----

----

|   | Master Agreement Dated April 22 2010 Macquarie DDR Management Limited (ACN 101 743 926) (“MDML”)(as responsible entity of Macquarie DDR Trust (ARSN 106 570 352) (“MDT”))Macquarie DDR Management LLC, a Delaware limited liability company (“US Manager”)EPN GP, LLC, a Delaware limited liability company (“Investor”)Developers Diversified Realty Corporation, an Ohio corporation (“DDR Corp.”)DDR MDT Holdings II Trust, a Maryland real estate investment trust (“DDR”)DDR Macquarie Fund LLC, a Delaware limited liability company (“US LLC”)DDR MDT PS LLC, a Delaware limited liability company (“PS LLC”)DDR MDT MV LLC, a Delaware limited liability company (“Mervyns LLC”)Macquarie DDR U.S. Trust Inc., a Maryland corporation (“US REIT I”)Macquarie DDR U.S. Trust II Inc., a Maryland corporation (“US REIT II”)Macquarie MDT Holdings Trust, a Maryland real estate investment trust (“MBL US Trust”)Macquarie MDT Holdings Inc., a Maryland corporation (“MBL US Inc.”)Belike Nominees Pty Limited (ACN 008 604 966), in its capacity as trustee of Macquarie Blended Property Trust (“Belike”)Macquarie Group Services Australia Pty Limited (ACN 116 467 031) (“MGS”)Mallesons Stephen JaquesLevel 61Governor Phillip Tower1 Farrer PlaceSydney  NSW  2000AustraliaT +61 2 9296 2000F +61 2 9296 3999DX 113 Sydneywww.mallesons.comRef:  MCW:SP |   |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

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| Details                                                    | 1  |
|------------------------------------------------------------|----|
| General terms                                              | 6  |
| 1   Definitions and interpretation          | 6  |
| 2   Execution of documents                  | 16 |
| 3   Implementation obligations              | 19 |
| 4   Use of proceeds                         | 24 |
| 5   Representations and warranties          | 24 |
| 6   Public announcements                    | 27 |
| 7   Confidential Information                | 27 |
| 8   Notices and other communications        | 29 |
| 9   MDML and Belike limitation of liability | 30 |
| 10   Acknowledgements                       | 31 |
| 11   Miscellaneous                          | 33 |

| Schedule 1 - Timetable                                                        | 36  |
|-------------------------------------------------------------------------------|----------|
| Schedule 2 – MDML’s representations and warranties                | 38  |
| Schedule 3 - Investor’s representations and warranties                  | 41  |
| Schedule 4 - Macquarie MDT Unitholder ’s representations and warranties | 42  |
| Signing page                                                                  | 43  |
| Annexure A - Subscription Agreement                                           | 48  |
| Annexure B - Unit Sale Agreement                                              | 49  |
| Annexure C – US Manager Assignment and Assumption Agreement             | 50  |
| Annexure D - Deed of Termination of Licence Agreement                         | 51  |
| Annexure E - Deed of Termination of Resources Agreement                       | 52  |
| Annexure F - Transitional Services Agreement                                  | 53  |
| Annexure G - Entitlement Offer Commitment Deed                                | 54  |
| Annexure H - Underwriting Agreement                                           | 56  |
| Annexure I - Sub-underwriting Agreement                                       | 57  |
| Annexure J - First MDT Supplemental Deed                                      | 58  |

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | ii |
|------------------------------------------|-------------------------------|----|

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| Annexure K – US Manager Operating Agreement                                | 59  |
|----------------------------------------------------------------------------------|----------|
| Annexure L – REIT Shares Redemption Agreement                              | 60  |
| Annexure M – Form of US REIT I and US REIT II Director/Officer Resignation | 61  |
| Annexure N – US REIT I Charter                                             | 62  |
| Annexure O – US REIT I Bylaws                                              | 63  |
| Annexure P – US REIT II Charter                                            | 64  |
| Annexure Q – US REIT II Bylaws                                             | 65  |
| Annexure R – Documents                                                     | 66  |
| Annexure S – Notice to Bank of America re Venice Assets                    | 75  |
| Annexure T – Termination of US REIT I Class B-1 Exchange Agreement         | 76  |
| Annexure U – Termination of US REIT I Class B-2 Exchange Agreement         | 77  |
| Annexure V – Termination US REIT II Class B-2 Exchange Agreement           | 78  |
| Annexure W – US Manager US Redemption Agreement                            | 79  |
| Annexure X – US Manager PS Redemption Agreement                            | 80  |
| Annexure Y – US Manager Mervyns Redemption Agreement                       | 81  |
| Annexure Z – Seventh Amended and Restated US LLC Agreement                 | 82  |
| Annexure AA – Fourth Amended and Restated Mervyns LLC Agreement            | 83  |
| Annexure BB – Third Amended and Restated PS LLC Agreement                  | 84  |
| Annexure CC- Transaction Announcement                                            | 85  |
| Annexure DD - Third MDT Supplemental Deed                                        | 86  |
| Annexure EE - MDML Shareholder Resolutions                                       | 87  |
| Annexure FF - Intellectual Property Licence                                      | 88  |
| Annexure GG – EPN US REIT I Class B-2 Exchange Agreement                   | 89  |
| Annexure HH – EPN US REIT II Class B-2 Exchange Agreement                  | 90  |
| Annexure II – DDR US REIT I Class B-2 Exchange Agreement                   | 91  |
| Annexure JJ – Second MDT Supplemental Deed                                 | 92  |
| Annexure KK - Letters of Credit                                                  | 93  |

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | iii |
|------------------------------------------|-------------------------------|-----|

----

| Parties    | MDML, US Manager, the Investor, DDR, DDR Corp., US LLC, PS LLC, Mervyns LLC, US REIT I, US REIT II, MBL US Trust, MBL US Inc., Belike and MGS |
|------------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| MDML       | Name                                                                                                                                          | Macquarie DDR Management Limited |
|       | ACN                                                                                                                                           | 101 743 926 |
|       | Capacity                                                                                                                                      | As responsible entity of Macquarie DDR Trust (ARSN 106 570 352) (“MDT”) |
|       | Address                                                                                                                                       | No 1 Martin PlaceSydney   NSW   2000 |
|       | Fax                                                                                                                                           | 612 8232 4713 |
|       | Attention                                                                                                                                     | Christine Williams |
| US Manager | Name                                                                                                                                          | Macquarie DDR Management LLC |
|       | Address                                                                                                                                       | c/o Macquarie DDR Management LimitedNo 1 Martin PlaceSydney   NSW   2000Cc  c/o Developers Diversified Realty Corporation 3300 Enterprise Parkway Beachwood   OH   44122   USA |
|       | Capacity                                                                                                                                      | Individually and as managing member of US LLC, PS LLC and Mervyns LLC |
|       | Fax                                                                                                                                           | +61 2 8232 4713 (attention Christine Williams) and +1 (216) 755-1678 (attention General Counsel) |
| Investor   | Name                                                                                                                                          | EPN GP, LLC |
|       | Address                                                                                                                                       | c/- Elbit Plaza USA, L.P.707 Skokie Boulevard, Suite 600Northbrook   IL   60062   USA |
|       | Fax                                                                                                                                           | +1 972-3-608-6051 |
|       | Attention                                                                                                                                     | Mr Dudi Machluf, CFO |

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 1 |
|------------------------------------------|-------------------------------|---|

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|   | with copy to:     | Elbit Imaging Ltd.2 Weitzman Street,Tel Aviv   64239   Israel                    |
|--------|-------------------|----------------------------------------------------------------------------------------------------------------|
|   | Fax               | +1 972-3-608-6050                                                                                              |
|   | Attention         | Mr Zvi Maayan, Adv.                                                                                            |
|   | and with copy to: | NCH Capital, Inc.712 Fifth AvenueNew York   NY   10019-4108   USA |
|   | Fax               | +1 212 641 3201                                                                                                |
|   | Attention         | Gregory Katz, Esq.Senior General Counsel                                                                       |

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 2 |
|------------------------------------------|-------------------------------|---|

