
Percentage Interests to cover the Cash Shortfall, or (b) make Cash Shortfall
Loans to the Owner Entity in the amount of the Cash Shortfall and in proportion
to the Member's respective Percentage Interests on the terms provided in Section
3.4.C. If the Members do not agree to make such Additional Capital Contributions
or Cash Shortfall Loans, Inland shall promptly make (or cause an Affiliate or
other Person selected by it to make) a Cash Shortfall Loan to the Owner Entity
in the amount of the Cash Shortfall on the terms provided in Section 3.4.C. If
Inland does not promptly make or cause an Affiliate or other Person selected by
it to make a Cash Shortfall Loan pursuant to this Section 3.4.A, either or both
of the Associate Members shall have the right, but not the obligation, to fund
the amount of such loan (a "DEFAULT LOAN"), which shall constitute a loan by
such funding Associate Member to Inland, which shall be a recourse demand
obligation of Inland and which shall bear interest at the rate of 20% per annum,
compounded monthly. All distributions of Net Cash Flow or Net Proceeds of a
Capital Transaction or repayments by the

                                     - 17 -
<Page>

Company of any Cash Shortfall Loans otherwise payable to Inland shall be made
instead to such funding Associate Member until all Default Loans (including
accrued and unpaid interest) made by such funding Associate Member have been
repaid in full. For the avoidance of doubt, any distributions or payments that
would have otherwise been distributed or paid to Inland but are paid to such
funding Associate Member in accordance with any Default Loan made pursuant to
this Section 3.4.A shall, for all other purposes of this Agreement, be deemed to
have been distributed or paid to Inland.

       B.     If any Additional Property Owner Entity experiences a Cash
Shortfall, or to the extent the Company experiences a Cash Shortfall
attributable solely to one or more Additional Property Owner Entities, any
Member shall have the right to provide written notice of such Cash Shortfall to
all other Members (a "CASH SHORTFALL NOTICE"). Upon receipt of the Cash
Shortfall Notice, the Members may upon mutual consent elect to (a) make an
Additional Capital Contribution in proportion to their respective Percentage
Interests to cover the Cash Shortfall, or (b) make Cash Shortfall Loans to the
Additional Property Owner Entity in the amount of the Cash Shortfall and in
proportion to the Member's respective Percentage Interests on the terms provided
in Section 3.4.C. If the Members do not agree to make such Additional Capital
Contributions or Cash Shortfall Loans, (a) Cordish shall promptly make (or cause
an Affiliate or other Person selected by it to make) a Cash Shortfall Loan to
the Cordish Managed Entity in the amount of the Cash Shortfall on the terms
provided in Section 3.4.C. and (b) CRC shall promptly make (or cause an
Affiliate or other Person selected by it to make) a Cash Shortfall Loan to the
CRC Managed Entity in the amount of the Cash Shortfall on the terms provided in
Section 3.4.C. If the applicable Associate Member does not promptly make or
cause an Affiliate or other Person selected by it to make a Cash Shortfall Loan
pursuant to this Section 3.4.B, Inland shall have the right, but not the
obligation, to fund the amount of such loan (a "DEFAULT LOAN"), which shall
constitute a loan by Inland to Cordish or CRC, as the case may be, which shall
be a non-recourse demand obligation of Cordish or CRC, as the case may be, and
which shall bear interest at the rate of 20% per annum, compounded monthly. All
distributions of Net Cash Flow or Net Proceeds of a Capital Transaction or
repayment by the Company of any Cash Shortfall Loans otherwise payable to
Cordish or CRC, as the case may be, shall be made instead to Inland until all
Default Loans (including accrued and unpaid interest) made by Inland have been
repaid in full. In addition, if all Default Loans made by Inland are not repaid
in full within six (6) months, the Associate Member on whose behalf the Default
Loan was made shall have no management and/or voting rights (including, but not
limited to those provided in Section 6.1.D) with respect to the Existing
Properties or Owner Entities pursuant to the provisions hereof until all such
Default Loans made by Inland have been repaid in full. For the avoidance of
doubt, any distributions or payments that would have otherwise been distributed
or paid to Cordish or CRC, as the case may be, but are paid to Inland in
accordance with any Default Loan made pursuant to this Section 3.4.B shall, for
all other purposes of this Agreement, be deemed to have been distributed or paid
to Cordish or CRC, as the case may be.

       C.     Cash Shortfall Loans, if any, made pursuant to this Section 3.4
shall: (i) be evidenced by a written promissory note containing customary terms
and conditions in a form attached hereto as EXHIBIT D, (ii) bear interest at the
rate of 12% per annum, shall compound monthly and shall accrue until maturity
and (iii) mature on the earlier of the date that is five (5) years after the
initial funding of such loan or the occurrence of a Capital Transaction with
respect to the Owner Entity or Additional Property Owner Entity that is the
obligor on such Cash Shortfall Loan.

                                     - 18 -
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       D.     If, at any time or from time to time, the Company or an Owner
Entity requires additional funds, the Manager may cause the Owner Entity to
borrow the required additional funds from any Person or Persons, provided that
such borrowing is an Approved Financing.

       E.     The Members hereby covenant and agree to structure any Cash
Shortfall Loans made pursuant to the terms of this Agreement so that such loans
satisfy the "Straight Debt Safe Harbor" under Code Section 856(c)(7) and the
Treasury Regulations promulgated thereunder.

       SECTION 3.5.      LOANS.

       A.     The Members intend that the Company will not own any real estate
directly, but will only own interests in the Owner Entities and Additional
Property Owner Entities. Accordingly, unless all Members agree, the Manager
shall not incur any loans or borrowings on behalf of the Company.

       B.     If any Member shall lend any money to any Owner Entity or
Additional Property Owner Entity, the amount of any such loan shall not be
considered a Capital Contribution to the Company, increase its Capital Account
or affect in any way its share of the Profits, Losses, other items of income,
gain, loss or deduction or distributions of the Company but shall be a debt due
from the Owner Entity or the Additional Property Owner Entity, as applicable.

       C.     The proceeds of Cash Shortfall Loans, Default Loans and
Development Loans made pursuant to the provisions of this Agreement and the
proceeds of any financing obtained by the Associate Members pursuant to Section
6.2.B.(i) with respect to any Additional Property will only be advanced as and
to the extent that costs and expenses to be funded pursuant to the provisions
hereof by such Cash Shortfall Loans, Default Loans, Development Loans and/or
such other financing are actually incurred.

       SECTION 3.6.      NO THIRD PARTY BENEFICIARIES.

       The obligations of Inland or the Associate Members to fund Cash Shortfall
Loans hereunder shall not confer upon any creditor or other third party having
dealings with the Company or any Owner Entity any right, claim or other benefit,
including the right to require any such Cash Shortfall Loans.

       SECTION 3.7.      CAPITAL ACCOUNTS.

       A.     The Company shall establish and maintain a separate Capital
Account for each Member in accordance with the provisions of this Section 3.7.
To each Member's Capital Account there shall be credited such Member's Capital
Contributions, such Member's allocable share of Profits, and any items in the
nature of income or gain that are specially allocated to such Member under this
Agreement.

       B.     To each Member's Capital Account there shall be debited the amount
of cash and the Gross Asset Value of any Company property distributed to such
Member pursuant to any provision of this Agreement (net of liabilities secured
by such distributed property that such Member is considered to assume or take
subject to under Code Section 752), such Member's allocable share of Losses, and
any items in the nature of expenses or losses that are specially allocated to
such Member under this Agreement.

                                     - 19 -
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       C.     In the event any interest in the Company is transferred in
accordance with the terms of this Agreement (i.e., Article VIII hereof), the
transferee shall succeed to the Capital Account of the transferor to the extent
it relates to the transferred interest. In the case of a sale or exchange of an
interest in the Company at a time when an election under Code Section 754 is in
effect, the Capital Account of the transferee Member shall not be adjusted to
reflect the adjustments to the adjusted tax bases of Company property required
under Code Sections 754 and 743, except as otherwise permitted by Treasury
Regulations Section 1.704-1(b)(2)(iv)(m).

       D.     In determining the amount of any liability for purposes of Section
3.7.B above, there shall be taken into account Code Section 752(c) and the
Treasury Regulations promulgated thereunder, and any other applicable provisions
of the Code and Regulations.

       E.     The foregoing provisions and the other provisions of this
Agreement relating to the maintenance of Capital Accounts are intended to comply
with Treasury Regulations Section 1.704-1(b) and 1.704-2, and shall be
interpreted and applied in a manner consistent with such Regulations.

       SECTION 3.8.      RETURN OF CAPITAL.

       Except as provided in Article IX or as otherwise agreed by the Members,
no Member shall have the right to withdraw or receive any return of its Capital
Contributions. Except as provided in Article IX or as otherwise agreed by the
Members, no Member shall have any right to demand or receive property (other
than cash) in return of its Capital Contributions.

                                   ARTICLE IV

              DISTRIBUTIONS; ESCROWS AND REPAYMENT OF EXISTING DEBT

       SECTION 4.1.      ESCROW PAYMENTS AND EXISTING DEBT.

       A.     Immediately after the execution and delivery of this Agreement,
the Company shall contribute sufficient cash to the Owner Entities to repay and
satisfy in full the Existing Debt (as such term is defined in the Contribution
Agreement). No repayment of the Existing Debt pursuant to this Section 4.1.A
shall reduce Cordish's or CRC's Adjusted Capital Balance or Capital Account.
Each party hereto hereby acknowledges and agrees that it is the intention of the
Manager to cause the Owner Entity, simultaneously with the execution of this
Agreement, to borrow funds from an unrelated third party lender (which
transaction shall constitute an Approved Financing under the terms of EXHIBIT B
attached hereto). Notwithstanding any inference herein to the contrary, the
repayment of the Existing Debt, and other payments and distributions described
in this Section 4.1 shall be funded, in whole or in part, in the Manager's sole
and absolute discretion, from the proceeds of such third party loan to the Owner
Entity.

       B.     The Members recognize and agree that, upon the closing of the
Contribution Agreement, a portion of Inland's Initial Capital Contributions
shall be placed in escrow pursuant to the terms and conditions of the Escrow
Agreement and the Liquidity Escrow Agreement.

       C.     Upon the closing of the Contribution Agreement, the Company shall
utilize a portion of Inland's Initial Capital Contribution to pay certain
expenses of closing, as agreed to by Inland and the Associate Members, which
amount shall reduce the contributions into the Operations Reserve and Capital
Reserve, as agreed upon by the Associate Members.

                                     - 20 -
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       SECTION 4.2.      DISTRIBUTIONS OF NET CASH FLOW.

       Subject to the provisions of Section 6.4 hereof, prior to the dissolution
and termination of the Company, and subject to the LLC Act, Net Cash Flow of the
Company for any Fiscal Year shall be distributed monthly (if and to the extent
available) by the Company in the following order of priority:

              (i)    FIRST, to the Associate Members, until such time as the
       Unpaid Cordish Preferred Return and the Unpaid CRC Preferred Return has
       been reduced to zero, pro rata in proportion to the Unpaid Cordish and
       CRC Preferred Returns.

              (ii)   SECOND, in the sole and absolute discretion of the Manager,
       to Inland, until such time as the Unpaid Inland Preferred Return has been
       reduced to zero.

              (iii)  THIRD, in the sole and absolute discretion of the Manager,
       to the Members, in proportion to their respective Percentage Interests in
       the Company.

       SECTION 4.3.      NET PROCEEDS OF A CAPITAL TRANSACTION.

       Subject to the provisions of Section 6.4 hereof, prior to the dissolution
and termination of the Company, Net Proceeds of a Capital Transaction may be
distributed by the Company from time to time in the sole and absolute discretion
of the Manager in the following order of priority:

              (i)    FIRST, to the Associate Members, until such time as the
       Unpaid Cordish Preferred Return and the Unpaid CRC Preferred Return has
       been reduced to zero, pro rata in proportion to the Unpaid Cordish and
       CRC Preferred Returns.

              (ii)   SECOND, to the Associate Members, until such time as the
       Adjusted Capital Balance of each Associate Member has been reduced to
       zero, pro rata in proportion to their respective Adjusted Capital
       Balances.

              (iii)  THIRD, to Inland, until such time as the Unpaid Inland
       Preferred Return has been reduced to zero.

              (iv)   FOURTH, to Inland, until such time as the Adjusted Capital
       Balance of Inland has been reduced to zero.

              (v)    FIFTH, the balance, to the Members in proportion to their
       respective Percentage Interests in the Company.

       SECTION 4.4       NET PROCEEDS OF A FINANCING.

       Subject to the provisions of Section 6.4 hereof, the Net Proceeds of a
Financing may be distributed by the Company from time to time in the sole and
absolute discretion of the Manager:

              (i)    FIRST, to Inland, until such time as the Unpaid Inland
       Preferred Return has been reduced to zero

              (ii)   SECOND, to Inland, until such time as the Adjusted Capital
       Balance of Inland has been reduced to zero.

                                     - 21 -
<Page>

              (iii)  THIRD, to the Associate Members, until such time as the
       Unpaid Cordish Preferred Return and the Unpaid CRC Preferred Return has
       been reduced to zero, pro rata in proportion to the Unpaid Cordish and
       CRC Preferred Returns.

              (iv)   FOURTH, to the Associate Members, until such time as the
       Adjusted Capital Balance of each Associate Member has been reduced to
       zero, pro rata in proportion to their respective Adjusted Capital
       Balances.

              (v)    FIFTH, the balance, to the Members in proportion to their
       respective Percentage Interests in the Company.

       SECTION 4.5.      OTHER DISTRIBUTION RULES.

       A.     For purposes of Sections 4.2, 4.3 and 4.4:

              (i)    Distributions of Net Cash Flow of the Company for any
       calendar month will be considered distributed before the Net Proceeds of
       a Capital Transaction and Net Proceeds of a Financing occurring during
       the same calendar month.

              (ii)   Whenever possible, Net Cash Flow of the Company for any
       calendar month will be distributed before the Net Proceeds of a Capital
       Transaction and Net Proceeds of a Financing are distributed if the Net
       Proceeds of a Capital Transaction arise from a Capital Transaction or the
       Net Proceeds of a Financing arise from an Approved Financing that
       occurred within such calendar month or within the first ten (10) days of
       the immediately following calendar month.

              (iii)  The Manager shall adopt other reasonable ordering
       conventions as may be necessary to prevent any duplication of amounts
       that are distributable under both of such Sections.

       B.     Subject to the provisions of Section 3.4 and Section 6.5.F
relating to Default Loans, distributions in respect of an LLC Interest shall be
made only to the Person or Persons that, according to the Company's books and
records, are the holders of record of the LLC Interests in respect of which such
distributions are made on the actual date of distribution. Neither the Company
nor the Manager shall incur any liability for making distributions in accordance
with the provisions of the preceding sentence, whether or not the Company or the
Manager has knowledge or notice of any Transfer or purported Transfer of
ownership of any LLC Interest. Except with respect to Default Loans, the Manager
shall have no right or authority to set-off any debts or obligations of an
Associate Member against any distributions due to an Associate Member hereunder,
including distributions under Sections 9.6 or 9.9 hereof.

       SECTION 4.6.      WITHHOLDING.

       A. The Members hereby authorize the Company to withhold from or pay on
behalf of or with respect to such Member any amount of federal, state, local, or
foreign taxes that the Tax Matters Member reasonably determines that the Company
is required to withhold or pay with respect to any amount distributable or
allocable to the Members pursuant to this Agreement, including any taxes
required to be withheld or paid by the Company pursuant to Section 1441, 1442,
1445 or 1446 of the Code. The Tax Matters Member shall give prompt notice to the
Members with respect to which withholding is effected in accordance with this
Section 4.6.A and

                                     - 22 -
<Page>

shall provide such Member with a written explanation of the basis for its
determination so to withhold or pay (a "WITHHOLDING NOTICE"). Any amount paid on
behalf of or with respect to a Member pursuant to the provisions hereof shall
constitute a loan by the Company to such Member, which loan shall be repaid by
such Member within 15 days after notice from the Tax Matters Member that such
payment must be made, unless the Company withheld such payment from a
distribution which would otherwise be made to such Member in accordance with the
provision hereof. Any amounts so withheld shall be treated as having been
distributed to such Member and shall be promptly paid, solely out of funds from
the Company, by the Tax Matters Member to the appropriate taxing authority, In
the event that a Member fails to pay any amounts owed to the Company pursuant to
this Section 4.6.A when due, the Tax Matters Member may, in its sole and
absolute discretion, elect to make the payment to the Company on behalf of such
defaulting Member, and in such event shall be deemed to have loaned such amount
to such defaulting Member, which shall be treated in the same manner as a
Default Loan made to such defaulting Member. For the avoidance of doubt, any
distributions which would have otherwise been distributed to a Member, but are
retained by the Company in accordance with this Section 4.6.A, shall, for all
other purposes of this Agreement, be deemed to have been distributed to such
Member.

       B.     If any Member determines that the Tax Matters Member has
improperly caused the Company to withhold or to advance funds with respect to
such Member in accordance with the foregoing, then such Member shall provide
written notice of its objection to such withholding or advance to the Tax
Matters Member, (an "OBJECTION NOTICE") within thirty (30) days after its
receipt of the Withholding Notice, stating its rationale for such objection. If
the objecting Member and the Tax Matters Member do not reach an agreement on the
contested matter within thirty (30) days following the delivery by the objecting
Member of the Objection Notice, then the Tax Matters Member shall not have the
right exercise any rights pursuant to Section 4.6.A and the matter shall be
submitted promptly by either party to binding arbitration, pursuant to Section
10.16 of this Agreement. After such arbitration proceeding has been completed,
the Tax Matters Member shall then have the right to exercise its rights pursuant
to Section 4.6.A hereof only in compliance with the determination of the
arbitration proceeding. Failure of a Member to deliver an Objection Notice
within thirty (30) days after its receipt of a Withholding Notice shall be
deemed to constitute the recipient Member's acceptance of and agreement to the
withholding and/or payment and the Tax Matters Member shall be entitled to
proceed pursuant to the provisions of this Section 4.6.

       C.     If the Tax Matters Member improperly proceeds pursuant to this
Section 4.6, then the Company shall be required to pay to the objecting Member
the amount of any distributions that would otherwise have been made to the
objecting Member in accordance with the provisions of this Agreement but for the
Tax Matters Member's improperly proceeding pursuant to Section 4.6, together
with all out-of-pocket expenses properly and reasonably attributable to the
dispute referenced in Section 4.6.B hereof, and the Company shall be required to
pay interest at the rate of twenty percent (20%) on all such amounts to the
objecting Member.

                                     - 23 -
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                                    ARTICLE V

                        ALLOCATION OF PROFITS AND LOSSES

       SECTION 5.1.      PROFITS AND Losses.

       A.     PROFITS.      After giving effect to the allocations under Section
5.2 hereof, Profits for any Allocation Year shall be allocated to the Members in
the following order of priority:

              (i)    Profits other than from a Capital Transaction (and except
       as otherwise provided under Section 5.1.A(iii) hereof):

                     (a)    FIRST, to the Associate Members, in the amount
              necessary to cause the aggregate amount of Profits allocated to
              the Associate Members under this Section 5.1.A(i)(a) from the
              current Fiscal Year and all prior Fiscal Years to equal the actual
              amounts distributed to the Associate Members pursuant to Section
              4.2(i) for the current Fiscal Year and all prior Fiscal Years; and

                     (b)    SECOND, to Inland, in the amount necessary to cause
              the aggregate amount of Profits allocated to Inland under Section
              5.1.A(i)(b) from the current Fiscal Year and all prior Fiscal
              Years to equal the amounts distributable to Inland pursuant to
              Section 4.2(ii) for the current Fiscal Year and all prior Fiscal
              Years; and

                     (c)    THIRD, the balance, to the Members, in proportion to
              their respective Percentage Interests in the Company.

              (ii)   Profits from a Capital Transaction (except as otherwise
       provided under Section 5.1.A(iii) hereof):

                     (a)    FIRST, to each Member in an amount equal to the
              amount necessary to increase each such Member's Capital Account to
              the amount distributable to such Member pursuant to Section 4.3
              hereof; and

                     (b)    SECOND, the balance, to the Members, in proportion
              to their respective Percentage Interests in the Company.

              (iii)  Profits arising from any Capital Transaction (including a
       hypothetical sale in connection with an in-kind distribution upon
       liquidation of the Company) occurring upon or resulting in the
       liquidation (within the meaning of Treasury Regulations Section
       1.704-1(b)(2)(ii)(g)) of the Company:

                     (a)    FIRST, to the Associate Members, until the Capital
              Account balance of each Associate Member equals the sum of (1) its
              Unpaid Preferred Return plus (2) its Adjusted Capital Balance, pro
              rata;

                     (b)    SECOND, to Inland, until the Capital Account balance
              of Inland equals the sum of (1) the Unpaid Inland Preferred Return
              plus (2) the Adjusted Capital Balance of Inland; and

                                     - 24 -
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                     (c)    THIRD, the balance, to the Members, in proportion to
              their respective Percentage Interests in the Company.

       B.     LOSSES. After giving effect to the allocations under Section
5.2 hereof, Loss for any Allocation Year shall be allocated to the Members in
the following order of priority:

              (i)    Losses other than as provided in Section 5.1 .B(ii) hereof:

                     (a)    FIRST, to Inland, to the extent of Losses
              attributable to the Existing Property, but in an amount without
              causing Inland to have an Adjusted Capital Account Deficit;

                     (b)    SECOND, to Cordish, to the extent of Losses
              attributable to the Cordish Managed Entities, but in an amount
              without causing Cordish to have an Adjusted Capital Account
              Deficit;

                     (c)    THIRD, to CRC, to the extent of Losses attributable
              to the CRC Managed Entities, but in an amount without causing CRC
              to have an Adjusted Capital Account Deficit;

                     (d)    FOURTH, to the Members, pro rata in accordance with
              their Capital Account balances, the maximum that can be allocated
              without causing a Member to have an Adjusted Capital Account
              Deficit; and

                     (e)    FIFTH, the balance, to the Members, in proportion to
              their respective Percentage Interests in the Company.

              (ii)   Losses arising from any Capital Transaction (including a
       hypothetical sale in connection with an in-kind distribution upon
       liquidation of the Company) occurring upon or resulting in the
       liquidation (within the meaning of Treasury Regulations Section
       1.704-1(b)(2)(ii)(g)) of the Company:

                     (a)    FIRST, to the Associate Members, until the Capital
              Account balance of each Associate Member equals the sum of (1) its
              Unpaid Preferred Return plus (2) its Adjusted Capital Balance, pro
              rata;

                     (b)    SECOND, to Inland, the maximum amount that can be
              allocated without causing Inland to have an Adjusted Capital
              Account Deficit;

                     (c)    THIRD, to the Associate Members, pro rata, in the
              maximum amount that can be allocated without causing either
              Associate Member to have an Adjusted Capital Account Deficit; and

                     (d)    FOURTH, the balance, to the Members, in proportion
              to their respective Percentage Interests in the Company.

       SECTION 5.2.      REGULATORY AND SPECIAL ALLOCATIONS.

       A.     Notwithstanding any other provisions of this Article V, the
special allocations provisions set forth on SCHEDULE 5.2, which are hereby
incorporated into this Section 5.2.A by

                                     - 25 -
<Page>

this reference as if set forth in their entirety, shall apply prior to any other
allocations of Profits and Losses (and any items of income, gain, loss or
deduction).

       SECTION 5.3.      OTHER ALLOCATION RULES.

       A.     For purposes of determining the Profits, Losses, or any other
items allocable to any period, Profits, Losses, and any such other items shall
be determined on a daily, monthly, or other basis, as reasonably determined by
the Manager using any permissible method under Code Section 706 and the Treasury
Regulations thereunder.

       B.     Except as otherwise provided in this Agreement, all items of
Company income, gain, loss, deduction, and any other allocations not otherwise
provided for shall be divided among the Members for tax purposes in the same
proportions as they share Profits or Losses, as the case may be, for the
Allocation Year.

       C.     The Members are aware of the income tax consequences of the
allocations made by this Article V and hereby agree to be bound by the
provisions of this Article V in reporting their shares of Company income and
loss for income tax purposes.

       D.     The Members agree that each Associate Member shall be allocated an
amount of nonrecourse liabilities of the Company in an amount not less than each
Associate Member's Code Section 704(c) "built in gain" in the Existing Property,
in accordance with Treasury Regulations Section 1.752-3(a)(2). Any non-recourse
liabilities not allocated pursuant to the preceding sentence shall be allocated
to the Members, in proportion to their Percentage Interests in the Company,
subject to paragraph (v) of EXHIBIT B.

       E.     Profits, Losses and any other items of income, gain, loss or
deduction shall be allocated to the Members pursuant to this Article V as of the
last day of each Fiscal Year, provided that Profits, Losses and such other items
shall also be allocated at such times as the Gross Asset Values of Company
Assets are adjusted pursuant to subparagraph (b) of the definition of "Gross
Asset Value" in Article I.

       SECTION 5.4.      TAX ALLOCATIONS: CODE SECTION 704(c).

       A.     In accordance with Code Section 704(c) and the Treasury
Regulations thereunder, income, gain, loss, and deduction with respect to the
Existing Property, and any other property contributed to the capital of the
Company shall, solely for tax purposes, be allocated among the Members so as to
take account of any variation between the adjusted basis of such property to the
Company for federal income tax purposes and its initial Gross Asset Value. The
Members hereby irrevocably agree that the Company shall elect to use the
"traditional method" as described in Treasury Regulations Section 1.704-3(d)
with respect to allocations relating to the Existing Property (the "TRADITIONAL
METHOD").

       B.     In the event the Gross Asset Value of any Company property is
adjusted pursuant to paragraph (b) of the definition of Gross Asset Value,
subsequent allocations of income, gain, loss, and deduction with respect to such
asset shall take account of any variation between the adjusted basis of such
asset for federal income tax purposes and its Gross Asset Value in the same
manner as under Code Section 704(c) and the Treasury Regulations thereunder,
based on the Traditional Method.

                                     - 26 -
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       C.     Any elections or other decisions relating to such allocations
shall be made by the Manager, in any manner that reasonably reflects the purpose
and intention of this Agreement.

                                   ARTICLE VI

                    GOVERNANCE AND ADMINISTRATIVE PROVISIONS

       SECTION 6.1.      MANAGEMENT OF BUSINESS AND AFFAIRS.

       A.     Except as otherwise expressly provided in this Agreement, the
business and affairs of the Company (including the business and affairs of the
Company with respect to each Owner Entity and each Additional Property Owner
Entity) shall be exclusively and solely vested in the Manager. Except as
otherwise expressly provided in this Agreement, no Member, other than the
Manager, shall be an agent of the Company or have any authority to bind or take
action on behalf of the Company.

       B.     The Members hereby designate and appoint Inland to serve as the
Manager of the Company and the Members hereby cause the Company to designate and
appoint Inland to serve as the Manager of each Owner Entity. Subject to the
approval of the Members for Major Decisions and other limitations set forth in
this Agreement, as well as the delegation of certain obligations and
responsibilities by the Manager pursuant to this Agreement, the management of
the Existing Property and the Additional Properties shall rest with and remain
the sole and absolute right and responsibility of the Manager. The Associate
Members agree to cooperate with Inland by executing any consents or certificates
of the Company necessary to demonstrate to a lender, tenant or other service
provider to an Owner Entity that Inland has the power and authority set forth in
this Section 6.1. Without limiting the generality of the foregoing, but subject
to the express provisions of this Agreement to the contrary, including, but not
limited to, Section 6.2, the Manager shall have the full power and authority to
do all things deemed necessary or desirable by it in its sole and absolute
discretion to conduct the business of the Company and to effectuate the purposes
set forth in Section 2.3 hereof, including, without limitation:

              (i)    the making of any expenditures, the lending or borrowing of
       money, the assumption or guarantee of, or other contracting for,
       indebtedness and other liabilities, the issuance of evidences of
       indebtedness (including securing of same by deed to secure debt,
       mortgage, deed of trust or other lien or encumbrance of the Company's
       assets) and incurring of any obligations that it deems necessary for the
       conduct of the activities of the Company;

              (ii)   the acquisition, sale, transfer, exchange or other
       disposition of any assets of the Company (including, but not limited to,
       the exercise or grant of any conversion, option, privilege, or
       subscription right or any other right available in connection with any
       assets at any time held by the Company);

              (iii)  the mortgage, pledge, encumbrance or hypothecation of any
       assets of the Company (including, without limitation, any Existing
       Property), the use of the assets of the Company (including, without
       limitation, cash on hand) for any purpose consistent with the terms of
       this Agreement which the Manager believes will directly benefit the
       Company and on any terms that the Manager sees fit, the lending of funds
       to other Persons and the repayment of obligations of the Company;

                                     - 27 -
<Page>

              (iv)   the management, operation, leasing (including the amendment
       and/or termination of any lease), landscaping, repair, alteration,
       demolition, replacement or improvement of any Property;

              (v)    the negotiation, execution and performance of any
       contracts, leases, conveyances or other instruments that the Manager
       considers useful or necessary to the conduct of the Company's operations
       or the implementation of the Manager's powers under this Agreement,
       including contracting with property managers, contractors, developers,
       consultants, accountants, legal counsel, other professional advisors and
       other agents (including Affiliates of Inland) and the payment of their
       expenses and compensation out of the Company's assets;

              (vi)   the distribution of Company cash and other Company assets
       in accordance with this Agreement and the holding, management,
       investment, and reinvestment of cash and other assets of the Company;

              (vii)  the selection and dismissal of employees of the Company
       (including, without limitation, employees having the title or holding the
       office of "president," "vice president," "secretary" or "treasurer"), and
       agents, outside attorneys, accountants, consultants and contractors of
       the Company and the determination of their compensation and other terms
       of employment or hiring;

              (viii) the maintenance of such insurance for the benefit of the
       Company and the Members as it deems necessary or appropriate including
       casualty, liability and other insurance on the Properties of the Company,
       which insurance may be obtained by a blanket insurance policy obtained by
       an Affiliate of Inland;

              (ix)   the control of any matters affecting the rights and
       obligations of the Company, including the settlement, compromise,
       submission to arbitration or any other form of dispute resolution, or
       abandonment of any claim, cause of action, liability, debt or damages due
       or owing to or from the Company, the commencement or defense of suits,
       legal proceedings, administrative proceedings, arbitrations or other
       forms of dispute resolutions, and the representation of the Company in
       all suits or legal proceedings, administrative proceedings, arbitrations
       or other forms of dispute resolutions, the incurring of legal expenses
       and the indemnification of any Person against liabilities and
       contingencies to the extent permitted by law;

              (x)    holding, managing, investing and reinvesting cash and other
       assets of the Company;

              (xi)   the collection and receipt of rents, revenues and income of
       the Company;

              (xii)  in addition to working capital and/or reserves required to
       be maintained under this Agreement, the maintenance of working capital
       and other reserves in such amounts as the Manager deems appropriate and
       reasonable from time to time;

              (xiii) the making, execution and delivery of any and all deeds,
       leases, notes, deeds to secure debt, mortgages, deeds of trust, security
       agreements, conveyances, contracts, guarantees, warranties, indemnities,
       waivers, releases or legal instruments or

                                     - 28 -
<Page>

       agreements in writing necessary or appropriate in the judgment of the
       Manager for the accomplishment of any of the powers of the Manager
       enumerated in this Agreement;

              (xiv)  causing any Owner Entity or any of the Additional Property
       Owner Entities to take any of the foregoing actions or the undertaking of
       any of the foregoing actions in connection with or with respect to any
       Owner Entity or any of the Additional Property Owner Entities (including
       without limitation, contributing or loaning Company funds to, incurring
       indebtedness on behalf of, or guaranteeing the obligations of any Owner
       Entity or any Additional Property Owner Entity); or

              (xv)   causing the Owner Entity to make any decision or take any
       action under the provisions of the Escrow Agreement and the Liquidity
       Escrow Agreement, in its sole and absolute discretion.

       C.     The Manager shall keep the Members informed as to all matters of
concern to the Company and the Members. In addition to and without limiting the
duties and obligations of the Manager as set forth above, but subject to the
provisions of Sections 6.2 and 6.6, the Manager shall use commercially
reasonable efforts to:

              (i)    cause the Company and each Owner Entity and Additional
       Property Owner Entity, directly or through its agents, at all times to
       perform and comply with the provisions of any loan commitment, agreement,
       mortgage, deed of trust, lease, construction contract or other contract,
       instrument or agreement to which the Company or any Owner Entity or
       Additional Property Owner Entity is a party or which affects the Property
       or the operation thereof;

              (ii)   keep and maintain at least such insurance coverage as may
       be required by the holder of any mortgage or deed of trust encumbering
       all or any portion of any Property;

              (iii)  deliver to the Members promptly upon the receipt or sending
       thereof copies of all notices, reports and communications (a) between the
       Company or any Owner Entity or Additional Property Owner Entity and any
       holder of a mortgage or deed of trust affecting all or any portion of the
       Property which relate to any existing or pending default thereunder or to
       any financial or operational information required by such holder and (b)
       regarding material violations affecting the Property;

              (iv)   open and maintain bank accounts for funds of the Company
       and each Owner Entity;

              (v)    employ contractors for the ordinary maintenance and repair
       of the Property, including installation of tenant improvements as
       required by leases on the Property;

              (vi)   retain or engage real estate brokers licensed to do
       business in the states in which the Property, or any part thereof, is
       located;

              (vii)  use reasonable efforts to enter into leases of space and
       other occupancy agreements on market terms and conditions, and in
       accordance with the requirements of any applicable loan;

                                     - 29 -
<Page>

              (viii) employ such managing or other agents necessary for the
       operation, management and leasing of each Property including, without
       limitation, a property manager (which may be an Affiliate of Inland or of
       Cordish or CRC);

              (ix)   retain or engage attorneys and accountants, to the extent
       such professional services are required during the term of the Company;
       and

              (x)    do any act which is necessary or desirable to carry out any
       of the foregoing.

       D.     Notwithstanding the provisions of Section 6.1.B and 6.1.C, except
as may otherwise be provided in Sections 6.2 or 6.6 or elsewhere in this
Agreement, neither the Manager nor any other Member shall have any authority, in
the name of or on behalf of the Company or any Owner Entity or Additional
Property Owner Entity, to take any of the following actions or make any of the
following decisions without the prior written consent or approval of all of the
Members (each, a "MAJOR DECISION"):

              (i)    allow the Company (as opposed to any Owner Entity or any
       Additional Property Owner Entity) to incur debt, liabilities, guarantees,
       or borrowings,

              (ii)   except with respect to or in connection with an Approved
       Financing, cause any Owner Entity or Additional Property Owner Entity to
       incur any debt or borrowing, or otherwise refinance, recast, extend,
       compromise, or prepay (except in connection with condemnation or
       casualty) any debt encumbering one or more of the Properties;

              (iii)  prior to December 31, 2009, and except as provided in
       Article IX hereof, and except with respect to a tax free exchange under
       Section 1031 of the Code or a reinvestment under Section 1033 of the
       Code, or other transaction in which the Company recognizes no gain or a
       DE MINIMIS (I.E., less than 1% of the selling price) gain, sell,
       transfer, assign, convey, exchange or otherwise dispose of or transfer
       all or any portion of any Property or the Company Assets (other than
       personal property of the Properties which may be disposed of or replaced
       due to wear and tear or obsolescence);

              (iv)   except as provided in Article VIII, admit any Person as an
       additional Member of the Company;

              (v)    assign the property or assets of the entire Company in
       trust for creditors or file on behalf of the entire Company a voluntary
       petition for relief under the bankruptcy laws or similar voluntary
       petition under state laws;

              (vi)   cause the Company to become a party to any merger,
       consolidation or share exchange with any other entity or person, or
       dissolve or terminate the Company if any such transaction would have a
       material adverse effect on either Associate Member;

              (vii)  other than in connection with an Approved Financing,
       pledge, assign or encumber any equity interest in any Owner Entity;

              (viii) pledge, assign or encumber any equity interest in any
       Additional Property Owner Entity;

                                     - 30 -
<Page>

              (ix)   cause any Owner Entity or Additional Property Owner Entity
       to take any of the foregoing actions; and

              (x)    fail to maintain at least $8.5 million of Approved
       Financing on the Existing Property which is allocable to CRC for purposes
       of Section 752 of the Code.

