Document:

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Exhibit 4.2

REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of November 7, 2006,
is made by and among Aether Holdings, Inc., a Delaware corporation (the “Company”),
Athlete’s Foot Marketing Associates, LLC, a Delaware limited liability company (“AFMA”) and
Robert J. Corliss (“Corliss”).

RECITALS

     A. The Company and AFMA have entered into that certain Equity Interest and Asset Purchase
Agreement, by and among the Company, AFMA, NexCen Franchise Brands, Inc., a Delaware corporation,
NexCen Franchise Management, Inc., a Delaware corporation, Athlete’s Foot Brands, LLC, a Delaware
limited liability company (“Brands”), The Athlete’s Foot Marketing Support Fund, LLC, a
Georgia limited liability company (“Support Fund”), Corliss, Donald Camacho, Timothy
Brannon and Martin Amschler, dated as of August 21, 2006 (the “Purchase Agreement”),
pursuant to which AFMA has agreed to sell to two wholly-owned subsidiaries of the Company (i) all
of the outstanding equity interests in each of Brands and Support Fund, each a wholly-owned
subsidiary of AFMA (such outstanding equity interests of each of Brands and Support Fund
collectively, the “Interests”); and (ii) all of AFMA’s right, title and interest in and to
certain software and other assets of AFMA (collectively, the “Transferred Assets”).

     B. As partial consideration for the Interests and Transferred Assets, on the terms and
conditions set forth in the Purchase Agreement, the Company has agreed to issue to AFMA shares of
the Company’s common stock, $1.00 par value per share (the “Common Stock”), and has agreed
to grant to AFMA certain registration rights with respect to the shares of its Common Stock
issuable to AFMA pursuant to the Purchase Agreement, as set forth herein.

     C. In connection with the employment of Corliss as the President and Chief Executive Officer
of the retail and international franchise division of Brands, the Company has agreed to issue a
warrant (the “Warrant”) to Corliss to purchase 500,000 shares of the Common Stock (as
adjusted, the “Warrant Shares”), and in respect thereof has agreed to grant to Corliss
certain registration rights with respect to the Warrant Shares, as set forth herein.

     NOW THEREFORE, in consideration of the foregoing and the mutual representations, warranties,
covenants and agreements set forth herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

     1. Definitions. All capitalized terms used but not defined herein shall have the
meanings ascribed to such terms in the Purchase Agreement. For the purposes of this Agreement, the
following terms shall have the respective meanings set forth below or elsewhere in this Agreement
as referred to below:

     “Affiliate” shall mean with respect to the Person in question, any other Person that,
directly or indirectly, (i) owns or controls ten percent (10%) or more of the outstanding voting

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and/or equity interests of such Person, or (ii) controls, is controlled by or is under common
control with, the Person in question, and shall include, as applicable, members of the Immediate
Family of such Person. For the purposes of this definition, the term “control” and its derivations
shall mean having the power, directly or indirectly, to direct the management, policies or general
conduct of business of the Person in question, whether by the ownership of voting securities,
contract or otherwise.

     “Agreement” shall mean this Registration Rights Agreement, as the same may be amended,
supplemented or modified from time to time in accordance with the terms hereof.

     “Blackout Period” shall have the meaning set forth in Section 2(d)(i).

     “Brands” shall have the meaning set forth in Recital A.

     “Business Day” shall mean a day other than a Saturday, Sunday or other day on which
commercial banks in the State of New York or the State of Georgia are authorized or required by Law
to close.

     “Commission” shall mean the United States Securities and Exchange Commission or any
other federal agency at the time administering the Securities Act.

     “Common Stock” shall have the meaning set forth in Recital B.

     “Controlling Person” shall have the meaning set forth in Section 6(a).

     “Counsel” shall have the meaning set forth in Section 4(a).

     “Effectiveness Date” shall have the meaning set forth in Section 2(a).

     “End of Suspension Notice” shall have the meaning set forth in Section 2(d)(ii).

     “Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended, or any
similar federal statute and the rules and regulations of the Commission promulgated thereunder, all
as the same shall be in effect from time to time.

     “Free Writing Prospectus” means a free writing prospectus (as such term is defined in
Rule 405 under the Securities Act) relating to Registrable Securities.

     “Holder” shall mean AFMA, Corliss (as and when the Warrant is exercised in full or in
part, and then only to the extent of the Warrant Shares issued to him upon such exercise) and any
permitted transferee or assignee of Registrable Securities who agrees to become bound by all of the
terms and conditions of this Agreement.

     “Indemnified Party” shall have the meaning set forth in Section 6(c).

     “Indemnifying Party” shall have the meaning set forth in Section 6(c).

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     “Law” shall mean any federal, state, local, municipal, foreign, international,
multinational, or other constitution, law, statute, treaty, rule, regulation, ordinance, code,
binding case law or principle of common law.

     “Liabilities” shall have the meaning set forth in Section 6(a).

     “Maximum Offering Size” shall have the meaning set forth in Section 2(b).

     “Person” means any individual, partnership, corporation, limited liability company,
joint stock company, association, trust, unincorporated organization, or a government agency or
political subdivision thereof.

     “Prospectus” means the prospectus (including any preliminary prospectus and/or any
final prospectus filed pursuant to Rule 424(b) under the Securities Act and any prospectus that
discloses information previously omitted from a prospectus filed as part of an effective
registration statement in reliance on Rule 430A, Rule 430B or Rule 430C under the Securities Act)
included in a Registration Statement, as amended or supplemented by any prospectus supplement or
any Issuer Free Writing Prospectus (as defined in Rule 433(h) under the Securities Act) with
respect to the terms of the offering or any portion of the Registrable Securities covered by such
Registration Statement and by all other amendments and supplements to such prospectus, including
all material incorporated by reference in such prospectus and all documents filed after the date of
such prospectus by the Company under the Exchange Act and incorporated by reference therein.

     “Public Offering” shall mean an offer registered with the Commission and the
appropriate state securities commissions by the Company of its shares of Common Stock and made
pursuant to the Securities Act.

     “Purchaser Indemnitee” shall have the meaning set forth in Section 6(a).

     “Registration Expenses” shall mean any and all expenses incident to the performance of
or compliance with this Agreement by the Company, including, without limitation: (i) all
Commission, National Association of Securities Dealers (“NASD”) registration, listing,
inclusion and filing fees, (ii) all fees and expenses incurred in connection with compliance with
international, federal or state securities or blue sky laws (including, without limitation, any
registration, listing and filing fees in connection with blue sky qualification of any of the
Registrable Securities and compliance with the rules of the NASD), (iii) all expenses in preparing
or assisting in preparing, word processing, duplicating, printing, delivering and distributing any
Registration Statement, any Prospectus, any amendments or supplements thereto, any underwriting
agreements, securities sales agreements, certificates and any other documents relating to the
performance under and compliance with this Agreement, (iv) the fees and disbursements of counsel
for the Company and of the independent public accountants of the Company, and (v) any fees and
disbursements customarily paid in issues and sales of securities (including the fees and expenses
of any experts retained by the Company in connection with any Registration Statement);
provided, however, that Registration Expenses shall exclude brokers’ or
underwriters’ discounts and commissions, share transfer taxes, and disbursements of legal or

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other advisors to Holder, if any, relating to the sale or disposition of Registrable
Securities by the Holder.

     “register”, “registered” and “registration” shall mean a registration
effected by preparing and filing one or more Registration Statements in compliance with the
Securities Act and pursuant to Rule 415 and the declaration or ordering of effectiveness of such
Registration Statement(s) by the Commission.

     “Registrable Securities” shall mean, collectively, (i) the Consideration Shares, as
defined in and issuable pursuant to, the Purchase Agreement, (ii) the True Up Shares, as defined in
and issuable pursuant to, the Purchase Agreement, (iii) the Warrant Shares, as and when issued
pursuant to an exercise of the Warrant in full or in part, and (iv) any other securities issued or
issuable in respect of such Registrable Securities by reason of or in connection with any stock
dividend, stock distribution, stock split, purchase in any rights offering or in connection with
any exchange for or replacement of such Registrable Securities or any combination of shares,
recapitalization, merger, consolidation or reorganization; provided, however, that
any Consideration Share, True Up Share or Warrant Share shall cease to be a Registrable Security
for purposes of this Agreement when it no longer is a Restricted Security.

     “Registration Statement” shall have the meaning set forth in Section 2(a).

     “Requested Information” shall have the meaning set forth in Section 4(a).

     “Requisite Holder” shall mean, at the relevant time of reference thereto, the Holder
of greater than fifty percent (50%) of the Registrable Securities then outstanding and shall
include any owner or combination of owners of such securities.

     “Restricted Security” or “Restricted Securities” means any share of Common
Stock except any that (i) has been registered pursuant to an effective registration statement under
the Securities Act and sold in a manner contemplated by the prospectus included in such
registration statement; (ii) has been transferred by the Holder in compliance with the resale
provisions of Rule 144 under the Securities Act (or any successor provision thereto) or is
transferable by the Holder pursuant to paragraph (k) of Rule 144 under the Securities Act (or any
successor provision thereto); or (iii) otherwise has been transferred by the Holder and a new
certificate representing a share of Common Stock not subject to transfer restrictions under the
Securities Act has been delivered by or on behalf of the Company.

     “Rule 415” shall mean Rule 415 under the Securities Act or any successor rule
providing for offering securities on a continuous or delayed basis.

     “Support Fund” shall have the meaning set forth in Recital A.

     “Securities Act” shall mean the U.S. Securities Act of 1933, as amended, or any
similar federal statute and the rules and regulations of the Commission promulgated thereunder, all
as the same shall be in effect from time to time.

     “Suspension Event” shall have the meaning set forth in Section 2(d)(ii).

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     “Suspension Notice” shall have the meaning set forth in Section 2(d)(ii).

     “Transferred Assets” shall have the meaning set forth in Recital A.

     “Underwritten Offering” means a sale of securities of the Company to an underwriter or
underwriters for reoffering to the public.

     2. Registration Rights.

     (a) Subject to the limitations set forth in this Section 2, the Company shall use its
commercially reasonable efforts to prepare and file within one hundred and eighty (180) days of the
date of this Agreement unless (i) the Company is unable to do so as a result of the Commission
being unable to accept such filing due to no fault of the Company or (ii) the Company has made a
reasonable good faith effort to file a Registration Statement within the time period specified but
is unable to make the filing as of the specified date as a result of circumstances beyond the
Company’s reasonable control, a Registration Statement under the Securities Act on Form S-3 (or
comparable or successor form, or such other appropriate form as may be available for use by the
Company for purposes of such registration) (the “Registration Statement”) relating to the
offer and sale of the Registrable Securities by each Holder (and in the case of the Warrant Shares,
to the extent permitted by applicable law). The Company shall register not less than a number of
shares of Common Stock in the Registration Statement that is equal to the aggregate number of
Warrant Shares as of the date hereof plus 125% of the aggregate number of the Consideration Shares.
The Company shall use its commercially reasonable efforts to cause such Registration Statement to
be declared effective by the Commission as soon as possible after the initial filing thereof. The
Company will utilize commercially reasonable efforts to amend the Registration Statement on a
post-effective basis, to the extent such right is legally available, or to file additional
registration statements as necessary, to register any additional Registrable Securities in excess
of the number of shares of Common Stock initially registered hereunder (if any are issued to the
Holder pursuant to the Purchase Agreement) within 180 days of the issuance of such additional
Registrable Securities, so as to allow the public resale of all Common Stock included in the
definition of Registrable Securities. The Company will, subject to any applicable Blackout Periods,
use its commercially reasonable efforts to keep such Registration Statement effective for the
period beginning on the date such Registration Statement becomes effective (the “Effectiveness
Date”) and terminating on the earlier of (x) the second anniversary of the Effectiveness Date
(in the case of the Consideration Shares and the True Up Shares) or the second anniversary of the
date of final exercise of the Warrant (in the case of Warrant Shares) and (y) the date upon which
all Registrable Securities then held by any Holder (or, in the case of the Warrant Shares, then
held by Corliss) either (i) may be resold without restriction of any kind and without need for such
Registration Statement to be effective or (ii) have been disposed of pursuant to transactions
contemplated by the Registration Statement. The Company’s obligation to file a Registration
Statement under this Section 2(a) shall terminate on the date upon which all Registrable Securities
then held by any Holder either (i) may be resold without restriction of any kind and without need
for a Registration Statement to be effective or (ii) have been disposed of pursuant to transactions
contemplated by the Registration Statement.

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     (b) The Registration Statement shall be filed as a “shelf” registration statement pursuant to
Rule 415 under the Securities Act (or any successor rule) and shall cover the disposition of all
Registrable Securities covered by the Registration Statement in one or more underwritten offerings,
block transactions, broker transactions, at-market transactions and in such other manner or manners
as may reasonably be specified by each Holder. If a Holder intends to distribute Registrable
Securities by means of a Public Offering that is an Underwritten Offering, the Holder shall so
advise the Company and the Company shall amend the prospectus included in the Registration
Statement (or shall take such other action) as may be necessary to reflect the terms of such
Underwritten Offering. If a registration pursuant to Section 2(a) involves a Public Offering that
is an Underwritten Offering, the Company and each other selling security holder participating in
such Public Offering shall agree to sell any shares of Common Stock to be sold by them to the
underwriters on the same terms as apply to the shares of Common Stock to be sold by the Holder(s).
The Company shall have the right to select the managing underwriter for such offering. The Company
shall enter into an underwriting agreement in customary form with the underwriter or underwriters
selected for such Underwritten Offering. If the managing underwriter thereof advises the Company
and the Holders that, in its view, the number of the shares of Common Stock that the Company and
the Holder(s) and other selling security holders (if any) intend to include in such registration
exceeds the largest number of shares of Common Stock that can be sold without having an adverse
effect on such Public Offering, including with respect to the price at which such shares can be
sold (the “Maximum Offering Size”), the Company will include in such registration only that
number of shares of Common Stock which does not exceed the Maximum Offering Size, by apportioning
any necessary cut-back in a pro rata fashion between the Registrable Securities of each Holder and
the securities proposed to be registered by the Company and by other holders of securities entitled
to participate in the registration.

     (c) At any time before a Registration Statement filed by the Company pursuant to Section 2(a)
has become effective, a Holder may deliver a written notice to the Company indicating such Holder’s
election to exclude its Registrable Securities from such registration and, upon receipt of such
notice the Company shall, at its option, either withdraw the Registration Statement (if any) that
it previously filed in connection with such request or amend such Registration Statement to remove
any Registrable Securities included therein, at the Company’s expense, at such Holder’s request and
in either case shall be relieved of all obligations under Section 2(a).

     (d) Blackout Period.

