<SUBMISSION>
<ACCESSION-NUMBER>0000950123-05-007763
<TYPE>S-1/A
<PUBLIC-DOCUMENT-COUNT>31
<FILING-DATE>20050627
<DATE-OF-FILING-DATE-CHANGE>20050624
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>DSW Inc.
<CIK>0001319947
<ASSIGNED-SIC>5661
<IRS-NUMBER>310746639
<STATE-OF-INCORPORATION>OH
<FISCAL-YEAR-END>0129
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-1/A
<ACT>33
<FILE-NUMBER>333-123289
<FILM-NUMBER>05916187
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>4150 EAST 5TH AVENUE
<CITY>COLUMBUS
<STATE>OH
<ZIP>43219
<PHONE>(614) 237-7100
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>4150 EAST 5TH AVENUE
<CITY>COLUMBUS
<STATE>OH
<ZIP>43219
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>S-1/A
<SEQUENCE>1
<FILENAME>x06593a4sv1za.htm
<DESCRIPTION>AMENDMENT #4 TO S-1: DSW INC.
<TEXT>
<HTML>
<HEAD>
<TITLE>AMENDMENT #4 TO S-1: DSW INC.</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 10pt;">
<B>As filed with the Securities and Exchange Commission on
June&nbsp;27, 2005</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="right" style="font-size: 10pt;">
<B>Registration No.&nbsp;333-123289</B>
</DIV>

<DIV align="center" style="font-size: 6pt;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 4pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>AMENDMENT NO.&nbsp;4 TO</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 18pt;">
<B>FORM S-1</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>REGISTRATION STATEMENT</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>UNDER</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DSW INC.</B>
</DIV>

<DIV align="center" style="font-size: 8pt;">
<I>(Exact name of registrant as specified in its charter)</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="34%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B>Ohio</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <B>5661</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <B>31-0746639</B></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <I>(State or Other Jurisdiction of<BR>
    Incorporation or Organization)</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <I>(Primary Standard Industrial<BR>
    Classification Code Number)</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <I>(I.R.S. Employer<BR>
    Identification No.)</I></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4150 East
5<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>
Avenue</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Columbus, Ohio 43219</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>(614)&nbsp;237-7100</B>
</DIV>

<DIV align="center" style="font-size: 8pt;">
<I>(Address, Including Zip Code, and Telephone Number,</I>
</DIV>

<DIV align="center" style="font-size: 8pt;">
<I>Including Area Code, of Registrant&#146;s Principal Executive
Offices)</I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Julia A. Davis</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>General Counsel</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>3241 Westerville Road</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Columbus, Ohio 43224</B>
</DIV>

<DIV align="center" style="font-size: 8pt;">
<I>(Name, Address, Including Zip Code, and Telephone</I>
</DIV>

<DIV align="center" style="font-size: 8pt;">
<I>Number, Including Area Code, of Agent For Service)</I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 8pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>Copies to:</I></B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="55%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B>Robert M. Chilstrom<BR>
    Skadden, Arps, Slate, Meagher &#38; Flom LLP<BR>
    Four Times Square<BR>
    New York, New York 10036-6522<BR>
    (212)&nbsp;735-3000</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    <B>Steven J. Slutzky<BR>
    Debevoise &#38; Plimpton LLP<BR>
    919 Third Avenue<BR>
    New York, New York 10022<BR>
    (212)&nbsp;909-6000</B></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 3pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 26%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Approximate date of commencement of proposed sale to the
public:</B> As soon as practicable after the effective date of
this registration statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If any of the securities being registered on this form are to be
offered on a delayed or continuous basis pursuant to
Rule&nbsp;415 under the Securities Act of 1933, check the
following
box.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If this form is filed to register additional securities for an
offering pursuant to Rule&nbsp;462(b) under the Securities Act,
check the following box and list the Securities Act registration
statement number of earlier effective registration statement for
the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If this form is a post-effective amendment filed pursuant to
Rule&nbsp;462(c) under the Securities Act, check the following
box and list the Securities Act registration statement number of
the earlier effective registration statement for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If this form is a post-effective amendment filed pursuant to
Rule&nbsp;462(d) under the Securities Act, check the following
box and list the Securities Act registration statement number of
the earlier effective registration statement for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If delivery of the prospectus is expected to be made pursuant to
Rule&nbsp;434, please check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>The Registrant hereby amends this Registration Statement on
such date or dates as may be necessary to delay its effective
date until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall
thereafter become effective in accordance with Section&nbsp;8(a)
of the Securities Act of 1933 or until the Registration
Statement shall become effective on such date as the Commission,
acting pursuant to said Section&nbsp;8(a), may determine.</B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 10pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 4pt;">
<DIV style="width: 100%; border-top: 2.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<TABLE width="100%" cellpadding="5" style="border: 3pt double #000000; margin-bottom: 6pt; font-size: 10pt"><TR><TD>
<B><FONT style="font-size: 8pt" color="#E8112D" face="helvetica,arial">The
information in this prospectus is not complete and may be
changed. We may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is
effective. This prospectus is not an offer to sell these
securities, and we are not soliciting offers to buy these
securities, in any state or jurisdiction where the offer or sale
is not permitted.
</FONT></B>
</TD></TR></TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 1pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<FONT color="#E8112D">Subject to completion,
dated&nbsp;June&nbsp;27, 2005.
</FONT>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
PROSPECTUS
</DIV>

<DIV align="center" style="font-size: 16pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
14,062,500&nbsp;Shares
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<IMG src="x06593a4x0659301.gif" alt="(DSW LOGO)">
</DIV>

<DIV align="center" style="font-size: 16pt; margin-top: 4pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Class&nbsp;A Common Shares
</DIV>

<DIV align="left" style="font-size: 3pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
This is our initial public offering of Class&nbsp;A Common
Shares. We are offering 14,062,500&nbsp;shares. No public market
currently exists for our shares.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
We have two classes of authorized Common Shares, Class&nbsp;A
Common Shares, which are offered hereby, and Class&nbsp;B Common
Shares, all of which are owned by Retail Ventures, Inc., or
Retail Ventures, a New York Stock Exchange listed public
company. Holders of Class&nbsp;A Common Shares generally have
identical rights to holders of Class&nbsp;B Common Shares,
except that holders of Class&nbsp;A Common Shares are entitled
to one vote per share on all matters to be voted on by
shareholders, while holders of Class&nbsp;B Common Shares are
entitled to eight votes per share on all matters to be voted on
by shareholders, voting together with the holders of the
Class&nbsp;A Common Shares as a single class.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Prior to this offering, Retail Ventures owned all our capital
stock. Upon completion of this offering, without giving effect
to any exercise of the underwriters&#146; option to purchase
additional shares, Retail Ventures will own all our outstanding
Class&nbsp;B Common Shares, which will represent approximately
66.2% of our outstanding Common Shares, and approximately 94.0%
of the combined voting power of our outstanding Common Shares.
After this offering, Retail Ventures will continue to control us.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Our Class&nbsp;A Common Shares have been approved for listing on
the New York Stock Exchange under the symbol &#147;DSW.&#148; We
currently expect that the initial public offering price will be
between $15.00 and $17.00 per share.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Investing in our Class&nbsp;A Common Shares involves risks.
See &#147;Risk Factors&#148; beginning on page&nbsp;9.</I>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>

<TR style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap>Per Share</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap>Total</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Public offering price</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Underwriting discounts</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proceeds to DSW Inc. (before expenses)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
We have granted the underwriters a 30-day option to purchase up
to an aggregate of 2,109,375 additional Class&nbsp;A Common
Shares from us at the public offering price less the
underwriting discount if the underwriters sell more than
14,062,500&nbsp;Class&nbsp;A Common Shares.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these
securities or determined if this prospectus is accurate or
complete. Any representation to the contrary is a criminal
offense.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Lehman Brothers Inc., on behalf of the underwriters, expects to
deliver the Class&nbsp;A Common Shares on or
about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005.
</DIV>

<DIV align="left" style="font-size: 3pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><FONT style="font-variant:SMALL-CAPS">Lehman
Brothers</FONT></B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 22%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 16pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B> Goldman, Sachs &#38; Co.</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 16pt;">

<TR>
    <TD width="19%"></TD>
    <TD width="81%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B> CIBC World Markets</B></TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt;">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 16pt;">

<TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B> Johnson Rice &#38; Company L.L.C.</B></TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt;">

</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 15pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<IMG src="x06593a4x0659306.gif" alt="(Logo)">
<!-- PAGEBREAK -->
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<DIV align="left" style="font-size: 10pt;">

</DIV>

<DIV align="left" style="font-size: 10pt;">
<!-- TOC -->
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>TABLE OF CONTENTS</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Page</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#101'>PROSPECTUS SUMMARY</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#102'>RISK FACTORS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#103'>FORWARD-LOOKING STATEMENTS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#104'>USE OF PROCEEDS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#105'>DIVIDEND POLICY</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>24</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#106'>CAPITALIZATION</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#107'>DILUTION</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#108'>UNAUDITED PRO FORMA CONDENSED CONSOLIDATED
    FINANCIAL DATA</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>27</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#109'>SELECTED CONSOLIDATED FINANCIAL AND
    OPERATING DATA</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#110'>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS
    OF FINANCIAL CONDITION AND<BR>
    RESULTS OF OPERATIONS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>33</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#111'>BUSINESS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#112'>MANAGEMENT</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>64</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#113'>THE TRANSACTIONS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>81</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#114'>CERTAIN RELATIONSHIPS AND RELATED PARTY
    TRANSACTIONS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>82</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#115'>PRINCIPAL SHAREHOLDERS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>95</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#116'>DESCRIPTION OF INDEBTEDNESS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>97</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#117'>DESCRIPTION OF CAPITAL STOCK</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>101</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#118'>SHARES ELIGIBLE FOR FUTURE SALE</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>105</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#119'>MATERIAL U.S. FEDERAL INCOME AND ESTATE TAX
    CONSEQUENCES</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>107</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#120'>UNDERWRITING</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>109</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#121'>LEGAL MATTERS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>113</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#122'>EXPERTS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>113</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#123'>WHERE YOU CAN FIND MORE INFORMATION</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>113</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#124'>INDEX TO CONSOLIDATED FINANCIAL
    STATEMENTS</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x06593a4exv1w1.txt">EX-1.1: UNDERWRITING AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x06593a4exv4w3.txt">EX-4.3: FORM OF REGISTRATION RIGHTS AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x06593a4exv5w1.htm">EX-5.1: OPINION OF VORYS, SATER, SEYMOUR AND PEASE LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x06593a4exv8w1.txt">EX-8.1: OPINION OF SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x06593a4exv10w11.txt">FORM OF LOAN AND SECURITY AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x06593a4exv10w12w5.txt">EX-10.12.5: FORM OF AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x06593a4exv10w13w4.txt">EX-10.13.4: FORM OF FOURTH AMENDMENT TO FINANCING AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x06593a4exv10w14w4.txt">EX-10.14.4: FORM OF SECOND AMENDED AND RESTATED SENIOR LOAN AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x06593a4exv10w17.txt">EX-10.17: FORM OF CONVERSION WARRANT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x06593a4exv10w18.txt">EX-10.18: FORM OF TERM LOAN WARRANT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x06593a4exv10w23.txt">EX-10.23: FORM OF DSW INC. 2005 EQUITY INCENTIVE PLAN</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x06593a4exv10w24.txt">EX-10.24: FORM OF DSW INC. 2005 CASH INCENTIVE COMPENSATION PLAN</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x06593a4exv10w24w1.txt">EX-10.24.1: FORM OF RESTRICTED STOCK UNITS AWARD AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x06593a4exv10w24w2.txt">EX-10.24.2: FORM OF STOCK UNITS FOR AUTOMATIC GRANTS TO NON-EMPLOYEE DIRECTORS</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x06593a4exv10w24w3.txt">EX-10.24.3: FORM OF STOCK UNITS FOR COMVERSION OF NON-EMPLOYEE DIRECTORS' CASH RETAINER</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x06593a4exv10w24w4.txt">EX-10.24.4: FORM OF NON-EMPLOYEE DIRECTORS' CASH RETAINER DEFERRAL ELECTION FORM</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x06593a4exv10w24w5.txt">EX-10.24.5: FORM OF NONQUALIFIED STOCK OPTION AWARD AGREEMENT FOR CONSULTANTS</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x06593a4exv10w24w6.txt">EX-10.24.5: FORM OF NONQUALIFIED STOCK OPTION AWARD AGREEMENT FOR EMPLOYEES</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x06593a4exv10w25.txt">EX-10.25: FORM OF MASTER SEPARATION AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x06593a4exv10w26.txt">EX-10.26: FORM OF SHARED SERVICES AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x06593a4exv10w43w1.htm">EX-10.43.1: LICENSE AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x06593a4exv10w44.txt">EX-10.44: FORM OF INDEMNIFICATION AGREEMENT</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="x06593a4exv23w1.txt">EX-23.1: CONSENT OF DELOITTE & TOUCHE LLP</A></FONT></TD></TR>
</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt;">
<!-- /TOC -->
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Until &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005 (25&nbsp;days after the commencement of this offering), all
dealers effecting transactions in our Class&nbsp;A Common
Shares, whether or not participating in this offering, may be
required to deliver a prospectus. This is in addition to the
dealers&#146; obligations to deliver a prospectus when acting as
underwriters and with respect to their unsold allotments or
subscriptions.
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ABOUT THIS PROSPECTUS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In making your investment decision, you should rely only on the
information contained in this prospectus. We have not, and the
underwriters have not, authorized any other person to provide
you with different information. If anyone provides you with
different or inconsistent information, you should not rely on
it. We are not, and the underwriters are not, making an offer to
sell these securities in any jurisdiction where an offer or sale
is not permitted. You should assume that the information
appearing in this prospectus is accurate as of the date on the
front cover of this prospectus only. Our business, financial
condition, results of operations and prospects may have changed
since that date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The market share and industry data disclosed under
&#147;Business&nbsp;&#151; Industry Overview and
Competition&#148; in this prospectus have been obtained from NPD
Fashionworld&#174;, a division of NPD Group, Inc.
</DIV>

<P align="center" style="font-size: 10pt;">

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="left" style="font-size: 10pt;">
<A name='101'></A>
</DIV>

<!-- link1 "PROSPECTUS SUMMARY" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PROSPECTUS SUMMARY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This summary highlights the material information regarding this
offering contained elsewhere in this prospectus. This summary
does not contain all the information you should consider before
investing in our Class&nbsp;A Common Shares. Before investing in
our Class&nbsp;A Common Shares, you should read this entire
prospectus carefully, including the &#147;Risk Factors&#148; and
&#147;Forward-Looking Statements&#148; sections and the
consolidated financial statements and notes to those
consolidated financial statements beginning on page&nbsp;F-1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In this prospectus, our fiscal years ended February&nbsp;3,
2001, February&nbsp;2, 2002, February&nbsp;1, 2003,
January&nbsp;31, 2004 and January&nbsp;29, 2005 are referred to
as fiscal 2000, 2001, 2002, 2003 and 2004, respectively. Our
fiscal year consists of 52 or 53&nbsp;weeks and ends on the
Saturday closest to January&nbsp;31 in each year. Fiscal 2000
consisted of 53&nbsp;weeks and all other years shown consisted
of 52&nbsp;weeks. Our consolidated financial results as part of
Retail Ventures contained in this prospectus may not reflect
what our financial results would have been had we been a
stand-alone company during the periods presented.
</DIV>

<!-- link1 "OUR BUSINESS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>OUR BUSINESS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Overview</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DSW is a leading U.S. specialty branded footwear retailer
operating 177 DSW stores in 32 states as of April&nbsp;30, 2005.
We offer a wide selection of brand name and designer dress,
casual and athletic footwear for women and men. Our core focus
is to create a distinctive store experience that satisfies both
the rational and emotional shopping needs of our customers by
offering them a vast, exciting selection of in-season styles
combined with the convenience and value they desire. We believe
this combination of selection, convenience and value
differentiates us from our competitors and appeals to a broad
range of consumers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DSW allows customers to personalize their shopping experience by
offering a &#147;sea of shoes&#148; that are accessible,
easy-to-shop, and fulfill a broad range of style and fashion
desires. Typical DSW stores are approximately 25,000 square
feet, with over 85% of total square footage used as selling
space. Over 30,000 pairs of shoes in more than 2,000 styles are
displayed on the selling floor of most of our stores, compared
to a significantly smaller product offering at typical
department stores. Our stores feature self-service fixtures that
allow customers to view, touch, and try on the product without
relying on salespeople to check availability. Our locations have
clear signage, and well-trained sales associates are available
to assist customers as desired. New footwear merchandise is
organized by style on the main floor, and clearance goods are
organized by size in the rear of the store. The store layout
allows customers who do not have time for relaxed browsing to
swiftly identify the shoe styles they are seeking and shop in a
targeted, time-efficient manner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our goal is to further strengthen our position as a leading
specialty branded footwear retailer of choice in the United
States. In fiscal 2004, we generated $961.1&nbsp;million in net
sales and $56.1 million in operating profit. During the same
period, we sold over 23.7&nbsp;million pairs of shoes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Our Competitive Strengths</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that our leading market position is driven by the
following competitive strengths:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B><I>Breadth of Product Offerings.</I></B> Our goal is to
    excite our customers with a &#147;sea of shoes&#148; by offering
    the largest selection of brand name and designer merchandise of
    any footwear retailer or typical department store in the nation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B><I>Our Distinctive and Convenient Store Layout. </I></B>We
    cater to both passionate shoe enthusiasts who take pleasure in
    the &#147;thrill of the hunt&#148; and to time-constrained
    customers who know exactly what they want. All merchandise is
    displayed on the selling floor with self-service fixtures, clear
    signage and spacious aisles.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B><I>The Value Proposition Offered to Our Customers. </I></B>We
    provide our customers with high-quality, in-season fashions at
    everyday prices that we believe are competitive with the typical
    sale price found at</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt;">1

