Document:

EX-10.2

 Exhibit 10.2 
 FIRST AMENDMENT 
 TO 

M.D.C. HOLDINGS, INC. 
 2011 EQUITY INCENTIVE PLAN 
 The following First Amendment to the M.D.C.
Holdings, Inc. 2011 Equity Incentive Plan, effective April 27, 2011 (the “Plan”), was adopted by the Board of Directors of M.D.C. Holdings, Inc. on January 21, 2013, subject to approval of the Company’s shareholders. Capitalized
terms used herein shall have the meanings ascribed in the Plan. 
 The first two sentences of Section 4.1 of the Plan are
amended to read as follows: 
 4.1 Number of Shares. Subject to adjustment as provided in
Section 14, the maximum number of shares of Stock available for issuance under the Plan shall be 2,600,000 shares. Subject to adjustment as provided in Section 14, 2,600,000 shares of Stock available for issuance under the Plan shall be
available for issuance pursuant to Incentive Stock Options. 
  

			
	 M.D.C. HOLDINGS, INC.

		
	 By:  
	 	 /s/ John M. Stephens

 Date: March 18, 2013 

  
 B-1EX-10.8

 Exhibit 10.8 
 AMENDED AND RESTATED DEALER MANAGER AGREEMENT 
 February 8, 2013 

Dividend Capital Securities LLC 
 518 17th
Street, 17th Floor 
 Denver, CO 80202 
 This Amended and Restated Dealer Manager Agreement (this “Agreement”) amends, restates and replaces in full that certain Dealer Manager Agreement dated July 12, 2012 by and between Dividend
Capital Diversified Property Fund Inc., a Maryland corporation (the “Company”) and Dividend Capital Securities LLC (the “Dealer Manager”). 
 As described in more detail below, the Company filed a registration statement, Registration No. 333-175989, with the SEC for an offering (the “Offering”) of up to $3,000,000,000 in any
combination of Class A, Class I and Class W shares (the “Shares” or the “Stock”) of its common stock, $0.01 par value per share, comprised of a maximum amount of Shares set forth in the Prospectus (as defined below) that
will be issued and sold to the public at the public offering prices per Share set forth in the Prospectus pursuant to the Company’s primary offering (the “Primary Shares”) and a maximum amount of Shares set forth in the Prospectus
that will be offered pursuant to the Company’s distribution reinvestment plan (the “DRIP Shares”) (subject to the Company’s right to reallocate such Share amounts, as described in the Prospectus). In connection with the Offering,
the minimum purchase by any one person shall be $2,000 in Shares (except as otherwise indicated in the Prospectus or in any letter or memorandum from the Company to the Dealer Manager. 

The Company is offering to the public three classes of Shares, Class A shares, Class I shares and Class W shares. The differences
between the classes of Shares and the eligibility requirements for each class are described in detail in the Prospectus. The Primary Shares are to be issued and sold to the public on a “best efforts” basis through the Dealer Manager, as
the dealer manager, and the broker-dealers (the “Dealers”) with whom the Dealer Manager has entered into or will enter into a Selected Dealer Agreement in the form attached to this Agreement as Exhibit “A” at a purchase price
equal to the Company’s net asset value (“NAV”) per share applicable to the class of shares being purchased on such day prior to giving effect to any share purchases or redemptions to be effected on such day (as calculated in
accordance with the procedures described in the Prospectus), plus, for Class A shares, applicable selling commissions, subject in certain circumstances to waivers or reductions thereof. For stockholders who participate in the Company’s
distribution reinvestment plan, the cash distributions attributable to the class of shares that each stockholder owns will be automatically invested in additional shares of the same class. The DRIP Shares are to be issued and sold to stockholders of
the Company at a purchase price equal to the Company’s NAV per share applicable to the class of shares being purchased (as calculated in accordance with the procedures described in the Prospectus). 

Terms not defined herein shall have the same meaning as in the Prospectus. Now, therefore, the Company hereby agrees with the Dealer
Manager as follows: 
 1. Representations and Warranties of the Company: The Company represents and
warrants to the Dealer Manager and each Dealer that: 
 a. A registration statement with respect to the Shares
has been prepared by the Company in accordance with applicable requirements of the Securities Act of 1933, as amended (the “Securities Act”), and the applicable rules and regulations (the “Rules and Regulations”) of

  

 
the SEC promulgated thereunder, covering the Shares. Said registration statement, which includes a preliminary prospectus, was initially filed with the SEC on August 2, 2011. Copies of such
registration statement and each amendment thereto have been or will be delivered to the Dealer Manager. (The registration statement and prospectus contained therein, as finally amended and revised at the effective date of the registration statement
(including at the effective date of any post-effective amendment thereto), are respectively hereinafter referred to as the “Registration Statement” and the “Prospectus,” except that if the prospectus or prospectus supplement
filed by the Company pursuant to Rule 424(b) under the Securities Act shall differ from the Prospectus, the term “Prospectus” shall also include such prospectus or prospectus supplement filed pursuant to Rule 424(b).)
“Effective Date” means the applicable date upon which the Registration Statement or any post-effective amendment thereto is or was first declared effective by the SEC. “Filing Date” means the applicable date upon which the
initial Prospectus or any amendment or supplement thereto is filed with the SEC. 
 b. The Company has been duly
and validly organized and formed as a corporation under the laws of the state of Maryland, with the power and authority to conduct its business as described in the Prospectus. 

c. As of the Effective Date or Filing Date, as applicable, the Registration Statement and Prospectus complied or will
comply with the Securities Act and the Rules and Regulations. The Registration Statement, as of the applicable Effective Date, does not and will not contain any untrue statements of material facts or omit to state any material fact required to be
stated therein or necessary in order to make the statements therein not misleading; and the Prospectus as of the applicable Filing Date, does not and will not contain any untrue statements of material facts or omit to state any material fact
required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, provided, however, that the foregoing provisions of this Section 1.c. will not extend
to such statements contained in or omitted from the Registration Statement or Prospectus as are primarily within the knowledge of the Dealer Manager or any of the Dealers and are based upon information furnished by the Dealer Manager in writing to
the Company specifically for inclusion therein. 
 d. The Company intends to use the funds received from the sale
of the Shares as set forth in the Prospectus. 
 e. No consent, approval, authorization or other order of any
governmental authority is required in connection with the execution or delivery by the Company of this Agreement or the issuance and sale by the Company of the Shares, except such as may be required under the Securities Act or applicable state
securities laws. 
 f. Unless otherwise described in the Prospectus, there are no actions, suits or proceedings
pending or to the knowledge of the Company, threatened against the Company at law or in equity or before or by any federal or state commission, regulatory body or administrative agency or other governmental body, domestic or foreign, which will have
a material adverse effect on the business or property of the Company. 
 g. The execution and delivery of this
Agreement, the consummation of the transactions herein contemplated and compliance with the terms of this Agreement by the Company will not conflict with or constitute a default under any charter, by-law, indenture, mortgage, deed of trust, lease,
rule, regulation, writ, injunction or decree of any government, 

  
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governmental instrumentality or court, domestic or foreign, having jurisdiction over the Company, except to the extent that the enforceability of the indemnity and/or contribution provisions
contained in Section 4 of this Agreement may be limited under applicable securities laws. 
 h. The Company
has full legal right, power and authority to enter into this Agreement and to perform the transactions contemplated hereby, except to the extent that the enforceability of the indemnity and/or contribution provisions contained in Section 4 of
this Agreement may be limited under applicable securities laws. 
 i. At the time of the issuance of the Shares,
the Shares will have been duly authorized and, upon payment therefor as provided by the Prospectus and this Agreement, will be validly issued, fully paid and nonassessable and will conform to the description thereof contained in the Prospectus.

 j. The Company has filed all material 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 to the extent that such taxes or
assessments have become due, except where the Company is contesting such assessments in good faith. 
 k. The
financial statements of the Company included in the Prospectus present fairly in all material respects the financial position of the Company as of the date indicated and the results of its operations for the periods specified; said financial
statements have been prepared in conformity with generally accepted accounting principles applied on a consistent basis. 
 l. The Company 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, as amended. 

m. Any and all supplemental sales materials prepared by the Company and any of its affiliates (excluding the Dealer
Manager) specifically for use with potential investors in connection with the Offering, when used in conjunction with the Prospectus, did not at the time provided for use, and, as to later provided materials, will not at the time provided for use,
include any untrue statement of a material fact nor did they at the time provided for use, or, as to later provided materials, will they, 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 and when read in conjunction with the Prospectus, not misleading. If at any time any event occurs which is known to the Company as a result of which such supplemental sales materials when
used in conjunction with the Prospectus would include an untrue statement of a material fact or, in view of the circumstances under which they were made, omit to state any material fact necessary to make the statements therein not misleading, the
Company will promptly notify the Dealer Manager thereof. 

