DILLARD'S, INC. Merger Transaction Summary

On June 4, 2026, W.D. Company, Inc. ("WDC") merged with and into Dillard's, Inc. ("Dillard's") as per the Agreement and Plan of Merger dated March 20, 2026. WDC, formerly a 10% owner, disposed of its holdings in Dillard's Class A Common Stock (41,496 shares) and Class B Common Stock (3,985,776 shares) upon the merger's consummation. In exchange, WDC shareholders received a pro rata share of up to 41,496 shares of Dillard's Class A Common Stock and up to 3,985,776 shares of Dillard's Class B Common Stock, along with cash and other publicly traded securities owned by WDC. The Class B shares are convertible into Class A shares on a one-for-one basis. Post-merger, WDC holds no shares in Dillard's.