Investor Presentation www.inlandrealestate.com NYSE: IRC June 4, 2013

IRC SNAPSHOT Source: Company filings. Data based on total portfolio as of 3/31/13 Includes one non-retail property and retail properties in unconsolidated joint ventures at 100 percent; excludes development JVs and non-owned, managed IPCC JV properties; $2B in assets based on full purchase price acquisition value. Includes pro rata share of debt related to unconsolidated joint ventures as of 3/31/13. Inception 1994; self administered/managed as of 2000; listed on NYSE June 2004 Target Central United States 154 shopping centers and single-tenant retail properties1 15.3 million SF of gross leasable area under management1 $2.1 billion in asset acquisition value1 $2.0 billion total market capitalization2 79% of SF in infill trade areas in Chicago & Minneapolis MSAs  (1) (2)

INVESTMENT HIGHLIGHTS High-Quality, Diversified Portfolio Strong asset quality driven by high occupancy (94.1% leased) and consistent cash flows Diverse tenant base including a mix of national retailers across a variety of industries Compelling portfolio demographics: dense populations, high incomes, diverse economies Exposure to resilient markets featuring high barriers to entry and attractive growth prospects; dominant position in primary markets Compelling Internal & External Growth Opportunities Impressive recent same-store NOI growth Continued positive leasing spreads on new leases and renewals Successful redevelopment track record with a robust pipeline in process Strong Liquidity / Debt Maturity Profile Multiple sources of capital to support business plan / strategic growth initiatives Recent initiatives have improved credit metrics and enhanced balance sheet flexibility Well-laddered debt maturity schedule with minimal near-term refinancing risks Experienced Management Team Fully integrated team with a deep experience and successful track record operating within the retail sector and public capital markets

STRATEGIC OBJECTIVES Notes: Guidance information current as of 1Q13 earnings release dated 5/9/13. (1) Based on current pool of assets targeted for sale in 2013. Enhance portfolio growth and valuation metrics Generate consolidated same store NOI annual growth of 1 to 2% for 2013 Achieve consolidated same store financial occupancy of 89% to 90% at YE 2013 Improve liquidity, leverage and financial flexibility Reduce cost & extend term of debt; maintain well-balanced debt maturity schedule Lower overall leverage; target net debt-to-total EBITDA ratio below 7X Longer term goal: achieve investment grade status Strengthen portfolio through targeted acquisitions and selective sales Redeploy capital from dispositions of  $30-50M in non core assets into higher growth opportunities(1) Grow assets under management and income via on-balance sheet acquisitions and by leveraging lower cost of capital of institutional joint venture partners

HIGH QUALITY, STABLE PORTFOLIO (1) Notes: Data based on total portfolio as of 3/31/13. Excludes properties held in the joint venture with IPCC. Total Portfolio GLA by Property Type Total Portfolio Annual Base Rent by Retailer Type Community 22% Neighborhood 28% Power 39% Lifestyle 4% Single Tenant 7% National Retailers 72% Regional Retailers 4% Local Retailers 24%

(5) Includes Justice-5, Dress Barn-7, Maurice’s-6, Lane Bryant-6, Catherine’s-2 (6) Includes Dick’s Sporting Goods-3, Golf Galaxy-1 (7) Includes Old Navy-9,The GAP-1, The Gap Factory-1 (8) Includes Dollar Tree -19,Deal$-1 DIVERSIFIED TENANT BASE No single tenant comprises more than 4.01% of total portfolio annual base rent IRC’s top four tenants are the leading grocers in their respective markets (1) Annualized rent includes joint venture partners’ pro rata share. (2) Includes Rainbow-5, Pick ‘N Save-2, Super Pick ‘N Save-1, Metro Market-1 (3) Includes TJ Maxx-6, Marshalls -11, Home Goods-1 (4) Includes Bed Bath & Beyond-7, BuyBuy Baby-3, World Market-1 Notes: Based on total portfolio @ 3/31/13, excludes assets held in IPCC JV. Ratings: crmz.com as of 4/2013. Tenant Name # Stores % of Annual Base Rent Long-term S&P Rating Long-term Moody's Rating Roundy's (2) 9 4.01% N/A N/A AB Acquisitions, LLC (Jewel) 10 3.74% N/A N/A Supervalu, Inc. (Cub Foods) 9 3.73% B+ B3 Safeway (Dominick's Finer Foods) 7 3.43% BBB Baa3 TJX Companies, Inc. (3) 18 3.33% A A3 Best Buy 7 2.94% BB Baa2 Carmax 2 2.26% N/A N/A Bed Bath & Beyond (4) 11 1.96% BBB+ N/A PetSmart 10 1.77% BB+ N/A Michael's 10 1.65% B B2 Kroger ( Food 4 Less) 4 1.48% BBB Baa2 Ascena Retail Group (5) 26 1.42% BB- Ba2 Retail Ventures, Inc. (DSW) 5 1.33% N/A N/A Dick's Sporting Goods (6) 4 1.24% N/A N/A The Gap (7) 11 1.14% BB+ Baa3 Dollar Tree (8) 20 1.11% N/A N/A The Sports Authority 3 1.07% B- B3 Hobby Lobby 3 1.05% N/A N/A Total 169 38.66% Total Portfolio Major Tenant Summary (1% or More of Annual Base Rent) as of 3/31/13 (1) Proforma Sale of Jewel-Osco to AB Acquisitions, LLC (Cerberus subsidiary)

