0000950123-09-044120 Sample Contracts

COMMON SHARE PURCHASE WARRANT To Purchase 250,000 Common Shares of Developers Diversified Realty Corporation
Common Share Purchase Warrant • September 18th, 2009 • Developers Diversified Realty Corp • Real estate investment trusts

THIS COMMON SHARE PURCHASE WARRANT CERTIFIES that, for value received, Dr. Michael Otto or his permitted transferees, assigns and successors (the “Holder"), is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after September 18, 2009 (the “Issue Date") and on or prior to the close of business on the 5th anniversary of the Issue Date (the “Termination Date") but not thereafter, to subscribe for and purchase from Developers Diversified Realty Corporation, an Ohio corporation (the “Company"), up to 250,000 common shares (the “Warrant Shares"), par value $0.10 per share, of the Company (the “Common Stock"). The purchase price of one share of Common Stock (the “Exercise Price") under this Warrant shall be $6.00, subject to adjustment herein. The Exercise Price and the number of Warrant Shares for which the Warrant is exercisable shall be subject to adjustment as provided herein.

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JOINT FILING AGREEMENT
Joint Filing Agreement • September 18th, 2009 • Developers Diversified Realty Corp • Real estate investment trusts

In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D and any amendments to it with respect to the Common Shares, par value $0.10 per share, of Developers Diversified Realty Corporation and further agree that this Joint Filing Agreement be included as an Exhibit to those joint filings.

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