  
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 2. Covenants of the Company. The Company covenants and agrees with the Dealer Manager
that: 
 a. It will, at no expense to the Dealer Manager, furnish the Dealer Manager with such number of printed
copies of the Registration Statement, including all amendments and exhibits thereto, as the Dealer Manager may reasonably request. It will similarly furnish to the Dealer Manager and others designated by the Dealer Manager as many copies of the
following documents as the Dealer Manager may reasonably request: (a) the Prospectus in preliminary and final form and every form of supplemental or amended prospectus; (b) this Agreement; and (c) any other printed sales literature or
other materials (provided that the use of said sales literature and other materials has been first approved for use by the Company and all appropriate regulatory agencies). 

b. It will furnish such proper information and execute and file such documents as may be necessary for the Company to
qualify the Shares for offer and sale under the securities laws of such jurisdictions as the Dealer Manager may reasonably designate and will file and make in each year such statements and reports as may be required. The Company will furnish to the
Dealer Manager a copy of such papers filed by the Company in connection with any such qualification. 
 c. It
will: (a) use its best efforts to cause the Registration Statement to become effective; (b) furnish copies of any proposed amendment or supplement of the Registration Statement or Prospectus to the Dealer Manager; (c) file every
amendment or supplement to the Registration Statement or the Prospectus that may be required by the SEC; and (d) if at any time the SEC shall issue any stop order suspending the effectiveness of the Registration Statement, it will promptly
notify the Dealer Manager and, to the extent the Company determines such action is in the best interests of the Company, use its commercially reasonable efforts to obtain the lifting of such order at the earliest possible time. 

d. If at any time when a Prospectus is required to be delivered under the Securities Act any event occurs as a result of
which, in the opinion of either the Company or the Dealer Manager, the Prospectus would include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in view of the circumstances under
which they were made, not misleading, the Company will promptly notify the Dealer Manager thereof (unless the information shall have been received from the Dealer Manager) and will effect the preparation of an amended or supplemental prospectus
which will correct such statement or omission. The Company will then promptly prepare such amended or supplemental prospectus or prospectuses as may be necessary to comply with the requirements of Section 10 of the Securities Act. 

e. To the extent the Company provides materials to the Dealer Manager specifically for distribution to a Dealer in
connection with its due diligence investigation relating to the Offering, such materials, to the knowledge of the Company, will be materially accurate as of the date or dates specified in such materials. 

3. Obligations and Compensation of Dealer Manager. 

a. The Company hereby appoints the Dealer Manager as its agent and principal distributor for the purpose of selling for
cash to the public up to the maximum amount of Shares set forth in the Prospectus (subject to the Company’s right of reallocation, as described in the Prospectus) through Dealers, all of whom shall be members of the Financial Industry
Regulatory Authority, Inc. (“FINRA”). The Dealer Manager hereby accepts such agency and distributorship and agrees to use its best efforts to sell the Shares on said terms and conditions. The Dealer

  
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Manager represents to the Company that it is a member in good standing of FINRA and that it and its employees and representatives have all required licenses and registrations to act under this
Agreement. With respect to the Dealer Manager’s participation in the distribution of the Shares in this Offering, the Dealer Manager agrees to comply in all material respects with the applicable requirements of the Securities Act, the Rules and
Regulations, the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, and all other state or federal laws, rules and regulations applicable to the Offering and the sale of Shares, all applicable state
securities or blue sky laws and regulations, and the rules of FINRA applicable to the Offering, from time to time in effect, including, without limitation, FINRA Rules 2111, 2310, 5110 and 5141, and Rule 2420 of the NASD Conduct Rules (or such
rule’s successor FINRA Rule). 
 b. Promptly after the Effective Date of the Registration Statement, the
Dealer Manager and the Dealers shall commence the offering of the Shares for cash to the public in jurisdictions in which the Shares are registered or qualified for sale or in which such offering is otherwise permitted. The Dealer Manager and the
Dealers will suspend or terminate offering of the Shares upon request of the Company at any time and will resume offering the Shares upon subsequent request of the Company. 

c. Subject to volume discounts and other special circumstances described in or otherwise provided under the caption
“Plan of Distribution” in the Prospectus, the Company will pay to the Dealer Manager selling commissions in the amount of 3.0% of the NAV per Class A share for each sale of Class A Primary Shares, calculated after the close of
business on the day that a purchase order is received in proper form and processed by the Company, or if such day is not a business day or such purchase order is not received in proper form and processed until after the close of business on such
day, calculated after the close of business on the next business day. The selling commissions payable to the Dealer Manager will be paid substantially concurrently with the execution by the Company of orders submitted by purchasers of Class A
shares and substantially all of the selling commissions will be reallowed by the Dealer Manager to the Dealers who sold the Primary Shares giving rise to such selling commissions, as described more fully in the Selected Dealer Agreement entered into
with each such Dealer. The Company will not pay to the Dealer Manager any selling commissions in respect of the purchase of any Class I shares, Class W shares or DRIP Shares. 

d. Subject to the limitations set forth in Section 3.f. below, the Company will pay to the Dealer Manager a
distribution fee with respect to Class A shares only sold during the term of this Agreement that accrues daily in an amount equal to 1/365th of 0.50% of the Company’s NAV allocable to Class A shares each day (the “Distribution
Fee”). The Company will pay the Distribution Fee to the Dealer Manager monthly in arrears. The Dealer Manager may reallow the Distribution Fee to the Dealers who sold the Shares giving rise to such Distribution Fees to the extent the Selected
Dealer Agreement with such Dealer provides for such a reallowance; provided, however, that upon the date when the Dealer Manager is notified that the Dealer who sold the Shares giving rise to the Distribution Fee is no longer the broker-dealer of
record with respect to such Shares, then such Dealer’s entitlement to the Distribution Fee related to such Shares shall cease, and beginning on such date, such Distribution Fee may be reallowed by the Dealer Manager to the then-current
broker-dealer of record of the Shares if any such broker-dealer of record has been designated (the “Servicing Dealer”) to the extent such Servicing Dealer has entered into a Selected Dealer Agreement or similar agreement with the Dealer
Manager (“Servicing Agreement”) and such Selected Dealer Agreement or Servicing Agreement with the Servicing Dealer provides for such reallowance. The Dealer Manager may also reallow some or all of the Distribution Fee to other
broker-dealers who provide services with respect to the Shares 

  
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(“Additional Servicing Dealers”) pursuant to a Servicing Agreement with the Dealer Manager to the extent such Servicing Agreement provides for such reallowance, all in accordance with
the terms of such Servicing Agreement. The Company will not pay the Dealer Manager a Distribution Fee with respect to Class I shares or Class W shares. 
 e. Subject to the limitations set forth in Section 3.f. below, the Company will pay to the Dealer Manager (1) a dealer manager fee with respect to the Class A shares and the Class W shares
sold during the term of this Agreement that accrues daily in an amount equal to 1/365th of 0.60% of the Company’s NAV allocable to the Class A shares and the Class W shares each day, and (2) a dealer manager fee with respect to the
Class I shares sold during the term of this Agreement that accrues daily in an amount equal to 1/365th of 0.10% of the Company’s NAV allocable to the Class I shares each day (collectively, the “Dealer Manager Fees”). The Company will
pay the Dealer Manager Fees to the Dealer Manager monthly in arrears. The Dealer Manager may reallow a portion of the Dealer Manager Fees to the Dealers who sold the Shares giving rise to such Dealer Manager Fees to the extent the Selected Dealer
Agreement with such Dealer provides for such a reallowance; provided, however, that upon the date when the Dealer Manager is notified that the Dealer who sold the Shares giving rise to the Dealer Manager Fees is no longer the broker-dealer of record
with respect to such Shares, then such Dealer’s entitlement to the Dealer Manager Fees related to such Shares shall cease, and beginning on such date, such Dealer Manager Fees may be reallowed to the then-current Servicing Dealer, if any, to
the extent such Servicing Dealer has entered into a Selected Dealer Agreement or Servicing Agreement with the Dealer Manager and such Selected Dealer Agreement or Servicing Agreement with the Servicing Dealer provides for such reallowance. The
Dealer Manager may also reallow some or all of the Dealer Manager Fees to Additional Servicing Dealers pursuant to a Servicing Agreement with the Dealer Manager to the extent such Servicing Agreement provides for such reallowance, all in accordance
with the terms of such Servicing Agreement. 
 f. The Dealer Manager will cease receiving Distribution Fees and
Dealer Manager Fees with respect to Shares sold in this Offering upon the earlier to occur of the following: (i) a listing of the class of such Shares on a national securities exchange; (ii) after the termination of the Offering, the
aggregate selling commissions, Distribution Fees, Dealer Manager Fees and all other forms of underwriting compensation (as defined in accordance with applicable FINRA rules) paid in connection with this Offering equaling 10.0% of the gross proceeds
raised from the sale of Primary Shares in the Offering, as determined in good faith by the Dealer Manager in its sole discretion, or (iii) such Shares no longer being outstanding, for example (without limitation), upon their redemption or other
repurchase by the Company, upon the dissolution of the Company, or upon a merger or other extraordinary transaction in which the Company is a party and in which the Shares are exchanged for cash or other securities. 

