3rd Quarter flash report 2011 R www.inlandwestern.com PORTFOLIO SUMMARY Total proceeds raised $4.5 billion Cost of equity raised1 $457 million Shares outstanding 482 million Total square feet managed2 44 million Number of properties managed2 306 Total investment in properties3 $5.3 billion Percent leased including signed leases 89.6% Economic occupancy 87.5% Debt to total assets 58.3% Cumulative distributions per share4 $3.89 Distributions reinvested $708 million Shares repurchased $432 million 2011 Q3 COMPANY HIGHLIGHTS • Continued strong leasing performance with the execution of 136 new and renewal leases for approximately 833,000 square feet, bringing our year to date leasing traction to over 2.8 million square feet in the retail operating portfolio. • Renewed 81 percent of the leases expiring in the third quarter 2011 within the retail operating portfolio. • Refinanced, repaid and extinguished $124.5 million in debt bringing our year to date refinancing efforts to $554.1 million. • Sold a non-core industrial property of over one million square feet for a gross sales price of $48.6 million, resulting in a gain of $12.9 million. • Partially sold a 654,200 square foot multi-tenant retail property in Austin, Texas to our RioCan joint venture for a sales price of $110.8 million resulting in net proceeds of $39.9 million. • Contributed $3.2 million to our RioCan joint venture, representing our share of the purchase price net of closing costs, for the acquisition of a multi-tenant retail property in Houston, Texas. • Increased the quarterly distribution to shareholders for the eighth consecutive quarter, declaring a third quarter 2011 distribution of $0.06375 per share totaling declared distributions for the year of over $89.2 million. • Generated $128.4 million in cash flow from operations for the nine months ended September 30, 2011. 1) No acquisition fees were paid. 2) Includes consolidated and unconsolidated properties. 3) 90% of capital raised was invested in properties, among the highest in the industry. 4) Includes the third quarter 2011 distribution declared on October 3, 2011. STRATEGY Acquire and manage a diverse national retail portfolio comprised of strategically located assets that are primarily anchored or shadow anchored by strong national and regional grocers, discount retailers and other retailers that provide basic household goods or clothing. Diversify by geography, retail property type and tenant base to reduce risk of overexposure. Manage portfolio effectively and regularly review the portfolio to identify opportunities. STRONG ANCHORS 31 12 37 28 15 8 11 27 11 21 42 Store Names # of Locations1 1) Owned and shadow anchors. 2) Includes T.J. Maxx, Marshalls, A.J. Wright and HomeGoods stores. 2 Best Buy 3.2% TJX Companies 2.4% Rite Aid 2.4% Stop & Shop 2.3% PetSmart 2.1% Ross Dress For Less 2.1% Home Depot 2.1% Bed Bath & Beyond 2.1% Kohl’s 1.9% The Sports Authority 1.8% Top Retail Tenants % of Retail Annualized Base Rent* *Based on total square feet managed. *Based on consolidated retail operating properties. *Based on GLA. CONSOLIDATED RETAIL OPERATING PORTFOLIO* TENANTS GEOGRAPHY* 11/11 Washington Oregon Arizona New Mexico Texas Oklahoma Kansas Colorado Utah Nevada California Idaho Montana North Dakota South Dakota Nebraska Minnesota Iowa Missouri Arkansas Mississippi Alabama Louisiana Florida Georgia Tennessee Wisconsin Illinois Indiana Ohio Michigan entucky New Jersey New York Conn. R.I. Mass. N.H. Maine Wyoming Pennsylvania Virginia West Delaware Vt. Carolina North Carolina Virginia Md. South K 4.0 MSF 9.8 MSF 1.8 MSF 2.0 MSF 2.3 MSF 3.2 MSF Gross Leasable Area (GLA) More than 5 million square feet (MSF) +1-5 MSF Less than 1 MSF Community Center 26% Neighborhood Center 10% Power Center 45% Lifestyle Center 9% Single User 10%