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| DDR         | Name      | DDR MDT Holdings II Trust                                                                                                                      |
|-------------|-----------|------------------------------------------------------------------------------------------------------------------------------------------------|
|        | Address   | c/o Developers Diversified Realty Corporation 3300 Enterprise ParkwayBeachwood   OH  44122   USA       |
|        | Fax       | +1 216 755-1678                                                                                                                                |
|        | Attention | General Counsel                                                                                                                                |
| DDR Corp.   | Name      | Developers Diversified Realty Corporation                                                                                                      |
|        | Address   | c/o Developers Diversified Realty Corporation 3300 Enterprise ParkwayBeachwood   OH   44122   USA |
|        | Fax       | +1 216 755-1678                                                                                                                                |
|        | Attention | General Counsel                                                                                                                                |
| US LLC      | Name      | DDR Macquarie Fund LLC                                                                                                                         |
|        | Address   | c/o Developers Diversified Realty Corporation 3300 Enterprise ParkwayBeachwood   OH   44122   USA |
|        | Fax       | +1 216 755-1678                                                                                                                                |
|        | Attention | General Counsel                                                                                                                                |
| PS LLC      | Name      | DDR MDT PS LLC                                                                                                                                 |
|        | Address   | c/o Developers Diversified Realty Corporation 3300 Enterprise ParkwayBeachwood   OH   44122   USA |
|        | Fax       | +1 216 755-1678                                                                                                                                |
|        | Attention | General Counsel                                                                                                                                |
| Mervyns LLC | Name      | DDR MDT MV LLC                                                                                                                                 |
|        | Address   | c/o Developers Diversified Realty Corporation 3300 Enterprise ParkwayBeachwood   OH   44122   USA |
|        | Fax       | +1 216 755-1678                                                                                                                                |
|        | Attention | General Counsel                                                                                                                                |
| US REIT I   | Name      | Macquarie DDR U.S. Trust Inc.                                                                                                                  |
|        | Address   | One North Wacker Drive, 7th FloorChicago   IL   60606   USAAttn: MDT Asset Manager                |
|        | Fax       | +1 312 660 9386                                                                                                                                |
|        | Attention | c/o Macquarie Capital Funds Inc.                                                                                                               |

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 3 |
|------------------------------------------|-------------------------------|---|

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| US REIT II   | Name      | Macquarie DDR U.S. Trust II Inc.                                                                                                                                                                                            |
|--------------|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|         | Address   | One North Wacker Drive, 7th FloorChicago   IL   60606   USAAttn: MDT Asset Manager                                                                                             |
|         | Fax       | +1 312 660 9386                                                                                                                                                                                                             |
|         | Attention | c/o Macquarie Capital Funds Inc.                                                                                                                                                                                            |
| MBL US Trust | Name      | Macquarie MDT Holdings Trust                                                                                                                                                                                                |
|         | Address   | 125 West 55th StreetLevel 22New York   NY   10019   USA+1 212 231 155                                                                                                          |
|         | Fax       | +61 2 8232 4713                                                                                                                                                                                                             |
|         | Attention | Company Secretary cc Christine Williams                                                                                                                                                                                     |
| MBL US Inc.  | Name      | Macquarie MDT Holdings Inc.                                                                                                                                                                                                 |
|         | Address   | 125 West 55th StreetLevel 22New York   NY   10019   USA Cc c/o Macquarie DDR Management LimitedNo 1 Martin Place, Sydney    NSW   2000 |
|         | Fax       | +1 212 231 1555Cc  61 2 8232 4713                                                                                                                                                                                 |
|         | Attention | Company SecretaryCc  Christine Williams                                                                                                                                                                           |
| Belike       | Name      | Belike Nominees Pty Limited                                                                                                                                                                                                 |
|         | ACN       | 008 604 966                                                                                                                                                                                                                 |
|         | Capacity  | As trustee of Macquarie Blended Property Trust                                                                                                                                                                              |
|         | Address   | No 1 Martin PlaceSydney   NSW   2000                                                                                                                                                          |
|         | Fax       | +61 2 8232 4713                                                                                                                                                                                                             |
|         | Attention | Christine Williams                                                                                                                                                                                                          |

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 4 |
|------------------------------------------|-------------------------------|---|

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| MGS               | Name                                                                                                                 | Macquarie Group Services Australia Pty Limited                     |
|-------------------|----------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------|
|              | ACN                                                                                                                  | 116 467 031                                                        |
|              | Address                                                                                                              | No 1 Martin PlaceSydney   NSW   2000 |
|              | Fax                                                                                                                  | +61 2 8232 4713                                                    |
|              | Attention                                                                                                            | Christine Williams                                                 |
| Recitals          | The Parties have agreed to implement the Transaction upon and subject to the terms and conditions of this agreement. |
| Governing law     | New South Wales                                                                                                      |
| Date of agreement | See Signing page                                                                                                     |

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 5 |
|------------------------------------------|-------------------------------|---|

----

----

| 1 | Definitions and interpretation |
|---|--------------------------------|

| 1.1 | Definitions |
|-----|-------------|

|   | (a) | based in contract (including breach of warranty); |
|--------|-----|---------------------------------------------------|

|   | (b) | based in tort (including misrepresentation or negligence); |
|--------|-----|------------------------------------------------------------|

|   | (c) | under common law; or |
|--------|-----|----------------------|

|   | (d) | under statute, |
|--------|-----|----------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 6 |
|------------------------------------------|-------------------------------|---|

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|   | (i) | the date of the allotment of the Entitlement Offer Units under the Entitlement Offer; and |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | (ii) | the date 60 days after the Entitlement Offer Announcement Materials are provided to ASX in accordance with clause 3.2 provided that the Investor has not breached its obligations under the Sub-underwriting Agreement. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Scott A. Wolstein; |
|--------|-----|--------------------|

|   | (b) | Daniel B. Hurwitz; |
|--------|-----|--------------------|

|   | (c) | David J. Oakes; |
|--------|-----|-----------------|

|   | (d) | Joan U. Allgood; |
|--------|-----|------------------|

|   | (e) | Richard E. Brown; |
|--------|-----|-------------------|

|   | (f) | Paul Freddo; |
|--------|-----|--------------|

|   | (g) | David E. Weiss; and |
|--------|-----|---------------------|

|   | (h) | Craig A. Schultz. |
|--------|-----|-------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 7 |
|------------------------------------------|-------------------------------|---|

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|   | (a) | a form of ASX announcement or press release in a form determined by MDML after consultation with the Investor; |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (c) | an ASX Listing Rule Appendix 3B notice in relation to the Entitlement Offer. |
|--------|-----|------------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 8 |
|------------------------------------------|-------------------------------|---|

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|   | (a) | is in or becomes part of the public domain other than through breach of this agreement or an obligation of confidence owed to the party providing the Confidential Information; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | was already known to the recipient at the time of disclosure by the party providing the Confidential Information (unless such knowledge arose from disclosure of information in breach of an obligation of confidentiality) and can be demonstrated to have been known; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the recipient of the Confidential Information acquires from a source other than the party providing the Confidential Information or any Related Body Corporate (as defined in the Corporations Act) or Representative of the party providing the Confidential Information where such source, to the knowledge of the recipient, is entitled to disclose it. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 9 |
|------------------------------------------|-------------------------------|---|

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|   | (a) | Richard Sheppard; |
|--------|-----|-------------------|

|   | (b) | Simon Jones; and |
|--------|-----|------------------|

|   | (c) | Stephen Girdis. |
|--------|-----|-----------------|

|   | (a) | Richard Sheppard; |
|--------|-----|-------------------|

|   | (b) | Stephen Girdis; and |
|--------|-----|---------------------|

|   | (c) | Mark Mullen. |
|--------|-----|--------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 10 |
|------------------------------------------|-------------------------------|----|

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|   | (a) | the sale of the McDonough Marketplace property located at 101 Willow Lane, Mcdonough, Atlanta, Georgia for approximately US$5,650,000; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the sale of the West Covina Shopping Centre located at 2753 E Eastland Ctr Dr, West Covina, Los Angeles, California and the Fairfield property located at 1451 Gateway Boulevard, Fairfield, California to Westfield for approximately US$16,000,000; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the sale of the ex-Mervyn’s South San Diego property located at 575 Saturn Boulevard, San Diego, California to Wal-Mart for approximately US$7,000,000. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 11 |
|------------------------------------------|-------------------------------|----|

