CITI GLOBAL PROPERTY CEO CONFERENCE

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1 DDR CORP. CITI GLOBAL PROPERTY CEO CONFERENCE MARCH 5, 2018

2 safe harbor DDR Corp. considers portions of the information in this presentation to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company s expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions; local conditions such as supply of space or a reduction in demand for real estate in the area; competition from other available space; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant; redevelopment and construction activities may not achieve a desired return on investment; our ability to buy or sell assets on commercially reasonable terms; our ability to complete acquisitions or dispositions of assets under contract; our ability to secure equity or debt financing on commercially acceptable terms or at all; our ability to enter into definitive agreements with regard to our financing and joint venture arrangements or our failure to satisfy conditions to the completion of these arrangements; the success of our deleveraging strategy; any change in strategy; our ability to complete our previously announced plan to spin-off certain of our assets in a timely manner; the impact of such spin-off on our business and that of the spun-off company; and the ability of the Company and the spin-off company to execute their respective strategies following consummation of the spin-off, including the ability of the spin-off company to sell assets on commercially reasonable terms; and entering into management agreements with the spin off company on commercially reasonable terms. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company s Form 10-K for the year ended December 31, The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. 2

3 table of contents DDR 2017 Progress Report 4 NEW DDR - portfolio diversity 5 - Leasing opportunities 6 - Growth Opportunities: Tanasbourne Town Center (Portland, OR) 7 - Balance Sheet Progress 8 - Improvement to all public bond covenants 9 - attractive Dividend Yield, sector leading payout ratio 10 - Repayment of Blackstone preferred equity investment Guidance and leverage outlook FFO Bridge 13 RETAIL VALUE, INC. (RVI) - Timeline for spin on track 14-1Q2018 Estimated Sources and Uses 15 - Putting Transaction Volumes into Context 16 - Puerto Rico Update 17 3

4 DDR 2017 PROGRESS REPORT Balance Sheet Restructuring $975MM raised in three public bond/preferred offerings Expanded and recast line of credit to $1BN capacity (full availability as of YE) Average consolidated maturities extended to 5.4 years from 4.2 years at YE 2016 (excluding preferred) Indicated 10-year bond spreads have contracted 100bp+ since early 2017 Organizational Streamlining Early 2017 $6MM annual reduction to G&A Successful Puerto Rico Recovery Effort Took care of our people Significant progress on physical and financial restoration of assets Announced Strategic Transformation Decision to spin 50 assets (RVI) Closed $1.35BN mortgage in 1Q18 Nearing completion of existing $900MM wholly-owned disposition program Materially improved New DDR projected growth and demographics Further improvement to New DDR s credit profile RVI to capitalize on NAV discount via distribution of asset sales proceeds and operations 4

new ddr - portfolio diversity New DDR s focused portfolio of roughly 80 wholly-owned properties provides exposure to high-quality, growth assets Traffic driving discounters and grocers anchor the

component, 70% of New DDR s portfolio is anchored by a food component value / discount tilt assets with significant grocery component shop to anchor balance 27% of abr with no Major Discount

5 new ddr - portfolio diversity New DDR s focused portfolio of roughly 80 wholly-owned properties provides exposure to high-quality, growth assets Traffic driving discounters and grocers anchor the majority of New DDR centers Assets with traditional / specialty grocers account for 40% of New DDR s portfolio with average reported sales of ~$600/ft Including mass merchants with a grocery component, 70% of New DDR s portfolio is anchored by a food component value / discount tilt assets with significant grocery component shop to anchor balance 27% of abr with no Major Discount Component 30% 18% No Grocery Component Specialty 22% Grocer 66% shop by GLA anchor by abr 22% Traditional Grocer 34% shop by ABR 73% of abr anchored by Quality discounters 30% Mass Merchant 78% anchor by gla High quality discounters, including Ross, T.J. Maxx brands, and Burlington anchor wholly-owned centers comprising 73% of New DDR s ABR Over two thirds of New DDR is anchored by traditional grocers, specialty grocers or mass merchants with a grocery component including Walmart, Target and Costco New DDR s centers derive 34% of ABR from in-line tenants even though only 22% of space is leased to shop tenants 5

