Retail Opportunity Investments Corp. entered into a Letter Agreement with Richard A. Baker which amended the existing letter agreement dated October 20, 2009 between the company and Mr. Baker. The Letter Agreement provides for Mr. Baker's transition from Executive Chairman to non-executive Chairman of the company's board of directors, effective following the company's 2012 annual meeting of stockholders to be held on May 2, 2012. On March 31, 2012, the board elected Mr. Eric S. Zorn to serve as a member of the board until the 2012 annual meeting, at which time Mr. Zorn has agreed to stand for re-election by the company's stockholders. Mr. Zorn has been appointed to the Audit Committee of the Board.