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| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 12 |
|------------------------------------------|-------------------------------|----|

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| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 13 |
|------------------------------------------|-------------------------------|----|

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|   | (a) | MBL US Trust agrees to sell and the Investor agrees to acquire all of MBL US Trust’s limited liability company interest in the US Manager, representing 50% of the outstanding limited liability company interests in the US Manager; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | US Manager agrees to distribute to DDR and MBL US Trust certain accrued fees and distributions related to US LLC and PS LLC. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

| 1.2 | References to certain general terms |
|-----|-------------------------------------|

|   | (a) | (variations or replacement) a document (including this agreement) includes any variation or replacement of it; |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (b) | (clauses, annexures and schedules) a clause, annexure or schedule is a reference to a clause in or annexure or schedule to this agreement; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 14 |
|------------------------------------------|-------------------------------|----|

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|   | (c) | (reference to statutes) a statute, ordinance, code or other law includes regulations and other instruments under it and consolidations, amendments, re-enactments or replacements of any of them; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | (law) law means common law, principles of equity, and laws made by parliament (and laws made by parliament include State, Territory and Commonwealth laws and regulations and other instruments under them, and consolidations, amendments, re-enactments or replacements of any of them); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | (singular includes plural) the singular includes the plural and vice versa; |
|--------|-----|-----------------------------------------------------------------------------|

|   | (f) | (person) the word “person” includes an individual, a firm, a body corporate, a partnership, a joint venture, an unincorporated body or association, any Regulatory Authority, or any other body, entity or representative whatsoever; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | (executors, administrators, successors) a particular person includes a reference to the person’s executors, administrators, successors, substitutes (including persons taking by novation) and assigns; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | (two or more persons) an agreement, representation or warranty in favour of two or more persons is for the benefit of them jointly and each of them individually; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | (jointly and severally) an agreement, representation or warranty by two or more persons binds them jointly and each of them individually; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | (reference to a group of persons) a group of persons or things is a reference to any two or more of them jointly and to each of them individually; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | (dollars) Australian dollars, dollars, A$ or $ is a reference to the lawful currency of Australia.  US Dollars and US$ is a reference to the lawful currency of the United States of America; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | (calculation of time) a period of time dating from a given day or the day of an act or event, is to be calculated exclusive of that day; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | (reference to a day) a day is to be interpreted as the period of time commencing at midnight and ending 24 hours later; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

|   | (n) | (accounting terms) an accounting term is a reference to that term as it is used in accounting standards under the Corporations Act, or, if not inconsistent with those standards, in accounting principles and practices generally accepted in Australia; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (o) | (meaning not limited) the words “include”, “including”, “for example” or “such as” when introducing an example, do not limit the meaning of the words to which the example relates to that example or examples of a similar kind; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (p) | (time of day) time is a reference to Australian Eastern Standard Time or Australian Eastern Daylight Time as relevant. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 15 |
|------------------------------------------|-------------------------------|----|

----

| 1.3 | Next day |
|-----|----------|

| 1.4 | Next Business Day |
|-----|-------------------|

| 1.5 | Headings |
|-----|----------|

----

| 2 | Execution of documents |
|---|------------------------|

| 2.1 | Entry into Transaction Documents |
|-----|----------------------------------|

|   | (a) | the Subscription Agreement (Annexure A); |
|--------|-----|------------------------------------------|

|   | (b) | the Unit Sale Agreement (Annexure B); |
|--------|-----|---------------------------------------|

|   | (c) | the Deed of Termination of Licence Agreement (Annexure D); |
|--------|-----|-----------------------------------------------------------------|

|   | (d) | the Deed of Termination of Resources Agreement (Annexure E); |
|--------|-----|-------------------------------------------------------------------|

|   | (e) | the Transitional Services Agreement (Annexure F); |
|--------|-----|---------------------------------------------------|

|   | (f) | the EPN Entitlement Offer Commitment Deed (Annexure G); |
|--------|-----|---------------------------------------------------------|

|   | (g) | the First MDT Supplemental Deed; |
|--------|-----|----------------------------------|

|   | (h) | the Intellectual Property Licence (Annexure FF); and |
|--------|-----|------------------------------------------------------|

|   | (i) | the Notice to Bank of America re Venice Assets (Annexure S). |
|--------|-----|--------------------------------------------------------------|

| 2.2 | Entitlement Offer obligations |
|-----|-------------------------------|

|   | (a) | On and from the date of execution, MDML and the Investor must use their reasonable best efforts to obtain: |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (i) | fully executed copies of the Stand Still Agreements; and |
|--------|-----|----------------------------------------------------------|

|   | (ii) | the Underwriting Agreement and the Sub-underwriting Agreement signed by the Underwriters. |
|--------|------|-------------------------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 16 |
|------------------------------------------|-------------------------------|----|

----

|   | (b) | On the date that MDML receives a fully signed copy of the Stand Still Agreements and a copy of the Underwriting Agreement and Sub-underwriting Agreement signed by the Underwriters and immediately prior to the Entitlement Offer Announcement Time, each of the Parties must enter into and deliver, or procure the entry into and delivery of, the following documents where they, or one of more of their respective controlled entities, are expressed as being a party to or responsible for executing the document: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the Underwriting Agreement (Annexure H); |
|--------|-----|------------------------------------------|

|   | (ii) | the Sub-underwriting Agreement (Annexure I); and |
|--------|------|--------------------------------------------------|

|   | (iii) | the Second MDT Supplemental Deed (Annexure JJ). |
|--------|-------|-------------------------------------------------|

| 2.3 | US Manager and REIT Redemption Transaction Documents |
|-----|------------------------------------------------------|

|   | (a) | On or prior to the Completion Date, each of the Parties must enter into, or procure the entry into of, the following documents where they, or one of more of their respective controlled entities, are expressed as being a party to or responsible for executing the document, in the order and priority set forth below: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the US Manager Redemption Agreements (Annexures W, X and Y); |
|--------|-----|--------------------------------------------------------------|

|   | (ii) | the Amended and Restated US Joint Venture Agreements (Annexures Z, AA and BB); |
|--------|------|--------------------------------------------------------------------------------|

|   | (iii) | the REIT Redemption Agreement (Annexure L); |
|--------|-------|---------------------------------------------|

|   | (iv) | the US Manager Assignment and Assumption Agreement (Annexure C); |
|--------|------|------------------------------------------------------------------|

|   | (v) | the US Manager Operating Agreement (Annexure K); |
|--------|-----|--------------------------------------------------|

|   | (vi) | the Termination of US REIT Class B-1 Exchange Agreement (Annexure T); |
|--------|------|----------------------------------------------------------------------------|

|   | (vii) | the Termination of US REIT I Class B-2 Exchange Agreement (Annexure U); |
|--------|-------|-------------------------------------------------------------------------|

|   | (viii) | the Termination of US REIT II Class B-2 Exchange Agreement (Annexure V); |
|--------|--------|--------------------------------------------------------------------------|

|   | (ix) | the EPN US REIT I Class B-2 Exchange Agreement (Annexure GG); |
|--------|------|---------------------------------------------------------------|

|   | (x) | the EPN US REIT II Class B-2 Exchange Agreement (Annexure HH); and |
|--------|-----|--------------------------------------------------------------------|

|   | (xi) | the DDR US REIT I Class B-2 Exchange Agreement (Annexure II). |
|--------|------|---------------------------------------------------------------|

|   | (b) | During the period beginning at the Effective Time and ending on the date that the US Manager Assignment and Assumption Agreement is entered into (which shall in no event be later than the Completion Date), EPN, DDR and MBL US Trust agree to use reasonable efforts to determine in good faith the Net Asset Value (as defined in the US Manager Assignment and Assumption Agreement) of US Manager as of the date such agreement is entered into. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 17 |
|------------------------------------------|-------------------------------|----|

