Document:

<PAGE>

                                ESCROW AGREEMENT

         THIS AGREEMENT is made and entered into as of the 31st day of
January, 2001, by and among INLAND RETAIL REAL ESTATE TRUST, INC., a Maryland
corporation (the "Company"), INLAND SECURITIES CORPORATION, an Illinois
Corporation (the "Dealer Manager"), and LASALLE BANK NATIONAL ASSOCIATION,
CHICAGO, ILLINOIS (the "Escrow Agent").

         1.       The Company does hereby open this escrow and Escrow Agent's
sole concern and duties shall be as specifically set forth herein:

                  1.1     From time to time during the course of this escrow, in
         connection with the Company's offering (the "Offering") of up to
         50,000,000 shares of common stock on a "best efforts" basis (the
         "Shares") (exclusive of Shares offered and sold pursuant to the
         Company's distribution reinvestment program), Escrow Agent will receive
         from subscribers deposits to be held in escrow in accordance with the
         terms hereof. All such funds received by Escrow Agent shall be placed
         into an interest-bearing account entitled "Inland Retail Real Estate
         Trust, Inc. Subscription Account" (the "Escrow Account").

         2.       All deposits from each subscriber shall be accompanied by the
subscriber name, social security number, current address and investment amount.

         3.       Checks deposited in the Escrow Accountfrom the various
subscribers  shall be made payable to "LBNA, Escrow Agent for IRRET."

         4.       All parties understand and are aware that all funds received
during the course of the escrow and deposited in the Escrow Account must clear
the normal banking channels prior to the release of any funds.

         5.       The Company understands that it is not entitled to any funds
received into escrow in the event of cancellation of the Offering and in such
event, deposits shall be returned to the subscribers.

         6.       The parties agree that this is an impound escrow between the
Company, the Dealer Manager and the Escrow Agent. The Company and the Dealer
Manager agree that the subscribers who deposit into the "Escrow Account" are not
a party to this escrow.

         7.       All documents, including any instrument necessary for the
negotiation or other transfer of escrow assets, deposited simultaneously with
the execution of this Agreement are approved by the Company, and the Escrow
Agent shall not be obligated to inquire as to the form, manner of execution or
validity of these documents or any document hereafter deposited pursuant to the
provisions hereof, nor shall the Escrow Agent be obligated to inquire as to the
identity, authority or rights of the persons executing the same. The Escrow
Agent shall be liable under this Agreement only for its gross negligence or
willful misconduct in the performance of its duties expressly set forth in this
Agreement. The Escrow Agent shall have a lien on all securities, monies

<PAGE>

and documents deposited in this escrow by each subscriber to secure Escrow
Agent's reasonable compensation and expenses and for judgments, attorneys' fees
and other liabilities which the Escrow Agent may incur or sustain by reason of
this escrow, and the undersigned agrees to pay to Escrow Agent, upon demand,
amounts to satisfy all such liabilities, fees and expenses. In case of
conflicting demands upon it, the Escrow Agent may withhold performance of this
escrow until such time as the conflicting demands shall have been withdrawn or
the rights of the respective parties shall have been settled by court
adjudication, arbitration, joint order or otherwise.

         8.       Until the termination of the Offering, the Company shall
notify the Escrow Agent of the Company's acceptance or rejection of each
subscription agreement as promptly as practicable, but in any event within ten
(10) days of its receipt, and of any subscription which is rescinded within five
(5) days of such rescission. If the Escrow Agent receives notice that a
subscription is rejected by the Company, the subscriber's deposit will be
returned by the Escrow Agent to the subscriber, without interest or deduction,
as promptly as practicable, but in any event within ten (10) days after its
receipt of notice from the Company that the subscription has been rejected. If a
subscription is rescinded, the Escrow Agent shall return to the subscriber the
subscriber's deposit, without interest or deduction, within seven (7) days of
being notified by the Company of such rescission. In the event the check of a
subscriber whose subscription has been rescinded has been negotiated (and if the
funds represented thereby have been disbursed to the Company), the Company shall
deposit with the Escrow Agent an amount of funds equal to the amount necessary
to be returned to the subscriber (or the Escrow Agent may deduct such amount
from any funds due to the Company under this Agreement). The Escrow Agent shall
not be liable for the failure to return a rejected or rescinded subscription if
the Company fails to notify the Escrow Agent of the rejection of rescission of
the corresponding subscription agreement.