g. The terms of any reallowance of selling commissions, Distribution Fees, and Dealer Manager Fees shall be set forth in
the Selected Dealer Agreement or Servicing Agreement entered into with the Dealers or Servicing Dealers, as applicable. The Company will not be liable or responsible to any Dealer or Servicing Dealer for direct payment of commissions or any
reallowance of the Dealer Manager Fees or Distribution Fee to such Dealer or Servicing Dealer, it being the sole and exclusive responsibility of the Dealer Manager for payment of commissions or any reallowance of the Dealer Manager Fees and
Distribution Fee to Dealers and Servicing Dealers. 
 h. In addition to the other items of underwriting
compensation set forth in this Section 3, the Company shall reimburse the Dealer Manager or the Advisor for certain costs and expenses incurred by such entities incident to the Offering as provided in the Prospectus (which may be amended and
supplemented from time to time), to the extent permitted pursuant to 

  
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prevailing rules and regulations of FINRA, including expenses, fees and taxes incurred in connection with: (a) customary travel, lodging, meals and reasonable entertainment expenses incurred
in connection with the Offering; (b) costs and expenses of conducting educational conferences and seminars, attending broker-dealer sponsored conferences, or educational conferences sponsored by the Company; (c) customary promotional
items; and (d) legal fees of the Dealer Manager; provided, however, that, the aggregate of all underwriting compensation paid in connection with the Offering may not exceed 10.0% of the gross proceeds from the sale of the Primary Shares,
excluding reimbursement of bona fide due diligence expenses as provided under Section 3.i. 
 i. In
addition to reimbursement as provided under Section 3.h, the Company shall also reimburse the Dealer Manager for reasonable bona fide due diligence expenses incurred by any Dealer. The Dealer Manager shall obtain from any Dealer and
provide to the Company a detailed and itemized invoice for any such due diligence expenses. 
 j. The Dealer
Manager represents and warrants to the Company and each person and firm that signs the Registration Statement that the information under the caption “Plan of Distribution” in the Prospectus and all other information furnished to the
Company by the Dealer Manager in writing expressly for use in the Registration Statement, any preliminary prospectus, the Prospectus, or any amendment or supplement thereto does not contain 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. 
 k.
The Dealer Manager and all Dealers will offer and sell the Shares at the public offering prices per share as determined in accordance with the Prospectus. Also as provided in the “Plan of Distribution” section of the Prospectus, the
Dealer Manager or any Dealer may reduce the amount of its sales commission on sales of $500,000 or more of Class A Shares to certain purchasers in order to provide a reduction to the total purchase price for such Class A Shares.

 4. Indemnification.
 a. The Company will indemnify and hold harmless the Dealers and the Dealer Manager, their officers and directors and each person, if any, who controls such Dealer or the Dealer Manager within the meaning
of Section 15 of the Securities Act from and against any losses, claims, damages or liabilities, joint or several, to which such Dealers or the Dealer Manager, their officers and directors, or such controlling person may become subject, under
the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) any untrue statement or alleged untrue statement of a material fact contained (i) in
the Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereto or (ii) in any blue sky application or other document executed by the Company or on its behalf specifically for the purpose of
qualifying any or all of the Shares for sale under the securities laws of any jurisdiction or based upon written information furnished by the Company under the securities laws thereof (any such application, document or information being hereinafter
called a “Blue Sky Application”), or (b) the omission or alleged omission to state in the Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereof or in any Blue Sky Application a
material fact required to be stated therein or necessary to make the statements therein not misleading, or (c) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus, if used prior to the
effective date of the Registration Statement, or in the Prospectus or any amendment or supplement to the Prospectus or the omission or alleged omission to state therein a material fact required to be stated therein or

  
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necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, and will reimburse each Dealer or the Dealer Manager, its officers and
each such controlling person for any legal or other expenses reasonably incurred by such Dealer or the Dealer Manager, its officers and directors, or such controlling person in connection with investigating or defending such loss, claim, damage,
liability or action; provided that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of, or is based upon an untrue statement or alleged untrue statement or omission or alleged
omission made in reliance upon and in conformity with written information furnished to the Company or the Dealer Manager by or on behalf of any Dealer or the Dealer Manager specifically for use with reference to such Dealer or the Dealer Manager in
the preparation of the Registration Statement or any such post-effective amendment thereof, any such Blue Sky Application or any such preliminary prospectus or the Prospectus or any such amendment thereof or supplement thereto; and further provided
that the Company will not be liable in any such case if it is determined that such Dealer or the Dealer Manager was at fault in connection with the loss, claim, damage, liability or action. Notwithstanding the foregoing, the Company may not
indemnify or hold harmless the Dealer Manager, any Dealer or any of their affiliates in any manner that would be inconsistent with the provisions to Article II.G of the NASAA REIT Guidelines (as defined below). In particular, but without
limitation, the Company may not indemnify or hold harmless the Dealer Manager, any Dealer or any of their affiliates for liabilities arising from or out of a violation of state or federal securities laws, unless one or more of the following
conditions are met: 
 (i) There has been a successful adjudication on the merits of each count involving alleged
securities law violations; 
 (ii) Such claims have been dismissed with prejudice on the merits by a court of
competent jurisdiction; or 
 (iii) 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 SEC and of the published position of any state
securities regulatory authority in which the securities were offered as to indemnification for violations of securities laws. 
 b. The Dealer Manager will indemnify and hold harmless the Company, each officer and director of the Company, and each person or firm which has signed the Registration Statement and each person, if any,
who controls the Company within the meaning of Section 15 of the Securities Act, from and against any losses, claims, damages or liabilities to which any of the aforesaid parties may become subject, under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) any untrue statement of a material fact contained (i) in the Registration Statement (including the Prospectus as a
part thereof) or any post-effective amendment thereof or (ii) any Blue Sky Application, or (b) the omission to state in the Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereof or in
any Blue Sky Application a material fact required to be stated therein or necessary to make the statements therein not misleading, or (c) any untrue statement or alleged untrue statement of a material fact contained in any preliminary
prospectus, if used prior to the effective date of the Registration Statement, or in the Prospectus, or in any amendment or supplement to the Prospectus or the omission to state therein a material fact required to be stated therein or necessary in
order to make the statements 

  
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therein in the light of the circumstances under which they were made not misleading, in each case to the extent, but only to the extent, that such untrue statement or omission was made in
reliance upon and in conformity with written information furnished to the Company by or on behalf of the Dealer Manager specifically for use with reference to the Dealer Manager in the preparation of the Registration Statement or any such
post-effective amendments thereof or any such Blue Sky Application or any such preliminary prospectus or the Prospectus or any such amendment thereof or supplement thereto, or (d) any unauthorized use of sales materials or use of unauthorized
verbal representations concerning the Shares by the Dealer Manager and will reimburse the aforesaid parties, in connection with investigation or defending such loss, claim, damage, liability or action. This indemnity agreement will be in addition to
any liability which the Dealer Manager may otherwise have. 
 c. Each Dealer severally will indemnify and hold
harmless the Company, the Dealer Manager and each of their directors (including any persons named in the Registration Statement with his consent, as about to become a director), each of their officers who has signed the Registration Statement and
each person, if any, who controls the Company or the Dealer Manager within the meaning of Section 15 of the Securities Act from and against any losses, claims, damages or liabilities to which the Company, the Dealer Manager, any such director
or officer, or controlling person may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) any untrue statement or
alleged untrue statement of a material fact contained (i) in the Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereof or (ii) in any Blue Sky Application, or (b) the omission or
alleged omission to state in the Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereof or in any Blue Sky Application a material fact required to be stated therein or necessary to make the
statements therein not misleading, or (c) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus, if used prior to the effective date of the Registration Statement, or in the Prospectus, or
in any amendment or supplement to the Prospectus or the omission or alleged omission to state therein 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, in each case to the extent, but only to the extent that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished
to the Company or the Dealer Manager by or on behalf of such Dealer specifically for use with reference to such Dealer in the preparation of the Registration Statement or any such post-effective amendments thereof or any such Blue Sky Application or
any such preliminary prospectus or the Prospectus or any such amendment thereof or supplement thereto, or (d) any unauthorized use of sales materials or use of unauthorized verbal representations concerning the Shares by such Dealer or
Dealer’s representatives or agents in violation of Section VII of the Selected Dealer Agreement or otherwise, or (e) any failure to comply with applicable rules of FINRA, federal or state securities laws or the rules and regulations
promulgated thereunder, the NASAA REIT Guidelines (as defined in Section 11 below), or any other state or federal laws and regulations applicable to the Offering or the activities of the Dealer in connection with the Offering, and will
reimburse the Company and the Dealer Manager and any such directors or officers, or controlling person, in connection with investigating or defending any such loss, claim, damage, liability or action. This indemnity agreement will be in addition to
any liability which such Dealer may otherwise have. 
 d. Promptly after receipt by an indemnified party under
this Section 4 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 4, notify in writing the indemnifying