       E.     Inland shall cause the Company and each Owner Entity to arrange
and maintain property, casualty and liability insurance with respect to the
Existing Properties in amounts and on terms that are consistent with the
customary practices of Inland and its Affiliates with respect to similar
properties and taking into account all relevant factors including the nature and
location of the Existing Properties; PROVIDED, HOWEVER, Inland shall cause (i)
any improvements on the Existing Properties to be insured against damage by fire
and the other hazards covered by a standard extended coverage and all-risk
insurance policy or a builders risk insurance policy, as applicable, for the
full insurable value thereof (without reduction for depreciation or co-
insurance) and with a reasonable deductible, (ii) each Existing Property with
completed improvements to be covered by use and occupancy insurance covering, as
applicable, rental income or business interruption, with coverage in an amount
not less than twelve (12)-months anticipated gross rental income or gross
business earnings, as applicable, attributable to such Existing Property; and
(iii) each Owner Entity to maintain commercial general liability and umbrella
liability insurance with respect to each Existing Property providing for
combined limits of liability of not less than $25 million for both injury to or
death of a person and for property damage per occurrence; The Company, Cordish,
CRC and each Additional Property Owner Entity shall be named as additional
insureds. Upon the request of either Associate Member, Inland shall deliver to
such Associate Member copies of such insurance policies and other documents and
information necessary in order to verify its compliance with the provisions of
this Section 6.1.E.

       F.     Whenever a Member ("REQUESTING MEMBER") requests that another
Member (the "REQUESTED MEMBER") consent to any action required of the Requested
Member under the provisions of this Agreement, notice shall be delivered by the
Requesting Member to the Requested Member pursuant to the provisions of Section
10.2 hereof, which notice shall be in writing and shall include (a) a summary of
the terms and conditions of the actions requested to be taken by the Requesting
Member, (b) a copy of any proposed documentation, including any document to be
executed by the Company or the Requested Member in connection therewith, and (c)
a notice that conspicuously states that "THIS NOTICE IS BEING PROVIDED TO YOU IN
ACCORDANCE WITH THE TERMS OF THE AMENDED AND RESTATED OPERATING AGREEMENT OF
REISTERSTOWN PLAZA HOLDINGS, LLC. IF YOU DO NOT GIVE YOUR APPROVAL OR
DISAPPROVAL OF THE ACTION PROPOSED IN THIS NOTICE TO BE TAKEN WITHIN TEN (10)
BUSINESS DAYS AFTER YOU RECEIVE THIS REQUEST FOR APPROVAL, YOUR APPROVAL OF THE
PROPOSED ACTION WILL BE DEEMED GIVEN." . If the Requested Member does not
respond to the Requesting Member within ten (10) business days of receipt of
such notice, the Requested Member shall be deemed to have approved the action
requested by the Requesting Member. Notwithstanding the inference from the
foregoing provisions to the contrary, the foregoing provisions of this Section
6.1.F shall not be deemed to reduce any specific time periods for notice
otherwise expressly set forth in this Agreement. In furtherance of the
foregoing, in the event that any provision of this Agreement sets forth a
specific time period for notice which is other than ten (10) business days,

                                     - 31 -
<Page>

the provisions of this Section 6.1.F (including the notice to be delivered
hereunder) shall be modified to reflect such specific time period.

       SECTION 6.2.      DELEGATION OF AUTHORITY REGARDING SPECIFIC MATTERS.

       A.     The Manager hereby delegates to the Associate Members the specific
and exclusive authority to arrange for, negotiate and acquire in the manner
provided in Section 6.5 hereof, one or more Additional Properties. However,
except as provided in Section 6.2.C below, the Associate Members may not manage
or bind the Company with respect to the Existing Property. Subject to the terms
of this Section 6.2 and Section 6.5 hereof, the signature of either Associate
Member alone shall be both necessary and sufficient to: (i) acquire any
Additional Property; (ii) organize any Additional Property Owner Entity; (iii)
execute any promissory notes, deeds of trust, mortgages, or other instruments of
hypothecation with respect to the financing or re-financing of any Additional
Property; or (iv) enter into any partnership, operating or other agreements with
respect to an Additional Property Owner Entity, or any entity in which any
Additional Property Owner Entity holds an equity interest. All of the Members
agree that a copy of this Agreement may be furnished to appropriate third
parties in order to confirm the matters set forth in the immediately preceding
sentence. Inland agrees to cooperate with each Associate Member by executing any
consents or certificates of the Company necessary to demonstrate to a lender,
tenant or other service provider to an Additional Property Owner Entity that
such Associate Member has the power and authority set forth in this Section
6.2.A.

       B.     In addition, notwithstanding any provision of Section 6.1 to the
contrary, but subject in all respects to the provisions of this Section 6.2 and
Section 6.5 hereof, the Manager hereby delegates to the Associate Members the
specific and exclusive authority to direct the management of the business and
affairs of any Additional Property Owner Entity and the Additional Properties.
Cordish and CRC shall, between them, agree from time to time as to which
Additional Properties and which Additional Property Owner Entities shall be
managed by Cordish and which shall be managed by CRC. In connection therewith,
Cordish, as to those Additional Properties owned by Cordish Managed Entities,
and CRC, as to those Additional Properties owned by CRC Managed Entities, is
authorized, in the name of and on behalf of the Company, to cause any such
Additional Property Owner Entity to take any and all actions whatsoever,
including but not limited to the following actions:

              (i)    To negotiate, in the name of and on behalf of the
       Additional Property Owner Entity, financing for the acquisition,
       construction, development, redevelopment, or improvement of the
       Additional Property, which may be secured by the Additional Property (but
       which shall be nonrecourse in all respects to the Company and Inland and
       shall be secured solely by the Additional Property to which such
       financing relates, together with any guaranty or credit enhancement given
       by an Associate Member or any Associate Member Affiliate or other Person
       other than the Company) and to take any and all actions necessary or
       convenient to cause the Additional Property Owner Entity, to close on any
       such financing; PROVIDED, HOWEVER, that (a) prior to the Additional
       Property Owner Entity executing any binding agreement regarding such
       financing of an Additional Property, the applicable Associate Member
       shall consult with Inland regarding the terms of the financing and shall
       provide Inland with the opportunity to review any material documents to
       be executed by the Additional Property Owner Entity in connection
       therewith, although so long as the financing is consistent with and
       satisfies the guidelines set forth above in this subsection 6.2.B(i), or
       so long as the Additional Property Owner Entity owns an equity interest
       in another entity (and does not own a direct real property

                                     - 32 -
<Page>

       interest and does not incur such financing directly), Inland's consent to
       such execution shall not be required, (b) payment and performance of any
       recourse financing secured by an Additional Property managed by an
       Associate Member from a third-party lender unaffiliated with such
       Associate Member shall be guaranteed by such Associate Member (or an
       Affiliate thereof or other Person); and (c) such financing shall be an
       "Approved Financing" under the terms and conditions of EXHIBIT B attached
       hereto. No guaranty or credit enhancement (or payment thereunder)
       provided by an Associate Member shall increase its Capital Account or
       Adjusted Capital Balance; instead any such payment shall be treated as a
       Development Loan (subject to the terms of Section 6.5.F hereof) to the
       Additional Property Owner Entity.

              (ii)   To direct the Additional Property Owner Entity with respect
       to the entering into, modifying, extending, making any decisions required
       or permitted to be made under, enforcing any of an Additional Property
       Owner Entity's rights under or terminating the management agreement for
       the Additional Property.

              (iii)  To take any action enumerated under Sections 6.1.B and
       6.1.C, but solely with respect to the Additional Property and in the name
       of the Additional Property Owner Entity, provided however that,
       notwithstanding any provision hereof to the contrary (other than as
       provided in Sections 9.6 and 9.9), the disposition by the Company of an
       interest in an Additional Property Owner Entity and/or the disposition by
       an Additional Property Owner Entity of any Additional Property, any part
       thereof or any interest therein, shall require the consent of Inland.

              (iv)   Subject to the provisions of this Agreement, to take any
       other action associated with the construction, improvement, development
       and/or redevelopment of the Additional Property, including the
       negotiation and execution of any and all contracts or agreements in
       connection therewith.

              (v)    To take any other action and make any other decision
       pertaining to the conduct of the business and affairs of the Additional
       Property Owner Entity and the Additional Property.

Notwithstanding any provision of this Section 6.2, the actions described in
Sections 6.1.D shall constitute Major Decisions as they relate to the Additional
Properties which the Associate Member managing the respective Additional
Property Owner Entity shall not have the right to take pursuant to the
provisions of this Section 6.2 and/or Section 6.5 without the prior written
consent of Inland.

       C.     Notwithstanding anything to the contrary otherwise contained
herein, Inland recognizes and agrees that, pursuant to the terms and conditions
of that certain Leasing and Construction Services Agreement (the "LEASING
AGREEMENT") of even date herewith, Cordish and CRC shall have the right and
power to provide certain leasing and construction services to the Existing
Property on behalf of the Owner Entities. Cordish and CRC may withdraw and use
funds from the Operations Reserve and Capital Reserve to fulfill any obligations
of Cordish and CRC under the Leasing Agreement.

       D.     Notwithstanding any provision of this Agreement to the contrary,
if Inland reasonably determines that the Company, any Owner Entity or any
Additional Property Owner

                                     - 33 -
<Page>

Entity has taken or expects to take an action that would jeopardize Inland's
status as a REIT, Inland shall have absolute authority to take any and all
actions that Inland reasonably determines is necessary to preserve the continued
qualification of Inland as a REIT or to avoid the imposition of additional taxes
under the REIT Rules on Inland; provided that such action by Inland shall not
alter or diminish the distributions to the Associate Members under Article IV
and Article IX of this Agreement. In furtherance of the foregoing, each
Associate Member hereby severally covenants and agrees that it shall timely
deliver to Inland monthly reports, and such other documents and information as
Inland shall reasonably request, regarding the operations relating to the
Additional Properties managed by each such Associate Member in order to enable
Inland to comply with the REIT Rules and applicable REIT reporting and
compliance requirements and in order to enable Inland to preserve the continued
qualification of Inland as a REIT and to avoid the imposition of additional
taxes under the REIT Rules on Inland. Without limiting in any way its
obligations under this Section 6.2.D, in connection with its obligations under
this Section 6.2.D, each Associate Member hereby covenants and agrees to (i)
cooperate with and provide accurate information to Inland to the extent
necessary for Inland to comply with the REIT Rules and applicable REIT reporting
and compliance requirements (which require that Inland satisfies certain income
and asset tests which could be impacted by the operations of the Additional
Properties), (ii) notify Inland in writing prior to an Associate Member adding
services not currently provided to tenants or others (to verify that any such
services do not cause any amounts of gross income that would otherwise qualify
under Section 856(c)(3) of the Code to fail to qualify under such Code provision
as a result of the provision of such services), (iii) provide Inland with
quarterly asset and income statements, within twenty (20) days after the end of
each calendar quarter, in a form to be provided to the Associate Member by
Inland, (iv) timely and accurately complete and respond in full to any and all
annual questionnaires delivered by Inland, to the extent reasonably related to
Inland's qualification or taxation as a REIT, (v) notify Inland in writing prior
to the acquisition of any securities and prior to having any tenant issue
promissory notes or other securities in lieu of, or in addition to, such
tenant's obligations to pay rent under any sublease and (vi) cause the
Additional Property Owner Entity it manages to derive solely gross income from
operations that is described from time to time by Inland in written guidance
delivered to the Associate Member or is otherwise permitted under the REIT
Rules. Notwithstanding anything in this Agreement to the contrary, neither
Associate Member shall be required independently to determine whether any
transaction or arrangement could jeopardize Inland's ability to qualify as a
REIT or would result in the imposition of additional taxes on Inland under the
REIT Rules; provided, however, if either Associate Member has actual knowledge
or believes, or is otherwise informed by Inland in the exercise of Inland's
reasonable judgment, that a transaction or arrangement involving an Additional
Property a potential Additional Property or an Additional Property Owner Entity
would jeopardize Inland's ability to qualify as a REIT or result in Inland's
payment of additional taxes under the REIT Rules, such Associate Member or
Additional Property Owner Entity shall take such actions (or refrain from taking
such actions) as are required to protect Inland's REIT status or to avoid the
imposition of such taxes (as the case may be); provided, further, that if (a)
the Associate Member or any Additional Property Owner Entity is required under
this Agreement to take actions (or refrain from taking such actions) to protect
Inland's REIT status or to avoid such additional taxes, (b) such action is not
otherwise contemplated by this Agreement, and (c) such action (or inaction)
causes such Associate Member or Additional Property Owner Entity to incur costs
or damages, Inland shall reimburse such Associate Member or Additional Property
Owner Entity (as applicable) for the amount of the reasonable costs and damages
so incurred. In addition to the foregoing, the Members have consented and agreed
to enter into that certain Declaration of Trust and related agreements as set
forth on EXHIBIT C attached hereto as

                                     - 34 -
<Page>

of the date hereof; provided, however, that Inland shall reimburse any
Additional Property Owner for any loss, cost, expense and damage as a result of
the transfer of any Additional Property to such Trust. Each Associate Member
hereby covenants and agrees to have its representatives meet from time to time
(at least quarterly) with representatives of Inland, at the reasonable request
of Inland, to review the current status of the REIT Rules and applicable
compliance and reporting obligations as they pertain to the operation of the
Additional Properties.

       E.     Each Associate Member shall be liable for its own actions and
shall not be jointly liable for any obligation hereunder.

       SECTION 6.3.      DUTIES AND CONFLICTS.

       A.     The Members, in connection with their respective duties and
responsibilities hereunder, shall at all times act in good faith and, except as
expressly set forth herein, any decision or exercise of right of approval,
consent, disapproval or deferral of approval by a Member (including the Manager)
is to be made by such Member pursuant to the terms of this Agreement in good
faith, but recognizing that each Member may act in its own economic self
interest and in accordance with such tax and business objectives as it deems
appropriate or desirable for such Member. Except as otherwise agreed to in
writing by the Members, no Member (including the Manager) or any partner,
officer, shareholder or employee of any Member shall receive any salary or other
remuneration for its services rendered pursuant to this Agreement.
Notwithstanding the foregoing, an Affiliate of Inland may manage the Existing
Property pursuant to a separate management agreement, the execution by the
Company of which shall expressly not require the consent of either Associate
Member.

       B.     Each Member recognizes that the other Members (including the
Manager) have or may have other business interests, activities and investments,
some of which may be in conflict or competition with the business of the Company
and that such other Member (including the Manager) is entitled to carry on such
other business interests, activities and investments. No Member (including the
Manager) shall be obligated to devote all or any particular part of its time and
effort to the Company and its affairs.

       C.     The Manager shall not be liable to the Company or any other Member
for any error in judgment, mistake or law or fact or for any other act or thing
which it may do or refrain from doing in connection with the business and
affairs of the Company, except in the case of an intentional breach of any
provision of this Agreement (after written notice to the Manager and a
reasonable time to cure) or its willful misconduct, gross negligence or bad
faith.

       SECTION 6.4.      OPERATIONS AND CAPITAL RESERVES.

       A.     The Company shall establish, from the Initial Capital
Contributions of Inland, a reserve (the "OPERATIONS RESERVE") of 50% of all cash
remaining after the application of funds in accordance with Section 4.1. Thus,
the payment to the Operations Reserve shall be approximately $17,452,928. The
Operations Reserve shall be deposited in an interest-bearing account in a bank
designated by Cordish (and as the sole signatory thereon) and acceptable to
Inland. Interest earned, if any, on the Operations Reserve shall be released
from the Operations Reserve and included in Gross Receipts. The balance of the
Operations Reserve shall be increased from time to time without duplication (i)
as and when funds are released from the escrow account(s) and designated to be
deposited in the Operations Reserve in accordance with

                                     - 35 -
<Page>

terms of Sections 2.1 and 2.2 of the Escrow Agreement and Section 2 of the
Liquidity Escrow Agreement, (ii) as and when Inland makes Additional Capital
Contributions to the Company under the terms of Section 3.3.A hereof but solely
to the extent that such funds are designated to be deposited in the Operations
Reserve pursuant to the terms of this Agreement and Article I of the
Contribution Agreement, and (iii) as and when funds are designated to be
deposited in the Operations Reserve pursuant to the terms of the Contribution
Agreement. The balance of the Operations Reserve shall be decreased from time to
time as and when funds are withdrawn from such account and applied in the manner
set forth in this Agreement. Notwithstanding any provision of Article IV hereof
to the contrary, all amounts payable to Cordish as a Cordish Preferred Return or
as an Unpaid Cordish Preferred Return shall be paid solely from (x) the
Operations Reserve, and shall reduce dollar for dollar the balance of the
Operations Reserve; (y) Net Cash Flow received by the Company to the extent
derived solely from the activities of any Cordish Managed Entity and/or (z)
Development Loans made by Cordish pursuant to Section 6.5.F hereof. Cordish
shall be permitted to cause the Company to withdraw and use funds in the
Operations Reserve, without the consent of Inland or CRC, within the authority
granted to Cordish, to direct the acquisition, development and operations of
Additional Properties (either directly or indirectly by a Cordish Managed
Entity), as well as to pay any claim owed by Cordish under the Indemnification
Agreement. Inland, acting in its capacity as Manager, shall be permitted to
cause the Company to withdraw and use funds in the Operations Reserve for any
other Company purpose, but only to the extent the revenues of the Company are
insufficient to accomplish such purposes and Inland obtains the prior written
consent of Cordish to such withdrawal and use, which consent may be withheld in
Cordish's sole and absolute discretion; PROVIDED, HOWEVER, that in no event
shall funds (other than earnings thereon) be released from the Operations
Reserve to make distributions to Members.

       B.     The Company shall establish, from the Initial Capital
Contributions of Inland, a reserve (the "CAPITAL RESERVE") of 50% of all cash
remaining after the application of funds in accordance with Section 4.1.A and
4.1.B hereof. Thus, the payment to the Capital Reserve shall be approximately
$16,502,928. The Capital Reserve shall be deposited in an interest-bearing
account in a bank designated by CRC (and as the sole signatory thereon) and
acceptable to Inland. Interest earned, if any, on the Capital Reserve shall be
released from the Capital Reserve and included in Gross Receipts. The balance of
the Capital Reserve shall be increased from time to time without duplication (i)
as and when funds are released from the escrow account(s) and designated to be
deposited in the Capital Reserve in accordance with terms of Sections 2.1 and
2.2 of the Escrow Agreement and Section 2 of the Liquidity Escrow Agreement,
(ii) as and when Inland makes Additional Capital Contributions to the Company
under the terms of Section 3.3.A hereof but solely to the extent that such funds
are designated to be deposited in the Capital Reserve pursuant to the terms of
this Agreement and Article I of the Contribution Agreement, and (iii) as and
when funds are designated to be deposited in the Capital Reserve pursuant to the
terms of the Contribution Agreement. The balance of the Capital Reserve shall be
decreased from time to time as and when funds are withdrawn from such account
and applied in the manner set forth in this Agreement. Notwithstanding any
provision of Article IV hereof to the contrary, all amounts payable to CRC as a
CRC Preferred Return or as an Unpaid CRC Preferred Return shall be paid solely
from (x) the Capital Reserve, and shall reduce dollar for dollar the balance of
the Capital Reserve; (y) Net Cash Flow received by the Company to the extent
derived solely from the activities of any CRC Managed Entity and/or (z)
Development Loans made by CRC pursuant to Section 6.5.F hereof. CRC shall be
permitted to cause the Company to withdraw and use funds in the Capital Reserve,
without the consent of Inland or Cordish, within the authority granted to CRC,
to direct the acquisition, development and operations of Additional Properties

                                     - 36 -
<Page>

(either directly or indirectly by a CRC Managed Entity). Inland, acting in its
capacity as Manager, shall be permitted to cause the Company to withdraw and use
funds in the Capital Reserve for any other Company purpose, but only to the
extent the revenues of the Company are insufficient to accomplish such purposes
and Inland obtains the prior written consent of CRC to such withdrawal and use,
which consent may be withheld in CRC's sole and absolute discretion; PROVIDED,
HOWEVER, that in no event shall funds (other than earnings thereon) be released
from the Capital Reserve to make distributions to Members.

       SECTION 6.5       ACQUISITION OF ADDITIONAL PROPERTIES.

       A.     The Members anticipate expanding the business of the Company by
acquiring one or more Additional Properties (through Additional Property Owner
Entities) and causing the Additional Properties to be developed, redeveloped or
refurbished. The Members intend and agree that Cordish shall organize and manage
Cordish Managed Entities and CRC shall organize and manage CRC Managed Entities.
Any Associate Member may identify potential Additional Properties for
acquisition and development by the Company and shall notify the other Members of
any such identification and provide the other Members with the opportunity to
comment thereon. Each Associate Member shall have the right and authority,
subject to the provisions of Section 6.l.D applicable to the Associate Members
pursuant to Section 6.2.A hereof, to supervise and coordinate all aspects of the
acquisition, financing, development and/or redevelopment of each Additional
Property, shall keep Manager informed with respect to all such activity and
shall have the duties and obligations set forth in Section 6.1.C and elsewhere
in this Agreement with respect to the Additional Properties, to the extent
applicable; PROVIDED, HOWEVER, that any such Additional Property may only be
acquired by an Additional Property Owner Entity and only if (i) such Additional
Property and the related Development Plan for such Additional Property has been
approved by the Associate Member who will manage such Additional Property, (ii)
all available environmental reports and similar reports for such Additional
Property have been submitted to the Manager and the Manager has approved the
environmental and similar condition of such Additional Property, (iii) the
Manager determines that the acquisition of such Additional Properties would not
impose additional liabilities or obligations on the Company (other than to the
extent that such liabilities or obligations would remain liabilities and
obligations solely of the applicable Additional Property Owner Entity) and (iv)
the Manager determines that the acquisition of such Additional Properties would
not adversely affect the continued qualification of Inland as a REIT and would
not cause the imposition of additional taxes under the REIT Rules on Inland.

       B.     Unless otherwise agreed by the Members in writing, each Additional
Property shall be acquired by an Additional Property Owner Entity which shall be
a single-purpose limited liability company similar in form and structure to each
Owner Entity. Each Additional Property Owner Entity shall be owned solely by the
Company.

       C.     Unless otherwise agreed by the Members in writing, the Associate
Members may utilize cash then held in the Operations Reserve and the Capital
Reserve to fund the costs relating to any Additional Property in addition to
incurring (or causing an Additional Property Owner Entity to incur) financing
for the acquisition, development and/or redevelopment of the Additional Property
(subject to the limitations set forth in this Agreement). Unless otherwise
agreed by the Members in writing, and notwithstanding any authority granted to
the Associate Members under this Agreement (specifically including, but not
limited to, Section 6.2 hereof),

                                     - 37 -
<Page>

the Company shall not utilize any Company cash other than the cash in the
Operations Reserve or the Capital Reserve in connection with the acquisition of,
financing of, operation of, and other costs relating to, the Additional
Properties and the Additional Property Owner Entities.

       D.     Each of the Associate Members shall cause the Company and each
Additional Property Owner Entity to arrange and maintain property, casualty and
liability insurance with respect to the Additional Properties it manages in
amounts and on terms that are consistent with the customary practices of the
Associate Members and their Affiliates with respect to similar properties and
taking into account all relevant factors including the nature and location of
the Additional Properties; PROVIDED, HOWEVER, with respect to each Additional
Property managed by an Associate Member, such Associate Member shall cause (i)
any improvements on the Additional Properties to be insured against damage by
fire and the other hazards covered by a standard extended coverage and all-risk
insurance policy or a builders risk insurance policy, as applicable, for the
full insurable value thereof (without reduction for depreciation or co-
insurance) and with a reasonable deductible, (ii) each Additional Property with
completed improvements to be covered by use and occupancy insurance covering, as
applicable, rental income or business interruption, with coverage in an amount
not less than twelve (12)-months anticipated gross rental income or gross
business earnings, as applicable, attributable to such Additional Property; and
(iii) each Additional Property Owner Entity to maintain commercial general
liability and umbrella liability insurance with respect to each Additional
Property providing for combined limits of liability of not less than $25 million
for both injury to or death of a person and for property damage per occurrence;
The Company, Inland and each Owner Entity shall be named as additional insureds.
Upon the request of Inland, an Associate Member shall deliver to Inland copies
of such insurance policies and other documents and information necessary in
order to verify its compliance with the provisions of this Section 6.5.D for the
Additional Property it manages.

       E.     Subject to the terms of Section 6.2.B(i) hereof, the Associate
Members shall have the right and authority to arrange the original financing for
each Additional Property on behalf of the Additional Property Owner Entity in
accordance with Section 6.2.B(i) without the need to obtain the consent or
approval of the Manager or other Members, and to utilize the funds (including
interest thereon) in the Operations Reserve and Capital Reserve in connection
with the acquisition, development and/or redevelopment of Additional Properties.

       F.     If any Additional Property Owner Entity has a need for funds in
connection with the acquisition, development and/or redevelopment of an
Additional Property, or if the Company requires additional funds in connection
with the acquisition of an equity interest in an Additional Property Owner
Entity, or if the Additional Property Owner Entities do not have sufficient cash
flow to fund the Cordish Preferred Return and the CRC Preferred Return that year
to the Company, and in either case such amount exceeds the amount available in
the sole discretion of Cordish as to a Cordish Managed Entity or CRC as to a CRC
Managed Entity from the Operations Reserve, the Capital Reserve and the proceeds
of any financing arranged by the respective Associate Member pursuant to Section
6.5.E hereof, then the Associate Member managing the particular Additional
Property Owner Entity shall have the right to provide written notice of the need
for such funds ("REQUIRED DEVELOPMENT FUNDS") to the Members (a "DEVELOPMENT
FUNDS NOTICE"). Upon receipt of the Development Funds Notice, the Members may
upon mutual consent (in their sole and absolute discretion) elect to (a) make an
Additional Capital Contribution in proportion to their respective Percentage
Interests, or (b) make loans ("DEVELOPMENT LOANS") to the Additional Property
Owner Entity in the amount of the Required

                                     - 38 -
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Development Funds described in the Development Funds Notice in proportion to the
Members' respective Percentage Interests on the same terms and form as a Cash
Shortfall Loan made with respect to the Additional Property as set forth in
Section 3.4.C hereof. The Members hereby covenant and agree to structure any
Development Loans made pursuant to the terms hereof so that such loans satisfy
the "Straight Debt Safe Harbor" under Section 856(c)(7) and the Treasury
Regulations promulgated thereunder. If the Members do not agree to make such
Additional Capital Contributions or Development Loans, the Associate Member who
manages the applicable Additional Property shall promptly make (or cause an
Affiliate or other Person selected by it to make) a Development Loan to the
Additional Property Owner Entity in the amount of the Required Development Funds
in accordance with Section 6.2.B(i) and on the same terms applicable to a Cash
Shortfall Loan made with respect to the Additional Property as set forth in
Section 3.4.C hereof. If such Associate Member does not promptly make or cause
an Affiliate or other Person selected by it to make a Development Loan pursuant
to this Section 6.5.E, Inland shall have the right, but not the obligation, in
its sole and absolute discretion, to fund the amount of such Development Loan,
which shall constitute a Default Loan by Inland to such Associate Member in the
same manner as set forth in Section 3.4.B hereof. If Inland does not elect (in
its sole discretion and with no duty or obligation to do so) to make such a
Development Loan or Default Loan and if such Additional Property Owner Entity
will become insolvent or will be in default under any of its financing
obligations, then Inland shall have the unilateral right at any time to cause
the Company to distribute the entire ownership interest in such Additional
Property Owner Entity to the Associate Member who managed such Additional
Property (notwithstanding any other provisions of this Agreement to the
contrary) on the terms provided in Section 9.6.B or Section 9.9.B., as the case
may be, and the Adjusted Capital Balance of the Associate Member who managed
such Additional Property shall be reduced by an amount equal to the portion of
the Operations Reserve or Capital Reserve, as the case may be, theretofore
contributed to such Additional Property Owner Entity.

       G.     Notwithstanding anything to the contrary otherwise contained
herein, and in addition to the obligations and conditions set forth herein, in
the event an Associate Member desires that an Additional Property Owner Entity
managed by it acquire a direct interest in real property (as opposed to an
indirect interest, such as a partnership interest or limited liability company
interest in another entity that owns real property), before such Additional
Property Owner Entity acquires title to such Additional Property, such Associate
Member shall provide Inland with a copy of a Phase I environmental report that
does not recommend that any further studies, tests or remediation be conducted
with respect to such property.

       H.     Prior to the acquisition of an Additional Property, and in
addition to the obligations and conditions set forth herein, the Associate
Member who will manage such Additional Property or Additional Property Owner
Entity shall deliver to the Manager a proposed Development Plan for such
Additional Property. The Manager shall have the right to review and comment on
each Development Plan so submitted by such Associate Member. Within ten (10)
business days after the delivery of the proposed Development Plan for an
Additional Property, the Manager shall provide such Associate Member with its
comments thereon (including whether or not the Manager believes at such time the
Additional Property will comply with the requirements in Section 6.6, below,
provided, however, that the Manager's initial belief as set forth in this
sentence shall not be deemed to be a waiver of the Manager's or Inland's rights
hereunder), if any, which such Associate Member shall take into consideration.

                                     - 39 -
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       I.     The Associate Member who will manage such Additional Property
shall cause the development, redevelopment, construction and improvement of each
Additional Property to be completed substantially in accordance with the
Development Plan therefor.

       SECTION 6.6       COMPLIANCE WITH CERTAIN REQUIREMENTS.

       Notwithstanding any other provision of this Agreement or any other
document governing the management and operation of the Property, Inland shall
have the right to cause the Company, each Owner Entity and any Additional
Property Owner Entity to take any reasonable action or to refrain from taking
any action (including but not limited to using a protective trust to own assets)
to (i) preserve the continued qualification of Inland as a real estate
investment trust under Section 856 of the Code (a "REIT"), (ii) preserve the
continued qualification of any Affiliates of Inland as taxable REIT subsidiaries
and (iii) avoid the imposition of additional taxes on Inland under Section 857
of the Code or Section 4981 of the Code and the Treasury Regulations promulgated
thereunder (collectively the "REIT RULES"). The Members agree that in the event
that Inland proposes to take any action (or cause the Company or any Owner to
take any action) to ensure the continued qualification of Inland as a REIT or to
avoid the imposition of additional taxes under the REIT Rules on Inland, Inland
shall (x) notify and consult with the Associate Members regarding, and prior to
taking, such proposed action and (y) except as provided in Section 6.2.D, not
have liability to any other Member for monetary damages or otherwise for losses
sustained or liabilities incurred in connection with such actions provided that
Inland acts in good faith to determine and implement a course of action that
preserves Inland's REIT status or avoids the imposition of additional taxes on
Inland in a manner which minimizes the adverse effects on any other Member's
rights and obligations hereunder. In no event, however, shall the distributions
to the Associate Members under Article IV and Article IX of this Agreement be
altered or affected by any action so taken by Inland.

       SECTION 6.7       EXCULPATION AND INDEMNIFICATION.

              A.     Neither the Members nor any employee, representative, agent
or Affiliate of the Members (collectively, the "COVERED PERSONS") shall be
liable to the Members, the Company or any other Person who has an interest in or
claim against the Company or any Additional Property Owner Entity or Owner
Entity for any loss, damage or claim incurred by reason of any act or omission
performed or omitted by such Covered Person in good faith on behalf of the
Company and in a manner reasonably believed to be within the scope of the
authority conferred on such Covered Person by this Agreement, except that a
Covered Person shall be liable for any such loss, damage or claim incurred by
reason of such Covered Person's gross negligence or willful misconduct.

              B.     To the fullest extent permitted by applicable law, a
Covered Person shall be entitled to indemnification from the Company for any
loss, damage or claim incurred by such Covered Person by reason of any act or
omission performed or omitted by such Covered Person in good faith on behalf of
the Company and in a manner reasonably believed to be within the scope of the
authority conferred on such Covered Person by this Agreement, except that no
Covered Person shall be entitled to be indemnified in respect of any loss,
damage or claim incurred by such Covered Person by reason of such Covered
Person's gross negligence or willful misconduct with respect to such acts or
omissions; PROVIDED, HOWEVER, that any indemnity under this Section 6.7 by the
Company shall be provided out of and to the extent of Company assets only, and
the Members shall not have personal liability on account thereof.

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              C.     To the fullest extent permitted by applicable law, expenses
(including legal fees) incurred by a Covered Person defending any claim, demand,
action, suit or proceeding shall, from time to time, be advanced by the Company
prior to the final disposition of such claim, demand, action, suit or proceeding
upon receipt by the Company of an undertaking by or on behalf of the Covered
Person to repay such amount if it shall be determined that the Covered Person is
not entitled to be indemnified as authorized in this Section 6.7

              D.     A Covered Person shall be fully protected in relying in
good faith upon the records of the Company and upon such information, opinions,
reports or statements presented to the Company by any Person as to matters the
Covered Person reasonably believes are within such other Person's professional
or expert competence and who has been selected with reasonable care by or on
behalf of the Company, including information, opinions, reports or statements as
to the value and amount of the assets, liabilities, or any other facts pertinent
to the existence and amount of assets from which distributions to the Member
might properly be paid.

              E.     To the extent that, at law or in equity, a Covered Person
has duties (including fiduciary duties) and liabilities relating thereto to the
Company or to any other Covered Person, a Covered Person acting under this
Agreement shall not be liable to the Company or to any other Covered Person for
its good faith reliance on the provisions of this Agreement or any approval or
authorization granted by the Company or any other Covered Person. The provisions
of this Agreement, to the extent that they restrict the duties and liabilities
of a Covered Person otherwise existing at law or in equity, are agreed by the
Members to replace such other duties and liabilities of such Covered Person.

              F.     The foregoing provisions of this Section 6.7 shall survive
any termination of this Agreement.

              G.     Notwithstanding any provisions herein to the contrary, the
provisions of this Agreement, specifically including, but not limited to, the
provisions of this Section 6.7, shall not in any way be construed to limit or
affect the terms and conditions of the Indemnification Agreement.

                                   ARTICLE VII

                           BOOKS AND RECORDS; RESERVES

       SECTION 7.1.      BANK ACCOUNTS.

       The Manager shall have authority to open bank accounts and designate
signatories with respect thereto on behalf of the Company and each Owner Entity
and may authorize property managers to open such bank accounts as it shall deem
necessary or desirable for the management and operation of the Property and the
conduct of Company business (including the business of each Owner Entity). With
respect to any Additional Properties managed by an Associate Member pursuant to
the provisions hereof, the Associate Member who manages such Additional Property
shall open and be the sole signatory on all bank accounts and keep all bank and
accounting records with respect to such Additional Property and shall supply
them to the Manager for incorporation into the books and records of the Company;
provided, however, the Associate Members shall make all information regarding
the Additional Properties and

                                     - 41 -
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Additional Property Owner Entities available to Inland for its review, as
required under the terms of this Article VII.

       SECTION 7.2.      BOOKS OF ACCOUNT.

       The Company and each Owner Entity and Additional Property Owner Entity
shall keep accurate and complete books of account and records showing the assets
and liabilities, operations, transactions and financial condition of the
Company, each Owner Entity and Additional Property Owner Entity and each
Property. All such books of account and records may be inspected by any Member,
its designees or representatives from time to time and upon reasonable prior
notice at the office of the Company or other person maintaining the same.
Cordish hereby acknowledges and agrees that pursuant to the terms of the
Contribution Agreement, Cordish has agreed to deliver to Inland prior to the
date hereof any and all of the books and records, organizational documents,
banking records and statements and other financial statements (including
ancillary documents relating thereto) of the Company and each Owner Entity
covering all periods from the date of their formation until the date hereof.
Cordish hereby covenants and agrees to cooperate with the Manager, and in
particular will make available, as the Manager reasonably requests, management
decisions, liaison personnel, information, approvals and acceptances so that the
Manager may properly perform its obligations under this Agreement.

       SECTION 7.3.      OPERATING STATEMENTS.

       A.     As and when prepared or received by the Manager, the Manager shall
promptly provide each Member with copies of all reports, studies, operating
statements, budgets and other material documents received by each Owner Entity
and the Additional Property Owner Entities. The Manager shall at least once
every Fiscal Year have the Company's books and records reviewed at Company
expense by the Accountant. A copy of the reviewed audited financial statements
shall be submitted promptly after completion to all Members, and not later than
ninety (90) days after the end of each Fiscal Year. Each Associate Member shall
provide the Manager with any and all reports and information regarding the
Additional Property and the Additional Property Owner Entity that it manages and
that the Manager requires in order to comply with its obligations under this
Section 7.3.