6 New DDR Leasing Opportunities New DDR portfolio curated to maximize exposure to growth and redevelopment assets Continued progress with small-shop leasing momentum 3Q leasing volume +29% vs. 1H2017 average volume, 4Q volume +48% despite smaller GLA base Low-risk near-term releasing opportunities to drive NOI growth 100% 98% 96% 94% 92% 90% 94.6% 93.6% 90.4% 1,000k 800k 600k 95.0% 94.5% 94.0% 93.5% 93.0% 92.5% 93.6% 0.3% VacanT NNN Property 0.3% Positioned for redev t 0.2% 94.5% anchor leasing opportunity 88% 86% 400k 92.0% 91.5% 84% 200k 91.0% 82% 90.5% 80% 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 leased rate > 10k sf leased rate - new ddr leased rate < 10k sf % new ddr - leased rate 4Q17 north towne commons sandy plains village duvall village new ddr - pro forma leasing opportunities leasing volume <10ksf 6

7 G REMRKS HRDWR FIRERATE JAMBDET HEA DET DOORMAT FRAMEMAT SIZE DOORNUM DOORTYPE N/E REMRKS HRDWR FIRERATE JAMBDET HEADDET FRAMEMAT DOORMAT SIZE N/E DOORNUM DOORTYPE FRAMEMAT HEADDET REMRKS HRDWR FIRERATE JAMBDET DOORMAT SIZE DOORTYPE DOORNUM N/E VAN R 24 New DDR Growth Opportunities: Tanasbourne Town Center (Portland, OR) leased vacant $6.0 $5.5 $20MM of Value Creation $5.0 $4.5 VAN CAR $ % NOI CAGR / +4.4% NCF CAGR US HWY 26 (SUNSET HWY) NW EVERGREEN PKWY $3.5 $ KSF 2017 noi 2022 noi Note: Value creation assumes 6.0% cap rate, net of CapEx. LEASE ROLL SCHEDULE (5 YEAR) $2,000K 80KSF $1,500K 60KSF $1,000K 40KSF RD 20KSF $500K NW CORNELL 0KSF $0K gla abr NW EVERGREEN PKWY NW 185th AVE owned gla Annual 1.5% 9.1% 12.9% 29.4% 3.4% Cumulative 1.5% 10.6% 23.4% 52.9% 56.2% abr Annual 2.2% 10.7% 12.9% 30.2% 5.8% Cumulative 2.2% 12.8% 25.8% 56.0% 61.8% 7

NEW DDR - BALANCE SHEET PROGRESS Minimal near-term refinancing and interest rate risk Weighted average maturity now in top quartile of peer group AKr brx wri reg rpai kim frt ddr ue roic % debt

8 NEW DDR - BALANCE SHEET PROGRESS Minimal near-term refinancing and interest rate risk Weighted average maturity now in top quartile of peer group AKr brx wri reg rpai kim frt ddr ue roic % debt maturing WA Interest rate 0 10% 20% 30% 40% 3.5% 4.1% 4.0% 4.7% 3.3% 5.4% 3.2% 4.1% 5.2% 3.5% weighted average debt maturity ue akr rpai brx roic wri aat new ddr reg kim frt Source: Company details as of 4Q2017. DDR pro forma for 1Q2018 financing activity and RVI spin. Source: Green Street Advisors. DDR data as of 4Q2017 and pro forma for 1Q2018 financing activity and RVI spin. Peer data as of 3Q

9 New DDR Improvement to all public bond covenants unencumbered pool other 55.7% PR 13.2% other 53.6% fl 13.4% fl 11.4% OH 8.8% Significantly improved size and quality of New DDR unencumbered pool 4Q2017 nj 7.2% variance 4Q2018E ca 8.3% OH 6.8% ga 8.1% No Puerto Rico exposure az 5.7% nj 7.8% Minimal secured debt ABR PSF $ Mile Population 93,744 ABR PSF +6.7% 3-Mile Population +20.9% ABR PSF $ Mile Population 113,346 RVI mortgage not expected to impact DDR covenant compliance prior to 3-Mile Average HHI $84,165 3-Mile Average HHI +15.9% 3-Mile Average HHI $98,710 the spin LEVERAGE / PUBLIC BOND COVENANTS DDR 4Q2017 NEW DDR 4Q2018E Pro-Rata Net Debt / Adjusted EBITDA 6.4x ~6.0x Total Debt to RE Assets 45% ~40% Secured Debt to Assets Ratio 7% ~3% Unencumbered Assets to Unsecured Debt 215% 240% - 248% Fixed Charge Coverage (Ex. Prepayment Penalties) 2.9x ~3.0x 9