         9.       Commencing with the date paid subscriptions have been received
and accepted for at least 200,000 Shares or $2,000,000 (the "Minimum Offering"),
provided such date is within six months of the initial date of the Company's
prospectus (such initial date of the Company's prospectus being the "Effective
Date"), and ending on the Termination Date (the "Offering Period"), the Escrow
Agent shall (i) disburse to the Company on a weekly basis any funds received by
the Escrow Agent for accepted subscriptions (but not those funds of a subscriber
whose subscription has been rejected or rescinded of which the Escrow Agent has
been notified by the Company, or otherwise in accordance with the Company's
written request; and (ii) invest any funds held in the escrow subject to
paragraph 10 hereof, in such instruments as the Company may direct. Upon
termination of the Offering, which shall occur not later than 12 months after
the Effective Date, provided however that, subject to requalification in certain
states, the Company may extend the Offering Period from time to time, but in no
event more than two years after the Effective Date (the "Termination Date"), all
amounts theretofore undistributed shall be distributed to the Company, and this
escrow shall close and be consummated in its entirety. If subscriptions for at
least the Minimum Offering have not been received, accepted and paid for within
six months of the Effective Date, all funds received will be promptly returned
in full to subscribers, together with their pro rata share of any interest
earned thereon pursuant to instructions made by the Company, upon which the
Escrow Agent may conclusively rely. If such refund is made, Inland Real Estate
Investment Corporation will pay any escrow fees.

                                       2
<PAGE>

         10.      The funds deposited herein shall be invested in federally
insured bank accounts (E.G., savings accounts), short-term certificates of
deposit issued by a bank, short-term securities issued or guaranteed by the
United States government and any other investments permitted under Rule 15c2-4
of the Securities Exchange Act of 1934, as amended, at the direction of the
Company. The interest on such investments shall, on a monthly basis while
subscribers' deposits remain in escrow and, if all conditions herein are met,
when such deposits are disbursed to the Company, be disbursed by the Escrow
Agent to the Company in accordance with paragraph 9 hereof.

         11.      The Company agrees to disburse to the Dealer Manager any funds
due to it for the Offering in accordance with the terms and conditions of the
Dealer Manager Agreement dated January 31, 2001 between the Company and the
Dealer Manager, provided that the Escrow Agent has disbursed to the Company the
funds due to the Company for the related subscriptions. The Dealer Manager shall
assist the Company in connection with the Company's compliance with this
Agreement. The Dealer Manager shall not have any lien on or security interest in
any securities, monies or documents deposited in this escrow.

         12.     Any notices which are required or desired to be given hereunder
to the parties hereto shall be in writing and may be given by mailing the same
to the address indicated below (or to such other address as either of the
parties may have theretofore substituted therefor by written notification to the
other party hereto), by registered or certified United States mail, postage
prepaid. For all purposes hereof, any notice so mailed by the Escrow Agent shall
be treated as though served upon the party to whom it was mailed at the time it
is deposited in the United States mail by the Escrow Agent whether or not such
party thereafter actually receives such notice. Notices to the Escrow Agent
shall be in writing and shall not be deemed to be given until actually received
by the Escrow Agent's trust department. Whenever under the terms hereof the time
for giving a notice or performing an act falls upon a Saturday, Sunday or bank
holiday, such time shall be extended to the Escrow Agent's next business day.

         13.      The Escrow Agent, when acting as the Escrow Agent undertakes
to perform only such duties as are expressly set forth herein and the Escrow
Agent shall not be subject to, nor obliged to recognize, any other agreement
between, or direction or instruction of, the Company even though reference
thereto may be made herein; provided, however, this Agreement may be amended at
any time or times by an instrument in writing signed by the Company, the Dealer
Manager and Escrow Agent. In the event the Escrow Agent becomes involved in or
is threatened with litigation by reason hereof, it is hereby authorized to and
may deposit with the clerk of a court of competent jurisdiction any and all
funds held by it pursuant hereto, and thereupon the Escrow Agent shall stand
fully relieved and discharged of any further duties hereunder.

         14.      If any property subject hereto is at any time attached,
garnished or levied upon, under any court order, or in case the payment,
assignment, transfer, conveyance or delivery of any such property shall be
stayed or enjoined by any court order, or in any case any order, judgment or
decree shall be made or entered by any court affecting such property, or any
part thereof, then in any of such events, the Escrow Agent is authorized, in its
sole discretion, to rely upon and comply with any such order, writ, judgment or
decree, which it is advised by legal counsel of its own choosing is binding upon
it, and if it complies with any such order, writ, judgment or decree, it shall
not be liable to any of the parties hereto or to any other person, firm or
corporation by reason of such

                                       3
<PAGE>

compliance, even though such order, writ, judgment or decree may be subsequently
reversed, modified, annulled, set aside or vacated.