       B.     As promptly as practical after the end of each calendar quarter,
the Manager shall forward to each Member (i) a quarterly Net Cash Flow statement
setting forth the calculation of Net Cash Flow and all disbursements of cash
from the Company, (ii) unaudited financial statements of the Company, including
a balance sheet as of the end of such quarter, statements of changes in Members'
capital accounts during such quarter, statements of profit and loss for such
quarter, all prepared in accordance with generally accepted accounting
principles applied on a consistent basis, (iii) a revised projection of income
and expenses of the Company for the remainder of the current Fiscal Year, (iv)
in the event a Capital Transaction has occurred, a statement of the Net Proceeds
of a Capital Transaction for such Capital Transaction. As promptly as practical
after the end of each calendar year, the Manager shall forward to each Member
the same statements described in the preceding sentence for the preceding
calendar year. The Manager may, at its option, require each Associate Member to
be responsible for the preparation of all such reports with respect to any
Additional Property and any Additional Property Owner Entity that it manages,
including, but not limited to, the reports and information required to be
delivered to Inland under the terms of Section 6.2.D.

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       C.     As soon as practicable, but not later than seventy-five (75) days
after the end of the Fiscal Year, and only after the written approval by the
Manager, the Tax Matters Member shall, as a Company expense, furnish the Members
with all necessary tax reporting information required by the Members for the
preparation of their respective federal, state and local income tax returns,
including each Member's pro rata share of income, gain, loss, deductions and
credits for such Fiscal Year. The Tax Matters Member hereby covenants and agrees
that no tax return of the Company, any Owner Entity or any Additional Property
Owner Entity shall be filed with any governmental authority without the prior
written consent of all Members.

       D.     As soon as practicable, but not later than seventy-five (75) days
after the end of the Fiscal Year, and only after the written approval by the
Manager, the Tax Matters Member shall, as a Company expense, furnish each Member
with copies of the Company's federal partnership Return of Income and other
income tax returns, together with each Member's Schedule K-1 or analogous
schedule, which returns shall be signed by the Tax Matters Member on behalf of
the Company and co-signed by the Accountant as preparer.

       E.     Except as otherwise provided in this Agreement, all decisions as
to accounting principles, whether for the Company's books or for income tax
purposes (and such decisions may be different for each such purpose) and all
elections available to the Company under applicable tax law shall be made by the
Tax Matters Member. The Company shall cause all federal, state and local income
and other tax returns to be timely filed by the Company, provided that such
returns shall be subject to prior review and approval by Inland and the
Associate Members.

       F.     Each Member shall promptly provide the Manager and/or the Tax
Matters Member, as applicable, with the information necessary in order to enable
the Manager and/or the Tax Matters Member to furnish the information, reports
and/or statements called for pursuant to this Section 7.3. The Manager's and/or
the Tax Matters Member's obligations to provide reports, information and
filings, shall be contingent upon the receipt of the relevant information from
the Members.

       SECTION 7.4.      THE ACCOUNTANT.

       The Timonium, Maryland office of American Express Tax and Business
Services, Inc. shall be retained as the accountant for the Company (the
"ACCOUNTANT") and shall prepare the tax returns of the Company, subject to the
review and written approval of Inland and the Associate Members. The fees and
expenses of the Accountant shall be a Company expense. Upon reasonable advance
notice to the Manager, any Member may, in its discretion and at such Member's
expense, cause a nationally recognized accounting firm selected by such Member
in its reasonable discretion to conduct an annual audit of the books, records
and accounts of the Company, any Owner Entity or Additional Property Owner
Entity (in addition to any audit conducted by the Accountant).

       SECTION 7.5.      TAX MATTERS MEMBER.

       A.     Cordish is hereby designated to act as the "Tax Matters Member"
under Code section 6231(a)(7) for the Fiscal Year ending December 31, 2004 and
Inland shall be the Tax Matters Member for all other Fiscal Years. To the extent
provided in Code sections 6221 through 6231 and subject to the provisions
hereof, the Tax Matters Member shall represent the Company and the Members in
their capacities as Members before taxing authorities or courts of

                                     - 43 -
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competent jurisdiction in tax matters affecting the Company or the Members in
their capacities as Members. To the extent the Company meets the criteria set
forth in Section 6231(a)(l)(B)(i) of the Code, the Company shall not elect to be
subject to the unified partnership audit procedures under Section
6231(a)(1)(B)(ii) of the Code. The Tax Matters Member shall cause the Accountant
to report the transactions contemplated in the Contribution Agreement and herein
with respect to the admission of Inland in accordance with the manner set forth
herein and only with the written approval of all Members. In this regard, Inland
acknowledges and agrees that its investment in the Company shall not result in a
purchase or sale of the Existing Properties or the Member interests of Cordish
or CRC in the Company and that the adjusted tax basis of the Existing Properties
will not be increased as a result of Inland's investment in the Company.

       B.     Subject to the limitations set forth in this Agreement, the Tax
Matters Member is authorized to make any and all elections for federal, state,
and local tax purposes, including, without limitation, any election, if
permitted by applicable law: (i) to adjust the basis of Company Assets pursuant
to Code sections 754, 734(b), and 743(b), or comparable provisions of state or
local income tax law, in connection with Transfers of LLC Interests and Company
distributions; (ii) to treat the Company as a partnership for income tax
purposes (or the functional equivalent thereof under applicable state and/or
local income tax law); and (iii) to treat the Owner Entity as a disregarded
entity for all tax purposes. The Company shall not make an election under
Section 754 of the Code without the prior written consent of Cordish and CRC;
provided, however, and for the avoidance of doubt, that the Manager shall be
permitted, in its sole and absolute discretion, to cause the Company to make a
Section 754 election effective for the year in which the later to occur of the
Closings under Section 9.5 and Section 9.9.

       C.     To the extent that such matters would have a material effect on
any Member, the Tax Matters Member shall obtain the consent of the other Members
before it can (i) extend the statute of limitations for assessment of tax
deficiencies against the Members with respect to adjustments to the Company's
federal, state, or local income tax returns, or (ii) execute any settlement
agreement that binds the Members or otherwise affects the rights of the Company
and the Members.

       D.     Prior to the taking of any action and/or the making of any
election by the Tax Matters Member (including all such actions and/or elections
specifically referred to in this Agreement) which has a material adverse effect
on another Member, the Tax Matters Member shall provide prompt written notice of
such intended action and/or election to the other Member. If the other Member
sends the Tax Matters Member a written objection within thirty (30) business
days of receiving the notice (or such shorter time as may be required to take
such action or to make such election), the Tax Matters Member and the other
Member shall confer about the intended action or election, as applicable. If
agreement cannot be reached within sixty (60) business days after the receipt by
the Tax Matters Member of the other Member's written objection (or such shorter
time as may be required to take such action or to make such election), the Tax
Matters Member shall take the action or make the election, as applicable as
originally proposed unless the other Member provides an opinion from the other
Member's regular outside legal tax counsel, or, at the option of the other
Member, another nationally recognized law firm that is reasonably acceptable to
the Tax Matters Member, in either case at the other Member's sole expense, that
the action or election, as applicable as proposed would more likely than not
have an adverse tax consequence to the other Member. In making such
determination, the other Members' counsel (or such other law firm selected by it
in accordance with the foregoing) shall be instructed to give effect to the
provisions of Articles III and IV hereof, and the last sentence of

                                     - 44 -
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Section 7.5.A. Any dispute regarding any action under this Section 7.5.D shall
be submitted to arbitration in accordance with the provisions of Section 7.5.F
hereof.

       E.     Within five business days of its receipt, the Tax Matters Member
shall give written notice to the other Members of the receipt of any written
notice relating to a controversy or related proceeding which could have a
material adverse effect on the other Member with the Internal Revenue Service or
any state or local taxing authority, including, without limitation, (A) written
notice that the Internal Revenue Service or any state or local taxing authority
intends to examine the Company's income tax returns for any year; (B) written
notice of commencement of an administrative proceeding at the Company level
related to the Company under section 6223 of the Code; (C) written notice of any
final Company administrative adjustment relating to the Company pursuant to a
proceeding under section 6223 of the Code; (D) any request from the Internal
Revenue Service or any comparable state or local taxing agency for waiver of any
applicable statute of limitations with respect to the filing of any tax return
by the Company; (E) any information document requests from the Internal Revenue
Service or any other taxing authority, and (F) any Form 5701 or comparable state
or local audit adjustment notices. Within ninety (90) days after receipt of
notice of a final Company administrative adjustment, the Tax Matters Member
shall notify each Member if it does not intend to file for judicial review with
respect to such adjustment.

       F.     The Tax Matters Member shall keep the other Members fully and
promptly informed about the status of any tax controversy or related proceeding
involving the Company which could have a material adverse effect on the other
member. If, as a result of a notice provided by the Tax Matters Member under
Section 7.5.E or otherwise, another Member believes, based upon the nature of
the government inquiry, that the government could be considering an adjustment
that would have an adverse effect upon the other Member, then other Member shall
have the right to hire and retain counsel of its choice to represent the Company
in connection with such issue, shall have the right to control the contest of
such issue, and shall participate in such contest to the maximum extent
allowable by law, but shall keep the Tax Matters Member fully informed. If the
Tax Matters Member does not agree that the government could be considering an
adjustment that would have an adverse effect upon the other Member, then this
dispute shall be promptly submitted to a senior tax partner at a nationally
recognized law firm (other than the other Member's regular outside tax counsel)
selected by the other Member (the "ARBITRATOR"). The Arbitrator so selected
shall be instructed to give effect to the provisions of this Agreement in
determining whether the adjustment could have an adverse effect on the other
Member. The Arbitrator's determination shall be final and binding on the parties
and if the determination is that the adjustment could have an adverse effect on
the other Member, then the other Member shall have the rights set forth in this
Section 7.5.F. All information provided to the Arbitrator by the Company or
either Member shall be kept strictly confidential by the Arbitrator.

       G.     All expenses incurred by Cordish as the Tax Matters Member (or
incurred by the Company as a result of actions taken on behalf of the Company by
Cordish as the Tax Matters Member) for the 2004 taxable year (including, but not
limited to, the costs and expenses incurred by the Company and/or Cordish for
the preparation of the 2004 tax returns of the Company and the Owner Entities
and the expenses of counsel retained by any Member to represent the Company
under section 7.5.F in connection with any tax controversy or related proceeding
of the Company) shall be borne solely by the Associate Members. All expenses
incurred by Inland as the Tax Matters Member (including the expenses of counsel
retained by the other Member to represent the Company under section 7.5.F) in
connection with any tax controversy or related

                                     - 45 -
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proceeding of the Company will be borne 50% by Inland, 25% by Cordish and 25% by
CRC. Nothing herein shall be construed to restrict Inland, during the periods
that Inland is the Tax Matters Member, from engaging an accounting or law firm
to assist the Tax Matters Member in discharging its duties hereunder, so long as
the compensation paid by the Company for such services is customary.

                                  ARTICLE VIII

                            TRANSFER OF LLC INTERESTS

       SECTION 8.1.      NO TRANSFER.

       A.     Except as provided in this Article VIII, no Member may Transfer
any LLC Interest, except as hereinafter set forth in this Article VIII or upon
prior written consent of all of the other Members, which consent may be granted
or withheld in the sole and absolute discretion of the other Members. Any
Transfer of an LLC Interest in contravention of this Article VIII shall be null
and void and shall be deemed a material breach of, and a default under, this
Agreement, and the other Members shall have all the rights and remedies
available under this Agreement.

       B.     For the purposes of this Article VIII the rules applicable to the
Transfer of an LLC Interest shall apply in the same manner to transfers of an
interest in the Members; PROVIDED, HOWEVER, that the following transfers shall
not be subject to this Section 8.1 .B: (i) transfers of an interest in a Member
to a Person who, as of the date hereof, is a member of such entity; or (ii)
transfers of interest in Inland if an Affiliate of Inland retains at least a 20%
interest; or (iii) transfers of interest in Inland in connection with a sale or
transfer by Inland Western Retail Real Estate Trust, Inc. or any of its
Affiliates, of all or substantially all of its assets; or (iv) transfers of
interest in Cordish as long as David Cordish, Blake Cordish, Reed Cordish and/or
Jonathan Cordish retains control of Cordish; or (v) transfers of interest in CRC
as long as the existing principals of CRC retain control of CRC.

       SECTION 8.2.      PERMITTED TRANSFERS.

       A.     The restrictions on Transfers under Section 8.1 shall not apply to
any (i) Transfer (for any consideration or no consideration) by Inland or
Cordish or CRC of all or any part of its LLC Interest to any 80% Owned Affiliate
of the transferor Member (provided that counsel to the non-Transferring Member
reasonably determines that such Transfer would not have any adverse tax effect
(directly or indirectly) on the non-Transferring Member), or (ii) Transfer to
any other Member.

       B.     A permitted transferee of a Member pursuant to Section 8.1.A or
8.2.A hereof that acquires the LLC Interest of a Member shall not be recognized
by the Company as a Member and shall have only the rights of an assignee of the
transferor Member's LLC Interest, except upon compliance with the terms of
Section 8.2.C. A Member who assigns all of its LLC Interest to a permitted
transferee (other than the other Member) in accordance with the provisions of
this Agreement shall nevertheless remain a Member of the Company subject to all
the duties and obligations imposed on it under this Agreement until such time as
the transferee of such LLC Interest is admitted to the Company as a substitute
Member in accordance with Section 8.2.C. Upon any permitted assignment of an LLC
Interest pursuant to Section 8.2, the transferor and transferee shall file with
the Company an executed or authenticated copy of the written instrument of
assignment or transfer.

                                     - 46 -
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       C.     No transferee of the whole or a portion of a Member's LLC Interest
shall have the right to become a substituted Member in place of its transferor
unless and until all of the following conditions are satisfied:

              (i)    the transferor and transferee have executed and
       acknowledged such instruments as the other Members may reasonably deem
       necessary or desirable to effect such Transfer;

              (ii)   a duly executed and acknowledged written instrument of
       transfer has been filed with the Company setting forth the intention of
       the transferor that the transferee become a substituted Member in its
       place;

              (iii)  the transferee accepts and agrees to be bound by all the
       provisions of this Agreement by executing and delivering a counterpart
       signature page hereto; and

              (iv)   the transfer would not materially and adversely affect the
       treatment of the Company for tax purposes under the Code or the tax laws
       of any state in which the Company does business.

       SECTION 8.3.      SUCCESSION BY OPERATION OF LAW.

       A.     In the event of an Event of Bankruptcy with respect to a Member or
the merger, consolidation, dissolution or liquidation of the Member, all of such
Member's rights to distributions and allocations by the Company, shall pass to
such Member's legal successor, but such legal successor shall not become a
Member of the Company without the prior written consent of the other Members,
which consent may be granted or withheld in all of the sole and absolute
discretion of such other Members.

       B.     Upon occurrence of an Event of Bankruptcy of a Member, or any
other event that causes a Member to cease to be a member of the Company, the
business of the Company shall continue without dissolution. Notwithstanding any
other provision of this Agreement, each Member waives any right that it might
have under the LLC Act to agree in writing to dissolve the Company upon the
occurrence an Event of Bankruptcy or any other such event.

       SECTION 8.4.      ADDITIONAL RESTRICTIONS ON TRANSFERS.

       The LLC Interests described in this Agreement have not been registered
under the Securities Act of 1933, as amended (the "1933 ACT") or under the
securities laws of the State of Maryland or any other jurisdiction (the "STATE
ACTS"). Consequently, in addition to any and all other restrictions on
transferability set forth herein, the LLC Interests may not be sold, assigned,
pledged, hypothecated or otherwise disposed of or Transferred, except in
accordance with the provisions of the 1933 Act and the State Acts.

                                     - 47 -
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                                   ARTICLE IX

                   DISSOLUTION AND TERMINATION OF THE COMPANY

       SECTION 9.1.      DISSOLUTION.

       The Company shall be dissolved and commence winding up and liquidating
only upon the first to occur of any of the following:

       A.     The sale, condemnation or other disposition of all or
substantially all of the Properties and the receipt of all consideration
therefor;

       B.     At any time that there are no Members; or

       C.     The written election of all the Members to dissolve, wind up and
liquidate the Company.

       SECTION 9.2.      TERMINATION.

       Notwithstanding any other provision of this Agreement, in all cases of
valid, voluntary dissolution of the Company (the parties acknowledging that the
right of a Member to cause an involuntary dissolution of the Company or a
partition of the Company has been expressly waived, renounced and released under
Sections 2.7 and 2.8 hereof), the business of the Company shall be wound up and
the Company terminated as promptly as practicable thereafter, and each of the
following shall be accomplished:

       A.     The Manager shall cause to be prepared a statement setting forth
the assets and liabilities of the Company as of the date of dissolution, a copy
of which statement shall be furnished to all of the Members.

       B.     The property and assets of the Company shall be liquidated by the
Manager as promptly as possible, but in an orderly and businesslike and
commercially reasonable manner. The Manager may, in the exercise of its business
judgment and if commercially reasonable, determine to defer the sale of all or
any portion of the property and assets of the Company if deemed necessary or
appropriate to realize the fair market value of any such property or assets. In
lieu of a sale of assets, and a dissolution of the Company, the Manager shall be
authorized in its sole and absolute discretion to cause the Company to purchase
and redeem the interests of the Associate Members pursuant to Sections 9.4 and
9.7 hereof.

       SECTION 9.3.      LIQUIDATING MEMBER.

       Upon the dissolution of the Company, Inland shall act as the liquidating
member (in such capacity, the "LIQUIDATING MEMBER"). The Liquidating Member
shall, upon the dissolution and upon completion of the winding up of the affairs
of the Company, file appropriate certificate(s) to such effect in the proper
governmental office or offices under the LLC Act as then in effect.
Notwithstanding the foregoing, each Member, upon the request of the Liquidating
Member, shall promptly execute, acknowledge and deliver all such documents,
certificates and other instruments as the Liquidating Member shall reasonably
request to effectuate the proper dissolution and termination of the Company,
including the winding up of the business of the Company. Any tax matters that
are continuing as of the time of such liquidation and dissolution and/or that
arise after such liquidation and dissolution (if such liquidation and
dissolution should

                                     - 48 -
<Page>

ever occur) shall be governed by the provisions of Section 7.5 hereof, and the
provisions of this sentence shall survive any such liquidation and/or
dissolution of the Company.

       SECTION 9.4       CORDISH TERMINATION RIGHTS.

       A.     Cordish shall have the right, but not the obligation, to require
the Company to purchase and redeem all, but not less than all, of the LLC
Interests of Cordish in the Company for the Cordish Liquidation Amount (as such
term is defined in Section 9.6.A hereof and subject to Section 9.6.B hereof) if
a Redemption Notice (as defined in Section 9.4.C below) is delivered by Cordish
at any time during the period beginning on the date that is 24 calendar months
from the date hereof and ending on the date that is 42 calendar months from the
date hereof.

       B.     Inland shall have the right, but not the obligation, to require
the Company to purchase and redeem all, but not less than all, and Cordish shall
be required to assign all, of the LLC Interests of Cordish in the Company for
the Cordish Liquidation Amount (subject to Section 9.6.B hereof), if (except as
provided in Section 9.4.E hereof) a Redemption Notice is delivered by Inland at
any time during the period beginning on the date that is 42 calendar months from
the date hereof and ending on the date that is 48 calendar months from the date
hereof.

       C.     In order to exercise the rights to require the Company to purchase
and redeem the LLC Interests of Cordish under this Section 9.4, Cordish or
Inland, as appropriate (the "EXERCISING MEMBER"), shall deliver to all the other
Members and to the Company written notice (the "REDEMPTION NOTICE") of the
exercise of such right, which notice shall state the Exercising Member's
computation of the Cordish Liquidation Amount. The delivery of the Redemption
Notice by the Exercising Member shall constitute an irrevocable commitment by
Cordish to transfer and deliver, and the Company to purchase and redeem, the LLC
Interests then held by Cordish for the Cordish Liquidation Amount. Closing on
the purchase and redemption of Cordish's LLC Interests shall take place in
accordance with Section 9.5 hereof. Any purchase and redemption of Cordish's LLC
Interests under this Section 9.4 shall require the simultaneous repayment (at
Closing) of all Default Loans made on behalf of Cordish pursuant to the
provisions of this Agreement. All Cash Shortfall Loans and Development Loans
made by Cordish with respect to the Additional Properties shall be repaid in
full at the Closing except that if an interest in an Additional Property Owner
Entity is distributed to Cordish, then all Cash Shortfall Loans and Development
Loans made to such entity shall remain outstanding and any distribution of
Additional Property Owner Entity Interests to Cordish pursuant to the provisions
hereof shall be made subject to such Cash Shortfall Loans and Development Loans.

       D.     Upon the delivery of the Redemption Notice by Cordish, Cordish
shall thereupon only be entitled to receive the Cordish Liquidation Amount and
Inland shall have sole authority to act on behalf of the Company to obtain at
Closing the funds required to purchase and completely redeem the LLC Interests
of Cordish, including borrowing money from third-party lenders, Members or
Affiliates and seeking Capital Contributions from additional Members to be
admitted to the Company.

       E.     Notwithstanding any provision of this Section 9.4 and this Article
IX to the contrary, and specifically notwithstanding the time period during
which Inland is permitted to deliver a Redemption Notice under Section 9.4.B
hereof, Inland shall have the right, but not the obligation, in its sole and
absolute discretion, to deliver a Redemption Notice to Cordish and to cause the
purchase and redemption of all of the LLC Interests held by Cordish or its
Affiliates in

                                     - 49 -
<Page>

the Company pursuant to the terms of this Article IX, upon the occurrence of one
or more of the following events:

              (i)    if, there are any unpaid indemnification obligations of
Cordish and/or David S. Cordish to any "Inland Indemnified Party" pursuant to
the terms and conditions of the Indemnification Agreement, which indemnification
obligations have been unpaid for sixty (60) days following the date that such
obligations have been either (A) liquidated and agreed to by the parties hereto
or (B) determined by an arbitrator in accordance with the terms of Section 13.12
of the Indemnification Agreement;

              (ii)   if, (a) Inland suffers an Indemnified Loss pursuant to
Section 10.17B hereof and (b) an arbitration conducted under Section 10.16
hereof determines that Cordish owes and has failed to pay such Indemnified Loss
within sixty (60) days of written notice provided by Inland; or

              (iii)  if Cordish breaches any of the provisions of Sections 2.7,
2.8 or 9.1 hereof.

       SECTION 9.5.      CORDISH CLOSING.

       A.     The closing of the redemption of Cordish's LLC Interests by the
Company pursuant to Section 9.4 (the "CLOSING") shall be held at the principal
offices of Cordish and, subject to any other specific time periods for Closing
stated in this Agreement, shall occur on the date specified in the Redemption
Notice, which date shall be no sooner than 30 days and no later than 120 days
following the delivery of the Redemption Notice.

       B.     At the Closing, Cordish shall transfer and assign its LLC
Interests to the Company free and clear of any liens, encumbrances or any
interests of any third party and shall execute or cause to be executed any and
all documents required to transfer fully good and clear title to the LLC
Interests being transferred, including, but not limited to, any and all
documents necessary to evidence such transfer. In the event that Cordish does
not timely execute any and all documents necessary to evidence and effect such
transfer of all of LLC Interests held by Cordish and any of its Affiliates in
the Company and to reflect the complete and absolute withdrawal of Cordish and
its Affiliates from the Company at the Closing, then the Manager is hereby
appointed the attorney-in-fact of, and is hereby authorized on behalf of,
Cordish, to execute, acknowledge and deliver all such documents and take all
such other actions as may be required to evidence and effect such transfer of
all of the LLC Interests of Cordish in the Company. Such appointment and
authorization are coupled with an interest and shall be irrevocable. The failure
by Cordish to execute any document shall not delay the Closing or cause the
Closing to be ineffective.

       C.     At the Closing, Inland shall cause the Company to distribute to
Cordish the Cordish Liquidation Amount and each party shall repay the Default
Loans as applicable. If ownership interests in any Cordish Managed Entities are
distributed to Cordish, the parties shall execute and/or cause to be executed
any and all documents required to transfer title to the applicable ownership
interests being transferred, including, but not limited to, any and all
documents necessary to evidence such transfer; provided, however, that the
Company and Inland shall only be obligated to deliver an assignment of such
ownership interests on an "as is" basis and without recourse to the Company or
Inland. Cordish shall pay and be solely responsible for (a) any pre-prepayment
or due-on-sale penalties and (b) any transfer, recordation, sales and

                                     - 50 -
<Page>

excise taxes as a result of any in-kind distributions to Cordish or otherwise as
a result of the transactions contemplated by this Article IX of this Agreement.

       D.     If any consents from lenders or otherwise are required in order to
carry out any provision of this Agreement, the parties hereby agree to cooperate
in good faith and will proceed promptly and diligently to obtain all such
consents; provided, however, that the failure to obtain such consent may be
waived by Inland in its sole and absolute discretion.

       SECTION 9.6.      PURCHASE PRICE ON REDEMPTION OF CORDISH LLC INTERESTS.

       A.     The purchase price payable by the Company to Cordish (or its
Affiliate) for its LLC Interest (the "CORDISH LIQUIDATION AMOUNT") shall be an
amount equal to the sum of the following:

              (i)    The Cordish Preferred Return and Unpaid Cordish Preferred
       Return as of the date of Closing, all as reasonably determined by the
       Company's Accountant, plus

              (ii)   The Cordish Adjusted Capital Balance as of the date of the
       Closing.

The parties agree that for purposes of making the foregoing determinations, the
books of the Company shall be closed as of the Closing.

       B.     Notwithstanding anything in this Section 9.6 to the contrary,
Inland may elect on behalf of the Company, by delivery of written notice to
Cordish, to require Cordish to accept as full and complete payment and
consideration for the transfer and complete redemption of its LLC Interests in
the Company, in lieu of the cash payment of the Cordish Liquidation Amount, an
"as is" in-kind assignment and distribution to Cordish without recourse to the
Company or Inland of all (100%) of the ownership interests in the Cordish
Managed Entities, together with all assets in the Cordish Additional Properties
Trust Estate, as defined in the Declaration of Trust.

       C.     If Inland does not timely elect to make an in-kind redemption
under Section 9.6.B, Cordish may, by delivering written notice to Inland, elect
to require the Company to effect the complete redemption of Cordish's LLC
Interests in exchange for an in-kind distribution of all (100%) of the ownership
interests in the Cordish Managed Entities managed by Cordish by way of an "as
is" assignment without recourse to the Company and Inland in such Cordish
Managed Entities, together with all assets in the Cordish Additional Properties
Trust Estate, as defined in the Declaration of Trust. Such assignment shall be
the full and complete payment and consideration for the Cordish LLC Interests,
shall be in lieu of any obligation of the Company to make a payment of the
Cordish Liquidation Amount and Cordish shall have no right to receive or demand
any payment of all or any portion of the Cordish Liquidation Amount.

       D.     Each party hereby covenants and agrees that following the payment
of the Cordish Liquidation Amount or following the execution of the assignment
of the ownership interests in the Cordish Managed Entities under the terms of
Sections 9.6.B and 9.6.C of this Agreement, neither Cordish nor any Affiliate of
Cordish shall have any rights with respect to the Company, the Owner Entity, the
assets of the Company or the assets of the Owner Entity either as owner, lender
or otherwise and neither Cordish nor any Affiliate of Cordish shall have any
right to receive any further payments or distributions from the Company or the
Owner Entity under the terms of this Agreement or otherwise, specifically
including, but not limited to, the

                                     - 51 -
<Page>

Cordish Preferred Return, if any, the Unpaid Cordish Preferred Return, if any,
Cordish's Capital Account and Cordish's Adjusted Capital Balance.

       E.     Upon the redemption of the Cordish LLC Interests, the books and
records of the Company and the Cordish Managed Entities shall be closed.

       F.     Any in-kind redemption hereunder shall be treated as a
distribution of property under Section 731 of the Code.

       SECTION 9.7.      CRC TERMINATION RIGHTS.

       A.     CRC shall have the right, but not the obligation, to require the
Company to purchase and redeem all, but not less than all, of the LLC Interests
of CRC in the Company for the CRC Liquidation Amount (as such term is defined in
Section 9.9.A hereof and subject to Section 9.9.B hereof) if a Redemption Notice
(as defined in Section 9.7.C below) is delivered by CRC at any time during the
period beginning on the date that is 24 calendar months from the date hereof and
ending on the date that is 42 calendar months from the date hereof; or

       B.     Inland shall have the right, but not the obligation, to require
the Company to purchase and redeem all, but not less than all, and CRC shall be
required to assign all, of the LLC Interests of CRC in the Company for the CRC
Liquidation Amount (subject to Section 9.9.B hereof) (except as provided in
Section 9.7.E hereof), if a Redemption Notice is delivered by Inland at any time
during the period beginning on the date that is 42 calendar months from the date
hereof and ending on the date that is 48 calendar months from the date hereof.

       C.     In order to exercise the rights to require the Company to purchase
and redeem the LLC Interests of CRC under this Section 9.7, CRC or Inland, as
appropriate (the "EXERCISING MEMBER"), shall deliver to all the other Members
and to the Company written notice (the "REDEMPTION NOTICE") of the exercise of
such right, which notice shall state the Exercising Member's computation of the
CRC Liquidation Amount. The delivery of the Redemption Notice by the Exercising
Member shall constitute an irrevocable commitment by CRC to transfer and
deliver, and the Company to purchase and redeem, the LLC Interests then held by
CRC for the CRC Liquidation Amount. Closing on the purchase and redemption of
CRC's LLC Interests shall take place in accordance with Section 9.8 hereof. Any
purchase and redemption of CRC's LLC Interests under this Section 9.7 shall
require the simultaneous repayment (at Closing) of all Default Loans made on
behalf of CRC pursuant to the provisions of this Agreement. All Cash Shortfall
Loans and Development Loans made by CRC with respect to the Additional
Properties shall be repaid in full at the Closing except that if an interest in
an Additional Property Owner Entity is distributed to CRC, then all Cash
Shortfall Loans and Development Loans made to such entity shall remain
outstanding and any distribution of Additional Property Owner Entity Interests
to CRC pursuant to the provisions hereof shall be made subject to such Cash
Shortfall Loans and Development Loans.

       D.     Upon the delivery of the Redemption Notice by CRC, CRC shall
thereupon only be entitled to receive the CRC Liquidation Amount and Inland
shall have sole authority to act on behalf of the Company to obtain at Closing
the funds required to purchase and completely redeem the LLC Interests of CRC,
including borrowing money from third-party lenders, Members or Affiliates and
seeking Capital Contributions from additional Members to be admitted to the
Company.

                                     - 52 -
<Page>

       E.     Notwithstanding any provision of this Section 9.7 and this Article
IX to the contrary, and specifically notwithstanding the time period during
which Inland is permitted to deliver a Redemption Notice under Section 9.7.B
hereof, Inland shall have the right, but not the obligation, in its sole and
absolute discretion, to deliver a Redemption Notice to CRC and to trigger the
redemption of all of the LLC Interests held by CRC or its Affiliates in the
Company pursuant to the terms of this Article IX, upon the occurrence of one or
more of the following events:

              (i)    if, (a) Inland suffers an Indemnified Loss pursuant to
Section 10.17B hereof and (b) an arbitration conducted under Section 10.16
hereof determines that CRC owes and has failed to pay such Indemnified Loss
within sixty (60) days of written notice provided by Inland; or

              (ii)   if CRC breaches the provisions of Sections 2.7., 2.8 or 9.1
hereof.

       SECTION 9.8.      CRC CLOSING.

       A.     The closing of the redemption of CRC's LLC Interests by the
Company pursuant to Section 9.7 (the "CLOSING") shall be held at the principal
offices of CRC and, subject to any other specific time periods for Closing
stated in this Agreement, shall occur on the date specified in the Redemption
Notice, which date shall be no sooner than 30 days and no later than 120 days
following the delivery of the Redemption Notice.

       B.     At the Closing, CRC shall transfer and assign its LLC Interests to
the Company free and clear of any liens, encumbrances or any interests of any
third party and shall execute or cause to be executed any and all documents
required to transfer fully good and clear title to the LLC Interests being
transferred, including, but not limited to, any and all documents necessary to
evidence such transfer. The failure by CRC to execute any documents shall not
delay the Closing or cause the Closing to be ineffective.

       C.     At the Closing, Inland shall cause the Company to distribute to
CRC the CRC Liquidation Amount and each party shall repay the Default Loans as
applicable. If ownership interests in any CRC Managed Entities are distributed
to CRC, the parties shall execute and/or cause to be executed any and all
documents required to transfer title to the applicable ownership interests being
transferred, including, but not limited to, any and all documents necessary to
evidence such transfer; provided, however, that the Company and Inland shall
only be obligated to deliver an assignment of such ownership interests on an "as
is" basis and without recourse to the Company or Inland. CRC shall pay and be
solely responsible for (a) any under pre-prepayment or due-on-sale penalties
and (b) any transfer, recordation, sales and excise taxes as a result of any
in-kind distributions to CRC or otherwise as a result of the transactions
contemplated in this Article IX of this Agreement.

       D.     If any consents from lenders or otherwise are required in order to
carry out any provision of this Agreement, the parties hereby agree to cooperate
in good faith and will proceed promptly and diligently to obtain all such
consents; provided, however, that the failure to obtain such consent may be
waived by Inland in its sole and absolute discretion.

                                     - 53 -
<Page>

       SECTION 9.9.      PURCHASE PRICE ON REDEMPTION OF CRC LLC INTERESTS.

       A.     The purchase price payable by the Company to CRC for its LLC
Interest (the "CRC LIQUIDATION AMOUNT") shall be an amount equal to the sum of
the following:

              (i)    The CRC Preferred Return and the Unpaid CRC Preferred
       Return as of the date of Closing, plus

              (ii)   The CRC Adjusted Capital Balance as of the date of the
       Closing.

The parties agree that for purposes of making the foregoing determinations, the
books of the Company shall be closed as of the Closing.

       B.     Notwithstanding anything in this Section 9.9 to the contrary,
Inland may elect on behalf of the Company, by delivery of written notice to CRC,
to require CRC to accept as full and complete payment and consideration for the
transfer and complete redemption of its LLC Interests in the Company, in lieu of
the cash payment of the CRC Liquidation Amount, the in-kind assignment and
distribution to CRC without recourse to the Company or Inland of all (100%) of
the ownership interests in the CRC Managed Entities, together with all assets in
the CRC Additional Properties Trust Estate, as defined in the Declaration of
Trust.

       C.     If Inland does not timely elect to make an in-kind redemption
under Section 9.9.B, CRC may, by delivering written notice to Inland, elect to
require the Company to effect the complete redemption of CRC's LLC Interests in
exchange for an in-kind distribution of all (100%) of the ownership interests in
the CRC Managed Entities by way of an "as is" assignment without recourse to the
Company and Inland of 100% of the ownership interests in the CRC Managed
Entities, together with all assets in the CRC Additional Properties Trust
Estate, as defined in the Declaration of Trust. Such assignment shall be the
full and complete payment and consideration for the CRC LLC Interests, shall be
in lieu of any obligation of the Company to make a payment of the CRC
Liquidation Amount and CRC shall have no right to receive or demand any payment
of all or any portion of the CRC Liquidation Amount.

       D.     Each party hereby covenants and agrees that following the payment
of the CRC Liquidation Amount or following the execution of the assignment of
the ownership interests in the CRC Managed Entities under the terms of Sections
9.9.B and 9.9.C of this Agreement, neither CRC nor any Affiliate of CRC shall
have any rights with respect to the Company, the Owner Entity, the assets of the
Company or the assets of the Owner Entity either as owner, lender or otherwise
and neither CRC nor any Affiliate of CRC shall have any right to receive any
further payments or distributions from the Company or the Owner Entity under the
terms of this Agreement or otherwise, specifically including, but not limited
to, the CRC Preferred Return and the Unpaid CRC Preferred Return, if any.

       E.     Upon the redemption of the CRC LLC Interests, the books and
records of the Company and the CRC Managed Entities shall be closed.

       F.     Any in-kind redemption hereunder shall be treated as a
distribution of property under Section 731 of the Code.

                                     - 54 -
<Page>

                                    ARTICLE X

                                  MISCELLANEOUS

       SECTION 10.1.     FURTHER ASSURANCES.

       Each Member agrees to execute, acknowledge, deliver, file, record and
publish such further certificates, amendments to certificates, instruments and
documents, and do all such other acts and things as may be required by law, or
as may be required to carry out the intent and purposes of this Agreement.

       SECTION 10.2.     NOTICES.

