On January 11, 2021, Retail Value Inc. announced that its common stock dividend of $1.16 per share payable on January 12, 2021 will be paid with approximately $2.1 million in cash and approximately 1,255,000 common shares after giving effect to the Puerto Rico withholding tax of 10% which is applicable to the full $1.16 per share distribution. Holders of approximately 1.9 million shares elected to receive the distribution in 100% RVI common shares and, after giving effect to the Puerto Rico withholding tax of 10% on the full $1.16 per share distribution, will receive $1.044 per share in RVI common shares. Holders of approximately 17.9 million shares elected to receive the distribution in 100% cash and, after giving effect to the Puerto Rico withholding tax of 10% on the full $1.16 per share distribution, will receive $0.115663 per share in cash (11.1%) and $0.928337 per share in RVI common shares (88.9%). The value of the distribution paid in common shares is based upon the volume weighted average trading price of the Company’s Common shares on December 31, 2020 and January 4 and January 5, 2021, or $14.8492 per share. All fractional shares will be paid in cash.