The Inland name and logo are registered trademarks being used under license. “Inland” refers to some or all of the entities that are part of The Inland Real Estate Group of Companies, Inc., a company that is comprised of separate legal entities, some of which may be subsidiaries of the same entity, affiliates of each other, share some common ownership or were previously sponsored by Inland Real Estate Investment Corporation. The companies depicted in the photographs and logos herein may have proprietary interests in their trade names and trademarks and nothing herein shall be considered to be an endorsement, authorization or approval of Inland Western Retail Real Estate Trust, Inc. by the companies. Further, none of these companies are affiliated with Inland Western Retail Real Estate Trust, Inc. in any manner other than being a tenant in properties owned by Inland Western Retail Real Estate Trust, Inc. 2901 BUTTERFIELD ROAD OAK BROOK, IL 60523 www.inlandwestern.com CONTACT Inland Western Investor Relations ir@inland-western.com 800.541.7661 R INLAND WESTERN Retail Real Estate Trust, Inc. CONSOLIDATED RETAIL OPERATING PROPERTIES LEASE EXPIRATION SCHEDULE1 AWARD WINNING MARKETING PROGRAMS BENEFIT RETAILERS AND CONSUMERS Inland Western’s marketing team partners with retailers and community groups to create one of a kind marketing programs that drive traffic, enhance retail sales and make an impact on the community. The marketing team was recognized by the International Council of Shopping Centers with 5 US MAXI Awards for its innovative events and programs in 2010. Inland Western has won 12 MAXI Awards in the last two years. CASH FLOW HISTORY AND DISTRIBUTIONS 1) Funds from Operations is a non-GAAP measure, and is calculated as follows: 3 Mo. Ended 3 Mo. Ended 3 Mo. Ended 3 Mo. Ended 9/30/11 6/30/11 3/31/11 12/31/10 Net loss attributable to Company shareholders $ (5,023) $ (13,724) $ (40,025) $ (3,411) Add: Deprection and amortization 63,549 64,389 65,447 68,694 Less: Gain on sales of investment properties (13,626) (3,104) (6,119) (20,687) Less: Noncontrolling interests’ share of depreciation related to consolidated joint ventures (2,478) (2,417) (2,932) (3,583) Funds from operations $ 42,422 $ 45,144 $ 16,371 $ 41,013 Safe Harbor Statement Forward-looking statements are statements that are not historical including statements regarding management’s intentions, beliefs, expectations, representations, plans or predictions of the future, and are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may,” “will,” “should” and “could.” The Company intends that such forward-looking statements be subject to the safe harbors created by section 27A of the Securites Act of 1933 and Section 21E of the Securites Exchange Act of 1934. There are numerous risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. For a more complete discussion of these risks and uncertainties, please see the company’s Annual Report on Form 10-K and each Quarterly Report filed on Form 10-Q. Inland Western Retail Real Estate Trust, Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events. Over 34,849 fans and followers receive regular information regarding events, special offers and giveaways, which drive retail sales. DISTRIBUTION HISTORY Since inception, the company has paid gross distributions of $1.4 billion. Yield based on the last published estimated valuation for each time period. 2.5% 2.6% 7.5% 6.4% 6.4% 6.4% 6.6% 6.0% Cash Flows From Operations Gross Distributions 1) Excludes month-to-month leases. (Square Feet) Multi-Tenant Single Tenant 5.3% Average 7.7% 3.3% 6.6% 9.1% 11.1% 9.5% 1.2% 13.3% MORTGAGE DEBT MATURITY SCHEDULE Debt maturities exclude standard amortization, net mortgage premium of $17.5 million and net mortgage discount of $2.5 million as of 12/31/10. 1) Mortgage debt status is as of 11/7/11. The 2011 debt maturities include $123.2 million of mortgages payable that had matured as of 12/31/10. 2) Includes $581.9 million of mortgages that were repaid, excluding debt forgiveness of $14.4 million, using proceeds from our senior secured credit facility, and the underlying properties were added as collateral to that facility. Three of these properties, for which the combined payoff was $41.1 million, were subsequently sold. 3.6% 5.4% 6.8% 2) Distributions for the quarter ended 9/30/11 were declared on 10/3/11. 3 Months 3 Months 3 Months 3 Months Ended Ended Ended Ended (in thousands) 9/30/11 6/30/11 3/31/11 12/31/10 Funds from Operations1 $ 42,422 $ 45,144 $ 16,371 $ 41,013 Cash Flow From Operations $ 43,376 $ 53,156 $ 31,855 $ 30,400 Distribitions Declared2 30,738 30,031 28,433 26,851 Excess $ 12,638 23,125 $ 3,422 $ 3,549 Paid, Refinanced, Extended & Forgiven2 20111 2012 2013 2014 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 Debt ($000s) Remaining to be Addressed