       All notices, demands, consents, approvals, requests or other
communications which any of the parties to this Agreement may desire or be
required to give hereunder (collectively, "NOTICES") shall be in writing, shall
comply with Section 6.1.F hereof, and shall be given by personal delivery, by
overnight delivery service or by United States registered or certified mail
(postage prepaid, return receipt requested) addressed as hereinafter provided.
Except as otherwise specified herein, the time period in which a response to any
notice or other communication must be made, if any, shall commence to run on the
earliest to occur of (a) if by personal delivery, the date of receipt, or
attempted delivery, if such communication is refused; (b) if given by overnight
delivery service, the first business day after the day of delivery to the
overnight carrier; and (c) if sent by mail (as aforesaid), the date of receipt
or attempted delivery, if such mailing is refused. Until further notice, notices
and other communications under this Agreement shall be addressed to the parties
listed below as follows:

       (i)    If to the Company or Cordish, to:

                     RRP Investors, LLC
                     c/o The Cordish Company
                     601 East Pratt Street
                     Suite 600
                     Baltimore, MD 21202
                     Attention: President

              With a copy (which shall be for informational purposes only) to:

                     c/o The Cordish Company
                     601 East Pratt Street
                     Suite 600
                     Baltimore, MD 21202
                     Attention: General Counsel

       (ii)   If to the Company or CRC, to:

                     CR Reisterstown Plaza, LLC
                     1427 Clarkview Road
                     Suite 500
                     Baltimore, MD 21209

                                     - 55 -
<Page>

              With a copy (which shall be for information purposes only) to:

                     CR Reisterstown Plaza, LLC
                     1427 Clarkview Road
                     Suite 500
                     Baltimore, MD 21209
                     Attn: General Counsel

       (iii)  If to the Company or Inland, to:

                     c/o Inland Western Retail Real Estate Trust, Inc.
                     2901 Butterfield Road
                     Oak Brook, Illinois 60523

              and with copies (which shall be for informational purposes only)
              to:

                     c/o The Inland Real Estate Group, Inc.
                     2901 Butterfield Road
                     Oak Brook, Illinois 60523
                     Attention: General Counsel

              and to:

                     John J. Ghingher III, Esquire
                     Saul Ewing, LLP
                     100 South Charles Street
                     Baltimore, Maryland 21201

Any Member may designate another addressee (and/or change its address) for
Notices hereunder by a Notice given pursuant to this Section.

       SECTION 10.3.     INDEPENDENT REPRESENTATION.

       Inland hereby acknowledges and agrees that it has consulted its
independent counsel with respect to the tax and non-tax consequences of its
investment in the Company, and that neither Associate Member nor any Associate
Member Affiliate shall have any liability to Inland or its Affiliates (except as
otherwise provided herein, in the Contribution Agreement or the Indemnification
Agreement) as a result of any adverse consequences to Inland, direct or indirect
partner (or other equity owner) of Inland as a result of Inland's investment in
the Company, Inland's ownership of an LLC Interest in the Company. Each
Associate Member hereby acknowledges and agrees that it has consulted its
independent counsel with respect to the tax and non-tax consequences of its
continued investment in the Company, and that neither Inland nor any Inland
Affiliate shall have any liability to Associate Member or any Associate Member
Affiliate as a result of any adverse consequences to either Associate Member or
any Associate Member Affiliate (except as otherwise provided herein, in the
Contribution Agreement or the Indemnification Agreement) as a result of either
Associate Member's continued investment in the Company, the Associate Member's
ownership of an LLC Interests in Company or such Associate Member's possible
withdrawal from the Company. The foregoing provision is not intended to and
shall not operate to diminish or limit the liability of either Member resulting

                                     - 56 -
<Page>

from such Member's breach of or default under any provision of this Agreement or
under the Contribution Agreement, nor shall it diminish or limit the liability
of any party to the Indemnification Agreement.

       SECTION 10.4.     GOVERNING LAW.

       This Agreement, the rights and obligations of the parties hereto, and any
claims or disputes relating thereto shall be governed by and construed in
accordance with the laws of the State of Maryland (but not including the choice
of law rules thereof).

       SECTION 10.5.     CAPTIONS.

       All titles or captions contained in this Agreement are inserted only as a
matter of convenience and for reference and in no way define, limit, extend, or
describe the scope of this Agreement or the intent of any provision hereof.

       SECTION 10.6.     PRONOUNS.

       All pronouns and any variations thereof shall be deemed to refer to the
masculine, feminine, and neuter, singular and plural, as the identity of the
party or parties may require.

       SECTION 10.7.     SUCCESSORS AND ASSIGNS.

       This Agreement shall be binding upon the parties hereto and their
respective executors, administrators, legal representatives, heirs, successors
and permitted assigns, and shall inure to the benefit of the parties hereto and,
except as otherwise provided herein, their respective executors, administrators,
legal representatives, heirs, successors and permitted assigns.

       SECTION 10.8.     EXTENSION NOT A WAIVER.

       No delay or omission in the exercise of any power, remedy or right herein
provided or otherwise available to a Member or the Company shall impair or
affect the right of such Member or the Company thereafter to exercise the same.
Any extension of time or other indulgence granted to a Member hereunder shall
not otherwise alter or affect any power, remedy or right of any other Member or
of the Company, or the obligations of the Member to whom such extension or
indulgence is granted.

       SECTION 10.9.     CONSTRUCTION.

       None of the provisions of this Agreement shall be for the benefit of or
enforceable by any creditor of the Company or any third party. No Member shall
be obligated personally for any debt, obligation or liability of the Company
solely by being a Member of the Company.

       SECTION 10.10. SEVERABILITY.

       In case any one or more of the provisions contained in this Agreement or
any application thereof shall be invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions
contained herein and other application thereof shall not in any way be effected
or impaired thereby.

                                     - 57 -
<Page>

       SECTION 10.11. CONSENTS.

       Any consent or approval to any act or matter required under this
Agreement must be in writing and shall apply only with respect to the particular
act or matter to which such consent or approval is given, and shall not relieve
any Member from the obligation to obtain the consent or approval, as applicable,
wherever required under this Agreement to any other act or matter.

       SECTION 10.12. ENTIRE AGREEMENT.

       This Agreement, together with the Contribution Agreement, Escrow
Agreement, the Liquidity Escrow Agreement, the Indemnification Agreement and any
other agreement ancillary or related hereto or thereto, contains the entire
agreement between the parties relating to the subject matter hereof and all
prior agreements relative hereto which are not contained herein are terminated.
Amendments, variations, modifications or changes herein may be made effective
and binding upon the parties by, and only by, the setting forth of same in a
document duly executed by each party, and any alleged amendment, variation,
modification or change herein which is not so documented shall not be effective
as to any party.

       SECTION 10.13. RULES OF CONSTRUCTION.

       Unless the context clearly indicates to the contrary, the following rules
apply to the construction of this Agreement:

              (i)    Words importing the singular number include the plural
       number and words importing the plural number include the singular number.

              (ii)   Words of the masculine gender include correlative words of
       the feminine and neuter genders.

              (iii)  The table of contents and the headings or captions used in
       this Agreement are for convenience of reference and do not constitute a
       part of this Agreement, nor affect its meaning, construction, or effect.

              (iv)   Words importing persons include any individual,
       corporation, partnership, limited liability company, joint venture,
       association, joint stock company, trust, unincorporated organization or
       government or agency or political subdivision thereof.

              (v)    Any reference in this Agreement to a particular "Article,"
       "Section" or other subdivision shall be to such Article, Section or
       subdivision of this Agreement unless the context shall otherwise require.

              (vi)   Each reference in this Agreement to an agreement or
       contract shall include all amendments, modifications, and supplements to
       such agreement or contract unless the context shall otherwise require.

              (vii)  When any reference is made in this document or any of the
       schedules or exhibits attached hereto to the Agreement, it shall mean
       this Agreement, together with all other schedules and exhibits attached
       hereto, as though one document.

                                     - 58 -
<Page>

       SECTION 10.14. COUNTERPARTS.

       This Agreement may be executed in any number of counterparts, and each
such counterpart will for all purposes be deemed an original, and all such
counterparts shall constitute one and the same instrument.

       SECTION 10.15. EXPENSES

       Subject to the terms of this Agreement and the Indemnification Agreement
to the contrary, each of Cordish, CRC and Inland hereby covenants and agrees
that any and all costs and expenses (including, but not limited to, attorney's
fees and other professional fees) incurred by each of Cordish, Inland, CRC and
their respective Affiliates in connection with the negotiation and documentation
of, and the transactions contemplated by, this Agreement, the Contribution
Agreement, the Indemnification Agreement and the Reorganization Agreement, shall
be borne solely by the party incurring such costs and expenses and its Affiliate
and shall not be borne by the Company, the Owner Entity and any unrelated
parties.

       SECTION 10.16. ARBITRATION.

              A.     In the event that any dispute shall arise between the
Company and any Member or between any Member, with respect to the application of
any of the provisions of this Agreement, and such dispute is not resolved to the
satisfaction of such parties within twenty (20) days after either party shall
notify the other in writing of its desire to arbitrate the dispute (the
"ARBITRATION NOTICE"), then the dispute shall be resolved in accordance with the
Commercial Arbitration Rules of the American Arbitration Association then
pertaining. The decision of the arbitrator shall be binding, final and
conclusive on the parties. Unless the parties otherwise agree, such arbitration
proceedings shall be conducted in Baltimore City, Maryland. The arbitrator shall
be selected by the American Arbitration Association in accordance with the
Commercial Arbitration Rules of the American Arbitration Association. The fees
of the arbitrator and the expenses incident to the proceedings shall be borne by
the losing party. The reasonable fees of respective counsel engaged by the
parties, and the fees of expert witnesses and other witnesses called for the
parties, shall also be paid by the losing party. The decision of the arbitrator
shall be rendered within thirty (30) days after the conclusion of the
arbitration. A judgment of a court of competent jurisdiction may be entered upon
the award of the arbitrator in accordance with the rules and statutes applicable
thereto then obtaining. At the request of any Member or the Company, the
arbitrator may order and compel specific performance.

              B.     Subject to the provisions of Section 10.16.A, if the
Company or any Member brings suit or other legal proceedings to enforce the
provisions of this Agreement against the other, then the party prevailing in
such suit or proceeding shall be reimbursed by the other for all reasonable
attorneys' fees and litigation costs and expenses incurred by the prevailing
party in connection with such suit or proceeding.

              C.     Any lawsuit, action, or proceeding arising under this
Agreement that is not subject to arbitration shall, to the extent there is
federal jurisdiction over the parties and subject matter, be brought exclusively
in the Northern Division of the United States District Court for the District of
Maryland. In the event federal jurisdiction does not exist, such lawsuit, action
or proceeding shall be brought in the Circuit Court for Baltimore County,
Maryland.

                                     - 59 -
<Page>

              D.     Subject to the provisions of Section 10.16.A, the Company
and each Member do hereby waive trial by jury in any action, suit, proceeding,
and/or counterclaim brought by either of the parties hereto against the other on
any matters whatsoever arising out of or in any way connected with this
Agreement or any claim of injury or damage, and/or statutory remedy.

       SECTION 10.17. GENERAL INDEMNITY/LIABILITY

              A.     The Members acknowledge and agree that the terms and
conditions of this Section 10.17 shall not limit or vitiate in any manner
whatsoever, the indemnification obligations of the Members and/or their
Affiliates under the Indemnification Agreement.

              B.     Each Member hereby covenants and agrees to indemnify and
hold harmless the Company, the other Members and their Affiliates from and
against any and all expenses (including reasonable attorneys' fees), losses,
damages, liabilities, charges and claims of any kind or nature whatsoever
(collectively "INDEMNIFIED LOSSES") arising out of or resulting from any
fraudulent act, negligence, willful misconduct or breach or default of any
covenants and provisions of this Agreement, by such Member.

              C.     If any third party shall notify any party hereto, or such
party's Affiliate (the "INDEMNIFIED PARTY") with respect to any matter (a "THIRD
PARTY CLAIM") which may give rise to a claim for indemnification against any
other party hereto (the "INDEMNIFYING PARTY") under this Section 10.17, then the
Indemnified Party shall promptly (and in any event within five (5) Business Days
after receiving notice of the Third Party Claim) notify each Indemnifying Party
thereof in writing; PROVIDED, HOWEVER, that the failure to so notify the
Indemnifying Party shall not affect the rights to indemnification hereunder
except to the extent that the Indemnifying Party is actually prejudiced by such
failure.

              D.     Any Indemnifying Party will have the right at any time to
assume and thereafter conduct the defense of the Third Party Claim with counsel
of his or its choice reasonably satisfactory to the Indemnified Party; PROVIDED,
HOWEVER, that the Indemnifying Party will not consent to the entry of any
judgment or enter into any settlement with respect to the Third Party Claim
without the prior written consent of the Indemnified Party (not to be withheld
or delayed unreasonably) unless the judgment or proposed settlement involves
only the payment of money damages and does not impose an injunction or other
equitable relief upon the Indemnified Party; PROVIDED, FURTHER, that the
Indemnifying Party will not consent to the entry of any judgment or enter into
any settlement with respect to the Third Party Claim unless and until the
Indemnifying Party obtains for the benefit of the Indemnified Party, as part of
such judgment or settlement, a complete and absolute release of any liabilities
from the third party making such Third Party Claim.

              E.     Unless and until an Indemnifying Party assumes the defense
of the Third Party Claim as provided in Section 10.17.D hereof, however, the
Indemnified Party may defend against the Third Party Claim in any manner it
reasonably may deem appropriate; PROVIDED, HOWEVER, that any cost and expense
incurred by the Indemnified Party in connection with such defense shall be paid
for and advanced directly by the Indemnifying Party in immediately available
funds.

                                     - 60 -
<Page>

              F.     In no event will the Indemnified Party consent to the entry
of any judgment or enter into any settlement with respect to the Third Party
Claim without the prior written consent of each of the Indemnifying Parties (not
to be withheld or delayed unreasonably).

       IN WITNESS WHEREOF, the parties hereto have duly executed this Amended
and Restated Operating Agreement of REISTERSTOWN PLAZA HOLDINGS, LLC as of the
day and year first above written.

                                 RRP INVESTORS, LLC

                                 By:/s/ Glenn Weinlegs
                                    --------------------------------------
                                    Glenn Weinlegs  Authorized Person

                                 CR REISTERSTOWN PLAZA, LLC

                                 By:/s/ [ILLEGIBLE]
                                    --------------------------------------
                                    [ILLEGIBLE],  Authorized Person

                                 INLAND REISTERSTOWN HC, L.L.C.

                                 By:   Inland Western Retail Real Estate Trust,
                                       Inc., sole member

                                       By:/s/ [ILLEGIBLE]
                                          --------------------------------------
                                          [ILLEGIBLE],  President

                                     - 61 -
<Page>

                              AMENDED AND RESTATED
                               OPERATING AGREEMENT
                                       OF
                        REISTERSTOWN PLAZA HOLDINGS, LLC

       Names, Addresses, Initial Capital Account Balances and Percentage
Interests of Members

                                   SCHEDULE A

<Table>
<Caption>
                                         INITIAL CAPITAL     PERCENTAGE
NAME AND ADDRESS                         ACCOUNT BALANCE      INTEREST
------------------------------------------------------------------------
<S>                                      <C>                    <C>
RRP Investors, LLC
601 East Pratt Street
Suite 600
Baltimore, MD 21202                      $    17,452,928*           2.5%

CR Reisterstown Plaza, LLC
1427 Clarkview Road
Suite 500
Baltimore, Maryland 21209                $    16,502,928*           2.5%

Inland Reisterstown HC LLC
c/o Inland Western Retail Real Estate
  Trust, Inc.
2901 Butterfield Road
Oak Brook, Illinois 60523                $    88,453,326**           95%
------------------------------------------------------------------------
           TOTALS                        $   122,409,182*       100.000%
========================================================================
</Table>

*    Plus or minus final adjustments at closing.

**   Plus additional amounts contributed at closing per Section 1 of the
     Contribution Agreement.

                                     - 62 -
<Page>

                              AMENDED AND RESTATED
                               OPERATING AGREEMENT
                                       OF
                        REISTERSTOWN PLAZA HOLDINGS, LLC

                             Regulatory Allocations
                                  SCHEDULE 5.2

1.     DEFINITIONS.

       The defined terms used in this SCHEDULE 5.2 shall have meanings specified
in the Amended and Restated Operating Agreement to which this SCHEDULE 5.2 is
attached:

2.     REGULATORY ALLOCATIONS.

       A.     Prior to any other allocations under Article V, the following
special allocations shall be made in the following order:

              1.     MINIMUM GAIN CHARGEBACK. Except as otherwise provided in
       Section 1.704-2(f) of the Treasury Regulations, notwithstanding any other
       provision of Section 5.2, if there is a net decrease in Company Minimum
       Gain during any fiscal year, each Member shall be specially allocated
       items of Company income and gain for such fiscal year (and, if necessary,
       subsequent fiscal years) in an amount equal to such Member's share of the
       net decrease in Company Minimum Gain, determined in accordance with
       Treasury Regulations Section 1.704-2(g). Allocations pursuant to the
       previous sentence shall be made in proportion to the respective amounts
       required to be allocated to each Member pursuant thereto. The items to be
       so allocated shall be determined in accordance with sections 1.704-2(f)
       (6) and 1.704-2(j) (2) of the Treasury Regulations. This Paragraph A.1 is
       intended to comply with the minimum gain charge back requirement in
       Section 1.704-2(f) of the Treasury Regulations and shall be interpreted
       consistently therewith.

              2.     MEMBER MINIMUM GAIN CHARGEBACK. Except as otherwise
       provided in Section 1.704-2(i) (4) of the Treasury Regulations,
       notwithstanding any other provision of Section 5.2, if there is a net
       decrease in Member Nonrecourse Debt Minimum Gain attributable to a Member
       Nonrecourse Debt during any fiscal year, each Member who has a share of
       the Member Nonrecourse Debt Minimum Gain attributable to such Member
       Nonrecourse Debt, determined in accordance with Section 1.704-2(i) (5) of
       the Treasury Regulations, shall be specially allocated items of Company
       income and gain for such fiscal year (and, if necessary, subsequent
       fiscal years) in an amount equal to such Member's share of the net
       decrease in Member Nonrecourse Debt, determined in accordance with
       Treasury Regulations Section 1.704-2(i) (4). Allocations pursuant to the
       previous sentence shall be made in proportion to the respective amounts
       required to be allocated to each Member pursuant thereto. The items to be
       so allocated shall be determined in accordance with Sections 1.704-2(i)
       (4) and 1.704-2(j) (2) of the Treasury Regulations. This Paragraph A.2 is
       intended to comply with the minimum gain charge back requirement in
       Section 1.704-2(i) (4) of the Treasury Regulations and shall be
       interpreted consistently therewith.

                                     - 63 -
<Page>

              3.     QUALIFIED INCOME OFFSET. Any Member who unexpectedly
       receives any adjustment, allocation, or distribution described in
       Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(5) or (6) shall be
       specially allocated items of income and gain (consisting of a PRO RATA
       portion of each item of Company income, including gross income and gain
       for such year) in an amount and manner sufficient to eliminate any
       deficit balance in such Member's Capital Account resulting therefrom, as
       quickly as possible, such allocations to be made in accordance with the
       "qualified income offset" provisions of Treasury Regulation Section
       1.704-1(b)(2)(ii)(d)(3).

              4.     GROSS INCOME ALLOCATION. In the event any member has a
       deficit Capital Account at the end of any fiscal year which is in excess
       of the amount such Member is obligated to restore pursuant to the
       penultimate sentences of Treasury Regulations Sections 1.704-2(g)(1) and
       1.704-2(i)(5), each such Member shall be specifically allocated items of
       Company income and gain in the amount of such excess as quickly as
       possible, provided that an allocation pursuant to this Paragraph A.4
       shall be made only if and to the extent that such Member would have a
       deficit Capital Account in excess of such amount after all other
       allocations provided for in Article V have been made as if this Paragraph
       A.4 were not in the Agreement.

              5.     MEMBER NONRECOURSE DEDUCTIONS. Any Member Nonrecourse
       Deductions for any fiscal year shall be specially allocated to the Member
       who bears the economic risk of loss with respect to the Member
       Nonrecourse Debt to which such Member Nonrecourse Deductions are
       attributable in accordance with Treasury Regulations Section 1.704-2(i)
       (1).

       B.     SECTION 754 ADJUSTMENTS. To the extent an adjustment to the
adjusted tax basis of any Company asset, pursuant to Code Section 734(b) or Code
Section 743(b) is required, pursuant to Treasury Regulations Section
1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4), to be taken into account in
determining Capital Accounts as the result of a distribution to a Member in
complete liquidation of such Member's interest in the Company, the amount of
such adjustment to Capital Accounts shall be treated as an item of gain (if the
adjustment increases the basis of the asset) or loss (if the adjustment
decreases such basis) and such gain or loss shall be specially allocated to the
Members in accordance with their interests in the Company in the event Treasury
Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Member to whom
such distribution was made in the event Treasury Regulations Section
1.704-1(b)(2)(iv)(m)(4) applies.

                                     - 64 -
<Page>

                              AMENDED AND RESTATED
                               OPERATING AGREEMENT
                                       OF
                        REISTERSTOWN PLAZA HOLDINGS, LLC

                        DESCRIPTION OF EXISTING PROPERTY
                               AND OWNER ENTITIES

                                    EXHIBIT A

A.     EXISTING OWNER ENTITIES:

       1.     Reisterstown Road Plaza Associates, LLC, a Maryland limited
              liability company

       2.     RRP Hecht, LLC, a Maryland limited Liability company

B.     EXISTING PROPERTY DESCRIPTIONS: (See Attached)

                                       A-1
<Page>

                            REISTERSTOWN ROAD PLACE]
                              PROPERTY DESCRIPTION

                         LEGAL DESCRIPTION OF PARCEL ONE
                           50.0564 ACRES PLUS OR MINUS

       Beginning for the same at a point on the northwesternmost Right-of-Way
Line of Patterson Avenue, as laid out and now existing with a variable width;
said point being on and 20.16 feet from the beginning of the Third or north 49
degrees 17 minutes 18 seconds west 1301.02 feet Deed Line of that certain piece,
parcel or tract of land which, by a Deed dated March 17, 1980 and recorded among
the Land Records of Baltimore, Maryland in Liber W.A. No. 3890, folio 166, was
granted and conveyed by and between Reisterstown Road Plaza, Inc. to
Reisterstown Plaza Associates; said point being North 52 degrees 21' 51" East
0.24 feet from a rebar and cap heretofore set; thence leaving said north
westernmost Right-of-Way Line of Patterson Avenue and running with the remainder
of the aforesaid Third and all of the Fourth and part of the Fifth Deed Lines of
the said Reisterstown to Reisterstown conveyance as now surveyed with all of the
following courses and distances referred to the Baltimore Survey Control System,
the three following courses and distances, viz: 1) North 49 degrees 17' 18" West
1280.86 feet to a rebar and cap now set; 2) North 43 degrees 43' 54" East 473.62
feet to a rebar and cap now set and 3) North 46 degrees 16' 06" West 450.00 feet
to a nail now set at a point on the south easternmost Right-of-Way Line of
Brookhill Road, as laid out and now existing 50 feet wide; thence leaving said
Deed outline and running with the aforesaid south easternmost Right-of-Way Line
of Brookhill Road 4) North 43 degrees 43' 54" East 1002.94 feet to a point of
intersection with the south westernmost Right-of-Way Line of Reisterstown Road,
as laid out and now existing 94 feet wide; thence running along the aforesaid
south westernmost Right-of-Way Line of Reisterstown Road the following two
courses and distances, viz: 5) South 44 degrees 49' 10" East 1098.65 feet to a
point and 6) South 46 degrees 11' 20" East 564.04 feet to a point of
intersection with the aforesaid north westernmost Right-of-Way Line of Patterson
Avenue; thence running with the aforesaid north westernmost Right-of-Way Line of
Patterson Avenue the following six courses and distances, viz: 7) South 43
degrees 48' 40" West 4.91 feet to a point; 8) southeasterly along a line curving
to the right having a radius of 50.00 feet for an arc length of 51.13 feet, said
curve subtended by a long chord bearing of South 08 degrees 50' 44" East 48.93
feet to a point; 9) southwesterly along a line curving to the right having a
radius of 190.00 feet for an arc length of 49.45 feet, said curve subtended by a
long chord bearing of South 27 degrees 54' 19" West 49.31 feet to a point; 10)
South 35 degrees 21' 37" West 183.52 feet to a point; 11) South 39 degrees 22'
00" West 463.15 feet to a point and 12) South 47 degrees 52' 52" West 656.78
feet to the place of beginning. Containing 2,290,453 square feet or 52.5816
acres of land, more or less.

       Saving and Excepting the following tract of land:

       Beginning for the same at a point located South 60'46'34" West 291.06
feet from a point on the northwesterly Right-of-Way Line of Patterson Avenue, as
laid out and now existing with a variable width, said Right-of-Way point (N
21.324.55 W 24.655.32) being at the beginning of the Third or "by a line curving
to the left with a radius of 190.00 feet the distance of 49.44 feet...."Deed
Line of that certain piece, parcel or tract of land which, by a Deed dated April
1, 1982 and recorded among the Land Records of Baltimore City in Liber S.E.B.
No. 0057, folio 795 was granted and conveyed by and between Reisterstown Plaza
Associates to the Mayor and City Council of Baltimore; said point of beginning
being at the beginning of the First or South forty-four (44) degrees,
twenty-nine (29) minutes and forty-five (45) seconds West three hundred
sixty-nine (369.00) feet Deed Line of that certain piece, parcel or tract of
Land which, by a Deed dated July 18, 1989 and recorded among the aforesaid Land
Records in Liber

                                                                               1
<Page>

LEGAL DESCRIPTION OF PARCEL ONE
50.0564 ACRES PLUS OR MINUS
Page 2

S.E.B. No. 2171, folio 097 was granted and conveyed by and between May Centers,
Inc. to RRP Hecht Building Limited Partnership; thence running with all of the
First through the Twelfth Deed Lines of the aforesaid May to RRP conveyance the
following twelve courses and distances, viz: (1) South forty-four (44) degrees,
twenty-nine (29) minutes and forty-five (45) seconds West three hundred
sixty-nine (369.00) feet; (2) North forty-five (45) degrees, thirty (30) minutes
and fifteen (15) seconds West forty-six and seventeen one hundredths (46.17)
feet; (3) South forty-four (44) degrees, twenty-nine (29) minutes and forty-five
(45) seconds West seventy-four (74.00) feet; 4) North forty-five (45) degrees,
thirty (30) minutes and fifteen (15) seconds West one hundred sixteen and eighty
three one hundredths (116.83) feet; (5) North forty-four (44) degrees,
twenty-nine (29) minutes and forty-five (45) seconds East eighty-four (84.00)
feet; (6) North forty-five (45) degrees, thirty (30) minutes and fifteen (15)
seconds West one hundred twelve (112.00) feet; (7) North forty-four (44)
degrees, twenty-nine (29) minutes and forty-five (45) seconds East one hundred
fourteen(114.00) feet; (8) North forty-five (45) degrees, thirty (30) minutes
and fifteen (15) seconds West ten (10.00) feet; (9) North forty-four (44)
degrees, twenty-nine (29) minutes and forty-five (45) seconds East one hundred
(100.00) feet; (10) South forty-five (45) degrees, thirty (30) minutes and
fifteen (15) seconds East ten (10.00) feet; (11) North forty-four (44) degrees,
twenty-nine (29) minutes and forty-five (45) seconds East one hundred forty-five
(145.00) feet; and (12) South forty-five (45) degrees, thirty (30) minutes and
fifteen (15) seconds East two hundred seventy five (275.00) feet to the place of
beginning. Containing 110,000 square feet or 2.5252 acres of land, more or less.

       Containing, in all, 50.0564 acres, more or less.

       Being all of that certain piece, parcel or tract of land which, by a Deed
dated December 18, 2002 and recorded among the aforesaid Land Records in Liber
F.M.C. No. 3193, folio 233, was granted and conveyed by and between REISTERSTOWN
PLAZA ASSOCIATES to REISTERSTOWN PLAZA ASSOCIATES, LLC.

                                                                               2
<Page>

LEGAL DESCRIPTION OF PARCEL ONE
50.0564 ACRES PLUS OR MINUS
Page 2

                         LEGAL DESCRIPTION OF PARCEL TWO
                            2.5252 ACRES PLUS OR MINUS

       Beginning for the same at a point located South 60'46'34" West 291.06
feet from a point on the northwesterly Right-of-Way Line of Patterson Avenue, as
laid out and now existing with a variable width, said Right-of-Way point (N
21.324.55 W 24.655.32) being at the beginning of the Third or "by a line curving
to the left with a radius of 190.00 feet the distance of 49.44 feet...."Deed
Line of that certain piece, parcel or tract of land which, by a Deed dated April
1, 1982 and recorded among the Land Records of Baltimore City in Liber S.E.B.
No. 0057, folio 795 was granted and conveyed by and between Reisterstown Plaza
Associates to the Mayor and City Council of Baltimore; said point of beginning
being at the beginning of the First or South forty-four (44) degrees,
twenty-nine (29) minutes and forty-five (45) seconds West three hundred
sixty-nine (369.00) feet Deed Line of that certain piece, parcel or tract of
Land which, by a Deed dated July 18, 1989 and recorded among the aforesaid Land
Records in Liber S.E.B. No. 2171, folio 097 was granted and conveyed by and
between May Centers, Inc. to RRP Hecht Building Limited Partnership; thence
running with all of the First through the Twelfth Deed Lines of the aforesaid
May to RRP conveyance the following twelve courses and distances, viz: (1) South
forty-four (44) degrees, twenty-nine (29) minutes and forty-five (45) seconds
West three hundred sixty-nine (369.00) feet; (2) North forty-five (45) degrees,
thirty (30) minutes and fifteen (15) seconds West forty-six and seventeen one
hundredths (46.17) feet; (3) South forty-four (44) degrees, twenty-nine (29)
minutes and forty-five (45) seconds West seventy-four (74.00) feet; 4) North
forty-five (45) degrees, thirty (30) minutes and fifteen (15) seconds West one
hundred sixteen and eighty three one hundredths (116.83) feet; (5) North
forty-four (44) degrees, twenty-nine (29) minutes and forty-five (45) seconds
East eighty-four (84.00) feet; (6) North forty-five (45) degrees, thirty (30)
minutes and fifteen (15) seconds West one hundred twelve (112.00) feet; (7)
North forty-four (44) degrees, twenty-nine (29) minutes and forty-five (45)
seconds East one hundred fourteen(114.00) feet; (8) North forty-five (45)
degrees, thirty (30) minutes and fifteen (15) seconds West ten (10.00) feet; (9)
North forty-four (44) degrees, twenty-nine (29) minutes and forty-five (45)
seconds East one hundred (100.00) feet; (10) South forty-five (45) degrees,
thirty (30) minutes and fifteen (15) seconds East ten (10.00) feet; (11) North
forty-four (44) degrees, twenty-nine (29) minutes and forty-five (45) seconds
East one hundred forty-five (145.00) feet; and (12) South forty-five (45)
degrees, thirty (30) minutes and fifteen (15) seconds East two hundred seventy
five (275.00) feet to the place of beginning. Containing 110,000 square feet or
2.5252 acres of land, more or less.

       Being all of that certain piece, parcel or tract of land which, by a Deed
dated December 18, 2002 and recorded among the aforesaid Land Records in Liber
F.M.C. No. 3193, folio 224, was granted and conveyed by and between RRP HECHT
BLDG. LIMITED PARTNERSHIP, LLLP to RRP HECHT, LLC.

                                                                               3
<Page>

                              AMENDED AND RESTATED
                               OPERATING AGREEMENT
                                       OF
                        REISTERSTOWN PLAZA HOLDINGS, LLC

                           TERMS OF APPROVED FINANCING

                                    EXHIBIT B

The following restrictions and limitations will be in place for financing
secured by a Property:

       (i)    Any Approved Financing must be nonrecourse to the Company, with
any carve-outs provided by any person other than the Company;

       (ii)   Any Approved Financing with respect to any Existing Property must
be arms length and on commercially reasonably terms;

       (iii)  No portion of Approved Financing with respect to any Existing
Property may be cross defaulted or cross collateralized with any other
properties;

       (iv)   Unless Inland, Cordish or CRC otherwise agrees to bear any such
cost or expense, the Approved Financing documents must permit (direct or
indirect) transfers of the property encumbered by such Approved Financing to any
one or more Persons who are Members of the Company as of the date hereof;

       (v)    The Approved Financing on the Existing Property shall, at all
times, be comprised of at least $8.5 million of debt classified as nonrecourse
indebtedness which shall be allocated to CRC under Section 752 of the Code;

       (vi)   If securitized financing is to be obtained, the Owner Entity or
Additional Property Owner Entity, as applicable, shall form a "single purpose"
limited liability company ("SPE") which shall be owned 100% by the Owner Entity
or Additional Property Owner Entity, as the case may be, and which SPE may act
as the borrower of such Approved Financing. In such event, the SPE shall be
considered to be part of the definition of Owner Entity or Additional Property
Owner Entity, as the case may be, for all purposes of this Agreement; and

       (vii)  The total amount of the Approved Financing secured by the Existing
Properties shall not exceed $60.0 million in the aggregate on the Existing
Properties.

                                       B-1
<Page>

                              AMENDED AND RESTATED
                               OPERATING AGREEMENT
                                       OF
                        REISTERSTOWN PLAZA HOLDINGS, LLC

                        FORM OF REIT DECLARATION OF TRUST

                                    EXHIBIT C

                         THE REISTERSTOWN PLAZA HOLDINGS
                                PROTECTIVE TRUST

       THIS DECLARATION OF TRUST (this "DECLARATION") is made and entered into
on __________________, 2004, by REISTERSTOWN PLAZA HOLDINGS, LLC, a Maryland
limited liability company, its successors or assigns, as Grantor (the
"GRANTOR"), Inland Reisterstown HC, L.L.C. (the "TRUSTEE"), RRP INVESTORS, LLC
(the "CORDISH PROPERTIES TRUSTEE") AND CR REISTERSTOWN PLAZA, LLC (the "CRC
PROPERTIES TRUSTEE")

                                   WITNESSETH:

       WHEREAS, the Grantor desires to establish a trust (the "TRUST") for the
benefit of [The Inland Western Retail Real Estate Protective Trust Inc.] (the
"BENEFICIARY"); and

       WHEREAS, the Grantor hereby declares that henceforth the Trustee shall
hold the property described in Schedule A, Part I annexed hereto and
incorporated herein, and the Grantor hereby declares that as of__________, 2004,
and as of 11:59:59 p.m. eastern standard time of each day preceding the last day
of any calendar quarter in which the Grantor and/or any Controlled Partnership
Subsidiary (as defined in Schedule A, Part II) owns property described in
Schedule A, Part II, Part III and Part IV, the (i) Trustee will hold the
property described in Schedule A, Part II annexed hereto and incorporated
herein, together with any additional property which may be added to the Trust
from time to time by the Grantor or otherwise, and all investments and
reinvestments thereof (the "TRUST ESTATE") (ii) the Cordish Properties Trustee
will hold the property described in Schedule A, Part III annexed hereto and
incorporated herein, together with any additional property which may be added to
the Trust from time to time by the Grantor or otherwise, and all investments and
reinvestments thereof (the "CORDISH PROPERTIES TRUST ESTATE"), and (iii) the CRC
Properties Trustee will hold the property described in Schedule A, Part IV
annexed hereto and incorporated herein, together with any additional property
which may be added to the Trust from time to time by the Grantor or otherwise,
and all investments and reinvestments thereof (the "CRC PROPERTIES TRUST
ESTATE"), IN TRUST, for the uses and purposes and with the powers and authority
and upon the terms and conditions herein contained.

                                       C-1
<Page>

                                    ARTICLE I

                DISTRIBUTION OF INCOME AND PRINCIPAL; TERMINATION

       1.            DISTRIBUTION OF INCOME. The Trustee shall hold, manage,
invest and reinvest the Trust Estate and shall collect the income therefrom in
accordance with the terms of this Declaration. The Trustee shall not distribute
any of the income or proceeds of the Trust Estate to the Beneficiary other than
as provided in Section 2 of this Article I hereof. The Cordish Properties
Trustee shall hold, manage, invest and reinvest the Cordish Properties Trust
Estate, and shall collect the income therefrom in accordance with the terms of
this Declaration. The Cordish Properties Trustee shall not distribute any of the
income or proceeds of the Cordish Properties Trust Estate to the Beneficiary
other than as provided in Section 2 of this Article I hereof. The CRC Properties
Trustee shall hold, manage, invest and reinvest the CRC Properties Trust Estate,
and shall collect the income therefrom in accordance with the terms of this
Declaration. The CRC Properties Trustee shall not distribute any of the income
or proceeds of the CRC Properties Trust Estate to the Beneficiary other than as
provided in Section 2 of this Article I hereof.

