VIA CERTIFIED MAIL RETURN RECEIPTED REQUESTED March 13, 1995 Hamilton Realty Co. P.O.Box 527 Clinton, Connecticut 06413 Attn: Seymour Shapiro General Partner RE: 130 Hamilton Street New Haven, Connecticut Gentlemen: Reference is made to the Lease Agreement dated December 1, 1985 between Hamilton Realty Co., a Connecticut general partnership, as Lessor, and AnnTaylor, Inc. (as successor in interest thereunder to ASC Stores III, Inc.), as Lessee (the "Lease") modified by Letter Agreements dated March 22, 1993, February 24, 1994 and May 23, 1994. Capitalized terms used and not defined herein shall have the meanings ascribed thereto in the Lease. Lessee desires to extend the Term of the Lease and Lessor hereby grants and extends unto the Lessee this extension which shall commence on July 1, 1995 and expire on September 30, 1995 (hereinafter called the Extension Term) on the terms and conditions set forth in the Lease, excluding the fixed monthly rental rate which shall be for the Extension Term the amount of $33,149.52 per month. If the foregoing correctly sets forth our understanding, please sign the enclosed copy of this letter and return it to the undersigned. Very truly yours, AnnTaylor, Inc. ACCEPTED AND AGREED Hamilton Realty Co. By: /s/ Jocelyn Barandiaran /s/ Seymour Shapiro ___________________________ ________________________ Jocelyn Barandiaran General Partner Vice President/General Counsel