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    specialty retailers and department stores. Through our customer
    loyalty program called &#147;Reward Your Style,&#148; we offer
    additional savings to frequent shoppers.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B><I>Demonstrated Ability to Consistently Deliver Profitable
    Growth. </I></B>Over the five-fiscal-year period ended
    January&nbsp;29, 2005, our store base, net sales and operating
    profit have grown at compound annual rates of 24.3%, 31.3% and
    48.9%, respectively. In fiscal 2004, we generated
    $961.1&nbsp;million of net sales and $56.1&nbsp;million of
    operating profit, or 5.8% of net sales.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Growth Strategy</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We plan to pursue the following three strategies for growth in
sales and earnings:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B><I>Expanding Our Store Base. </I></B>We believe our retail
    concept provides substantial opportunity for expansion. Over the
    five-fiscal-year period ended January&nbsp;29, 2005, we have
    opened 115 DSW stores and plan to open approximately 30 stores
    in each fiscal year from fiscal 2005 through fiscal 2009. We
    intend, over time, to cluster stores in strategic areas to
    enhance name recognition and achieve economies of scale.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B><I>Driving Sales Through Enhanced Merchandising. </I></B>We
    intend to increase the number of customer transactions and
    average transaction value by continually refining our
    merchandise mix and undertaking other initiatives, such as
    expanding vendor relationships, increasing sales within existing
    merchandise categories and extending into related product
    categories.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <B><I>Leveraging Our Operating Model. </I></B>As we grow our
    business and fill in markets to their full potential, we believe
    we will continue to improve our profitability by leveraging our
    cost structure. We also intend to continue investing in our
    infrastructure to enhance our planning and allocation, inventory
    management, distribution and point of sale functions.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Leased Shoe Department Businesses</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of April&nbsp;30, 2005, we operated a total of 206 leased
shoe departments for three non-affiliated retailers. As of
April&nbsp;30, 2005, we also operated 25 leased shoe departments
for Filene&#146;s Basement, Inc., or Filene&#146;s Basement, a
wholly-owned subsidiary of Retail Ventures. We pay a specified
percentage of net sales as rent to these retailers. In fiscal
2004, leased shoe department sales comprised 9.4% of our total
sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>The Transactions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On or about the date of the consummation of this offering, we
intend to complete a series of related repayment and refinancing
transactions, which include the following principal components:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    We expect to be released from our obligations under the Value
    City revolving credit facility, and we expect to enter into a
    new $150 million five-year senior secured revolving credit
    facility.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    We expect to be released from our obligations under the Value
    City term loan and senior subordinated convertible loan
    facilities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    We will repay $190.0&nbsp;million of intercompany indebtedness
    incurred to fund dividends to Retail Ventures.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We refer to this series of transactions as the
&#147;Transactions.&#148; For further discussion of the
Transactions, see &#147;The Transactions.&#148; For a further
discussion of our indebtedness, see &#147;Management&#146;s
Discussion and Analysis of Financial Condition and Results of
Operations&#148; and &#147;Description of Indebtedness.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Relationship with Retail Ventures</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to the completion of this offering, we will enter into
agreements with Retail Ventures related to the separation of our
business operations from Retail Ventures, including, among
others, a master separation agreement and a shared services
agreement. Many aspects of our business which were fully managed
and controlled by us without Retail Ventures&#146; involvement
will continue to operate as they did prior to this
</DIV>
</DIV>

<P align="center" style="font-size: 10pt;">2

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<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="left" style="font-size: 10pt;">
offering. We will continue to manage operations for critical
functions such as merchandise buying, planning and allocation,
distribution and store operations. Under the shared services
agreement, which when signed will be effective as of
January&nbsp;30, 2005, we will provide services to several
subsidiaries of Retail Ventures relating to planning and
allocation support, distribution services and outbound
transportation management, site research, lease negotiation,
store design and construction management. Retail Ventures will
provide us with services relating to import administration, risk
management, information technology, tax, logistics and inbound
transportation management, legal services, financial services,
shared benefits administration and payroll and will maintain
insurance for us and for our directors, officers and employees.
We anticipate that the initial term of the shared services
agreement will expire at the end of fiscal 2007 and will be
extended automatically for additional one-year terms unless
terminated by one of the parties. We expect some of these
services to be provided for longer or shorter periods than the
initial term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Immediately following this offering, without giving effect to
any exercise of the underwriters&#146; option to purchase
additional shares, Retail Ventures will control approximately
94.0% of the voting rights associated with our Common Shares and
approximately 66.2% of the value of our Common Shares. Through
its voting control, Retail Ventures will be able to control
decisions regarding any merger, consolidation, sale of
substantially all our assets or other major corporate
transactions, without the support of any other shareholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Retail Ventures has advised us that its current intent is to
continue to hold all the Class&nbsp;B Common Shares owned by it
following this offering, except to the extent necessary to
satisfy obligations under warrants it has granted to certain of
its lenders. All the Class&nbsp;B Common Shares of DSW held by
Retail Ventures will continue to be subject to liens in favor of
these lenders, as well as a lien granted to Value City
Department Stores LLC. For further discussion of these warrant
agreements, see &#147;Management&#146;s Discussion and Analysis
of Financial Condition and Results of Operations&nbsp;&#151; The
DSW Separation,&#148; &#147;Certain Relationships and Related
Party Transactions&nbsp;&#151; Notes, Credit Agreements and
Guarantees&#148; and &#147;Description of Indebtedness.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Retail Ventures will be subject to (a)&nbsp;contractual
obligations with its lenders to retain ownership of at least 55%
by value of the Common Shares of DSW for so long as the Value
City convertible loan facility remains outstanding and
(b)&nbsp;contractual obligations with its warrantholders to
retain enough DSW Common Shares to be able to satisfy its
obligations to deliver such shares to its warrantholders if the
warrantholders elect to exercise their warrants in full for DSW
Class&nbsp;A Common Shares. For purposes of determining Retail
Ventures&#146; ownership interest in DSW, DSW Common Shares
transferred by Retail Ventures to the warrantholders upon
exercise of their warrants will not be subtracted from Retail
Ventures&#146; ownership. In addition, Retail Ventures has
agreed not to sell or otherwise dispose of any of our Common
Shares for a period of 180&nbsp;days after the date of this
prospectus without the prior written consent of Lehman Brothers
Inc. on behalf of the underwriters. See
&#147;Underwriting.&#148; There can be no assurance concerning
the period of time during which Retail Ventures will maintain
its ownership of our Common Shares following this offering. For
a further discussion of the ongoing relationships between us and
Retail Ventures, and the risks relating to our relationship with
and separation from Retail Ventures, see &#147;Risk
Factors&nbsp;&#151; Risks Relating to our Business&#148; and
&#147;Risks Relating to our Relationship with and Separation
From Retail Ventures&#148; and &#147;Certain Relationships and
Related Party Transactions&nbsp;&#151; Relationships Between Our
Company and Retail Ventures.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Our Corporate Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We were incorporated on January&nbsp;20, 1969. We opened our
first DSW store in Dublin, Ohio in July 1991. In 1998, Value
City Department Stores, Inc. purchased DSW and affiliated shoe
businesses from Schottenstein Stores Corporation, or SSC, and
Nacht Management, Inc. In December 2004, Retail Ventures
completed a corporate reorganization whereby Value City
Department Stores, Inc., a wholly-owned subsidiary of Retail
Ventures, merged with and into Value City Department Stores LLC,
or Value City, another wholly-owned subsidiary of Retail
Ventures. In turn, Value City transferred all the issued and
outstanding shares of DSW to Retail Ventures in exchange for a
promissory note. In February 2005, we changed our name from
Shonac Corporation to DSW Inc.
</DIV>
</DIV>

<P align="center" style="font-size: 10pt;">3

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<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our principal executive offices are located at 4150 East 5th
Avenue, Columbus, Ohio 43219. Our telephone number at that
address is (614)&nbsp;237-7100. Our website address is
http://www.dswshoe.com. Information on our website is provided
for informational purposes only and should not be considered to
be part of, or incorporated by reference in, this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Recent Developments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>Results of Operations</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net sales for the four week period ended May&nbsp;28, 2005
increased by $12.7&nbsp;million, or 14.5%, to
$100.5&nbsp;million from $87.8&nbsp;million for the four week
period ended May&nbsp;29, 2004. Total comparable stores sales
increased 0.2% for the same period.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net sales for the thirteen week period ended April&nbsp;30, 2005
increased by $49.2&nbsp;million, or 21.2%, to
$281.8&nbsp;million from $232.6&nbsp;million for the thirteen
week period ended May&nbsp;1, 2004. Total comparable stores
sales increased 4.4% for the same period.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<I>The Theft of Customer Purchase Information</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On March&nbsp;8, 2005, we announced that we had learned of the
theft of credit card and other purchase information. On
April&nbsp;18, 2005, we issued the findings from our
investigation into the theft. The theft took place primarily
over two weeks and covered all customers who made purchases at
108 DSW stores, primarily during a three-month period from
mid-November 2004 to mid-February 2005. Transaction information
involving approximately 1.4&nbsp;million credit cards was
obtained. For each card, the stolen information included credit
card or debit card numbers, name and transaction amount. In
addition, data from transactions involving approximately
96,000&nbsp;checks were stolen. In these cases, checking account
numbers and driver&#146;s license numbers were obtained.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have contacted and are cooperating with federal law
enforcement and other authorities with regard to this matter. In
addition, we are working with a leading computer security firm
to minimize the risk of any further data theft. To mitigate
potential negative effects on our business and financial
performance, we have been working with credit card companies and
issuers and trying to contact as many of our affected customers
as possible. On June&nbsp;6, 2005, the Ohio Attorney General
brought an action seeking to require us to notify all customers
affected who have not thus far been notified by us. There can be
no assurance that there will not be additional proceedings or
claims brought against us in the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of April&nbsp;30, 2005, we estimate that the potential
exposures for losses related to this theft range from
approximately $6.5&nbsp;million to approximately
$9.5&nbsp;million. Because of many factors, including the early
development of information regarding the theft and
recoverability under insurance policies, there is no amount in
the estimated range that represents a better estimate than any
other amount in the range. Therefore, in accordance with
Financial Accounting Standard No.&nbsp;5, &#147;Accounting for
Contingencies,&#148; we have accrued a charge to operations in
the first quarter of fiscal 2005 equal to the low end of the
range set forth above, or $6.5&nbsp;million. As the situation
develops and more information becomes available to us, the
amount of the reserve may increase or decrease accordingly. The
amount of any such change may be material.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We do not yet know what effect this incident may have on our
customers&#146; perception of us. Since the announcement of the
theft, we have not discerned any negative effect on comparable
store sales trends after accounting for the shifting Easter
holiday. However, given the short time period involved, these
recent trends may not be indicative of the long-term effects of
the incident.
</DIV>
</DIV>

<P align="center" style="font-size: 10pt;">4

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<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<!-- link1 "OUR CORPORATE STRUCTURE" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>OUR CORPORATE STRUCTURE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following diagram sets forth our corporate structure as of
the date of this prospectus, after giving effect to the
Transactions and this offering.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<IMG src="x06593a4x0659303.gif" alt="(CHART)">
</DIV>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Approximately 49.6% before accounting for the effects of
    dilution.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Immediately following this offering, holders of Class&nbsp;A
    Common Shares will own approximately 33.8% of our outstanding
    Common Shares and 6.0% of the combined voting power of our
    outstanding Common Shares (approximately 37.0% of our
    outstanding Common Shares and 6.8% of the combined voting power
    of our outstanding Common Shares if the underwriters exercise
    their option to purchase additional shares in full).</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    Immediately following this offering, Retail Ventures, which will
    hold 100% of our Class&nbsp;B Common Shares, will own
    approximately 66.2% of our outstanding Common Shares and 94.0%
    of the combined voting power of our outstanding Common Shares
    (approximately 63.0% of our outstanding Common Shares and 93.2%
    of the combined voting power of our outstanding Common Shares if
    the underwriters exercise their option to purchase additional
    shares in full).</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt;">5

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<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<!-- link1 "THE OFFERING" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>THE OFFERING</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt;">

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Class&nbsp;A Common Shares offered by us in this offering</B></TD>
    <TD></TD>
    <TD valign="top">
    14,062,500&nbsp;shares</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B>Common Shares outstanding after this offering:</B></TD>
    <TD></TD>
    <TD valign="top">
</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class&nbsp;A Common Shares</B></TD>
    <TD></TD>
    <TD valign="top">
    14,162,500&nbsp;shares</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class&nbsp;B Common Shares</B></TD>
    <TD></TD>
    <TD valign="top">
    27,702,667&nbsp;shares</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</B></TD>
    <TD></TD>
    <TD valign="top">
    41,865,167&nbsp;shares</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B>Use of proceeds</B></TD>
    <TD></TD>
    <TD valign="top">
    We intend to use the net proceeds of this offering to repay
    $190.0&nbsp;million of intercompany indebtedness owed to Retail
    Ventures and for working capital and other general corporate
    purposes. The intercompany indebtedness was incurred to fund
    dividends to Retail Ventures.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B>Dividend policy</B></TD>
    <TD></TD>
    <TD valign="top">
    We do not anticipate paying cash dividends on our Common Shares
    in the foreseeable future.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B>Voting rights</B></TD>
    <TD></TD>
    <TD valign="top">
    Holders of Class&nbsp;A Common Shares are entitled to one vote
    per share on all matters to be voted on by shareholders, while
    holders of Class&nbsp;B Common Shares are entitled to eight
    votes per share on all matters to be voted on by shareholders,
    voting together with the holders of the Class&nbsp;A Common
    Shares as a single class. Immediately following completion of
    this offering, Retail Ventures will own all our outstanding
    Class B Common Shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B>Proposed New York Stock Exchange symbol</B></TD>
    <TD></TD>
    <TD valign="top">
    Our Class&nbsp;A Common Shares have been approved for listing on
    the New York Stock Exchange under the symbol &#147;DSW.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B>Risk factors</B></TD>
    <TD></TD>
    <TD valign="top">
    See &#147;Risk Factors&#148; and other information included in
    this prospectus for a discussion of factors you should consider
    carefully before investing in our Class&nbsp;A Common Shares.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless we specifically state otherwise, all information in this
prospectus:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    assumes that the underwriters do not exercise their option to
    purchase additional shares. If the underwriters exercise their
    option to purchase additional shares in full, immediately
    following this offering, 16,271,875&nbsp;Class&nbsp;A Common
    Shares and 27,702,667&nbsp;Class&nbsp;B Common Shares will be
    outstanding, and Retail Ventures will own approximately 63.0% of
    our outstanding Common Shares and will control 93.2% of the
    combined voting power of our outstanding Common Shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    assumes that the initial public offering price is
    $16.00&nbsp;per share, the midpoint of the estimated offering
    price range shown on the cover page of this prospectus;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    gives effect to the amendment of our articles of incorporation
    prior to the consummation of this offering, pursuant to which
    the 410.09 outstanding common shares of DSW were changed into
    27,702,667&nbsp;Class&nbsp;B Common Shares of DSW; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    assumes that the number of shares that will be outstanding
    immediately following this offering excludes up to 900,000
    registered Class&nbsp;A Common Shares subject to employee stock
    options exercisable at a price per share equal to the initial
    public offering price per share and includes
    100,000&nbsp;restricted Class&nbsp;A Common Shares and stock
    units issued at a price per share equal to the initial public
    offering price per share. We expect to issue these stock
    options, restricted shares and stock units immediately following
    the pricing of but prior to the consummation of this offering;
    however, these stock option, restricted share and stock unit
    issuances remain subject to approval by <BR>
     the DSW board of directors prior to the consummation of this
    offering.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt;">6