       2.            DISTRIBUTION OF PRINCIPAL; TERMINATION. The Trustee shall
not transfer all or any part of the Trust Estate, and/or any income accrued or
accumulated thereon, to the Beneficiary (or to any designated assignee of such
Beneficiary), unless and until approved by the Trustee or unless as otherwise
provided in the Amended and Restated Operating Agreement of Grantor dated as
of__________, 2004 (the "LLC AGREEMENT"). The Cordish Properties Trustee shall
not transfer all or any part of the Cordish Properties Trust Estate, and/or any
income accrued or accumulated thereon, to the Beneficiary (or to any designated
assignee of such Beneficiary), unless and until approved by the Cordish
Properties Trustee or unless as otherwise provided in the LLC Agreement. The CRC
Properties Trustee shall not transfer all or any part of the CRC Properties
Trust Estate, and/or any income accrued or accumulated thereon, to the
Beneficiary (or to any designated assignee of such Beneficiary), unless and
until approved by the CRC Properties Trustee or unless as otherwise provided in
the LLC Agreement. The Trust hereunder shall terminate upon the earlier of (i)
the distribution of the entire remaining Trust Estate, Cordish Properties Trust
Estate and the CRC Properties Trust Estate to the Beneficiary or (ii) the date
that is twenty-one (21) years from the date hereof.

                                   ARTICLE II

         GRANTOR NOT TREATED AS BENEFICIARY OR OWNER OF TRUST ESTATE OR
                       ADDITIONAL PROPERTIES TRUST ESTATE

       The Grantor intends that it not be treated as a beneficiary of the Trust
for any purposes or as the owner of any part of the Trust Estate, Cordish
Properties Trust Estate or CRC Properties Trust Estate for federal income tax
purposes pursuant to Subtitle A, Chapter 1J, Part 1E of the Internal Revenue
Code of 1986, as amended, (the "CODE") or any successor provisions thereto, and
all provisions of this Declaration shall be construed so as to effectuate this
intent.

                                       C-2
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                                   ARTICLE III

                                POWERS OF TRUSTEE

       1.            CONSTRUCTION. The Trustee shall have the following powers
with respect to the Trust Estate, the Cordish Properties Trustee shall have the
following powers with respect to the Cordish Properties Trust Estate and the CRC
Properties Trustee shall have the following powers with respect to the CRC
Properties Trust Estate. The term "Trustee" for purposes of this Article III
shall mean either the Trustee, the Cordish Properties Trustee or the CRC
Properties Trustee as is appropriate and the term "Trust Estate" shall mean the
Trust Estate, the Cordish Properties Trust Estate or the CRC Properties Trust
Estate as is appropriate.

       2.            GENERAL POWERS. Subject to Paragraph 7, the Grantor hereby
gives to the Trustee, its substitutes or successors, in addition to, and not by
way of limitation on, any and all powers and authority conferred upon it by law,
the following powers and authority which may be exercised by it under this
Declaration at any time and from time to time for any purpose without the
necessity of giving notice to, or of obtaining authorization or confirmation
with respect thereto from, any court or from the Grantor (except as otherwise
set forth in the following subsections):

                     a.     To hold and retain all or any part of the Trust
              Estate in the form in which the same may be at the time of receipt
              thereof by it as long as it deems advisable, to purchase or
              acquire for investment, by liquidation of any such asset or
              otherwise, any additional property of any kind or nature
              (including, without limitation, any real property or any interest
              in real property, any stocks, whether common, preferred or
              otherwise, participation in any discretionary common trust fund or
              other investment fund administered by any fiduciary hereunder,
              bonds, secured or unsecured, debentures, obligations, mortgages,
              or other securities) and to invest and reinvest the same as part
              of the Trust Estate, even though such holding, purchase,
              acquisition, investment or reinvestment, at any time or from time
              to time, may be non-income producing or underproductive, or
              otherwise would not be permitted by law for the investment of
              trust funds or would not be considered appropriate for retention
              by a trustee; PROVIDED THAT any disposition of all or any part of
              the Trust Estate and/or any investment or reinvestment of any
              proceeds of any disposition of any portion of the Trust Estate
              should require the written consent of each Trustee and the
              Beneficiary.

                     b.     To sell, exchange, give options upon, partition or
              otherwise alter any property at any time forming part of the Trust
              Estate, at public or private sale, for such purposes, and upon
              such terms, in such manner and at such prices as it determines to
              be advisable, and to make, execute and deliver any and all stock
              powers, deeds, conveyances, bills of sale, leases, mortgages and

                                       C-3
<Page>

              other instruments necessary thereto, PROVIDED THAT any such action
              shall require the written consent of each Trustee and the
              Beneficiary.

                     c.     To renew or extend the time of payment of any
              obligation, including taxes, whether such obligation is secured or
              unsecured or payable to or by it, for as long a period or periods
              of time and upon such terms as it determines; and to pay, adjust,
              settle, compromise, arbitrate or contest any claim or demand,
              including a claim or demand for taxes, in favor of or against it,
              upon such terms as it deems advisable.

                     d.     To borrow money from any person for such periods of
              time and upon such commercially reasonable terms and conditions
              for any purpose connected with the protection, preservation or
              administration of this Trust and the Trust Estate, whenever in its
              judgment the same is considered advisable; to execute promissory
              notes or other obligations for amounts so borrowed; and to secure
              the payments of any amounts so borrowed by pledge, deed of trust
              or mortgage of any property forming a part of the Trust Estate,
              PROVIDED THAT any such action shall require the written consent of
              each Trustee and the Beneficiary.

                     e.     To vote or assign the right to vote, in person or by
              general or limited proxy, any shares of stock or other securities
              held by the Trust at any and all meetings of stockholders for any
              and all purposes without any limitation whatsoever; and to refrain
              from voting with respect thereto, PROVIDED THAT any such action
              shall require the written consent of each Trustee and the
              Beneficiary.

                     f.     To exercise all options, rights and privileges; to
              convert stocks, bonds, notes, mortgages, or other property into
              stocks, bonds, notes, mortgages, or other property; to grant or
              receive put and call options, engage in hedging transactions, and
              acquire derivatives with respect to all or any part of the Trust
              Estate; to subscribe for additional or other stocks, bonds, notes,
              mortgages, or other property, and to make such conversions and
              subscriptions and to make payments therefor; and to hold such
              stocks, bonds, notes, mortgages, or other property so acquired as
              investments, PROVIDED THAT any such action shall require the
              written consent of each Trustee and the Beneficiary.

                     g.     To consent, directly or through a committee or other
              agent, to the reorganization, consolidation, merger, dissolution
              or liquidation, foreclosure or lease or sale of assets,
              incorporation or reincorporation, or readjustment of the capital
              or financial structure of any corporation or other entity in which
              the Trust may have any

                                       C-4
<Page>

              interest; to serve as a member of any stockholders' or
              bondholders' protective committee; to deposit any such stock or
              other securities in accordance with any such transaction; to pay
              any assessments, expenses and sums of money which may be required
              for the protection or furtherance of the interests of the Trust
              with reference thereto; and to receive and retain as investments
              of the Trust any new securities issued as a result of the
              execution of any such transaction, whether or not they otherwise
              would be permitted by law for the investment of Trust funds or
              would be considered appropriate for retention by a trustee; and to
              make any payment and to take any steps which may be necessary or
              proper to enable the Trust to obtain the benefit of any such
              transaction; PROVIDED THAT any matter that requires the vote of
              the holders of shares of stock that are held as part of the Trust
              Estate shall require the written consent of each Trustee and the
              Beneficiary.

                     h.     To employ any person or persons to handle the
              management or maintenance of any property forming a part of the
              Trust Estate, including receipt and payment of money, without
              being liable for loss incurred thereby; and to employ such
              investment or legal counsel, financial advisors, accountants,
              bookkeepers, agents, custodians, experts, clerks or other persons
              as the Trustee deems advisable in the administration of the Trust
              Estate, and to compensate them in such amounts as the Trustee
              deems reasonable, and to charge the expenses thereof to income or
              principal or both as the Trustee determines, and to rely on
              information or advice furnished by such persons and to delegate to
              them any discretions which the Trustee deems proper.

                     i.     To register any property in the name of its nominee
              or nominees, without qualification or description, or to hold the
              same unregistered or in such other form that title shall pass by
              delivery, or, in the case of a fiduciary, in its own name without
              qualification or description.

                     j.     To maintain and keep the Trust Estate, or any
              portion thereof, at any place in the United States or elsewhere,
              or with a depository or custodian at any such place, as the
              Trustee determines.

                     k.     To carry insurance against such hazards and in such
              amounts, with either stock companies or mutual companies, as it
              deems advisable.

                     1.     To exercise all powers and authority conferred upon
              the Trustee under law or by this Declaration with respect to all
              accumulations of income held hereunder.

                                       C-5
<Page>

                     m.     To exercise all powers and authority, including any
              discretion conferred upon the Trustee in this Declaration, after
              the termination of the Trust until the Trust Estate is fully
              distributed.

                     n.     To execute and deliver agreements, assignments,
              bills of sale, contracts, deeds, notes, powers of attorney, stock
              powers, proxies, receipts, and other instruments in writing which
              in the Trustee's judgment are necessary or desirable for the
              proper management, investment and discharge of the Trust and the
              Trust Estate or for the exercise of any power or authority
              conferred upon the Trustee in this Declaration, PROVIDED THAT the
              written consent of each Trustee and the Beneficiary shall be
              required as to any matter for which such consent is required under
              any other subparagraph of this paragraph 2.

       3.            COMPREHENSIVENESS OF POWERS AND CONCLUSIVENESS OF EXERCISE
OF DISCRETION. The powers and authority herein granted to the Trustee may be
exercised in whole or in part at any time and from time to time and shall be
deemed to be supplementary to and not exclusive of the general powers of a
trustee pursuant to law and shall include all powers necessary to carry the same
into effect. The enumeration of specific powers herein shall not be construed in
any way to limit or affect the general powers herein granted. In the exercise of
each such power, whether specific or general, the Trustee shall be required to
use the degree of judgment and care that a reasonable, prudent investor would
use if it were the owner of the assets of the Trust Estate, having due regard
for the preservation of the assets and the value thereof. Within the scope of
the discretion allowed to the Trustee, the Trustee's judgment as to the
advisability and mode of exercising any such power or authority shall be final
and conclusive upon all persons interested or who may become interested in the
Trust Estate or any Trust created hereunder.

       4.            AUTHORITY TO ACCEPT ADDITIONAL PROPERTY. The Trustee is
authorized and empowered to receive additional property from any other person as
additions to the Trust created hereunder, and to hold the same in trust and to
administer it as an integral part thereof pursuant to the terms and provisions
hereof.

       5.            LIMITATIONS ON LIABILITY. The Trustee shall not be liable
for the acts, omissions, or defaults of any agent appointed with due care, or of
any other Trustee. The Trustee shall not be obliged to examine the accounts,
records or acts of a previous Trustee or any allocation of such Trustee. The
Trustee shall not be liable for failure to demand or contest an accounting of
any other Trustee, or of any predecessor, or otherwise to compel any Trustee to
redress a breach of trust, unless so requested in writing by the other Trustee
and the Beneficiary.

       6.            NON-JUDICIAL ACCOUNTINGS. In order to avoid the expense and
delay incident to a judicial settlement of its accounts, the Trustee from time
to time during the term of any Trust hereunder, in the Trustee's sole and
absolute discretion, may render an accounting of

                                       C-6
<Page>

its proceedings as Trustee to the Grantor, who shall have full power to settle
finally any such accounting and on the basis of such settlement to release the
Trustee from all liability for its acts or omissions as Trustee. Such settlement
and release shall be binding upon all persons interested or who may become
interested in the Trust Estate or any trust created hereunder (including
creditors), including those who may be under legal disability or not yet in
being, and shall have the force and effect of a final decree, judgment or order
of a court of competent jurisdiction rendered in an appropriate action or
proceeding for an accounting in which jurisdiction was duly obtained over all
necessary and proper parties. The foregoing provisions, however, shall not
preclude the Trustee from having its accounts judicially settled if it shall so
desire.

       7.            LIMITATION ON TRUSTEE'S POWERS. At any time that the
Grantor is serving as Trustee, the Grantor shall exercise the powers granted
hereunder only in its fiduciary capacity and for the sole and exclusive benefit
of the Beneficiary. None of the powers granted to the Trustee hereunder shall
enable any person to (i) buy, exchange, or otherwise deal with the Trust Estate
or any income accrued thereon for less than adequate and full consideration in
money or money's worth, other than by a distribution to the Beneficiary pursuant
to Article I hereof; (ii) borrow the principal of the Trust, directly or
indirectly, without adequate interest or security; (iii) require the Trustee to
exchange all or any part of the Trust Estate by substituting other property of
equal value; or (iv) require the Trustee to vote any corporate stock or other
securities held as a part of the Trust Estate other than in the exercise of the
Trustee's fiduciary duties to the Beneficiary.

       8.            EXONERATION FROM BOND. Neither the Trustee nor any
successor Trustee hereunder shall be required to give or file any bond or other
security for the faithful performance of the duties of such office.

                                   ARTICLE IV

                               SUCCESSOR TRUSTEES

       1.            APPOINTMENT OF SUCCESSOR.   If the Trustee named herein
shall resign or otherwise cease to act as a Trustee hereunder, the Beneficiary
shall appoint a qualified individual or entity to serve as replacement and
successor Trustee. Any such appointment shall be in writing and delivered to the
individual or entity being appointed. If the Cordish Properties Trustee named
herein shall resign or otherwise cease to act as Cordish Properties Trustee
hereunder, the Beneficiary shall appoint a qualified individual or entity to
serve as replacement and successor Cordish Properties Trustee. Any such
appointment shall be in writing and delivered to the individual or entity being
appointed. If the CRC Properties Trustee named herein shall resign or otherwise
cease to act as CRC Properties Trustee hereunder, the Beneficiary shall appoint
a qualified individual or entity to serve as replacement and successor CRC
Properties Trustee. Any such appointment shall be in writing and delivered to
the individual or entity being appointed.

                                       C-7
<Page>

       2.            MEANING OF TERM WITH SUCCESSOR TRUSTEE.  The term
"Trustee," "Cordish Properties Trustee" and "CRC Properties Trustee" as used
herein shall be deemed to include any successor Trustee whenever the same shall
be acting in such capacity hereunder.

                                    ARTICLE V

                                MEANING OF TERMS

       As used in this Declaration, the masculine, feminine or neuter genders
shall be deemed to include all genders and the singular shall be deemed to
include the plural and vice versa, except where any such construction would be
unreasonable.

                                   ARTICLE VI

                                  CHOICE OF LAW

       All questions, whether of administration, validity or effect, arising
under or with respect to this Declaration or the Trust hereby created, and all
and several of the respective rights, duties, benefits and liabilities of the
parties hereto or any other persons interested or who may become interested in
the Trust Estate, the Cordish Properties Trust Estate, the CRC Properties Trust
Estate or any Trust created hereunder, shall be governed by and determined under
and in accordance with the laws of the State of Maryland.

                                   ARTICLE VII

                              BINDING ON SUCCESSORS

       This Declaration shall extend to and be binding upon the executors,
administrators, legal representatives, successors and assigns of the parties
hereto.

                                  ARTICLE VIII

                                 IRREVOCABILITY

       The Grantor has been fully advised as to the legal effect of the
execution of this instrument and informed of the character and amount of the
property being made subject hereto and declares that this Trust shall be
irrevocable and that there shall hereafter be no power at any time to revoke,
change or annul any of the provisions herein contained; except that other
properties may hereafter be brought within the operation of this Trust. The
Grantor shall execute such further instruments as shall be necessary to vest the
Trustee, the Cordish Properties Trustee and the CRC Properties Trustee with full
title to the property hereby transferred.

                                       C-8
<Page>

                                   ARTICLE IX

       Each of the Trustee, the Cordish Properties Trustee and CRC Properties
Trustee, by joining in the execution of this Declaration, signifies its
acceptance of this Trust on and subject to the terms and conditions hereof and
hereby acknowledges its receipt of the Trust Estate, the Cordish Properties
Trust Estate and the CRC Properties Trust Estate

                                   ARTICLE IX

       This Declaration may be executed in any number of counterparts, and each
such counterpart will for all purposes be deemed an original, and all such
counterparts shall constitute one and the same instrument.

                                   END OF PAGE
                      [SIGNATURES APPEAR ON FOLLOWING PAGE]

                                       C-9
<Page>

       IN WITNESS WHEREOF, the undersigned has executed this Declaration as of
the date first above mentioned.

                                    GRANTOR:

                                    REISTERSTOWN PLAZA HOLDINGS, LLC

                                    By:
                                         ---------------------------------------
                                    Its:
                                         ---------------------------------------

Witness:

---------------------------

                                    TRUSTEE:

                                    INLAND REISTERSTOWN HC, L.L.C.

                                    By:
                                         ---------------------------------------
                                    Its:
                                         ---------------------------------------

Witness:

---------------------------

                                    CORDISH PROPERTIES TRUSTEE:

                                    RRP INVESTORS, LLC

                                    By:
                                         ---------------------------------------
                                    Its:
                                         ---------------------------------------

Witness:

---------------------------

                                      C-10
<Page>

                                    CRC PROPERTIES TRUSTEE:

                                    CR REISTERSTOWN PLAZA, LLC

                                    By:
                                         ---------------------------------------
                                    Its: Authorized Person

Witness:

---------------------------

                                      C-11
<Page>

                                                              SCHEDULE A, PART I

                                  TRUST ESTATE

                                     $100.00

                                      C-12
<Page>

                                                             SCHEDULE A, PART II

                                  TRUST ESTATE

       1. Any and all equity securities, within the meaning of Section 856(c) of
the Code, owned directly or indirectly by the Grantor and/or any Controlled
Partnership Subsidiary (1) which are not owned, directly or indirectly, by an
"Additional Property Owner Entity," as such term is defined in the LLC
Agreement, and issued by any entity treated as a corporation for federal income
tax purposes under Section 7701 of the Code, other than by a "taxable REIT
subsidiary" under Section 856(1) of the Code, if Inland Western Retail Real
Estate Trust, Inc., a Maryland corporation (the "REIT"), an indirect "partner"
in Grantor, otherwise would be considered for purposes of Section
856(c)(4)(B)(iii)(III) to hold more than 10 percent of the total value of the
outstanding securities of the issuer as of 11:59:59 pm eastern standard time of
the day preceding the last day of the end of any calendar quarter, unless such
equity securities are otherwise considered "real estate assets" within the
meaning of Section 856(c)(5) of the Code; PROVIDED, HOWEVER, that the securities
of any issuer includible in the Trust Estate pursuant to this paragraph 1, shall
be only the portion of such securities sufficient to reduce the REIT's ownership
(as determined for purposes of Section 856 of the Code) of such securities to
less than 10 percent of the total value of the outstanding securities of such
issuer.

       2. Any and all debt securities, within the meaning of Section 856(c) of
the Code, owned directly or indirectly by the Grantor and/or any Controlled
Partnership Subsidiary, which are not owned, directly or indirectly, by an
Additional Property Owner Entity, and issued by any corporation, partnership,
limited liability company, or other person or entity other than by:

          (a)    a "taxable REIT subsidiary" under Section 856(1) of the Code or
                 a "qualified REIT subsidiary" under Section 856(i) of the Code;

          (b)    a corporation (or other entity treated as a corporation for
                 federal income tax purposes under Section 7701 of the Code),
                 partnership (or other entity treated as a partnership for
                 federal income tax purposes pursuant to Section 7701 of the
                 Code), or limited liability company in which neither the REIT
                 nor any "taxable REIT subsidiary" of the REIT owns (directly or
                 indirectly) an interest other than such debt securities or by
                 an individual provided that such debt securities qualify as
                 "straight debt" within the meaning of Section 856(c)(7) of the
                 Code; or

          (c)    a partnership or other entity treated as a partnership for
                 federal income tax purposes pursuant to Section 7701 of the
                 Code in which the REIT owns (directly or indirectly) a profits
                 interest of at least 20 percent, provided that such debt

----------

(1)  For purposes of this Schedule A, a "Controlled Partnership Subsidiary" is
       any partnership, business trust, joint venture or limited liability
       company in which the Grantor, the REIT, any qualified REIT subsidiary of
       REIT, or any other Controlled Partnership Subsidiary is a general
       partner, a joint venturer, or a managing member, as applicable.

                                      C-13
<Page>

                 securities qualify as "straight debt" within the meaning of
                 Section 856(c)(7) of the Code;

if the REIT otherwise would be considered for purposes of Section
856(c)(4)(B)(iii)(III) to hold more than 10 percent of the total value of the
outstanding securities of the issuer as of 11:59:59 pm eastern standard time of
the day preceding the end of any calendar quarter, unless such debt securities
are otherwise considered "real estate assets" within the meaning of Section
856(c)(5) of the Code; PROVIDED, HOWEVER, that the debt securities of any issuer
includible in the Trust Estate pursuant to this paragraph 2, shall be only the
portion of such securities sufficient to reduce the REIT's ownership (as
determined for purposes of Section 856 of the Code) of such securities to less
than 10 percent of the total value of the outstanding securities of such issuer.

       3. If the Grantor and/or any Controlled Partnership Subsidiary owns both
(a) securities of an issuer that would be includible in the Trust Estate
pursuant to paragraph 1 of this Schedule A, Part II and (b) securities of such
issuer that would be includible in the Trust Estate pursuant to paragraph 2 of
this Schedule A, Part II, the Trust Estate shall include securities of such
issuer in the following priority: first, securities of such issuer includible
pursuant to paragraph 1 of this Schedule A, Part II and, second, securities of
such issuer includible pursuant to paragraph 2 of this Schedule A, Part II, to
the extent necessary to reduce the REIT's ownership (as determined for purposes
of Section 856 of the Code) of the securities of such issuer to less than 10% of
the total outstanding securities of such issuer.

                                      C-14
<Page>

                                                            SCHEDULE A, PART III

                         CORDISH PROPERTIES TRUST ESTATE

       1. Any and all equity securities, within the meaning of Section 856(c) of
the Code, owned directly or indirectly by an "Additional Property Owner Entity"
of Grantor (as such term is defined in the LLC Agreement) which is managed by
RRP Investors, LLC ("CORDISH") and/or any Controlled Partnership Subsidiary (2)
which is owned by an Additional Property Owner Entity, which is managed by
Cordish, and which are issued by any entity treated as a corporation for federal
income tax purposes under Section 7701 of the Code, other than by a "taxable
REIT subsidiary" under Section 856(1) of the Code, if Inland Western Retail Real
Estate Trust, Inc., a Maryland corporation (the "REIT"), an indirect "partner"
in Grantor, otherwise would be considered for purposes of Section
856(c)(4)(B)(iii)(III) to hold more than 10 percent of the total value of the
outstanding securities of the issuer as of 11:59:59 pm eastern standard time of
the day preceding the end of any calendar quarter, unless such equity securities
are otherwise considered "real estate assets" within the meaning of Section
856(c)(5) of the Code; PROVIDED, HOWEVER, that the securities of any issuer
includible in the Cordish Properties Trust Estate pursuant to this paragraph 1,
shall be only the portion of such securities sufficient to reduce the REIT's
ownership (as determined for purposes of Section 856 of the Code) of such
securities to less than 10 percent of the total value of the outstanding
securities of such issuer.

       2. Any and all debt securities, within the meaning of Section 856(c) of
the Code, owned directly or indirectly by the Grantor and/or any Controlled
Partnership Subsidiary, which are owned by an Additional Property Owner Entity
managed by Cordsh and issued by any corporation, partnership, limited liability
company, or other person or entity other than by:

          (a)    a "taxable REIT subsidiary" under Section 856(1) of the Code or
                 a "qualified REIT subsidiary" under Section 856(i) of the Code;

          (b)    a corporation (or other entity treated as a corporation for
                 federal income tax purposes under Section 7701 of the Code),
                 partnership (or other entity treated as a partnership for
                 federal income tax purposes pursuant to Section 7701 of the
                 Code), or limited liability company in which neither the REIT
                 nor any "taxable REIT subsidiary" of the REIT owns (directly or
                 indirectly) an interest other than such debt securities or by
                 an individual provided that such debt securities qualify as
                 "straight debt" within the meaning of Section 856(c)(7) of the
                 Code; or

          (c)    a partnership or other entity treated as a partnership for
                 federal income tax purposes pursuant to Section 7701 of the
                 Code in which the REIT owns (directly

----------

(2)  For purposes of this Schedule A, a "Controlled Partnership Subsidiary" is
       any partnership, business trust, joint venture or limited liability
       company in which an Additional Properties Owner Entity of the Grantor,
       the REIT, any qualified REIT subsidiary of REIT, or any other Controlled
       Partnership Subsidiary is a general partner, a joint venturer, or a
       managing member, as applicable.

                                      C-15
<Page>

                 or indirectly) a profits interest of at least 20 percent,
                 provided that such debt securities qualify as "straight debt"
                 within the meaning of Section 856(c)(7) of the Code;

if the REIT otherwise would be considered for purposes of Section
856(c)(4)(B)(iii)(III) to hold more than 10 percent of the total value of the
outstanding securities of the issuer as of 11:59:59 pm eastern standard time of
the day preceding the end of any calendar quarter, unless such debt securities
are otherwise considered "real estate assets" within the meaning of Section
856(c)(5) of the Code; PROVIDED, HOWEVER, that the debt securities of any issuer
includible in the Cordish Properties Trust Estate pursuant to this paragraph 2,
shall be only the portion of such securities sufficient to reduce the REIT's
ownership (as determined for purposes of Section 856 of the Code) of such
securities to less than 10 percent of the total value of the outstanding
securities of such issuer.

       3. If the Grantor and/or any Controlled Partnership Subsidiary owns
through an Additional Properties Subsidiary, managed by Cordish both (a)
securities of an issuer that would be includible in the Cordish Properties Trust
Estate pursuant to paragraph 1 of this Schedule A, Part III and (b) securities
of such issuer that would be includible in the Cordish Properties Trust Estate
pursuant to paragraph 2 of this Schedule A, Part III, the Cordish Properties
Trust Estate shall include securities of such issuer in the following priority:
first, securities of such issuer includible pursuant to paragraph 1 of this
Schedule A, Part III and, second, securities of such issuer includible pursuant
to paragraph 2 of this Schedule A, Part III, to the extent necessary to reduce
the REIT's ownership (as determined for purposes of Section 856 of the Code) of
the securities of such issuer to less than 10% of the total outstanding
securities of such issuer.

                                      C-16
<Page>

                                                             SCHEDULE A, PART IV

                           CRC PROPERTIES TRUST ESTATE

       1. Any and all equity securities, within the meaning of Section 856(c) of
the Code, owned directly or indirectly by an "Additional Property Owner Entity"
of Grantor (as such term is defined in the LLC Agreement) which is managed by CR
Reisterstown Plaza, LLC ("CRC") and/or any Controlled Partnership Subsidiary(3)
which is owned by an Additional Property Owner Entity, which is managed by CRC,
and which are issued by any entity treated as a corporation for federal income
tax purposes under Section 7701 of the Code, other than by a "taxable REIT
subsidiary" under Section 856(1) of the Code, if Inland Western Retail Real
Estate Trust, Inc., a Maryland corporation (the "REIT"), an indirect "partner"
in Grantor, otherwise would be considered for purposes of Section
856(c)(4)(B)(iii)(III) to hold more than 10 percent of the total value of the
outstanding securities of the issuer as of 11:59:59 pm eastern standard time of
the day preceding the end of any calendar quarter, unless such equity securities
are otherwise considered "real estate assets" within the meaning of Section
856(c)(5) of the Code; PROVIDED, HOWEVER, that the securities of any issuer
includible in the CRC Properties Trust Estate pursuant to this paragraph 1,
shall be only the portion of such securities sufficient to reduce the REIT's
ownership (as determined for purposes of Section 856 of the Code) of such
securities to less than 10 percent of the total value of the outstanding
securities of such issuer.

       2. Any and all debt securities, within the meaning of Section 856(c) of
the Code, owned directly or indirectly by the Grantor and/or any Controlled
Partnership Subsidiary, which are owned by an Additional Property Owner Entity
managed by CRC and issued by any corporation, partnership, limited liability
company, or other person or entity other than by:

          (d)    a "taxable REIT subsidiary" under Section 856(1) of the Code or
                 a "qualified REIT subsidiary" under Section 856(i) of the Code;

          (e)    a corporation (or other entity treated as a corporation for
                 federal income tax purposes under Section 7701 of the Code),
                 partnership (or other entity treated as a partnership for
                 federal income tax purposes pursuant to Section 7701 of the
                 Code), or limited liability company in which neither the REIT
                 nor any "taxable REIT subsidiary" of the REIT owns (directly or
                 indirectly) an interest other than such debt securities or by
                 an individual provided that such debt securities qualify as
                 "straight debt" within the meaning of Section 856(c)(7) of the
                 Code; or

          (f)    a partnership or other entity treated as a partnership for
                 federal income tax purposes pursuant to Section 7701 of the
                 Code in which the REIT owns (directly

----------

(3)  For purposes of this Schedule A, a "Controlled Partnership Subsidiary" is
       any partnership, business trust, joint venture or limited liability
       company in which an Additional Properties Owner Entity of the Grantor,
       the REIT, any qualified REIT subsidiary of REIT, or any other Controlled
       Partnership Subsidiary is a general partner, a joint venturer, or a
       managing member, as applicable.

                                      C-17
<Page>

                 or indirectly) a profits interest of at least 20 percent,
                 provided that such debt securities qualify as "straight debt"
                 within the meaning of Section 856(c)(7) of the Code;

if the REIT otherwise would be considered for purposes of Section
856(c)(4)(B)(iii)(III) to hold more than 10 percent of the total value of the
outstanding securities of the issuer as of 11:59:59 pm eastern standard time of
the day preceding the end of any calendar quarter, unless such debt securities
are otherwise considered "real estate assets" within the meaning of Section
856(c)(5) of the Code; PROVIDED, HOWEVER, that the debt securities of any issuer
includible in the CRC Properties Trust Estate pursuant to this paragraph 2,
shall be only the portion of such securities sufficient to reduce the REIT's
ownership (as determined for purposes of Section 856 of the Code) of such
securities to less than 10 percent of the total value of the outstanding
securities of such issuer.

       3. If the Grantor and/or any Controlled Partnership Subsidiary owns
through an Additional Properties Subsidiary, managed by CRC both (a) securities
of an issuer that would be includible in the CRC Properties Trust Estate
pursuant to paragraph 1 of this Schedule A, Part III and (b) securities of such
issuer that would be includible in the CRC Properties Trust Estate pursuant to
paragraph 2 of this Schedule A, Part III, the CRC Properties Trust Estate shall
include securities of such issuer in the following priority: first, securities
of such issuer includible pursuant to paragraph 1 of this Schedule A, Part III
and, second, securities of such issuer includible pursuant to paragraph 2 of
this Schedule A, Part III, to the extent necessary to reduce the REIT's
ownership (as determined for purposes of Section 856 of the Code) of the
securities of such issuer to less than 10% of the total outstanding securities
of such issuer.

                                      C-18
<Page>

================================================================================

                              AMENDED AND RESTATED
                               OPERATING AGREEMENT
                                       OF
                        REISTERSTOWN PLAZA HOLDINGS, LLC

                             FORM OF PROMISSORY NOTE

                                    EXHIBIT D

================================================================================

                           FORM OF CASH SHORTFALL LOAN

                                 PROMISSORY NOTE

 $_____________  _____________,____________       ______________, Maryland

       FOR VALUE RECEIVED, the undersigned, [a subsidiary LLC of REISTERSTOWN
PLAZA HOLDINGS, LLC] (the "MAKER"), promises to pay to the order of
________________(the "LENDER"), at_____________ or at such other place as the
holder hereof may from time to time designate in writing, the principal sum
of_________________Dollars ($_______________), plus interest on the principal
balance thereof from time to time outstanding at an annual rate ("RATE") of
twelve percent (12%) per annum. The entire principal balance of this Note, all
accrued and unpaid interest thereon, and all other applicable fees, costs and
charges, if any, shall be due and payable in accordance with Section 3.4 of that
certain Amended and Restated Limited Liability Company Agreement of Reisterstown
Plaza Holdings, LLC dated as of July___, 2004.

       All payments hereunder shall be made in lawful money of the United States
and in immediately available funds.

       This Note may be prepaid, in whole or in part, at any time without
penalty. Any partial prepayments shall not, however, relieve the Maker of the
obligation to pay periodic installments of principal and/or interest hereunder
as and when the same would otherwise fall due.

       THE LENDER, THE MAKER AND ANY OTHER PARTY LIABLE HEREON IN ANY CAPACITY,
WHETHER AS ENDORSER, SURETY, GUARANTOR, OR OTHERWISE, EACH WAIVES TRIAL BY JURY
WITH RESPECT TO ANY ACTION, CLAIM, SUIT OR PROCEEDING IN RESPECT OF OR ARISING
OUT OF THE LOAN EVIDENCED HEREBY AND/OR THE CONDUCT OF THE RELATIONSHIP BETWEEN
THE LENDER, THE MAKER AND/OR ANY OTHER PARTY LIABLE HEREON IN ANY CAPACITY,
WHETHER AS ENDORSER, SURETY, GUARANTOR, OR OTHERWISE.

       The Maker promises to pay all costs of collection, including reasonable
attorneys' fees, upon default in the payment of the principal of this Note or
interest hereon when due, whether at

                                       D-1
<Page>

maturity, as herein provided, or by reason of acceleration of maturity under the
terms hereof, whether suit be brought or not.

       In the event any one or more of the provisions contained in this Note
shall for any reason be held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any
other provision of this Note, but this Note shall be construed as if such
invalid, illegal or unenforceable provision had never been contained herein.

       This Note may not be changed orally, but only by an agreement in writing
signed by the parties against whom enforcement of any waiver, change,
modification or discharge is sought.

       The Maker warrants and represents that the loan evidenced hereby is being
made for business or investment purposes.

       It is the intention of the Maker and the Lender to conform strictly to
applicable usury laws. Accordingly, if the transactions contemplated hereby
would be usurious under applicable law, then notwithstanding anything to the
contrary in this Note or the Maker's Operating Agreement, the aggregate of all
consideration which constitutes interest under applicable law that is contracted
for, charged or received under this Note shall under no circumstances exceed the
maximum amount of interest allowed by applicable law, and any excess shall be
credited on the Note by the Lender, or, if this Note shall have been paid in
full, refunded to the Maker.

       This Note shall be governed in all respects by the laws of the State of
Maryland (without regard to its conflicts of laws provisions) and shall be
binding upon and shall inure to the benefit of the parties hereto and their
respective heirs, executors, administrators, personal representatives,
successors and assigns.

                              [a subsidiary LLC of Reisterstown Plaza Holdings,
                              LLC]

                              By:
                                 -----------------------------------------------
                              Name:
                                    --------------------------------------------

Title:
      ------------------------------------------------

                                       D-2
<Page>

================================================================================

                              AMENDED AND RESTATED
                               OPERATING AGREEMENT
                                       OF
                        REISTERSTOWN PLAZA HOLDINGS, LLC

                              CALCULATIONS EXHIBIT

                                    EXHIBIT E

================================================================================

This example is intended to illustrate the manner in which the Capital
Contributions, Capital Account balances, Adjusted Capital Balances and
Operations Reserve and Capital Reserve balances will be calculated under the
terms of the Amended and Restated Operating Agreement of Reisterstown Plaza
Holdings, LLC to which this example is attached. The figures in this example are
intended solely for illustrative purposes and may not reflect actual figures.

ASSUMPTIONS:

     -    Gross Proceeds under Contribution Agreement - $100,000,000
     -    Existing Debt - $39,974,969
     -    Earnout Amount - $11,546,674
     -    Amount Deposited in Escrow upon Closing - $11,158,900
     -    Initial Amount Deposited to Operations Reserve - $18,972,228
     -    Initial Amount Deposited in Capital Reserve - $18,022,228

DETERMINATION OF INITIAL ADJUSTED CAPITAL BALANCE (DETERMINED UNDER DEFINITION
OF "ADJUSTED CAPITAL BALANCE"):

     -    Inland - Gross Asset Value ($100,000,000) MINUS Earnout Amount
          ($11,546,674) = $88,453,326 (This amount includes the amount of any
          financing entered into by the Owner Entities simultaneously with the
          execution of the Agreement to which this Exhibit is attached.)
     -    Cordish - $700,000 plus [50% of: Gross Asset Value ($100,000,000)
          MINUS Existing Debt ($39,974,969) MINUS Escrow Amount ($11,158,900)
          MINUS Earnout Amount ($11,546,674) MINUS transaction expenses
          ($775,000) = $18,972,228
               -    [50% OF ACTUAL CONSTRUCTION COSTS WILL BE BORNE BY CORDISH
                    IF NOT FUNDED OUT OF OPERATIONS RESERVE.]
     -    CRC - [50% of: Gross Asset Value ($100,000,000) MINUS Existing Debt
          ($39,974,968) MINUS Escrow Amount ($11,158,900) MINUS Earnout Amount
          ($11,546,674) MINUS transaction expenses ($775,000)] less $250,000 =
          $18,022,228
               -    [50% OF ACTUAL CONSTRUCTION COSTS WILL BE BORNE BY CRC IF
                    NOT FUNDED OUT OF CAPITAL RESERVE.]