  
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party of the commencement thereof; the omission so to notify the indemnifying party will relieve it from liability under this Section 4 only in the event and to the extent the failure to
provide such notice adversely affects the ability to defend such action. In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled, to
the extent it may wish, jointly with any other indemnifying party similarly notified, to participate in the defense thereof, with separate counsel. Such participation shall not relieve such indemnifying party of the obligation to reimburse the
indemnified party for reasonable legal and other expenses (subject to paragraph (e) of this Section 4) incurred by such indemnified party in defending itself, except for such expenses incurred after the indemnifying party has deposited
funds sufficient to effect the settlement, with prejudice, of the claim in respect of which indemnity is sought. Any such indemnifying party shall not be liable to any such indemnified party on account of any settlement of any claim or action
effected without the consent of such indemnifying party. 
 e. The indemnifying party shall pay all legal fees
and expenses of the indemnified party in the defense of such claims or actions; provided, however, that the indemnifying party shall not be obliged to pay legal expenses and fees to more than one law firm in connection with the defense of similar
claims arising out of the same alleged acts or omissions giving rise to such claims notwithstanding that such actions or claims are alleged or brought by one or more parties against more than one indemnified party. If such claims or actions are
alleged or brought against more than one indemnified party, then the indemnifying party shall only be obliged to reimburse the expenses and fees of the one law firm that has been selected by a majority of the indemnified parties against which such
action is finally brought; and in the event a majority of such indemnified parties is unable to agree on which law firm for which expenses or fees will be reimbursable by the indemnifying party, then payment shall be made to the first law firm of
record representing an indemnified party against the action or claim. Such law firm shall be paid only to the extent of services performed by such law firm and no reimbursement shall be payable to such law firm on account of legal services performed
by another law firm. 
 f. The indemnity agreements contained in this Section 4 shall remain operative and
in full force and effect regardless of (a) any investigation made by or on behalf of any Dealer, or any person controlling any Dealer or by or on behalf of the Company, the Dealer Manager or any officer or director thereof, or by or on behalf
of any person controlling the Company or the Dealer Manager, (b) delivery of any Shares and payment therefor, and (c) any termination of this Agreement. A successor of any Dealer or of any of the parties to this Agreement, as the case may
be, shall be entitled to the benefits of the indemnity agreements contained in this Section 4. 
 5. Survival of
Provisions. The respective agreements, representations and warranties of the Company and the Dealer Manager set forth in this Agreement shall remain operative and in full force and effect regardless of (a) any termination of this Agreement,
(b) any investigation made by or on behalf of the Dealer Manager or any Dealer or any person controlling the Dealer Manager or any Dealer or by or on behalf of the Company or any person controlling the Company, and (c) the acceptance of
any payment for the Shares. 
 6. Applicable Law. This Agreement was executed and delivered in, and its validity,
interpretation and construction shall be governed by, the laws of the State of Colorado; provided however, that causes of action for violations of federal or state securities laws shall not be governed by this Section. Venue for any action brought
hereunder shall lie exclusively in Denver, Colorado. 

  
 10 

 7. Counterparts. This Agreement may be executed in any number of counterparts. Each
counterpart, when executed and delivered, shall be an original contract, but all counterparts, when taken together, shall constitute one and the same Agreement. 
 8. Successors and Amendment.
 a. This Agreement shall inure
to the benefit of and be binding upon the Dealer Manager and the Company and their respective successors. Nothing in this Agreement is intended or shall be construed to give to any other person any right, remedy or claim, except as otherwise
specifically provided herein. This Agreement shall inure to the benefit of the Dealers to the extent set forth in Sections 1 and 4 hereof. 
 b. This Agreement may be amended by the written agreement of the Dealer Manager and the Company. 
 9. Term and Termination. 
 Any party to this Agreement shall have the right
to terminate this Agreement on 60 days’ written notice or immediately upon notice to the other party in the event that such other party shall have failed to comply with any material provision hereof. If not sooner terminated, the Dealer
Manager’s agency and this Agreement shall terminate upon the effective date of the termination of the Offering without obligation on the part of the Dealer Manager or the Company, except as set forth in this Agreement. Upon expiration or
termination of this Agreement, (a) the Company shall pay to the Dealer Manager all earned but unpaid compensation and reimbursement for all incurred, accountable compensation to which the Dealer Manager is or becomes entitled under
Section 3 pursuant to the requirements of that Section 3 at such times as such amounts become payable pursuant to the terms of such Section 3, offset by any losses suffered by the Company or any officer or director of the Company
arising from the Dealer Manager’s breach of this Agreement or an action that would otherwise give rise to an indemnification claim against the Dealer Manager under Section 4.b. herein, and (b) the Dealer Manager shall promptly deliver
to the Company all records and documents in its possession that relate to the Offering and that are not designated as “dealer” copies. Dealer Manager shall use its commercially reasonable efforts to cooperate with the Company to accomplish
an orderly transfer of management of the Offering to a party designated by the Company. 
 10. Confirmation. The Company
hereby agrees and assumes the duty to confirm on its behalf and on behalf of Dealers who sell the Shares all orders for purchase of Shares accepted by the Company. Such confirmations will comply with the rules of the SEC and FINRA, and will comply
with applicable laws of such other jurisdictions to the extent the Company is advised of such laws in writing by the Dealer Manager. 
 11. Suitability of Investors. The Dealer Manager, in its agreements with Dealers, will require that the Dealers offer Shares only to persons who meet the financial qualifications set forth in the
Prospectus or in any suitability letter or memorandum sent to it by the Company and will only make offers to persons in the jurisdictions in which it is advised in writing that the Shares are qualified for sale or that such qualification is not
required. In offering Shares, the Dealer Manager, in its agreements with Dealers, will require that the Dealer comply with the provisions of all applicable rules and regulations relating to suitability of investors, including, without limitation,
the provisions of Article III.C. of the Statement of Policy Regarding Real Estate Investment Trusts of the North American Securities Administrators Association, Inc. (the “NASAA REIT Guidelines”). The Dealer Manager, in its
agreements with Dealers, will require that the Dealers shall sell Class I shares and Class W shares only to 

  
 11 

 
those persons who are eligible to purchase such shares as described in the Prospectus and only through those Dealers who are authorized to sell such shares. The Dealer Manager, in its agreements
with the Dealers, shall require the Dealers to maintain, for at least six years, a record of the information obtained to determine that an investor meets the financial qualification and suitability standards imposed on the offer and sale of the
Shares. To the extent Shares are offered to investors other than through a Dealer, the obligations of the Dealers set forth in this Section 11 shall become obligations of the Dealer Manager, and the Dealer Manager shall be responsible for
ensuring that such offers and sales comply with the obligations set forth in this Section 11. 
 12. Submission of
Orders. The Dealer Manager will require in its agreements with each Dealer that each Dealer comply with the submission of orders procedures set forth in the form of Selected Dealer Agreement attached as Exhibit “A” to this Agreement.
If the Dealer Manager is involved in the distribution process other than through a Dealer, the Dealer Manager will comply with such submission of orders procedures, and will require each person desiring to purchase Shares in the Offering to complete
and execute a subscription eligibility form in the form provided by the Company to the Dealer Manager for use in connection with the Offering (the “Eligibility Form”) and to deliver to the Dealer Manager or as otherwise directed by the
Dealer Manager such completed and executed Eligibility Form together with a check or wire transfer (“instrument of payment”) in the amount of such person’s purchase, which must be at least the minimum purchase amount set forth in the
Prospectus. Eligibility Forms and instruments of payment will be transmitted by the Dealer Manager to Dividend Capital Diversified Property Fund Inc. as soon as practicable, but in any event by the end of the second business day following
receipt by the Dealer Manager. If the Dealer Manager receives an Eligibility Form or instrument of payment not conforming to the instructions set forth in the form of Selected Dealer Agreement, the Dealer Manager shall return such Eligibility Form
and instrument of payment directly to such subscriber not later than the end of the next business day following its receipt. Instruments of payment of rejected subscribers will be promptly returned to such subscribers. 

If the foregoing correctly sets forth our understanding, please indicate your acceptance thereof in the space provided below for that
purpose, whereupon this letter and your acceptance shall constitute a binding agreement between us as of the date first above written. 
  

			
	Very truly yours,
	
	DIVIDEND CAPITAL DIVERSIFIED PROPERTY FUND INC.
		
	By:	 	 /s/ Jeffrey L. Johnson

		 	Jeffrey L. Johnson, Chief Executive Officer

 Accepted and agreed to as of the date first above written: 

 

			
	DIVIDEND CAPITAL SECURITIES LLC
		
	By:	 	 /s/ Charles Murray

		 	Charles Murray, President

  
 12 

 EXHIBIT A 

FORM OF SELECTED DEALER AGREEMENT 
 Ladies and Gentlemen: 
 Dividend Capital Securities LLC, as the dealer manager
(“Dealer Manager”) for Dividend Capital Diversified Property Fund Inc. (the “Company”), a Maryland corporation which will be taxed as a real estate investment trust, invites you (the “Dealer”) to participate in the
distribution of shares of common stock (“Shares”) of the Company subject to the following terms: 
  

	 	I.	Dealer Manager Agreement 

The Dealer Manager has entered into an Amended and Restated Dealer Manager Agreement (the “Dealer Manager Agreement”) with the
Company dated February 8, 2013 in the form attached hereto as Exhibit “A.” By your acceptance of this Agreement, you will become one of the Dealers referred to in such Agreement between the Company and the Dealer Manager and will be
entitled and subject to the indemnification provisions contained in such Agreement, including the provisions of Section 4 of such Agreement wherein the Dealers severally agree to indemnify and hold harmless the Company, the Dealer Manager and
each officer and director thereof, and each person, if any, who controls the Company or the Dealer Manager within the meaning of the Securities Act of 1933, as amended. Except as otherwise specifically stated herein, all terms used in this Agreement
have the meanings provided in the Dealer Manager Agreement. The Shares are to be offered solely through broker-dealers who are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”). 

The Dealer hereby agrees to use its best efforts to sell the Shares for cash on the terms and conditions stated in the Prospectus.
Nothing in this Agreement shall be deemed or construed to make the Dealer an employee, agent, representative or partner of the Dealer Manager or of the Company, and the Dealer is not authorized to act for the Dealer Manager or the Company or to make
any representations on their behalf except as set forth in the Prospectus and such other printed information furnished to the Dealer by the Dealer Manager or the Company to supplement the Prospectus (“supplemental information”).

 The Company has filed with the Securities and Exchange Commission (the “Commission”) the Registration Statement,
including the Prospectus, for the registration of the offering of the Shares under the Securities Act of 1933, as amended (the “Securities Act”). The Dealer Manager will provide the Dealer as many copies of the Prospectus as the Dealer may
from time to time reasonably request. 
  

	 	II.	Submission of Orders 

Each person desiring to purchase Shares in the Offering will be required to complete and execute a subscription eligibility form provided
by the Company to each Dealer for use in connection with the Offering (the “Eligibility Form”) and to deliver to the Dealer such completed and executed Eligibility Form together with a check or wire transfer (“instrument of
payment”) in the amount of such person’s purchase, which must be at least the minimum purchase amount set forth in the Prospectus. Those persons who purchase Shares will be instructed by the Dealer to make their instruments of payment
payable to or for the benefit of “Dividend Capital Diversified Property Fund Inc.” Purchase orders received and processed by the Company prior to the close of the New York Stock Exchange (generally, 4:00 p.m. Eastern time; the
“close of business”) on any business day will be executed at the price per share of the class of shares being purchased calculated at the end of such business day plus, for Class A shares only, applicable selling commissions, in
accordance with the procedures described in the Prospectus. Purchase orders received and processed after the close of business on any business day, or on a day that is not a 

 
business day, will be executed at the price per share of the class of shares being purchased calculated at the end of the next business day plus, for Class A shares only, applicable selling
commissions, in accordance with the procedures described in the Prospectus. Subscribers may not submit an initial purchase order until at least five (5) business days after the date on which the subscriber receives a copy of the Prospectus.

 If the Dealer receives an Eligibility Form or instrument of payment not conforming to the foregoing instructions, the Dealer
shall return such Eligibility Form and instrument of payment directly to such subscriber not later than the end of the next business day following its receipt. Eligibility Forms and instruments of payment received by the Dealer which conform to the
foregoing instructions shall be transmitted for deposit pursuant to one of the methods described in this Section II. Transmittal of received investor funds will be made in accordance with the following procedures: 

Where, pursuant to the Dealer’s internal supervisory procedures, internal supervisory review is conducted at the same location at
which Eligibility Forms and instruments of payment are received from subscribers, Eligibility Forms and instruments of payment will be transmitted by the end of the next business day following receipt by the Dealer for deposit to Dividend Capital
Diversified Property Fund Inc. as set forth in the Eligibility Form or as otherwise directed by the Company. 
 Where,
pursuant to the Dealer’s internal supervisory procedures, final and internal supervisory review is conducted at a different location, Eligibility Forms and instruments of payment will be transmitted by the end of the next business day following
receipt by the Dealer to the office of the Dealer conducting such final internal supervisory review (the “Final Review Office”). The Final Review Office will in turn, by the end of the next business day following receipt by the Final
Review Office, transmit such Eligibility Forms and instruments of payment for deposit to Dividend Capital Diversified Property Fund Inc. as set forth in the Eligibility Form or as otherwise directed by the Company. 

 

	 	III.	Pricing 

 The Primary
Shares shall be offered to the public at a purchase price payable in cash equal to the Company’s net asset value (“NAV”) per share applicable to the class of shares being purchased on such day prior to giving effect to any share
purchases or redemptions to be effected on such day (as calculated in accordance with the procedures described in the Prospectus), plus, for Class A shares, applicable selling commissions, subject in certain circumstances to waivers or
reductions thereof. For stockholders who participate in the Company’s distribution reinvestment plan, the cash distributions attributable to the class of shares that each stockholder owns will be automatically invested in additional shares of
the same class. The DRIP Shares are to be issued and sold to stockholders of the Company at a purchase price equal to the Company’s NAV per share applicable to the class of shares being purchased (as calculated in accordance with the procedures
described in the Prospectus). Except as otherwise indicated in the Prospectus or in any letter or memorandum sent to the Dealer by the Company or the Dealer Manager, a minimum initial purchase of $2,000 in Shares is required. Except as otherwise
indicated in the Prospectus, additional investments may be made in cash in minimal increments of at least $100 in Shares. The Shares are nonassessable. The Dealer hereby agrees to place any order for the full purchase price. 

 

	 	IV.	Dealers’ Compensation 

Subject to volume discounts and other special circumstances described in or as otherwise provided in the “Plan of Distribution”
section of the Prospectus, the Dealer’s selling commission applicable to the Class A Primary Shares sold by the Dealer which it is authorized to sell hereunder is the percentage of the NAV per Class A share sold by the Dealer and
accepted and confirmed by the 