----

| 2.4 | Letters of credit |
|-----|-------------------|

| 2.5 | MDT Supplemental Deeds |
|-----|------------------------|

|   | (a) | As soon as reasonably practicable after the execution of the First MDT Supplemental Deed in accordance with clause 2.1, MDML must lodge the changes to the constitution of MDT made by that deed with ASIC. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | As soon as reasonably practicable after the execution of the Second MDT Supplemental Deed in accordance with clause 2.2(b), MDML must lodge the changes to the constitution of MDT made by that deed with ASIC. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | On the Completion Date, MDML will execute the Third MDT Supplemental Deed (Annexure DD) and must as soon as practicable lodge the changes to the constitution of MDT made by that deed with ASIC. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.6 | MDML Shareholder Resolutions |
|-----|------------------------------|

|   | (a) | the Investor must provide to MDML: |
|--------|-----|------------------------------------|

|   | (i) | a request for the removal of the Macquarie MDML Directors in accordance with clause 3.7 of the MDML Constitution as amended by the MDML Shareholder Resolutions (Annexure EE); and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | a request to appoint the EPN MDML Directors in accordance with clause 3.5 of the MDML Constitution as amended by the MDML Shareholder Resolutions (Annexure EE). |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | DDR Corp. must provide to MDML a request for the removal of the Outgoing DDR MDML Director in accordance with clause 3.7 of the MDML Constitution as amended by the MDML Shareholder Resolutions (Annexure EE); and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the US Manager must execute and deliver to MDML the MDML Shareholder Resolutions (Annexure EE) and MDML must, as soon as practicable after the execution and delivery of the MDML Shareholder Resolutions to MDML, lodge with ASIC notice of: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the change of name of MDML; |
|--------|-----|-----------------------------|

|   | (ii) | the changes to the constitution of MDML; and |
|--------|------|----------------------------------------------|

|   | (iii) | the changes to the directors of MDML. |
|--------|-------|---------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 18 |
|------------------------------------------|-------------------------------|----|

----

| 2.7 | Notice to Bank of America |
|-----|---------------------------|

----

| 3 | Implementation obligations |
|---|----------------------------|

| 3.1 | Obligation to announce |
|-----|------------------------|

| 3.2 | Obligation to undertake Entitlement Offer |
|-----|-------------------------------------------|

|   | (a) | give the Entitlement Offer Announcement Materials to ASX for release to the market; |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (b) | undertake the Entitlement Offer in accordance with the Timetable; and |
|--------|-----|-----------------------------------------------------------------------|

|   | (c) | ensure that the Entitlement Offer Announcement Materials comply with applicable law, the Listing Rules and applicable ASIC Regulatory Guides, including providing to the ASX and holders of MDT Units such further or new information as may arise after the release of the Entitlement Offer Announcement Materials and the despatch of the Product Disclosure Statement as is required by law, |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3 | Use of Macquarie Name |
|-----|-----------------------|

|   | (a) | following the Effective Time, prepare, or cause to be prepared, such documents and procure, or cause to be procured, such approvals as may be required to change the name of each of US REIT I, US REIT II, US LLC and US Manager to a name that does not include “Macquarie” or any substantially identical or deceptively similar word; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | on the Completion Date, file or cause to be filed with the Secretary of State of the State of Delaware and the Secretary of State of the State of Maryland, as the case may be, the documents prepared in accordance with clause (a) above. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 19 |
|------------------------------------------|-------------------------------|----|

----

| 3.4 | Redemption of Class C Shares |
|-----|------------------------------|

|   | (a) | US REIT I and US REIT II each issue shares of Class C common stock to each of the individuals identified by Investor and/or DDR; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | following the issue of Class C common stock to the individuals designated by Investor and/or DDR pursuant to clause (a) above, US REIT I and US REIT II redeem the Class C Shares of the Class C Shareholders in consideration for the payment of the fair market value of those shares to Macquarie or an entity nominated by Macquarie; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.5 | US REIT I and US REIT II Matters |
|-----|----------------------------------|

|   | (a) | MBL US Trust will procure that each of the Macquarie REIT Directors and Officers execute and deliver to US REIT I and US REIT II a letter of resignation in substantially the form set out on Annexure M; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | DDR will procure that each of the DDR REIT Officers execute and deliver to US REIT I and US REIT II a letter of resignation in substantially the form set out on Annexure M; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Investor and MDML (on behalf of MDT, in its capacity as a shareholder of US REIT I and US REIT II), will: |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

|   | (i) | enter into, or procure the entry into of, and file or cause to be filed with the Secretary of State of the State of Maryland, the US REIT I Charter and the US REIT II Charter; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | take such other actions as are required under the applicable REIT Charters to appoint the Investor's nominees as replacement directors and officers for each of US REIT I and US REIT II and adopt the REIT Bylaws. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.6 | Period before Completion Date - MDML and US Manager obligations |
|-----|-----------------------------------------------------------------|

|   | (a) | the businesses of MDT and the US Manager are conducted in the ordinary course; |
|--------|-----|--------------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 20 |
|------------------------------------------|-------------------------------|----|

----

|   | (b) | there is no distribution or return of capital to MDT Unitholders or shareholders of the US Manager other than the payments by the US Manager to Macquarie Group Members contemplated by the Transaction Documents particularly the US Manager Assignment and Assumption Agreement; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | neither MDML, the US Manager, US REIT I, US REIT II, US LLC, PS LLC nor Mervyns LLC: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

|   | (i) | enters into any transaction which is abnormal, unusual or not on arm's length terms; |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (ii) | incurs any liability or makes any commitment in excess of $200,000 (or its equivalent in US Dollars) or liabilities and commitments exceeding $1,500,000 (or its equivalent in US Dollars) in aggregate; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | disposes or agrees to dispose of any real property asset other than the Permitted Disposals; |
|--------|-------|----------------------------------------------------------------------------------------------|

|   | (iv) | borrows money, or commits to or raises any new financial facility; |
|--------|------|--------------------------------------------------------------------|

|   | (v) | enters into, or varies, terminates or waives any rights under, any contract requiring payments over the term of the contract in excess of $200,000 (or its equivalent in US Dollars) or with a term of more than 12 months; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | approves or makes any offering of units or other equity ownership interests, or other change of capital structure involving the issue of units or options or other rights to acquire units or other equity ownership interests, or makes any other commitment entitling any person to acquire units or other equity ownership interests or to carry out any other amendment to its capital or financial structure through units or other equity ownership interests; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | approves, proposes or gives effect to any merger, demerger or other extraordinary transaction; |
|--------|-------|------------------------------------------------------------------------------------------------|

|   | (viii) | solicits any takeover bid, |
|--------|--------|----------------------------|

|   | (d) | doing anything that is expressly required on or before the Completion Date under this agreement or the Transaction Documents; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | incurring a liability or disposing of an asset if necessary for the Party to meet its legal obligations in force at the date of this agreement; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | doing anything approved in writing or e-mail by the Investor; or |
|--------|-----|------------------------------------------------------------------|

|   | (g) | doing anything required to maintain the status of US REIT I or US REIT II as a real estate investment trust pursuant to the Code; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 21 |
|------------------------------------------|-------------------------------|----|

----

|   | (h) | performing, or causing to be performed, any leasing or property management activities contemplated by, and in material compliance with, any annual or operating budget or plan of US Manager, US LLC, PS LLC or Mervyns LLC that has been approved by the members of US Manager, US LLC, PS LLC or Mervyns LLC, as the case may be, in accordance with the Sixth Amended and Restated US Manager LLC Agreement, the US LLC Agreement, the PS LLC Agreement or the Mervyns LLC Agreement, as applicable, prior to the Effective Time; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | entering into or approving the Longhorn II CMBS Forbearance Extension agreement titled “Agreement Regarding Loan (LBUBS 2005-C2; Loan No. M130201814)” in the form or substantially the form provided to the Investor on or around 20 April 2010; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | making a directors’ recommendation in respect of, and taking all actions required under the Corporations Act in response to, a takeover bid. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.7 | Period before Completion Date - Investor obligation |
|-----|-----------------------------------------------------|

| 3.8 | Net tangible assets |
|-----|---------------------|

|   | (a) | the net tangible assets of MDML, for the purposes of compliance with its Australian financial services licence (“AFSL”), to be at least the lesser of A$5,000,000 and the amount required under the AFSL; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | a guarantee or undertaking in a form acceptable to ASIC to be given in relation to MDML, |
|--------|-----|------------------------------------------------------------------------------------------|

|   | (c) | sufficient excess funds to capitalise MDML to the level required under this clause, the US Manager must capitalise MDML to that level; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | insufficient excess funds to capitalise MDML to the level required under this clause, then the Investor and DDR must each contribute half of either the: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | capital required under paragraph (c) and then the US Manager must then capitalise MDML to that level; or |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (ii) | cost of and any liability associated with the guarantee or undertaking under paragraph (b). |
|--------|------|---------------------------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 22 |
|------------------------------------------|-------------------------------|----|

----

| 3.9 | US Federal Income Tax Matters |
|-----|-------------------------------|

|   | (a) | Within thirty (30) calendar days after the Completion Date, MDML on behalf of MDT (or any successor) shall make an entity classification election to be treated as a partnership for United States federal income tax purposes pursuant to Section 301.7701-3(c) of the Income Tax Regulations promulgated under the Code. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Immediately following the effective date of the entity classification election made pursuant to clause 3.9(a), the parties hereto (including, without limitation, MDML and the Investor) shall, and shall cause their affiliates to, use their reasonable best efforts to ensure that MDML on behalf of MDT (or any successor) or any of MDT’s non-United States unitholders will not derive any income that would cause MDT (or any successor) or any non-United States unitholder of MDT to be treated as engaged in a trade or business in the United States pursuant to Code Section 897 and to be subject to U.S. tax liability and tax return filing obligations as if the income derived were effectively connected with such trade or business (“Effectively Connected Income”).  Such efforts shall include, but shall not be limited to: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | causing US REIT I, US REIT II, any other real estate investment trust within the meaning of Code Section 856 or any United States real property holding corporation within the meaning of Code Section 897(c)(1)(A)(ii) to not make any capital gains distributions or other distributions that would be treated as Effectively Connected Income; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | causing MDML on behalf of MDT to not enter into any sale or exchange of the shares of US REIT I, US REIT II, any other real estate investment trust within the meaning of Code Section 856 or any United States real property holding corporation within the meaning of Code Section 897(c)(1)(A)(ii) that gives rise to gain that is Effectively Connected Income; and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | taking any other action as appropriate, including without limitation the application for tax exemptions or rulings with the United States tax authorities. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Immediately following the effective date of the entity classification election made pursuant to clause 3.9(a), neither US REIT I nor US REIT II (or any other real estate investment trust within the meaning of Code Section 856) shall make a distribution within the meaning of Code Section 301 to MDT (and no party hereto shall cause, or allow any of their affiliates to cause, US REIT I, US REIT II or any other real estate investment trust within the meaning of Code Section 856 to make a distribution within the meaning of Code Section 301), if such distribution is not made out of such REIT’s earnings and profits and is applied against and reduces MDT’s adjusted basis in the stock of such REIT pursuant to Code Section 301(c)(2), without first making an application to obtain a withholding certificate from the United States Internal Revenue Service that excuses withholding on such distribution as set forth in United States Treasury Regulation 1.1445-6, or any successor provision. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | If, as a result of a transaction or distribution, the unitholders of MDT (other than Investor and any other unitholder otherwise obligated to file US tax returns) becomes legally obligated to file US tax returns, MDML on behalf of MDT and the Investor shall use their reasonable best efforts to assist the unitholders of MDT in satisfying this obligation, including but not limited to through the appointment of a filing agent for the affected unitholders. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 23 |
|------------------------------------------|-------------------------------|----|

----

----

| 4 | Use of proceeds |
|---|-----------------|

| 4.1 | Use of proceeds from the Placement |
|-----|------------------------------------|

| 4.2 | Use of proceeds from the Entitlement Offer |
|-----|--------------------------------------------|

----

| 5 | Representations and warranties |
|---|--------------------------------|

| 5.1 | MDML’s representations and warranties |
|-----|---------------------------------------------|

| 5.2 | Limitations |
|-----|-------------|

|   | (a) | The Investor acknowledges and agrees that the representations and warranties given by MDML under clause 5.1 are qualified by the: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | actual knowledge of an Investor Entity or its employees prior to the entry into this agreement; and |
|--------|-----|-----------------------------------------------------------------------------------------------------|

|   | (ii) | matters fairly, clearly and accurately disclosed in this agreement, the Transaction Documents, the Data Room or in the Due Diligence Q&A. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If, prior to the execution of the Underwriting Agreement and Sub-underwriting Agreement, MDML notifies the Investor that any of the statements in schedule 2 was, to a material extent in the circumstances, inaccurate or otherwise misleading as at the date of this agreement the Investor shall have a right to terminate the future obligations of the Parties under this agreement provided that this right shall lapse at the time the Underwriting Agreement and Sub-underwriting Agreement are signed. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 24 |
|------------------------------------------|-------------------------------|----|

----

|   | (c) | If the Investor has a right to terminate the future obligations of the Parties under this agreement by virtue of clause 5.2(b) and it does not do so then the representations and warranties given by MDML under clause 5.1 are qualified by the matters disclosed to the Investor under clause 5.2(b). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3 | MDML’s indemnity |
|-----|------------------------|

| 5.4 | Investor’s representations and warranties |
|-----|-------------------------------------------------|

| 5.5 | Limitations |
|-----|-------------|

5.4

|   | (a) | actual knowledge of the Macquarie MDT Unitholders and MDML or their employees prior to the entry into this agreement; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (b) | matters fairly, clearly and accurately disclosed in this agreement or the Transaction Documents. |
|--------|-----|--------------------------------------------------------------------------------------------------|

| 5.6 | Investor’s indemnity |
|-----|----------------------------|

|   | (a) | Subject to clause 5.5, the Investor indemnifies the Macquarie MDT Unitholders against all Losses incurred directly as a result of any of the representations and warranties in clause 5.4 not being true and correct provided that the maximum aggregate amount that the Investor are required to pay in response to this indemnity, when aggregated with all other amounts paid by an Investor Entity in response to this indemnity, is limited to the amount of the Purchase Price as defined in the Unit Sale Agreement. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 25 |
|------------------------------------------|-------------------------------|----|

----

|   | (b) | Subject to clause 5.5, the Investor indemnifies MDML (on its own behalf and separately as trustee of MDT) against all Losses incurred directly as a result of any of the representations and warranties in clause 5.4 not being true and correct provided that the maximum aggregate amount that the Investor are required to pay in response to this indemnity, when aggregated with all other amounts paid by an Investor Entity in response to this indemnity, is limited to the aggregate of the amounts paid or agreed to be paid by the Investor to acquire the Placement Units and any MDT Units it acquires or is to acquire under the Entitlement Offer and the Sub-Underwriting Agreement. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.7 | Macquarie MDT Unitholders’ representations and warranties |
|-----|-----------------------------------------------------------------|

| 5.8 | Limitations |
|-----|-------------|

| 5.9 | Macquarie MDT Unitholders’ indemnity |
|-----|--------------------------------------------|

| 5.10 | Time limits |
|------|-------------|

|   | (a) | MDML and the Macquarie MDT Unitholders are not liable under a Claim: |
|--------|-----|----------------------------------------------------------------------|

|   | (i) | in respect of a particular breach of representation or warranty, if any Investor Entity or any of their Representatives were aware of the breach prior to Completion Date and the Investor did not promptly notify MDML and each Macquarie MDT Unitholder, as relevant, of the breach so as to permit MDML and/or that Macquarie MDT Unitholder to seek to remedy the circumstances which gave rise to the breach to the extent that the amount of the Claim is increased by such failure by the Investor to notify it of the breach; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if the Investor does not notify MDML or the Macquarie MDT Unitholder, as relevant, of the Claim and/or provide all relevant details (including the amount) then known to the Investor (or its Affiliates) of the events, matters or circumstances giving rise to the Claim within 12 months after the Completion Date. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 26 |
|------------------------------------------|-------------------------------|----|

----

|   | (b) | The Investor is not liable under a Claim: |
|--------|-----|-------------------------------------------|

|   | (i) | in respect of a particular breach of representation or warranty, if MDML was aware of the breach prior to Completion Date and the MDML did not promptly notify the Investor of the breach so as to permit the Investor to seek to remedy the circumstances which gave rise to the breach to the extent that the amount of the Claim is increased by such failure by MDML to notify them of the breach; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | if MDML does not notify the Investor of the Claim and/or provide all relevant details (including the amount) then known to MDML or Macquarie (or its Affiliates) of the events, matters or circumstances giving rise to the Claim within 12 months after the Completion Date. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.11 | No double recovery |
|------|--------------------|

|   | (a) | MDML and the Macquarie MDT Unitholders are not liable for any loss that an Investor Entity recovers, or is compensated for by any Macquarie Group Member or MDML under another Transaction Document. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Investor is not liable for any loss that MDML or a Macquarie Group Member recovers, or is compensated for, by any Investor Entity under another Transaction Document. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.12 | Survival |
|------|----------|

|   | (a) | The representations and warranties, undertakings and indemnities in this agreement do not merge and are not extinguished on the Completion Date and will survive after the Completion Date subject to clause 5.10. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Any accrued obligations under this clause 5 survive termination of this agreement. |
|--------|-----|-----------------------------------------------------------------------------------------|

----

| 6 | Public announcements |
|---|----------------------|

----

| 7 | Confidential Information |
|---|--------------------------|

| 7.1 | Disclosure of Macquarie Confidential Information |
|-----|--------------------------------------------------|

|   | (a) | as required by this agreement; or |
|--------|-----|-----------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 27 |
|------------------------------------------|-------------------------------|----|

----

|   | (b) | another Investor Entity or their Representatives requiring the information for the purposes of the Transaction contemplated by this agreement; or |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | with the consent of Macquarie or MDML (as applicable) which consent may be given or withheld in its absolute discretion; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | (d) | if the Investor Entity is required to do so by law or regulatory (including stock exchange) request or requirement; or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

|   | (e) | if the Investor Entity is required to do so in connection with legal proceedings relating to this agreement; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (f) | disclosure by MDML or the US Manager of MDT Confidential Information in their discretion after the Completion Date. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

| 7.2 | Use of Macquarie Confidential Information |
|-----|-------------------------------------------|

| 7.3 | Disclosure of Investor Entity Confidential Information |
|-----|--------------------------------------------------------|

|   | (a) | as required by this agreement; or |
|--------|-----|-----------------------------------|

|   | (b) | MDML or another Macquarie Group Member or their Representatives requiring the information for the purposes of the Transaction contemplated by this agreement; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | to a bank or other financial institution (and its professional advisers including legal advisers) in connection with any existing loan or other financial accommodation or application for a loan or financial accommodation of MDML or its controlled entities; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | with the consent of the Investor which consent may be given or withheld in its absolute discretion; or |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | (e) | if MDML or the Macquarie Group Member is required to do so by law or regulatory (including stock exchange) request or requirement; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | if MDML or the Macquarie Group Member is required to do so in connection with legal proceedings relating to this agreement. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

| 7.4 | Disclosure by recipient of Confidential Information |
|-----|-----------------------------------------------------|

| 7.5 | Excluded Information |
|-----|----------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 28 |
|------------------------------------------|-------------------------------|----|

----

| 7.6 | Termination |
|-----|-------------|

----

| 8 | Notices and other communications |
|---|----------------------------------|

| 8.1 | Form - all non-email communications |
|-----|-------------------------------------|

|   | (a) | in writing; |
|--------|-----|-------------|

|   | (b) | signed by the sender (if an individual) or an Authorised Officer of the sender; and |
|--------|-----|-------------------------------------------------------------------------------------|

|   | (c) | marked for the attention of the person identified in the Details or, if the recipient has notified otherwise, then marked for attention in the way last notified. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2 | Form - communications sent by email |
|-----|-------------------------------------|

| 8.3 | Delivery |
|-----|----------|

|   | (a) | left at the address set out or referred to in the Details; |
|--------|-----|------------------------------------------------------------|

|   | (b) | sent by prepaid ordinary post (airmail if appropriate) to the address set out or referred to in the Details; |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (c) | sent by fax to the fax number set out or referred to in the Details; or |
|--------|-----|-------------------------------------------------------------------------|

|   | (d) | sent by email to the address set out or referred to in the Details or notified by the recipient to the sender for the purposes of communications under this agreement and the Transaction Documents from time to time; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | given in any other way permitted by law. |
|--------|-----|------------------------------------------|

| 8.4 | When effective |
|-----|----------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 29 |
|------------------------------------------|-------------------------------|----|

----

| 8.5 | When taken to be received |
|-----|---------------------------|

|   | (a) | if sent by courier, two days after sending (or four days after sending if sent from one country to another); or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (b) | if sent by fax, at the time shown in the transmission report as the time that the whole fax was sent; or |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|   | (c) | if sent by email; |
|--------|-----|-------------------|

|   | (i) | when the sender receives an automated message confirming delivery; or |
|--------|-----|-----------------------------------------------------------------------|

|   | (ii) | four hours after the time sent (as recorded on the device from which the sender sent the email) unless the sender receives an automated message that the email has not been delivered, |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.6 | Receipt outside business hours |
|-----|--------------------------------|

| 8.7 | Service of process |
|-----|--------------------|

|   | (a) | Without preventing any other mode of service, any document in an action (including any writ of summons or other originating process or any third or other party notice) may be served on any party by being delivered to or left for that party at its address set out or referred to in the Details. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Investor irrevocably appoints Minter Ellison (attention James Philips) as its agent for the service of process in Australia in relation to any matter arising out of this agreement. If Minter Ellison ceases to be able to act as such or have an address in Australia, the Investor agrees to appoint a new process agent in Australia and deliver to Macquarie within 10 Business Days a copy of a written acceptance of appointment by the process agent, upon receipt of which the new appointment becomes effective for the purpose of this agreement.  The Investor must inform MDML in writing of any change in the address of its process agent within 10 Business Days of the change. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 9 | MDML and Belike limitation of liability |
|---|-----------------------------------------|

|   | (a) | Subject to paragraph (c): |
|--------|-----|---------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 30 |
|------------------------------------------|-------------------------------|----|

----

|   | (i) | a liability arising under or in connection with this agreement is limited to and can be enforced against a Trustee only to the extent to which it can be satisfied out of property of Trust Property out of which the Trustee is actually indemnified for the liability.  This limitation of the Trustees’ liability applies despite any other provision of this agreement and extends to all liabilities and obligations of the Trustees in any way connected with any representation, warranty, conduct, omission, agreement or transaction related to this agreement; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the other parties to this agreement may not sue a Trustee in any capacity other than as responsible entity or trustee of MDT or Macquarie Blended Property Trust, as applicable, including seeking the appointment of a receiver (except in relation to property of MDT or Macquarie Blended Property Trust, as applicable) a liquidator, an administrator or any similar person to a Trustee or prove in any liquidation, administration or arrangement of or affecting a Trustee (except in relation to Trust Property). |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Despite any other provision of this or any other agreement (including a deed or deed poll), paragraph (a) does not apply to any obligation or liability of a Trustee to the extent that it is not satisfied because under the constitution of the Trustee, or by operation of law, there is a reduction in the extent of the Trustee’s indemnification out of the assets of MDT or Macquarie Blended Property Trust, as applicable, as a result of the Trustee’s fraud, negligence or breach of trust or if there is a reduction in the extent of the Trustee’s indemnification as a result of: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the Trustee’s failure to exercise any right of indemnity it has under the constitution of MDT or Macquarie Blended Property Trust, as applicable, or by law, in respect of that obligation or liability; or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the Trustee’s release or waiver of any rights of indemnity it has under the constitution of MDT or Macquarie Blended Property Trust, as applicable, in respect of that obligation or liability. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | A Trustee is not obliged to enter into any commitment or obligation under this agreement unless its liability is limited in the same manner as in this clause 9. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10 | Acknowledgements |
|----|------------------|

| 10.1 | Acknowledgement by DDR, DDR Corp., MBL US Trust, US REIT I and US REIT II |
|------|---------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 31 |
|------------------------------------------|-------------------------------|----|