                                       E-1
<Page>

DETERMINATION OF INITIAL CAPITAL ACCOUNT (DETERMINED UNDER SECTION 3.2):

     -    Inland - Initial Capital Contribution (amount contributed upon Closing
          including Escrow Amount but excluding Earnout Amount) = Gross Proceeds
          ($100,000,000) MINUS Earnout Amount ($11,546,671) = $88,453,326
     -    Cordish - $700,000 plus [50% of: Gross Asset Value ($100,000,000)
          MINUS Existing Debt ($39,974,969) MINUS Escrow Amount ($11,158,900)
          MINUS Earnout Amount ($11,546,674) MINUS transaction expenses
          ($775,000) = $18,972,228
               -    [50% OF ACTUAL CONSTRUCTION COSTS WILL BE BORNE BY CORDISH
                    IF NOT FUNDED OUT OF OPERATIONS RESERVE.]
     -    CRC - [50% of: Gross Asset Value ($100,000,000) MINUS Existing Debt
          ($39,974,968) MINUS Escrow Amount ($11,158,900) MINUS Earnout Amount
          ($11,546,674) MINUS transaction expenses ($775,000)] less $250,000 =
          $18,022,228
               -    [50% OF ACTUAL CONSTRUCTION COSTS WILL BE BORNE BY CRC IF
                    NOT FUNDED OUT OF CAPITAL RESERVE.]

DETERMINATION OF INITIAL BALANCE OF OPERATIONS RESERVE:

     -    Cordish - $700,000 plus [50% of: Gross Asset Value ($100,000,000)
          MINUS Existing Debt ($39,974,969) MINUS Escrow Amount ($11,158,900)
          MINUS Earnout Amount ($11,546,674) MINUS transaction expenses
          ($775,000) = $18,972,228
               -    [50% OF ACTUAL CONSTRUCTION COSTS WILL BE BORNE BY CORDISH
                    IF NOT FUNDED OUT OF OPERATIONS RESERVE.]

DETERMINATION OF INITIAL BALANCE OF CAPITAL RESERVE:

     -    CRC - [50% of: Gross Asset Value ($100,000,000) MINUS Existing Debt
          ($39,974,968) MINUS Escrow Amount ($11,158,900) MINUS Earnout Amount
          ($11,546,674) MINUS transaction expenses ($775,000)] less $250,000 =
          $18,022,228
               -    [50% OF ACTUAL CONSTRUCTION COSTS WILL BE BORNE BY CRC IF
                    NOT FUNDED OUT OF CAPITAL RESERVE.]

EFFECT OF PAYMENT OF EARNOUT (ASSUMES CONTRIBUTION OF $10,000,000):

Assumption   $10,000,000 contribution by Inland of Earnout Funds

     -    Inland Capital Account: Increased by $10,000,000
     -    Inland Adjusted Capital Balance: Increased by $10,000,000
     -    Cordish Capital Account: Increased by 50% of Additional Contribution
          ($5,000,000)
     -    CRC Capital Account: Increased by 50% of Additional Contribution
          ($5,000,000)
     -    Cordish Adjusted Capital Balance: Increased by 50% of Additional
          Contribution ($5,000,000)
     -    CRC Adjusted Capital Account: Increased by 50% of Additional
          Contribution ($5,000,000)
     -    Operations Reserve Balance: Increased by 50% of Additional
          Contribution ($5,000,000)

                                       E-2
<Page>

     -    Capital Reserve Balance: Increased by 50% of Additional Contribution
          ($5,000,000) ($5,000,000)

EFFECT OF RELEASE OF ESCROW AMOUNT (ASSUMES RELEASE OF $1,000,000):

Assumption   $1,000,000 released from Escrow

     -    Inland Capital Account: No change
     -    Inland Adjusted Capital Balance: No change
     -    Cordish Capital Account: Increased by 50% of amount released from
          escrow ($500,000)
     -    Cordish Adjusted Capital Balance: Increased by 50% of amount released
          from escrow ($500,000)
     -    Operations Reserve Balance: Increased by 50% of amount released from
          escrow ($500,000)
     -    CRC Capital Account: Increased by 50% of amount released from escrow
          ($500,000)
     -    CRC Adjusted Capital Balance: Increased by 50% of amount released from
          escrow ($500,000)
     -    Capital Reserve Balance: Increased by 50% of amount released from
          escrow ($500,000)

EFFECT OF PAYMENT OF INDEMNITY TO INLAND (ASSUMES PAYMENT OF $1.000,000):

Assumption   $1,000,000 paid from Liquidity Escrow to Inland

     -    Inland Capital Account: Decreased by $1,000,000
     -    Inland Adjusted Capital Balance: Decreased by $1,000,000
     -    Cordish Capital Account: No change
     -    Cordish Adjusted Capital Balance: No change
     -    Operations Reserve Balance: No change
     -    CRC Capital Account: No change
     -    CRC Adjusted Capital Balance: No change
     -    Capital Reserve Balance: No change

Assumption   $1,000,000 paid from Operations Reserve (i.e., from an indemnity
             obligation under the LLC Agreement)

     -    Inland Capital Account: Decreased by $1,000,000
     -    Inland Adjusted Capital Balance: Decreased by $1,000,000
     -    Cordish Capital Account: Decreased by $1,000,000
     -    Cordish Adjusted Capital Balance: Decreased by $1,000,000
     -    Operations Reserve Balance: Decreased by $1,000,000

                                       E-3
<Page>

                                                                  Exhibit 1.1.1.

                                 PROMISSORY NOTE

$19,000,000.00                                      Baltimore, Maryland
                                                    July 20, 2004

       FOR VALUE RECEIVED, the undersigned, INLAND WESTERN RETAIL REAL ESTATE
TRUST, INC. a Maryland corporation with an address at 2901 Butterfield Road, Oak
Brook, Illinois 60523 ("INLAND"), hereby promises to pay to the order of
Reistertown Plaza Holdings LLC (the "ORIGINAL HOLDER"), at the Original Holder's
office at 601 East Pratt Street, Sixth Floor, Baltimore, Maryland 21202, or at
such other place as the Original Holder or other holder (the "HOLDER") of this
Promissory Note (this "NOTE") may from time to time designate, the principal sum
("PRINCIPAL SUM") of Nineteen Million Dollars ($19,000,000.00) and any and all
other sums which may be owing to the Holder by Inland, as hereinafter provided.

       1.     PAYMENTS. The Principal Sum under this Note, together with default
rate interest thereon, if any, and all other amounts due and payable under this
Note, shall be due and payable (if not paid sooner) upon delivery of this Note
to the Original Holder by Escrowee pursuant to the terms of Section 1.1 of the
Agreement (as hereinafter defined), and the Original Holder's written demand for
payment.

       2.     APPLICATION OF PAYMENTS. All payments made hereunder shall be
applied first to accrued and unpaid default interest, and then to the Principal
Sum, or in such other order or proportion as the Holder, in its sole and
absolute discretion, may determine from time to time.

       3.     MANNER OF PAYMENTS. All payments shall be made in immediately
available funds during regular business hours at the office of the Original
Holder, or such other place as the Holder may designate from time to time, in
coin or currency of the United States of America which at the time of such
payment is legal tender for the payment of public and private debts. No payment
shall be deemed made until actually received by the Holder. Any such payment
tendered other than in coin or currency as aforesaid shall be accepted by the
Holder subject to collection (provided however, that any payment of Principal
Sum, default rate interest and any other amount due on this Note received by the
Holder at such office or other place after twelve o'clock noon, Eastern Standard
Time on any day shall be deemed to have been received by the Holder on the next
business day thereafter, and shall bear interest and late fees accordingly).

       4.     DEFAULT RATE. Upon a default in the payment when due of any sum
due under this Note or upon any other default under this Note, the Holder, in
the Holder's sole discretion and without notice or demand, may charge interest
on the unpaid Principal Sum at the rate of ten and percent (10.00%) (hereinafter
the "DEFAULT RATE").

       5.     CONFESSION OF JUDGMENT. If Inland fails to pay the Principal Sum
under this Note, together with default rate interest thereon, if any, within
fifteen (15) days after its receipt of Original Holder's written notice of
demand for payment under Section 1 hereof, Inland

<Page>

authorizes any attorney admitted to practice before any court of record in the
United States to appear on behalf of Inland in any court having jurisdiction in
one or more proceedings, or before any clerk thereof or prothonotary or other
court official, and to CONFESS JUDGMENT AGAINST THE MAKER, WITHOUT PRIOR NOTICE
OR OPPORTUNITY OF THE MAKER FOR PRIOR HEARING, in favor of the Holder of this
Note for the full amount due on this Note (including Principal Sum, accrued and
unpaid default rate interest and any and all other sums due under this Note that
remain unpaid) plus court costs, expenses and attorneys fees equal to five
percent (5%) of the entire amount due under this Note. Inland waives the benefit
of any and every statute, ordinance, or rule of court which may be lawfully
waived conferring upon Inland any right or privilege of exemption, summons and
other process, all errors and rights of appeal, homestead rights, stay of
execution or stay of supplementary proceedings, or other relief from the
enforcement or immediate enforcement of a judgment or related proceedings on a
judgment. The authority and power to appear for and enter judgment against
Inland shall not be exhausted by one or more exercises thereof, or by any
imperfect exercise thereof, and shall not be extinguished by any judgment
entered pursuant thereto; such authority and power may be exercised on one or
more occasions, from time to time, in the same or different jurisdictions, as
often as the Holder shall deem necessary or advisable, for all of which this
Promissory Note shall be sufficient authority.

       6.     INTEREST RATE AFTER JUDGMENT. If judgment is entered against
Inland under this Note, the amount of the judgment entered (which may include
Principal Sum and default interest to date) shall continue to bear interest at
the Default Rate as of the date of entry of the judgment.

       7.     EXPENSES OF COLLECTION. Upon a default by Inland under this Note,
Inland shall pay all of the Holder's reasonable costs, fees, and expenses in
connection with the enforcement or collection of this Note, including attorneys'
fees and related legal and court costs, whether or not judgment has been
confessed, suit has been filed, or any other action has been commenced by or on
behalf of the Holder to enforce or collect this Note, all of which shall be
added to and become part of the debt evidenced hereby, and shall bear interest
at the Default Rate.

       8.     WAIVERS. Inland, and all parties to this Note, whether maker,
endorser or guarantor hereby waive presentment of this Note for payment, protest
and demand, dishonor and notice of protest, demand or dishonor and nonpayment
under this Note, and agree that, without giving notice to or obtaining the
consent of Inland or any other person, the Holder may extend the time of
payment, release any party liable for any obligation hereunder, release any of
the security for this Note, accept other security therefor, and otherwise modify
the terms of payment of any or all of the debt evidenced by this Note, with or
without having been requested to do so by any other person liable hereon, and
such consent shall not alter nor diminish the liability of Inland or any other
person hereunder, except if and to the extent that the Holder may otherwise
agree with, respectively, Inland or such other person, expressly and in writing.

       9.     CONTRIBUTION AGREEMENT. This Note is the "Earnest Money Note"
issued pursuant to the provisions of a certain Contribution Agreement (the
"AGREEMENT") of even date between Inland Reistertown HC, L.L.C. and the Original
Holder. The Original Holder is entitled to the rights and benefits of the
Agreement.

                                        2
<Page>

       10.    APPLICABLE LAW AND CONSENT TO JURISDICTION. This Note shall be
governed, construed and enforced in strict accordance with the internal laws of
the State of Maryland. Inland consents to the jurisdiction of the Northern
Division of the United States District Court for the District of Maryland, if
diversity of citizenship exists.

       11.    ASSIGNABILITY. This Note may be assigned by the Original Holder or
any Holder at any time or from time to time without notice to or consent of
Inland.

       12.    TIME OF THE ESSENCE. Time shall be of the essence of this Note.

       13.    HEADINGS. The headings used in this Note are for convenience only
and are not to be interpreted as a substantive part of this Note.

       IN WITNESS WHEREOF, Inland has caused this Note to be executed under seal
by its duly authorized officers as of the day and year first above written.

ATTEST:                                            INLAND WESTERN RETAIL REAL
                                                   ESTATE TRUST, INC. a Maryland
                                                   corporation

By:                                  (SEAL)        By:
   ---------------------------------                  -------------------------
                                                      Name:
                                                      Title

                                        3
<Page>

                             CONTRIBUTION AGREEMENT
                             REISTERSTOWN ROAD PLAZA

                                EXHIBIT 1.3.1 (a)

                            FORM OF ESCROW AGREEMENT

<Page>

                               EXHIBIT "1.3.1 (a)"

                             REISTERSTOWN ROAD PLAZA

                                ESCROW AGREEMENT

       THIS ESCROW AGREEMENT (this "AGREEMENT"), is made and entered into as of
the 30th, day of July, 2004, by and among RRP INVESTORS, LLC, a Maryland limited
liability company ("CORDISH AFFILIATE"), REISTERSTOWN PLAZA ASSOCIATES, LLC, a
Maryland limited liability company ("RPA") and RRP HECHT, LLC, a Maryland
limited liability company ("RRP HECHT", RPA and RRP Hecht are individually and
collectively referred to herein as "SUBSIDIARY"), and CHICAGO TITLE INSURANCE
COMPANY, a New York corporation ("ESCROWEE").

                                   WITNESSETH:

       WHEREAS, immediately prior to the execution of this Agreement, CR
Reisterstown Plaza, LLC, a Maryland limited liability company ("CR AFFILIATE")
and Cordish Affiliate, owned all of the membership interests in Reisterstown
Plaza Holdings, LLC, a Maryland limited liability company (the "HOLDING
COMPANY"), which owns all of the membership interests in the Subsidiary.
Subsidiary each own a portion, and collectively own all, of that certain
retail/office complex commonly known as Reisterstown Road Plaza, which is
located at the intersection of Reisterstown Road and Patterson Avenue, in the
City of Baltimore, State of Maryland (the "PROPERTY").

       WHEREAS, Holding Company and Inland Reisterstown HC, L.L.C., a Delaware
limited liability company ("INLAND AFFILIATE") have entered into a Contribution
Agreement, dated July 21, 2004 (the "CONTRIBUTION AGREEMENT"), pursuant to
which, among other things, Inland Affiliate was to be admitted to Holding
Company as a member at the CLOSING (as that term is defined in the Contribution
Agreement.)

       WHEREAS, Closing under the Contribution Agreement has occurred on the
date hereof, and, in connection with the Closing, on the date hereof, Inland
Affiliate has been so admitted and has made the CAPITAL CONTRIBUTION (as that
term is defined in the Contribution Agreement).

       WHEREAS, pursuant to the terms of the Contribution Agreement, Inland
Affiliate has agreed, on behalf of Holding Company, to deposit, by wire transfer
of immediately available funds, a portion of the Capital Contribution with
Escrowee at the Closing, in an amount equal to the sum of Two Million Three
Hundred Thirteen Thousand Five Hundred Sixty Eight and 00/100 Dollars
($2,313,568.00) (the "ESCROW AMOUNT") in order to provide for: (a) the LEASING
DEPOSIT (as defined in Section 2.1 (a) hereof); and (b) the TI/LC DEPOSIT (as
defined in Section 2.2 (a) hereof).

<Page>

       WHEREAS, Escrowee is willing to accept the Escrow Amount and hold and
disburse same in accordance with the terms and conditions set forth below.

       NOW, THEREFORE, for and in consideration of the premises hereto, the
covenants and agreements hereinafter made, and for Ten Dollars ($10.00) in hand
paid to Escrowee, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

              1. DEPOSIT AND ACCEPTANCE OF ESCROW AMOUNT. Inland, on behalf of
Holding Company, hereby deposits with Escrowee, and Escrowee hereby acknowledges
receipt of the sum of Two Million Three Hundred Thirteen Thousand Five Hundred
Sixty Eight and 00/100 Dollars ($2,313,568.00) as the Escrow Amount. Escrowee
hereby agrees to deposit the Escrow Amount into an interest bearing account with
a bank, savings and loan institution, money market account, or other depository
reasonably satisfactory to Subsidiary, Cordish Affiliate and Escrowee with
interest accruing for the benefit of Holding Company, except as otherwise
provided herein. All interest earned on the Escrow Amount shall be deemed part
of the Escrow Amount. The federal taxpayer identification of Holding Company is
as follows: 02-1665701.

              2. RETENTION AND DISBURSEMENT OF ESCROW AMOUNT. Escrowee shall
retain the Escrow Amount in the account, and shall cause the same to be
disbursed therefrom as follows:

                 2.1.  LEASING DEPOSIT.

                         (a) That portion of the Escrow Amount identified as the
sum of Seven Hundred Twenty Six Thousand Nine Hundred Fourteen and 25/100
Dollars ($726,914.25) is hereby referred to as the "LEASING DEPOSIT." The
Leasing Deposit equals twenty-four (24) months of PRO FORMA base rent and
reimbursable expenses (I.E., pro rata expenses such as a tenant's pro rata share
of common area maintenance expenses and real estate taxes) for each tenant space
at the Property not leased to tenants as of the CLOSING DATE (as defined in the
Contribution Agreement) (the "PROJECT VACANT SPACE") and that are not part of
the EARNOUT SPACE (as that term is defined in the Contribution Agreement) and
the LEASED BUT NOT OPEN SPACE (as that term is defined in Section 2.1 A hereof.)
Each Project Vacant Space, the size of such space, the TI and LC (as those terms
are defined in Section 2.2 hereof) allocated to such space, the Leasing Deposit
allocated to such space and the average (over a five year period) monthly PRO
FORMA base rent and reimbursable expenses attributable to such space (the
"MONTHLY PRO FORMA BASE RENT AND EXPENSES") is scheduled on EXHIBIT "A" attached
hereto.

                         (b) Within five (5) Business Days after the Closing
Date, the Escrow Agent shall disburse from the Leasing Deposit, by wire transfer
pursuant to Section 4 hereof, to the Subsidiary for each Project Vacant Space a
prorated Monthly Pro Forma Base Rent and Expenses attributable to each Project
Vacant Space from the Closing Date through the end of the month in which Closing
occurs. Thereafter, on the first day of each calendar month during the
twenty-three (23) consecutive calendar months that follow the Closing Date,
Escrowee shall disburse, by wire transfer pursuant

                                        2
<Page>

to Section 4 hereof, from the Leasing Deposit to Subsidiary the Monthly Pro
Forma Base Rent and Expenses (prorated for any partial months), (the "LEASING
DEPOSIT MONTHLY PAYMENT") for each Project Vacant Space.

                         (c) The Leasing Deposit Monthly Payment for a Project
Vacant Space shall be made by Escrowee to Subsidiary until such time as the
following described requirements are met for such Project Vacant Space: (i) the
Project Vacant Space is leased; (ii) the tenant or tenants for the Project
Vacant Space shall have accepted its respective premises; (iii) the tenant or
tenants for the Project Vacant Space shall have opened for business at the
Property to the public; (iv) the tenant or tenants for the Project Vacant Space
shall have commenced full payment of rent and other charges under any Project
Vacant Space lease; (v) Cordish Affiliate shall have provided Subsidiary with a
certificate of Cordish Affiliate certifying that all leasing commissions and
tenant improvement allowances associated with the Project Vacant Space have been
fully paid; (vi) Cordish Affiliate shall have delivered to Subsidiary a
temporary or permanent certificate of occupancy for each separately leased
portion of the Project Vacant Space; and (vii) the tenant or the tenants for the
Project Vacant Space (or Cordish Affiliate) has executed and delivered an
estoppel certificate to Subsidiary that is reasonably acceptable to Subsidiary
(which acceptance by Subsidiary shall be given in the event that such estoppel
certificate is generally consistent in form and substance with estoppel
certificates accepted by Subsidiary in connection with other leases at the
Property prior to or on the Closing Date (as that term is defined in the
Contribution Agreement) or is on the form of such tenant)(collectively, the
"TENANT CONDITIONS"). Subsidiary and/or Cordish Affiliate shall promptly notify
the other and Escrowee of the date any tenant satisfies the Tenant Conditions.

                         (d) As each Project Vacant Space is leased during the
two (2) year period following the Closing Date, with the Tenant Conditions for
each portion of the Project Vacant Space having then been satisfied for such
leased portion of the Project Vacant Space, the balance of the Leasing Deposit
attributable to each such leased portion of the Project Vacant Space shall, upon
the joint direction of Cordish Affiliate and Subsidiary, be disbursed by the
Escrowee, by wire transfer pursuant to Section 4 hereof, within five (5)
Business Days of receipt of such joint direction, as follows: fifty percent
(50%) of such amount shall be disbursed, by wire transfer pursuant to Section 4
hereof, directly to the OPERATIONS RESERVE (as that term is defined in the
Contribution Agreement) and fifty percent (50%) of such amount shall be
disbursed, by wire transfer pursuant to Section 4 hereof, directly to the
CAPITAL RESERVE (as that term is defined in the Contribution Agreement.)
Notwithstanding the above, in the event that the actual average monthly base
rent and projected reimbursable expenses for a Project Vacant Space varies from
the Monthly Pro Forma Base Rent and Expenses for such Project Vacant Space,
Subsidiary and Cordish Affiliate shall equitably adjust the amount of the
balance of the Leasing Deposit to be so disbursed, such equitable adjustment
shall be contained in such joint direction, and Escrowee shall comply with such
joint direction. For example, if the actual average monthly base rent and
projected reimbursable expenses for a Project Vacant Space is twenty-five
percent (25%) greater than the Monthly Pro Forma Base Rent and Expenses for such
Project Vacant Space, the amount of the Leasing Deposit released for such
Project Vacant Space shall equal 125% of the

                                        3
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Monthly Pro Forma Base Rent and Expenses for such Project Vacant Space. Within
ten (10) Business Days of Cordish Affiliate's request for a joint direction, to
the extent Cordish Affiliate is entitled to a joint direction, Subsidiary shall
cooperate with Cordish Affiliate and issue the joint direction.

                         (e) The Escrowee shall disburse the balance of the
Leasing Deposit, if any, remaining on the Second (2nd) anniversary date of the
Closing Date (including all interest that has accrued on the Leasing Deposit) as
follows: fifty percent (50%) of such amount shall be disbursed, by wire transfer
pursuant to Section 4 hereof, directly to the Operations Reserve and fifty
percent (50%) of such amount shall be disbursed, by wire transfer pursuant to
Section 4 hereof, directly to the Capital Reserve.

                         (f) Notwithstanding anything to the contrary contained
in this Section 2.1, on the date that a tenant of a Project Vacant Space has
commenced payment of rent prior to the satisfaction of the Tenant Conditions,
Subsidiary shall thereafter, within five (5) Business Days of receipt of a
Leasing Deposit Monthly Payment for such Project Vacant Space, deposit, by wire
transfer pursuant to Section 4 hereof, fifty percent (50%) of such Leasing
Deposit Monthly Payment to the Operations Reserve and deposit, by wire transfer
pursuant to Section 4 hereof, fifty percent (50%) of such Leasing Deposit
Monthly Payment to the Capital Reserve.

              2.1A.    LEASED BUT NOT OPEN SPACE DEPOSIT.

                   (a) That portion of the Escrow Amount identified as the sum
of Two Hundred Seventy Thousand Four Hundred Eighty Six and 53/100 Dollars
($270,486.53) is hereby referred to as the "LEASED BUT NOT OPEN SPACE DEPOSIT."
The Leased But Not Open Space Deposit equals six (6) months of PRO FORMA base
rent and reimbursable expenses (I.E., pro rata expenses such as a tenant's pro
rata share of common area maintenance expenses and real estate taxes) for each
tenant space at the Property leased to tenants as of the Closing Date that do
not satisfy the Tenant Conditions and that are not part of the Earnout Space or
the Project Vacant Space (each a "LEASED BUT NOT OPEN SPACE"). Each Leased But
Not Open Space, the size of such space, the TI and LC allocated to such space,
the Leased But Not Open Space Deposit allocated to such space and the average
(over a five year period) monthly PRO FORMA base rent and reimbursable expenses
attributable to such space (the "MONTHLY PRO FORMA BASE RENT AND EXPENSES") is
scheduled on EXHIBIT "A" attached hereto.

                   (b) Within five (5) Business Days after the Closing Date, the
 Escrow Agent shall disburse from the Leased But Not Open Space Deposit, by wire
 transfer pursuant to Section 4 hereof, to the Subsidiary for each Leased But
 Not Open Space a prorated Monthly Pro Forma Base Rent and Expenses attributable
 to each Leased But Not Open Space from the Closing Date through the end of the
 month in which Closing occurs. Thereafter, on the first day of each calendar
 month during the five (5) consecutive calendar months that follow the Closing
 Date, Escrowee shall disburse, by wire transfer pursuant to Section 4 hereof,
 from the Leased But Not Open Space Deposit to Subsidiary the Monthly Pro Forma
 Base Rent and Expenses (prorated for any partial months), (the

                                        4
<Page>

"LEASED BUT NOT OPEN SPACE DEPOSIT MONTHLY PAYMENT") for each Leased But Not
Open Space.

                   (c) The Leased But Not Open Space Deposit Monthly Payment for
a Leased But Not Open Space shall be made by Escrowee to Subsidiary until such
time as the Tenant Conditions are met for such Leased But Not Open Space.
Subsidiary and/or Cordish Affiliate shall promptly notify the other and Escrowee
of the date any tenant satisfies the Tenant Conditions for a Leased But Not Open
Space.

                   (d) As the Tenant Conditions for each Leased But Not Open
Space are satisfied, the balance of the Leased But Not Open Space Deposit
attributable to each such leased portion of the Leased But Not Open Space shall,
upon the joint direction of Cordish Affiliate and Subsidiary, be disbursed by
the Escrowee, by wire transfer pursuant to Section 4 hereof, within five (5)
Business Days of receipt of such joint direction, as follows: fifty percent
(50%) of such amount shall be disbursed, by wire transfer pursuant to Section 4
hereof, directly to the OPERATIONS RESERVE (as that term is defined in the
Contribution Agreement) and fifty percent (50%) of such amount shall be
disbursed, by wire transfer pursuant to Section 4 hereof, directly to the
CAPITAL RESERVE (as that term is defined in the Contribution Agreement.) Within
ten (10) Business Days of Cordish Affiliate's request for a joint direction, to
the extent Cordish Affiliate is entitled to a joint direction, Subsidiary shall
cooperate with Cordish Affiliate and issue the joint direction.

                   (e) The Escrowee shall disburse the balance of the Leased But
Not Open Space Deposit, if any, remaining on the sixth month anniversary date of
the Closing Date (including all interest that has accrued on the Leased But Not
Open Space Deposit) as follows: fifty percent (50%) of such amount shall be
disbursed, by wire transfer pursuant to Section 4 hereof, directly to the
Operations Reserve and fifty percent (50%) of such amount shall be disbursed, by
wire transfer pursuant to Section 4 hereof, directly to the Capital Reserve.

                   (f) Notwithstanding anything to the contrary contained in
this Section 2.1A, on the date that a tenant of a Leased But Not Open Space has
commenced payment of rent prior to the satisfaction of the Tenant Conditions,
Subsidiary shall thereafter, within five (5) Business Days of receipt of a
Leased But Not Open Space Deposit Monthly Payment for such Leased But Not Open
Space, deposit, by wire transfer pursuant to Section 4 hereof, fifty percent
(50%) of such Leased But Not Open Space Deposit Monthly Payment to the
Operations Reserve and deposit, by wire transfer pursuant to Section 4 hereof,
fifty percent (50%) of such Leased But Not Open Space Deposit Monthly Payment to
the Capital Reserve.

                   (g) With the exception of Section 2.1, for all purposes of
this Agreement, the Contribution Agreement and the other agreements executed on
the date hereof in connection with the Contribution Agreement, the Leased But
Not Open Space shall be deemed part of the PROJECT VACANT SPACE.

                                        5
<Page>

                 2.2. TENANT IMPROVEMENT ALLOWANCES AND LEASING COMMISSIONS
DEPOSIT FOR PROJECT VACANT SPACE.

                         (a)  That portion of the Escrow Amount identified as
the sum of One Million Three Hundred Sixteen Thousand One Hundred Sixty Seven
and 00/100 Dollars ($1,316,167.00) is hereby referred to as the "TI/LC DEPOSIT."
The TI/LC Deposit consists of the sum of the aggregate amount of projected
"tenant improvement" costs that will have to be paid or incurred for each
Project Vacant Space ("TI") and the aggregate amount of projected "leasing
commission" costs that will have to be paid or incurred for each Project Vacant
Space ("LC"). The TI and LC applicable to each Project Vacant Space as scheduled
on EXHIBIT "A" hereto.

                         (b)  (i) That portion of the TI/LC Deposit attributable
to LC for a Project Vacant Space shall, upon the joint direction of Cordish
Affiliate and Subsidiary, be disbursed by the Escrowee within five (5) Business
Days of receipt of such joint direction as follows: fifty percent (50%) of such
amount shall be disbursed, by wire transfer pursuant to Section 4 hereof,
directly to the Operations Reserve and fifty percent (50%) of such amount shall
be disbursed, by wire transfer pursuant to Section 4 hereof, directly to the
Capital Reserve (or, in lieu of such distribution to the Operations Reserve and
the Capital Reserve, at the written request of Cordish Affiliate contained in
such joint direction, to a third party pursuant to wire instructions contained
in such joint direction.) Within ten (10) Business Days of Cordish Affiliate's
request for a joint direction, which request shall be accompanied by signed lien
waivers and invoices from the applicable real estate broker or brokers for such
Project Vacant Space, or if no broker is involved, upon the delivery of a
certification to that effect by Cordish Affiliate for the benefit of Subsidiary.
Within ten (10) Business Days of Cordish Affiliate's request for a joint
direction, to the extent Cordish Affiliate is entitled to a joint direction,
Subsidiary shall cooperate with Cordish Affiliate and issue and deliver the
joint direction to Escrowee.

                              (ii) That portion of the TI/LC Deposit
attributable to TI for a Project Vacant Space shall, upon the joint direction of
Cordish Affiliate and Subsidiary, be disbursed by the Escrowee within five (5)
Business Days of receipt of such joint direction as follows: fifty percent (50%)
of such amount shall be disbursed to the Operations Reserve and fifty percent
(50%) of such amount shall be disbursed to the Capital Reserve, by wire transfer
pursuant to Section 4 hereof (or, in lieu of such distribution to the Operations
Reserve and the Capital Reserve, at the written request of Cordish Affiliate
contained in such joint direction, to a third party pursuant to wire
instructions contained in such joint direction.) Within ten (10) Business Days
of Cordish Affiliate's request for a joint direction, which request shall be
accompanied by either (A) the documentation required by each lease for such
Project Vacant Space, and in any event, in the event that Cordish Affiliate is
performing construction work, no less documentation than copies of invoices and
mechanics lien waivers for landlord's work from the applicable general
contractor for such Project Vacant Space, in the amount of each request shall
accompany the draw request; or (B) or if no TI is required for a Project Vacant
Space, a certification to that effect by Cordish Affiliate for the benefit of
Subsidiary. Within ten (10) Business Days of Cordish Affiliate's request for a
joint

                                        6
<Page>

direction, to the extent Cordish Affiliate is entitled to a joint direction,
Subsidiary shall cooperate with Cordish Affiliate and issue and deliver the
joint direction to Escrowee.

                              (iii) To the extent the TI/LC Deposit has not been
fully disbursed by the second anniversary of the Closing Date, the Escrowee
shall, by wire transfer pursuant to Section 4 hereof, disburse, by wire transfer
pursuant to Section 4 hereof, the remaining balance of the TI/LC Deposit to
Subsidiary (exclusive of all interest that accrued thereon) and all interest
that accrued thereon shall be disbursed fifty percent (50%) to the Operations
Reserve and the balance to the Capital Reserve.

              3. DISPUTE - ESCROWEE RIGHTS. In the event either party objects to
the disbursement of the Escrow Amount as provided above, Escrowee shall notify
Subsidiary, Cordish Affiliate and CR Affiliate of such dispute and shall hold
the Escrow Amount in escrow pending resolution of such objection by mutual
agreement of the parties or by arbitration of same pursuant to the provisions of
Section 6 hereof. After any disbursement of the Escrow Amount under the terms of
this Agreement, Escrowee's duties and obligations hereunder shall cease. In the
event of any dispute regarding disbursement of the Escrow Amount, the party
ultimately receiving the Escrow Amount after resolution of such dispute shall be
entitled to receive from the other party all the prevailing party's costs and
expenses incurred in connection with the resolution of such dispute including,
without limitation, all arbitration, court costs and reasonable attorney's fees.

       4. WIRE INSTRUCTIONS. Any part of the Escrow Amount to be disbursed to
the Operations Reserve shall be disbursed by wire transfer of immediately
available funds in accordance with the wire instructions attached hereto as
EXHIBIT "B". Any part of the Escrow Amount to be disbursed into the Capital
Reserve shall be disbursed by wire transfer of immediately available funds in
accordance with the wire instructions attached hereto as EXHIBIT "C". Any part
of the Escrow Amount to be disbursed to Subsidiary shall be disbursed by wire
transfer of immediately available funds in accordance with the wire instructions
attached hereto as EXHIBIT "D". To the extent that any of the attached wiring
instructions require Escrowee to notify a person or party by telephone or fax of
such wire, the amount of such wire, the date and time of the sending of such
wire and the Fed Reference Number for such wire, Escrowee shall comply with such
instructions. Cordish Affiliate shall have the right, from time to time, to
change the wire instructions applicable for disbursements to the Operations
Reserve by Notice to the other parties hereto. CR Affiliate shall have the
right, from time to time, to change the wire instructions applicable for
disbursements to the Capital Reserve by Notice to the other parties hereto.
Subsidiary shall have the right, from time to time, to change the wire
instructions applicable for disbursements to Subsidiary by Notice to the other
parties hereto. Any such change of wire instructions by a party hereto or CR
Affiliate shall become effective five (5) Business Days after the effective date
of such Notice to Escrowee.

                                        7
<Page>

              5. REPRESENTATIONS AND WARRANTIES.

                 5.1.  Cordish Affiliate hereby represents and warrants to
Subsidiary and Escrowee as follows:

                         (a) Cordish Affiliate is a limited liability company
duly organized, validly existing and in good standing under the laws of the
State of Maryland. Cordish Affiliate has all requisite power and authority to
carry on the businesses in which it is engaged and to own and use the properties
owned and used by it.

                         (b) Cordish Affiliate has all requisite power and
authority to execute and deliver this Agreement, and to perform its obligations
hereunder and thereunder. The execution and delivery by Cordish Affiliate of
this Agreement and the consummation by Cordish Affiliate of the transactions
contemplated hereby have been duly and validly authorized by all necessary
action on the part of Cordish Affiliate. This Agreement has been duly and
validly executed and delivered by Cordish Affiliate and constitutes a valid and
binding obligation of Cordish Affiliate, enforceable against it in accordance
with its terms.

                         (c) Neither the execution and delivery by Cordish
Affiliate of this Agreement nor the consummation by Cordish Affiliate of the
transactions contemplated hereby and thereby, will: (i) conflict with or violate
any provision of the organizational documents of Cordish Affiliate Affiliate,
(ii) require on the part of Cordish Affiliate any filing with, or permit,
authorization, consent or approval of, any third party, (iii) conflict with,
result in breach of, constitute (with or without due notice or lapse of time or
both) a default under, result in the acceleration of obligations under, create
in any party any right to terminate, modify or cancel, or require any notice,
consent or waiver under, any contract or instrument to which Cordish Affiliate
is a party or by which it is bound or to which its assets are subject, or (iv)
violate any order, writ, injunction, decree, statute, rule or regulation
applicable to Cordish Affiliate or any of its properties or assets.

