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Arden Pays a $20 Special Dividend

Arden Group, Inc. (NASDAQ: ARDNA) declared a special dividend of $20 per share. The dividend will be payable on December 18, 2012, to stockholders of record on December 3, 2012.  The special cash dividend will total approximately $61,420,000. The Company anticipates paying the special cash dividend from cash on hand. The special cash dividend is in addition to the current quarterly cash dividend.

The base price under all outstanding stock appreciation rights of the Company, including those issued to non-employee directors of the Company, is being amended and adjusted downward by $20 as of the record date for each unit of stock appreciation rights outstanding on the record date in connection with the payment of the special cash dividend.

The annual yield on the dividend is 20.4 percent.

Arden also approved a dividend of 0.25 per share. The dividend is payable on January 18, 2013 to shareholders of record on December 28, 2012.

Arden Group, Inc., through its subsidiaries, operates supermarkets in southern California.

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