NEW DDR - Attractive dividend yield, sector leading payout ratio No change to quarterly DDR dividend expected prior to spin with New DDR quarterly dividend rate expected to be at least $0.

10 NEW DDR - Attractive dividend yield, sector leading payout ratio No change to quarterly DDR dividend expected prior to spin with New DDR quarterly dividend rate expected to be at least $0.10/sh Enhanced cash retention for redevelopment and opportunistic investments Reset payout ratio expected to be among the most conservative in the peer group, positioned for growth Using the current share price and reset dividend rate, DDR offers an attractive dividend yield relative to the peer group 120% 8% 110% 7% 6% 2018 AFFO Payout Ratio 100% 90% 80% 5% 4% 3% 2% Dividend Yield 70% 1% 60% new ddr reg brx wri rpai frt ue akr roic kim 0% 2018 AFFO Payout ratio (%) dividend yield (%) Source: Green Street Advisors. Price as of February 29,

11 New DDR Repayment of Blackstone preferred equity investment $450 $400 $350 $300 DDR has received $102MM of preferred equity repayments since formation including $36MM in 1Q2018 $250 $200 $150 $100 Preferred Equity (net of valuation allowance) Preferred equity repayment $278MM of preferred equity in BRE DDR Retail Holdings III and IV was outstanding as of 4Q2017 $50 $0 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q Blackstone JV Property Count $9.0 $8.0 $7.0 $6.0 Blackstone JV Interest Income $5.0 $4.0 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Note: Income from DDR s preferred equity investment is included in Interest Income on the consolidated income statement. 11

12 New DDR 2018 guidance and leverage outlook 2018 GUIDANCE New DDR SSNOI - At least 1.5% (unchanged) Interest Income - $18 $22MM Joint Venture Fee Income - $23 $25MM 3Q18 ESTIMATES Net Income per share of $0.02 $0.03 OFFO per share at least $0.15 ADDITIONAL DETAIL G&A Expense - $70MM in 2018 RVI Fee Income - $10MM (assumes no dispositions and a 3Q18 effective date) LEVERAGE Pro-Rata Net Debt/Adjusted EBITDA ~6.0X by YE 2018 (unchanged) Fixed Charge Coverage (Excluding Prepayment Penalties) ~3.0X by YE 2018 (unchanged) 12

NEW DDR - 2018 FFO bridge 3Q2018 OFFO guidance per share (basic and diluted) of at least $0.

13 NEW DDR FFO bridge 3Q2018 OFFO guidance per share (basic and diluted) of at least $0.15 assuming no RVI dispositions and a 3Q2018 spin effective date 1Q2018 OFFO guidance per share (basic and diluted) of at least $0.22 per share. $0.28 $0.03 $0.02 $0.02 $0.22 $0.07 $0.02 $0.01 $0.01 $0.15 $0.15 4Q17 offo jv fee & interest income ddr disposition program Pro-Rata Interest Expense 1Q18E offo Pro-Rata Interest Expense rvi fee income DDR Disposition Program jv fee & interest income rvi income 3Q18E offo Note: The company has no intention to provide quarterly FFO guidance going forward. Numbers may not add due to rounding. 13

RVI - TIMELINE for spin Spin remains on track for 3Q effective date with the closing of the RVI mortgage on February 14, 2018 Public Announcement Closing of $1.