                 5.2.  Each Subsidiary hereby represents and warrants to Cordish
Affiliate and Escrowee as follows:

                         (a) Subsidiary is a limited liability company duly
organized, validly existing and in good standing under the laws of the State of
Maryland and is duly qualified to conduct business and is in corporate and tax
good standing under the laws of each jurisdiction in which the nature of its
businesses or the ownership or leasing of its properties requires such
qualification. Subsidiary has all requisite power and authority to carry on the
businesses in which it is engaged and to own and use the properties owned and
used by it.

                         (b) Subsidiary has all requisite power and authority to
execute and deliver this Agreement, and to perform its obligations hereunder and
thereunder. The execution and delivery by Subsidiary of this Agreement and the
consummation by Subsidiary of the transactions contemplated hereby have been
duly and validly authorized by all necessary action on the part of Subsidiary.
This Agreement has been duly and

                                        8
<Page>

validly executed and delivered by Subsidiary and constitutes a valid and binding
obligation of Subsidiary, enforceable against it in accordance with its terms.

                         (c) Neither the execution and delivery by Subsidiary of
this Agreement nor the consummation by Subsidiary of the transactions
contemplated hereby and thereby, will: (i) conflict with or violate any
provision of the organizational documents of Subsidiary, (ii) require on the
part of Subsidiary any filing with, or permit, authorization, consent or
approval of, any third party, (iii) conflict with, result in breach of,
constitute (with or without due notice or lapse of time or both) a default
under, result in the acceleration of obligations under, create in any party any
right to terminate, modify or cancel, or require any notice, consent or waiver
under, any contract or instrument to which Subsidiary is a party or by which it
is bound or to which its assets are subject, or (iv) violate any order, writ,
injunction, decree, statute, rule or regulation applicable to Subsidiary or any
of its properties or assets.

                 5.3. Escrowee hereby represents and warrants to Cordish
Affiliate and Subsidiary as follows:

                         (a) Escrowee is a corporation duly organized, validly
existing and in good standing under the laws of the State of New York and is
duly qualified to conduct business and is in corporate and tax good standing
under the laws in each jurisdiction in which the nature of its businesses
requires such qualification. Escrowee has all requisite power and authority to
carry on the businesses in which it is engaged and to own and use the properties
owned and used by it.

                         (b) Escrowee has all requisite power and authority to
execute and deliver this Agreement, and to perform its obligations hereunder and
thereunder. The execution and delivery by Escrowee of this Agreement and the
consummation by Escrowee of the transactions contemplated hereby have been duly
and validly authorized by all necessary action on the part of Escrowee. This
Agreement has been duly and validly executed and delivered by Escrowee and
constitutes a valid and binding obligation of Escrowee, enforceable against it
in accordance with its terms.

                         (c) Neither the execution and delivery by Escrowee of
this Agreement nor the consummation by Escrowee of the transactions contemplated
hereby and thereby, will: (i) conflict with or violate any provision of the
organizational documents of Escrowee, (ii) require on the part of Escrowee any
filing with, or permit, authorization, consent or approval of, any third party,
(iii) conflict with, result in breach of, constitute (with or without due notice
or lapse of time or both) a default under, result in the acceleration of
obligations under, create in any party any right to terminate, modify or cancel,
or require any notice, consent or waiver under, any contract or instrument to
which Escrowee is a party or by which it is bound or to which its assets are
subject, or (iv) violate any order, writ, injunction, decree, statute, rule or
regulation applicable to Escrowee or any of its properties or assets.

              6.  ARBITRATION. In the event that any dispute shall arise between
or among the parties hereto with respect to the application of any of the
provisions of this Agreement,

                                        9
<Page>

and such dispute is not resolved to the satisfaction of the parties hereto
within twenty (20) days after the a party hereto shall notify the other parties
hereto in writing of its desire to arbitrate the dispute (the "ARBITRATION
NOTICE"), then the dispute shall be resolved in accordance with the Commercial
Arbitration Rules of the American Arbitration Association then pertaining. The
decision of the arbitrator shall be binding, final and conclusive on the
parties. Unless the parties otherwise agree, such arbitration proceedings shall
be conducted in Baltimore, Maryland. The arbitrator shall be selected by the
American Arbitration Association in accordance with the Commercial Arbitration
Rules of the American Arbitration Association. The fees of the arbitrator and
the expenses incident to the proceedings shall be borne by the losing party. The
decision of the arbitrator shall be rendered within thirty (30) days after the
conclusion of the arbitration. A judgment of a court of competent jurisdiction
may be entered upon the award of the arbitrator in accordance with the rules and
statutes applicable thereto then obtaining. The parties hereto agree that the
arbitrator may order and compel specific performance.

              7.  VENUE. Any lawsuit, action, or proceeding arising under this
Agreement that is not subject to arbitration shall, to the extent there is
federal jurisdiction over the parties and subject matter, be brought exclusively
in the Northern Division of the United States District Court for the District of
Maryland. In the event federal jurisdiction does not exist, such lawsuit, action
or proceeding shall be brought in the Circuit Court for Baltimore County,
Maryland.

              8.  COOPERATION/CONFLICT WITH CONTRIBUTION AGREEMENT/. Subsidiary
shall reasonably cooperate with the efforts of Cordish Affiliate to satisfy the
conditions of the disbursement of the Escrow Amount and shall not unreasonably
withhold any approval or issuance of any distribution direction requested by
Cordish Affiliate hereunder. In the event of a conflict between the provisions
of the Contribution Agreement and the provisions of this Agreement, the
provisions of this Agreement shall control. To the extent Subsidiary is
obligated to pay any cost and expense in connection with this Agreement, such
cost and expense shall not be paid or reimbursed from the Operations Reserve or
Capital Reserve.

              9.  COSTS OF ADMINISTRATION AND SUCCESSORS AND ASSIGNS. The costs
of administration of this Agreement by Escrowee shall be shared fifty percent by
Cordish Affiliate and fifty percent by Subsidiary. This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective
heirs, principals, successors and assigns and shall be governed and construed in
accordance with the laws of the State of Illinois.

              10. NOTICES. All notices, demands, consents, approvals, requests
or other communications which any of the parties to this Agreement or CR
Affiliate may desire or be required to give hereunder (collectively, "NOTICES")
shall be in writing and shall be given by personal delivery, nationally
recognized next day delivery service (delivery charges prepaid, return receipt
requested) or United States registered or certified mail (postage prepaid,
return receipt requested) addressed as hereinafter provided. Except as otherwise
specified herein, the effective date of any Notice (I.E., the date a party shall
be

                                       10
<Page>

deemed to have received such Notice), shall be the earliest to occur of: (a) if
by personal delivery, the date of receipt, or attempted delivery, if such
communication is refused; (b) if by nationally recognized next Business Day
delivery service (as aforesaid), the next Business Day after delivery to such
service; and (c) if sent by mail (as aforesaid), three (3) Business Days after
posting. Until further notice, notices and other communications under this
Agreement shall be addressed to the parties and CR Affiliate listed below as
follows:

If to Cordish Affiliate:       RRP Investors, LLC
                               c/o The Cordish Company
                               601 East Pratt Street, Sixth Floor
                               Baltimore, Maryland 21202
                               Attn: David S. Cordish

with a copy to:                RRP Investors, LLC
                               c/o The Cordish Company
                               601 East Pratt Street, Sixth Floor
                               Baltimore, Maryland 21202
                               Attn: General Counsel

If to Subsidiary:              Reisterstown Plaza Associates, LLC
                               RRP Hecht, LLC
                               c/o Inland Western Retail Real Estate Trust, Inc.
                               2901 Butterfield Road
                               Oak Brook, Illinois 60523
                               Attention: Chief Financial Officer

with a copy to:                Charles J. Benvenuto, Esq.
                               2901 Butterfield Road
                               3rd Floor
                               Oak Brook, Illinois 60523

If to Escrowee:                Chicago Title Insurance Company
                               171 North Clark Street
                               Chicago, Illinois 60601
                               Attention: Nancy Castro

If to CR Affiliate:            CR Reisterstown Plaza, LLC
                               1427 Clarkview Road
                               Suite 500
                               Baltimore, Maryland 21209

                                       11
<Page>

with a copy to:                CR Reisterstown Plaza, LLC
                               1427 Clarkview Road
                               Suite 500
                               Baltimore, Maryland 21209
                               Attention: General Counsel

Any party hereto or CR Affiliate may designate another addressee (and/or change
its address) for Notices hereunder by a Notice given pursuant to this Section to
each of the other parties hereto and CR Affiliate.

WHEN DELIVERING A NOTICE PURSUANT TO THIS AGREEMENT, ESCROWEE AND SUBSIDIARY
SHALL CONTEMPORANEOUSLY DELIVER A COPY OF SUCH NOTICE TO CR AFFILIATE AT THE
NOTICE ADDRESSES OF CR AFFILIATE CONTAINED IN THIS SECTION 10 BY THE SAME MANNER
OF DELIVERY OF SUCH NOTICE.

              11. HEADINGS. The captions and section headings contained in this
Agreement are for convenience of reference only and shall not be considered in
any interpretation of the provisions of this Agreement.

              12. REPORTING. Escrowee agrees to deliver to Subsidiary and
Cordish Affiliate, on a monthly basis, a copy of the bank statement of account
of the Escrow Amount. Such monthly statements shall be delivered to Cordish
Affiliate at its notice address and to Subsidiary: Inland Western Retail Real
Estate Trust, Inc., 2901 Butterfield Road, Oak Brook Illinois 60523, attention
Steven Grimes, CFO (telephone: 630-218- 8000; facsimile: 630-218-4900).

       13.     AMENDMENTS/THIRD PARTY BENEFICIARY. EXCEPT AS OTHERWISE HEREIN
PROVIDED, ANY AND ALL AMENDMENTS, MODIFICATIONS, ADDITIONS OR DELETIONS TO THIS
AGREEMENT SHALL BE NULL AND VOID UNLESS APPROVED IN ADVANCE BY THE PARTIES
HERETO IN WRITING. THE PARTIES HERETO ACKNOWLEDGE AND AGREE THAT CORDISH
AFFILIATE MAY NOT ENTER INTO OR CONSENT TO ANY AMENDMENTS, MODIFICATION,
ADDITIONS OR DELETIONS TO THIS AGREEMENT UNLESS IT OBTAINS THE PRIOR WRITTEN
CONSENT THERETO FROM CR AFFILIATE. CR AFFILIATE IS A THIRD PARTY BENEFICIARY OF
THIS AGREEMENT. In the event that any party hereto fails to comply with any of
the terms and provisions of this Agreement, CR Affiliate shall have the right to
initiate and prosecute an arbitration proceeding against such party to enforce
the provisions of this Agreement (including court actions to enforce or
challenge any findings) solely to the extent that such provisions directly
effect the economic rights and interests of CR Affiliate. The provisions of
Sections 6, 7, 15, 17 and 18 shall apply to such proceeding as if CR Affiliate
was a party to this Agreement.

              14. INTEGRATION. With the exception of the Contribution Agreement
and the INDEMNITY AGREEMENT, the LEASING AGREEMENT, the LIQUIDITY AMOUNT ESCROW
AGREEMENT and the OPERATING AGREEMENT (as those terms are defined in the
Contribution Agreement) and any and all agreements executed in connection with
any such agreement, this Agreement encompasses, replaces, integrates and
supercedes any

                                       12
<Page>

and all other negotiations, discussions, offers, promises, arrangements and
agreements between the parties hereto relating to the Property.

              15. INVALID PROVISIONS. This Agreement shall be construed, as to
 execution, interpretation and enforcement, in accordance with the laws of the
 State of Maryland. If any term, condition or provision of this Agreement shall
 be declared invalid or unenforceable, the remainder of this Agreement shall not
 be affected thereby and shall remain in full force and effect and shall be
 valid and enforceable to the fullest extent permitted by law.

              16. ATTRIBUTION OF DRAFTING. This Agreement shall be deemed to
have been drafted jointly by the parties and any uncertainty or ambiguity shall
not be construed for or against either party as an attribution of drafting of
either party.

              17. ATTORNEY FEES. Subject to the provisions of Section 6 hereof,
if either Subsidiary or Cordish Affiliate brings suit or other legal proceedings
to enforce the provisions of this Agreement against the other, then the party
prevailing in such suit or proceeding shall be reimbursed by the other for all
reasonable attorneys' fees and litigation costs and expenses incurred by the
prevailing party in connection with such suit or proceeding.

              18. WAIVER OF JURY TRIAL. Subject to the provisions of Section 6
hereof, Subsidiary and Cordish Affiliate do hereby waive trial by jury in any
action, suit, proceeding, and/or counterclaim brought by either of the parties
hereto against the other on any matters whatsoever arising out of or in any way
connected with this Agreement any claim of injury or damage, and/or statutory
remedy.

              19. GOOD FAITH AND FAIR DEALING. The parties covenant and agree
each to the other that its conduct under this Agreement, and the interpretation
and enforcement of the provisions hereof, shall be characterized by good faith
and fair dealings so that the objectives of each party as set forth in this
Agreement may be achieved.

              20. COUNTERPARTS. This Agreement may be executed in counterparts
and shall constitute an agreement binding on all parties notwithstanding that
all parties are not signatories of the original or the same counterpart.
Furthermore, the signatures from one counterpart may be attached to another to
constitute a fully executed original. The Agreement may be executed by
facsimile.

              21. TIME OF THE ESSENCE. Time is of the essence with regard to the
parties obligations under this Agreement.

              22. SURVIVAL PERIOD IN CONTRIBUTION AGREEMENT. Section 2 of the
Indemnification Agreement provides that the representations, warranties,
covenants or agreements made in the Contribution Agreement shall survive the
Closing Date for the periods provided therein. Nothing in this Agreement shall
be interpreted as modifying the survival period of such representations,
warranties, covenants or agreements.

                                       13
<Page>

              23. BUSINESS DAY. The term "BUSINESS DAY" means any day other than
Saturday, Sunday or any other day on which commercial banks or savings and loan
associations are required or authorized by law to close in New York City.

              24. JOINT SEVERAL OBLIGATIONS, ETC. OF SUBSIDIARY. Each of the
obligations hereunder of RPA and RRP Hecht are joint and not several obligations
of the RPA and RRP Hecht. In the event that RPA and RRP Hecht provide Cordish
Affiliate with conflicting instructions, directions or approvals, Cordish
Affiliate shall follow the instructions, directions and approvals of RPA and
disregard the instructions, directions and/or approvals of RRP Hecht. RRP Hecht
hereby irrevocably appoints and empowers RPA to administer this Agreement on its
behalf as its agent. Only the signature of RPA shall be necessary to bind the
Subsidiary hereunder. In the event of a conflict between the other provisions of
this Agreement and the provisions of this Section 24, the provisions of this
Section 24 shall control.

                           SIGNATURES ON NEXT PAGE

                                       14
<Page>

       IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement
to be signed and delivered, under seal, as of the day and year first above
written.

WITNESS/ATTEST:                  CORDISH AFFILIATE:

                                 RRP INVESTORS, LLC,
                                 a Maryland limited liability company

                                 By:                                     (SEAL)
-----------------------------       -------------------------------------
                                    Charles F. Jacobs, Authorized Person

                                 SUBSIDIARY:

                                 REISTERSTOWN PLAZA ASSOCIATES, LLC,
                                 a Maryland limited liability company

                                 By:                               (SEAL)
-----------------------------       -------------------------------
                                 Name:
                                      -----------------------------
                                 Title:
                                       ----------------------------

                                 RRP HECHT, LLC,
                                 a Maryland limited liability company

                                 By:                               (SEAL)
-----------------------------       -------------------------------
                                 Name:
                                      -----------------------------
                                 Title:
                                       ----------------------------

                                 ESCROWEE:

                                 CHICAGO TITLE INSURANCE COMPANY, a
                                 Missouri corporation

/s/ [ILLEGIBLE]                  By: /s/ Nancy R. Castro                 (SEAL)
-----------------------------       -------------------------------------
                                  Title: AVP
                                        ----------------------------
                                  Name: NANCY R. CASTRO
                                       -----------------------------

                                       15
<Page>

       IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement
to be signed and delivered, under seal, as of the day and year first above
written.

WITNESS/ATTEST:                  CORDISH AFFILIATE:

                                 RRP INVESTORS, LLC,
                                 a Maryland limited liability company

/s/ [ILLEGIBLE]                  By: /s/ [ILLEGIBLE]                     (SEAL)
-----------------------------       -------------------------------------
                                    [ILLEGIBLE], Authorized Person

                                 SUBSIDIARY:

                                 REISTERSTOWN PLAZA ASSOCIATES, LLC,
                                 a Maryland limited liability company

/s/ [ILLEGIBLE]                  By: /s/ [ILLEGIBLE]               (SEAL)
-----------------------------       -------------------------------
                                 Name: [ILLEGIBLE]
                                      -----------------------------
                                 Title: [ILLEGIBLE]
                                       ----------------------------

                                 RRP HECHT, LLC,
                                 a Maryland limited liability company

/s/ [ILLEGIBLE]                  By: /s/ [ILLEGIBLE]               (SEAL)
-----------------------------       -------------------------------
                                 Name: [ILLEGIBLE]
                                      -----------------------------
                                 Title: [ILLEGIBLE]
                                       ----------------------------

                                 ESCROWEE:

                                 CHICAGO TITLE INSURANCE COMPANY, a
                                 New York corporation

                                 By:                                     (SEAL)
-----------------------------       -------------------------------------
                                  Title:
                                        ----------------------------
                                  Name:
                                       -----------------------------

                                       15
<Page>

                                   EXHIBIT "A"

     SCHEDULE OF PROJECT VACANT SPACE (INCLUDING LEASED BUT NOT OPEN SPACE)
                                   INFORMATION

List each Project Vacant Space (including the Leased But Not Open Space, the
size of such space, the TI and LC (as those terms are defined in Section 2.2
hereof) allocated to such space, the LEASING DEPOSIT allocated to such space and
the average (over a five year period) monthly PRO FORMA base rent and
reimbursable expenses attributable to such space (the "MONTHLY PRO FORMA BASE
RENT AND EXPENSES").

<Page>

REISTERSTOWN ROAD PLAZA WATERFALL

<Table>
<S>                                                                                          <C>                     <C>
Gross Proceeds                                                                               $   100,000,000

 Less: Loan Retirement                                                                           (39,974,969)
 Less: Earn-Out on Unfinished Pads & Mezz.                                                       (11,546,674)

Proceeds Less Debt & Earn-Out                                                                $    48,478,357

Escrow Amounts
  Contingency Escrow (10% OF SALE PROCEEDS)                                                       (8,845,333)
  Escrow Amount (1.3.3 OF CONTRIBUTION AGREEMENT)                                                 (2,313,568)
                                                                                             ---------------
    TOTAL ESCROW AMOUNTS                                                                         (11,158,900)

Net Initial Proceeds (to Holding Company)                                                    $    37,319,457

  Less: Transaction Fee (to Cordish Share of Operations Reserve)                                    (500,000)
  Less: Transaction Expenses (Cordish)                                                              (200,000)
  Less: Transaction Expenses (Continental)                                                           (75,000)

NET INITIAL AMOUNT (TO OPERATIONS & CAPITAL RESERVE)                                         $    36,544,457
                                                                                             ---------------

  Continental Share (50%)                                                                                            18,347,229
    Less: Transaction Expense at Closing (from Continental Share of Oper. Reserv.)                                      (75,000)
    Less: Transaction Expense at Closing (from Continental Share of Oper. Reserv.)                                     (250,000)
                                                                                                                ---------------
  Net to Continental in Capital Reserve                                                                              18,022,229

  Cordish Share (50%) plus Transaction Fee                                                                           18,972,229

ADDITIONAL POTENTIAL AMOUNTS TO OPER. & CAPITAL RESERVE                                           21,389,407
  (ASSUMING RELEASE OF ALL EARN-OUTS AND ESCROWS, EXCEPT FOR ESCROWED T.I. AND I.C. COSTS)   ---------------

  Continental Share (50%)                                                                                            10,694,704
  Cordish Share (50%)                                                                                                10,694,704

TOTAL POTENTIAL AMOUNTS TO OPER. RESERVE                                                          57,933,864
  (ASSUMING RELEASE OF ALL EARN-OUTS AND ESCROWS, EXCEPT FOR T.I. AND I.C. COSTS)            ===============

  Continental Share (50%)                                                                                            28,966,932
  Cordish Share (50%)                                                                                                28,966,932
</Table>

NOTE: Costs to complete, transaction expenses will be paid out Operations
Reserve, to be split 50/50 between Continental and Cordish

RRP PAD SITE & MEZZANINE OFFICE EARN-OUT CALCULATION (ESTIMATED AS OF 7/31/04):

<Table>
<Caption>
                                                                         ESTIMATED         ANNUAL             RENT       EARN OUT
                                                        SPACE NUMBER    RENT COMM.           RENT       MULTIPLIER         AMOUNT
                                                        ------------   -----------   ------------       ----------   ------------
<S>                                                     <C>            <C>           <C>                  <C>        <C>
VACANT--BCCC Pending (Rear of Furniture Palace Space)   6500A1          January-05        238,486         10.99288   $  2,621,642
Modell's (executed lease)                               6500A2         December-04        217,392         10.99288      2,389,764
Mezzanine Office (VACANT)                               6550-D           August-05         81,000         10.99288        890,423
PAD B (VACANT--Krispy Kreme Pending)                    PAD B              July-05         90,000         10.99288        989,359
PAD C (Yum Brands Executed Lease)                       PAD C           January-05        125,000         10.99288      1,374,110
PAD D (VACANT--Casual Male Pending)                     PAD D              July-05        140,000         10.99288      1,539,003
PAD E (Wendy's Executed Lease)                          PAD E             April-05         60,000         10.99288        659,573
PAD F (VACANT--Old Country Buffet Pending)              PAD F              July-05         98,500         10.99288      1,082,799
                                                                                     ------------                    ------------
                                                                                     $  1,050,378                    $ 11,546,674

<Caption>
                                                          PROJECTED    PROJECTED      PROJECTED      NET VALUE
                                                          LL / SITE       TENANT        LEASING           LESS
                                                              COSTS    ALLOWANCE     COMMISSION          COSTS
                                                        -----------   ----------   ------------   ------------
<S>                                                     <C>           <C>          <C>            <C>
VACANT--BCCC Pending (Rear of Furniture Palace Space)   $   755,640            -   $          -   $  1,866,002
Modell's (executed lease)                                   115,000      310,560         62,112      1,902,092
Mezzanine Office (VACANT)                                   300,000            -         16,200        574,223
PAD B (VACANT--Krispy Kreme Pending)                         30,000            -         45,000        914,359
PAD C (Yum Brands Executed Lease)                            30,000            -         38,750      1,305,360
PAD D (VACANT--Casual Male Pending)                         617,000            -         12,640        909,363
PAD E (Wendy's Executed Lease)                               30,000            -              -        629,573
PAD F( VACANT--Old Country Buffet Pending)                  170,000            -         31,164        881,635
                                                        -----------   ----------   ------------   ------------
                                                        $ 2,047,640   $  310,560   $    205,866   $  8,982,608
</Table>

RRP VACANCY ESCROW CALCULATION:

<Table>
<Caption>
                                                                          ESTIMATED    SQUARE
POTENTIAL TENANT                                        SPACE NUMBER     RENT COMM.   FOOTAGE   TI DEPOSIT
----------------                                        ------------   ------------   -------   ----------
<S>                                                     <C>            <C>             <C>      <C>
Vacant                                                  6796             March-05       1,329       34,733
Vacant                                                  6566             March-05         817       21,352
Vacant                                                  6544            January-05      1,467       38,340
Vacant                                                  6612             March-05       1,065       27,834
Vacant - Rainbow                                        6542           November-04      4,000      104,540
Vacant - Day Spa                                        6512-C         December-04      3,010       78,666
Vacant - BCCC Expansion                                 6776-206       December-04      4,612      120,534
State of MD DPSCS (signed lease--6 month escrow only)   6776-204       September-04    20,680      630,000
Cajun Grill (signed lease--6 month escrow only)         6618-B         December-04        429       70,000
Household Finance (signed lease--6 month escrow only)   6532           December-04      2,476            -
Mamma Lucia's (signed lease--6 month escrow only)       6604           September-04     1,695            -
Pack & Post (signed lease--6 month escrow only)         4130-C         December-04       1048        4,000
Sprint PCS (signed lease--6 month escrow only)          4130           November-04      2,924       90,000
                                                                                      -------   ----------
                                                                                       45,552    1,220,000

                                                                                                $    26.13

<Caption>
                                                                          TOTAL
POTENTIAL TENANT                                          LC DEPOSIT   TI/LC DEPOSIT   LEASING DEPOSIT   ESCROW AMOUNT
----------------                                        ------------   -------------   ---------------   -------------
<S>                                                     <C>                <C>              <C>              <C>
Vacant                                                         3,441          22,050         92,699.55         114,749
Vacant                                                         2,115          26,201         65,661.99          91,863
Vacant                                                         3,798          44,358         56,407.85         100,766
Vacant                                                         2,757          34,519         62,976.74          97,496
Vacant - Rainbow                                              10,357         148,000        180,510.62         328,511
Vacant - Day Spa                                               7,793          51,076        140,628.39         191,704
Vacant - BCCC Expansion                                       11,941         142,000        128,029.12         270,029
State of MD DPSCS (signed lease--6 month escrow only)              -         630,000        128,629.60         758,630
Cajun Grill (signed lease--6 month escrow only)                    -          70,000         14,712.56          84,713
Household Finance (signed lease--6 month escrow only)         17,912          39,356         28,938.74          68,294
Mamma Lucia's (signed lease--6 month escrow only)                  -               -         38,554.47          38,554
Pack & Post (signed lease--6 month escrow only)                    -           4,000         14,466.59          18,467
Sprint PCS (signed lease--6 month escrow only)                14,608         104,608         45,184.57         149,793
                                                        ------------   -------------        ----------   -------------
                                                              74,723       1,316,167        997,400.78       2,313,568

                                                        $       2.59
</Table>

<Page>

                             CONTRIBUTION AGREEMENT
                             REISTERSTOWN ROAD PLAZA

                                EXHIBIT 1.3.1(b)

                    FORM OF LIQUIDITY AMOUNT ESCROW AGREEMENT

<Page>

                               EXHIBIT "1.3.1(b)"

                             REISTERSTOWN ROAD PLAZA

                        LIQUIDITY AMOUNT ESCROW AGREEMENT

       THIS LIQUIDITY AMOUNT ESCROW AGREEMENT (this "AGREEMENT"), is made and
entered into as of the 30th, day of July, 2004, by and among RRP INVESTORS,
LLC, a Maryland limited liability company ("CORDISH AFFILIATE"), REISTERSTOWN
PLAZA ASSOCIATES, LLC, a Maryland limited liability company ("RPA") and RRP
HECHT, LLC, a Maryland limited liability company ("RRP HECHT", RPA and RRP Hecht
are individually and collectively referred to herein as "SUBSIDIARY"), and
CHICAGO TITLE INSURANCE COMPANY, a New York corporation ("ESCROWEE").

                                   WITNESSETH:

       WHEREAS, immediately prior to the execution of this Agreement, CR
Reisterstown Plaza, LLC, a Maryland limited liability company ("CR AFFILIATE")
and Cordish Affiliate, owned all of the membership interests in Reisterstown
Plaza Holdings, LLC, a Maryland limited liability company (the "HOLDING
COMPANY"), which owns all of the membership interests in the Subsidiary.
Subsidiary each own a portion, and collectively own all, of that certain
retail/office complex commonly known as Reisterstown Road Plaza, which is
located at the intersection of Reisterstown Road and Patterson Avenue, in the
City of Baltimore, State of Maryland (the "PROPERTY").

       WHEREAS, Holding Company and Inland Reisterstown HC, L.L.C., a
Delaware limited liability company ("INLAND AFFILIATE") have entered into a
Contribution Agreement, dated July 21, 2004 (the "CONTRIBUTION AGREEMENT"),
pursuant to which, among other things, Inland Affiliate was to be admitted to
Holding Company as a member at the CLOSING (as that term is defined in the
Contribution Agremeent.)

       WHEREAS, Closing under the Contribution Agreement has occurred on the
date hereof, and, in connection with the Closing, on the date hereof, Inland
Affiliate has been so admitted and has made the CAPITAL CONTRIBUTION (as that
term is defined in the Contribution Agreement).

       WHEREAS, pursuant to the terms of the Contribution Agreement, Inland
Affiliate has agreed, on behalf of Holding Company, to deposit, by wire transfer
of immediately available funds, a portion of the Capital Contribution with
Escrowee at the Closing, in an amount equal to the sum of EIGHT MILLION EIGHT
HUNDRED FORTY-FIVE THOUSAND THREE HUNDRED THIRTY-THREE AND 00/100 DOLLARS
($8,845,333.00) in order to provide for the LIQUIDITY AMOUNT (as defined in
Section 1 hereof).

<Page>

       WHEREAS, Escrowee is willing to accept the Liquidity Amount and hold and
disburse it in accordance with the terms and conditions set forth below.

       NOW, THEREFORE, for and in consideration of the premises hereto, the
covenants and agreements hereinafter made, and for Ten Dollars ($10.00) in hand
paid to Escrowee, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

       1. DEPOSIT AND ACCEPTANCE OF LIQUIDITY AMOUNT. Inland Affiliate, on
behalf of Holding Company, hereby deposits with Escrowee, and Escrowee hereby
acknowledges receipt of the sum of EIGHT MILLION EIGHT HUNDRED FORTY-FIVE
THOUSAND THREE HUNDRED THIRTY-THREE AND 00/100 DOLLARS ($8,845,333.00) as the
"LIQUIDITY AMOUNT." Escrowee hereby agrees to deposit the Liquidity Amount into
an interest bearing account with a bank, savings and loan institution, money
market account, or other depository reasonably satisfactory to Subsidiary,
Cordish Affiliate and Escrowee with interest accruing for the benefit of Holding
Company, except as otherwise provided herein. All interest earned on the
Liquidity Amount shall be deemed part of the Liquidity Amount. The federal
taxpayer identification of Holding Company is as follows: 02-1665701.

       2. RETENTION AND DISBURSEMENT OF LIQUIDITY AMOUNT. Escrowee shall retain
the Liquidity Amount in the account, and shall cause the same to be disbursed
therefrom as follows:

              (a)  At any time after the first anniversary of the date hereof,
Cordish Affiliate shall have the right and power to send a written notice to
Escrowee, CR Affiliate and Subsidiary instructing Escrowee to disburse, by wire
transfer pursuant to Section 4 hereof, fifty percent (50%) of the Phase 1
Liquidity Amount to the Operations Reserve and to disburse fifty percent (50%)
of the Phase 1 Liquidity Amount to the Capital Reserve. Unless Subsidiary
provides Cordish Affiliate, CR Affiliate and Escrowee with a written objection
in accordance with the provisions of Section 2(c) hereof to such distribution
within ten (10) Business Days of the effective date of such notice from Cordish
Affiliate to Escrowee, Escrowee shall comply with such instructions of Cordish
Affiliate on the fifteenth (15th) Business Day following the effective date of
such notice from Cordish Affiliate to Escrowee. For the purposes of this Section
2.1(a), the term "PHASE 1 LIQUIDITY AMOUNT" shall mean the greater of (A) the
excess, if any, of (i) the then outstanding balance of the Liquidity Amount
(including all of the interest that accrued on the Liquidity Amount and
decreased to the extent required under the terms of Section 2.1(c) hereof) over
(ii) fifty percent (50%) of the initial amount of the Liquidity Amount as of the
date hereof, and (B) zero.

              (b)  At any time after the second anniversary of the date
hereof, Cordish Affiliate shall have the right and power to send a written
notice to Escrowee, CR Affiliate and Subsidiary instructing Escrowee to
disburse, by wire transfer pursuant to Section 4 hereof: fifty percent (50%) of
the then outstanding balance of the Liquidity Amount (including all of the
interest that accrued on the Liquidity Amount) to the Operations

                                        2
<Page>

Reserve and to disburse the then outstanding balance of the Liquidity Amount
(including all of the interest that accrued on the Liquidity Amount) to the
Capital Reserve. Unless Subsidiary provides Cordish Affiliate, CR Affiliate and
Escrowee with a written objection in accordance with the provisions of Section
2 (c) hereof to such distribution within ten (10) Business Days of the effective
date of such notice from Cordish Affiliate to Escrowee, Escrowee shall comply
with such instructions of Cordish Affiliate on the fifteenth (15th) Business Day
following the effective date of such notice from Cordish Affiliate to Escrowee.

              (c)  If, at any time prior to the date that is ten (10) Business
Days after the date that Cordish Affiliate provides Escrowee, CR Affiliate and
Subsidiary with the written instructions to the Escrowee described in Sections
2 (a) or (b) hereof a timely and BONA FIDE demand by Inland Affiliate for
indemnification in connection with "DAMAGES" (as that term is defined in that
certain Indemnification and Guaranty Agreement, of even date herewith, (the
"INDEMNIFICATION AGREEMENT") among, Cordish Affiliate, David S. Cordish, Inland
Affiliate and Inland Western Retail Real Estate Trust, Inc.) suffered by any of
the INLAND INDEMNIFIED PARTIES (as that term is defined in the Indemnification
Agreement) has been made on Cordish Affiliate under the provisions of Sections
3.1, 3.2, 3.3, 3.4, 3.8 and/or 7 of the Indemnification Agreement (the
"LIQUIDITY AMOUNT DAMAGES"), and such demand has not been paid or otherwise
resolved, then Subsidiary shall have the right and power to provide Escrowee, CR
Affiliate and Cordish Affiliate with a notice hereunder instructing Escrowee not
to honor such written instructions of Cordish Affiliate and stating the reason
or reasons for Subsidiary's instructions and containing a BONA FIDE estimate of
the aggregate dollar amount of such claim. If Escrowee receives such notice from
Subsidiary within ten (10) Business Days of the effective date of the notice
from Cordish Affiliate described above Escrowee shall comply with said
instructions of Cordish Affiliate and distribute same within fifteen (15)
Business Days of the request of Cordish Affiliate, but shall treat the size of
the Liquidity Amount, for purposes of determining the amount of the requested
distributions, as equaling the actual Liquidity Amount LESS Subsidiary's BONA
FIDE estimate of the aggregate dollar amount its claim, shall retain the balance
of the Liquidity Amount in accordance with the provisions of this Agreement and
shall immediately provide Cordish Affiliate and CR Affiliate with a copy of such
notice from Subsidiary and the amount.

              (d)  Notwithstanding anything to the contrary contained in this
Section 2.3, Cordish Affiliate shall have the right to utilize the Liquidity
Amount to pay Liquidity Amount Damages. If at any time Cordish Affiliate is
obligated to pay Liquidity Amount Damages, Cordish Affiliate may direct the
Escrowee by written notice to Escrowee, CR Affiliate and Subsidiary, to pay such
Liquidity Amount Damages from the Liquidity Amount. Unless Subsidiary provides
Cordish Affiliate, CR Affiliate and Escrowee with a written objection to such
payment, which objection shall state the reason or reasons for such objection,
within ten (10) Business Days of the effective date of the notice from Cordish
Affiliate to Escrowee, Escrowee shall comply with such instructions of Cordish
Affiliate on the fifteenth (15th) Business Day following the effective date of
such notice from Cordish Affiliate to Escrowee. However, if Escrowee receives
such notice from Subsidiary within ten (10) days of the effective date of the
notice from Cordish Affiliate

                                        3
<Page>

described above, Escrowee shall not comply with said instructions of Cordish
Affiliate and shall immediately provide Cordish Affiliate and CR Affiliate with
a copy of such notice from Subsidiary.

              (e)    At the joint request and instructions of Cordish Affiliate,
CR Affiliate and Subsidiary, Escrowee shall distribute the Liquidity Amount in
accordance with such instructions, accept, in lieu thereof alternative
collateral, such as a letter of credit or a portfolio of pledged bonds, and
enter into an amendment to this Agreement that governs the disbursement of such
alternative collateral, which amendment shall be reasonably acceptable to
Cordish Affiliate, CR Affiliate, Subsidiary and Escrowee.

              (f)    From time to time, Subsidiary may give notice (a "DEMAND
NOTICE") to Cordish Affiliate, CR Affiliate and Escrowee specifying in
reasonable detail the nature and dollar amount of any claim against Cordish
Affiliate for Liquidity Amount Damages accompanied by documentary evidence that
such claim has been reduced to a final, non-appealable judgment by a court of
competent jurisdiction (or a final, non-appealable arbitrators' finding) and
that such claim has been unsatisfied for a period in excess of forty-five (45)
days (a "CLAIM"). Among other things, such documentary evidence shall include,
but shall be not be limited to a true copy of the order of a court of competent
jurisdiction (or final arbitrators' finding) and an opinion by independent
counsel for Subsidiary to the effect that the order (or arbitrators finding) is
final, non-appealable and unsatisfied for a period in excess of forty-five (45)
days from the date of finality of the judgment or finding.

