NRDC ACQUISITION CORP. CONVERTS TO REIT

NEW YORK CITY — NRDC Acquisition Corp. has signed a framework agreement with its sponsor, NRDC Capital Management, which sets forth the steps NRDC Acquisition will take to convert to a REIT commencing with its taxable year ending December 31, 2010. NRDC Acquisition intends to invest in, acquire, own, lease, reposition and manage a diverse portfolio of necessity-based retail properties, including, primarily, well located community and neighborhood shopping centers, anchored by national or regional supermarkets and drugstores. The new REIT also plans to acquire other retail properties, including power centers, regional malls, lifestyle centers and single-tenant retail locations, that are leased to national, regional and local tenants. Upon approval from the company’s stockholders, NRDC Acquisition will change its name to Retail Opportunity Investments Corp.