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Fifth Amended and Restated Advisory Agreement between Phillips Edison – ARC Shopping Center REIT Inc. and American Realty Capital II Advisors, LLC March 28, 2011
Advisory Agreement • April 29th, 2011 • Phillips Edison - ARC Shopping Center REIT Inc. • Real estate investment trusts • New York

This Fifth Amended and Restated Advisory Agreement, dated as of March 28, 2011 (this “Agreement”), is between Phillips Edison – ARC Shopping Center REIT Inc., a Maryland corporation (the “Company”), and American Realty Capital II Advisors, LLC, a Delaware limited liability company (the “Advisor”).

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