              (g)    If Cordish Affiliate gives notice to Subsidiary, CR
Affiliate and Escrowee disputing any of the material factual statements with
respect to a Claim as set forth in a Demand Notice (a "COUNTER NOTICE") within
thirty (30) days following receipt by Escrowee of the Demand Notice regarding
such Claim, such Claim shall be resolved as provided in Section 3 hereof. Upon
receipt of a Counter Notice, Escrowee shall immediately provide Subsidiary and
CR Affiliate with a copy of the Counter Notice.

              (h)    If a Counter Notice is not received by Escrowee within such
thirty (30) day period, then the dollar amount of the Liquidity Amount Damages
set form in the Demand Notice shall be deemed established for purposes of this
Agreement and, during the period that begins on the fortieth (40th) day
following the date Escrowee received the Demand Notice and ends on at the
forty-fifth (45th) day following the date Escrowee received the Demand Notice,
Escrowee shall pay to Subsidiary the dollar amount claimed in the Demand Notice
from (and only to the extent of) the Liquidity Amount and shall promptly notify
Cordish Affiliate and CR Affiliate of such payment.

              (i)    If a Counter Notice is given with respect to a Claim,
Escrowee shall make payment with respect thereto only in accordance with: (A)
joint written instructions of Subsidiary, CR Affiliate and Cordish Affiliate; or
(B) the dispute resolution procedures set forth in Section 3 hereof.

       3. DISPUTE - ESCROWEE RIGHTS. In the event either party objects to the
disbursement of all or any part of the Liquidity Amount as provided above,
Escrowee

                                        4
<Page>

shall notify Subsidiary, Cordish Affiliate and CR Affiliate of such dispute and
shall hold the Liquidity Amount in escrow pending resolution of such objection
by mutual agreement of the parties or by arbitration of same pursuant to the
provisions of Section 6 hereof. After the disbursement of the full amount of the
Liquidity Amount under the terms of this Agreement, Escrowee's duties and
obligations hereunder shall cease. In the event of any dispute regarding
disbursement of the Liquidity Amount, the party ultimately receiving the
Liquidity Amount after resolution of such dispute shall be entitled to receive
from the other party all the prevailing party's costs and expenses incurred in
connection with the resolution of such dispute including, without limitation,
all arbitration, court costs and reasonable attorney's fees.

       4. WIRE INSTRUCTIONS. Any part of the Liquidity Amount to be disbursed to
the Operations Reserve shall be disbursed by wire transfer of immediately
available funds in accordance with the wire instructions attached hereto as
EXHIBIT "A." Any part of the Liquidity Amount to be disbursed to the Capital
Reserve shall be disbursed by wire transfer of immediately available funds in
accordance with the wire instructions attached hereto as EXHIBIT "B." Any part
of the Liquidity Amount to be disbursed to Subsidiary shall be disbursed by wire
transfer of immediately available funds in accordance with the wire instructions
attached hereto as EXHIBIT "C." To the extent that any of the attached wiring
instructions require Escrowee to notify a person or party by telephone or fax of
such wire, the amount of such wire, the date and time of the sending of such
wire and the Fed Reference Number for such wire, Escrowee shall comply with such
instructions. Cordish Affiliate shall have the right, from time to time, to
change the wire instructions applicable for disbursements into the Operations
Reserve by Notice to the other parties hereto. CR Affiliate shall have the
right, from time to time, to change the wire instructions applicable for
disbursements to CR Affiliate by Notice to the other parties hereto. Subsidiary
shall have the right, from time to time, to change the wire instructions
applicable for disbursements to Subsidiary by Notice to the other parties
hereto. Any such change of wire instructions by a party hereto or CR Affiliate
shall become effective five (5) Business Days after the effective date of such
Notice to Escrowee.

       5.     REPRESENTATIONS AND WARRANTIES.

              5.1. Cordish Affiliate hereby represents and warrants to
Subsidiary and Escrowee as follows:

                     (a)    Cordish Affiliate is a limited liability company
duly organized, validly existing and in good standing under the laws of the
State of Maryland. Cordish Affiliate has all requisite power and authority to
carry on the businesses in which it is engaged and to own and use the properties
owned and used by it.

                     (b)    Cordish Affiliate has all requisite power and
authority to execute and deliver this Agreement, and to perform its obligations
hereunder and thereunder. The execution and delivery by Cordish Affiliate of
this Agreement and the consummation by Cordish Affiliate of the transactions
contemplated hereby have been duly and validly authorized by all necessary
action on the part of Cordish Affiliate. This Agreement has been duly and
validly executed and delivered by Cordish Affiliate and

                                        5
<Page>

constitutes a valid and binding obligation of Cordish Affiliate, enforceable
against it in accordance with its terms.

                     (c)    Neither the execution and delivery by Cordish
Affiliate of this Agreement nor the consummation by Cordish Affiliate of the
transactions contemplated hereby and thereby, will: (i) conflict with or violate
any provision of the organizational documents of Cordish Affiliate, (ii) require
on the part of Cordish Affiliate any filing with, or permit, authorization,
consent or approval of, any third party, (iii) conflict with, result in breach
of, constitute (with or without due notice or lapse of time or both) a default
under, result in the acceleration of obligations under, create in any party any
right to terminate, modify or cancel, or require any notice, consent or waiver
under, any contract or instrument to which Cordish Affiliate is a party or by
which it is bound or to which its assets are subject, or (iv) violate any order,
writ, injunction, decree, statute, rule or regulation applicable to Cordish
Affiliate or any of its properties or assets.

              5.2. Each Subsidiary hereby represents and warrants to Cordish
Affiliate and Escrowee as follows:

                     (a)    Subsidiary is a limited liability company duly
organized, validly existing and in good standing under the laws of the State of
Maryland and is duly qualified to conduct business and is in corporate and tax
good standing under the laws of each jurisdiction in which the nature of its
businesses or the ownership or leasing of its properties requires such
qualification. Subsidiary has all requisite power and authority to carry on the
businesses in which it is engaged and to own and use the properties owned and
used by it.

                     (b)    Subsidiary has all requisite power and authority to
execute and deliver this Agreement, and to perform its obligations hereunder and
thereunder. The execution and delivery by Subsidiary of this Agreement and the
consummation by Subsidiary of the transactions contemplated hereby have been
duly and validly authorized by all necessary action on the part of Subsidiary.
This Agreement has been duly and validly executed and delivered by Subsidiary
and constitutes a valid and binding obligation of Subsidiary, enforceable
against it in accordance with its terms.

                     (c)    Neither the execution and delivery by Subsidiary of
this Agreement nor the consummation by Subsidiary of the transactions
contemplated hereby and thereby, will: (i) conflict with or violate any
provision of the organizational documents of Subsidiary, (ii) require on the
part of Subsidiary any filing with, or permit, authorization, consent or
approval of, any third party, (iii) conflict with, result in breach of,
constitute (with or without due notice or lapse of time or both) a default
under, result in the acceleration of obligations under, create in any party any
right to terminate, modify or cancel, or require any notice, consent or waiver
under, any contract or instrument to which Subsidiary is a party or by which it
is bound or to which its assets are subject, or (iv) violate any order, writ,
injunction, decree, statute, rule or regulation applicable to Subsidiary or any
of its properties or assets.

                                        6
<Page>

              5.3. Escrowee hereby represents and warrants to Cordish Affiliate
and Subsidiary as follows:

                     (a)    Escrowee is a corporation duly organized, validly
existing and in good standing under the laws of the State of New York and is
duly qualified to conduct business and is in corporate and tax good standing
under the laws of each jurisdiction in which the nature of its businesses
requires such qualification. Escrowee has all requisite power and authority to
carry on the businesses in which it is engaged and to own and use the properties
owned and used by it.

                     (b)    Escrowee has all requisite power and authority to
execute and deliver this Agreement, and to perform its obligations hereunder and
thereunder. The execution and delivery by Escrowee of this Agreement and the
consummation by Escrowee of the transactions contemplated hereby have been duly
and validly authorized by all necessary action on the part of Escrowee. This
Agreement has been duly and validly executed and delivered by Escrowee and
constitutes a valid and binding obligation of Escrowee, enforceable against it
in accordance with its terms.

                     (c)    Neither the execution and delivery by Escrowee of
this Agreement nor the consummation by Escrowee of the transactions contemplated
hereby and thereby, will: (i) conflict with or violate any provision of the
organizational documents of Escrowee, (ii) require on the part of Escrowee any
filing with, or permit, authorization, consent or approval of, any third party,
(iii) conflict with, result in breach of, constitute (with or without due notice
or lapse of time or both) a default under, result in the acceleration of
obligations under, create in any party any right to terminate, modify or cancel,
or require any notice, consent or waiver under, any contract or instrument to
which Escrowee is a party or by which it is bound or to which its assets are
subject, or (iv) violate any order, writ, injunction, decree, statute, rule or
regulation applicable to Escrowee or any of its properties or assets.

       6.     ARBITRATION. In the event that any dispute shall arise between or
among the parties hereto with respect to the application of any of the
provisions of this Agreement, and such dispute is not resolved to the
satisfaction of the parties hereto within twenty (20) days after the a party
hereto shall notify the other parties hereto in writing of its desire to
arbitrate the dispute (the "ARBITRATION NOTICE"), then the dispute shall be
resolved in accordance with the Commercial Arbitration Rules of the American
Arbitration Association then pertaining. The decision of the arbitrator shall be
binding, final and conclusive on the parties. Unless the parties otherwise
agree, such arbitration proceedings shall be conducted in Baltimore, Maryland.
The arbitrator shall be selected by the American Arbitration Association in
accordance with the Commercial Arbitration Rules of the American Arbitration
Association. The fees of the arbitrator and the expenses incident to the
proceedings shall be borne by the losing party. The decision of the arbitrator
shall be rendered within thirty (30) days after the conclusion of the
arbitration. A judgment of a court of competent jurisdiction may be entered upon
the award of the arbitrator in accordance with the rules and statutes applicable
thereto then obtaining. The parties hereto agree that the arbitrator may order
and compel specific performance.

                                        7
<Page>

       7.     VENUE. Any lawsuit, action, or proceeding arising under this
Agreement that is not subject to arbitration shall, to the extent there is
federal jurisdiction over the parties and subject matter, be brought exclusively
in the Northern Division of the United States District Court for the District of
Maryland. In the event federal jurisdiction does not exist, such lawsuit, action
or proceeding shall be brought in the Circuit Court for Baltimore County,
Maryland.

       8.     COOPERATION/CONFLICT WITH CONTRIBUTION AGREEMENT. Subsidiary shall
reasonably cooperate with the efforts of Cordish Affiliate to satisfy the
conditions of the disbursement of the Liquidity Amount and shall not
unreasonably withhold any approval or issuance of any distribution direction
requested by Cordish Affiliate hereunder. In the event of a conflict between the
provisions of the Contribution Agreement and the provisions of this Agreement,
the provisions of this Agreement shall control. To the extent Subsidiary is
obligated to pay any cost and expense in connection with this Agreement, such
cost and expense shall not be paid or reimbursed from the Operations Reserve.

       9.     COSTS OF ADMINISTRATION AND SUCCESSORS AND ASSIGNS. The costs of
administration of this Agreement by Escrowee shall be shared fifty percent (50%)
by Cordish Affiliate and fifty percent (50%) by Subsidiary. This Agreement shall
be binding upon and inure to the benefit of the parties hereto and their
respective heirs, principals, successors and assigns and shall be governed and
construed in accordance with the laws of the State of Illinois.

       10.    NOTICES. All notices, demands, consents, approvals, requests or
other communications which any of the parties to this Agreement or CR Affiliate
may desire or be required to give hereunder (collectively, "NOTICES") shall be
in writing and shall be given by personal delivery, nationally recognized next
day delivery service (delivery charges prepaid, return receipt requested) or
United States registered or certified mail (postage prepaid, return receipt
requested) addressed as hereinafter provided. Except as otherwise specified
herein, the effective date of any Notice (I.E., the date a party shall be deemed
to have received such Notice), shall be the earliest to occur of: (a) if by
personal delivery, the date of receipt, or attempted delivery, if such
communication is refused; (b) if by nationally recognized next Business Day
delivery service (as aforesaid), the next Business Day after delivery to such
service; and (c) if sent by mail (as aforesaid), five (5) Business Days after
posting. Until further notice, notices and other communications under this
Agreement shall be addressed to the parties and CR Affiliate listed below as
follows:

If to Cordish Affiliate:       RRP Investors, LLC
                               c/o The Cordish Company
                               601 East Pratt Street, Sixth Floor
                               Baltimore, Maryland 21202
                               Attn: David S. Cordish

                                        8
<Page>

with a copy to:                RRP Investors, LLC
                               c/o The Cordish Company
                               601 East Pratt Street, Sixth Floor
                               Baltimore, Maryland 21202
                               Attn: General Counsel

If to Subsidiary:              Reisterstown Plaza Associates, LLC
                               RRP Hecht, LLC
                               c/o Inland Western Retail Real Estate Trust, Inc.
                               2901 Butterfield Road
                               Oak Brook, Illinois 60523
                               Attention: Chief Financial Officer

with a copy to:                Charles J. Benvenuto, Esq.
                               2901 Butterfield Road
                               3rd Floor
                               Oak Brook, Illinois 60523

If to Escrowee:                Chicago Title Insurance Company
                               171 North Clark Street
                               Chicago, Illinois 60601
                               Attention: Nancy Castro

If to CR Affiliate:            CR Reisterstown Plaza, LLC
                               1427 Clarkview Road
                               Suite 500
                               Baltimore, Maryland 21209

with a copy to:                CR Reisterstown Plaza, LLC
                               1427 Clarkview Road
                               Suite 500
                               Baltimore, Maryland 21209
                               Attention: General Counsel

Any party hereto or CR Affiliate may designate another addressee (and/or change
its address) for Notices hereunder by a Notice given pursuant to this Section to
each of the other parties hereto and CR Affiliate.

WHEN DELIVERING A NOTICE PURSUANT TO THIS AGREEMENT, ESCROWEE AND SUBSIDIARY
SHALL CONTEMPORANEOUSLY DELIVER A COPY OF SUCH NOTICE TO CR AFFILIATE AT THE
NOTICE ADDRESSES OF CR AFFILIATE CONTAINED IN THIS SECTION 10 BY THE SAME MANNER
OF DELIVERY OF SUCH NOTICE.

       11.    HEADINGS. The captions and section headings contained in this
Agreement are for convenience of reference only and shall not be considered in
any interpretation of the provisions of this Agreement.

                                        9
<Page>

       12.    REPORTING. Escrowee agrees to deliver to Subsidiary and Cordish
Affiliate, on a monthly basis, a copy of the bank statement of account of the
Liquidity Amount. Such monthly statements shall be delivered to Cordish
Affiliate at its notice address and to Subsidiary: Inland Western Retail Real
Estate Trust, Inc., 2901 Butterfield Road, Oak Brook Illinois 60523, attention
Steven Grimes, CFO (telephone: 630-218-8000; facsimile: 630-218-4900).

       13.    AMENDMENTS/THIRD PARTY BENEFICIARY. EXCEPT AS OTHERWISE HEREIN
PROVIDED, ANY AND ALL AMENDMENTS, MODIFICATIONS, ADDITIONS OR DELETIONS TO THIS
AGREEMENT SHALL BE NULL AND VOID UNLESS APPROVED IN ADVANCE BY THE PARTIES
HERETO IN WRITING. THE PARTIES HERETO ACKNOWLEDGE AND AGREE THAT CORDISH
AFFILIATE MAY NOT ENTER INTO OR CONSENT TO ANY AMENDMENTS, MODIFICATION,
ADDITIONS OR DELETIONS TO THIS AGREEMENT UNLESS IT OBTAINS THE PRIOR WRITTEN
CONSENT THERETO FROM CR AFFILIATE. CR AFFILIATE IS A THIRD PARTY BENEFICIARY OF
THIS AGREEMENT. In the event that any party hereto fails to comply with any of
the terms and provisions of this Agreement, CR Affiliate shall have the right to
initiate and prosecute an arbitration proceeding against such party to enforce
the provisions of this Agreement (including court actions to enforce or
challenge any findings) solely to the extent that such provisions directly
effect the economic rights and interests of CR Affiliate. The provisions of
Sections 6, 7, 15, 17 and 18 shall apply to such proceeding as if CR Affiliate
was a party to this Agreement.

       14.    INTEGRATION. With the exception of the Contribution Agreement and
the Indemnity Agreement and the ESCROW AGREEMENT, the LEASING AGREEMENT and the
OPERATING AGREEMENT (as those terms are defined in the Contribution Agreement)
and any and all agreements executed in connection with any such agreement, this
Agreement encompasses, replaces, integrates and supercedes any and all other
negotiations, discussions, offers, promises, arrangements and agreements between
the parties hereto relating to the Property.

       15.    INVALID PROVISIONS. This Agreement shall be construed, as to
execution, interpretation and enforcement, in accordance with the laws of the
State of Maryland. If any term, condition or provision of this Agreement shall
be declared invalid or unenforceable, the remainder of this Agreement shall not
be affected thereby and shall remain in full force and effect and shall be valid
and enforceable to the fullest extent permitted by law.

       16.    ATTRIBUTION OF DRAFTING. This Agreement shall be deemed to have
been drafted jointly by the parties and any uncertainty or ambiguity shall not
be construed for or against either party as an attribution of drafting of either
party.

       17.    ATTORNEY FEES. Subject to the provisions of Section 6 hereof, if
either Subsidiary or Cordish Affiliate brings suit or other legal proceedings to
enforce the provisions of this Agreement against the other, then the party
prevailing in such suit or proceeding shall be reimbursed by the other for all
reasonable attorneys' fees and

                                       10
<Page>

litigation costs and expenses incurred by the prevailing party in connection
with such suit or proceeding.

       18.    WAIVER OF JURY TRIAL. Subject to the provisions of Section 6
hereof, Subsidiary and Cordish Affiliate do hereby waive trial by jury in any
action, suit, proceeding, and/or counterclaim brought by either of the parties
hereto against the other on any matters whatsoever arising out of or in any way
connected with this Agreement any claim of injury or damage, and/or statutory
remedy.

       19.    GOOD FAITH AND FAIR DEALING. The parties covenant and agree each
to the other that its conduct under this Agreement, and the interpretation and
enforcement of the provisions hereof, shall be characterized by good faith and
fair dealings so that the objectives of each party as set forth in this
Agreement may be achieved.

       20.    COUNTERPARTS. This Agreement may be executed in counterparts and
shall constitute an agreement binding on all parties notwithstanding that all
parties are not signatories of the original or the same counterpart.
Furthermore, the signatures from one counterpart may be attached to another to
constitute a fully executed original. The Agreement may be executed by
facsimile.

       21.    TIME OF THE ESSENCE. Time is of the essence with regard to the
parties obligations under this Agreement.

       22.    SURVIVAL PERIOD IN CONTRIBUTION AGREEMENT. Section 2 of the
Indemnification Agreement provides that the representations, warranties,
covenants or agreements made in the Contribution Agreement shall survive the
Closing Date for the periods provided therein. Nothing in this Agreement shall
be interpreted as modifying the survival period of such representations,
warranties, covenants or agreements.

       23.    BUSINESS DAY. The term "BUSINESS DAY" means any day other than
Saturday, Sunday or any other day on which commercial banks or savings and loan
associations are required or authorized by law to close in New York City.

       24.    JOINT SEVERAL OBLIGATIONS, ETC. OF SUBSIDIARY. Each of the
obligations hereunder of RPA and RRP Hecht are joint and not several obligations
of the RPA and RRP Hecht. In the event that RPA and RRP Hecht provide Cordish
Affiliate with conflicting instructions, directions or approvals, Cordish
Affiliate shall follow the instructions, directions and approvals of RPA and
disregard the instructions, directions and/or approvals of RRP Hecht. RRP Hecht
hereby irrevocably appoints and empowers RPA to administer this Agreement on its
behalf as its agent. Only the signature of RPA shall be necessary to bind the
Subsidiary hereunder. In the event of a conflict between the other provisions of
this Agreement and the provisions of this Section 24, the provisions of this
Sections 24 shall control.

                             SIGNATURES ON NEXT PAGE

                                       11
<Page>

       IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement
to be signed and delivered, under seal, as of the day and year first above
written.

WITNESS/ATTEST:                CORDISH AFFILIATE:

                               RRP INVESTORS, LLC,
                               a Maryland limited liability company

/s/ [ILLEGIBLE]                By: /s/ Glenn Weinkes             (SEAL)
-----------------                 -------------------------------
                                  Glenn Weinkes, Authorized Person

                               SUBSIDIARY:

                               REISTERSTOWN PLAZA ASSOCIATES, LLC,
                               a Maryland limited liability company

/s/ [ILLEGIBLE]                By: /s/ [ILLEGIBLE]               (SEAL)
-----------------                 -------------------------------
                               Name:  [ILLEGIBLE]
                                      ---------------------------
                               Title: [ILLEGIBLE]
                                      ---------------------------

                               RRP HECHT, LLC,
                               a Maryland limited liability company

/s/ [ILLEGIBLE]                By: /s/ [ILLEGIBLE]               (SEAL)
-----------------                 -------------------------------
                               Name:  [ILLEGIBLE]
                                      ---------------------------
                               Title: [ILLEGIBLE]
                                      ---------------------------

                               ESCROWEE:

                               CHICAGO TITLE INSURANCE COMPANY, a
                               New York corporation

/s/ [ILLEGIBLE]                By: /s/ Nancy R. Castro           (SEAL)
-----------------                 -------------------------------
                               Title: AVP
                                      ---------------------------
                               Name:  NANCY R. CASTRO
                                      ---------------------------

                                       12<Page>

                                                                  Exhibit 10.351

                       ALLSTATE LIFE INSURANCE COMPANY AND
                           ALLSTATE INSURANCE COMPANY
                         ALLSTATE PLAZA SOUTH, SUITE G5C
                           NORTHBROOK, ILLINOIS 60062

                                September 27,2004

Inland Western Lawrenceville Simonton, L.L.C.
2901 Butterfield Road
Oakbrook, Illinois 60523

              Re:   Allstate Life Insurance Company
                    and Allstate Insurance Company
                    Loan No. 122532
                    The Village Shoppes at Simonton
                    930 New Hope Road, Lawrenceville, Georgia (the "Property")

Ladies and Gentlemen:

       Reference is made to our Commitment Letter dated September 21, 2004, as
amended (the "Commitment") with respect to a $7,561,700 Loan (the "Loan") to be
evidenced by two Mortgage Notes of even date herewith, one payable to Allstate
Life Insurance Company in the principal amount of $5,671,275 and the other
payable to Allstate Insurance Company in the principal amount of $1,890,425
(collectively, the "Note"), and to be secured by a Deed to Secure Debt and
Security Agreement of even date herewith (the "Mortgage") encumbering the
Property. Initially capitalized terms used but not otherwise defined in this
letter agreement (the "Letter Agreement") have the same meanings given them in
the Mortgage.

       In consideration of your execution and delivery of the documents
evidencing, securing or otherwise pertaining to the Loan (the "Loan Documents"),
you (the "Borrower") and we ("Lender") hereby agree as follows:

       1.     RELATED AGREEMENT. This Letter Agreement shall constitute a
Related Agreement.

       2.     IMPOUNDS. With regard to the provisions contained in Section 1.06
of the Mortgage requiring Borrower to deposit 1/12 of the annual amounts of real
estate taxes, regular and special assessments and insurance premiums, Lender
hereby agrees to defer collection of such monthly deposits for so long as (i)
Borrower is the sole fee simple owner of the Property; (ii) no Event of Default
exists under the Loan Documents and no condition or event exists which with
notice, the passage of time, or both, would constitute an Event of Default;
(iii) at Lender's election, Borrower either pays for a tax reporting service or
Borrower promptly and consistently furnishes evidence that taxes are being
currently paid; and (iv) Borrower promptly and consistently furnishes evidence
that insurance premiums are being currently paid.

       3.     EARTHQUAKE INSURANCE. With regard to the provisions contained in
Section 1.02 of the Mortgage requiring Borrower obtain earthquake insurance
coverage on the Property, Lender

<Page>

hereby agrees to waive such requirement until such time as such coverage is
available at commercially reasonable rates and in Lender's reasonable opinion
such coverage is generally required by other institutional lenders.

       4.     BORROWER'S RIGHT TO TRANSFER THE PROPERTY. Notwithstanding the
provisions contained in Section 1.08 and other applicable provisions of the
Mortgage, Borrower shall have a one time right, provided there is no default or
an event which, with notice or the passage of time, or both, could result in a
default by Borrower under the Loan Documents, to assign, sell or transfer all of
the Property (the "Permitted Transfer") to a party with experience, reasonably
satisfactory to Lender, in managing property similar to the Property and whose
financial condition is reasonably satisfactory to Lender ("Permitted
Transferee"). The Permitted Transfer shall be further conditioned upon: (a) the
payment by Borrower to Lender of a transfer fee equal to one percent of the
outstanding principal balance of the Note (a nonrefundable $5,000 deposit toward
such transfer fee shall be due at the time Borrower initially requests a
Permitted Transfer, the balance of the transfer fee shall be due on the closing
of the transaction); (b) the reimbursement of all of Lender's expenses,
including legal fees, incurred in connection with the Permitted Transfer; (c)
the Permitted Transferee and such general partners or principals of Permitted
Transferee as Lender may request, assuming, in form and substance satisfactory
to Lender, all obligations of Borrower under the Loan Documents, including,
without limitation, the Environmental Indemnity Agreement and the Nonrecourse
Exception Indemnity Agreement, with the same degree of recourse liability as
Borrower and subject to the same exculpatory provisions; (d) Lender's receipt of
a title policy complying with the requirements of the Commitment, updated to the
date of the Permitted Transfer, evidencing that such Permitted Transfer will not
adversely affect Lender's first and prior lien on the Property or any other
rights or interests granted to Lender under the Loan Documents; (e) Lender's
receipt of opinions of counsel acceptable to Lender that all previous opinions,
pertaining to Borrower are true with respect to the Permitted Transferee and the
Permitted Transferee has duly assumed the Loan Documents, and same are valid and
enforceable against Permitted Transferee and the Property; and that Borrower has
the requisite power and authority to properly transfer the Property; (f) the
Property having maintained a Debt Coverage Ratio of not less than 200 percent
for the 12 month period ending 30 days before the date of the Permitted Transfer
and the Property having a projected Debt Coverage Ratio for the next 12 months
based on the most recently approved and certified financial statements and
annual rent roll of not less than 200 percent; (g) the Permitted Transferee
paying to Borrower at least 45 percent cash down payment on the date of the
Permitted Transfer; (h) Lender's receipt and approval of the purchase and sale
contract and copies of the proposed transfer documentation; (i) Lender's receipt
and approval of the Permitted Transferee's resume and financial statements; and
(j) Lender's receipt and approval of an updated MAI appraisal by an appraiser
satisfactory to Lender (prepared at Borrower's expense) specifically confirming
a loan to value ratio of no more than 55 percent.

       In addition, Borrower shall have the right, provided there is no default
or an event which, with notice or the passage of time, or both, could result in
a default by Borrower under the Loan Documents, to make a Permitted Transfer to
INLAND WESTERN RETAIL REAL ESTATE TRUST, INC., a Maryland corporation
("Member"), the sole member of Borrower, so long as (x) Borrower pays to Lender
a transfer fee equal to $5,000, (y) the Member assumes, in form and substance
satisfactory to Lender, all obligations of Borrower under the Loan Documents,
including, without limitation, the Environmental Indemnity Agreement, with the
same degree of

                                        2
<Page>

recourse liability as Borrower and subject to the same exculpatory provisions,
and (z) the conditions and requirements set forth in subparagraphs 4(b), (d) and
(e) above are satisfied.

       Net Operating Income shall be certified to be true and correct by the
managing general partner, manager or chief financial officer of Borrower.

       5.     RIGHT TO CHANGE OWNERSHIP INTERESTS IN BORROWER. Notwithstanding
the provisions contained in Section 1.08 and other applicable provisions of the
Deed of Trust, so long as Member maintains its status as a Real Estate
Investment Trust (a "REIT") any encumbrance, security interest or assignment or
transfer of ownership of all types and classes of the shares of Member shall not
constitute an improper encumbrance or transfer.

       6.     DAMAGE TO PROPERTY. With regard to the provisions contained in
Section 1.04(A) of the Mortgage requiring Borrower to notify Lender of damage to
the Property, the cost threshold for notification shall be increased to One
Hundred Thousand Dollars ($100,000). With regard to the provisions contained in
Section 1.04(B) and 1.04(C) of the Deed of Trust regarding the estimated cost of
restoration, the threshold amounts shall be increased to Two Hundred Fifty
Thousand Dollars ($250,000).

       7.     INSURANCE. Lender hereby approves the insurance evidenced by the
certificates attached as EXHIBIT A hereto.

       8.     PROPERTY MANAGER. Lender hereby approves Inland Northwest
Management Corp. as manager of the Property, subject to its execution of the
letter attached as EXHIBIT B hereto.

       9.     PUBLIX ESTOPPEL. Borrower shall use its best efforts to deliver to
Lender, within 30 days after the Disbursement Date, an updated estoppel letter
from Publix Supermarket in the form attached hereto as EXHIBIT C.

       10.    RIGHTS PERSONAL TO BORROWER. The rights granted to Borrower in
paragraphs 2, 3, 4, 5, 6, 7 and 8 of this Letter Agreement shall be personal to
Borrower and shall not inure to the benefit of any subsequent owner of the
Property. In the event Lender transfers all or any part of the Loan or any
interest in the Loan Documents to any other person or entity, Lender agrees to
notify such transferee(s) of the existence of this Letter Agreement and the fact
that it is binding upon Lender's successors and assigns by delivering such
transferee(s) a true, correct and complete copy of this Letter Agreement
concurrently with such transfer accompanied by a letter of transmittal from
Lender advising such transferee(s) of the binding nature of the provisions of
this Letter Agreement. Lender will send a copy of its letter of transmittal and
the enclosure to Borrower, and Borrower's name will be shown on the face of the
original letter of transmittal as an addressee thereof.

                                   * * * * *

                            [Signature Page Follows]

                                        3
<Page>

                          Very truly yours,

                          ALLSTATE LIFE INSURANCE COMPANY,
                          an Illinois insurance corporation

                          By:
                             ------------------------------------

                          By:
                             ------------------------------------
                               Its Authorized Signatories

                          ALLSTATE INSURANCE COMPANY,
                          an Illinois insurance corporation

                          By:
                             ------------------------------------

                          By:
                             ------------------------------------
                               Its Authorized Signatories

                          Accepted and agreed:

                          INLAND WESTERN LAWRENCEVILLE
                          SIMONTON, L.L.C., a Delaware limited liability company

                          By:   INLAND WESTERN RETAIL REAL ESTATE
                                TRUST, INC., a Maryland corporation,
                                Its sole member

                                By:  /s/ [ILLEGIBLE]
                                   ------------------------------
                                Its:    Asst. Secretary
                                    -----------------------------

Dated: September 27, 2004

                                        4
<Page>

                                    EXHIBIT A

                             INSURANCE CERTIFICATES

<Page>

                                    EXHIBIT B

                             PROPERTY MANAGER LETTER

                        INLAND NORTHWEST MANAGEMENT CORP.

                               September 27, 2004

Allstate Life Insurance Company
and Allstate Insurance Company
c/o Allstate Investments, LLC
Allstate Plaza South, Suite G5C
3075 West Sanders Road
Northbrook, Illinois 60062
Attention: Commercial Mortgage Division

              Re:   Allstate Life Insurance Company
                    and Allstate Insurance Company
                    Loan No. 122532
                    The Village Shoppes at Simonton
                    930 New Hope Road, Lawrenceville, Georgia (the "Property")

Ladies and Gentlemen:

              The undersigned ("Manager") is the current property manager of the
Property pursuant to that certain Management Agreement (the "Agreement") dated
August 9, 2004, by and between INLAND WESTERN LAWRENCEVILLE SIMONTON, L.L.C., a
Delaware limited liability company ("Owner") and Manager. In consideration of
your making the Loan to Owner (Manager being an affiliate of Owner), Manager
acknowledges and agrees to the following:

       1.     Allstate, in its sole discretion, may terminate the Agreement by
              notice to Manager upon acquisition by Allstate of title to the
              Property by foreclosure, deed in lieu of foreclosure, or other
              transfer of the Property or upon Allstate otherwise obtaining
              possession of the Property by any lawful means. Upon the
              appointment of a receiver or court appointed officer, either
              Allstate or such receiver or officer may terminate the Agreement
              in its sole discretion by notice to Manager.

       2.     Manager waives any right to create a lien against the Property to
              secure payment of unpaid management fees.

       3.     Upon the occurrence of, and during the continuation of, a default
              under any of the documents evidencing the Loan which has not been
              cured in Allstate's sole judgment, all management fees paid or
              payable to Manager thereafter shall be subordinate to amounts owed
              to Allstate under such Loan documents.

<Page>

       4.     Upon the occurrence of, and during the continuation of, a default
              under any of the documents evidencing the Loan which has not been
              cured in Allstate's sole judgment, all management fees and other
              sums received by Manager thereafter in connection with management
              of the Property shall be held in trust for the benefit of
              Allstate.

       5.     Until Allstate elects to terminate the Agreement as provided
              herein, Manager will perform all of its obligations, covenants,
              conditions and agreements under the Agreement for the benefit of
              Allstate and its successors and assigns, so long as Allstate
              performs the duties and obligations of Owner under the Agreement
              accruing after the date Allstate exercises its rights under the
              Mortgage.

                                INLAND NORTHWEST MANAGEMENT CORP.

                                By:
                                   ------------------------------
                                     Its
                                        -------------------------

                                        3
<Page>

                             PROPERTY MANAGER LETTER

                        INLAND NORTHWEST MANAGEMENT CORP.

                                September 27,2004

Allstate Life Insurance Company
and Allstate Insurance Company
c/o Allstate Investments, LLC
Allstate Plaza South, Suite G5C
3075 West Sanders Road
Northbrook, Illinois 60062
Attention: Commercial Mortgage Division

              Re:   Allstate Life Insurance Company
                    and Allstate Insurance Company
                    Loan No. 122532
                    The Village Shoppes at Simonton
                    930 New Hope Road, Lawrenceville, Georgia (the "Property")

Ladies and Gentlemen:

              The undersigned ("Manager") is the current property manager of the
Property pursuant to that certain Management Agreement (the "Agreement") dated
August 9, 2004, by and between INLAND WESTERN LAWRENCEVILLE SIMONTON, L.L.C., a
Delaware limited liability company ("Owner") and Manager. In consideration of
your making the Loan to Owner (Manager being an affiliate of Owner), Manager
acknowledges and agrees to the following:

       1.     Allstate, in its sole discretion, may terminate the Agreement by
              notice to Manager upon acquisition by Allstate of title to the
              Property by foreclosure, deed in lieu of foreclosure, or other
              transfer of the Property or upon Allstate otherwise obtaining
              possession of the Property by any lawful means. Upon the
              appointment of a receiver or court appointed officer, either
              Allstate or such receiver or officer may terminate the Agreement
              in its sole discretion by notice to Manager.

       2.     Manager waives any right to create a lien against the Property to
              secure payment of unpaid management fees.

       3.     Upon the occurrence of, and during the continuation of, a default
              under any of the documents evidencing the Loan which has not been
              cured in Allstate's sole judgment, all management fees paid or
              payable to Manager thereafter shall be subordinate to amounts owed
              to Allstate under such Loan documents.

<Page>

       4.     Upon the occurrence of, and during the continuation of, a default
              under any of the documents evidencing the Loan which has not been
              cured in Allstate's sole judgment, all management fees and other
              sums received by Manager thereafter in connection with management
              of the Property shall be held in trust for the benefit of
              Allstate.

       5.     Until Allstate elects to terminate the Agreement as provided
              herein, Manager will perform all of its obligations, covenants,
              conditions and agreements under the Agreement for the benefit of
              Allstate and its successors and assigns, so long as Allstate
              performs the duties and obligations of Owner under the Agreement
              accruing after the date Allstate exercises its rights under the
              Mortgage.

                                INLAND NORTHWEST MANAGEMENT CORP.

                                By: /s/ [ILLEGIBLE]
                                   ------------------------------
                                     Its Sr. Vice President
                                        -------------------------

                                        2

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