         15.      This Agreement shall be construed, enforced and administered
in accordance with the internal laws, as opposed to the conflicts of laws
provisions, of the State of Illinois.

         16.      The Escrow Agent shall be entitled to reasonable fees in
connection with this Escrow, which fees shall be payable by the Company.

         17.      The Escrow Agent may resign at any time upon giving at least
thirty (30) days prior written notice to the Company; provided, however, that no
such resignation shall become effective until the appointment of a successor
escrow agent which shall be accomplished as follows: The Company shall use its
best efforts to select a successor escrow agent within thirty (30) days after
receiving such notice. If the Company fails to appoint a successor escrow agent
within such time, the Escrow Agent shall have the right to appoint a successor
escrow agent. The successor escrow agent shall execute and deliver an instrument
accepting such appointment and it shall, without further acts, be vested with
all the estates, properties, rights, powers, and duties of the predecessor
escrow agent as if originally named as escrow agent. Upon delivery of such
instrument, the Escrow Agent shall be discharged from any further duties and
liability under this Agreement. The Escrow Agent shall be paid any outstanding
fees and expenses prior to transferring assets to a successor escrow agent.

         18.      Any notice required to be given hereunder by any of the
parties hereto shall be addressed as follows:

                        If to the Company:

                        Inland Retail Real Estate Trust, Inc.
                        2901 Butterfield Road
                        Oak Brook, Illinois  60523
                        Attention:  Ms. Roberta S. Matlin, Vice President

                        If to the Dealer Manager:

                        Inland Securities Corporation
                        2901 Butterfield Road
                        Oak Brook, Illinois 60523
                        Attention:  Ms. Brenda G. Gujral, President

                        If to Escrow Agent:

                        LaSalle Bank National Association
                        135 South LaSalle Street
                        Chicago, Illinois 60603
                        Attention: Ms. Margaret Muir, Corporate Trust Department

                                       4
<PAGE>

         19.      The foregoing is subject to the following conditions:

         The obligations and duties of the Escrow Agent are confined to those
specifically enumerated in the escrow instructions. The Escrow Agent shall not
be subject to, nor be under any obligation to ascertain or construe the terms
and conditions of any other instrument, whether or not now or hereafter
deposited with or delivered to the Escrow Agent or referred to in the escrow
instructions, nor shall the Escrow Agent be obligated to inquire as to the form,
execution, sufficiency, or validity of any such instrument nor to inquire as to
the identity, authority, or rights of the person or persons executing or
delivering the same.

         The Escrow Agent shall not be personally liable for any act which it
may do or omit to do hereunder in good faith and in the exercise of its own best
judgment. Any act done or omitted by the Escrow Agent pursuant to the advice of
its attorneys shall be deemed conclusively to have been performed or omitted in
good faith by the Escrow Agent.

         If the Escrow Agent should receive or become aware of any conflicting
demands or claims with respect to this Agreement, or the rights of any of the
parties hereto, or any money, property, or instruments deposited herein or
affected hereby, the Escrow Agent shall have the right in its sole discretion,
without liability for interest or damages, to discontinue any or all further
acts on its part until such conflict is resolved to its satisfaction and/or to
commence or defend any action or proceeding for the determination of such
conflict. Notwithstanding any other provision hereof, in the event of any
dispute, disagreement or legal action relating to or arising in connection with
the escrow, the Escrow Fund, or the performance of the Escrow Agent's duties
under this Agreement, the Escrow Agent will not be required to determine the
controversy or to take any action regarding it. The Escrow Agent may hold all
documents and funds and may wait for settlement of any such controversy by final
appropriate legal proceedings, arbitration, or other means as, in the Escrow
Agent's discretion, it may require. In such event, the Escrow Agent will not be
liable for interest or damage. Furthermore, the Escrow Agent may, at its option,
file an action of interpleader requiring the parties to answer and litigate any
claims and rights among themselves. The Escrow Agent is authorized, at its
option, to deposit with the Court in which such interpleader action is filed all
documents and funds held in escrow. The Escrow Agent is further authorized to
withhold from such deposit for its own account an amount sufficient to
compensate itself for all costs, expenses, charges, and reasonable attorneys'
fees incurred by it due to the interpleader action. Upon initiating such action,
the Escrow Agent shall be fully released and discharged of and from all
obligations and liability imposed by the terms of this Agreement.