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SUMMARY CONSOLIDATED HISTORICAL AND PRO FORMA FINANCIAL
INFORMATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We present below summary historical and pro forma financial
data. The following summary historical financial data
(i)&nbsp;as of January&nbsp;29, 2005 and January&nbsp;31, 2004,
and for each of fiscal years 2002, 2003 and 2004, were derived
from our audited historical consolidated financial statements
included elsewhere in this prospectus, (ii)&nbsp;as of
April&nbsp;30, 2005 and for the thirteen week periods ended
April&nbsp;30, 2005, and May&nbsp;1, 2004, were derived from our
unaudited condensed consolidated financial statements included
elsewhere in this prospectus, (iii)&nbsp;as of May&nbsp;1, 2004
were derived from our unaudited consolidated financial
statements not included herein and (iv)&nbsp;as of
February&nbsp;1, 2003 were derived from our audited consolidated
financial statements not included herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The summary unaudited pro forma condensed consolidated financial
data presented below were derived by the application of pro
forma adjustments to our historical consolidated financial
statements included elsewhere in this prospectus. The pro forma
adjustments are based upon available information and assumptions
that we believe are reasonable and do not give effect to any
transactions other than those described in the bullet points
below. The unaudited pro forma condensed consolidated financial
data for the fiscal year ended January&nbsp;29, 2005 and the
thirteen week period ended April&nbsp;30, 2005 assume that each
of the following items had occurred on February&nbsp;1, 2004.
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the consummation of this offering;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the incurrence of $25.0&nbsp;million of additional intercompany
    indebtedness incurred to fund a dividend to Retail Ventures, for
    total intercompany indebtedness incurred during the period of
    $190.0&nbsp;million;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the repayment of $190.0&nbsp;million of intercompany
    indebtedness incurred to fund dividends to Retail Ventures and
    $2.7&nbsp;million of accrued interest related thereto, and the
    application of net proceeds as set forth under &#147;Use of
    Proceeds&#148;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the completion of the Transactions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the reallocation of shoe warehousing and distribution costs
    allocated to the leased shoe departments of Value City, using
    the allocation parameters set forth in the shared services
    agreement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the incurrence of additional estimated operating expenses,
    including the reallocation of corporate department charges
    between Retail Ventures and DSW and the net cost of services to
    be provided under the shared services agreement.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The unaudited pro forma condensed consolidated financial data do
not purport to (i)&nbsp;represent what net income actually would
have been had we been a stand-alone company during the periods
presented and had this offering occurred as of the dates
indicated or (ii)&nbsp;project our net income for any period.
The following data are presented for informational purposes only
and should be read in conjunction with &#147;Risk Factors,&#148;
&#147;Capitalization,&#148; &#147;Unaudited Pro Forma Condensed
Consolidated Financial Data,&#148; &#147;Management&#146;s
Discussion and Analysis of Financial Condition and Results of
Operations,&#148; &#147;The Transactions&#148; and with our
audited consolidated financial statements and notes thereto and
our unaudited interim consolidated financial statements, all
included elsewhere in this prospectus.
</DIV>
</DIV>

<P align="center" style="font-size: 10pt;">7

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<!-- link1 "SUMMARY CONSOLIDATED HISTORICAL AND PRO FORMA FINANCIAL AND OPERATING DATA" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SUMMARY CONSOLIDATED HISTORICAL AND</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>PRO FORMA FINANCIAL AND OPERATING DATA</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>For the Thirteen Week</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>For the Fiscal Year Ended</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Period Ended</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2/1/03</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>1/31/04</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>1/29/05</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>5/1/04</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>4/30/05</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(Unaudited)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(Unaudited)</B></TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap><B>(Dollars in thousands except net sales per average gross square foot)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Statement of Income Data:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net
    sales<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>644,345</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>791,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>961,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>232,559</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>281,806</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Gross profit</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>158,756</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>202,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>270,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>67,587</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>82,798</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating
    profit<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>17,781</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>28,053</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>56,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>13,805</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15,053</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net
    income<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>14,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>34,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,980</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Pro forma net
    income<SUP style="font-size: 85%; vertical-align: text-top">(2)(3)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>32,208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,326</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Balance Sheet Data:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>295,703</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>291,184</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>395,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>319,919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>407,115</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Working
    capital<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>87,141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>103,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>138,919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>123,923</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>151,715</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Current
    ratio<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Long term
    obligations<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>54,116</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>35,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>55,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>45,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>205,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Other Data:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Number of DSW stores at end of
    period<SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>172</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>151</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>177</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    DSW store square footage added
    <SUP style="font-size: 85%; vertical-align: text-top">(8)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>584,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>386,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>835,020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>251,637</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>181,371</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Average gross square
    footage<SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,912,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,364,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,010,245</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,704,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,440,123</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net sales per average gross sq.
    ft.<SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>57</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Number of leased shoe departments at end of period</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>224</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>172</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>231</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total comparable store sales
    change<SUP style="font-size: 85%; vertical-align: text-top">(11)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.1</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5.9</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4.4</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Includes net sales of leased shoe departments.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Actual and pro forma results for the thirteen week period ended
    April&nbsp;30, 2005 include a $6.5&nbsp;million pre-tax charge
    and a $3.9&nbsp;million after-tax charge in operating profit and
    net income, respectively, related to the reserve for estimated
    losses associated with the theft of credit card and other
    purchase information.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    Gives pro forma effect to the after-tax impact of the six
    adjustments presented in the bullet points above and the
    footnotes to the tables entitled &#147;Unaudited Pro Forma
    Condensed Consolidated Statement of Income.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(4)&nbsp;</TD>
    <TD align="left">
    Working capital represents current assets less current
    liabilities.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(5)&nbsp;</TD>
    <TD align="left">
    Current ratio represents current assets divided by current
    liabilities.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(6)&nbsp;</TD>
    <TD align="left">
    Comprised of borrowings under the Value City revolving credit
    facility, except for the amounts outstanding as of
    April&nbsp;30, 2005, which also include $165.0&nbsp;million of
    intercompany indebtedness incurred to fund a dividend to Retail
    Ventures. We expect to repay this intercompany indebtedness with
    the net proceeds of this offering.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(7)&nbsp;</TD>
    <TD align="left">
    Number of DSW stores for each period presented prior to the
    first quarter of fiscal 2005 includes two combination
    DSW/Filene&#146;s Basement stores which were re-categorized as
    leased shoe departments in the first quarter of fiscal 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(8)&nbsp;</TD>
    <TD align="left">
    DSW square footage added represents the total amount of square
    footage added during the period attributable to new store
    openings for DSW stores only; it does not reflect changes in
    square footage of leased shoe departments.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(9)&nbsp;</TD>
    <TD align="left">
    Average gross square footage represents the monthly average of
    square feet for DSW stores only for each period presented and
    consequently reflects the effect of opening stores in different
    months throughout the period.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>(10)&nbsp;</TD>
    <TD align="left">
    Net sales per average gross square foot is the result of
    dividing net sales for DSW stores only for the period presented
    by average gross square footage calculated as described in
    footnote&nbsp;8 above.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(11)&nbsp;</TD>
    <TD align="left">
    Comparable DSW stores and comparable leased shoe departments are
    those units that have been in operation for at least
    14&nbsp;months at the beginning of the fiscal year. Stores or
    leased shoe departments, as the case may be, are added to the
    comparable base at the beginning of the year and are dropped for
    comparative purposes in the month that they are closed.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt;">8

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='102'></A>
</DIV>

<!-- link1 "RISK FACTORS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>RISK FACTORS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Investing in our Class&nbsp;A Common Shares involves a high
degree of risk. You should carefully consider the following
factors, as well as other information contained in this
prospectus, before deciding to invest in our Class&nbsp;A Common
Shares. If any of the following risks actually occurs, our
business, financial condition, operating results or cash flow
could suffer materially and adversely. In this case, the trading
price of our Class&nbsp;A Common Shares could decline, and you
could lose all or part of your investment.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Risks Relating to Our Business</B>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We intend to open new DSW stores at an increased rate
    compared to historical years, which could strain our resources
    and have a material adverse effect on our business and financial
    performance.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our continued and future growth largely depends on our ability
to successfully open and operate new DSW stores on a profitable
basis. During fiscal 2004, fiscal 2003 and fiscal 2002, we
opened 30 (net of one store closing during that period), 16 and
22&nbsp;new DSW stores, respectively. We intend to open
approximately 30 stores per year in each fiscal year from fiscal
2005 through fiscal 2009. As of April&nbsp;30, 2005, we have
opened seven new stores in fiscal 2005 and have signed leases
for an additional 22 stores and one store relocation. During
fiscal 2004, the average investment required to open a typical
new DSW store was approximately $1.7&nbsp;million. This
continued expansion could place increased demands on our
financial, managerial, operational and administrative resources.
For example, our planned expansion will require us to increase
continually the number of people we employ as well as to monitor
and upgrade our management information and other systems and our
distribution facilities. These increased demands and operating
complexities could cause us to operate our business less
efficiently, adversely affect our operations and financial
performance and slow our growth.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We may be unable to open all the stores contemplated by
    our growth strategy on a timely basis, and new stores we open
    may not be profitable or may have an adverse impact on the
    profitability of existing stores, either of which could have a
    material adverse effect on our business, financial condition and
    results of operations.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We intend to open approximately 30 stores per year in each
fiscal year from fiscal 2005 through fiscal 2009. However, we
may not achieve our planned expansion on a timely and profitable
basis or achieve results in new locations similar to those
achieved in existing locations in prior periods. Our ability to
open and operate new DSW stores successfully on a timely and
profitable basis depends on many factors, including, among
others, our ability to:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    identify suitable markets and sites for new store locations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    negotiate favorable lease terms;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    build-out or refurbish sites on a timely and effective basis;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    obtain sufficient levels of inventory to meet the needs of new
    stores;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    obtain sufficient financing and capital resources or generate
    sufficient cash flows from operations to fund growth;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    open new stores at costs not significantly greater than those
    anticipated;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    successfully open new DSW stores in regions of the United States
    in which we currently have few or no stores;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    control the costs of other capital investments associated with
    store openings, including, for example, those related to the
    expansion of distribution facilities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    hire, train and retain qualified managers and store personnel;
    and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    successfully integrate new stores into our existing
    infrastructure, operations and management and distribution
    systems or adapt such infrastructure, operations and systems to
    accommodate our growth.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">9

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As a result, we may be unable to open new stores at the rates
expected or at all. If we fail to successfully implement our
growth strategy, the opening of new DSW stores could be delayed
or prevented, could cost more than anticipated and could divert
resources from other areas of our business, any of which could
have a material adverse effect on our business, financial
condition and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To the extent that we open new DSW stores in our existing
markets, we may experience reduced net sales in existing stores
in those markets. As the number of our stores increases, our
stores will become more concentrated in the markets we serve. As
a result, the number of customers and financial performance of
individual stores may decline and the average sales per square
foot at our stores may be reduced. This could have a material
adverse effect on our business, financial condition and results
of operations.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We rely on our good relationships with vendors to purchase
    brand name and designer merchandise at favorable prices. If
    these relationships were to be impaired, we may not be able to
    obtain a sufficient selection of merchandise at attractive
    prices, and we may not be able to respond promptly to changing
    fashion trends, either of which could have a negative impact on
    our competitive position, our business and financial
    performance.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We do not have long-term supply agreements or exclusive
arrangements with any vendors and, therefore, our success
depends on maintaining good relations with our vendors. Our
growth strategy depends to a significant extent on the
willingness and ability of our vendors to supply us with
sufficient inventory to stock our new stores. If we fail to
strengthen our relations with our existing vendors or to enhance
the quality of merchandise they supply us, and if we cannot
maintain or acquire new vendors of in-season brand name and
designer merchandise, our ability to obtain a sufficient amount
and variety of merchandise at favorable prices may be limited,
which could have a negative impact on our competitive position.
In addition, our inability to stock our DSW stores with
in-season merchandise at attractive prices could result in lower
net sales and decreased customer interest in our stores, which,
in turn, would adversely affect our financial performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During fiscal 2004, taking into account industry consolidation,
merchandise supplied to DSW by three key vendors accounted for
approximately 19% of our net sales. The loss of or a reduction
in the amount of merchandise made available to us by any one of
these key vendors could have an adverse effect on our business.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We may be unable to anticipate and respond to fashion
    trends and consumer preferences in the markets in which we
    operate, which could adversely affect our business, financial
    condition and results of operations.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our merchandising strategy is based on identifying each
region&#146;s customer base and having the proper mix of
products in each store to attract our target customers in that
region. This requires us to anticipate and respond to numerous
and fluctuating variables in fashion trends and other conditions
in the markets in which our stores are situated. A variety of
factors will affect our ability to maintain the proper mix of
products in each store, including:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    variations in local economic conditions, which could affect our
    customers&#146; discretionary spending;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    unanticipated fashion trends;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our success in developing and maintaining vendor relationships
    that provide us access to in-season merchandise at attractive
    prices;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our success in distributing merchandise to our stores in an
    efficient manner; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    changes in weather patterns, which in turn affect consumer
    preferences.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we are unable to anticipate and fulfill the merchandise needs
of each region, we may experience decreases in our net sales and
may be forced to increase markdowns in relation to slow-moving
merchandise, either of which could have an adverse effect on our
business, financial condition and results of operations.
</DIV>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our comparable store sales and quarterly financial
    performance may fluctuate for a variety of reasons, which could
    result in a decline in the price of our Class&nbsp;A Common
    Shares.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our business is sensitive to customers&#146; spending patterns,
which in turn are subject to prevailing regional and national
economic conditions and the general level of economic activity.
Our comparable store sales and quarterly results of operations
have fluctuated in the past, and we expect them to continue to
fluctuate in the future. A variety of other factors affect our
comparable store sales and quarterly financial performance,
including:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    changes in our merchandising strategy;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    timing and concentration of new DSW store openings and related
    pre-opening and other start-up costs;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    levels of pre-opening expenses associated with new DSW stores;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    changes in our merchandise mix;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    changes in and regional variations in demographic and population
    characteristics;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    timing of promotional events;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    seasonal fluctuations due to weather conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    actions by our competitors; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    general U.S. economic conditions and, in particular, the retail
    sales environment.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Accordingly, our results for any one fiscal quarter are not
necessarily indicative of the results to be expected for any
other quarter, and comparable store sales for any particular
future period may decrease. Our future financial performance may
fall below the expectations of securities analysts and
investors. In that event, the price of our Class&nbsp;A Common
Shares would likely decline. For more information on our
quarterly results of operations, see &#147;Management&#146;s
Discussion and Analysis of Financial Condition and Results of
Operations.&#148;
</DIV>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We rely on a single distribution center. The loss or
    disruption of our centralized distribution center or our failure
    in the future to add additional distribution facilities could
    have an adverse effect on our business and operations.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Most of our inventory is shipped directly from suppliers to a
single centralized distribution center in Columbus, Ohio, where
the inventory is then processed, sorted and shipped to one of 11
pool locations located throughout the country and then on to our
stores. Our operating results depend on the orderly operation of
our receiving and distribution process, which in turn depends on
third-party vendors&#146; adherence to shipping schedules and
our effective management of our distribution facilities. We may
not anticipate all the changing demands that our expanding
operations will impose on our receiving and distribution system,
and events beyond our control, such as disruptions in operations
due to fire or other catastrophic events, labor disagreements or
shipping problems, may result in delays in the delivery of
merchandise to our stores.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may need to increase our distribution capacity in 2006 to
accommodate our expanding retail store base. Because our ability
to expand our distribution facilities at our current site is
limited, we may need to acquire, construct or lease additional
distribution facilities in other geographic locations to
accommodate our planned expansion. We may also need to invest in
additional information technology to achieve a unified receiving
and distribution system.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
While we maintain business interruption and property insurance,
in the event our distribution center were to be shut down for
any reason or if we were to incur higher costs and longer lead
times in connection with a disruption at our distribution
center, our insurance may not be sufficient, and insurance
proceeds may not be timely paid to us.
</DIV>

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    <TD width="3%"></TD>
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</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Following this offering, we will continue to be dependent
    on Retail Ventures to provide us with many key services for our
    business.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Since 1998, DSW has been operated as a wholly-owned subsidiary
of Value City Department Stores, Inc. or Retail Ventures, and
many key services required by DSW for the operation of our
business are currently provided by Retail Ventures and its
subsidiaries. Prior to the completion of this offering, we will
enter into agreements with Retail Ventures related to the
separation of our business operations from Retail Ventures
including, among others, a master separation agreement and a
shared services agreement. Under the terms of the shared
services agreement, which when signed will be effective as of
January&nbsp;30, 2005, Retail Ventures will provide us with key
services relating to import administration, risk management,
information technology, tax, logistics and inbound
transportation management, legal services, financial services,
shared benefits administration and payroll and will maintain
insurance for us and for our directors, officers, and employees.
In turn, we will provide several subsidiaries of Retail Ventures
with services relating to planning and allocation support,
distribution services and outbound transportation management,
site research, lease negotiation, store design and construction
management. We anticipate that the initial term of the shared
services agreement will expire at the end of fiscal 2007 and
will be extended automatically for additional one-year terms
unless terminated by one of the parties. We expect some of these
services to be provided for longer or shorter periods than the
initial term. We believe it is necessary for Retail Ventures to
provide these services for us under the shared services
agreement to facilitate the efficient operation of our business
as we transition to becoming an independent public company. We
will, as a result, initially be dependent on our relationship
with Retail Ventures for shared services following this
offering. See &#147;Certain Relationships and Related Party
Transactions&nbsp;&#151; Relationships Between Our Company and
Retail Ventures&nbsp;&#151; Agreements Relating to our
Separation from Retail Ventures.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Once the transition periods specified in the shared services
agreement have expired and are not renewed, or if Retail
Ventures does not or is unable to perform its obligations under
the shared services agreement, we will be required to provide
these services ourselves or to obtain substitute arrangements
with third parties. We may be unable to provide these services
because of financial or other constraints or be unable to timely
implement substitute arrangements on terms that are favorable to
us, or at all, which would have an adverse effect on our
business, financial condition and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have not been operated as a stand-alone company since 1998.
Following the completion of this offering, our business will no
longer have access to the borrowing capacity, cash flow, assets
and some services provided by Retail Ventures and its
subsidiaries as we did while we were wholly-owned by Retail
Ventures.
</DIV>