14 RVI - TIMELINE for spin Spin remains on track for 3Q effective date with the closing of the RVI mortgage on February 14, 2018 Public Announcement Closing of $1.35BN mortgage secured by 50 RVI assets Mortgage debt repayment and unsecured debt tender Form 10 Filing & Review Spin Complete dec jan feb mar apr may jun jul Commence RVI disposition process Completion of previously announced $900MM disposition plan 14

15 RVI - 1Q2018 estimated SOURCES AND USES SOURCES Mortgage Proceeds Disposition Proceeds to Date Cash Line of Credit $1,350MM $165MM $90MM $29MM $1,634MM DISPOSITION PROCEEDS TO DATE AT 100% AT DDR SHARE PROPERTY NAME DDR OWN % PRICE DEBT PRICE DEBT Indian Lakes Crossing (BRE III) 5% $14,700 $7,178 $735 $359 Fortuna Center Plaza 100% $20,225 0 $20,225 0 Meridian Crossroads 100% $78,700 0 $78,700 0 Publix Portfolio (DDRM) 20% $150,000 $100,000 $30,000 $20,000 Preferred Equity Repayment $35,703 0 $35,703 0 $299,328 $107,178 $165,363 $20,359 Unsecured Debt (1) Mortgage Debt (2) Debt Extinguishment Costs Transaction Costs (1) 3.83% WA interest rate (2) 4.80% WA interest rate USES $1,100MM $450MM $50MM $34MM $1,634MM UNSECURED AND MORTGAGE REPAID BALANCE Maturity GAAP 100% DDR Share Date Interest Rate Unsecured Term Loan $200,000 $200,000 01/ % Unsecured Notes $59,965 $59,965 07/ % Unsecured Notes $300,000 $300,000 01/ % Unsecured Notes $212,791 $212,791 05/ % Unsecured Notes $284,386 $284,386 08/ % Unsecured Notes $42,858 $42,858 02/ % Lowe s, TN $1,429 $1,429 01/ % Plaza Cayey, PR $19,871 $19,871 06/ % Plaza Fajardo, PR $23,894 $23,894 06/ % Plaza Isabela, PR $20,988 $20,988 06/ % Plaza Walmart, PR $11,170 $11,170 06/ % Mariner Square, FL $993 $993 09/ % Plaza Rio Hondo, PR $118,728 $118,728 01/ % Easton Marketplace, OH $47,416 $47,416 01/ % The Fountains, FL $43,260 $43,260 01/ % Perimeter Pointe, GA $40,898 $40,898 01/ % Plaza Escorial, PR $68,087 $68,087 07/ % Wrangleboro Consumer Square, NJ $55,721 $55,721 10/ % $1,552,455 $1,552, % 15

16 RVI - Putting Transaction Volumes into Context Shopping center transaction volumes have remained high/healthy despite macro concerns Shopping center REITs have measurably accelerated their budgeted dispositions Despite greater REIT activity, the midpoint of budgeted transactions is less than 5% of 2017 total national volumes 100 Annual Non-Mall Retail Transaction Volume ($BN) E REIT Dispositions Source: Real Capital Analytics, Company guidance. Note: Dispositions include BRX, DDR, KIM, RVI and WRI. 16

17 RVI - PUERTO RICO UPDATE Power fully restored to all 12 properties $12.0 Total Puerto Rico Monthly Cash Receipts (1) 85% of leased GLA open for business excluding Palma Real (76% including) Remaining openings generally dependent on repairs to damage Aggregate casualty insurance claim of $ MM Includes the cost to clean up, repair and rebuild, as well as lost revenue through March 31, 2018 (excludes costs related to self-insured tenants) Approx. 34% of the estimate is related to Palma Real restoration costs (MILLIONs) $10.0 $8.0 $6.0 $4.0 $2.0 $0.0 APR-17 MAY-17 JUN-17 JUL-17 AUG-17 SEP-17 OCT-17 NOV-17 DEC-17 JAN-18 feb-18 (1) Excludes business interruption insurance payments DDR CARRIES PROPERTY, CASUALTY, AND BUSINESS INTERRUPTION INSURANCE WITH LIMITS OF $330MM 17

DDR CORP. INVESTOR PRESENTATION

DDR CORP. INVESTOR PRESENTATION DDR CORP. DDR Corp. considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities