Dear DDR Corp. Shareholder:
We are pleased to inform you that the Board of Directors of DDR Corp., or DDR, has declared the distribution of all the common shares of Retail Value Inc., or RVI, a wholly-owned subsidiary of DDR, to DDR’s shareholders. RVI holds 49 assets, comprised of 37 continental U.S. assets and the entirety of DDR’s Puerto Rico portfolio.
DDR’s Board of Directors has determined upon careful review and consideration that RVI’s separation from DDR is in the best interests of DDR and its shareholders.
The distribution of RVI common shares will occur on July 1, 2018 by way of a pro rata special distribution to DDR shareholders of record on the record date of the distribution. The distribution is expected to be taxable. Each DDR shareholder will be entitled to receive one share of RVI for every ten DDR common shares held by such shareholder at the close of business on June 26, 2018, the record date of the distribution. The RVI common shares will be issued in book-entry form only, which means that no physical share certificates will be issued.
Shareholder approval of the distribution is not required and you are not required to take any action to receive your RVI common shares.
Following the distribution, you will own shares in both DDR and RVI. The number of DDR shares you own will not change as a result of this distribution. DDR’s common shares will continue to trade on the New York Stock Exchange under the symbol “DDR.” We intend to apply to list RVI’s common shares on the New York Stock Exchange under the symbol “RVI.”
The Information Statement, which is being mailed to all holders of DDR common shares on the record date for the distribution, describes the distribution in detail and contains important information about RVI, its business, financial condition and operations. We urge you to read the Information Statement carefully.
We want to thank you for your continued support of DDR, and we look forward to your future support of RVI.
David R. Lukes
|President and Chief Executive Officer