          (i) Notwithstanding anything to the contrary in this Agreement, if at any time after the
filing of the Registration Statement, the Company, by written notice to the managing underwriter
(if any) and a Holder, may direct such Holder to suspend sales of the Registrable Securities owned
by such Holder pursuant to a Registration Statement for such times as the Company reasonably may
determine is necessary and advisable (but in no event for more than (x) an aggregate of ninety (90)
days in any rolling twelve (12)- month period commencing on the date of this Agreement or (y) more
than sixty (60) days in any rolling 90-day period), if any of the following events shall occur: (1)
the representative of the underwriters of an Underwritten Offering of primary shares by the Company
has advised the Company that the sale of Registrable Securities pursuant to the Registration
Statement would have a material adverse effect on the

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Company’s primary offering; (2) a majority of the Board of Directors of the Company shall have
determined in good faith that (A) the offer or sale of any Registrable Securities would materially
impede, delay or interfere with any proposed financing, offer or sale of securities, acquisition,
merger, tender offer, business combination, corporate reorganization or other significant
transaction involving the Company or (B) after the advice of counsel, the sale of Registrable
Securities pursuant to the Registration Statement would require disclosure of non-public material
information not otherwise required to be disclosed under applicable law, and (C) (x) the Company
has a bona fide business purpose for preserving the confidentiality of the proposed transaction,
(y) disclosure would have a material adverse effect on the Company or the Company’s ability to
consummate the proposed transaction, or (z) the proposed transaction renders the Company unable to
comply with Commission requirements, in each case under circumstances that would make it
impractical or inadvisable to cause the Registration Statement (or such filings) to become
effective or to promptly amend or supplement the Registration Statement on a post-effective basis,
as applicable; or (3) a majority of the Board of Directors of the Company shall have determined in
good faith, after the advice of counsel, that the Company is required by law, rule or regulation or
that it is in the best interests of the Company to supplement the Registration Statement or file a
post-effective amendment to the Registration Statement in order to incorporate information into the
Registration Statement for the purpose of (A) including in the Registration Statement any
prospectus required under Section 10(a)(3) of the Securities Act; (B) reflecting in the prospectus
included in the Registration Statement any facts or events arising after the effective date of the
Registration Statement (or of the most recent post-effective amendment) that, individually or in
the aggregate, represents a fundamental change in the information set forth therein; or (C)
including in the prospectus included in the Registration Statement any material information with
respect to the plan of distribution not disclosed in the Registration Statement or any material
change to such information. Any period in which the use of the Registration Statement has been
suspended in accordance with this Section 2(d) is sometimes referred to herein as a “Blackout
Period.” Upon the occurrence of any such suspension, the Company shall use its commercially
reasonable efforts to cause the Registration Statement to become effective or to promptly amend or
supplement the Registration Statement on a post-effective basis or to take such action as is
necessary to make resumed use of the Registration Statement compatible with the Company’s best
interests, as applicable, so as to permit such Holder to resume sales of the Registrable Securities
as soon as possible.

          (ii) In the case of an event that causes the Company to suspend the use of a Registration
Statement (a “Suspension Event”), the Company shall give written notice (a “Suspension
Notice”) to the managing underwriter (if any) and the Holder(s) to suspend sales of the
Registrable Securities. The Suspension Notice need not specify the reasons for such suspension if
a majority of the Board of Directors of the Company determines, in its good faith business
judgment, that doing so would interfere with or adversely affect such transaction or development or
would result in the disclosure of material non-public information. Each Holder shall not effect any
sales of the Registrable Securities pursuant to such Registration Statement (or such filings) at
any time after it has received a Suspension Notice from the Company and prior to receipt of an End
of Suspension Notice (as defined below). If so directed by the Company, each Holder will deliver
to the Company (at the expense of the Company) all copies (other than permanent file copies) then
in such Holder’s possession of the Prospectus covering the Registrable Securities at the time of
receipt of the Suspension Notice. Each Holder may recommence effecting sales of the Registrable
Securities pursuant to the Registration Statement

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(or such filings) following further notice to such effect (an “End of Suspension
Notice”) from the Company, which End of Suspension Notice shall be given by the Company to the
relevant Holder and the managing underwriter in the manner described above promptly following the
conclusion of any Suspension Event and its effect. Until the End of Suspension Notice is so given
to such Holder, the Company’s obligations under Section 3 to update or keep current the
Registration Statement and such Holder’s right to sell Registrable Securities pursuant to the
Registration Statement shall be suspended, provided that such suspension shall not exceed the
periods specified in Section 2(d)(i) above.

     (e) The Company shall be entitled to include in the Registration Statement filed or to be
filed by the Company pursuant to Section 2(a) above shares of the capital stock of the Company to
be sold by the Company for its own account or for the account of any other shareholders of the
Company except as and to the extent that, in the opinion of the managing underwriter (if such
method of disposition shall be an Underwritten Offering), such inclusion would adversely affect the
marketing of the Registrable Securities to be sold or would reduce the number of Registrable
Securities registered on such Registration Statement.

     3. Further Obligations of the Company. In connection with the registration of the
Registrable Securities, the Company agrees that it shall also use its commercially reasonable
efforts to:

     (a) prepare and file with the Commission such amendments and post-effective amendments to the
Registration Statement and the prospectus used in connection therewith as may be necessary under
applicable law to keep such Registration Statement effective for the applicable period; and cause
each Prospectus to be supplemented by any required prospectus supplement or Issuer Free Writing
Prospectus (as defined in Rule 433(h) under the Securities Act), and cause the Prospectus as so
supplemented or any such Issuer Free Writing Prospectus, as the case may be, to be filed pursuant
to Rule 424 or Rule 433, respectively (or any similar provision then in force) under the Securities
Act and to comply with the provisions of the Securities Act, the Exchange Act and the rules and
regulations applicable to it with respect to the disposition of all Registrable Securities covered
by the Registration Statement in accordance with the Holder’s intended method of disposition set
forth in the Registration Statement;

     (b) furnish to each Holder offering Registrable Securities under the Registration Statement
(A) after the same is prepared and publicly distributed, filed with the Commission, or received by
the Company, one copy of the Registration Statement, each Prospectus (including each preliminary
Prospectus), each Issuer Free Writing Prospectus, and each amendment or supplement to any of the
foregoing, and (B) such number of copies of the Prospectus, each Issuer Free Writing Prospectus,
and all amendments and supplements thereto, as the Holder may reasonably request to facilitate the
disposition of the Registrable Securities owned by the Holder;

     (c) register or qualify the Registrable Securities covered by the Registration Statement under
the securities or “blue sky” laws of such jurisdictions within the United States as each Holder
shall reasonably request unless an available exemption to such registration or qualification
requirements is then available; provided that the Company shall not be obligated to
register or qualify such Registrable Securities in any jurisdiction in which such registration or
qualification would require the Company (A) to subject itself to general taxation in any such

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jurisdiction, (B) file any general consent to service of process, or (C) to qualify to do
business in any jurisdiction where it would not otherwise be required to qualify but for this
Section 3(c);

     (d) timely file with the Commission such information as the Commission may prescribe under
Sections 13 or 15(d) of the Exchange Act, and otherwise use commercially reasonable efforts to
ensure that the public information requirements of Rule 144 under the Securities Act are satisfied
with respect to the Company;

     (e) notify each Holder promptly in writing (A) of any comments by the Commission with respect
to the Registration Statement or the Prospectus, or any request by the Commission for the amending
or supplementing thereof or for additional information with respect thereto, (B) of the issuance by
the Commission of any stop order or other suspension of the effectiveness of the Registration
Statement which is known to the Company or the initiation of any proceedings for that purpose which
are known to the Company and (C) of the receipt by the Company of any notification with respect to
the suspension of the qualification of such Registrable Securities for sale in any jurisdiction or
the initiation or threatening of any proceeding for such purposes; and

     (f) as promptly as practicable after becoming aware of such event, notify each Holder of the
occurrence of any event of which the Company has knowledge, as a result of which the Prospectus
included in the Registration Statement, as then in effect, or any Issuer Free Writing Prospectus,
taken as a whole with the Prospectus, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading, and to use its commercially
reasonable efforts to promptly prepare an amendment to the Registration Statement and supplement to
the Prospectus to correct such untrue statement or omission, and deliver a number of copies of such
supplement or amendment to the Holder as the Holder may reasonably request.

     (g) If requested by the Holders named in any Registration Statement, promptly include in any
Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if
necessary, such information as such Persons may reasonably request to have included therein,
including, without limitation, information relating to the plan of distribution of the Registrable
Securities and the use of the Registration Statement or Prospectus for market-making activities;
and make all required filings of such Prospectus supplement or post-effective amendment as soon as
practicable after the Company is notified of the matters to be included in such Prospectus
supplement or post-effective amendment. All costs of preparing and filing such amended
Registration Statement, Prospectus supplement or post-effective amendment, as the case may be,
shall be borne by the Holders that made the request referred to in this Section 3(g).

     4. Obligations of the Holder. In connection with the registration of the Registrable
Securities, the Holder shall have the following obligations:

     (a) Notwithstanding anything to the contrary, it shall be a condition precedent to the
obligations of the Company to complete the registration pursuant to this Agreement with respect to
the Registrable Securities that each Holder shall furnish to the Company in writing such
information regarding itself, the Registrable Securities held by it and the intended method of
disposition of the Registrable Securities held by it as shall be reasonably required to effect the

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registration of such Registrable Securities (including, without limitation, completion of a
selling shareholder questionnaire at the request of, and within the time period specified by, the
Company), and such Holder shall execute such documents in connection with such registration as the
Company may reasonably request. At least ten Business Days prior to the first anticipated filing
date of a Registration Statement, the Company shall notify the Holder and its counsel, whether
in-house or otherwise (“Counsel”) of the information relating to the Holder and the
Registrable Securities, which the Company requires from the Holder in order to prepare and file a
Registration Statement that complies with the Securities Act (the “Requested Information”).
If four Business Days prior to the anticipated filing date the Company has not received the
Requested Information from the Holder or its Counsel, then the Company shall send the Holder and
its Counsel a reminder of such information request. If two Business Days prior to the anticipated
filing date the Company still has not received the Requested Information from the Holder or its
Counsel, then the Company may determine to file the Registration Statement without including
Registrable Securities of the Holder. However, promptly upon receipt of the Requested Information,
and at such Holder’s expense, the Company shall file such amendment(s) to the Registration
Statement as may be necessary to include therein the Registrable Securities.

     (b) Each Holder, by its acceptance of the Registrable Securities, agrees to cooperate with the
Company in connection with the preparation and filing of the Registration Statement hereunder,
unless such Holder has notified the Company in writing of such Holder’s election to exclude all of
its Registrable Securities from the Registration Statement.

     (c) Each Holder shall not prepare or use any Free Writing Prospectus (as such term is defined
in Rule 405 under the Securities Act) unless any and all issuer information included therein has
been approved by the Company.

     (d) As promptly as practicable after becoming aware of such event, each Holder shall notify
the Company of the occurrence of any event, as a result of which the Prospectus included in a
Registration Statement, as then in effect, includes an untrue statement of a material fact or omits
to state a material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading.

     (e) Each Holder agrees that, upon receipt of any notice from the Company of the happening of
any event of the kind described in Sections 3(e)(B), 3(e)(C) or 3(f) above, the Holder shall
immediately discontinue its disposition of Registrable Securities pursuant to the Registration
Statement covering the same the Holder’s receipt of the copies of the supplemented or amended
Prospectus contemplated by Section 3(f) and, if so directed by the Company, such Holder shall
deliver to the Company (at the expense of the Company) or destroy (and deliver to the Company a
certificate of destruction) all copies (other than permanent file copies) in the Holder’s
possession of the Prospectus covering such Registrable Securities current at the time of receipt of
such notice.

     (f) Each Holder shall take all other actions that are necessary to expedite and facilitate the
disposition by the Holder of the Registrable Securities pursuant to the Registration Statement.

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     (g) Each Holder hereby covenants and agrees that it will comply with any prospectus delivery
requirements of the Securities Act applicable to it in connection with sales of Registrable
Securities pursuant to the Registration Statement.

     5. Expenses of Registration.

     All reasonable Registration Expenses shall be paid by the Company. Such Holder shall pay the
underwriting discount attributable to such Holder’s Registrable Securities, any transfer taxes
payable with respect thereto, and all fees and expenses, including fees and expenses of such
Holder’s counsel, incurred by the Holder.

     6. Indemnification and Contribution.

     (a) Indemnification by the Company. The Company agrees to indemnify and hold harmless
(i) each Holder, (ii) each Person, if any, who controls (within the meaning of Section 15 of the
Securities Act or Section 20(a) of the Exchange Act), any such Person described in clause (i) (any
of the Persons referred to in this clause (ii) being hereinafter referred to as a “Controlling
Person”), and (iii) the respective officers, directors, partners, employees, representatives
and agents of any such Person or any Controlling Person (any Person referred to in clause (i), (ii)
or (iii) may hereinafter be referred to as a “Purchaser Indemnitee”), to the fullest extent
lawful, from and against any and all losses, claims, damages, judgments, actions, out-of-pocket
expenses, and other liabilities (the “Liabilities”), including without limitation and as
incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing or defending
any claim or action, or any investigation or proceeding by any governmental agency or body,
commenced or threatened, including the reasonable fees and expenses of counsel to any Purchaser
Indemnitee, joint or several, directly or indirectly related to, based upon, arising out of or in
connection with any untrue statement or alleged untrue statement of a material fact contained in
any Registration Statement or Prospectus (as amended or supplemented if the Company shall have
furnished to such Purchaser Indemnitee any amendments or supplements thereto), or any preliminary
Prospectus or Issuer Free Writing Prospectus taken as a whole with the preliminary Prospectus, or
any omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made,
not misleading, except insofar as such Liabilities arise out of or are based upon (i) any untrue
statement or omission or alleged untrue statement or omission made in reliance upon and in
conformity with information relating to any Purchaser Indemnitee furnished to the Company or any
underwriter in writing by such Purchaser Indemnitee expressly for use therein, or (ii) any untrue
statement contained in or omission from or alleged untrue statement contained in or alleged
omission from a preliminary Prospectus if a copy of the preliminary Prospectus (as then amended or
supplemented, if the Company shall have furnished or made available to or on behalf of the Holder
participating in the distribution relating to the relevant Registration Statement any amendments or
supplements thereto) was not sent or given by or on behalf of the Holder to the Person asserting
any such Liabilities who purchased the shares of Common Stock, if such preliminary Prospectus (or
preliminary Prospectus as amended or supplemented) is furnished or made available to the Holder
prior to the time of sale of such shares of Common Stock to such Person and the untrue statement
contained in or omission from or alleged untrue statement contained in or alleged omission from
such preliminary Prospectus was corrected in the preliminary Prospectus, as amended or

11

 

supplemented. The Company shall notify such Holder promptly of the institution, threat or
assertion of any claim, proceeding (including any governmental investigation), or litigation of
which it shall have become aware in connection with the matters addressed by this Agreement which
involves the Company or a Purchaser Indemnitee.

     (b) Indemnification by the Holder. In connection with any Registration Statement in
which such Holder of Registrable Securities is participating, each Holder agrees, severally and not
jointly, to indemnify and hold harmless the Company, each Person who controls the Company within
the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act and the
respective partners, directors, officers, members, representatives, employees and agents of such
Person or Controlling Person (except for Corliss, in the event that Corliss is the indemnifying
holder hereunder) to the same extent as the foregoing indemnity from the Company to each Purchaser
Indemnitee, but only with reference to untrue statements or omissions or alleged untrue statements
or omissions made in reliance upon and in conformity with information relating to such Purchaser
Indemnitee furnished to the Company in writing by such Purchaser Indemnitee for use in any
Registration Statement or Prospectus, any amendment or supplement thereto or any preliminary
Prospectus or Issuer Free Writing Prospectus. The liability of any Purchaser Indemnitee pursuant
to this paragraph shall in no event exceed the net proceeds received by such Purchaser Indemnitee
from sales of Registrable Securities giving rise to such obligations.