 
Company, as set forth on Schedule 1 to this Agreement, calculated after the close of business on the day that a purchase order is received in proper form and processed by the Company, or if such
day is not a business day or such purchase order is not received in proper form and processed until after the close of business on such day, calculated after the close of business on the next business day, which commission will be paid by the Dealer
Manager. No selling commission is payable with respect to sales of Class I Primary Shares or Class W Primary Shares. For these purposes, a “sale of Class A Primary Shares” shall occur if and only if a transaction has closed with a
securities purchaser pursuant to all applicable offering and subscription documents and the Company has thereafter distributed the commission to the Dealer Manager in connection with such transaction. The Dealer hereby waives any and all rights to
receive payment of commissions due until such time as the Dealer Manager is in receipt of the commission from the Company. The Dealer affirms that the Dealer Manager’s liability for commissions payable to the Dealer is limited solely to the
commissions received by the Dealer Manager from the Company associated with the Dealer’s sale of Class A Primary Shares. 
 The Dealer shall be responsible for implementing the volume discounts and other special circumstances described in or as otherwise provided in the “Plan of Distribution” section of the
Prospectus. Requests to combine purchase orders of Class A shares as a part of a combined order for the purpose of qualifying for discounts or fee waivers as described in the “Plan of Distribution” section of the Prospectus must be
made in writing by the Dealer, and any resulting reduction in selling commissions or fee waivers will be prorated among the separate subscribers. 
 In addition, as set forth in the Prospectus, the Dealer Manager may reallow the Distribution Fee (as defined in the Dealer Manager Agreement) to the Dealer in the Dealer Manager’s sole discretion.
The Dealer Manager may also reallow a portion of the Dealer Manager Fees (as defined in the Dealer Manager Agreement). The reallowance of the Dealer Manager Fees, if any, shall be determined by the Dealer Manager in its sole discretion to Dealers
that meet certain thresholds of Shares under management or other metrics determined by the Dealer Manager; provided, however, that the Dealer’s right, if any, to receive Dealer Manager Fees and Distribution Fees with respect to
Shares sold in this Offering shall cease upon the earlier to occur of the following: (i) a listing of the class of such Shares on a national securities exchange; (ii) after the termination of the Offering, the aggregate selling
commissions, Distribution Fees, Dealer Manager Fees and all other forms of underwriting compensation (as defined in accordance with applicable FINRA rules) paid in connection with this Offering equaling 10.0% of the gross proceeds raised from the
sale of Primary Shares in the Offering, as determined in good faith by the Dealer Manager in its sole discretion, or (iii) such Shares no longer being outstanding, for example (without limitation), upon their redemption or other repurchase by
the Company, upon the dissolution of the Company, or upon a merger or other extraordinary transaction in which the Company is a party and in which the Shares are exchanged for cash or other securities. Further, upon the date when the Dealer Manager
is notified that the Dealer is no longer the broker-dealer of record with respect to the Shares sold by the Dealer giving rise to the Dealer Manager Fees and Distribution Fee, then the Dealer’s entitlement to the Dealer Manager Fees and
Distribution Fee related to such Shares shall cease, and beginning on such date, the Dealer Manager Fees and Distribution Fee may be reallowed by the Dealer Manager to the then-current broker-dealer of record of the Shares if any such broker-dealer
of record has been designated (the “Servicing Dealer”) to the extent such Servicing Dealer has entered into a Selected Dealer Agreement or similar agreement with the Dealer Manager (“Servicing Agreement”) and such Selected Dealer
Agreement or Servicing Agreement with the Servicing Dealer provides for such reallowance. The Dealer agrees to promptly notify the Dealer Manager upon becoming aware that it should no longer be the broker-dealer of record with respect to any or all
of the Shares sold by the Dealer. The Dealer Manager may also reallow some or all of the Distribution Fee and/or Dealer Manager Fees to other broker-dealers who provide services with respect to the Shares (“Additional Servicing Dealers”)
pursuant to a Servicing Agreement with the Dealer Manager to the extent such Servicing Agreement provides for such reallowance, all in accordance with the terms of such Servicing Agreement. The Dealer Manager’s reallowance of the Distribution
Fee and Dealer Manager Fees to the Dealer, if any, shall be described in Schedule 1 to this Agreement. 

 The Dealer acknowledges and agrees that no selling commissions will be paid in respect of
the sale of any DRIP Shares. 
 The parties hereby agree that the foregoing selling commissions, Dealer Manager Fees and
Distribution Fees are not in excess of the usual and customary distributors’ or sellers’ commission received in the sale of securities similar to the Primary Shares, that the Dealer’s interest in the offering is limited to such
selling commissions, Dealer Manager Fees and Distribution Fees from the Dealer Manager and the Dealer’s indemnity referred to in Section 4 of the Dealer Manager Agreement, and that the Company is not liable or responsible for the direct
payment of such selling commissions, the Dealer Manager Fees and Distribution Fees to the Dealer. In addition, as set forth in the Prospectus, the Dealer Manager will reimburse the Dealer for reasonable bona fide due diligence expenses
incurred by the Dealer. Such due diligence expenses may include travel, lodging, meals and other reasonable out-of-pocket expenses incurred by the Dealer and its personnel when visiting the Company’s offices or properties to verify information
relating to the Company or its properties. The Dealer shall provide a detailed and itemized invoice for any such due diligence expenses and no such expenses shall be reimbursed absent a detailed and itemized invoice. 

 

	 	V.	Payment 

 Payments of
selling commissions and any other fees due to the Dealer pursuant to this Agreement will be made by the Dealer Manager to the Dealer. Selling commissions and such other fees due to the Dealer pursuant to this Agreement will be paid to the Dealer
within 30 days after receipt by the Dealer Manager. 
 The Dealer, in its sole discretion, may authorize Dealer Manager to
deposit selling commissions and any other fees or payments due to it pursuant to this Agreement directly to its bank account. If the Dealer so elects, the Dealer shall provide such deposit authorization and instructions in Schedule 2 to this
Agreement. 
  

	 	VI.	Right to Reject Orders or Cancel Sales 

 All orders, whether initial or additional, are subject to acceptance by and shall only become effective upon confirmation by the Company, which reserves the right to reject any order. Orders not
accompanied by an executed Eligibility Form and the required instrument of payment in payment for the Shares may be rejected. Issuance and delivery of the Shares will be made only after actual receipt of payment therefor. If any check is not paid
upon presentment, or if the Company is not in actual receipt of clearinghouse funds or cash, certified or cashier’s check or the equivalent in payment for the Shares within 15 days of sale, the Company reserves the right to cancel the sale
without notice. In the event an order is rejected, canceled or rescinded for any reason, the Dealer agrees to return to the Dealer Manager any commission and any other fees or payments theretofore paid with respect to such order. 

 

	 	VII.	Prospectus and Supplemental Information; Compliance with Laws 

 Dealer is not authorized or permitted to give and will not give, any information or make any representation concerning the Shares except as set forth in the Prospectus and any additional sales literature
which has been approved in advance in writing by the Dealer Manager (“Supplemental Information”). The Dealer Manager will supply Dealer with reasonable quantities of the Prospectus, any supplements thereto and any amended Prospectus, as
well as any Supplemental Information, for delivery 

 
to investors, and Dealer will deliver a copy of the Prospectus and all supplements thereto and any amended Prospectus to each investor to whom an offer is made prior to or simultaneously with the
first solicitation of an offer to sell the Shares to an investor. The Dealer agrees that it will not send or give any supplement to the Prospectus or any Supplemental Information to an investor unless it has previously sent or given a Prospectus and
all previous supplements thereto and any amended Prospectus to that investor or has simultaneously sent or given a Prospectus and all previous supplements thereto and any amended Prospectus with such supplement to the Prospectus or Supplemental
information. The Dealer 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 “dealer only” or otherwise bearing a legend
denoting that it is not to be used in connection with the sale of Shares to members of the public. Dealer agrees that it will not use in connection with the offer or sale of Shares any material or writing which relates to another company 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 any securities other than the company to which it relates. The Dealer further agrees that it will not
use in connection with the offer or sale of Shares any materials or writings which have not been previously approved by the Dealer Manager in writing. The Dealer agrees, if the Dealer Manager so requests, to furnish a copy of any revised preliminary
Prospectus to each person to whom it has furnished a copy of any previous preliminary Prospectus, and further agrees that it will itself mail or otherwise deliver all preliminary and final Prospectuses required for compliance with the provisions of
Rule 15c2-8 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Regardless of the termination of this Agreement, the Dealer will deliver a Prospectus in transactions in the Shares for a period of 90 days
from the effective date of the Registration Statement or such longer period as may be required by the Exchange Act. 
 On
becoming a Dealer, and in offering and selling Shares, the Dealer agrees to comply with all the applicable requirements imposed upon it under (a) the Securities Act, the Exchange Act and the rules and regulations of the SEC promulgated under
both such acts, (b) all applicable state securities laws and regulations as from time to time in effect, (c) any other state and federal laws and regulations applicable to the Offering, the sale of Shares or the activities of the Dealer
pursuant to this Agreement, including without limitation the privacy standards and requirements of state and federal laws, including the Gramm-Leach-Bliley Act of 1999, and the laws governing money laundering abatement and anti-terrorist financing
efforts, including the applicable rules of the SEC and FINRA, the Bank Secrecy Act, as amended, the USA Patriot Act of 2001, and regulations administered by the Office of Foreign Asset Control at the Department of the Treasury; and (d) this
Agreement and the Prospectus as amended and supplemented. Notwithstanding the termination of this Agreement or the payment of any amount to the Dealer, the Dealer agrees to pay the Dealer’s proportionate share of any claim, demand or liability
asserted against the Dealer and the other Dealers on the basis that such Dealers or any of them constitute an association, unincorporated business or other separate entity, including in each case such Dealer’s proportionate share of any
expenses incurred in defending against any such claim, demand or liability. 
  

