DILLARD'S, INC. — Director's Dealing 2017

Jun 8, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DILLARD'S, INC. (DDS)
CIK: 0000028917
Period of Report: 2017-06-08

Reporting Person: EINHORN DAVID (10% Owner)
Reporting Person: GREENLIGHT CAPITAL INC (10% Owner)
Reporting Person: DME Advisors GP, L.L.C. (10% Owner)
Reporting Person: DME Capital Management, LP (10% Owner)
Reporting Person: DME Advisors, LP (10% Owner)
Reporting Person: Greenlight Masters, LLC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-06-08	Class A Common Stock	S	1300	$51.4960	Disposed	75900	Indirect
2017-06-08	Class A Common Stock	S	7800	$51.4960	Disposed	431300	Indirect
2017-06-08	Class A Common Stock	S	13525	$51.4960	Disposed	863917	Indirect
2017-06-08	Class A Common Stock	S	4700	$51.4960	Disposed	335700	Indirect
2017-06-08	Class A Common Stock	S	4500	$51.4960	Disposed	342000	Indirect
2017-06-08	Class A Common Stock	S	1300	$51.4960	Disposed	91230	Indirect
2017-06-08	Class A Common Stock	S	2000	$51.4960	Disposed	375300	Indirect

Footnotes

F1: David Einhorn is the president of Greenlight Capital, Inc. ("Greenlight Inc."), the senior manager of DME Advisors GP, LLC ("DME GP"), and the senior manager of Greenlight Masters, LLC ("Masters LLC"). DME GP is the general partner of DME Advisors, LP ("DME") and DME Capital Management, LP ("DME CM"). Mr. Einhorn may be deemed to beneficially own the securities reported herein by virtue of his positions with respect to Greenlight Inc., DME GP, and Masters LLC.

F2: The foregoing entities control the disposition and voting of shares of Class A Common Stock ("Shares") of Dillard's, Inc. (the "Issuer"), owned by the following entities: Greenlight Capital, L.P. ("GCLP"), Greenlight Capital Qualified, L.P. ("GCQP"), Greenlight Capital Offshore Partners ("GCOP"), Greenlight Capital (Gold), LP ("GGLP"), Greenlight Capital Offshore Master (Gold), Ltd. ("GGOM"), Greenlight Masters Partners ("GMP") and an account managed by DME (the "Managed Account," and, together with GCLP, GCQP, GCOP, GGLP, GGOM, Greenlight Inc., DME GP, DME, DME CM, Masters LLC and Mr. Einhorn, the "Greenlight Parties"), in the respective capacities and quantities further described in the footnotes below.

F3: Pursuant to Rule 16a-1 under the Securities Exchange Act of 1934, as amended (the "Act"), the Greenlight Parties disclaim beneficial ownership of the Shares except to the extent of their respective pecuniary interests therein. The filing of this Form 3 shall not be construed as an admission that any of the Greenlight Parties is or was for the purposes of Section 16(a) of the Act, or otherwise, the beneficial owner of any of the Shares owned by GCLP, GCQP, GCOP, GGLP, GGOM, GMP or the Managed Account.

F4: Greenlight Inc. controls the voting and disposition of 75,900 Shares held for the account of GCLP, of which Greenlight Inc. acts as investment manager.

F5: Greenlight Inc. controls the voting and disposition of 431,300 Shares held for the account of GCQP, of which Greenlight Inc. acts as investment manager.

F6: Greenlight Inc. controls the voting and disposition of 863,917 Shares held for the account of GCOP, of which Greenlight Inc. acts as investment manager.

F7: DME CM controls the voting and disposition of 335,700 Shares held for the account of GGLP, of which DME CM acts as investment manager.

F8: DME CM controls the voting and disposition of 342,000 Shares held for the account of GGOM, of which DME CM acts as investment manager.

F9: Masters LLC controls the voting and disposition of 91,230 Shares held for the account of GMP, of which Masters LLC acts as general manager.

F10: DME controls the voting and disposition of 375,300 Shares held for the account of the Managed Account, for which DME serves as the investment manager.