     (c) Notice of Claims, etc. If any suit, action, proceeding (including any
governmental or regulatory investigation), claim or demand shall be brought or asserted against any
Person in respect of which indemnity may be sought pursuant to paragraph (a) or (b) above, such
Person (the “Indemnified Party”), shall promptly notify the Person against whom such
indemnity may be sought (the “Indemnifying Party”), in writing of the commencement thereof
(but the failure to so notify an Indemnifying Party shall not relieve it from any liability which
it may have under this Section 6, except to the extent the Indemnifying Party is materially
prejudiced by the failure to give notice), and the Indemnifying Party, upon request of the
Indemnified Party, shall retain counsel reasonably satisfactory to the Indemnified Party to
represent the Indemnified Party and any others the Indemnifying Party may reasonably designate in
such action, suit, proceeding, claim or demand and shall pay the reasonable fees and expenses
actually incurred by such counsel related to such proceeding. Notwithstanding the foregoing, in
any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the
fees and expenses of such counsel shall be at the expense of such Indemnified Party, unless (i) the
Indemnifying Party and the Indemnified Party shall have mutually agreed in writing to the contrary,
(ii) the Indemnifying Party failed within a reasonable time after notice of commencement of the
action to assume the defense and employ counsel reasonably satisfactory to the Indemnified Party,
or (iii) the named parties to any such action (including any impleaded parties) include both such
Indemnified Party and the Indemnifying Party, or any Affiliate of the Indemnifying Party, and such
Indemnified Party shall have been reasonably advised by counsel that either (x) there may be one or
more legal defenses available to it which are different from or additional to those available to
the Indemnifying Party or such Affiliate of the Indemnifying Party or (y) a conflict may exist
between such Indemnified Party and the Indemnifying Party or such Affiliate of the Indemnifying
Party (in which case the Indemnifying Party shall not have the right to assume nor direct the
defense of such action on behalf of such Indemnified Party, it being understood, however, that the
Indemnifying Party shall not, in connection with any one such action or

12

 

separate but substantially similar or related actions arising out of the same general
allegations or circumstances, be liable for the fees and expenses of more than one separate firm of
attorneys (in addition to any local counsel), for all such Indemnified Parties, and any such
separate firm for the Indemnifying Party, the directors, the officers and such control Persons of
the Indemnified Party as shall be designated in writing by the Indemnifying Party). The
Indemnifying Party shall not be liable for any settlement of any proceeding effected without its
written consent, which consent shall not be unreasonably withheld, but if settled with such consent
or if there is a final judgment for the plaintiff, the Indemnifying Party agrees to indemnify any
Indemnified Party from and against any loss or liability by reason of such settlement or judgment.
No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any
settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or
could have been a party and indemnity could have been sought hereunder by such Indemnified Party,
unless such settlement includes an unconditional release of such Indemnified Party from all
liability on claims that are the subject matter of such proceeding.

     (d) Contribution. If the indemnification provided for in paragraphs (a) and (b) of
this Section 6 is for any reason held to be unavailable to an Indemnified Party in respect of any
Liabilities referred to therein (other than by reason of the exceptions provided therein) or is
insufficient to hold harmless a party indemnified thereunder, then each Indemnifying Party under
such paragraphs, in lieu of indemnifying such Indemnified Party thereunder, shall contribute to the
amount paid or payable by such Indemnified Party as a result of such Liabilities (i) in such
proportion as is appropriate to reflect the relative benefits of the Indemnified Party on the one
hand and the Indemnifying Party(ies) on the other in connection with the statements or omissions
that resulted in such Liabilities, or (ii) if the allocation provided by clause (i) above is not
permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) above but also the relative fault of the Indemnifying Party(ies)
and the Indemnified Party, as well as any other relevant equitable considerations. The relative
fault of the Company on the one hand and any Purchaser Indemnitees on the other shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied
by the Company or by such Purchaser Indemnitees and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission.

     (e) The parties agree that it would not be just and equitable if contribution pursuant to this
Section 6 were determined by pro rata allocation (even if such Indemnified Parties were treated as
one entity for such purpose), or by any other method of allocation that does not take account of
the equitable considerations referred to in Section 6(d) above. The amount paid or payable by an
Indemnified Party as a result of any Liabilities referred to in Section 6(d) shall be deemed to
include, subject to the limitations set forth above, any reasonable legal or other expenses
actually incurred by such Indemnified Party in connection with investigating or defending any such
action or claim. For purposes of this Section 6, each Person, if any, who controls (within the
meaning of Section 15 of the Act or Section 20(a) of the Exchange Act) the Holder shall have the
same rights to contribution as the Holder and each Person, if any, who controls (within the meaning
of Section 15 of the Act or Section 20(a) of the Exchange Act) the Company, and each officer,
director, partner, employee, representative, agent or manager of the Company shall have the same
rights to contribution as the Company. Any party entitled to

13

 

contribution will, promptly after receipt of notice of commencement of any action, suit or
proceeding against such party in respect of which a claim for contribution may be made against
another party or parties, notify each party or parties from whom contribution may be sought, but
the omission to so notify such party or parties shall not relieve the party or parties from whom
contribution may be sought from any obligation it or they may have under this Section 6 or
otherwise, except to the extent that any party is materially prejudiced by the failure to give
notice. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.

     (f) The indemnity and contribution agreements contained in this Section 6 will be in addition
to any liability which the Indemnifying Parties may otherwise have to the Indemnified Parties
referred to above. The Purchaser Indemnitees’ obligations to contribute pursuant to this Section 6
are several in proportion to the respective number of Registrable Securities sold by each of the
Purchaser Indemnitees hereunder and not joint.

     7. Market Stand-off Agreement 

     Each Holder hereby agrees that, if requested at any time by the Company and the managing
underwriter of an Underwritten Offering by the Company of Common Stock, the Holder shall not sell
or otherwise transfer or dispose of any Registrable Securities or other securities of the Company
held by such Holder for a period of up to 180 days following the effective date of any registration
statement of the Company filed under the Securities Act and/or date of any prospectus supplement
covering securities of the Company to be sold on its behalf to the public in an Underwritten
Offering, as may be filed by the Company under the Securities Act. Any Holder receiving any
written notice from the Company regarding the Company’s plans to file such registration statement
and/or prospectus supplement shall treat such notice confidentially and shall not disclose such
information to any person other than as necessary to exercise its rights under this Agreement.

     8. Assignment. The right to have the Company register Registrable Securities pursuant
to this Agreement may be assigned or transferred only with the prior written consent of the Company
(which consent shall not be unreasonably delayed or withheld by the Company), and any such
assignment or transfer without such consent shall be void and of no effect. In the event of any
such permitted assignment or transfer by a Holder to any permitted transferee of all or any portion
of such Registrable Securities, such transfer will be allowed only if: (a) such Holder agrees in
writing with the transferee or assignee to assign such rights, and a copy of such agreement is
furnished to the Company within a reasonable time after such assignment, (b) the Company is, within
a reasonable time after such transfer or assignment, furnished with written notice of (i) the name
and address of such transferee or assignee and (ii) the Registrable Securities with respect to
which such registration rights are being transferred or assigned, (c) immediately following such
transfer or assignment, the Registrable Securities so transferred or assigned to the transferee or
assignee constitute Restricted Securities, (d) at or before the time the Company received the
written notice contemplated by clause (b) of this sentence the transferee or assignee agrees in
writing with the Company to be bound by all of the provisions contained herein, and (e) the Company
is furnished with an opinion of counsel, which counsel and opinion

14

 

shall be satisfactory to the Company, to the effect that the permitted assignment would be in
compliance with the Securities Act and any applicable state or other securities laws.

     9. Amendment and Waiver. Any provision of this Agreement may be amended and the
observance thereof may be waived (either generally or in a particular instance and either
retroactively or prospectively), and any other determination required to be made by the Holders
hereunder may be made, only with the written consent of the Company and the Requisite Holders. Any
amendment, waiver and other determination effected in accordance with this Section 9 shall be
binding upon each Holder and the Company.

     10. Miscellaneous.

     (a) Notices. All notices and other communications pursuant to this Agreement shall be
in writing, either hand delivered or sent by certified or registered mail with charges prepaid or
by commercial courier guaranteeing next business day delivery, or sent by facsimile, and shall be
addressed as set forth below.

	 	 	 
	 

	 	If to the Company, to:
	 
	 	 
	 

	 	Aether Holdings, Inc.
	 

	 	1330 Avenue of the Americas, 40th Floor
	 

	 	New York, New York 10019
	 

	 	Attention: James Haran
	 

	 	Fax: (212) 277-1160
	 
	 	 
	 

	 	With a copy (which shall not constitute notice) to:
	 
	 	 
	 

	 	Baker & McKenzie LLP
	 

	 	1114 Avenue of the Americas
	 

	 	New York, New York 10036
	 

	 	Attention: Richard Rudder, Esq.
	 

	 	Fax: (212) 310-1704
	 
	 	 
	 

	 	If to AFMA, to:
	 

	 	Athlete’s Foot Marketing Associates, LLC
	 

	 	1412 Oakbrook Drive
	 

	 	Suite 100
	 

	 	Norcross, Georgia 30093
	 

	 	Attention: Robert Corliss
	 

	 	Facsimile: (770) 514-4905
	 
	 	 
	 

	 	With a copy (which shall not constitute notice) to:
	 
	 	 
	 

	 	Arnall Golden Gregory LLP
	 

	 	171 17th St., NW
	 

	 	Suite 1200
	 

	 	Atlanta, Georgia 30363
	 

	 	Attention: Cleburne E. Gregory III, Esq.

15

 

	 	 	 
	 

	 	Facsimile: (404) 873-8635
	 
	 	 
	 

	 	If to Robert J. Corliss, to:
	 
	 	 
	 

	 	Robert J. Corliss
	 

	 	5052 Legends Drive
	 

	 	Braselton. GA 30517
	 
	 	 
	 

	 	With a copy to:
	 
	 	 
	 

	 	Arnall Golden Gregory LLP
	 

	 	171 17th St., NW
	 

	 	Suite 2100
	 

	 	Atlanta, Georgia 30363
	 

	 	Attn: Cleburne E. Gregory III, Esq.
	 

	 	Facsimile: (404) 873-8635
	 
	 	 
	 

	 	And if to any other Holder, then to the address provided by such Holder to the Company.

     The Company, AFMA and Corliss may change their addresses set forth above by notice given
pursuant to this Section 10(a).

     Any notice or other communication pursuant to this Agreement shall be deemed to have been duly
given or made and to have become effective (i) when delivered in hand to the party to which it was
directed, (ii) if sent by facsimile and properly addressed in accordance with the foregoing
provisions of this Section 10(a), when received by the addressee, (iii) if sent by commercial
courier guaranteeing next business day delivery, on the Business Day following the date of delivery
to such courier, or (iv) if sent by first-class mail, postage prepaid, and properly addressed in
accordance with the foregoing provisions of this Section 10(a), (A) when received by the addressee,
or (B) on the third Business Day following the day of dispatch thereof, whichever of (A) or (B)
shall be the earlier.

     (b) Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York, without regard to conflicts of laws principles.

     (c) Headings. The headings in this Agreement are for convenience only and shall not
affect the construction hereof.

     (d) Record Ownership. A person or entity shall be deemed to be a holder of
Registrable Securities whenever such person or entity owns of record such Registrable Securities.
If the Company receives conflicting instructions, notices or elections from two or more persons or
entities with respect to the same Registrable Securities, the Company shall act

16

 

upon the basis of instructions, notice or election received from the registered owner of such
Registrable Securities.

     (e) Severability. In the event that any provision of this Agreement shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.

     (f) Entire Agreement. This Agreement is intended by the parties as a final expression
of their agreement and intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained herein and therein.
This Agreement and the Purchase Agreement supersede all prior agreements and understandings between
the parties with respect to the subject matter contained herein and therein.

     (g) Gender and Number. Whenever the context may require, any pronouns used herein
shall include the corresponding masculine, feminine or neuter forms, and the plural form of names,
defined terms, nouns and pronouns shall include the singular and vice-versa.

     (h) Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, and it shall not be necessary in making proof of this Agreement
to produce or account for more than one such counterpart.

     (i) Remedies. The remedies provided in this Agreement are cumulative and not
exclusive of any remedies provided by law. If any term, provision, covenant or restriction of this
Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and
the parties hereto shall use good faith efforts to find and employ an alternative means to achieve
the same or substantially the same result as that contemplated by such term, provision, covenant or
restriction. It is hereby stipulated and declared to be the intention of the parties that they
would have executed the remaining terms, provisions, covenants and restrictions without including
any of such that may be hereafter declared invalid, illegal, void or unenforceable. Each party
hereto acknowledges that it will be impossible to measure in money the damage to the other party if
a party hereto fails to comply with any of the obligations imposed by this Agreement, that every
such obligation is material and that, in the event of any such failure, the other party will not
have an adequate remedy at law or damages. Accordingly, each party hereto agrees that injunctive
relief or other equitable remedy, in addition to remedies at law or damages, is the appropriate
remedy for any such failure and will not oppose the granting of such relief on the basis that the
other party has an adequate remedy at law. Each party hereto agrees that it will not seek, and
agrees to waive any requirement for, the securing or posting of a bond in connection with any other
party’s seeking or obtaining such equitable relief.

     (j) Successors and Assigns. Subject to the requirements of Section 8 hereof, this
Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of
the parties hereto.

     (k) Counterparts. This Agreement may be signed in any number of counterparts, each of
which shall be an original, with the same effect as if the signatures thereto and hereto

17

 

were upon the same instrument. Signatures delivered by facsimile shall be deemed to be
original signatures.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

18

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
written.

	 	 	 	 	 
	 	AETHER HOLDINGS, INC.

 	 
	 	By:  	/s/
 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

	 	 	 	 	 
	 	ATHLETE’S FOOT MARKETING ASSOCIATES, LLC

 	 
	 	By:  	/s/
 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

	 	 	 	 	 
	 	ROBERT J. CORLISS

 	 
	 	/s/
 	 
	 	 	 
	 	 	 
	 

19exv10w1

 

Exhibit 10.1

SELECTED DEALER AGREEMENT

July 20, 2006

Ameriprise Financial Services, Inc.

570 Ameriprise Financial Center

Minneapolis, MN 55474

Ladies and Gentlemen:

     Hines Real Estate Investment Trust, Inc., a Maryland corporation (the “Company”), hereby
confirms its agreement with Ameriprise Financial Services, Inc. (“Ameriprise”) as follows:

     1. Introduction. This Selected Dealer Agreement (the “Agreement”) sets forth the
understandings and agreements between the Company, Hines Real Estate Securities, Inc. (the “Dealer
Manager”), Hines Advisors Limited Partnership (the “Advisor”) and Ameriprise whereby Ameriprise
will offer and sell on a best efforts basis for the account of the Company shares of common stock
(the “Common Stock”), par value $0.001 per share (each a “Share,” and collectively, the “Shares”),
of the Company registered pursuant to the Registration Statement (as defined in Section 2(a) below)
at the per share price set forth in the Registration Statement from time to time (subject to
certain volume discounts and the other terms set forth therein) (the “Offering”), pursuant to which
shares are also being offered pursuant to the Company’s Dividend Reinvestment Plan (the “DRIP”).
The Shares are more fully described in the Registration Statement referred to below.