         The Company and Dealer Manager agree, jointly and severally, to
indemnify and hold the Escrow Agent, its officers, directors and employees
harmless from and against all costs, damages, judgments, attorney's fees
(whether such attorneys shall be regularly retained or specially employed),
expenses, obligations and liabilities of every kind and nature which the Escrow
Agent may incur, sustain, or be required to pay in connection with or arising
out of this Agreement, and to pay the Escrow Agent on demand the amount of all
such costs, damages, judgments, attorney's fees, expenses, obligations, and
liabilities. To secure said indemnification and to satisfy its compensation
hereunder, the Escrow Agent is hereby given a first lien upon and the right to
reimburse itself therefor out of, all of the rights, titles, and interests of
each of said parties in all

                                       5
<PAGE>

money, property, and instruments deposited hereunder, except for any money,
property or instruments that relate to money received that must be returned
pursuant to the provisions of the second to last sentence of paragraph 9.

                                       6
<PAGE>

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

                                  INLAND RETAIL REAL ESTATE TRUST, INC.

                                  By:    /s/ Roberta S. Matlin
                                     -------------------------------------------
                                  Title: Vice President
                                        ----------------------------------------

                                  INLAND SECURITIES CORPORATION

                                  By:    /s/ Brenda G. Gujral
                                     -------------------------------------------
                                  Title: President
                                        ----------------------------------------

                                  LASALLE BANK NATIONAL ASSOCIATION
                                  CHICAGO, IL

                                  By: /s/ Margaret Muir
                                      -----------------------------------------
                                  Title: Vice President
                                        ---------------------------------------

                                       7<PAGE>

                         2001 SUPPLEMENTAL INCENTIVE PLAN
                         AWARD AGREEMENT

                         United Wisconsin Services, Inc. and
                         Blue Cross & Blue Shield United of Wisconsin

                         January 2001

<PAGE>

CONTENTS

-------------------------------------------------------------------------------
Article 1. Performance Period                                               1

Article 2. Target Incentive Award and Achievement of Performance Measure    1

Article 3. Termination Provisions                                           2

Article 4. Interest                                                         2

Article 5. Form and Timing of Payment of Earned Target Incentive Award      2

Article 6. Nontransferability                                               3

Article 7. Administration                                                   4

Article 8. Miscellaneous                                                    4

<PAGE>

UNITED WISCONSIN SERVICES, INC. AND
BLUE CROSS & BLUE SHIELD UNITED OF WISCONSIN
2001 SUPPLEMENTAL INCENTIVE PLAN AWARD AGREEMENT

     You have been selected to be a participant in the United Wisconsin
Services, Inc. ("UWSI) and Blue Cross & Blue Shield United of Wisconsin
("BCBSUW") 2001 Supplemental Incentive Plan (the "Plan"), as specified below:

     PARTICIPANT: Participant

     TARGET INCENTIVE AWARD: $ ---------------------

     PERFORMANCE PERIOD: January 1, 2001 to December 31, 2001

     PERFORMANCE MEASURE:  The preestablished goals related to UWSI and BCBSUW
      (herein referred to as "the Company") Annual Operating Plan ("AOP")

     THIS AGREEMENT (the "Agreement") effective January 1, 2001, represents the
grant of the Supplemental Incentive Award by the Company to the Participant
named above, pursuant to the provisions of the Plan.

     The Plan provides a complete description of the terms and conditions
governing the Supplemental Incentive Award and is hereby incorporated by
reference in this Agreement. If there is any inconsistency between the terms of
this Agreement and the terms of the Plan, the Plan's terms shall completely
supersede and replace the conflicting terms of this Agreement. All capitalized
terms shall have the meanings ascribed to them in the Plan, unless specifically
set forth otherwise herein. The parties hereto agree as follows:

ARTICLE 1. PERFORMANCE PERIOD

     The Performance Period commences on January 1, 2001 and ends on December
31, 2001.