STRONG MARKET DEMOGRAPHICS MEDIAN 3-MILE HOUSEHOLD INCOME IRC data source: Claritas 3-mile data. IRC data includes retail properties in the total portfolio and is weighted by SF (GLA ). Peer data source: ISI, Real Estate Research: Retail Demographic Analysis, April 2013. Data is weighted by SF. ISI does not report data for IRC or peers not included in chart. $72,299 $69,298 $65,313 $59,488 $58,824 $58,265 $57,896 $55,668 $53,085 FRT REG IRC AKR RPAI KIM EQY DDR WRI IRC’s retail centers are supported by strong demographics / high barriers to entry 3rd highest median 3-mile household income amongst peers Average 3-mile population: 88,770 Solid demographics enhance portfolio’s resiliency and protect it from new supply

PRIMARY MARKETS Greater Chicago and Minneapolis-St. Paul Metro Areas IRC Chicago Metro Portfolio IRC Minneapolis-St. Paul Metro Portfolio MSA # of Retail Properties Total Retail GLA (MM) % of Retail Portfolio Chicago MSA 84 9,174,269 60.8% Minneapolis MSA 26 2,721,929 18.0% Other Markets 43 3,203,974 21.2% Total 153 15,100,172 100.0% IRC Market Summary @ 3/31/13 (Total Portfolio) Why Chicago and the Twin Cities? Two of the top U.S. markets out of 381 MSAs: Chicago #3 with est. population of 9.5 million Minneapolis-St. Paul #16 with est. population of 3.4 million Markets’ resiliency, diverse economies, dense populations & healthy incomes support stable cash flows

Assets: DOMINANT REIT IN PRIMARY MARKETS Based on retail SF and number of assets. Data includes shopping centers plus single tenant retail properties with JVs at 100%. IRC data based on total portfolio as of 3/31/13. Peer data sources: SNL & company websites as of 5-14-13, data includes owned retail GLA with JVs reflected at 100% regardless of REIT’s actual ownership percentage. MINNEAPOLIS-ST. PAUL MSA CHICAGO MSA 9,174 3,286 2,365 1,841 1,069 752 405 240 2,722 1,369 1,188 675 IRC 84 KIM 28 DDR 7 REG 14 RPAI 6 FRT 4 RPT 3 KRG 3 IRC 26 DDR 3 KIM 5 REG 5 Gross Leasable Area (SF in Thousands) IRC is the largest shopping center REIT operating in the Chicago & Minneapolis metro areas(1) Dominant presence positions IRC as “the retail play” in the Chicago and Twin Cities MSAs

 Increases in same store NOI achieved through aggressive leasing and asset repositioning initiatives CONSOLIDATED PORTFOLIO SAME STORE NOI (% CHANGE) INTERNAL GROWTH Consolidated Same Store Net Operating Income (NOI) Sources: SNL Financial and company filings. Peer average includes data for periods for which information was available and comparable for AKR, CDR, DDR, EQY, FRT, IRC, KIM, KRG, REG, RPT and WRI. Year over year change impacted by substantially lower real estate tax expense recorded in 4Q11 as result of accrual true up. 1.8% 5.7% 3.5% 8.7% 5.7% 4.2% 5.5% - 0.9% 3.2% -2% 0% 2% 4% 6% 8% 10% 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 IRC Peer Average