     Ameriprise is hereby invited to act as a Selected Dealer for the Offering, subject to the
other terms and conditions set forth below.

     2. Representations and Warranties of the Company, the Dealer Manager and the Advisor.

     The Company, the Dealer Manager and the Advisor (the “Hines Entities”), as applicable, jointly
and severally represent, warrant and covenant with Ameriprise for Ameriprise’s benefit that, as of
the date hereof and at all times during the term of this Agreement:

     (a) Registration Statement and Prospectus. The Company has filed with the Securities and
Exchange Commission (the “Commission”) an effective registration statement on Form S-11 (File No.
333-130114) for the registration of up to $2,200,000,000 in Shares under the Securities Act of
1933, as amended (the “Securities Act”) and the regulations thereunder (the “Regulations”). The
registration statement, as amended (including financial statements, exhibits and all other
documents related thereto filed as a part thereof or incorporated therein), are herein called the
“Registration Statement” and the prospectus contained therein is called the “Prospectus” and if the
Registration Statement is amended by a post-effective amendment, the term “Registration Statement”
shall, from and after the declaration of effectiveness of such post-effective amendment, refer to
the Registration Statement as so amended and the term “Prospectus” shall refer to the Prospectus as
so amended, and if any Prospectus filed by the Company pursuant to Rule 424(b) or 424(c) of the
Regulations shall differ from the Prospectus on file at the time any post-effective amendment shall
become effective, the term “Prospectus” shall refer to the Prospectus filed pursuant to either of
such Rules from and after the date on which it shall have been filed with the Commission. Further,
if a separate prospectus is filed and becomes effective with respect solely

1

 

to the DRIP, the term “Prospectus” shall refer to such prospectus from and after the
declaration of effectiveness of the same, as such prospectus may be amended or supplemented from
time to time.

     (b) Compliance with the Securities Act. The Registration Statement has been prepared and
filed by the Company and has been declared effective by the Commission. Neither the Commission nor
any state securities authority has issued any order preventing or suspending the use of any
Prospectus filed with the Registration Statement or any amendments or supplements thereto and no
proceedings for that purpose have been instituted, or to the Company’s knowledge, are threatened or
contemplated by the Commission or by the states securities authorities. At the time the
Registration Statement became effective (the “Effective Date”) and at the time that any
post-effective amendments thereto or any additional registration statement filed under Rule 462(b)
of the Securities Act becomes effective, the Registration Statement or any amendment thereto (1)
complied, or will comply, as to form in all material respects with the requirements of the
Securities Act and the Regulations and (2) did not or will not contain an untrue statement of a
material fact or omit to state a material fact necessary to make the statements therein not
misleading. When the Prospectus or any amendment or supplement thereto is filed with the
Commission pursuant to Rule 424(b) or 424(c) of the Regulations and at all times subsequent thereto
through the date on which the Offering is terminated (“Termination Date”), the Prospectus will
comply in all material respects with the requirements of the Securities Act and the Regulations,
and will not include any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading. Any Prospectus delivered to Ameriprise
will be identical to the electronically transmitted copies thereof filed with the Commission
pursuant to EDGAR, except to the extent permitted by Regulation S-T.

     (c) The Company. The Company has been duly incorporated and validly exists as a corporation
in good standing under the laws of the State of Maryland with full power and authority to conduct
the business in which it is engaged as described in the Prospectus, including without limitation to
acquire properties as more fully described in the Prospectus, including land and buildings, as well
as properties upon which properties are to be constructed for the Company or to be owned by the
Company (the “Properties”) or make loans, or other permitted investments as referred to in the
Prospectus. The Company and each subsidiary of the Company is duly qualified to do business as a
foreign corporation and is in good standing in each other jurisdiction in which it owns or leases
property of a nature, or transacts business of a type that would make such qualification necessary
except where the failure to be so qualified or in good standing could not have, individually or in
the aggregate, a Material Adverse Effect (as such term is defined in the next sentence). The term
“Material Adverse Effect” means a material adverse effect on the financial condition, stockholders’
equity, results of operation, business affairs or business prospects of the Company and its
subsidiaries taken as a whole.

     (d) The Shares. The Shares, when issued, will be duly and validly issued, fully paid and
non-assessable and will conform in all material respects to the description thereof contained in
the Prospectus; no holder thereof will be subject to personal liability for the obligations of the
Company solely by reason of being such a holder; such Shares are not subject to the preemptive
rights of any shareholder of the Company; and all corporate action required to be taken for the
authorization, issuance and sale of such Shares has been validly and sufficiently taken. All
shares of the Company’s issued and outstanding capital stock have been duly authorized and validly
issued and are fully paid and non-assessable; none of the outstanding shares of capital stock of
the Company were issued in violation of the preemptive or other similar rights of any stockholder
of the Company.

     (e) Capitalization. The authorized capital stock of the Company conforms in all material
respects to the description thereof contained in the Prospectus under the caption “Description of
Our Common Shares.” Except as disclosed in the Prospectus: no shares of Common Stock have been or
are

2

 

to be reserved for any purpose; there are no outstanding securities convertible into or
exchangeable for any shares of Common Stock; and there are no outstanding options, rights
(preemptive or otherwise) or warrants to purchase or subscribe for shares of Common Stock or any
other securities of the Company.

     (f) Violations. No Hines Entity or any respective subsidiary thereof is (i) in violation of
its charter or bylaws, its partnership agreement, declaration of trust or trust agreement, or
limited liability company agreement (or other similar agreement), as the case may be; (ii) in
default in the performance or observance of any obligation, agreement, covenant or condition
contained in any contract, indenture, mortgage, deed of trust, loan or credit agreement, note,
lease or other agreement or instrument to which such party is a party or by which any of them may
be bound or to which any of the respective properties or assets of such party is subject
(collectively, “Agreements and Instruments”); or (iii) any law, order, rule or regulation, writ,
injunction or decree of any government, governmental instrumentality or court, domestic or foreign,
having jurisdiction over the Company or any of its property, except in the case of clauses (ii) and
(iii), where such conflict, breach, violation or default would not reasonably be expected to have
individually or in the aggregate, a Material Adverse Effect. The execution, delivery and
performance by each Hines Entity (as applicable) of this Agreement, the Dealer Manager Agreement
between the Company and the Dealer Manager (the “Dealer Manager Agreement”), the Selected Dealer
Agreements between the Dealer Manager and, with the exception of Ameriprise, each of the selected
dealers soliciting subscriptions for shares of the Company’s common stock pursuant to the Offering
(collectively, the “Selected Dealer Agreements”) and the Advisory Agreement between the Company,
Hines REIT Properties, L.P. and the Advisor (the “Advisory Agreement”), and the consummation of the
transactions contemplated herein and therein (including the issuance and sale of the Shares and the
use of the proceeds from the sale of the Shares as described in the Prospectus under the caption
“Use of Proceeds”) and compliance by the Company and the Advisor with its obligations hereunder and
thereunder have been duly authorized by all necessary corporate action and do not and will not,
whether with or without the giving of notice or passage of time or both, conflict with or
constitute a breach of, default or Repayment Event (as defined below) under, or result in the
creation or imposition of any Lien (as defined below) upon any property or assets of any Hines
Entity or any respective subsidiary thereof (except for such conflicts, breaches or defaults or
Liens that, individually or in the aggregate, would not reasonably be expected to have a Material
Adverse Effect, nor will such action result in any violation of the provisions of the charter or
bylaws (or similar document) of any Hines Entity or any respective subsidiary thereof or any
applicable law, rule, regulation, or governmental or court judgment, order, writ or decree of any
government, governmental instrumentality or court, domestic or foreign, having jurisdiction over
the Company or any of its property. As used herein, a “Repayment Event” means any event or
condition which gives the holder of any note, debenture or other evidence of indebtedness (or any
person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment
of all or a portion of such indebtedness by a Hines Entity or any respective subsidiary thereof.
“Lien” means any mortgage, deed of trust, lien, pledge, encumbrance, charge or security interest in
or on any asset.

     (g) Financial Statements. The financial statements of the Company, including the schedules
and notes thereto, filed as part of the Registration Statement and those included in the Prospectus
present fairly in all material respects the financial position of the Company and its consolidated
subsidiaries as of the date indicated and the results of its operations, stockholders’ equity and
cash flows of the Company and its consolidated subsidiaries for the periods specified; said
financial statements have been prepared in conformity with generally accepted accounting principles
applied on a consistent basis and comply with the requirements of Regulation S-X promulgated by the
Commission; and Deloitte & Touche LLP, whose report is filed with the Commission as a part of the
Registration Statement, are, with respect to the Company and its subsidiaries, independent
accountants as required by the Securities Act and the Regulations and have been registered with the
Public Company Accounting Oversight Board. The selected financial data and the summary financial
information included in the Prospectus present fairly the information shown therein and have been
compiled on a basis consistent with that of the audited financial

3

 

statements included in the Registration Statement. The pro forma financial statements and the
related notes thereto included in the Registration Statement and the Prospectus present fairly the
information shown therein, and have been prepared in accordance with the Commission’s rules and
guidelines with respect to pro forma financial statements and have been properly compiled on the
basis described therein, and the assumptions used in the preparation thereof are reasonable and the
adjustments used therein are appropriate to give effect to the transactions and circumstances
referred to therein.

     (h) No Subsequent Material Events. Since the respective dates as of which information is
given in the Registration Statement and the Prospectus, except as may otherwise be stated in or
contemplated by the Registration Statement and the Prospectus, (a) there has not been any material
adverse change in the condition (financial or otherwise) of the Company or in the earnings, affairs
or business prospects of the Company, whether or not arising in the ordinary course of business,
(b) there have not been any material transactions entered into by the Company except in the
ordinary course of business, (c) there has not been any material increase in the long-term
indebtedness of the Company and (d) except for regular dividends on the Company’s common stock,
there has been no distribution of any kind declared, paid or made by the Company on any class of
its capital stock.

     (i) Investment Company Act. The Company is not, will not become by virtue of the transactions
contemplated by this Agreement and the application of the net proceeds therefrom, and does not
intend to conduct its business so as to be, an “investment company” as that term is defined in the
Investment Company Act of 1940, as amended and the rules and regulations thereunder, and it will
exercise reasonable diligence to ensure that it does not become an “investment company” within the
meaning of the Investment Company Act of 1940.

     (j) Authorization of Agreements. This Agreement, the Dealer Manager Agreement, the Selected
Dealer Agreements and the Advisory Agreement between the Company, the Dealer Manager and the
Advisor (as applicable) have been duly and validly authorized, executed and delivered by the
Company, the Dealer Manager and the Advisor, as applicable, and constitute valid, binding and
enforceable agreements of the Company, the Dealer Manager and the Advisor, as applicable.

     (k) The Advisor. The Advisor is a limited partnership duly organized, validly existing, and
in good standing under the laws of the State of Texas with full power and authority to conduct its
business as described in the Prospectus, and is or will be qualified to do business and is in good
standing as a foreign entity in each other jurisdiction in which it is doing business as such, as
described in the Prospectus, which (i) requires such qualification to enable the Advisor to conduct
the business in which it is engaged or proposes to engage as described in the Prospectus, or (ii)
may require such qualification and the failure to so qualify might result in material adverse
consequences to the Advisor or the Company.

     (l) The Dealer Manager. The Dealer Manager has been duly formed and is validly existing as a
corporation in good standing under the laws of the State of Delaware with full power and authority
to conduct its business as described in the Prospectus. The Dealer Manager is a member of the NASD
and is subject to the supervision and examination of the Commission.

     (m) Description of Agreements. The Company is not a party to or bound by any contract or
other instrument of a character required to be described in the Registration Statement or the
Prospectus or to be filed as an exhibit to the Registration Statement that is not described and
filed as required.

     (n) Qualification as a Real Estate Investment Trust. The Company intends to satisfy the
requirements of the Internal Revenue Code of 1986 as amended (the “Code”) for qualification of the
Company as a real estate investment trust. Commencing with the taxable year ended December 31,
2004, the Company has been organized and has operated in conformity with the requirements for
qualification

4

 

as a real estate investment trust under Sections 856 through 860 of the Code and its actual
method of operation has enabled it and its proposed method of operation as described in the
Prospectus will enable it to continue to meet the requirements for taxation as a real estate
investment trust under the Code.

     (o) Gramm-Leach-Bliley Act and USA Patriot Act. The Company complies with the applicable
privacy provision of the Gramm-Leach-Bliley Act and the applicable provisions of the USA Patriot
Act, in all material respects.

     (p) Sales Material. All advertising and supplemental sales literature prepared or approved by
the Company or any of its affiliates (whether designated solely for broker-dealer use or otherwise)
to be used or delivered by the Company or any of its affiliates or Ameriprise in connection with
the offering of the Shares will not contain an untrue statement of material fact or omit to state a
material fact required to be stated therein, in light of the circumstances under which they were
made and when read in conjunction with the Prospectus, not misleading. Furthermore, all such
advertising and supplemental sales literature the Company has approved for use by Ameriprise will
have received all required regulatory approval, which may include but is not limited to, the
Commission, the NASD and state securities agencies, as applicable, prior to use by Ameriprise
(assuming Ameriprise has complied with this Agreement). Any required consent and authorization has
been obtained for the use of any trademark or service mark in any sales literature or advertising
delivered by the Company to Ameriprise or approved by the Company for use by Ameriprise and, to the
Company’s knowledge, its use does not constitute the unlicensed use of intellectual property.

     (q) Good Standing of Subsidiaries. Each “significant subsidiary” of the Company (as such term
is defined in Rule 1-02 of Regulation S-X) and each other entity in which the Company holds a
direct or indirect ownership interest that is material to the Company (each a “Subsidiary” and,
collectively, the “Subsidiaries”) has been duly organized or formed and is validly existing as a
corporation, partnership, limited liability company or similar entity in good standing under the
laws of the jurisdiction of its incorporation, has power and authority to own, lease and operate
its properties and to conduct its business as described in the Prospectus and is duly qualified to
transact business and is in good standing in each jurisdiction in which such qualification is
required, whether by reason of the ownership or leasing of property or the conduct of business,
except where the failure to be so qualified would reasonably be expected to have a Material Adverse
Effect. Except as otherwise disclosed in the Registration Statement, all of the issued and
outstanding capital stock of each such Subsidiary has been duly authorized and validly issued, is
fully paid and non-assessable and is owned by the Company, directly or through subsidiaries, free
and clear of any material lien. None of the outstanding shares of capital stock of any Subsidiary
was issued in violation of the preemptive or similar rights of any stockholder of such Subsidiary.
The only direct subsidiaries of the Company as of the date of the Registration Statement or the
most recent amendment to the Registration Statement, as applicable, are the subsidiaries listed on
Exhibit 21 to the Registration Statement or such amendment to the Registration Statement.

     (r) No Pending Action. There is no action, suit or proceeding pending, or, to the knowledge
of the Company, threatened or contemplated before or by any arbitrator, court or other government
body, domestic or foreign, against or affecting any Hines Entity or any respective subsidiary
thereof which is required to be disclosed in the Registration Statement (other than as disclosed
therein), or which would reasonably be expected to result in a Material Adverse Effect, or which
would be reasonably expected to materially and adversely affect the properties or assets thereof or
the consummation of the transactions contemplated by this Agreement; the aggregate of all pending
legal or governmental proceedings to which any Hines Entity or any respective subsidiary thereof is
a party or of which any of their respective property or assets is the subject which are not
described in the Registration Statement, including ordinary routine litigation incidental to the
business, could not reasonably be expected to result in a Material

5

 

Adverse Effect or would reasonably be expected to materially adversely affect other properties
or assets of a Hines Entity or any respective subsidiary thereof.

     (s) Possession of Intellectual Property. The Company and its subsidiaries own or possess, or
can acquire on reasonable terms, adequate patents, patent rights, licenses, inventions, copyrights,
know-how (including trade secrets and other unpatented and/or unpatentable proprietary or
confidential information, systems or procedures), trademarks, service marks, trade names or other
intellectual property (collectively, “Intellectual Property”) necessary to carry on the business
now operated by them, and neither the Company nor any of its subsidiaries has received any notice
or is otherwise aware of any infringement of or conflict with asserted rights of others with
respect to any Intellectual Property or of any facts or circumstances which would render any
Intellectual Property invalid or inadequate to protect the interest of the Company or any of its
subsidiaries therein, and which infringement or conflict (if the subject of any unfavorable
decision, ruling or finding) or invalidity or inadequacy, singly or in the aggregate, could
reasonably be expected to result in a Material Adverse Effect.

     (t) Absence of Further Requirements. No filing with, or authorization, approval, consent,
license, order, registration, qualification or decree of, any court or governmental authority or
agency is necessary or required for the performance by the Company of its obligations under this
Agreement, the Dealer Manager Agreement, the Selected Dealer Agreements and the Advisory Agreement,
in connection with the offering, issuance or sale of the Shares or the consummation of the other
transactions contemplated by this Agreement, the Dealer Manager Agreement, the Selected Dealer
Agreements and the Advisory Agreement, except such as have been already made or obtained under the
Securities Act or the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or as may be
required under state securities laws.

     (u) Possession of Licenses and Permits. The Company and its subsidiaries possess such
permits, licenses, approvals, consents and other authorizations (collectively, “Governmental
Licenses”) issued by the appropriate federal, state, local or foreign regulatory agencies or bodies
necessary to conduct the business now operated by them (except such Governmental Licenses, the
failure of which to possess, would not reasonably be expected to have a Material Adverse Effect),
and the Company and its subsidiaries are in compliance (in all material respects) with the terms
and conditions of all such Governmental Licenses. All of the Governmental Licenses are valid and
in full force and effect; and neither the Company nor any of its subsidiaries has received any
notice of proceedings relating to the revocation or modification of any such Governmental Licenses.

     (v) Partnership Agreements. Each of the partnership agreements, declarations of trust or
trust agreements, limited liability company agreements (or other similar agreements) and, if
applicable, joint venture agreements to which the Company or any of its subsidiaries is a party has
been duly authorized, executed and delivered by the Company or the relevant subsidiary, as the case
may be, and constitutes the valid and binding agreement of the Company or such subsidiary, as the
case may be, enforceable in accordance with its terms, except as the enforcement thereof may be
limited by (A) the effect of bankruptcy, insolvency or other similar laws now or hereafter in
effect relating to or affecting creditors’ rights generally or (B) the effect of general principles
of equity, and the execution, delivery and performance of such agreements did not, at the time of
execution and delivery, and does not constitute a breach of or default under the charter or bylaws,
partnership agreement, declaration of trust or trust agreement, or limited liability company
agreement (or other similar agreement), as the case may be, of the Company or any of its
subsidiaries or any of the Agreements and Instruments or any law, administrative regulation or
administrative or court order or decree.

     (w) Properties. Except as otherwise disclosed in the Prospectus: (i) the Company and its
subsidiaries have good and insurable or good, valid and insurable title (either in fee simple or
pursuant to

6

 

a valid leasehold interest) to all properties and assets described in the Prospectus as being
owned or leased, as the case may be, by them and to all properties reflected in the Company’s most
recent consolidated financial statements included in the Prospectus, and neither the Company nor
any of its subsidiaries has received notice of any claim that has been or may be asserted by anyone
adverse to the rights of the Company or any subsidiary with respect to any such properties or
assets (or any such lease) or affecting or questioning the rights of the Company or any such
subsidiary to the continued ownership, lease, possession or occupancy of such property or assets,
except for such claims that could not, singly or in the aggregate, reasonably be expected to have a
Material Adverse Effect; (ii) except as disclosed in the Registration Statement or the Prospectus,
there are no Liens on or affecting the properties and assets of the Company or any of its
subsidiaries which would reasonably be expected, singly or in the aggregate, to have a Material
Adverse Effect; (iii) no person or entity, including, without limitation, any tenant under any of
the leases pursuant to which the Company or any of its subsidiaries leases (as lessor) any of its
properties (whether directly or indirectly through other partnerships, limited liability companies,
business trusts, joint ventures or otherwise) has an option or right of first refusal or any other
right to purchase any of such properties, except for such options, rights of first refusal or other
rights to purchase which, individually or in the aggregate, are not material with respect to the
Company and its subsidiaries considered as one enterprise; (iv) to the Company’s knowledge, each of
the properties of the Company or any of its subsidiaries has access to public rights of way, either
directly or through insured easements, except where the failure to have such access would not,
singly or in the aggregate, reasonably be expected to have a Material Adverse Effect; (v) to the
Company’s knowledge, each of the properties of the Company or any of its subsidiaries is served by
all public utilities necessary for the current operations on such property in sufficient quantities
for such operations, except where the failure to have such public utilities would not, singly or in
the aggregate, reasonably be expected to have a Material Adverse Effect; (vi) to the knowledge of
the Company, each of the properties of the Company or any of its subsidiaries complies with all
applicable codes and zoning and subdivision laws and regulations, except for such failures to
comply which would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect; (vii) all of the leases under which the Company or any of its subsidiaries holds or
uses any real property or improvements or any equipment relating to such real property or
improvements are in full force and effect, except where the failure to be in full force and effect
would not, singly or in the aggregate, reasonably be expected to have a Material Adverse Effect,
and neither the Company nor any of its subsidiaries is in default in the payment of any amounts due
under any such leases or in any other default thereunder and the Company knows of no event which,
with the passage of time or the giving of notice or both, could constitute a default under any such
lease, except such defaults that would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect; (viii) to the knowledge of the Company, there is no
pending or threatened condemnation, zoning change, or other proceeding or action that could in any
manner affect the size of, use of, improvements on, construction on or access to the properties of
the Company or any of its subsidiaries, except such proceedings or actions that, singly or in the
aggregate, would not reasonably be expected to have a Material Adverse Effect; and (ix) neither the
Company nor any of its subsidiaries nor (to the knowledge of the Company) any lessee of any of the
real property or improvements of the Company or any of its subsidiaries is in default in the
payment of any amounts due or in any other default under any of the leases pursuant to which the
Company or any of its subsidiaries leases (as lessor) any of its real property or improvements
(whether directly or indirectly through partnerships, limited liability companies, joint ventures
or otherwise), and the Company knows of no event which, with the passage of time or the giving of
notice or both, would constitute such a default under any of such leases, except such defaults as
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.

     (x) Insurance. The Company and/or its subsidiaries have title insurance on all U.S. real
property and improvements described in the Prospectus as being owned or leased under a ground
lease, as the case may be, by the Company’s subsidiaries and to all U.S. real property and
improvements reflected in the Company’s most recent consolidated financial statements included in
the Prospectus in an amount

7

 

at least equal to the original purchase price paid to the sellers of the property and the
Company’s subsidiaries are entitled to all benefits of the insured thereunder. With respect to all
non-U.S. real property described in the Prospectus as being owned or leased by the Company’s
subsidiaries, each such subsidiary has received a title opinion or title certificate or other
customary evidence of title assurance, as appropriate for the respective jurisdiction, showing good
and indefeasible title to such properties in fee simple or valid leasehold estate or its respective
equivalent, as the case may be, vested in the applicable subsidiary. Each property described in
the Prospectus is insured by extended coverage hazard and casualty insurance in amounts and on such
terms as are customarily carried by owners of properties similar to those owned by the Company and
its subsidiaries (in the markets in which the Company’s and subsidiaries’ respective properties are
located), and the Company and its subsidiaries carry comprehensive general liability insurance and
such other insurance as is customarily carried by owners of properties similar to those owned by
the Company and its subsidiaries in amounts and on such terms as are customarily carried by owners
of properties similar to those owned by the Company and its subsidiaries (in the markets in which
the Company’s and its subsidiaries’ respective properties are located) and the Company or one of
its subsidiaries is named as an additional insured on all policies required under the leases for
such properties.

     (y) Environmental Matters. Except as otherwise disclosed in the Prospectus: (i) all real
property and improvements owned or leased by the Company or any of its subsidiaries, including,
without limitation, the Environment (as defined below) associated with such real property and
improvements, is free of any Contaminant (as defined below) in violation of applicable
Environmental Laws (as defined below) which, individually or in the aggregate, would reasonably be
expected to have a Material Adverse Effect; (ii) neither the Company, nor any of its subsidiaries
has caused or suffered to exist or occur any Release (as defined below) of any Contaminant into the
Environment in violation of any applicable Environmental Law that, individually or in the
aggregate, would reasonably be expected to have a Material Adverse Effect or could result in any
violation of any applicable Environmental Laws except for such violations that would not reasonably
be expected to have a Material Adverse Effect; (iii) neither the Company nor any of its
subsidiaries is aware of any written notice from any governmental body claiming any violation of
any Environmental Laws or requiring or calling for any work, repairs, construction, alterations,
removal or remedial action or installation by the Company or any of its subsidiaries on or in
connection with such real property or improvements, whether in connection with the presence of
asbestos-containing materials or mold in such properties or otherwise, except for such violations,
work, repairs, construction, alterations, removal or remedial actions or installations as would
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect,
nor is the Company aware of any information which may serve as the basis for any such notice; (iv)
any such work, repairs, construction, alterations, removal or remedial action or installation, if
required or called for, would not result in the incurrence of liabilities by the Company, which,
individually or in the aggregate, would not reasonably be expected to have a Material Adverse
Effect; (v) neither the Company nor any of its subsidiaries has caused or suffered to exist or
occur any environmental condition on any of the properties or improvements of the Company or any of
its subsidiaries that could give rise to the imposition of any Lien under any Environmental Laws,
except such Liens which, individually or in the aggregate, would not reasonably be expected to have
a Material Adverse Effect; and (vi) to the Company’s knowledge, no real property or improvements
owned or leased by the Company or any of its subsidiaries is being used or has been used for
manufacturing or for any other operations that involve or involved the use, handling,
transportation, storage, treatment or disposal of any Contaminant, where such operations require or
required permits or are or were otherwise regulated pursuant to the Environmental Laws and where
such permits have not been or were not obtained or such regulations are not being or were not
complied with, except in all instances where any failure to obtain a permit or comply with any
regulation would not reasonably be expected, singly or in the aggregate, to have a Material Adverse
Effect. “Contaminant” means any pollutant, hazardous substance, toxic substance, hazardous waste,
special waste, petroleum or petroleum-derived substance or waste, asbestos or asbestos-containing
materials, PCBs, lead, pesticides

8

 

or regulated radioactive materials or any constituent of any such substance or waste, as
identified or regulated under any Environmental Law. “Environmental Laws” means the Comprehensive
Environmental Response, Compensation and Liability Act, 42 U.S.C. 9601 et seq., the Resource
Conservation and Recovery Act, 42 U.S.C. 6901, et seq., the Clean Air Act, 42 U.S.C. 7401, et seq.,
the Clean Water Act, 33 U.S.C. 1251, et seq., the Toxic Substances Control Act, 15 U.S.C. 2601, et
seq., the Occupational Safety and Health Act, 29 U.S.C. 651, et seq., and all other federal, state
and local laws, ordinances, regulations, rules, orders, decisions and permits, which are directed
at the protection of human health or the Environment. “Environment” means any surface water,
drinking water, ground water, land surface, subsurface strata, river sediment, buildings,
structures, and ambient air. “Release” means any spilling, leaking, pumping, pouring, emitting,
emptying, discharging, injecting, escaping, leaching, dumping, or disposing of any Contaminant into
the Environment, including, without limitation, the abandonment or discard of barrels, containers,
tanks or other receptacles containing or previously containing any Contaminant or any release,
emission or discharge as those terms are defined or used in any applicable Environmental Law.

     (z) Registration Rights. There are no persons, other than the Company, with registration or
other similar rights to have any securities registered pursuant to the Registration Statement or
otherwise registered by the Company under the Securities Act, or included in the offering
contemplated hereby.

     (aa) Finders’ Fees. Neither the Company nor any affiliate thereof has received or is entitled
to receive, directly or indirectly, a finder’s fee or similar fee from any person other than that
as described in the Prospectus in connection with the acquisition, or the commitment for the
acquisition, of the Properties by the Company.

     (bb) Taxes. The Company and each of its subsidiaries has filed all federal, state and foreign
income tax returns which have been required to be filed on or before the due date (taking into
account all extensions of time to file), and has paid or provided for the payment of all taxes
indicated by said returns and all assessments received by the Company and each of its subsidiaries
to the extent that such taxes or assessments have become due, except where the Company is
contesting such assessments in good faith and except for such taxes and assessments, the failure of
which to pay, would not reasonably be expected to have a Material Adverse Effect.

     (cc) No Fiduciary Duty. The Company acknowledges and agrees that Ameriprise is acting solely
in the capacity of an arm’s length contractual counterparty to the Company with respect to the
offering of the Shares (including in connection with determining the terms of the offering) and not
as a financial advisor or a fiduciary to, or an agent of, the Company, any other Hines Entity,
Hines Interests Limited Partnership (“HILP”), or equityholders, creditors or affiliates of the
foregoing (collectively, the “Hines Parties”). Additionally, Ameriprise is not advising any Hines
Party as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. Each
of the Hines Entities and HILP shall consult with its own advisors concerning such matters and
shall be responsible for making its own independent investigation and appraisal of the transactions
contemplated hereby, and Ameriprise shall have no responsibility or liability to any of the Hines
Parties with respect thereto. Any review by Ameriprise of the Company, the transactions
contemplated hereby or other matters relating to such transactions will be performed solely for the
benefit of Ameriprise and shall not be on behalf of any of the Hines Parties.

     3. Sales of Shares. On the basis of the representations, warranties and covenants herein
contained, but subject to the terms and conditions herein set forth, the Company hereby appoints
Ameriprise as a Selected Dealer for the Shares during the period from the date hereof to the
Termination Date (the “Effective Term”), including the Shares pursuant to the DRIP, each in the
manner described in the Registration Statement. Subject to the performance by the Company of all
obligations to be

9

 

performed by it hereunder and the completeness and accuracy of all of its representations and
warranties, Ameriprise agrees to use its best efforts, during the term of this Agreement, to offer
and sell such number of Shares as contemplated by this Agreement at the price stated in the
Prospectus, as the same may be adjusted from time to time.

     (a) Purchase of Shares. The purchase of Shares must be made during the offering period
described in the Prospectus, or after such offering period in the case of purchases made pursuant
to the DRIP (each such purchase hereinafter defined as an “Order”). Persons desiring to purchase
Shares are required to (i) deliver to Ameriprise a check in the amount of $10.40 per Share
purchased (subject to certain volume discounts or other discounts as described in the Prospectus,
or such other per share price as may be applicable pursuant to the Offering) payable to Ameriprise,
or (ii) authorize a debit of such amount to the account such purchaser maintains with Ameriprise.
A subscription agreement in substantially the form attached to the Prospectus (each a “Subscription
Agreement”) must be completed and submitted to the Company for all investors and for all Orders.
On a daily basis, Ameriprise will transfer, via Federal Reserve bank wire, the total amount debited
from investor accounts for the purchase of Shares along with a list (in the form of an Order File
data transmission) including the name, address and telephone number of, the social security number
or taxpayer identification number of, the brokerage account number of (if applicable), the number
of Shares purchased by, any election to participate in the DRIP by, and the total dollar amount of
investment by, each investor on whose behalf checks are submitted or the wire transfer is made.
Ameriprise also will forward all Subscription Agreements received (and determined to be in good
order) by Ameriprise to the Company’s transfer agent by overnight mail within three business days
after the associated funds are delivered as contemplated in the preceding sentence. Ameriprise
will advise the Company whether the funds Ameriprise is submitting are attributable to individual
retirement accounts, Keogh plans, or any other employee benefit plan subject to Title I of the
Employee Retirement Income Security Act of 1974 or from some other type of investor. The parties
acknowledge that any receipt by Ameriprise of payments for subscriptions for Shares shall be
effected solely as an administrative convenience, and such receipt of payments shall not be deemed
to constitute acceptance of orders to purchase Shares or sales of Shares by the Company.

     All Orders solicited by Ameriprise will be strictly subject to review and acceptance by the
Company and the Company reserves the right in its absolute discretion to reject any Order or to
accept or reject Orders in the order of their receipt by the Company or otherwise. Within 30 days
of receipt of an Order, the Company must accept or reject such Order. If the Company elects to
reject such Order, within 10 business days after such rejection, it will notify the purchaser of
such fact and cause the return of such purchaser’s funds submitted with such application. If
Ameriprise receives no notice of rejection within the foregoing time limits, the Order shall be
deemed accepted. Ameriprise agrees to make commercially reasonable efforts to determine that the
purchase of Shares is a suitable and appropriate investment for each potential purchaser of Shares
based on information provided by such purchaser regarding such purchaser’s financial situation and
investment objectives.

     (b) Closing Dates and Delivery of Shares. In no event shall a sale of Shares to an investor
be completed until at least five business days after the date the investor receives a copy of the
Prospectus. Orders shall be submitted as contemplated by Section 12 of the Dealer Manager
Agreement and as otherwise set forth in this Agreement. Shares shall be deemed issued on the day
the Company accepts an order. Share issuance dates for purchases made pursuant to the DRIP will be
as set forth in the DRIP.

     (c) Dealers. The Shares offered and sold under this Agreement shall be offered and sold only
by Ameriprise, a member in good standing of the National Association of Securities Dealers, Inc.
(the “NASD”). The Hines Entities and affiliates thereof agree to participate in Ameriprise’s
marketing efforts to the extent that Ameriprise may reasonably request and, without limiting the
generality of the foregoing, agree to visit Ameriprise’s offices as Ameriprise may reasonably
request.

10

 

     (d) Compensation.

          (i) In consideration for Ameriprise’s execution of this Agreement, and for the performance of
Ameriprise’s obligations hereunder, and except for volume discounts and other discounts described,
or otherwise provided for, in the “Plan of Distribution” section of the Prospectus, the Dealer
Manager agrees to pay Ameriprise selling commissions (“Selling Commissions”) applicable to the
Shares sold by Ameriprise hereunder (excluding any Shares issued pursuant to the DRIP) of seven
percent (7.0%) of the gross proceeds of Shares sold by Ameriprise and accepted and confirmed by the
Company. For these purposes, Shares shall be deemed to be “sold” if and only if a transaction has
closed with a subscriber for Shares pursuant to all applicable offering and subscription documents
associated with the Order, the Company has accepted the Order and the Subscription Agreement of
such subscriber, such Shares have been fully paid for and all other provisions of this Agreement
have been met regarding such Order (including Section 3(b)). Ameriprise hereby affirms that the
Dealer Manager’s liability for Selling Commissions payable to Ameriprise hereunder is limited
solely to the proceeds of commissions receivable from the Company pursuant to the terms of the
Dealer Manager Agreement, and Ameriprise hereby waives any and all rights to receive payment of
Selling Commissions due from the Dealer Manager until such time as the Dealer Manager is in receipt
of the corresponding commissions from the Company. In the event that the Dealer Manager for any
reason fails to pay Selling Commissions due to Ameriprise for the sale of Shares by Ameriprise
hereunder (even if commissions with respect to such sales were not were not received by the Dealer
Manager), the Company hereby guarantees the obligations of the Dealer Manager to pay Selling
Commissions to Ameriprise for the sale of Shares by Ameriprise hereunder. In addition, the Dealer
Manager will also reallow out of its dealer manager fee and pay to Ameriprise a marketing fee of
one and one half percent (1.5%) of the gross proceeds of Shares sold by Ameriprise (excluding any
Shares issued pursuant to the DRIP) as a marketing fee (the “Marketing Fee”), to defray certain
distribution-related costs and expenses of Ameriprise in connection with the Offering, provided
that Ameriprise has executed a Schedule 1 to this Selected Dealer Agreement relating to the
Marketing Fee. Ameriprise shall have the responsibility for disclosing to customers of Ameriprise
purchasing Shares the terms of any such marketing fee re-allowance, to the extent required by
applicable law.

          (ii) Notwithstanding the foregoing, however, the Marketing Fee shall be reduced as necessary
in order that the underwriting compensation to be paid to all parties in connection with the
Offering does not exceed the limitations prescribed by the NASD. In this regard, each of the Dealer
Manager and Ameriprise acknowledges and agrees that the Offering shall be conducted in compliance
with NASD Rules 2710 and 2810 which prescribe limitations on, among other things, the amount of
organization and offering expenses that may be paid by the Dealer Manager in connection with the
Offering. Accordingly, if at any time during the term of the Offering, the Dealer Manager
determines in good faith that any payment to Ameriprise pursuant to this Agreement could result in
a violation of an applicable NASD Rule, the Dealer Manager shall promptly notify Ameriprise, and
the Dealer Manager and Ameriprise agree to cooperate with each other to implement such measures as
they determine are necessary to ensure continued compliance with the applicable NASD Rules. Such
measures may include, without limitation, a reduction in the amount of the Marketing Fee payable to
Ameriprise. Until the parties mutually agree upon appropriate measures or until such time as the
amount that may be paid without violation of such NASD Rules is finally determined, the Company
shall be entitled to withhold and defer payments to the Dealer Manager of such portions of the
dealer manager fee, and the Dealer Manager shall be entitled to withhold and defer payments to
Ameriprise of such portions of the Marketing Fee and other compensation, as the Company reasonably
determines are necessary to permit continued compliance with applicable NASD Rules, but shall
otherwise continue to pay to Ameriprise all amounts that are due and payable under this Agreement.

11

 

          (iii) In addition, the Dealer Manager will reimburse Ameriprise for bona fide due diligence
expenses incurred by Ameriprise in connection with the Offering. In no event shall the Dealer
Manager reimburse Ameriprise for bona fide due diligence expenses in an amount in excess of
one-half of one percent (0.5%) of the gross proceeds of Shares sold by Ameriprise.

     (e) Finders Fee. Neither the Company nor Ameriprise shall, directly or indirectly, pay or
award any finder’s fees, commissions or other compensation to any person engaged by a potential
investor for investment advice as an inducement to such advisor to advise the purchase of Shares;
provided, however, that normal selling commissions payable to a registered broker-dealer or other
properly licensed person for selling Shares shall not be prohibited hereby.

     4. Covenants. Each Hines Entity jointly and severally covenants and agrees with Ameriprise
that it will:

     (a) Commission Orders. Use its reasonable best efforts to cause any amendments to the
Registration Statement to become effective as promptly as possible and to maintain the
effectiveness of the Registration Statement, and will promptly notify Ameriprise and confirm the
notice in writing if requested, (i) when any post-effective amendment to the Registration Statement
becomes effective, (ii) of the issuance by the Commission or any state securities authority of any
jurisdiction of any stop order or of the initiation, or the threatening, of any proceedings for
that purpose or of the suspension of the qualification of the Shares for offering or sale in any
jurisdiction or of the institution or threatening of any proceedings for any of such purposes,
(iii) of the receipt of any written (or material verbal) comments from the Commission with respect
to the Registration Statement, (iv) of any request by the Commission for any amendment to the
Registration Statement as filed or any amendment or supplement to the Prospectus or for additional
information relating thereto, and (v) if the Registration Statement becomes unavailable for use in
connection with the offering of the Shares for any reason. Each of the Company and the Dealer
Manager will use its reasonable best efforts to prevent the issuance by the Commission of a stop
order or a suspension order and if the Commission shall enter a stop order or suspension order at
any time, each of the Company and the Dealer Manager will use its reasonable best efforts to obtain
the lifting of such order at the earliest possible moment. The Company shall not accept any order
of Shares during the effectiveness of any stop order.

     (b) Registration Statement. Deliver to Ameriprise without charge promptly after the
Registration Statement or any amendment or supplement thereto become effective, such number of
copies of the Prospectus (as amended or supplemented), the Registration Statement and supplements
and amendments thereto, if any (without exhibits), as Ameriprise may reasonably request. The
Company hereby consents to the use of the Prospectus or any amendment or supplement thereto by
Ameriprise both in connection with the Offering and for such period of time thereafter as the
Prospectus is required to be delivered in connection therewith.

     (c) “Blue Sky” Qualifications. In each state where the Shares are qualified, the Company
will, unless Ameriprise agrees that such action is not at the time necessary or advisable, file and
make such statements or reports as are or may reasonably be required by the laws of such
jurisdiction.

     (d) “Blue Sky” Memorandum. To furnish to Ameriprise, and Ameriprise may be allowed to rely
upon, a Blue Sky Memorandum, prepared by Baker Botts LLP, in customary form naming the
jurisdictions in which the Shares have been qualified for sale under the respective securities laws
of such jurisdiction.

     (e) Amendments and Supplements. If during the time when a Prospectus is required to be
delivered under the Securities Act, any event relating to the Company shall occur as a result of
which it is

12

 

necessary, in the opinion of the Company’s counsel, to amend the Registration Statement or to
amend or supplement the Prospectus in order to make the Prospectus not misleading in light of the
circumstances existing at the time it is delivered to an investor, or if it shall be necessary, in
the opinion of the Company’s counsel, at any such time to amend the Registration Statement or amend
or supplement the Prospectus in order to comply with the requirements the Securities Act or the
Regulations, the Company will forthwith notify an Ameriprise representative in the Ameriprise legal
department, further, the Company shall prepare and furnish without expense to Ameriprise, a
reasonable number of copies of an amendment or amendments of the Registration Statement or the
Prospectus, or a supplement or supplements to the Prospectus which will amend or supplement the
Registration Statement or Prospectus so that as amended or supplemented it will not contain an
untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading, or to make the Registration Statement or the Prospectus comply with
such requirements. Without limiting the generality of the foregoing, within two business days
after the Company files a Quarterly Report on Form 10-Q, the Company agrees to file a supplement to
the Prospectus which incorporates the financial and other information contained in such Quarterly
Report (each, a “Periodic Prospectus Supplement”). In addition, in order to comply with Section
10(a)(3) of the Securities Act, the Company agrees to file a post-effective amendment to the
Registration Statement each year to include the Company’s audited financial statements and other
information contained in the Company’s Annual Report on Form 10-K for that fiscal year (each an
“Annual Post-Effective Amendment”). The Annual Post-Effective Amendment will be filed no later
than 16 months from the date of the last audited financials contained in the Registration
Statement.

     (f) Delivery of Periodic Filings. The Company shall include with any prospectus or “investor
kit” delivered to Ameriprise for distribution to potential investors in connection with the
Offering a copy of the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form
10-Q, and, if required, will make any required filing of such annual or quarterly report pursuant
to the Securities Act or the Regulations.

     (g) Periodic Financial Information. On or prior to the date on which there shall be released
to the general public interim financial statement information related to the Company with respect
to each of the first three quarters of any fiscal year or preliminary financial statement
information with respect to any fiscal year, the Company shall furnish such information to
Ameriprise, confirmed in writing, and shall file such information pursuant to the rules and
regulations promulgated under the Securities Act or the Exchange Act as required thereunder.

     (h) Audited Financial Information. On or prior to the date on which there shall be released
to the general public financial information included in or derived from the audited financial
statements of the Company for the preceding fiscal year, the Company shall furnish such information
to Ameriprise, confirmed in writing, and shall file such information pursuant to the rules and
regulations promulgated under the Securities Act or the Exchange Act as required thereunder.

     (i) Copies of Reports. During the Offering, the Company will provide (which may be by
electronic delivery) Ameriprise with the following:

          (i) as soon as practicable after they have been sent or made available by the Company to its
shareholders or filed with the Commission, a copy of each annual and interim financial or other
report provided to shareholders;

13

 

          (ii) as soon as practicable, a copy of every press release issued by the Company and every
material news item and article in respect of the Company or its affairs released by the Company;
and

          (iii) additional documents and information with respect to the Company and its affairs as
Ameriprise may from time to time reasonably request.

Documents (other than final Prospectuses or supplements or amendments thereto for distribution to
investors) required to be delivered pursuant to this Agreement (to the extent any such documents
are included in materials otherwise filed with the Commission) may be delivered electronically and
if so delivered, shall be deemed to have been delivered on the date (i) on which the Company posts
such documents, or provides a link thereto on the Company’s website on the Internet; or (ii) on
which such documents are posted on the Company’s behalf on the website of the Commission or any
other Internet or intranet website, if any, to which Ameriprise has access; provided that the
Company shall notify Ameriprise of the posting of any such documents.

     (j) Sales Material. The Company will deliver to Ameriprise from time to time, all advertising
and supplemental sales material (whether designated solely for broker-dealer use or otherwise)
proposed to be used or delivered in connection with the Offering, prior to the use or delivery to
third parties of such material, and will not deliver, in connection with the Offering, any such
material to Ameriprise’s customers or registered representatives without Ameriprise’s prior written
consent, which consent, in the case of material required by law, rule or regulation of any
regulatory body including the NASD to be delivered, shall not be unreasonably withheld or delayed.
For the avoidance of doubt, ordinary course communications with the Company’s shareholders,
including without limitation, the delivery of annual and quarterly reports and financial
information, dividend notices, reports of net asset value and information regarding the tax
treatment of distributions and similar matters shall not be considered advertising and supplemental
sales material, unless the context otherwise requires.