ARTICLE 2. TARGET INCENTIVE AWARD AND ACHIEVEMENT OF PERFORMANCE MEASURE

     The amount of the Target Incentive Award to be earned under this Agreement
("Earned Target Incentive Award") shall be based upon the achievement of
preestablished performance goals related to the Company's AOP as set by the
Committee for the Performance Period, based on the following chart:

<TABLE>
<CAPTION>

---------------------------- ------------------------------ ------------------------- -----------------------------
                                 PERCENTAGE OF TARGET                                     PERCENTAGE OF TARGET
      AOP ATTAINMENT            INCENTIVE AWARD EARNED(1)          AOP ATTAINMENT         INCENTIVE AWARD EARNED(1)
---------------------------- ------------------------------ ------------------------- -----------------------------
<S>                                         <C>                  <C>                                  <C>
  125% or more of target                    200%                 95% of target                        90%
      120% of target                        180%                 90% of target                        80%
      115% of target                        160%                 85% of target                        70%
      110% of target                        140%                 80% of target                        60%
      105% of target                        120%                 75% of target                        50%
   Target (100% of AOP)                     100%               < 75% of target                       None

(1) Awards for points in between the levels shown will be based on interpolation.
</TABLE>

                                       1

<PAGE>

ARTICLE 3. TERMINATION PROVISIONS

              (a)    Except as provided below, a Participant shall be eligible
                     for each of the payments of his/her Earned Target Incentive
                     Award, as determined in Article 2 and as set out in Article
                     5, only if the Participant's employment with the Company
                     continues through the end of the Performance Period and the
                     date each payment is paid, as called for by Article 5.

              (b)    If a participant terminates his or her employment during
                     the Performance Period because of death or Disability,
                     Earned Target Incentive Award amounts will vest upon
                     termination and will be paid out as soon as practical
                     following the close of the period. The Committee will
                     determine, in its sole discretion, the appropriate award
                     proportion of the full Earned Target Incentive Award amount
                     to be paid.

              (c)    If a Participant terminates his or her employment during
                     the Performance Period because of Retirement, Earned Target
                     Incentive Award amounts will vest upon Retirement and will
                     be paid out as soon as practical following the close of the
                     period. The Committee will determine, in its sole
                     discretion, the appropriate award proportion of the full
                     Earned Target Incentive Award amount to be paid.

              (d)    Termination of employment for any reason other than
                     Retirement, Disability, or death or following a Change in
                     Control during the Performance Period shall require
                     forfeiture of this entire award, with no payment to the
                     Participant.

              (e)    Termination of employment for any reason other than
                     Retirement, Disability, or death or following a Change in
                     Control after the Performance Period, but prior to any
                     payment date of the Earned Target Incentive Award shall
                     require forfeiture of the unpaid balance of the Earned
                     Target Incentive Award, with no payment to the Participant,
                     it being understood that the Participant's continued
                     employment on the payment dates of the Earned Target
                     Incentive Award is an integral part of this Agreement upon
                     which Company relied in entering into this Agreement.

ARTICLE 4. INTEREST

     The Participant shall have no right to any interest with respect to the
unpaid portion of the Earned Target Incentive Award until ninety (90) calendar
days after the date such unpaid portion becomes vested in accordance with this
Agreement.

ARTICLE 5. FORM AND TIMING OF PAYMENT OF THE EARNED TARGET INCENTIVE AWARD

              (a)    Payment of the Earned Target Incentive Award shall be made
                     in three (3) installments, each to be paid within ninety
                     (90) calendar days following the dates specified in the
                     chart below, subject to the following:

                       (i)    The Participant shall have no right with respect
                              to any portion of the Earned Target Incentive
                              Award until such amount becomes vested as of the
                              payment date following the dates identified in the
                              following schedule:

                                       2
<PAGE>

<TABLE>
<CAPTION>

                              ---------------------- --------------------------
                                                     PERCENTAGE OF EARNED TARGET
                              DATE                      INCENTIVE AWARD VESTED
                              ---------------------- --------------------------

                              <S>                     <C>
                              January 1, 2002                    25%
                              January 1, 2003                    25%
                              January 1, 2004                    50%

                              ---------------------- --------------------------
</TABLE>
                       (ii)   If the Committee determines, in its sole
                              discretion, that a Participant at any time has
                              willfully engaged in any activity that the
                              Committee determines was or is harmful to the
                              Company, any unpaid portion of the Earned Target
                              Incentive Award (whether or not vested) will be
                              forfeited by such Participant.

              (b)    Upon a Change in Control, as defined in the Plan, prior to
                     the expiration of the Performance Period, the Participant
                     shall become fully vested in the Target Incentive Award
                     with the Earned Target Incentive Award to be calculated as
                     if 100% of the AOP Goal had been achieved. The Earned
                     Target Incentive Award so determined shall be paid to the
                     Participant within ninety (90) days of the Change in
                     Control.

