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Saturday, 11/14/2020 2:02:51 PM

Saturday, November 14, 2020 2:02:51 PM

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Retail Value Inc. Declares 2020 Year-End Common Stock Dividend of $1.16 Per Share (11/13/20)

BEACHWOOD, Ohio--(BUSINESS WIRE)--Retail Value Inc. (NYSE: RVI) declared a common stock dividend of $1.16 per share (approximately $23.0 million in the aggregate) on account of estimated annual taxable income generated in Puerto Rico. The dividend is payable on January 12, 2021 to shareholders of record at the close of business on December 2, 2020 and will be subject to a 10% withholding tax.

In accordance with recent guidance from the Internal Revenue Service, specifically Revenue Procedure 2020-19, certain real estate investment trusts are permitted to distribute up to 90% of distributions declared prior to December 31, 2020 in stock in order to conserve capital and enhance their liquidity. As a result, the Company has elected to pay the 2020 year-end dividend in a combination of cash and common shares with the cash component not to exceed 10% of the aggregate dividend.

In accordance with Internal Revenue Service guidance, shareholders may make an election to receive their dividend in all cash or all common shares. Shareholders who do not make an election will be deemed to have elected to receive their dividend in all cash. However, to the extent more than 10% cash is elected by all shareholders in the aggregate, then the cash portion will be prorated. The value of the shares distributed in the dividend will be based upon the volume weighted average trading prices of the Company's common stock on December 31, 2020 and January 4 and January 5, 2021. Fractional shares of common stock will not be issued; stockholders who would otherwise be entitled to receive fractional shares will receive a cash payment in lieu of fractional shares. Election forms are expected to commence mailing on December 9, 2020, and must be received by the Company's transfer agent, Computershare Shareholder Services, by 5:00 p.m. ET on December 30, 2020.

If you have any questions regarding the election form or the election deadline, please call Georgeson, our Information Agent for the election, toll free at 866-695-6074. If your shares are held through a bank, broker or nominee, and you have questions regarding the dividend election, please contact such bank, broker or nominee, who will also be responsible for distributing the election form to you and submitting the completed election form on your behalf.

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