     (k) Use of Proceeds. Apply the proceeds from the sale of Shares substantially as set forth in
the section of the Prospectus entitled “Estimated Use of Proceeds” and operate the business of the
Company in all material respects in accordance with the descriptions of its business set forth in
the Prospectus.

     (l) Prospectus Delivery. Within the time during which a prospectus relating to the Shares is
required to be delivered under the Securities Act the Company will comply as far as it is able with
all requirements imposed upon it by the Securities Act, as now and hereafter amended, and by the
Rules and Regulations, as from time to time in force, so far as necessary to permit the continuance
of sales of or dealings in the Shares as contemplated by the provisions hereof and the Prospectus.
The Dealer Manager confirms that it is familiar with Rule 15c2-8 under the Exchange Act, relating
to the distribution of preliminary and final prospectuses, and confirms that it has complied and
will comply therewith in connection with the offering of Shares contemplated by this Agreement, to
the extent applicable.

     (m) Financial Statements. Make generally available to its security holders as soon as
practicable, but not later than the Availability Date, an earnings statement of the Company (in
form complying with the provisions of Rule 158 under the Securities Act) covering a period of 12
months beginning after the Effective Date but not later than the first day of the Company’s fiscal
quarter next following the Effective Date. For purposes of the preceding sentence, “Availability
Date” means the 45th day after the end of the fourth fiscal quarter following the fiscal
quarter that includes such Effective Date, except that, if such fourth fiscal quarter is the last
quarter of the Company’s fiscal year, “Availability Date” means the 90th day after the
end of such fourth fiscal quarter (or if either of such dates specified

14

 

above is a day the SEC is not open to receive filings, then the next such day that the SEC is
open to receive filings).

     (n) Compliance with Exchange Act. Comply with the requirements of the Exchange Act relating
to the Company’s obligation to file and, as applicable, deliver to its shareholders periodic
reports including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports
on Form 8-K. The Company shall make such filings available to its security holders as soon as is
reasonably practicable by making such report available on www.hinesreit.com.

     (o) Licensing and Compliance. The Company and the Dealer Manager covenant that any persons
employed or retained by them to provide sales support or wholesaling services in support of
Ameriprise or its clients shall be licensed in accordance with all applicable laws, will comply
with all applicable federal and state securities laws and regulations, and will use only sales
literature approved and authorized by the Company, and the Dealer Manager.

     (p) Trade Names and Trademarks. No Hines Entity may use Ameriprise’s trade name or any trade
name, trademark or service mark or logo of Ameriprise or any person or entity controlling,
controlled by, or under common control with Ameriprise without Ameriprise’s prior written consent.

     5. Warranties and Covenants of Ameriprise. Ameriprise covenants and agrees with the Dealer
Manager, the Company and the Advisor as follows:

     (a) Prospectus Delivery. Ameriprise confirms that it is familiar with Rule 15c2-8 under the
Exchange Act, relating to the distribution of preliminary and final prospectuses, and covenants and
agrees that it has complied and will comply therewith in connection with the offering of the Shares
contemplated by this Agreement, to the extent applicable. Ameriprise further covenants and agrees
that, in connection with the sale of the Shares contemplated by this Agreement, it will deliver a
copy of the Prospectus prior to or simultaneously with the first solicitation of an offer to sell
Shares to an investor.

     (b) Accuracy of Information. No information supplied by Ameriprise for use in the
Registration Statement will contain any untrue statements of a material fact or omit to state any
material fact necessary to make such information not misleading.

     (c) No Additional Information. Ameriprise will not give any information or make any
representation in connection with the offering of the Shares other than that contained in the
Prospectus, the Registration Statement, the Company’s other filings under the Securities Act or the
Exchange Act or advertising and supplemental sales material contemplated by this Agreement and
approved by the Company.

     (d) Sale of Shares. Ameriprise shall solicit purchasers of the Shares only in the
jurisdictions in which Ameriprise has been advised by the Company that such solicitations can be
made and in which Ameriprise is qualified to so act.

     (e) Suitability. In offering the Shares, Ameriprise covenants and agrees that it will make
every reasonable effort to determine that the purchase of the Shares is a suitable and appropriate
investment for each purchaser of Shares pursuant to a subscription solicited by Ameriprise in
accordance with the terms and provisions of the Prospectus. Ameriprise agrees to retain the
documents and records upon which such determinations are based for a period of at least six years
from the date of the applicable sale of the Shares and to make such documents and records available
to (i) the Dealer Manager and the Company upon their reasonable request, and (ii) to
representatives of the Commission, the NASD and

15

 

applicable state securities administrators upon Ameriprise’s receipt of an appropriate request
for such documents from any such agency.

     (f) Broker-Dealer Matters. Ameriprise represents and warrants that (i) Ameriprise is a member
in good standing of the NASD, (ii) Ameriprise is licensed as a broker-dealer in all 50 states and
the District of Columbia, and (iii) independent contractors and registered representatives acting
on behalf of Ameriprise have the appropriate license(s) to sell the Shares. Ameriprise agrees to
notify the Dealer Manager and the Company immediately in writing if Ameriprise ceases to be a
member in good standing of the NASD, is subject to an NASD suspension, or its registration as a
broker-dealer under the Exchange Act is terminated or suspended. Ameriprise also agrees to abide
by NASD Rule 2740 in connection with the offering and sale of the Shares.

     (g) Sales Materials. Ameriprise will only use advertising and supplemental sales material
approved by the Company in the Offering. Ameriprise covenants and agrees that it will not send or
give any advertising and supplemental sales material to an investor unless it has previously sent
or given a Prospectus to that investor or has simultaneously sent or given a Prospectus with such
materials. Ameriprise covenants and agrees that it will not show or give to any investor or
prospective investor or reproduce any material or writing which is supplied to it by the Dealer
Manager and marked “broker-dealer use only” or otherwise bearing a legend denoting that it is not
to be used in connection with the sale of the Shares to members of the public. Ameriprise agrees
that it will not use in connection with the offer or sale of the Shares any material or writing
supplied to it by the Company or the Dealer Manager bearing a legend which states that such
material may not be used in connection with the offer or sale of the Shares.

     (h) Record Keeping. Ameriprise covenants and agrees to keep appropriate records with respect
to each customer who purchases Shares, his suitability and the amount of Shares sold, and to retain
such records for such period of time as may be required by applicable rules of the Commission or
the NASD.

     (i) Trade Names and Trademarks. Ameriprise may not use any trade name, trademark, service
mark or logo of Hines Interests Limited Partnership or any of its affiliates other than the Hines
Entities; provided however that this sentence shall not apply to any materials prepared by or on
behalf of the Company or approved by the Company.

     6. Payment of Expenses.

     (a) Expenses. Whether or not the transactions contemplated in this Agreement are consummated
or if this Agreement is terminated, the Company will pay, in addition to the compensation described
in Section 3(d) (which Ameriprise may retain up to the point of termination unless this agreement
is terminated without any Shares being sold, in which case no such compensation shall be paid), all
fees and expenses incurred in connection with the formation, qualification and registration of the
Company and in marketing, distributing and processing the Shares under applicable Federal and state
law, and any other fees and expenses actually incurred and directly related to the Offering and
sale of the Shares and the Company’s other obligations under this Agreement, including such fees
and expenses as: (i) the preparing, printing, filing and delivering of the Registration Statement
(as originally filed and all amendments thereto) and of any preliminary prospectus and of the
Prospectus and any amendments thereof or supplements thereto and the preparing and printing of this
Agreement and Subscription Agreements, including the cost of all copies thereof and any financial
statements or exhibits relating to the foregoing supplied to Ameriprise in quantities reasonably
requested by Ameriprise; (ii) the preparing and printing of the sales material and related
documents and the filing and/or recording of such certified certificates or other documents
approved by the Company necessary to comply with the laws of the State

16

 

of Maryland for the formation of a corporation and thereafter for the continued good standing
of a Company; (iii) the issuance and delivery of the Shares, including any transfer or other taxes
payable thereon; (iv) any escrow arrangements in connection with the transactions described herein,
including any compensation or reimbursement to an escrow agent for its services as such; (v) the
qualification or registration of the Shares under state securities or “blue sky” laws; (vi) the
filing fees payable to the Commission and to the NASD; (vii) the preparation and printing of
advertising material in connection with and relating to the Offering, including the cost of all
sales literature and investor and broker-dealer sales and information meetings; (viii) the cost and
expenses of counsel and accountants of the Company (but not Ameriprise); and (ix) any other
expenses of issuance and distribution of the Shares.

     (b) Limitation. Notwithstanding the foregoing, the total compensation paid to Ameriprise from
the Hines Entities in connection with the Offering pursuant to Section 3(d) hereof and this Section
6 shall not exceed the limitations prescribed by the NASD. The Company and Ameriprise agree to
reasonably cooperate with each other to implement such measures as they determine are necessary to
ensure that such NASD limitations are not exceeded.

     7. Conditions of Ameriprise’s Obligations. Ameriprise’s obligations hereunder shall be
subject to the continued accuracy throughout the Effective Term of the representations, warranties
and agreements of the Company, to the performance by the Company of its obligations hereunder and
to the following terms and conditions:

     (a) Effectiveness of Registration Statement. The Registration Statement shall have initially
become effective not later than 5:30 P.M., Eastern time, on the date of this Agreement and, at any
time during the term of this Agreement, no stop order shall have been issued or proceedings
therefor initiated or threatened by the Commission; and all requests for additional information on
the part of the Commission and state securities administrators shall have been complied with and no
stop order or similar order shall have been issued or proceedings therefor initiated or threatened
by any state securities authority in any jurisdiction in which the Company intends to offer Shares
(except in the Designated Jurisdictions).

     (b) Closings. The Hines Entities will deliver or cause to be delivered to Ameriprise, as a
condition of Ameriprise’s obligations hereunder, those documents as described in this Section 7 as
of the date hereof and on or before the fifth business day following the filing of a Periodic
Prospectus Supplement or an Annual Post-Effective Amendment (each such date, a “Documented Closing
Date”).

     (c) Opinion of Counsel. Ameriprise shall receive the favorable opinion of Baker Botts L.L.P.,
counsel for the Hines Entities, dated as of the date hereof or as of each Documented Closing Date,
addressed to Ameriprise substantially in the form attached hereto as Exhibit A.

     (d) Accountant’s Letter. On the date hereof, Ameriprise shall have received from Deloitte &
Touche LLP a comfort letter, in form and substance reasonably satisfactory to Ameriprise in all
material respects.

     (e) Update of Accountant’s Letter. Ameriprise shall receive from Deloitte & Touche LLP, dated
as of such Documented Closing Date, a comfort letter, in form and substance reasonably satisfactory
to Ameriprise in all material respects, provided that (i) the specified date referred to in such
subsection shall be a date not more than five days prior to each such Documented Closing Date, (ii)
such comfort letter shall cover the Registration Statement and Prospectus, as amended and
supplemented through the date of the Periodic Prospectus Supplement or Annual Post-Effective
Amendment that triggers such Documented Closing Date (the “Current Filing”), and (iii) if financial
statements or financial information of any other entity are included in the Most Recent Periodic
Report or Current

17

 

Filing, the comfort letter to be received by Ameriprise shall also cover such financial
statements or financial information.

     (f) Stop Orders. On the Effective Date and during the Effective Term no order suspending the
sale of the Shares in any jurisdiction nor any stop order issued by the Commission shall have been
issued, and on the Effective Date and during the Effective Term no proceedings relating to any such
suspension or stop orders shall have been instituted, or to the knowledge of the Company, shall be
contemplated.

     (g) Information Concerning the Advisor. On the date hereof, Ameriprise shall receive a letter
dated the date hereof from the Advisor, confirming that: (1) the Advisory Agreement has been duly
and validly authorized, executed and delivered by the Advisor and constitutes a valid agreement of
the Advisor enforceable in accordance with its terms; (2) the execution and delivery of the
Advisory Agreement, the consummation of the transactions therein contemplated and compliance with
the terms of the Advisory Agreement by the Advisor will not conflict with or constitute a default
under its certificate of limited partnership or agreement of limited partnership, or any indenture,
mortgage, deed of trust, lease or other agreement or instrument to which the Advisor is a party, or
any law, order, rule or regulation, writ, injunction or decree of any government, governmental
instrumentality or court, domestic or foreign, having jurisdiction over the Advisor, or any of its
property; (3) no consent, approval, authorization or order of any court or other governmental
agency or body has been or is required for the performance of the Advisory Agreement by the
Advisor, or for the consummation of the transactions contemplated thereby; and (4) the Advisor is a
partnership duly formed, validly existing and in good standing under the laws of the State of Texas
and is duly qualified to do business as a foreign limited partnership in each other jurisdiction in
which the nature of its business would make such qualification necessary.

     (h) Confirmation. As of the date hereof and at each Documented Closing Date, as the case may
be:

          (i) the representations and warranties of each Hines Entity in the Agreement shall be true and
correct with the same effect as if made on the date hereof or the Documented Closing Date, as the
case may be, and each Hines Entity has performed all covenants or conditions on their part to be
performed or satisfied at or prior to the date hereof or respective Documented Closing Date;

          (ii) the Registration Statement does not include any untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary to make the statements
therein not misleading, and the Prospectus does not include any untrue statement of a material fact
or omits to state any material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading;

          (iii) except as disclosed in the Prospectus, there shall have been no material adverse change
in the business, properties, prospects or condition (financial or otherwise) of the Company
subsequent to the date of the balance sheets provided in the Registration Statement and the
Prospectus; and

          (iv) since the date hereof, no event has occurred which should have been set forth in an
amendment or supplement to the Prospectus in order to cause such Prospectus not to contain an
untrue statement of material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made,
not misleading, but which has not been so set forth.

18

 

Ameriprise shall receive a certificate dated the date hereof and each Documented Closing Date, as
the case may be, confirming the above.

If any of the conditions specified in this Agreement shall not have been fulfilled when and as
required by this Agreement, all Ameriprise’s obligations hereunder and thereunder may be canceled
by Ameriprise by notifying the Company of such cancellation in writing or by telecopy at any time,
and any such cancellation or termination shall be without liability of any party to any other party
except as otherwise provided in Sections 3(d), 6, 8, 9 and 10 of this Agreement. All certificates,
letters and other documents referred to in this Agreement will be in compliance with the provisions
hereof only if they are reasonably satisfactory in form and substance to Ameriprise and
Ameriprise’s counsel. The Company will furnish Ameriprise with conformed copies of such
certificates, letters and other documents as Ameriprise shall reasonably request.

     8. Indemnification.

     (a) Indemnification by the Hines Entities. Each Hines Entity, jointly and severally, agree to
indemnify, defend and hold harmless Ameriprise and each person, if any, who controls Ameriprise
within the meaning of Section 15 of the Securities Act, and any of their respective officers,
directors, employees and agents from and against any and all loss, liability, claim, damage and
expense whatsoever (including but not limited to any and all expenses whatsoever reasonably
incurred in investigating, preparing for, defending against or settling any litigation, commenced
or threatened, or any claim whatsoever) arising out of or based upon:

          (i) any untrue or alleged untrue statement of a material fact contained: (i) in the
Registration Statement or in the Prospectus or any related preliminary prospectus; (ii) in any
application or other document (in this Section 8 collectively called “application”) executed by a
Hines Entity or based upon information furnished by a Hines Entity and filed in any jurisdiction in
order to qualify the Shares under the securities laws thereof, or in any amendment or supplement
thereto; or (iii) in the Company’s periodic reports such as Annual Reports on Form 10-K, Quarterly
Reports on Form 10-Q and current reports on Form 8-K; provided however that no Hines Entity shall
be liable in any such case to the extent any such statement or omission was made in reliance upon
and in conformity with written information furnished to a Hines Entity by Ameriprise expressly for
use in the Registration Statement or related preliminary prospectus or Prospectus or any amendment
or supplement thereof or in any of such applications or in any such sales as the case may be;

          (ii) the omission or alleged omission from (i) the Registration Statement (or any amendment
thereto) or in the Prospectus (as from time to time amended or supplemented); (ii) any
applications; or (iii) the Company’s periodic reports such as Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q and current reports on Form 8-K, of a material fact required to be
stated therein or necessary to make the statements therein in light of the circumstances under
which they were made not misleading; provided however that no Hines Entity shall be liable in any
such case to the extent any such statement or omission was made in reliance upon and in conformity
with written information furnished to the Company by Ameriprise expressly for use in the
Registration Statement or related preliminary prospectus or Prospectus or any amendment or
supplement thereof or in any of such applications or in any such sales as the case may be;

          (iii) any untrue statement of a material fact or alleged untrue statement of a material fact
contained in any supplemental sales material (whether designated for broker-dealer use or
otherwise) approved by the Company for use by Ameriprise or any omission or alleged omission to
state therein a material fact required to be stated or necessary in order to make the statements
therein, in light of the

19

 

circumstances under which they were made and when read in conjunction with the Prospectus
delivered therewith not misleading;

          (iv) any communication regarding the valuation of the Shares provided by or on behalf of the
Company; and

          (v) the breach by the Hines Entities or any employee or agent acting on their behalf, of any
of the representations, warranties, covenants, terms and conditions of this Agreement.

          Notwithstanding the foregoing, no indemnification by a Hines Entity of Ameriprise, or each
person, if any, who controls Ameriprise within the meaning of Section 15 of the Securities Act, and
any of their respective officers, directors, employees and agents or its officers, directors or
control persons, pursuant to Section 8(a) shall be permitted under this Agreement for, or arising
out of, an alleged violation of federal or state securities laws, unless one or more of the
following conditions are met: (1) there has been a successful adjudication on the merits of each
count involving alleged securities law violations as to the particular indemnitee; (2) such claims
have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the
particular indemnitee; or (3) a court of competent jurisdiction approves a settlement of the claims
against the indemnitee and finds that indemnification of the settlement and the related costs
should be made, and the court considering the request for indemnification has been advised of the
position of the Commission and of the published position of any state securities regulatory
authority in which the securities were offered or sold as to indemnification for violations of
securities laws.

     (b) Indemnification by Ameriprise. Subject to the conditions set forth below, Ameriprise
agrees to indemnify and hold harmless each Hines Entity, each of their directors and trustees,
those of its officers who have signed the Registration Statement and each other person, if any, who
controls a Hines Entity within the meaning of Section 15 of the Securities Act to the same extent
as the foregoing indemnity from a Hines Entity but only with respect to an untrue statement or
alleged untrue statement of a material fact or omission or alleged omission to state a material
fact in the Registration Statement (as from time to time amended or supplemented) or Prospectus, or
any related preliminary prospectus, or any application made in reliance upon or, in conformity
with, written information furnished by Ameriprise expressly for use in such Registration Statement
or Prospectus or any amendment or supplement thereto, or in any related preliminary prospectus or
in any of such applications.

     (c) Procedure for Making Claims. Each indemnified party shall give prompt notice to each
indemnifying party of any claim or action (including any governmental investigation) commenced
against it in respect of which indemnity may be sought hereunder, but failure to so notify any
indemnifying party shall not relieve it from any liability that it may have hereunder, except to
the extent it has been materially prejudiced by such failure, and in any event shall not relieve it
from any liability which it may have otherwise than on account of this indemnity agreement. The
indemnifying party, jointly with any other indemnifying parties receiving such notice, shall assume
the defense of such action with counsel chosen by it and reasonably satisfactory to the indemnified
parties defendant in such action, unless such indemnified parties reasonably object to such
assumption on the ground that there may be legal defenses available to them which are different
from or in addition to those available to such indemnifying party. Any indemnified party shall
have the right to employ a separate counsel in any such action and to participate in the defense
thereof but the reasonable fees and expenses of such counsel shall be borne by such party unless
such party has objected in accordance with the preceding sentence, in which event such fees and
expenses shall be borne by the indemnifying parties. Except as set forth in the preceding
sentence, if an indemnifying party assumes the defense of such action, the indemnifying party shall
not be liable for any fees and expenses of separate counsel for the indemnified parties incurred
thereafter in connection with such action. In no event shall the indemnifying parties be liable
for the reasonable fees

20

 

and expenses of more than one counsel for all indemnified parties in connection with any one
action or separate but similar or related actions in the same jurisdiction arising out of the same
general allegations or circumstances.

     The indemnity agreements contained in this Section 8 and the warranties and representations
contained in this Agreement shall remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party and shall survive any termination of this Agreement.
An indemnifying party shall not be liable to an indemnified party on account of any settlement,
compromise or consent to the entry of judgment of any claim or action effected without the consent
of such indemnifying party. The Company agrees promptly to notify Ameriprise of the commencement
of any litigation or proceedings against the Company in connection with the issue and sale of the
Shares or in connection with the Registration Statement or Prospectus.

     (d) Contribution. Subject to the limitations and exceptions set forth in Section 8(a) hereof
and in order to provide for just and equitable contribution where the indemnification provided for
in this Section 8 is unavailable to or insufficient to hold harmless an indemnified party under
subsection (a) or (b) above in respect of any Losses, except by reason of the terms thereof, the
Hines Entities on the one hand and Ameriprise on the other shall contribute to the amount paid or
payable by such indemnified party as a result of such Losses (or actions in respect thereof) in
such proportion as is appropriate to reflect the relative benefits received by each the Hines
Entities, on the one hand, and Ameriprise on the other from the Offering based on the public
offering price of the Shares sold and the Selling Commissions, Marketing Fees and due diligence
expense reimbursements received by Ameriprise with respect to such Shares sold. If, however, the
allocation provided by the immediately preceding sentence is not permitted by applicable law, then
each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party in such proportion as is
appropriate to reflect not only such relative benefits referred to above but also the relative
fault of the Hines Entities, on the one hand and Ameriprise on the other in connection with the
statements or omissions which resulted in such Losses (or actions in respect thereof), as well as
any other relevant equitable considerations. The relative benefits received by the Hines Entities,
on the one hand and Ameriprise on the other shall be deemed to be in the same proportion as (a) the
sum of (i) the aggregate net compensation retained by the Hines Entities and their affiliates for
the purchase of Shares and (ii) total proceeds from the Offering (net of Selling Commissions,
Marketing Fees and due diligence expense reimbursements paid to Ameriprise) received by the Company
bears to (b) the Selling Commissions, Marketing Fees and due diligence expense reimbursements
retained by Ameriprise. The relative fault shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission to state
a material fact relates to information supplied by a Hines Entity, on the one hand or Ameriprise on
the other. The Company agrees with Ameriprise that it would not be just and equitable if
contribution pursuant to this subsection (d) were determined by pro rata allocation, or by any
other method of allocation which does not take account of the equitable considerations referred to
above in this subsection (d). The amount paid or payable by an indemnified party as a result of
the losses, liabilities, claims, damages or expenses (or action in respect thereof) referred to
above in this subsection (d) shall be deemed to include any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending any such action or
claim. Notwithstanding the provisions of this subsection (d), Ameriprise shall not be required to
contribute any amount in excess of the amount by which the total price at which the Shares
subscribed for through Ameriprise were offered to the subscribers exceeds the amount of any damages
which Ameriprise has otherwise been required to pay by reason of any such untrue or alleged untrue
statement or omission or alleged omission. Further, in no event shall the amount of Ameriprise’s
contribution to the liability exceed the net commissions, marketing support fees, due diligence
expense reimbursements and any other compensation retained by Ameriprise from the proceeds of the
Offering. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act or Section 10(b) of the Exchange Act, as amended)

21

 

shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of this Section, any person that controls Ameriprise within the
meaning of Section 15 of the Securities Act shall have the same right to contribution as
Ameriprise, and each person who controls the Company within the meaning of Section 15 of the
Securities Act shall have the same right to contribution as the Company.

     9. Representations and Agreements to Survive. All representations and warranties contained in
this Agreement or in certificates and all agreements contained in Section 3(d), 6, 8, 9 and 10 of
this Agreement shall remain operative and in full force and effect regardless of any investigation
made by any party, and shall survive the Termination Date.

     10. Effective Date, Term and Termination of this Agreement.

     (a) This Agreement shall become effective as of the date it is executed by all parties hereto.
After this Agreement becomes effective, any party may terminate it at any time for any reason by
giving two days’ prior written notice to the other parties. Ameriprise will immediately suspend or
terminate its offer and sale of Shares upon the request of the Company or the Dealer Manager at any
time.

     (b) Additionally, Ameriprise shall have the right to terminate this Agreement at any time
during the Effective Term without liability of any party to any other party except as provided in
Section 10(c) hereof if: (i) any representations or warranties of any Hines Entity hereunder shall
be found to have been incorrect; or (ii) any Hines Entity shall fail, refuse or be unable to
perform any condition of its obligations hereunder, or (iii) the Prospectus shall have been amended
or supplemented despite Ameriprise’s objection to such amendment or supplement, or (iv) the United
States shall have become involved in a war or major hostilities or a material escalation of
hostilities or acts of terrorism involving the United States or other national or international
calamity or crisis (other than hostilities including Iraq and Afghanistan); or (v) a banking
moratorium shall have been declared by a state or federal authority or person; or (vi) the Company
shall have sustained a material or substantial loss by fire, flood, accident, hurricane,
earthquake, theft, sabotage or other calamity or malicious act which, whether or not said loss
shall have been insured, will in Ameriprise’s good faith opinion make it inadvisable to proceed
with the offering and sale of the Shares; or (vii) there shall have been, subsequent to the dates
information is given in the Registration Statement and the Prospectus, such change in the business,
properties, affairs, condition (financial or otherwise) or prospects of the Company whether or not
in the ordinary course of business or in the condition of securities markets generally as in
Ameriprise’s good faith judgment would make it inadvisable to proceed with the offering and sale of
the Shares, or which would materially adversely affect the operations of the Company.

     (c) In the event this Agreement is terminated by any party pursuant to Sections 10(a) or 10(b)
hereof, the Company shall pay all expenses of the Offering as required by Section 6 hereof and no
party will have any additional liability to any other party except for any liability which may
exist under Sections 3(d) and 8 hereof. Except as provided in Sections 3(d), 6 or 8 hereof, in no
event will the Company be liable to reimburse Ameriprise for expenses other than Ameriprise’s
actual and reasonable out-of-pocket expenses.

     (d) If Ameriprise elects to terminate this Agreement as provided in this Section 10,
Ameriprise shall notify the Company promptly by telephone or facsimile with confirmation by letter.
If the Company elects to terminate this Agreement as provided in this Section 10, the Company
shall notify Ameriprise promptly by telephone or facsimile with confirmation by letter.

22

 

     11. Notices.

     (a) All communications hereunder, except as herein otherwise specifically provided, shall be
in writing and if sent to Ameriprise shall be mailed, or personally delivered, to 570 Ameriprise
Financial Center, Minneapolis, MN 55474 and if sent to a Hines Entity shall be mailed, or
personally delivered, to the Company, 2800 Post Oak Boulevard, Suite 5000, Houston, TX 77056-6118,
Attention: Charles M. Baughn, with a copy to Sherri W. Schugart at the same address.

     (b) Notice shall be deemed to be given by any respective party to any other respective party
when it is mailed or personally delivered as provided in subsection (a) of this Section 11.

     12. Parties. This Agreement shall inure solely to the benefit of, and shall be binding upon
Ameriprise, the Company, the Dealer Manager, the Advisor and the controlling persons, trustees,
directors and officers referred to in Section 8 hereof, and their respective successors, legal
representatives and assigns, and no other person shall have or be construed to have any legal or
equitable right, remedy or claim under or in respect of or by virtue of this Agreement or any
provision herein contained. Notwithstanding the foregoing, this Agreement may not be assigned
without the consent of the parties hereto.

     13. Construction. This Agreement shall be construed in accordance with the laws of the State
of New York applicable to agreements to be made and performed entirely within such state.

     14. Finders’ Fees. Ameriprise shall have no liability for any finders’ fees owed in
connection with the transactions contemplated by this Agreement.

     15. Severability. Any provision of this Agreement, which is invalid or unenforceable in any
jurisdiction, shall be ineffective to the extent of such invalidity or unenforceability without
invalidating or rendering unenforceable the remaining provisions hereof, and any such invalidity or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provisions
in any other jurisdiction.

     16. Additional Offerings. The terms of this Agreement may be extended to cover additional
offerings of shares of the Company by the execution by the parties hereto of an addendum
identifying the shares and registration statement relating to such additional offering. Upon
execution of such addendum, the terms “Shares”, “Offering”, “Registration Statement” and
“Prospectus” set forth herein shall be deemed to be amended as set forth in such addendum.

[Remainder of page intentionally left blank; signature pages follow.]

23

 

     If the foregoing correctly sets forth the parties’ understanding, please so indicate in the
space provided on the attached page for that purpose, whereupon this letter shall constitute a
binding agreement between us.

	 	 	 	 	 
	 	Hines Real Estate Investment Trust, Inc.

 	 
	 	By:  	/s/
Frank Apollo 	 
	 	 	Name:  	Frank Apollo 	 
	 	 	Title:  	Chief Accounting Officer, Treasurer and Secretary 	 
	 
	 	Hines Real Estate Securities, Inc.

 	 
	 	By:  	/s/
Frank F. Muller 	 
	 	 	Name:  	Frank F. Muller 	 
	 	 	Title:  	President 	 
	 
	 	Hines Advisors Limited Partnership

 	 
	 	By:  	/s/
Frank Apollo 	 
	 	 	Name:  	Frank Apollo 	 
	 	 	Title:  	Chief Accounting Officer, Treasurer and Secretary
of its general partner, Hines Advisors GP LLC 	 
	 

Accepted as of the date first above

written:

AMERIPRISE FINANCIAL SERVICES, INC.

	 	 	 	 	 
	 	 	 
	 	By:  	/s/
Frank A. McCarthy 	 
	 	 	Name:  	Frank A. McCarthy 	 
	 	 	Title:  	Vice President and General Manager 	 
	 

Selected Dealer Agreement (Signature Page)

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