	 	VIII.	License and Association Membership 

 The Dealer’s acceptance of this Agreement constitutes a representation to the Company and the Dealer Manager that the Dealer is a properly registered or licensed broker-dealer, duly authorized to
sell Shares under Federal and state securities laws and regulations and in all states where it offers or sells Shares, and that it is a member in good standing of FINRA. This Agreement shall automatically terminate if the Dealer ceases to be a
member in good standing of FINRA. The Dealer agrees to notify the Dealer Manager immediately if the Dealer ceases to be a member in good standing of FINRA. The Dealer also hereby agrees to abide by the Rules of FINRA, including FINRA Rules 2111,
2310, 5110 and 5141, and Rules 2420 and 2440 of the NASD Conduct Rules (or any such rule’s successor FINRA Rule). 

	 	IX.	Limitation of Offer; Suitability 

 The Dealer will offer Shares only to persons who meet the financial qualifications set forth in the Prospectus or in any suitability letter or memorandum sent to it by the Company or the Dealer Manager
and will only make offers to persons in the jurisdictions in which it is advised in writing by the Dealer Manager that the Shares are qualified for sale or that such qualification is not required. In offering Shares, the Dealer will comply with the
provisions of the Rules set forth in the FINRA Manual, as well as all other applicable rules and regulations relating to suitability of investors, including without limitation, the provisions of Article III.C and Article III.E.1 of the
Statement of Policy Regarding Real Estate Investment Trusts of the North American Securities Administrators Association, Inc. (the “NASAA Guidelines”). The Dealer will sell Class I shares and Class W shares only to the extent approved
by the Dealer Manager as set forth on Schedule 1 to this Agreement, and to the extent approved to sell Class I shares and Class W shares pursuant to this Agreement, sell such shares only to those persons who are eligible to purchase Class I shares
and Class W shares as described in the Prospectus. Nothing contained in this Selected Dealer Agreement shall be construed to impose upon the Company or the Dealer Manager the responsibility of assuring that prospective investors meet the suitability
standards in accordance with the terms and provisions of the Prospectus. Dealer shall not purchase any Shares for a discretionary account without obtaining the prior written approval of Dealer’s customer and such customer’s completed and
executed Eligibility Form. The Dealer agrees to comply with the record-keeping requirements imposed by (a) federal and state securities laws and the rules and regulations thereunder, (b) the applicable rules of FINRA and (c) the NASAA
Guidelines, including the requirement to maintain records (the “Suitability Records”) of the information used to determine that an investment in Shares is suitable and appropriate for each subscriber for a period of six years from the date
of the sale of the Shares. The Dealer further agrees to make the Suitability Records available to the Dealer Manager and the Company upon request and to make them available to representatives of the SEC and FINRA and applicable state securities
administrators upon the Dealer’s receipt of a subpoena or other appropriate document request from such agency. 
  

	 	X.	Disclosure Review; Confidentiality of Information 

 The Dealer agrees that it shall have reasonable grounds to believe, based on the information made available to it through the Prospectus or other materials, that all material facts are adequately and
accurately disclosed in the Prospectus and provide a basis for evaluating the Shares. In making this determination, the Dealer shall evaluate items of compensation, physical properties, tax aspects, financial stability and experience of the sponsor,
conflicts of interest and risk factors; and appraisals and other pertinent reports. If the Dealer relies upon the results of any inquiry conducted by another member or members of FINRA, the Dealer shall have reasonable grounds to believe that such
inquiry was conducted with due care, that the member or members conducting or directing the inquiry consented to the disclosure of the results of the inquiry and that the person who participated in or conducted the inquiry is not the Dealer Manager
or a sponsor or an affiliate of the sponsor of the Company. 
 It is anticipated that the Dealer and Dealer’s home office
diligence personnel and other agents of the Dealer that are conducting a due diligence inquiry on behalf of the Dealer (collectively, the “Diligence Personnel”) either have previously or will in the future have access to certain
Confidential Information (defined below) pertaining to the Company, the Dealer Manager, the Advisor, or their respective affiliates. For purposes hereof, “Confidential Information” shall mean and include: (i) trade secrets concerning
the business and affairs of Company, the Dealer Manager, the Advisor, or their respective affiliates, (ii) confidential data, know-how, current and planned research and development, current and planned methods and processes, marketing lists or
strategies, slide presentations, business plans, however documented, belonging to Company, the Dealer Manager, the Advisor, or their respective affiliates; (iii) information concerning the business and affairs of Company, the Dealer Manager,
the Advisor, or their 

 
respective affiliates (including, without limitation, historical financial statements, financial projections and budgets, models, budgets, plans, and market studies, however documented;
(iv) any information marked or designated “Confidential—For Due Diligence Purposes Only”; and (v) any notes, analysis, compilations, studies, summaries and other material containing or based, in whole or in part, on any
information included in the foregoing. The Dealer agrees to keep, and to cause its Diligence Personnel to keep, all such Confidential Information strictly confidential and to not use, distribute or copy the same except in connection with the
Dealer’s due diligence inquiry. The Dealer agrees to not disclose, and to cause its Diligence Personnel not to disclose, such Confidential Information to the public, or the Dealer’s sales staff or financial advisors, or to any other third
party and agrees not to use the Confidential Information in any manner in the offer and sale of the Shares. The Dealer further agrees to use all reasonable precautions necessary to preserve the confidentiality of such Confidential Information,
including, but not limited to (a) limiting access to such information to persons who have a need to know such information only for the purpose of the Dealer’s due diligence inquiry and (b) informing each recipient of such Confidential
Information of the Dealer’s confidentiality obligation. The Dealer acknowledges that Dealer or its Diligence Personnel may previously have received Confidential Information in connection with preliminary due diligence on the Company, and agrees
that the foregoing restrictions shall apply to any such previously received Confidential Information. The Dealer acknowledges that Dealer or its Diligence Personnel may in the future receive Confidential Information either in individual or
collective meetings or telephone calls with the Company, or at general “Forums” sponsored by the Company, and agrees that the foregoing restrictions shall apply to any Confidential Information received in the future through any source or
medium. The Dealer acknowledges the restrictions and limitations of Regulation F-D promulgated by the SEC and agrees that the foregoing restrictions are necessary and appropriate in order for the Company to comply therewith. Notwithstanding the
foregoing, Confidential Information may be disclosed (a) if approved in writing for disclosure by the Company or the Dealer Manager, (b) pursuant to a subpoena or as required by law, or (c) as required by regulation, rule, order or
request of any governing or self-regulatory organization (including the SEC or FINRA), provided that the Dealer shall notify the Dealer Manager in advance if practicable under the circumstances of any attempt to obtain Confidential Information
pursuant to provisions (b) and (c). 
  

	 	XI.	Dealer’s Compliance with Anti-Money Laundering Rules and Regulations  

 The Dealer hereby represents that it has complied and will comply with Section 326 of the USA Patriot Act and the implementing rules and regulations promulgated thereunder in connection with
broker/dealers’ anti-money laundering obligations. The Dealer hereby represents that it has adopted and implemented, and will maintain a written anti-money laundering compliance program (“AML Program”) including, without limitation,
anti-money laundering policies and procedures relating to customer identification as required by the USA Patriot Act and the implementing rules and regulations promulgated thereunder. In accordance with these applicable laws and regulations and its
AML Program, Dealer agrees to verify the identity of its new customers; to maintain customer records; to check the names of new customers against government watch lists, including the Office of Foreign Asset Control’s (OFAC) list of Specially
Designated Nationals and Blocked Persons. Additionally, Dealer will monitor account activity to identify patterns of unusual size or volume, geographic factors and any other “red flags” described in the USA Patriot Act as potential signals
of money laundering or terrorist financing. Dealer will submit to the Financial Crimes Enforcement Network any required suspicious activity reports about such activity and further will disclose such activity to applicable federal and state law
enforcement when required by law. The Dealer will certify annually to the Dealer Manager that the Dealer (i) has implemented its anti-money laundering compliance program and (ii) will perform the specified requirements of its customer
identification policies and procedures. 

	 	XII.	Privacy. 

 The Dealer
agrees as follows: 
 The Dealer agrees to abide by and comply in all respects with (a) the privacy standards and
requirements of the Gramm-Leach-Bliley Act of 1999 (“GLBA”) and applicable regulations promulgated thereunder, (b) the privacy standards and requirements of any other applicable federal or state law, including the Fair Credit
Reporting Act (“FCRA”) and (c) its own internal privacy policies and procedures, each as may be amended from time to time. 
 Dealer shall not disclose nonpublic personal information (as defined under the GLBA) of all customers who have opted out of such disclosures, except to service providers (when necessary and as permitted
under the GLBA) or as otherwise required by applicable law; 
 Except as expressly permitted under the FCRA, Dealer shall not
disclose any information that would be considered a “consumer report” under the FCRA; and 
 Dealer shall be
responsible for determining which customers have opted out of the disclosure of nonpublic personal information by periodically reviewing and, if necessary, retrieving a list of such customers (the “List”) to identify customers that
have exercised their opt-out rights. In the event either party expects to use or disclose nonpublic personal information of any customer for purposes other than servicing the customer, or as otherwise required by applicable law, that party must
first consult the List to determine whether the affected customer has exercised his or her opt-out rights. Each party understands that it is prohibited from using or disclosing any nonpublic personal information of any customer that is identified on
the List as having opted out of such disclosures. 
  