 Nine consecutive quarters of positive spreads on new leases 1Q11 through 1Q13 & continued positive leasing spreads on renewals Reflects strength of locations & more level playing field with regard to lease negotiations INTERNAL GROWTH Positive Leasing Spreads + 8.2% + 5.2% + 5.3% + 8.6% + 39.7% + 14.0% + 11.0% + 2.7% TOTAL PORTFOLIO RENT SPREADS ON NEW AND RENEWAL LEASES (AVERAGE BASE RENTS) + 15.0% + 10.9% $13.86 $13.83 $15.95 $14.52 $13.25 $11.32 $13.96 $11.57 $10.12 $8.76 $14.59 $15.02 $17.26 $15.29 $15.10 $15.81 $14.35 $12.84 $11.64 $9.72 1Q12 Renewals 1Q12 New 2Q12 Renewals 2Q12 New 3Q12 Renewals 3Q12 New 4Q12 Renewals 4Q12 New 1Q13 Renewals 1Q13 New Former Average Base Rent Per SF New Average Base Rent Per SF

Asset Redevelopment Projects – Case Studies: Cost ROC 1 Before After Crystal Point Crystal Lake, IL Replaced vacant restaurant with multi-tenant outlot building;100% leased to Five Guys, Pot Belly’s & Starbucks Completed 2012 $ 1.6 M 12.2% Salem Square Countryside, IL Repositioning & multi-tenant outlot addition Completed 2011 $ 2.9 M 25.5% Shops of Plymouth Town Center Plymouth, MN Added 16,500 SF of GLA with construction of multi-tenant outlot building;100% leased to 4 new tenants Completed 2009 $ 3.1 M 11.2% Notes: (1) Return on cost (ROC) is based on new capital and related leasing VALUE CREATION Redevelopment Track Record

VALUE CREATION Repositioning/Redevelopment Projects In Process Property Value-Add Initiative Cost ROC 1 Est. Completion Bally’s, St. Paul, MN Reposition former Bally’s to multi-tenant charter school & swim school $ 1.4 M 15.8% 2013 Rivertree Court, Vernon Hills, IL 2 phases: theater conversion & GLA expansion for new tenant Gordmans; reposition former Office Depot space with Ross, former Old Country Buffet with Pier One; former Ulta with Shoe Carnival $11.0 M 15.4% 2011 / 2013 Diffley Marketplace, Eagan, MN Add multi-tenant outlot and single-tenant outlot $ 2.9 M 12.0% 2014 Dunkirk Square, Maple Grove, MN Add multi-tenant outlot $ 1.8 M 12.7% 2014 Lansing Square, Lansing, IL Sell portion of property to national discount retailer for development of super store; redevelop remainder of property to add 30K SF for junior anchor $ 1.5 M 13.8% 2014 Aurora Commons, Aurora, IL Reposition Jewel store for multi-tenant apparel/discount retailers $ 2.6 M 19.0% 2014 TOTAL ASSET IMPROVEMENT PROJECTS IN PROCESS: $21.2 M 15.0% Notes: (1) Return on cost (ROC) is based on projected new capital and related leasing Increased number of repositioning/redevelopment projects planned for 2013 Plan to take out of service ~350,000 SF in 2013; scheduled to come back on line in 2014 Expect to invest ~$21M in six projects Anticipated annual return on cost (ROC) on six projects: 15.0% (1)

. Sources: CB Richard Ellis : MSA average occupancy from CBRE MarketView First Quarter 2013. Notes: IRC market summary & MSA portfolio occupancy rates exclude non-retail properties & development JVs; based on IRC’s pro-rata share of properties in unconsolidated JVs. SUCCESSFUL BUSINESS MODEL MSA IRC Portfolio Occupancy MSA Average Occupancy IRC Variance to MSA Chicago MSA 92.7% 91.4% + 130 bps Minneapolis MSA 95.9% 92.5% + 340 bps Total Portfolio Leased Occupancy @ 3/31/13 Acquire critical mass of properties in target markets Market concentration facilitates multiple lease signings for retailer market launches, expansions and relocations Cluster assets within key submarkets Provides leasing flexibility & management efficiencies, including pricing power with vendors Locate on the “best corner” Premier locations within primary markets make IRC assets highly attractive to retailers Leased occupancy rates of IRC portfolios in primary markets are consistently higher than overall rates for those MSAs

DISCIPLINED INVESTMENT STRATEGY Silver Lake Village (St. Anthony, MN) Westgate (Fairview Park, OH) Stone Creek (Cincinnati, OH) Pursue grocery, value & necessity-based multi-anchor retail centers in select U.S. markets Target Class A assets in trade areas with strong demographics & high barriers to entry Focus on #1 & #2 market share grocers and in-demand national retailers Balance acquisitions in primary markets with purchase of market-dominant assets in strong secondary markets to achieve higher returns Established population; equally compelling demographics Same high-quality national retailer rent rolls Investment goals Improve diversification of portfolio by market, tenant concentration and type of center to provide predictable, sustainable cash flows Achieve above market returns on investment to enhance net asset value