              (c)    Upon a Change in Control, as defined in the Plan, after the
                     expiration of the Performance Period, but prior to full
                     payment of the Earned Target Incentive Award, the
                     Participant shall become fully vested in the unpaid portion
                     of the Earned Target Incentive Award with such amount being
                     paid to the Participant within ninety (90) days of the
                     Change in Control.

              (d)    For purposes of this Agreement, "Change in Control" shall
                     have the same meaning as the term has in the United
                     Wisconsin Services, Inc. Equity Incentive Plan, except that
                     such term shall apply to both UWSI and BCBSUW and shall not
                     include any merger, consolidation, reorganization, or other
                     similar transaction between the Company, or its parent or
                     subsidiaries and Blue Cross & Blue Shield United of
                     Wisconsin, or its parent or subsidiaries ("BCBSUW"), or the
                     conversion of BCBSUW into a Stock Corporation.

              (e)    Notwithstanding anything else herein to the contrary, to
                     the extent any payment would be made to the Participant
                     while the Participant is the chief executive officer or any
                     other "covered employee" and such payment would be
                     nondeductible under Section 162(m) of the Internal Revenue
                     Code of 1986, as amended (the "Code"), then such payment
                     shall be deferred until such time that the Participant
                     ceases to be a "covered employee" under Section 162(m) of
                     the Code.

ARTICLE 6. NONTRANSFERABILITY

     Neither the Target Incentive Award or the Earned Target Incentive Award
may be sold, transferred, pledged, assigned, or otherwise alienated or
hypothecated, other than by will or by the laws of descent and distribution.
Further, except as otherwise provided in a Participant's Award Agreement, a
Participant's rights under the Plan shall be exercisable during the
Participant's lifetime only by the Participant or the Participant's legal
representative.

                                       3
<PAGE>

ARTICLE 7. ADMINISTRATION

     This Agreement and the rights of the Participant hereunder are subject to
all the terms and conditions of the Plan, as the same may be amended from time
to time, as well as to such rules and regulations as the Committee may adopt for
administration of the Plan. It is expressly understood that the Committee is
authorized to administer, construe, and make all determinations necessary or
appropriate to the administration of the Plan and this Agreement, all of which
shall be binding and conclusive with respect to the Participant. Any
inconsistency between the Agreement and the Plan shall be resolved in favor of
the Plan.

ARTICLE 8. MISCELLANEOUS

              (a)    The selection of any employee for participation in the Plan
                     shall not give such Participant any right to be retained in
                     the employ of the Company. The right and power of the
                     Company to dismiss or discharge any Participant is
                     specifically reserved. Such Participant or any person
                     claiming under or through the Participant shall not have
                     any right or interest in the Plan or any Award thereunder,
                     unless and until all terms, conditions, and provisions of
                     the Plan that affect such Participant have been complied
                     with as specified herein.

              (b)    The Committee may, in its sole discretion, modify, amend,
                     or terminate in whole or in part, any or all provisions of
                     the Plan, provided that no such modification, amendment, or
                     termination shall reduce or impair the value of any awards
                     after such awards are vested.

              (c)    This Agreement shall be subject to all applicable laws,
                     rules, and regulations, and to such approvals by any
                     governmental agencies or national securities exchanges as
                     may be required.

              (d)    To the extent not preempted by federal law, this Agreement
                     shall be governed by, and construed in accordance with, the
                     laws of the State of Wisconsin.

     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
effective as of ____________, 2001.

                                           United Wisconsin Services, Inc. and
                                  Blue Cross & Blue Shield United of Wisconsin

                                            By: _______________________

                                       4
<PAGE>

Please acknowledge your agreement to participate in the Plan and this Agreement,
and to abide by all of the governing terms and provisions, by signing the
following representation:

                            AGREEMENT TO PARTICIPATE

By signing a copy of this Agreement and returning it to the Director of Human
Resources of United Wisconsin Services, Inc. and Blue Cross & Blue Shield United
of Wisconsin, I acknowledge that I have read the Plan, and that I fully
understand all of my rights under the Plan, as well as all of the terms and
conditions which may limit my eligibility to receive payment(s) of the Target
Incentive Award or the Earned Target Incentive Award. Without limiting the
generality of the preceding sentence, I understand that my right to receive
payment(s) of the Target Incentive Award or the Earned Target Incentive Award is
conditioned upon my continued employment with the Company.

ATTEST:

--------------------------
                                                    ---------------------------
                                                                    Participant

                                       5

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