	 	XIII.  Dealer’s	Undertaking to Not Facilitate a Secondary Market in the Shares 

 The Dealer acknowledges that there is no public trading market for the Shares and that there are limits on the ownership, transferability and redemption of the Shares, which significantly limit the
liquidity of an investment in the Shares. The Dealer also acknowledges that the Company’s Share Redemption Program (the “Program”) provides only a limited opportunity for investors to have their Shares redeemed by the Company and that
the Company’s board of directors may, in its sole discretion, amend, suspend, or terminate the Program at any time in accordance with the terms of the Program. The Dealer further acknowledges that the Company is obligated to immediately
terminate the Program if the Shares are listed on a national securities exchange or if a secondary market in the Shares is otherwise established. The Dealer hereby agrees that so long as the Company is offering Shares under a registration statement
filed with the SEC (including any follow-on offering of the Shares) and the Company has not listed the Shares on a national securities exchange, the Dealer will not engage in any action or transaction that would facilitate or otherwise create the
appearance of a secondary market in the Shares without the prior written approval of the Dealer Manager. 
  

	 	XIV.  	Arbitration  

 Any
dispute, controversy or claim arising between the parties relating to this Agreement (whether such dispute arises under any federal, state or local statute or regulation, or at common law), shall be resolved by final and binding arbitration
administered in accordance with the then current commercial arbitration rules of FINRA in accordance with the terms of this Agreement (including the governing law provisions of this Agreement and pursuant to the Federal Arbitration Act (9 U.S.C.
§§ 1 – 16). The parties will request that the arbitrator or arbitration panel (“Arbitrator”) issue written findings of fact and conclusions of law. The Arbitrator shall not be empowered to make any award or render any
judgment for punitive damages, and the Arbitrator shall be required to follow applicable law in construing this 

 
Agreement, making awards, and rendering judgments. The decision of the arbitration panel shall be final and binding, and judgment upon any arbitration award may be entered by any court having
jurisdiction. All arbitration hearings will be held at the Denver FINRA District Office or at another mutually agreed upon site. The parties may agree on a single arbitrator, or, if the parties cannot so agree, each party will have the right to
choose one arbitrator, and the selected arbitrators will choose a third arbitrator. Each arbitrator must have experience and education that qualify him or her to competently address the specific issues to be designated for arbitration.
Notwithstanding the preceding, no party will be prevented from immediately seeking provisional remedies in courts of competent jurisdiction, including but not limited to, temporary restraining orders and preliminary injunctions, but such remedies
will not be sought as a means to avoid or stay arbitration. 
  

	 	XV.	Termination 

 The Dealer
will suspend or terminate its offer and sale of Shares upon the request of the Company or the Dealer Manager at any time and will resume its offer and sale of Shares hereunder upon subsequent request of the Company or the Dealer Manager. Any party
may terminate this Agreement by written notice. Such termination shall be effective 48 hours after the mailing of such notice. This Agreement is the entire agreement of the parties and supersedes all prior agreements, if any, between the
parties hereto. 
 This Agreement may be amended at any time by the Dealer Manager by written notice to the Dealer, and any such
amendment shall be deemed accepted by the Dealer upon placing an order for sale of Shares after the Dealer has received such notice. 
 The respective agreements and obligations of the Dealer Manager and Dealer set forth in Sections IV, VI, VII, and XIII through XVII of this Agreement shall remain operative and in full force and effect
regardless of the termination of this Agreement. 
  

	 	XVI.  	Notice 

 All notices will be in writing and will be duly given to the Dealer Manager when mailed to 518 17th Street, 12thFloor, Denver, Colorado 80202, and to the Dealer when mailed to the address specified by the Dealer herein. 

 

	 	XVII.  Attorney’s	Fees and Applicable Law 

In any action to enforce the provisions of this Agreement or to secure damages for its breach, the prevailing party shall recover its
costs and reasonable attorney’s fees. This Agreement shall be construed under the laws of the State of Colorado and shall take effect when signed by the Dealer and countersigned by the Dealer Manager. Venue for any action (including
arbitration) shall lie exclusively in Denver, Colorado. 

			
	THE DEALER MANAGER:
	
	DIVIDEND CAPITAL SECURITIES LLC
	
	  

		
	Date:	 	

 We have read the foregoing Agreement and we hereby accept and agree to the terms and conditions therein set
forth. We hereby represent that the list below of jurisdictions in which we are registered or licensed as a broker or dealer and are fully authorized to sell securities is true and correct, and we agree to advise you of any change in such list
during the term of this Agreement. 
  

	1.	IDENTITY OF DEALER: 

  

							
	Company Name:	  	  
	  		  	
				
	Type of entity:	  	  
	  		  	
		  	(Corporation, Partnership or Proprietorship)	  		  	
				
	Organized in the State of:	  	  
	  		  	
				
	Licensed as broker-dealer all States:	  	        Yes                     
   No        	  		  	
		  	            _______                
_______	  		  	
				
	If no, list all States licensed as broker-dealer:	  	  
	  		  	
				
	 	  	 	  		  	
				
	Tax ID #:	  	  
	  		  	

 2. Person to receive notices delivered pursuant to the Selected Dealer Agreement. 

 

							
	Name:	 	  
	 		 	
				
	Company:	 	  
	 		 	
				
	Address:	 	  
	 		 	
				
	City, State and Zip:	 	  
	 		 	
				
	Telephone:	 	  
	 		 	

							
	Fax:	  	  
	  		  	
				
	Email:	  	  
	  		  	
		
	AGREED TO AND ACCEPTED BY THE DEALER:	  	
				
		  	  
	  		  	
		  	(Dealer’s Firm Name)	  		  	
				
	By:	  	  
	  		  	
		  	Signature	  		  	
				
	Name:	  	  
	  		  	
				
	Title:	  	  
	  		  	
				
	Date:	  	  
	  		  	

 SCHEDULE 1 
 TO 
 SELECTED DEALER AGREEMENT WITH 

DIVIDEND CAPITAL SECURITIES LLC 
 NAME OF ISSUER: DIVIDEND CAPITAL DIVERSIFIED PROPERTY FUND INC. 
 NAME OF PARTICIPATING
BROKER-DEALER: 
 SCHEDULE TO AGREEMENT DATED: 
  

					
	 Dealer is authorized to sell the Company’s Class I shares of common stock:
	  	Yes	  	No
			
	 Dealer is authorized to sell the Company’s Class W shares of common stock:
	  	Yes	  	No

 Selling commissions: 
 Dealer Manager fee reallowance: 
 Distribution Fee: 

 

 These amounts are in addition to the selling commissions provided for in Section IV of this Selected Dealer
Agreement. 
  

			
	 “DEALER MANAGER”
  

DIVIDEND CAPITAL SECURITIES LLC

		
	    By:	 	  

			
		
	            Name:	 	  

		
	            Title:	 	  

 “DEALER” 
  

			
	  

	(Print Name of Dealer)
		
	     By:
	 	  

			
		
	            Name:	 	  

		
	            Title:	 	  

 SCHEDULE 2 
 TO 
 SELECTED DEALER AGREEMENT WITH 

DIVIDEND CAPITAL SECURITIES LLC 
 NAME OF ISSUER: DIVIDEND CAPITAL DIVERSIFIED PROPERTY FUND INC. 
 NAME OF DEALER:

 SCHEDULE TO AGREEMENT DATED: 

Dealer hereby authorizes the Dealer Manager or its agent to deposit selling commissions, dealer manager fees, distribution fees, reallowances and other
payments due to it pursuant to the Selected Dealer Agreement to its bank account specified below. This authority will remain in force until Dealer notifies the Dealer Manager in writing to cancel it. In the event that the Dealer Manager deposits
funds erroneously into Dealer’s account, the Dealer Manager is authorized to debit the account with no prior notice to Dealer for an amount not to exceed the amount of the erroneous deposit. 

Bank Name: 
 Bank Address: 

Bank Routing Number: 
 Account Number:

 “DEALER” 
  

			
	  

	(Print Name of Dealer)
		
	By:	 	  

			
		
	        Name:	 	  

		
	        Title:	 	  

		
	        Date:

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