ACQUISITION OF NYSTRS JV INTEREST ACQUISITION OVERVIEW / HIGHLIGHTS On May 24th, we reached an agreement with our joint venture partner, New York State Teachers' Retirement System (NYSTRS), to acquire NYSTRS' 50% ownership interest in the IN Retail Fund, L.L.C. Purchase price of approximately $121.0 million in cash Upon closing the transaction June 2013, we own 100% of IN Retail Fund Venture consists of 13 shopping centers with a gross value of approximately $395.6 million (agreed upon by NYSTRS and IRC for purposes of this transaction) Total outstanding mortgage debt of approximately $152.2 million plus other related assets and liabilities These shopping centers comprise approximately 2.3 million SF of GLA Acquisition advances our strategic goals: Increases size and quality of consolidated portfolio Simplifies our ownership structure Strengthens our balance sheet NYSTRS Formed 2004 Used institutional capital to acquire quality retail assets while enhancing yield on investment via fee income Increased assets under management: added $312M(1) gross value 2005-2006 (allocated capital fully invested) Monetized equity value of contributed assets while retaining operating control; reinvested gains on sales into new acquisitions Note: (1) Includes Algonquin Commons which was consolidated in 2010.

JOINT VENTURE GROWTH STRATEGIES Diversify Capital Resources + Expand Platform + Drive Growth Formed 2010; upsized 2012 Acquire premier retail assets using institutional capital: added $309 M gross value as of 3/31/13 Captive pipeline of future acquisitions Monetized equity value of contributed assets while retaining operating control; recycled gains on sales into new acquisitions Enhance yield via fee income Potential total JV asset value at full investment ~ $900 M IRC 55% ownership PGGM IPCC Established 2006 Fee structure emphasizing recurring management fees over one-time transaction fees provides more value to IRC Recurring property management fee income of $1.1M for 2012; anticipate will grow as assets added to venture Target annual acquisitions of ~$100M in asset value IRC ownership reduced to 0% as interests in assets are completely sold to TIC investors

$3.3 M $1.5 M $4.6 M $3.5 M $5.9 M $1.0 M $1.2 M $1.7 M $1.9 M $2.7 M $2.0 M JOINT VENTURE FEE INCOME Total joint venture fee income compound annual growth rate 23% (2006-2012) IPCC venture: generated ~$17.4 M of acquisition & property management fee income 2006-1Q131 NYSTRS JV: provided ~$8.5 M of fee income 2006-1Q13 1 PGGM JV: provided ~$3.6 M of fee income 2010-1Q13 1 Notes: Amounts may not foot due to rounding issues (1) Property management JV fee income includes asset management and leasing commissions. (2) Not included in this analysis are immaterial fees earned from managing development joint ventures. TOTAL JV FEE INCOME PROPERTY MANAGEMENT JV FEE INCOME ONLY $29.5 M $ 15.7 MM $5.7 M $4.1 M NYSTRS IPCC PGGM $1.6 M $1.1 M $1.0 $1.0 $1.4 $1.2 $1.2 $1.1 $1.1 $0.2 $0.2 $0.3 $0.7 $0.6 $0.9 $1.1 $0.3 $0.2 $0.7 $1.9 $0.6 2006 2007 2008 2009 2010 2011 2012 1Q13 $1.3 $1.0 $1.4 $1.2 $1.2 $1.1 $1.1 $0.2 $0.2 $2.4 $3.2 $2.1 $2.1 $4.0 $2.6 $0.8 $0.2 $0.8 $2.0 $0.6 2006 2007 2008 2009 2010 2011 2012 1Q13

As of 4/24/2013; acquisitions are shown on positive axis & include sold core properties and properties acquired through unconsolidated joint ventures at 100 percent; acquisitions exclude IPCC JV acquisitions that were completed with no equity contribution from IRC; dispositions are shown on negative axis & exclude sold IPCC JV assets. Acquisition value represents full purchase price, including potential earn-outs. IRC has been an active acquirer of assets for our own balance sheet and through joint ventures Over half of core asset acquisitions have been principal to principal transactions; typically get best pricing in private deals IRC/NYSTRS/PGGM Acquisitions IPCC Acquisitions Dispositions $278.1 $111.2 $238.3 $314.8 PORTFOLIO TRANSACTION HISTORY (1) TRANSACTION HISTORY Consolidated & Joint Ventures $63.1 $17.8 $77.4 $181.8 $365.8 $298.3 $43.3 $3.3 $207.2 $78.0 $75.3 $143.8 $150.1 $181.4 $2.4 $8.4 $12.0 $24.6 $6.2 $15.7 $29.6 $14.8 $6.6 $17.7 $8.2 $19.7 $6.6 ($50) ($25) $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 $275 $300 $325 $350 $375 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD Dispositions / Acquisitions ($MM)

RECENT BALANCE SHEET INITIATIVES Substantial Progress in 2012 and YTD 5-31-13 Enhanced Capital Access 1Q12: Sold 2.4M shares preferred stock for net proceeds of $59M (8% effective yield) 3Q12: Upsized consolidated unsecured credit facility by $50M to $350M 4Q12: Upsized IRC-PGGM JV to provide additional ~$100M for new investments 4Q12: Established new $150M ATM equity program ($10.1M raised YTD 5-31-13) 2Q13: Sold 9.0M common shares; expect net proceeds before expenses of $91.6M Improved Cost of Capital In 2012, placed or refinanced ~$238M of secured debt, while lowering the weighted average interest rate to 4.3% from 4.9% and extended term to 8 yrs from 5 yrs Retired $82.4M of secured loans in 2012 3Q12: Lowered rate on unsecured credit facility by 35 to 55 bps 3Q12: Added investment grade pricing grid to credit agreement Extended Debt Maturity Profile 3Q12: Extended term and un-linked term loan and line of credit – new maturity dates – LOC (August 2016), Term Loan (August 2017) Continued Debt Ratio Improvement The following key credit metrics have shown meaningful improvement: Debt / Trailing Twelve Month EBITDA: 7.1x (1Q13) vs. 8.0x (1Q12) Adjusted Interest Coverage Ratio: 3.0x (1Q13) vs. 2.7x (1Q12)

$81.8 $224.4 Secured Debt Term Loan - Bank Group Term Loan - Wells Fargo CONSOLIDATED DEBT AS OF 3/31/13 CONSOLIDATED DEBT MATURITIES Well-Balanced Debt Maturity Profile $115.0 Notes: Secured debt includes principal amortization through maturity. Consolidated debt as of 3/31/12 includes $90.2MM of secured debt for Algonquin Commons in 2013. $105.0 $52.6 $19.9 $35.0 $49.2 $70.3 $46.9 $11.9 $29.2 $175.0 $50.0 $80.0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Line of Credit Convertible Notes $ in Millions

Assets repositioned with best-in-class retailers Portfolio positioned to provide consistent & dependable income growth Redeveloping assets to meet retailer appetite for new stores Reinvigorated portfolio primed for growth Provides enhanced liquidity & flexibility Progress on reducing cost of debt & extending maturity profile Long term goals: lower overall leverage & secure investment grade status Executing long term capital plan Selling noncore assets & investing proceeds in acquisitions with greater growth potential Leveraging capital-efficient joint ventures to grow portfolio & income Implementing effective growth strategy INVESTMENT SUMMARY

EXPERIENCED LEADERSHIP TEAM Management Inland Tenure Background / Experience Mark Zalatoris President & CEO 27 yrs. Appointed president & CEO April 2008; EVP & COO 2004-2008; SVP & CFO 1994-2004; extensive knowledge of portfolio Brett Brown Executive Vice President & Chief Financial Officer 9 yrs. (15 yrs. at Great Lakes REIT) Extensive capital markets & public company reporting experience; former Great Lakes REIT SVP, Financial Reporting Scott Carr EVP & Chief Investment Officer, IRC; President, Inland Commercial Property Management Inc. (IRC subsidiary) 25 yrs. Has overseen property management operations since 1994; strong retailer relationships William Anderson Senior Vice President, Transactions 26 yrs. Skilled at analyzing, negotiating retail center acquisitions & dispositions SENIOR MANAGEMENT TEAM AVERAGES 25+ YEARS REAL ESTATE EXPERIENCE

FORWARD-LOOKING STATEMENTS Certain statements in this presentation constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements are not historical facts but are the intent, belief or current expectations of our management based on their knowledge and understanding of the business and industry, the economy and other future conditions. These statements are not guarantees of future performance, and investors should not place undue reliance on forward-looking statements. Actual results may differ materially from those expressed or forecasted in the forward-looking statements due to a variety of risks, uncertainties and other factors, including but not limited to the factors listed and described under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2012 as may be updated or supplemented by our Form 10-Q filings. These factors include, but are not limited to: market and economic challenges experienced by the U.S. economy or real estate industry as a whole, including dislocations and liquidity disruptions in the credit markets; the inability of tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business; competition for real estate assets and tenants; impairment charges; the availability of cash flow from operating activities for distributions and capital expenditures; our ability to refinance maturing debt or to obtain new financing on attractive terms; future increases in interest rates; actions or failures by our joint venture partners, including development partners; and other factors that could affect our ability to qualify as a real estate investment trust. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.