----

| 10.2 | Acknowledgement by MDML |
|------|-------------------------|

| 10.3 | Acknowledgement by DDR |
|------|------------------------|

| 10.4 | Acknowledgement by the Investor |
|------|---------------------------------|

|   | (a) | The Investor acknowledges by signing this agreement that the US Manager has granted an indemnity to MDML in the form of the Deed of Indemnity and the Investor covenants that it will not do anything or refrain from doing anything that would result in the US Manager breaching its obligations under the Deed of Indemnity provided that nothing in this agreement prevents the US Manager from terminating the Deed of Indemnity following the Completion Date or from seeking repayment of any amounts paid by the US Manager under the Deed of Indemnity after the Completion Date. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Investor acknowledges by signing this agreement that the lenders to MDML and its controlled entities, including the counterparties under the Unsecured Debt Documents and in respect of the Derivative Liabilities, (“Lenders”) have certain rights under their relevant loan or derivative documents and that the Investor will have no right to terminate this agreement as a result of one or more Lenders exercising any of their rights under these documents. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.5 | Acknowledgement by Parties |
|------|----------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 32 |
|------------------------------------------|-------------------------------|----|

----

----

| 11 | Miscellaneous |
|----|---------------|

| 11.1 | Joint Venture Agreements |
|------|--------------------------|

| 11.2 | Discretion in exercising rights |
|------|---------------------------------|

| 11.3 | Partial exercising of rights |
|------|------------------------------|

| 11.4 | No liability for loss |
|------|-----------------------|

| 11.5 | Approvals and consents |
|------|------------------------|

| 11.6 | Conflict of interest |
|------|----------------------|

| 11.7 | Remedies cumulative |
|------|---------------------|

| 11.8 | Variation and waiver |
|------|----------------------|

| 11.9 | No merger |
|------|-----------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 33 |
|------------------------------------------|-------------------------------|----|

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| 11.10 | Indemnities |
|-------|-------------|

| 11.11 | Further steps |
|-------|---------------|

|   | (a) | to bind the party and any other person intended to be bound under this agreement; or |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (b) | to show whether the party is complying with this agreement. |
|--------|-----|-------------------------------------------------------------|

| 11.12 | Construction |
|-------|--------------|

| 11.13 | Costs |
|-------|-------|

| 11.14 | Entire agreement |
|-------|------------------|

| 11.15 | Assignment |
|-------|------------|

| 11.16 | No representation or reliance |
|-------|-------------------------------|

|   | (a) | no party (nor any person acting on its behalf) has made any representation or other inducement to it to enter into this agreement, except for representations or inducements expressly set out in this agreement; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | it does not enter into this agreement in reliance on any representation or other inducement by or on behalf of any other party, except for any representation or inducement expressly set out in this agreement; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 34 |
|------------------------------------------|-------------------------------|----|

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|   | (c) | paragraphs (a) and (b) above do not prejudice any rights a party may have in relation to information which had been filed by the other party with ASIC or ASX. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.17 | Governing law |
|-------|---------------|

| 11.18 | Counterparts |
|-------|--------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 35 |
|------------------------------------------|-------------------------------|----|

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| Business Days    | Action/Step                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  X          |  Effective Time 1.    Execution of Master Agreement 2.    Execution of all those documents listed in clause 2.1 (immediately following              execution of Master Agreement) (First MDT Supplemental Deed to be lodged              with ASIC) 3.    Placement of new MDT units to the Investor (conditional on funds being               transferred to MDML) - Appendix 3B for the placement to be lodged with              ASX following the placement 4.    Transfer of MDT units to the Investor (conditional on funds being transferred               to Macquarie MDT Unitholders) 5.    Release of the Transaction Announcement  –ASX/Press release in relation to              the transaction lodged with ASX  |
| T                | Entitlement Offer Announcement Time 1.    Execution of Sub-underwriting Agreement 2.    Execution of Underwriting Agreement 3.    Execution of Second MDT Supplemental Deed (to be lodged with ASIC) 4.    Release of the Entitlement Offer Announcement Materials (pre-Open) –                Entitlement Offer Announcement Materials lodged with ASX which will include:   ·   the Product Disclosure Statement for the entitlement offer;   ·   an ASX announcement/press release; and   ·   an Appendix 3B in relation to the entitlement offer units.                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T+1              | Eligible securityholders notification date - notice containing information required by Appendix 3B sent to eligible securityholders                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T+2              | “Ex - date” - rights commence trading and securities quoted as “ex-rights”                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| T+6 (post-close) | Record Date (after the market closes)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T+8              | Despatch Date –Offer Booklet and entitlement offer and acceptance forms despatched                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 36 |
|------------------------------------------|-------------------------------|----|

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| Business Days     | Action/Step                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  T+17        |  Rights trading ends                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T+18              | Deferred settlement trading - securities quoted on a deferred settlement basis                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T+22 (post-close) | Entitlement offer closes (5pm)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T+25              | ASX notified of level of under subscription                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T+27              | Settlement Date                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T+28              | Completion Date 1.    Allotment of new units under entitlement offer and sub-underwriting 2.    Assignment of MBL US Trust shares in the US Manager to the Investor 3.    Redemption of MBL US Trust shares in respect of US REIT I and US REIT II              conditional on the placement and unit sale having completed (provided redemption              can be performed without consent) 4.    The following Transaction Documents to take effect:   ·   Transitional Services Arrangement   ·   Deed of Termination of Licence Agreement   ·   Deed of Termination of Resources Agreement   ·   Intellectual Property Licence 5.    Constitutions of MDT and MDML to be amended. 6.    Board of MDML to be changed 7.    Names of entities to be changed to remove references to Macquarie 8.    Completion announcement to be made to ASX  |
| T+29              | Normal trading of new units commences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 37 |
|------------------------------------------|-------------------------------|----|

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| 1 | (Incorporation) it is a valid existing corporation registered under the laws of its place of incorporation. |
|---|-------------------------------------------------------------------------------------------------------------|

| 2 | (Sole trustee) MDML is the only trustee and responsible entity of MDT. |
|---|------------------------------------------------------------------------|

| 3 | (MDT existence) MDT has been duly established and has not been terminated. |
|---|----------------------------------------------------------------------------|

| 4 | (Appointment and no removal) MDML has been validly appointed as trustee and responsible entity of MDT and no action has been taken or proposed to remove it as trustee or responsible entity of MDT. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | (No termination) no action has been taken or proposed to, either: |
|---|-------------------------------------------------------------------|

|   | (b) | wind-up MDT whether under Chapter 5C of the Corporations Act or otherwise. |
|--------|-----|----------------------------------------------------------------------------|

| 6 | (Execution) the execution and delivery of this agreement has been properly authorised by all necessary corporate action of MDML. |
|---|----------------------------------------------------------------------------------------------------------------------------------|

| 7 | (Corporate power) MDML has full corporate power and lawful authority to execute and deliver this agreement and to consummate and perform or cause to be performed its obligations under this agreement in accordance with its terms. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8 | (Binding obligations) (subject to laws generally affecting creditors’ rights and the principles of equity) this agreement constitutes legal, valid and binding obligations on MDML. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9 | (Continuous disclosure) MDML is not currently, and so far as MDML is aware, including having made due enquiry in relation to its continuous disclosure obligations over the previous 12 months, having made due enquiry has not in the past been, in breach of its continuous disclosure obligations under the Listing Rules (and has not received notice of, and is not otherwise aware of, any threatened litigation or proceedings against it in relation to such a breach), and is not relying on the carve-out in Listing Rule 3.1A to withhold any information from disclosure. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10 | (Accurate) as far as MDML is aware all historical or current information in the Data Room and the Due Diligence Q&A prepared by or on behalf of MDML is accurate and is not misleading or deceptive, whether by way of omission or otherwise provided that no warranty is given in relation to forward looking statements or forward looking opinions and that historical information is only warranted as being accurate and not misleading or deceptive at the time that information was current. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11 | (Copies of documents) as far as MDML is aware, the copies of the documents listed in Annexure R which were included in the Data Room or otherwise provided by or on behalf of MDML to the Investor before the date of this agreement, are true, complete and (save for historical information) up-to-date versions.  For the purposes of this warranty, a copy of an agreement is taken to be up-to-date unless there has been a subsequent variation or amendment which was not included in the Data Room, or otherwise provided by or on behalf of MDML to the Investor before the date of this agreement. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 38 |
|------------------------------------------|-------------------------------|----|

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| 12 | (Compliance) as far as MDML is aware the MDT Entities have complied in all material respects with all material Australian and foreign laws and regulations applicable to them and orders of Australian and foreign governmental agencies having jurisdiction over them and have all material licenses, permits and franchises necessary for them to conduct their respective businesses as presently being conducted. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13 | (Disclosure Material): MDML did not deliberately or knowingly include anything misleading in the Data Room or the Due Diligence Q&A provided to any Investor Entity or its Representatives, or deliberately, knowingly or recklessly omit anything material (in the context of the Placement, or the Transaction) from the Data Room or the Due Diligence Q&A and that all the information provided to the Investor Entities by MDML under the Data Room, the Due Diligence Q&A and otherwise provided in writing has been prepared and provided in good faith. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14 | (Disclosure of terms) subject to the amendments to the constitution of MDT contemplated by the MDML Directors Resolutions, true copies of the constitution of MDT (including any amending documents) have been provided to the Investor Entities, and the constitution of MDT discloses all the terms of MDT. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15 | (Power) MDML has power under the terms of the MDT constitution to enter into the documents to which it is a party and comply with its obligations under them. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16 | (Authorisations) MDML has in full force and effect the authorisations necessary for it to enter into the documents to which it is a party, perform obligations under them and allow them to be enforced (including any authorisation required under the constitution of MDT). |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17 | (Exercise of powers) MDML has not exercised its powers under the constitution of MDT to release, abandon or restrict any power conferred on it by the constitution of MDML. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18 | (No default) MDML is not in default under the constitution of MDT. |
|----|--------------------------------------------------------------------|

| 19 | (Benefit) as far as MDML is aware entry into the Transaction Documents to which MDML is a party is a valid exercise of MDML’s powers under the constitution of MDT for the benefit of the beneficiaries. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20 | (Indemnity) MDML has a right to be fully indemnified out of the trust property in respect of obligations incurred by it under the Transaction Documents to which it is a party, and there is nothing that would prevent MDML from being fully indemnified out of Trust Property for any obligations under or in connection with this agreement, the Transaction, or any of the transactions contemplated by this agreement. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 39 |
|------------------------------------------|-------------------------------|----|

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| 21 | (Liabilities generally)  Except as disclosed in the Data Room and the Due Diligence Q&A or contemplated by the Transaction Documents, or specifically disclosed and quantified in the Last Accounts, the MDT Entities have no actual, prospective or contingent liabilities other than liabilities incurred in the ordinary course of their respective businesses and which do not exceed $200,000 (or its equivalent in US Dollars) individually and $1,000,000 (or its equivalent in US Dollars) in aggregate. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22 | (Disclosure of finance liabilities):  The terms of, and the amounts payable by the MDT Entities under, the Unsecured Debt Documents, the Derivative Liabilities and other finance facilities provided to the MDT Entities, as at the date of this agreement, are accurately disclosed in the Data Room (subject to daily market movements in respect of amounts payable. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23 | (Income) The income derived by the MDT Entities is materially in accordance with the tenancy schedules included in the Data Room. |
|----|-----------------------------------------------------------------------------------------------------------------------------------|

| 24 | (Success fees) There are no success fees or commissions payable by any MDT Entity to Macquarie Capital Advisers Limited and UBS AG, Australia Branch pursuant to the engagement letter between these parties and MDML dated 10 February 2009 as a result of the Transaction occurring.  There are no success fees or commissions payable by any MDT Entity to Holliday Fenoglio Fowler, L.P. (“HFF”) pursuant to the agreement between HFF, DDR Corp. and MDML effective 31 March 2010, as a result of the Transaction occurring. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 40 |
|------------------------------------------|-------------------------------|----|

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| 1 | (Incorporation) it is a valid existing corporation registered under the laws of its place of incorporation. |
|---|-------------------------------------------------------------------------------------------------------------|

| 2 | (Execution) the execution and delivery of this agreement has been properly authorised by all necessary corporate action of Investor. |
|---|--------------------------------------------------------------------------------------------------------------------------------------|

| 3   | (Corporate power) it has full corporate power and lawful authority to execute and deliver this agreement and to consummate and perform or cause to be performed its obligations under this agreement in accordance with its terms. |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4 | (Binding obligations)(subject to laws generally affecting creditors’ rights and the principles of equity) this agreement constitutes legal, valid and binding obligations on it. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | (Funding) the Investor has, or has unrestricted access to, sufficient funds to satisfy its obligations under this agreement and the Transaction Documents, including in relation to the representations and warranties it has given under clause 7.4 of this agreement. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 41 |
|------------------------------------------|-------------------------------|----|

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| 1 | (Execution) the execution and delivery of this agreement has been properly authorised by all necessary corporate action of each Macquarie MDT Unitholder. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | (Corporate power) each Macquarie MDT Unitholder has full corporate power and lawful authority to execute and deliver this agreement and to consummate and perform or cause to be performed its obligations under this agreement in accordance with its terms. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | (Binding obligations) (subject to laws generally affecting creditors’ rights and the principles of equity) this agreement constitutes legal, valid and binding obligations on each Macquarie MDT Unitholder. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 42 |
|------------------------------------------|-------------------------------|----|

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| SIGNED by L. Petherbridge and Christine Williams as attorney for MACQUARIE DDR MANAGEMENT LIMITED as responsible entity of MACQUARIE DDR TRUST under power of attorney dated _________ in the presence of:  /s/ Goeff LovellSignature of witness Goeff LovellName of witness (block letters) | )))))))))))) |     /s/ L. PetherbridgeBy executing this agreement the attorney states that the attorney has received no notice of revocation of the power of attorney /s/ Christine WilliamsBy executing this agreement the attorney states that the attorney has received no notice of revocation of the power of attorney |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| EXECUTED by EPN GP, LLC by its signatory Alexander L. Berman duly authorised by the unanimous consent of the Managing Members dated 14 April 2010 in the presence of:  /s/ J. Wade ChallacombeSignature of witness J. Wade ChallacombeName of witness (block letters) | ))))))))))))) |        /s/ Alexander L. BermanBy executing this agreement, the signatory states that the signatory has received no notice of revocation of their authorisation |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| SIGNED by L. Petherbridge  and Christine Williams as attorney for BELIKE NOMINEES PTY LIMITED as trustee of MACQUARIE BLENDED PROPERTY TRUST under power of attorney dated _________ in the presence of:  /s/ Goeff LovellSignature of witness Goeff LovellName of witness (block letters) | )))))))))))) |    /s/ L. PetherbridgeBy executing this agreement the attorney states that the attorney has received no notice of revocation of the power of attorney  /s/ Christine WilliamsBy executing this agreement the attorney states that the attorney has received no notice of revocation of the power of attorney |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_8 | Master Agreement22 April 2010 | 43 |
|------------------------------------------|-------------------------------|----|

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| SIGNED by L. Petherbridge  and Christine Williams as attorney for MACQUARIE GROUP SERVICES AUSTRALIA PTY LIMITED under power of attorney dated _________ in the presence of:  /s/ Goeff LovellSignature of witness Goeff LovellName of witness (block letters) | )))))))))))) |    /s/ L. PetherbridgeBy executing this agreement the attorney states that the attorney has received no notice of revocation of the power of attorney  /s/ Christine WilliamsBy executing this agreement the attorney states that the attorney has received no notice of revocation of the power of attorney |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ©Mallesons Stephen Jaques10278545_6 | Master Agreement22 April 2010 | 44 |
|------------------------------------------|-------------------------------|----|

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| ©Mallesons Stephen Jaques10278545_6 | Master Agreement22 April 2010 | 45 |
|------------------------------------------|-------------------------------|----|

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| ©Mallesons Stephen Jaques10278545_6 | Master Agreement22 April 2010 | 46 |
|------------------------------------------|-------------------------------|----|

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| ©Mallesons Stephen Jaques10278545_6 | Master Agreement22 April 2010 | 47 |
|------------------------------------------|-------------------------------|----|

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