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    <TD width="3%"></TD>
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</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our failure to retain our existing senior management team
    and to continue to attract qualified new personnel could
    adversely affect our business.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our business requires disciplined execution at all levels of our
organization to ensure that we continually have sufficient
inventories of assorted brand name merchandise at below
traditional retail prices. This execution requires an
experienced and talented management team. If we were to lose the
benefit of the experience, efforts and abilities of any of our
key executive and buying personnel, our business could be
materially adversely affected. We have entered into employment
agreements with several of these officers. For more information
on our management team and their employment agreements and
severance agreements, see &#147;Management.&#148; Furthermore,
our ability to manage our retail expansion will require us to
continue to train, motivate and manage our employees and to
attract, motivate and retain additional qualified managerial and
merchandising personnel. Competition for these types of
personnel is intense, and we may not be successful in
attracting, assimilating and retaining the personnel required to
grow and operate our business profitably.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We may be unable to compete favorably in our highly
    competitive market.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The retail footwear market is highly competitive with few
barriers to entry. We compete against a diverse group of
retailers, both small and large, including locally owned shoe
stores, regional and national department stores, specialty
retailers and discount chains. Some of our competitors are
larger and have substantially
</DIV>

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greater resources than we do. Our success depends on our ability
to remain competitive with respect to style, price, brand
availability and customer service. The performance of our
competitors, as well as a change in their pricing policies,
marketing activities and other business strategies, could have a
material adverse effect on our business, financial condition,
results of operations and our market share.
</DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>A decline in general economic conditions, or the outbreak
    or escalation of war or terrorist acts, could lead to reduced
    consumer demand for our footwear and accessories.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Consumer spending habits, including spending for the footwear
and related accessories that we sell, are affected by, among
other things, prevailing economic conditions, levels of
employment, salaries and wage rates, prevailing interest rates,
income tax rates and policies, consumer confidence and consumer
perception of economic conditions. In addition, consumer
purchasing patterns may be influenced by consumers&#146;
disposable income. A general slowdown in the U.S.&nbsp;economy
or an uncertain economic outlook could adversely affect consumer
spending habits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Consumer confidence is also affected by the domestic and
international political situation. The outbreak or escalation of
war, or the occurrence of terrorist acts or other hostilities in
or affecting the United States, could lead to a decrease in
spending by consumers. In the event of an economic slowdown, we
could experience lower net sales than expected on a quarterly or
annual basis and be forced to delay or slow our retail expansion
plans.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We rely on foreign sources for our merchandise, and our
    business is therefore subject to risks associated with
    international trade.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We purchase merchandise from domestic and foreign vendors. In
addition, many of our domestic vendors import a large portion of
their merchandise from abroad, primarily from China, Brazil and
Italy. We believe that almost all the merchandise we purchased
during fiscal 2004 was manufactured outside the United States.
For this reason, we face risks inherent in purchasing from
foreign suppliers, such as:
</DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    economic and political instability in countries where these
    suppliers are located;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    international hostilities or acts of war or terrorism affecting
    the United States or foreign countries from which our
    merchandise is sourced;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    increases in shipping costs;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    transportation delays and interruptions, including as a result
    of increased inspections of import shipments by domestic
    authorities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    work stoppages;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    adverse fluctuations in currency exchange rates;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    U.S. laws affecting the importation of goods, including duties,
    tariffs and quotas and other non-tariff barriers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    expropriation or nationalization;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    changes in local government administration and governmental
    policies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    changes in import duties or quotas;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    compliance with trade and foreign tax laws; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    local business practices, including compliance with local laws
    and with domestic and international labor standards.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We require our vendors to operate in compliance with applicable
laws and regulations and our internal requirements. However, we
do not control our vendors or their labor and business
practices. The violation of labor or other laws by one of our
vendors could have an adverse effect on our business.
</DIV>

<P align="center" style="font-size: 10pt;">13

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Following the completion of this offering, our new secured
    revolving credit facility could limit our operational
    flexibility.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On or about the date of the consummation of this offering, we
expect to enter into a new $150&nbsp;million secured revolving
credit facility with a term of five years. Under this new
facility, we expect that we and our subsidiary, DSW Shoe
Warehouse, Inc., or DSWSW, will be named as co-borrowers. This
new facility is expected to be subject to a borrowing base
restriction and will provide for borrowings at variable interest
rates based on the London Interbank Offered Rate, or LIBOR, the
prime rate and the Federal Funds effective rate, plus a margin.
Our obligations under our new secured revolving credit facility
will be secured by a lien on substantially all our personal
property and a pledge of our shares of DSWSW. In addition, the
new secured revolving credit facility will contain usual and
customary restrictive covenants relating to our management and
the operation of our business. These covenants will, among other
things, restrict our ability to grant liens on our assets, incur
additional indebtedness, open or close stores, pay cash
dividends and redeem our stock, enter into transactions with
affiliates and merge or consolidate with another entity. In
addition, if at any time we utilize over 90% of our borrowing
capacity under this facility, we must comply with a fixed charge
coverage ratio test set forth in the facility documents. These
covenants could restrict our operational flexibility, and any
failure to comply with these covenants or our payment
obligations would limit our ability to borrow under the new
secured revolving credit facility and, in certain circumstances,
may allow the lenders thereunder to require repayment. For more
information regarding the new secured revolving credit facility,
see &#147;Description of Indebtedness.&#148;
</DIV>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We will incur increased costs as a result of being a
    public company.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to this offering, as a subsidiary of a publicly-held
company, we were not directly responsible for the corporate
governance and financial reporting practices and policies
required of a publicly-traded company. As a public company, we
will incur significant legal, accounting and other expenses that
we did not directly incur in the past. In addition, the
Sarbanes-Oxley Act of 2002, as well as new rules implemented by
the Securities and Exchange Commission, or the SEC, and the New
York Stock Exchange, or NYSE, require changes in corporate
governance practices of public companies. We expect these new
rules and regulations to increase our legal and financial
compliance costs and to make some activities more time-consuming
and costly.
</DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>DSW has not been operated as an entity separate from Value
    City and Retail Ventures since 1998, and, as a result, our
    historical and pro forma financial information may not be
    indicative of DSW&#146;s historical financial results or future
    financial performance.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our consolidated financial information included in this
prospectus may not be indicative of our future financial
performance. This is because these statements do not necessarily
reflect the historical financial condition, results of
operations and cash flows of DSW as they would have been had we
been operated during the periods presented as a separate,
stand-alone entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our consolidated financial information assumes that DSW, for the
periods presented, had existed as a separate legal entity, and
has been derived from the consolidated financial statements of
Retail Ventures. Some costs have been reflected in the
consolidated financial statements that are not necessarily
indicative of the costs that we would have incurred had we
operated as an independent, stand-alone entity for all periods
presented. These costs include allocated portions of Retail
Ventures&#146; corporate overhead, interest expense and income
taxes.
</DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We face security risks related to our electronic
    processing and transmission of confidential customer
    information. On March&nbsp;8, 2005, we announced the theft of
    credit card and other purchase information relating to DSW
    customers. This security breach could adversely affect our
    reputation and business and subject us to liability.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We rely on commercially available encryption software and other
technologies to provide security for processing and transmission
of confidential customer information, such as credit card
numbers. Advances in
</DIV>

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computer capabilities, new discoveries in the field of
cryptography, or other events or developments, including
improper acts by third parties, may result in a compromise or
breach of the security measures we use to protect customer
transaction data. Compromises of these security systems could
have a material adverse effect on our reputation and business,
and may subject us to significant liabilities and reporting
obligations. A party who is able to circumvent our security
measures could misappropriate our information, cause
interruptions in our operations, damage our reputation and
customers&#146; willingness to shop in our stores and subject us
to possible liability. We may be required to expend significant
capital and other resources to protect against these security
breaches or to alleviate problems caused by these breaches.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On March&nbsp;8, 2005, we announced that we had learned of the
theft of credit card and other purchase information. On
April&nbsp;18, 2005, we issued the findings from our
investigation into the theft. The theft took place primarily
over two weeks and covered all customers who made purchases at
108 DSW stores, primarily during a three-month period from
mid-November 2004 to mid-February 2005. Transaction information
involving approximately 1.4 million credit cards was obtained.
For each card, the stolen information included credit card or
debit card numbers, name and transaction amount. In addition,
data from transactions involving approximately 96,000 checks
were stolen. In these cases, checking account numbers and
driver&#146;s license numbers were obtained.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of April&nbsp;30, 2005, we estimate that the potential
exposures for losses related to this theft range from
approximately $6.5&nbsp;million to approximately
$9.5&nbsp;million. Because of many factors, including the early
development of information regarding the theft and
recoverability under insurance policies, there is no amount in
the estimated range that represents a better estimate than any
other amount in the range. Therefore, in accordance with
Financial Accounting Standard No.&nbsp;5, &#147;Accounting for
Contingencies,&#148; we have accrued a charge to operations in
the first quarter of fiscal 2005 equal to the low end of the
range set forth above, or $6.5&nbsp;million. As the situation
develops and more information becomes available to us, the
amount of the reserve may increase or decrease accordingly. The
amount of any such change may be material.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On June&nbsp;6, 2005, the Ohio Attorney General brought an
action seeking to require us to notify all customers affected
who have not thus far been notified by us. There can be no
assurance that there will not be additional proceedings or
claims brought against us in the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We do not yet know what effect this incident may have on our
customers&#146; perceptions of us. Since the announcement of the
theft, we have not discerned any negative effect on comparable
store sales trends after accounting for the shifting Easter
holiday. However, given the short time period involved, these
recent trends may not be indicative of the long-term effects of
the incident.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Risks Relating to Our Class&nbsp;A Common Shares and This
Offering</B>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>After this offering, we will continue to be controlled
    directly by Retail Ventures and indirectly by SSC, whose
    interests may differ from other shareholders.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Retail Ventures, a public corporation, will own 100% of our
Class&nbsp;B Common Shares, which will represent approximately
66.2% of our outstanding Common Shares after this offering, or
approximately 63.0% if the underwriters exercise their option to
purchase additional shares in full. These shares collectively
will represent 93.2% of the combined voting power of our
outstanding Common Shares if the underwriters exercise their
option to purchase additional shares in full. Approximately
48.2% of Retail Ventures&#146; common shares on a fully diluted
basis are beneficially owned by SSC, a privately held
corporation controlled by Jay L. Schottenstein, the Chairman of
the Board of Directors of DSW and Retail Ventures and the Chief
Executive Officer of DSW, and members of his immediate family.
Given their respective ownership interests, Retail Ventures and,
indirectly, SSC, will be able to control or substantially
influence the outcome of all matters submitted to our
shareholders for approval, including:
</DIV>

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    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the election of directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    mergers or other business combinations; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    acquisitions or dispositions of assets.</TD>
</TR>

</TABLE>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The interests of Retail Ventures or SSC may differ from or be
opposed to the interests of our other shareholders, and their
control may have the effect of delaying or preventing a change
in control that may be favored by other shareholders. See
&#147;Principal Shareholders&#148; and &#147;Certain
Relationships and Related Party Transactions.&#148;
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>After this offering, SSC and Retail Ventures or its
    affiliates may compete directly against us.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Corporate opportunities may arise in the area of potential
competitive business activities that may be attractive to Retail
Ventures, SSC and us in the area of employee recruiting and
retention. Any competition could intensify if Value City begins
to carry an assortment of shoes in its stores similar to those
found in our stores, target customers similar to ours or adopt a
similar business model or strategy for its shoe businesses.
Given that after the consummation of this offering, Value City
will continue to be a wholly-owned subsidiary of Retail Ventures
and DSW will not be wholly-owned, Retail Ventures and SSC may be
inclined to direct relevant corporate opportunities to them
rather than us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our amended and restated articles of incorporation will provide
that Retail Ventures and SSC are under no obligation to
communicate or offer any corporate opportunity to us. In
addition, Retail Ventures and SSC will have the right to engage
in similar activities as us, do business with our suppliers and
customers and, except as limited by the master separation
agreement, employ or otherwise engage any of our officers or
employees. SSC and its affiliates engage in a variety of
businesses, including, but not limited to, business and
inventory liquidations and real estate acquisitions. The
provisions also outline how corporate opportunities are to be
assigned in the event that our, Retail Ventures&#146; or
SSC&#146;s directors and officers learn of corporate
opportunities. These provisions are substantially similar to
those that currently apply to us through provisions of Retail
Ventures&#146; amended articles of incorporation. See
&#147;Certain Relationships and Related Party Transactions
&#151; Provisions of Our Amended Articles of Incorporation
Governing Corporate Opportunities and Related Party
Transactions.&#148;
</DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Some of our directors and officers may also serve as
    directors or officers of Retail Ventures, and may have conflicts
    of interest because they may own Retail Ventures stock or
    options to purchase Retail Ventures stock, or they may receive
    cash- or equity-based awards based on the performance of Retail
    Ventures.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Some of our directors and officers will also serve as directors
or officers of Retail Ventures and may own Retail Ventures stock
or options to purchase Retail Ventures stock, or they may be
entitled to participate in the Retail Ventures Plans as defined
in &#147;Management &#151; Executive Compensation &#151;
Employee Incentive Plans.&#148; Jay L. Schottenstein will be our
Chief Executive Officer and Chairman of the Board of Directors
and Chairman of the Board of Directors of Retail Ventures;
Heywood Wilansky will be a director of DSW and Chief Executive
Officer of Retail Ventures; Harvey L. Sonnenberg will be a
director of DSW and of Retail Ventures; Julia A. Davis will be
Executive Vice President and General Counsel of both DSW and
Retail Ventures, and will serve as Secretary and Assistant
Secretary for DSW and Retail Ventures, respectively; Steven E.
Miller will be Senior Vice President and Controller of both DSW
and Retail Ventures; and James A. McGrady will be a Vice
President of DSW and Executive Vice President, Chief Financial
Officer, Treasurer and Secretary of Retail Ventures. The Retail
Ventures Plans provide cash- and equity-based compensation to
employees based on Retail Ventures&#146; performance. These
employment arrangements and ownership interests or cash- or
equity-based awards could create, or appear to create, potential
conflicts of interest when directors or officers who own Retail
Ventures stock or stock options or who participate in the Retail
Ventures Plans are faced with decisions that could have
different implications for Retail Ventures than they do for us.
These potential conflicts of interest may not be resolved in our
favor.
</DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We do not expect to pay dividends in the foreseeable
    future.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We anticipate that future earnings will be used principally to
finance our retail expansion. Thus, we do not intend to pay cash
dividends on our Common Shares in the foreseeable future.
Provisions in our new secured revolving credit facility may also
restrict us from declaring dividends. Our board of directors
will have sole discretion to determine the dividend amount, if
any, to be paid. Our board of directors will consider
</DIV>

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<DIV align="left" style="font-size: 10pt;">
a number of factors, including applicable provisions of Ohio
corporate law, our financial condition, capital requirements,
funds generated from operations, future business prospects,
applicable contractual restrictions and any other factors our
board may deem relevant. For further description of our dividend
policy, see &#147;Dividend Policy.&#148;
</DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>If our existing shareholders or holders of rights to
    purchase our Common Shares sell the shares they own, or if
    Retail Ventures distributes its Common Shares to its
    shareholders, it could adversely affect the price of our
    Class&nbsp;A Common Shares.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The market price of our Class&nbsp;A Common Shares could decline
as a result of market sales by our existing shareholders,
including Retail Ventures, or a distribution of our Common
Shares to Retail Ventures&#146; shareholders after this offering
or the perception that such sales or distributions will occur.
These sales or distributions also might make it difficult for us
to sell equity securities in the future at a time and at a price
that we deem appropriate. We cannot predict the size of future
sales of our Common Shares or the impact that such sales may
have on the shares purchased or acquired by investors in this
offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon completion of this offering, there will be
14,062,500&nbsp;Class&nbsp;A Common Shares of DSW outstanding
which will be freely transferable without restriction or further
registration under the Securities Act of 1933, as amended, or
the Securities Act. We expect to issue up to 100,000 restricted
Class&nbsp;A Common Shares and stock units pursuant to the terms
of DSW&#146;s equity incentive plan immediately following the
pricing of but prior to the consummation of this offering;
however, the issuance of these restricted shares and stock units
remains subject to approval by the DSW board of directors prior
to the consummation of this offering. The remaining
27,702,667&nbsp;Class&nbsp;B Common Shares outstanding will be
restricted securities within the meaning of Rule&nbsp;144 under
the Securities Act but will be eligible for resale subject to
applicable volume, manner of sale, holding period and other
limitations of Rule&nbsp;144.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Following consummation of this offering, SSC, Cerberus Partners
L.P., or Cerberus, and Back Bay Capital Funding LLC, or Back
Bay, will have the right to acquire Class&nbsp;A Common Shares
of DSW from Retail Ventures pursuant to warrant agreements they
will enter into with Retail Ventures. For further discussion of
these warrant agreements, see &#147;Management&#146;s Discussion
and Analysis of Financial Condition and Results of Operations
&#151; The DSW Separation,&#148; &#147;Certain Relationships and
Related Party Transactions &#151; Notes, Credit Agreements and
Guarantees&#148; and &#147;Description of Indebtedness.&#148;
We, Retail Ventures, SSC, Cerberus, and Back Bay, as well as our
officers and directors, have agreed to a &#147;lock-up,&#148;
meaning that neither we nor they will sell any Common Shares
without the prior consent of Lehman Brothers Inc. on behalf of
the underwriters for 180 days following the date of this
prospectus. However, Cerberus may transfer the warrants issued
by Retail Ventures and held by Cerberus as of the effective date
of the offering to up to four transferees, provided that any
transferee or transferees of Cerberus also agree, for the
duration of the lock-up period, that any further transfer shall
be made on the terms set forth in the lock-up agreement, and
provided further that neither Cerberus nor its direct or
indirect transferees may transfer any DSW Common Shares
underlying the warrants for the remainder of the lock-up period.
In addition, persons purchasing more than 1,000 Class&nbsp;A
Common Shares in the directed share program described in
&#147;Underwriting&#148; will be subject to a 25-day lock-up
period.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the expiration of this lock-up period, all these Common
Shares will be eligible for future sale, subject to the
applicable volume, manner of sale, holding period and other
limitations of Rule&nbsp;144. Retail Ventures has registration
rights with respect to its DSW Common Shares in specified
circumstances pursuant to the master separation agreement. In
addition, SSC and Cerberus (and any party to whom either of them
transfers at least 15% of their interest in registrable DSW
Common Shares) have the right to require that we register for
resale in specified circumstances the Class&nbsp;A Common Shares
issued to them upon exercise of their warrants, and each of
these entities and Back Bay will be entitled to participate in
registrations initiated by the other entities. See &#147;Shares
Eligible for Future Sale&#148; and &#147;Certain Relationships
and Related Party Transactions&#148; for a discussion of Common
Shares that may be sold into the public market in the future.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>There currently exists no market for our Class&nbsp;A
    Common Shares. An active trading market may not develop for our
    Class&nbsp;A Common Shares. If our share price fluctuates after
    this offering, you could lose all or a significant part of your
    investment.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to this offering, no public market existed for our
Class&nbsp;A Common Shares. An active and liquid market for the
Class&nbsp;A Common Shares may not develop following the
completion of this offering, or, if developed, may not be
maintained. If an active public market does not develop or is
not maintained, you may have difficulty selling your
Class&nbsp;A Common Shares. The initial public offering price of
our Class&nbsp;A Common Shares was arrived at by negotiations
between us, Retail Ventures and the underwriters for this
offering and may not be indicative of the price at which the
Class&nbsp;A Common Shares will trade following the completion
of this offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The market price of our Class&nbsp;A Common Shares may also be
influenced by many other factors, some of which are beyond our
control, including, among other things:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    actual or anticipated variations in comparable store sales or
    quarterly operating results;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    changes in financial estimates by research analysts;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    actual or anticipated changes in the U.S. economy or the
    retailing environment;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    terrorist acts or wars;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    changes in the market volatility of other shoe or retail
    companies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    announcements by us or our competitors of significant
    acquisitions, strategic partnerships, divestitures, joint
    ventures or other strategic initiatives; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    actual or anticipated sales or distributions of Common Shares by
    Retail Ventures, SSC, Cerberus, or Back Bay, as well as our
    officers and directors, whether in the market, in subsequent
    public offerings or in a distribution to shareholders.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As a result of this volatility, you may not be able to resell
your Class&nbsp;A Common Shares at or above the initial public
offering price. In addition, the stock market in general has
experienced extreme price and volume fluctuations that have
often been unrelated or disproportionate to the operating
performance of companies like DSW. These broad market and
industry factors may materially reduce the market price of the
Class&nbsp;A Common Shares, regardless of our operating
performance.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Investors purchasing Class&nbsp;A Common Shares in this
    offering will incur substantial and immediate dilution.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The assumed initial public offering price of our Class&nbsp;A
Common Shares is substantially higher than the net tangible book
value per outstanding share of our Common Shares. Purchasers of
our Class&nbsp;A Common Shares in this offering will incur
immediate and substantial dilution of $12.04&nbsp;per share in
the net tangible book value of our Common Shares from the
assumed initial public offering price of $16.00&nbsp;per share,
which is the midpoint of the estimated range set forth on the
cover of this prospectus. If the underwriters exercise their
option to purchase additional shares in full, there will be
dilution of $11.52&nbsp;per share in the net tangible book value
of our Common Shares, assuming the same public offering price.
This means that if we were to be liquidated immediately after
this offering, there might be no assets available for
distribution to you after satisfaction of all our obligations to
creditors. For further description of the effects of dilution in
the net tangible book value of our Common Shares, see
&#147;Dilution.&#148;
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our amended articles of incorporation, amended and
    restated code of regulations and Ohio state law contain
    provisions that may have the effect of delaying or preventing a
    change in control of DSW. This could adversely affect the value
    of your shares.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our amended articles of incorporation authorizes our board of
directors to issue up to 100,000,000 preferred shares and to
determine the powers, preferences, privileges, rights, including
voting rights, qualifications, limitations and restrictions on
those shares, without any further vote or action by the
</DIV>

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<DIV align="left" style="font-size: 10pt;">
shareholders. The rights of the holders of our Class&nbsp;A
Common Shares will be subject to, and may be adversely affected
by, the rights of the holders of any preferred shares that may
be issued in the future. The issuance of preferred shares could
have the effect of delaying, deterring or preventing a change in
control and could adversely affect the voting power of your
shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, provisions of our amended articles of
incorporation, amended and restated code of regulations and Ohio
law, together or separately, could discourage potential
acquisition proposals, delay or prevent a change in control and
limit the price that certain investors might be willing to pay
in the future for our Common Shares. Among other things, these
provisions establish a staggered board, require a supermajority
vote to remove directors, and establish certain advance notice
procedures for nomination of candidates for election as
directors and for shareholder proposals to be considered at
shareholders&#146; meetings. For further description of these
provisions of amended articles of incorporation, amended and
restated code of regulations and Ohio law, see &#147;Description
of Capital Stock &#151; Anti-Takeover Effects of Certain
Provisions of our Amended Articles of Incorporation, our Amended
and Restated Code of Regulations and Ohio Law.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Risks Relating to our Relationship with and Separation from
Retail Ventures</B>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>The new agreements we are entering into with Retail
    Ventures in connection with this offering could restrict our
    operations and adversely affect our financial condition.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the consummation of this offering, we and Retail Ventures
will have entered into a number of agreements governing our
separation from and our future relationship with Retail
Ventures, including a master separation agreement and a shared
services agreement, in the context of our relationship to Retail
Ventures as a wholly-owned subsidiary. Accordingly, the terms
and provisions of these agreements may be less favorable to us
than terms and provisions we could have obtained in arm&#146;s
length negotiations with unaffiliated third parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We and Retail Ventures intend to enter into a tax separation
agreement that will become effective upon consummation of this
offering. The tax separation agreement will govern the
respective rights, responsibilities, and obligations of Retail
Ventures and us with respect to tax liabilities and benefits,
tax attributes, tax contests and other matters regarding taxes
and related tax returns. Although Retail Ventures does not
intend or plan to undertake a spin-off of our stock to Retail
Ventures stockholders, we and Retail Ventures have agreed to set
forth our respective rights, responsibilities and obligations
with respect to any possible spin-off in the tax separation
agreement. If Retail Ventures were to decide to pursue a
possible spin-off, we have agreed to cooperate with Retail
Ventures and to take any and all actions reasonably requested by
Retail Ventures in connection with such a transaction. We have
also agreed not to knowingly take or fail to take any actions
that could reasonably be expected to preclude Retail
Ventures&#146; ability to undertake a tax-free spin-off. In
addition, we generally would be responsible for any taxes
resulting from the failure of a spin-off to qualify as a
tax-free transaction to the extent such taxes are attributable
to, or result from, any action or failure to act by us or
certain transactions in our stock (including transactions over
which we would have no control, such as acquisitions of our
stock and the exercise of warrants, options, exchange rights,
conversion rights or similar arrangements with respect to our
stock) following or preceding a spin-off. We would also be
responsible for a percentage (based on the relative market
capitalizations of DSW and Retail Ventures at the time of such
spin-off) of such taxes to the extent such taxes are not
otherwise attributable to DSW or Retail Ventures. Our agreements
in connection with such tax matters last indefinitely. See
&#147;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations&nbsp;&#151; Separation
Agreements&#148; and &#147;Certain Relationships and Related
Party Transactions&nbsp;&#151; Relationships Between Our Company
and Retail Ventures.&#148;
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>We may be prevented from issuing stock to raise capital,
    to effectuate acquisitions or to provide equity incentives to
    members of our management and board of directors.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Beneficial ownership of at least 80% of the total voting power
and 80% of each class of nonvoting capital stock is required in
order for Retail Ventures to effect a tax-free spin-off of DSW
or certain other tax-free transactions. Although as of the date
of this prospectus Retail Ventures does not intend or plan to
</DIV>

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<DIV align="left" style="font-size: 10pt;">
undertake a spin-off of our stock to Retail Ventures
shareholders, under the terms of our tax separation agreement,
we have agreed that for so long as Retail Ventures continues to
own greater than 50% of the voting control of our outstanding
stock, we will not knowingly take or fail to take any action
that could reasonably be expected to preclude Retail
Ventures&#146; ability to undertake a tax-free spin-off. In
addition, Retail Ventures will be subject to
(a)&nbsp;contractual obligations with its lenders to retain
ownership of at least 55% by value of the Common Shares of DSW
for so long as the Value City convertible loan facility remains
outstanding and (b)&nbsp;contractual obligations with its
warrantholders to retain enough DSW Common Shares to be able to
satisfy its obligations to deliver such shares to its
warrantholders if the warrantholders elect to exercise their
warrants in full for DSW Class&nbsp;A Common Shares. For
purposes of determining Retail Ventures&#146; ownership interest
in DSW, DSW Common Shares transferred by Retail Ventures to the
warrantholders upon exercise of their warrants will not be
subtracted from Retail Ventures&#146; ownership. These
restrictions may prevent us from issuing additional equity
securities to raise capital, to effectuate acquisitions or to
provide management or director equity incentives. See
&#147;Certain Relationships and Related Party Transactions
&#151; Relationships Between Our Company and Retail
Ventures.&#148;
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Our prior and continuing relationship with Retail Ventures
    exposes us to risks attributable to Retail Ventures&#146;
    businesses.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Retail Ventures is obligated to indemnify us for losses that a
party may seek to impose upon us or our affiliates for
liabilities relating to the Retail Ventures business that are
incurred through a breach of the master separation agreement or
any ancillary agreement by Retail Ventures or its non-DSW
affiliates, if such losses are attributable to Retail Ventures
in connection with this offering or are not expressly assumed by
us under the master separation agreement. Immediately following
this offering, any claims made against us that are properly
attributable to Retail Ventures or Value City in accordance with
these arrangements would require us to exercise our rights under
the master separation agreement to obtain payment from Retail
Ventures. We are exposed to the risk that, in these
circumstances, Retail Ventures cannot, or will not, make the
required payment. If this were to occur, our business and
financial performance could be adversely affected. See
&#147;Certain Relationships and Related Party Transactions.&#148;
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Possible future sales of Class&nbsp;A Common Shares by
    Retail Ventures, SSC, Cerberus and Back Bay could adversely
    affect prevailing market prices for the Class&nbsp;A Common
    Shares.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
After completion of this offering, the Class&nbsp;B Common
Shares held by Retail Ventures will continue to be subject to
liens in favor of SSC, Cerberus and Value City. However, Retail
Ventures may sell any and all of the Common Shares held by it
upon the consent of these lenders, subject to applicable
securities laws and the restrictions set forth below. For a
discussion of these liens, see &#147;Management&#146;s
Discussion and Analysis of Financial Condition and Results of
Operations&nbsp;&#151; The DSW Separation&#148; and
&#147;Description of Indebtedness.&#148; In addition, SSC,
Cerberus and Back Bay will have the right to acquire from Retail
Ventures Class&nbsp;A Common Shares of DSW after the
consummation of this offering. Sales or distribution by Retail
Ventures, SSC, Cerberus and Back Bay of a substantial number of
Class&nbsp;A Common Shares in the public market or to their
respective shareholders, or the perception that such SSC,
Cerberus and Back Bay sales or distributions could occur, could
adversely affect prevailing market prices for the Class&nbsp;A
Common Shares. See &#147;Certain Relationships and Related Party
Transactions&nbsp;&#151; Relationships Between our Company and
Retail Ventures&nbsp;&#151; Agreements Relating to our
Separation from Retail Ventures&nbsp;&#151; Exchange
Agreement.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Retail Ventures has advised us that its current intent is to
continue to hold all the Common Shares owned by it following
this offering, except to the extent necessary to satisfy
obligations under warrants it has granted to SSC, Cerberus, and
Back Bay. See &#147;Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operations&nbsp;&#151; The
DSW Separation,&#148; &#147;Certain Relationships and Related
Party Transactions&nbsp;&#151; Notes, Credit Agreements and
Guarantees&#148; and &#147;Description of Indebtedness.&#148; In
addition, Retail Ventures will be subject to
(a)&nbsp;contractual obligations with its lenders to retain
ownership of at least 55% by value of the Common Shares of DSW
for so long as the Value City convertible loan facility remains
outstanding and (b)&nbsp;contractual obligations with its
warrantholders to retain enough DSW Common Shares to be able to
satisfy its obligations to deliver such shares to its
warrantholders if the warrantholders elect to exercise their
warrants in full for DSW Class&nbsp;A Common Shares. For
purposes of determining Retail Ventures&#146; ownership interest
in DSW, DSW Common Shares transferred by Retail Ventures to the
</DIV>

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<DIV align="left" style="font-size: 10pt;">
warrantholders upon exercise of their warrants will not be
subtracted from Retail Ventures&#146; ownership. In addition,
Retail Ventures has agreed not to sell or otherwise dispose of
any Common Shares of DSW that Retail Ventures holds for a period
of 180&nbsp;days after the date of this prospectus without the
prior written consent of Lehman Brothers Inc. on behalf of the
underwriters. See &#147;Underwriting.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of the date of this prospectus, Retail Ventures is highly
leveraged as a result of the indebtedness outstanding under the
Value City term loan facility, revolving credit facility and
convertible loan facility. After the consummation of this
offering, Retail Ventures will continue to be highly leveraged
as a result of the indebtedness outstanding under the Value City
revolving credit facility and convertible loan facility, and it
may incur additional indebtedness in the future. If Retail
Ventures were to require additional funds to service or
refinance this indebtedness or to fund its operations in the
future and could not obtain capital from alternative sources, it
could seek to sell some or all of the Common Shares of DSW that
it holds in order to obtain such funds.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Similarly, SSC, Cerberus and Back Bay are not subject to any
contractual obligation to retain Class&nbsp;A Common Shares they
may acquire from Retail Ventures, except that they, too, have
agreed not to sell or otherwise dispose of any of our Common
Shares for a period of 180&nbsp;days after the date of this
prospectus without the prior written consent of Lehman Brothers
Inc. However, Cerberus may transfer the warrants issued by
Retail Ventures and held by Cerberus as of the effective date of
the offering to up to four transferees, provided that any
transferee or transferees of Cerberus also agree, for the
duration of the lock-up period, that any further transfer shall
be made on the terms set forth in the lock-up agreement, and
provided further that neither Cerberus nor its direct or
indirect transferees may transfer any DSW Common Shares
underlying the warrants for the remainder of the lock-up period.
As a result, there can be no assurance concerning the period of
time during which Retail Ventures, SSC, Cerberus and Back Bay
will maintain their respective beneficial ownership of Common
Shares following this offering. Retail Ventures, SSC and
Cerberus (and any party to whom either of them transfers at
least 15% of their interest in registrable DSW Common Shares)
will have registration rights with respect to their respective
Common Shares following this offering, which would facilitate
any future distribution, and SSC, Cerberus and Back Bay will be
entitled to participate in the registrations initiated by the
other entities. See &#147;Certain Relationships and Related
Party Transactions&nbsp;&#151; Relationships Between Our Company
and Retail Ventures&#148; and &#147;Shares Available for Future
Sale.&#148;
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt;">21
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<DIV align="left" style="font-size: 10pt;">
<A name='103'></A>
</DIV>

<!-- link1 "FORWARD-LOOKING STATEMENTS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>FORWARD-LOOKING STATEMENTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Some of the statements under &#147;Prospectus Summary,&#148;
&#147;Risk Factors,&#148; &#147;Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations,&#148;
&#147;Business&#148; and elsewhere in this prospectus may
contain forward-looking statements which reflect our current
views with respect to, among other things, future events and
financial performance. You can identify these forward-looking
statements by the use of forward-looking words such as
&#147;outlook,&#148; &#147;believes,&#148; &#147;expects,&#148;
&#147;potential,&#148; &#147;continues,&#148; &#147;may,&#148;
&#147;will,&#148; &#147;should,&#148; &#147;seeks,&#148;
&#147;approximately,&#148; &#147;predicts,&#148;
&#147;intends,&#148; &#147;plans,&#148; &#147;estimates,&#148;
&#147;anticipates&#148; or the negative version of those words
or other comparable words. Any forward-looking statements
contained in this prospectus are based upon our historical
performance and on current plans, estimates and expectations.
The inclusion of this forward-looking information should not be
regarded as a representation by us, the underwriters or any
other person that the future plans, estimates or expectations
contemplated by us will be achieved. Such forward-looking
statements are subject to various risks and uncertainties.
Accordingly, there are or will be important factors that could
cause our actual results to differ materially from those
indicated in these statements. We believe that these factors
include but are not limited to those described under &#147;Risk
Factors.&#148; These factors should not be construed as
exhaustive and should be read in conjunction with the other
cautionary statements that are included in this prospectus. We
do not undertake any obligation to publicly update or review any
forward-looking statement, whether as a result of new
information, future developments or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If one or more of these or other risks or uncertainties
materialize, or if our underlying assumptions prove to be
incorrect, actual results may vary materially from what we may
have projected. Any forward-looking statements you read in this
prospectus reflect our current views with respect to future
events and are subject to these and other risks, uncertainties
and assumptions relating to our operations, results of
operations, financial condition, growth strategy and liquidity.
You should specifically consider the factors identified in this
prospectus that could cause actual results to differ before
making an investment decision.
</DIV>

<P align="center" style="font-size: 10pt;">22

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<DIV align="left" style="font-size: 10pt;">
<A name='104'></A>
</DIV>

<!-- link1 "USE OF PROCEEDS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>USE OF PROCEEDS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We estimate that the net proceeds from our sale of the
14,062,500 Class&nbsp;A Common Shares we are offering will be
$202.3&nbsp;million, assuming an initial public offering price
of $16.00&nbsp;per share (the midpoint of the range set forth on
the cover page of the prospectus), and after deducting estimated
underwriting discounts and offering expenses. If the
underwriters exercise their option to purchase additional shares
in full, we estimated that the net proceeds will be
$233.6&nbsp;million, after deducting estimated underwriting
discounts and offering expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We intend to use the net proceeds:
</DIV>

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    to repay $190.0&nbsp;million of intercompany indebtedness owed
    to Retail Ventures, plus the accrued interest related thereto,
    which was $2.7&nbsp;million as of April&nbsp;30, 2005;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the remainder for working capital and other general corporate
    purposes, including paying down $9.0&nbsp;million of the amount
    we expect to have borrowed under the new DSW secured revolving
    credit facility. This facility is expected to have borrowing
    base restrictions and will provide for borrowings at variable
    interest rates based on LIBOR, the prime rate and the Federal
    Funds effective rate, plus a margin.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The intercompany indebtedness was incurred to fund a
$165.0&nbsp;million dividend and a $25.0&nbsp;million dividend
to Retail Ventures. The $165.0&nbsp;million of indebtedness is
evidenced by a note which is scheduled to mature in March 2020
and bears interest at a rate equal to LIBOR plus 850 basis
points per year. As of April&nbsp;30, 2005, the interest rate
was 11.2%. The $25.0 million of indebtedness is evidenced by a
note which is scheduled to mature in May 2020 and bears interest
at a rate equal to LIBOR plus 950 basis points per year. Had
this note been outstanding as of April&nbsp;30, 2005, the
interest rate would have been 12.2%.
</DIV>

<P align="center" style="font-size: 10pt;">23

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='105'></A>
</DIV>

<!-- link1 "DIVIDEND POLICY" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DIVIDEND POLICY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We do not anticipate paying cash dividends on our Common Shares
in the foreseeable future. Management anticipates that all our
earnings and other cash resources, if any, will be retained by
us for investment in our business. The payment of dividends is
subject to the discretion of our board of directors and will
depend on our results of operations, financial position and
capital requirements, general business conditions, restrictions
imposed by financing arrangements, legal restrictions on the
payment of dividends and other factors the board of directors
deems relevant. See &#147;Management&#146;s Discussion and
Analysis of Financial Condition and Results of
Operations&nbsp;&#151; Liquidity and Capital Resources&#148; and
&#147;Description of Indebtedness&nbsp;&#151; Our New Secured
Revolving Credit Facility.&#148;
</DIV>

<P align="center" style="font-size: 10pt;">24

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='106'></A>
</DIV>

<!-- link1 "CAPITALIZATION" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>CAPITALIZATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth our capitalization as of
April&nbsp;30, 2005:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    on an actual basis;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    on a pro forma basis to give effect to the incurrence of an
    additional $25.0&nbsp;million of intercompany indebtedness
    incurred to fund a dividend to Retail Ventures, and the
    amendment of our articles of incorporation pursuant to which the
    outstanding common shares of DSW were changed into 27,702,667
    Class&nbsp;B Common Shares of DSW; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    on a pro forma as adjusted for this offering basis to give
    further effect to (i)&nbsp;our issuance and sale of 14,062,500
    Class&nbsp;A Common Shares in this offering at an assumed public
    offering price of $16.00 per share, the midpoint of the range of
    the initial public offering price set forth on the cover page of
    this prospectus, (ii)&nbsp;issuance of 100,000 restricted
    Class&nbsp;A Common Shares and stock units, (iii)&nbsp;the
    deduction of estimated underwriting discounts and offering
    expenses payable by us, (iv)&nbsp;the repayment of
    $190.0&nbsp;million of intercompany indebtedness incurred to
    fund dividends to Retail Ventures and the application of the net
    proceeds of this offering, as described under &#147;Use of
    Proceeds&#148; and (v)&nbsp;expected borrowings under our new
    secured revolving credit facility. We expect to issue these
    restricted shares and stock units immediately following the
    pricing of but prior to the consummation of this offering;
    however, the issuance of the restricted shares and stock units
    referred to in (ii) above remains subject to approval by the DSW
    board of directors prior to the consummation of this offering.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This table contains unaudited information and should be read in
conjunction with &#147;Management&#146;s Discussion and Analysis
of Financial Condition and Results of Operations&#148; and our
consolidated financial statements and the accompanying notes
that appear elsewhere in this prospectus.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="51%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>As of April&nbsp;30, 2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Pro Forma</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>As Adjusted</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>for this</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Actual</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Pro Forma</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Offering</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>(Dollars in thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cash</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>13,718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>13,718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>14,296</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Short-term debt</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Long-term debt</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Retail Ventures revolving credit facility</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>40,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>40,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    New DSW revolving credit facility</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>31,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Intercompany indebtedness</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>165,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>190,000</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total debt</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>205,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>230,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>31,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Equity:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Common Shares, no par value, 500 shares authorized, 410.09
    shares outstanding actual; no shares authorized or outstanding,
    pro forma or pro forma as adjusted to give effect to this
    offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Class&nbsp;A Common Shares, no par value,
    170,000,000&nbsp;shares authorized; no shares outstanding,
    actual and pro forma; 14,162,500&nbsp;shares outstanding, pro
    forma as adjusted to give effect to this offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Class&nbsp;B Common Shares, no par value,
    100,000,000&nbsp;shares authorized; no shares outstanding,
    actual; 27,702,667&nbsp;shares outstanding, pro forma and pro
    forma as adjusted to give effect to this offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Preferred Shares, no par value, 100,000,000&nbsp;shares
    authorized, no shares outstanding actual, pro forma and pro
    forma as adjusted to give effect to this offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Additional paid-in capital</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>202,250</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Retained earnings</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,194</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,194</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total equity</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>20,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(4,194</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>198,056</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total capitalization</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>225,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>225,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>229,056</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Represents $190.0&nbsp;million of intercompany indebtedness
    incurred to fund dividends to Retail Ventures. Of this
    $190.0&nbsp;million of intercompany indebtedness,
    $25.0&nbsp;million was incurred subsequent to April&nbsp;30,
    2005.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">25

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='107'></A>
</DIV>

<!-- link1 "DILUTION" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DILUTION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you invest in our Class&nbsp;A Common Shares, your interest
will be diluted to the extent of the difference between the
initial public offering price per share of our Class&nbsp;A
Common Shares and the net tangible book value per share of our
Common Shares after this offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net tangible book value per share represents the amount of total
tangible assets less total liabilities, divided by the number of
Common Shares then outstanding. Our net tangible book value as
of April&nbsp;30, 2005 was approximately ($12.0)&nbsp;million,
which includes the effect of the $165.0&nbsp;million of
intercompany indebtedness owed to Retail Ventures. After giving
effect to the change of 410.09&nbsp;common shares of DSW into
27,702,667 Class&nbsp;B Common Shares, our pro forma net
tangible book value would have been ($0.43)&nbsp;per share as of
April&nbsp;30, 2005. After giving effect to our sale of
Class&nbsp;A Common Shares in this offering at the initial
public offering price of $16.00&nbsp;per share (the midpoint of
the price range set forth on the cover page of this prospectus),
deducting estimated underwriting discounts and estimated
offering expenses, and adjusting to give effect to the
subsequent incurrence of $25.0&nbsp;million of intercompany
indebtedness owed to Retail Ventures, our pro forma net tangible
book value as of April&nbsp;30, 2005 would have been
$165.3&nbsp;million, or $3.96&nbsp;per Common Share (assuming no
exercise of the underwriters&#146; option to purchase additional
shares). This represents an immediate increase in the pro forma
net tangible book value of $4.39&nbsp;per share and an immediate
and substantial dilution of $12.04&nbsp;per share to new
investors purchasing Class&nbsp;A Common Shares in this
offering. The following table illustrates this dilution per
share:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="87%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Assumed initial public offering price per share</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>16.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Pro forma net tangible book value per share as of April&nbsp;30,
    2005</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(0.43</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Increase in pro forma net tangible book value per share
    attributable to this offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4.39</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Pro forma net tangible book value per share after giving effect
    to this offering</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3.96</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Dilution per share to new investors</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>12.04</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The foregoing discussion and tables assume no exercise of any
stock options or issuance of restricted shares that will be
outstanding immediately following this offering. As of the date
of the consummation of this offering, there will be
(i)&nbsp;options outstanding to purchase a total of up to
900,000 registered Class&nbsp;A Common Shares of DSW at an
exercise price per share equal to the initial public offering
price per share and (ii) up to 100,000&nbsp;restricted
Class&nbsp;A Common Shares and stock units issued at a price per
share equal to the initial public offering price per share. We
expect to issue these stock options, restricted shares and stock
units immediately following the pricing of but prior to the
consummation of this offering; however, these stock option,
restricted share and stock unit issuances remain subject to
approval by the DSW board of directors prior to the consummation
of this offering. To the extent that any of these options are
exercised or restricted shares or stock units are issued in the
future, there may be further dilution to new investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth, as of April&nbsp;30, 2005, on
the pro forma basis as described above, the difference between
the number of Common Shares purchased from us and the total
price paid to us by our existing shareholder, Retail Ventures,
and by the new investors in this offering at an assumed initial
public offering price of $16.00&nbsp;per share (the midpoint of
the price range set forth on the cover page of this prospectus)
and prior to deducting the estimated underwriting discounts and
estimated offering expenses.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Shares Purchased</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Total Consideration</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percentage</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Amount</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percentage</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($ in millions)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Retail Ventures</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>27,702,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>66.3</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>101.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31.1</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    New investors</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14,062,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>33.7</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>225.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>68.9</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>41,765,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>326.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the underwriters&#146; option to purchase additional shares
is exercised in full, the following will occur:
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the percentage of Common Shares held by Retail Ventures will
    decrease to approximately 63.1% of the total number of Common
    Shares outstanding; and</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the number of Common Shares held by new investors will be
    increased to 16,171,875&nbsp;shares, or approximately 36.9% of
    the total number of our Common Shares outstanding after this
    offering.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">26

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='108'></A>
</DIV>

<!-- link1 "UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL DATA" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL DATA</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The unaudited pro forma condensed consolidated financial data
presented below were derived by the application of pro forma
adjustments to our historical consolidated financial statements
included elsewhere in this prospectus. The pro forma adjustments
are based upon available information and assumptions that we
believe are reasonable and do not give effect to any
transactions other than those described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The unaudited pro forma condensed consolidated statements of
income for the year ended January&nbsp;29, 2005 and the thirteen
week period ended April&nbsp;30, 2005 assume that each of the
following items described in the bullet points below had
occurred on February&nbsp;1, 2004. The unaudited pro forma
condensed consolidated balance sheet as of April&nbsp;30, 2005
assumes that each of the following items had occurred on
April&nbsp;30, 2005:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the consummation of this offering;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the incurrence of $25.0&nbsp;million of additional intercompany
    indebtedness incurred to fund a dividend to Retail Ventures, for
    total intercompany indebtedness incurred during the period of
    $190.0&nbsp;million;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the repayment of $190.0&nbsp;million of intercompany
    indebtedness incurred to fund dividends to Retail Ventures and
    $2.7&nbsp;million of accrued interest related thereto, and the
    application of net proceeds as set forth under &#147;Use of
    Proceeds&#148;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the completion of the Transactions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the reallocation of shoe warehousing and distribution costs
    allocated to the leased shoe departments of Value City, using
    the allocation parameters set forth in the shared services
    agreement; and</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the incurrence of additional estimated operating expenses,
    including the reallocation of corporate department charges
    between Retail Ventures and DSW and the net cost of services to
    be provided under the shared services agreement.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The unaudited pro forma condensed consolidated financial
statements do not purport to (i)&nbsp;represent what our
financial position and results of operations actually would have
been had we been a stand-alone company during the periods
presented and had this offering occurred as of the dates
indicated and (ii) project our financial performance for any
period. The following data are presented for informational
purposes only and should be read in conjunction with &#147;Risk
Factors,&#148; &#147;Capitalization,&#148; &#147;Selected
Consolidated Financial and Operating Data,&#148;
&#147;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations,&#148; &#147;The
Transactions&#148; and with our audited consolidated financial
statements and the notes thereto and our unaudited interim
consolidated financial statements and the notes thereto, all
included elsewhere in this prospectus.
</DIV>

<P align="center" style="font-size: 10pt;">27

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF
INCOME</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>For the Thirteen Week Period Ended April&nbsp;30, 2005</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="54%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Operating</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Pro Forma As</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Actual</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Adjustments</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Adjusted</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>(Dollars in thousands, except per share amounts)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net sales</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>281,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>281,806</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cost of sales</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(199,008</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(198,986</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Gross profit</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>82,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>82,820</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating
    expenses<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(67,745</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(470</TD>
    <TD align="left" valign="bottom" nowrap>)<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(68,215</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating
    profit<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,053</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(448</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14,605</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Interest expense</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3,521</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,672</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(849</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Earnings before income
    taxes<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,224</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,756</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Income taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,552</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(878</TD>
    <TD align="left" valign="bottom" nowrap>)<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(5,430</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net
    income<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,980</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,326</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Unaudited pro forma as adjusted basic net income per
    share<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.20</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Shares used in computing unaudited pro forma as adjusted basic
    net income per
    share<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>41,865,167</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Unaudited pro forma as adjusted diluted net income per
    share<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.20</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Shares used in computing unaudited pro forma as adjusted diluted
    net income per
    share<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>41,865,167</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Reflects the reallocation of shoe warehousing and distribution
    costs allocated to the leased shoe departments of Value City,
    using the allocation parameters set forth in the shared services
    agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Actual and pro forma results for the thirteen week period ended
    April&nbsp;30, 2005 include a $6.5&nbsp;million pre-tax charge
    and a $3.9&nbsp;million after-tax charge in operating profit and
    net income, respectively, related to the reserve for estimated
    losses associated with the theft of credit card and other
    purchase information.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    Reflects additional estimated operating expenses, including the
    reallocation of corporate department charges between Retail
    Ventures and DSW and the cost of services to be provided under
    the shared services agreement from Retail Ventures to DSW (net
    of income to be earned from services provided by DSW to Retail
    Ventures).</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)&nbsp;</TD>
    <TD align="left">
    Reflects the elimination of interest on $165.0&nbsp;million of
    indebtedness incurred to fund a dividend to Retail Ventures,
    which we expect to repay upon completion of this offering.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(5)&nbsp;</TD>
    <TD align="left">
    The effective tax rate applied to the pro forma adjustments is
    39.5%, the tax rate that was in effect for the thirteen week
    period ended April&nbsp;30, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(6)&nbsp;</TD>
    <TD align="left">
    During the thirteen week period ended April&nbsp;30, 2005, DSW
    operated as a wholly-owned subsidiary of Retail Ventures and,
    accordingly, did not have publicly traded shares outstanding.
    Unaudited pro forma as adjusted basic and diluted net income per
    share is computed by dividing unaudited pro forma as adjusted
    net income by the number of common shares. For this calculation,
    we have assumed that there will be 41,865,167&nbsp;Common Shares
    outstanding after this offering.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">28

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF
INCOME</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>For the Fiscal Year Ended January&nbsp;29, 2005</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="54%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Operating</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Pro Forma As</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Actual</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Adjustments</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Adjusted</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>(Dollars in thousands, except per share amounts)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net sales</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>961,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>961,089</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cost of sales</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(690,878</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,006</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(687,872</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Gross profit</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>270,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>273,217</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(214,102</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(7,201</TD>
    <TD align="left" valign="bottom" nowrap>)<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(221,303</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating profit</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>56,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,195</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>51,914</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Interest expense</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,734</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,734</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Earnings before income taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>53,375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,195</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>49,180</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Income taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(18,420</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,448</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(16,972</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>34,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(2,747</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>32,208</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Unaudited pro forma as adjusted basic net income per
    share<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.77</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Shares used in computing unaudited pro forma as adjusted basic
    net income per
    share<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>41,865,167</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Unaudited pro forma as adjusted diluted net income per
    share<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0.77</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Shares used in computing unaudited pro forma as adjusted diluted
    net income per
    share<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>41,865,167</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Reflects the reallocation of shoe warehousing and distribution
    costs allocated to the leased shoe departments of Value City,
    using the allocation parameters set forth in the shared services
    agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Reflects additional estimated operating expenses, including the
    reallocation of corporate department charges between Retail
    Ventures and DSW and the cost of services to be provided under
    the shared services agreement from Retail Ventures to DSW (net
    of income to be earned from services provided by DSW to Retail
    Ventures).</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    The effective tax rate applied to the pro forma adjustments is
    34.5%, the tax rate that was in effect for the fiscal year ended
    January&nbsp;29, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)&nbsp;</TD>
    <TD align="left">
    During the fiscal year ended January&nbsp;29, 2005, DSW operated
    as a wholly-owned subsidiary of Retail Ventures and,
    accordingly, did not have publicly traded shares outstanding.
    Unaudited pro forma as adjusted basic and diluted net income per
    share is computed by dividing unaudited pro forma as adjusted
    net income by the number of common shares. For this calculation,
    we have assumed that there will be 41,865,167&nbsp;Common Shares
    outstanding after this offering.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">29

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>As of April 30, 2005</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Pro Forma As</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Pro Forma As</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Adjusted for the</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Capital</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Adjusted for</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Offering and for</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Structure</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Capital Structure</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Offering</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Capital Structure</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Actual</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Adjustments</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Adjustments</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Adjustments<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Adjustments</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap><B>(Dollars in thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Current assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>277,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>277,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>277,809</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Property&nbsp;&#38; equipment&nbsp;&#151; net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>91,055</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>91,055</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>91,055</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Goodwill, tradenames&nbsp;&#38; other</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,829</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,829</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,829</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>407,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>407,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>407,693</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Current liabilities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>125,516</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>125,516</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(2,672</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>122,844</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Long term obligations</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>40,000</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>40,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(9,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Intercompany indebtedness owned to Retail Ventures</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>165,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>190,000</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(190,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other non current liabilities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>55,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>55,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>55,793</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Common shareholders&#146; equity</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(25,000</TD>
    <TD align="left" valign="bottom" nowrap>) <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,194</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>202,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>198,056</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total liabilities&nbsp;&#38; shareholders&#146; equity</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>407,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>407,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>407,693</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Represents borrowings on the existing revolving credit facility
    of Value City, which are attributable to DSW.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Represents the issuance of $190.0&nbsp;million of intercompany
    indebtedness incurred to fund dividends to Retail Ventures. Of
    this $190.0&nbsp;million of intercompany indebtedness,
    $25.0&nbsp;million was incurred subsequent to April&nbsp;30,
    2005.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    Represents the issuance of 14,062,500&nbsp;Class&nbsp;A Common
    Shares at an assumed aggregate initial offering price of
    $225.0&nbsp;million, or $16.00&nbsp;per share (the midpoint of
    the price range set forth on the cover page of this prospectus),
    the payment of estimated fees and expenses assumed to be
    $22.8&nbsp;million, and the application of the net proceeds as
    set forth under &#147;Use of Proceeds.&#148;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">30

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='109'></A>
</DIV>

<!-- link1 "SELECTED CONSOLIDATED FINANCIAL AND OPERATING DATA" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SELECTED CONSOLIDATED FINANCIAL AND OPERATING DATA</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We present below summary historical financial data. The
following summary historical financial data (i)&nbsp;as of
January&nbsp;29, 2005 and January&nbsp;31, 2004, and for each of
fiscal years 2002, 2003 and 2004, were derived from our audited
historical consolidated financial statements included elsewhere
in this prospectus, (ii)&nbsp;as of April&nbsp;30, 2005 and for
the thirteen week periods ended April&nbsp;30, 2005 and
May&nbsp;1, 2004, were derived from our unaudited condensed
consolidated financial statements included elsewhere in this
prospectus, (iii)&nbsp;as of February&nbsp;1, 2003 and for
fiscal 2001 were derived from our audited consolidated financial
statements not included herein and (iv)&nbsp;as of May&nbsp;1,
2004, February&nbsp;3, 2001 and February&nbsp;2, 2002 and for
fiscal 2000 were derived from our unaudited consolidated
financial statements for these periods not included herein.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>For the Thirteen Week</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap><B>For the Fiscal Year Ended</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Period Ended</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2/3/01<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2/2/02</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2/1/03</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>1/31/04</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>1/29/05</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>5/1/04</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>4/30/05</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(Unaudited)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(Unaudited)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(Unaudited)</B></TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="26" align="center" nowrap><B>(Dollars in thousands except net sales per average gross square foot)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Statement of Income Data:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net
    sales<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>421,548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>523,509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>644,345</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>791,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>961,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>232,559</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>281,806</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Gross profit</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>103,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>123,396</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>158,756</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>202,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>270,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>67,587</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>82,798</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating
    profit<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>9,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>17,781</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>28,053</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>56,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>13,805</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>15,053</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net
    income<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>14,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>34,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,980</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Balance Sheet Data:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>230,660</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>232,821</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>295,703</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>291,184</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>395,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>319,919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>407,115</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Working
    capital<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>60,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>87,141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>103,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>138,919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>123,923</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>151,715</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Current
    ratio<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Long term
    obligations<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>54,116</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>35,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>55,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>45,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>205,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Other Data:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Number of DSW
    stores:<SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Beginning of period</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>172</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    New stores</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Closed/re-categorized
    stores<SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    End of period</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>172</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>151</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>177</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Comparable DSW stores (units)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>139</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    DSW store square footage
    added<SUP style="font-size: 85%; vertical-align: text-top">(8)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>544,999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>684,086</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>584,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>386,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>835,020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>251,637</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>181,371</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Average gross square
    footage<SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,536,307</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,217,108</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,912,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,364,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,010,245</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,704,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,440,123</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net sales per average gross sq.
    ft.<SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>57</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Number of leased shoe departments at end of period</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>224</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>172</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>231</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Affiliated leased shoe departments</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Non-affiliated leased shoe departments</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>151</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>206</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total comparable store sales
    change<SUP style="font-size: 85%; vertical-align: text-top">(11)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19.1</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.1</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5.9</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4.4</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Fiscal 2000 includes 53&nbsp;weeks; all other years contain
    52&nbsp;weeks.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Includes net sales of leased shoe departments.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    Results for the thirteen week period ended April&nbsp;30, 2005
    include a $6.5&nbsp;million pre-tax charge, and a
    $3.9&nbsp;million after-tax charge in operating profit and net
    income, respectively, related to the reserve for estimated
    losses associated with the theft of credit card and other
    purchase information.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">31

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<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(4)&nbsp;</TD>
    <TD align="left">
    Working capital represents current assets less current
    liabilities.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(5)&nbsp;</TD>
    <TD align="left">
    Current ratio represents current assets divided by current
    liabilities.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(6)&nbsp;</TD>
    <TD align="left">
    Comprised of borrowings under the Value City revolving credit
    facility, except for the amounts outstanding as of
    April&nbsp;30, 2005, which also include $165.0&nbsp;million of
    intercompany indebtedness incurred to fund a dividend to Retail
    Ventures. We expect to repay this intercompany indebtedness with
    the net proceeds of this offering.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(7)&nbsp;</TD>
    <TD align="left">
    Number of DSW stores for each fiscal period presented prior to
    the first quarter of fiscal 2005 includes two combination
    DSW/Filene&#146;s Basement stores which were re-categorized as
    leased shoe departments in the first quarter of fiscal 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(8)&nbsp;</TD>
    <TD align="left">
    DSW square footage added represents the total amount of square
    footage added during the period attributable to new store
    openings for DSW stores only; it does not reflect changes in
    square footage of leased shoe departments.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(9)&nbsp;</TD>
    <TD align="left">
    Average gross square footage represents the monthly average of
    square feet for DSW stores only for each period presented and
    consequently reflects the effect of opening stores in different
    months throughout the period.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>(10)&nbsp;</TD>
    <TD align="left">
    Net sales per average gross square foot is the result of
    dividing net sales for DSW stores only for the period presented
    by average gross square foot calculated as described in
    footnote&nbsp;8 above.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(11)&nbsp;</TD>
    <TD align="left">
    Comparable DSW stores and comparable leased shoe departments are
    those units that have been in operation for at least
    14&nbsp;months at the beginning of the fiscal year. Stores or
    leased shoe departments, as the case may be, are added to the
    comparable base at the beginning of the year and are dropped for
    comparative purposes in the month that they are closed.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">32

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<DIV align="left" style="font-size: 10pt;">
<A name='110'></A>
</DIV>

<!-- link1 "MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This management&#146;s discussion and analysis of financial
condition and results of operations contains forward-looking
statements that involve risks and uncertainties. Please see
&#147;Forward-Looking Statements&#148; for a discussion of the
uncertainties, risks and assumptions associated with these
statements. You should read the following discussion in
conjunction with our historical consolidated financial
statements and the notes thereto, our unaudited pro forma
financial statements and the notes to our unaudited pro forma
financial statements appearing elsewhere in this prospectus,
including &#147;Prospectus Summary&nbsp;&#151; Summary
Consolidated Financial Information,&#148;
&#147;Capitalization,&#148; &#147;Unaudited Pro Forma
Consolidated Financial Data&#148; and &#147;Selected
Consolidated Financial and Operating Data.&#148; The results of
operations for the periods reflected herein are not necessarily
indicative of results that may be expected for future periods,
and our actual results may differ materially from those
discussed in the forward-looking statements as a result of
various factors, including but not limited to those listed under
&#147;Risk Factors&#148; and included elsewhere in this
prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Overview</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DSW is a leading U.S. specialty branded footwear retailer
operating 177&nbsp;DSW stores in 32&nbsp;states as of
April&nbsp;30, 2005, with net sales of approximately
$961.1&nbsp;million in fiscal 2004. We offer in our DSW stores a
combination of selection, convenience and value that we believe
differentiates us from our competitors such as mall-based
department stores, national chains and independent shoe
retailers and appeals to consumers from a broad range of
socioeconomic and demographic backgrounds. In addition to
operating DSW stores, as of April&nbsp;30, 2005, we operated a
total of 206 leased shoe departments for three non-affiliated
retailers, including 154&nbsp;leased shoe departments for Stein
Mart, Inc., or Stein Mart; 51 for Gordman&#146;s, Inc., or
Gordmans; and one for Frugal Fannie&#146;s Fashion Warehouse, or
Frugal Fannie&#146;s. As of April&nbsp;30, 2005, we also
operated 25 leased shoe departments for Filene&#146;s Basement,
a wholly-owned subsidiary of Retail Ventures. We plan to further
strengthen our position as a leading specialty branded footwear
retailer by pursuing three primary strategies for
growth&nbsp;&#151; expanding our store base, driving sales
through enhanced merchandising and continuing to improve
profitability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The first DSW store was opened in July 1991, and in 1998, the
DSW business was acquired by Value City Department Stores, Inc.,
which subsequently became a wholly-owned subsidiary of Retail
Ventures. In December 2004, Retail Ventures completed a
corporate reorganization whereby Value City Department Stores,
Inc., a wholly-owned subsidiary of Retail Ventures, merged with
and into Value City, another wholly-owned subsidiary of Retail
Ventures. In turn, Value City transferred all the issued and
outstanding shares of DSW to Retail Ventures in exchange for a
promissory note. We have operated as a division of Retail
Ventures, and our assets, liabilities and operating results have
been included in the financial statements of Value City
Department Stores, Inc. or Retail Ventures since the time of our
acquisition and the formation of Retail Ventures, respectively.
In connection with the sale of Class&nbsp;A Common Shares
offered pursuant to this prospectus, DSW will become a
publicly-traded company and will operate its business as a
stand-alone entity. For more information regarding the
separation of the DSW business from Retail Ventures, please see
&#147;&#151;&nbsp;Separation Agreements&#148; and &#147;Certain
Relationships and Related Party Transactions&nbsp;&#151;
Relationships Between Our Company and Retail Ventures.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our consolidated financial statements, which are discussed
below, reflect the historical position, results of operations
and cash flows of the DSW business, which has been transferred
to us from Retail Ventures or other affiliates pursuant to the
reorganization. They assume that DSW, for the periods presented,
had existed as a separate legal entity. Our consolidated
financial statements reflect the accounting policies adopted by
Retail Ventures in the preparation of its financial statements.
Some costs have been reflected in the consolidated financial
statements that are not necessarily indicative of the costs that
DSW would have incurred had it operated as an independent,
stand-alone entity for all periods presented. These costs
include allocated portions of Retail Ventures&#146; corporate
overhead, interest expense and income taxes.
</DIV>

<P align="center" style="font-size: 10pt;">33

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<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Sources of Revenue</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DSW generates revenues by purchasing primarily in-season shoes
and accessories directly from vendors for sale to customers in
DSW&nbsp;stores and leased shoe departments. We have operated
leased shoe departments in Filene&#146;s Basement stores since
April 2000, in Stein Mart stores since July 2002 and in Gordmans
stores since June 2004.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Expansion Strategy</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The main growth strategy for our business is to increase total
net sales through DSW&nbsp;store expansion while maintaining
positive comparable store sales growth for DSW&nbsp;stores. We
intend to open approximately 30&nbsp;stores per year in each
fiscal year from fiscal 2005 through fiscal 2009. As of
April&nbsp;30, 2005, we have opened seven new stores in fiscal
2005 and signed leases for an additional 22 stores and one store
relocation. For fiscal 2005, we have budgeted approximately
$10.5&nbsp;million and $26.4&nbsp;million, respectively, for
capital expenditures and inventory in connection with new DSW
store openings. We expect to receive approximately
$9.0&nbsp;million in tenant allowances in connection with these
store openings. We plan to finance investment in new DSW stores
with cash flows from operating activities and by drawing from
our new $150&nbsp;million secured revolving credit facility when
necessary. However, we may be unable to open new stores
contemplated <BR>
 by our growth plan on a timely basis. For a further discussion
of the risks associated with our growth strategy, see &#147;Risk
Factors&nbsp;&#151; Risks Relating to Our Business.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We expect our expenses to increase as we operate the additional
stores and support the increasing size of the business. However,
we will strive to limit the growth rate of our expenses to a
rate that is less than the growth rate of net sales. We expect
the increase in net sales to come primarily from an increase in
our market share, as we do not expect a significant increase in
the total footwear market.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We utilize economic and demographic information to select new
DSW&nbsp;store locations that will generate additional
incremental sales with minimal negative effects on existing
stores. The selection of stores is <BR>
 based on evaluating total sales expectations for the location,
as well as the appropriateness of the size and rent. In the
past, we have closed stores which have not been profitable, and
we may do so again in the future. In addition, we have also
moved stores to other locations in the same market. In fiscal
years 2002, 2003, and 2004 we have opened DSW&nbsp;stores that
were approximately 6% larger than the average store size of a
typical DSW&nbsp;store in prior fiscal years. However, to date,
the sales volumes of these newer stores have been less than our
average store sales, and, as a result, we have experienced a
decrease in net sales per average gross square foot. As the
newer stores increase their net sales and we open new stores
sized to fit market potential, we expect to improve our net
sales per gross square foot performance in the future.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We anticipate that cash from operations, together with
borrowings under our new secured revolving credit facility, will
be adequate to fund operating expenses, working capital, capital
expenditures and our planned retail expansion. However, there
can be no assurance as to the future availability of external
financing or internally generated funds required to execute our
DSW&nbsp;store expansion strategy as planned. For more
information regarding our plans for funding our operations and
expansion, see &#147;&#151;&nbsp;Liquidity and Capital
Resources.&#148;
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Key Financial and Non-Financial Measures</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In evaluating DSW&#146;s results of operations, our management
refers to a number of key financial and non-financial measures
relating to the performance of our business. Among our key
financial results are net sales, operating profit and net
income. Non-financial measures that we use in evaluating our
performance include number of DSW&nbsp;stores and leased shoe
departments, net sales per average gross square foot for
DSW&nbsp;stores, and change in comparable stores sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following describes certain line items set forth in our
consolidated statement of income:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Net Sales. </I>We record net sales exclusive of sales tax and
net of returns. For comparison purposes, we define stores or
leased shoe departments as comparable or non-comparable. A
store&#146;s or leased shoe department&#146;s sales are included
in comparable sales if the store or leased shoe department has
been in
</DIV>

<P align="center" style="font-size: 10pt;">34

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<DIV align="left" style="font-size: 10pt;">
operation at least 14&nbsp;months at the beginning of the fiscal
year. Stores and leased shoe departments are excluded from the
comparison in the month that they close. Stores that are
remodeled or relocated are excluded from the comparison if they
are closed for more than two fiscal months or are relocated out
of their market area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Cost of Sales. </I>Our cost of sales includes the cost of
merchandise, distribution and warehousing (including
depreciation), store occupancy (excluding depreciation),
permanent and point of sale reductions, markdowns and shrinkage
provision. After the consummation of this offering, our cost of
sales will also reflect the impact of shared services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Operating Expenses. </I>Operating expenses include expenses
related to store selling, store management and store payroll
costs, advertising, leased shoe department operations, store
depreciation and amortization, pre-opening advertising and other
pre-opening costs (which are expensed as incurred), corporate
expenses for buying services, information services, depreciation
expense for corporate cost centers, marketing, insurance, legal,
finance, outside professional services, allocable costs from
Retail Ventures and other corporate related departments and
benefits for associates and related payroll taxes. After the
consummation of this offering, our operating expenses will also
reflect the cost of shared services and the cost of operating as
a public company. Corporate level expenses are primarily
attributable to operations at our corporate offices in Columbus,
Ohio.
</DIV>

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    <TD>
    <B><I>Fiscal Year; Seasonality</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We follow a 52/53-week fiscal year that ends on the Saturday
nearest to January&nbsp;31 in each year. Fiscal 2004, 2003, 2002
and 2001 each consisted of 52&nbsp;weeks and fiscal 2000
consisted of 53 weeks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our business, measured in terms of net sales, is subject to
seasonal trends. Our net sales, measured on a comparable stores
basis, have typically been higher in spring and early fall, when
our customers&#146; interest in new seasonal styles increases.
In addition, when measured in terms of operating profit, our
business has historically experienced lower levels of
profitability in the fourth quarter of our fiscal year, due
primarily to moderately lower sales in the fourth quarter.
Unlike many other retailers, we have not historically
experienced a large increase in net sales during our fourth
quarter associated with the winter holiday season.
</DIV>

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    <TD>
    <B><I>Separation Agreements</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will enter into several agreements with Retail Ventures in
connection with the separation of the DSW business from the
Retail Ventures group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Master Separation Agreement. </I>The separation agreement
will become effective upon the consummation of this offering.
The master separation agreement contains key provisions relating
to the separation of our business from Retail Ventures. The
master separation agreement will require us to exchange
information with Retail Ventures, follow certain accounting
practices and resolve disputes with Retail Ventures in a
particular manner. We also will agree to maintain the
confidentiality of certain information and preserve available
legal privileges. The separation agreement also will contain
provisions relating to the allocation of the costs of our
initial public offering, indemnification, non-solicitation of
employees and employee benefit matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the master separation agreement, we have agreed to effect
up to one demand registration per calendar year of our Common
Shares, whether Class&nbsp;A or Class&nbsp;B, held by Retail
Ventures, if requested by Retail Ventures. We have also granted
Retail Ventures the right to include its Common Shares of DSW in
an unlimited number of other registrations of such shares
initiated by us or on behalf of our other shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Shared Services Agreement. </I>Many aspects of our business,
which were fully managed and controlled by us without Retail
Ventures&#146; involvement, will continue to operate as they did
prior to this offering. We will continue to manage operations
for critical functions such as merchandise buying, planning and
allocation, distribution and store operations. Under the shared
services agreement, which when signed will become effective as
of January&nbsp;30, 2005, we will provide services to several
subsidiaries of Retail Ventures relating to planning and
allocation support, distribution services and outbound
transportation management, site research, lease negotiation,
store design and construction management. Retail Ventures will
provide us with services relating to import administration, risk
management, information technology, tax, logistics and inbound
</DIV>

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<DIV align="left" style="font-size: 10pt;">
transportation management, legal services, financial services,
shared benefits administration and payroll and will maintain
insurance for us and for our directors, officers, and employees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We anticipate that the initial term of the shared services
agreement will expire at the end of fiscal 2007 and will be
extended automatically for additional one-year terms unless
terminated by one of the parties. As of the date of this
prospectus, we expect that Retail Ventures will provide us with
several information technology services for a period longer than
the initial term, and we expect that distribution services will
be provided for a period shorter than the initial term. With
respect to each of the other shared services, we cannot
reasonably anticipate whether the services will be shared for a
period shorter or longer than the initial term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Tax Separation Agreement. </I>We have historically been
included in Retail Ventures&#146; consolidated group, or the
Consolidated Group, for U.S.&nbsp;federal income tax purposes as
well as in certain consolidated, combined or unitary groups
which include Retail Ventures and/or certain of its
subsidiaries, or a Combined Group, for state and local income
tax purposes. We intend to enter into a tax separation agreement
with Retail Ventures that will become effective upon
consummation of this offering. Pursuant to the tax separation
agreement, we and Retail Ventures generally will make payments
to each other such that, with respect to tax returns for any
taxable period in which we or any of our subsidiaries are
included in the Consolidated Group or any Combined Group, the
amount of taxes to be paid by us will be determined, subject to
certain adjustments, as if we and each of our subsidiaries
included in the Consolidated Group or Combined Group filed our
own consolidated, combined or unitary tax return. Retail
Ventures will prepare pro&nbsp;forma tax returns for us with
respect to any tax return filed with respect to the Consolidated
Group or any Combined Group in order to determine the amount of
tax separation payments under the tax separation agreement. We
will have the right to review and comment on such pro forma tax
returns. We will be responsible for any taxes with respect to
tax returns that include only us and our subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Retail Ventures will be exclusively responsible for preparing
and filing any tax return with respect to the Consolidated Group
or any Combined Group. We generally will be responsible for
preparing and filing any tax returns that include only us and
our subsidiaries. Retail Ventures has agreed to undertake to
provide these services with respect to our separate tax returns.
For the tax services to be provided to us by Retail Ventures, we
will pay Retail Ventures a monthly fee equal to 50% of all costs
associated with the maintenance and operation of Retail
Ventures&#146; tax department (including all overhead expenses).
In addition, we will reimburse Retail Ventures for 50% of any
third party fees and expenses generally incurred by Retail
Ventures&#146; tax department and 100% of any third party fees
and expenses incurred by Retail Ventures&#146; tax department
solely in connection with the performance of the tax services to
be provided to us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Retail Ventures will be primarily responsible for controlling
and contesting any audit or other tax proceeding with respect to
the Consolidated Group or any Combined Group; provided, however,
that, except in cases involving taxes relating to a spin-off, we
will have the right to control decisions to resolve, settle or
otherwise agree to any deficiency, claim or adjustment with
respect to any item for which we are solely liable under the tax
separation agreement. Pursuant to the tax separation agreement,
we will have the right to control and contest any audit or tax
proceeding that relates to any tax returns that include only us
and our subsidiaries. We and Retail Ventures will have joint
control over decisions to resolve, settle or otherwise agree to
any deficiency, claim or adjustment for which we and Retail
Ventures could be jointly liable, except in cases involving
taxes relating to a spin-off. Disputes arising between the
parties relating to matters covered by the tax separation
agreement are subject to resolution through specific dispute
resolution provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have been included in the Consolidated Group for periods in
which Retail Ventures owned at least 80% of the total voting
power and value of the our outstanding stock. It is not expected
that we will be included in the Consolidated Group following
this offering. Each member of a consolidated group for
U.S.&nbsp;federal income tax purposes is jointly and severally
liable for the U.S.&nbsp;federal income tax liability of each
other member of the consolidated group. Similarly, in some
jurisdictions, each member of a consolidated, combined or
unitary group for state, local or foreign income tax purposes is
jointly and severally liable for the state, local or foreign
income tax liability of each other member of the consolidated,
combined or unitary group. Accordingly, although the tax
separation agreement allocates tax liabilities
</DIV>

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<DIV align="left" style="font-size: 10pt;">
between us and Retail Ventures, for any period in which we were
included in the Consolidated Group or a Combined Group, we could
be liable in the event that any income tax liability was
incurred, but not discharged, by any other member of the
Consolidated Group or a Combined Group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of the date of this prospectus Retail Ventures does not
intend or plan to undertake a spin-off of our stock to Retail
Ventures stockholders. Nevertheless, we and Retail Ventures have
agreed to set forth our respective rights, responsibilities and
obligations with respect to any possible spin-off in the tax
separation agreement. If Retail Ventures were to decide to
pursue a possible spin-off, we have agreed to cooperate with
Retail Ventures and to take any and all actions reasonably
requested by Retail Ventures in connection with such a
transaction. We have also agreed not to knowingly take or fail
to take any actions that could reasonably be expected to
preclude Retail Ventures&#146; ability to undertake a tax-free
spin-off. In addition, we generally would be responsible for any
taxes resulting from the failure of a spin-off to qualify as a
tax-free transaction to the extent such taxes are attributable
to, or result from, any action or failure to act by us or
certain transactions in our stock (including transactions over
which we would have no control, such as acquisitions of our
stock and the exercise of warrants, options, exchange rights,
conversion rights or similar arrangements with respect to our
stock) following or preceding a spin-off. We would also be
responsible for a percentage (based on the relative market
capitalizations of us and Retail Ventures at the time of such
spin-off) of such taxes to the extent such taxes are not
otherwise attributable to us or Retail Ventures. Our agreements
in connection with such spin-off matters last indefinitely. In
addition, present and future majority-owned affiliates of DSW or
Retail Ventures will be bound by our agreements, unless Retail
Ventures or we, as applicable, consent to grant a release of an
affiliate (such consent cannot be unreasonably withheld,
conditioned or delayed), which may limit our ability to sell or
otherwise dispose of such affiliates. Additionally, a minority
interest participant(s) in a future joint venture, if any, would
need to evaluate the effect of the tax separation agreement on
such joint venture, and such evaluation may negatively affect
their decision whether to participate in such a joint venture.
Furthermore, the tax separation agreement may negatively affect
our ability to acquire a majority interest in a joint venture.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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    <TD width="3%"></TD>
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    <TD></TD>
    <TD>
    <B><I>Critical Accounting Policies and Estimates.</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As discussed in Note 1 to our consolidated financial statements
included elsewhere in this prospectus, the preparation of our
consolidated financial statements in conformity with generally
accepted accounting principles, or GAAP, requires management to
make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of commitments and
contingencies at the date of the financial statements and
reported amounts of revenues and expenses during the reporting
period. On an ongoing basis, we evaluate our estimates and
judgments, including, but not limited to, those related to
inventory valuation, depreciation, amortization, recoverability
of long-lived assets (including intangible assets), estimates
for self insurance reserves for health and welfare,
workers&#146; compensation and casualty insurance, income taxes,
contingencies, litigation and revenue recognition. We base these
estimates and judgments on our historical experience and other
factors we believe to be relevant, the results of which form the
basis for making judgments about the carrying values of assets
and liabilities that are not readily apparent from other
sources. The process of determining significant estimates is
fact-specific and takes into account factors such as historical
experience, current and expected economic conditions, product
mix, and in some cases, actuarial and appraisal techniques. We
constantly re-evaluate these significant factors and make
adjustments where facts and circumstances dictate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
While we believe that our historical experience and other
factors considered provide a meaningful basis for the accounting
policies applied in the preparation of the consolidated
statements, we cannot guarantee that our estimates and
assumptions will be accurate. As the determination of these
estimates requires the exercise of judgment, actual results
inevitably will differ from those estimates, and such
differences may be material to our financial statements.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe the following represent the most significant
accounting policies, critical estimates and assumptions, among
others, used in the preparation of our consolidated financial
statements:
</DIV>

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    <TD width="96%"></TD>
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<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <I>Revenue Recognition. </I>Revenues from merchandise sales are
    recognized at the point of sale and are net of returns and
    exclude sales tax. Revenue from gift cards is deferred and the
    revenue is recognized upon redemption of the gift cards.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <I>Cost of Sales and Merchandise Inventories. </I>Merchandise
    inventories are stated at the lower of cost, determined using
    the first-in, first-out basis, or market, using the retail
    inventory method. The retail inventory method is widely used in
    the retail industry due to its practicality. Under the retail
    inventory method, the valuation of inventories at cost and the
    resulting gross profit are calculated by applying a calculated
    cost to retail ratio to the retail value of inventories. The
    cost of the inventory reflected on our consolidated balance
    sheet is decreased by charges to cost of sales at the time the
    retail value of the inventory is lowered through the use of
    markdowns. Hence, earnings are negatively impacted as
    merchandise is marked down prior to sale. Reserves to value
    inventory at the lower of cost or market were $14.2&nbsp;million
    and $11.5&nbsp;million at the end of fiscal 2004 and 2003,
    respectively.</TD>
</TR>

</TABLE>

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    <TD align="left">
     Inherent in the calculation of inventories are certain
    significant management judgments and estimates, including
    setting the original merchandise retail value or mark-on,
    markups of initial prices established, reductions in prices due
    to customers&#146; perception of value (known as markdowns), and
    estimates of losses between physical inventory counts, or
    shrinkage, which, combined with the averaging process within the
    retail inventory method, can significantly impact the ending
    inventory valuation at cost and the resulting gross profit.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
     We include in the cost of sales expenses associated with
    warehousing, distribution and store occupancy. Warehousing costs
    are comprised of labor, benefits and other labor-related costs
    associated with the operations of the warehouse, which are
    primarily payroll-related taxes and benefits. The non-labor
    costs associated with warehousing include rent, depreciation,
    insurance, utilities and maintenance and other operating costs
    that are passed to us from the landlord. Distribution costs
    include the transportation of merchandise to the warehouse and
    from the warehouse to our stores. Store occupancy costs include
    rent, utilities, repairs, maintenance and janitorial costs and
    other costs associated with licenses and occupancy-related
    taxes, which are primarily real estate taxes passed to us by our
    landlords.</TD>
</TR>

</TABLE>

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    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <I>Asset Impairment and Long-lived Assets. </I>We must
    periodically evaluate the carrying amount of our long-lived
    assets, primarily property and equipment, and finite life
    intangible assets when events and circumstances warrant such a
    review to ascertain if any assets have been impaired. The
    carrying amount of a long-lived asset is considered impaired
    when the carrying value of the asset exceeds the expected future
    cash flows (undiscounted and without interest) from the asset.
    Our reviews are conducted down at the lowest identifiable level,
    which include a store. The impairment loss recognized is the
    excess of the carrying value, based on discounted future cash
    flows, of the asset over its fair value. Should an impairment
    loss be realized, it will be included in operating expenses. The
    amount of impairment losses recorded during fiscal 2004 was
    $0.9&nbsp;million, while in fiscal 2003 and 2002 the amounts of
    impairment losses were immaterial to the financial statements.
    We believe at this time that the long-lived assets&#146;
    carrying values and useful lives continue to be appropriate. To
    the extent these future projections or our strategies change,
    the conclusion regarding impairment may differ from our current
    estimates.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <I>Self-insurance Reserves. </I>We record estimates for certain
    health and welfare, workers compensation and casualty insurance
    costs that are self-insured programs. These estimates are based
    on actuarial assumptions and are subject to change based on
    actual results. Should the total cost of claims for health and
    welfare, workers compensation and casualty insurance exceed
    those anticipated, reserves recorded may not be sufficient, and,
    to the extent actual results vary from assumptions, earnings
    would be impacted.</TD>
</TR>

</TABLE>

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    <TD width="1%"></TD>
    <TD width="96%"></TD>
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<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <I>Customer Loyalty Program. </I>We maintain a customer loyalty
    program for our DSW stores in which customers receive a future
    discount on qualifying purchases. The &#147;Reward Your
    Style&#148; program is designed to promote customer awareness
    and loyalty and provide us with the ability to communicate with
    our customers and enhance our understanding of their spending
    trends. Upon reaching the target spending level, customers may
    redeem these discounts on a future purchase. Generally, these
    future discounts must be redeemed within six months. We accrue
    the estimated costs of the anticipated redemptions of the
    discount earned at the time of the initial purchase and charge
    such costs to operating expense based on historical experience.
    The estimates of the costs associated with the loyalty program
    require us to make assumptions related to customer purchase
    levels and redemption rates. The accrued liability as of
    January&nbsp;29, 2005 and January&nbsp;31, 2004 was
    $4.5&nbsp;million and $3.0&nbsp;million, respectively. To the
    extent assumptions of purchases and redemption rates vary from
    actual results, earnings would be impacted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <I>Income Taxes. </I>We are required to determine the aggregate
    amount of income tax expense to accrue and the amount which will
    be currently payable based upon tax statutes of each
    jurisdiction we do business in. In making these estimates, we
    adjust income based on a determination of generally accepted
    accounting principles for items that are treated differently by
    the applicable taxing authorities. Deferred tax assets and
    liabilities, as a result of these differences, are reflected on
    our balance sheet for temporary differences that will reverse in
    subsequent years. A valuation allowance is established against
    deferred tax assets when it is more likely than not that some or
    all of the deferred tax assets will not be realized. If our
    management had made these determinations on a different basis,
    our tax expense, assets and liabilities could be different.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Results of Operations</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of April&nbsp;30, 2005, we operated 177&nbsp;DSW stores and
leased shoe departments in 154&nbsp;Stein Mart stores,
51&nbsp;Gordmans stores, 25&nbsp;Filene&#146;s Basement stores
and one Frugal Fannie&#146;s store. We manage our operations as
one segment. The following table represents selected components
of our historical consolidated results of operations, expressed
as percentages of net sales:
</DIV>

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    <TD width="4%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>For the Thirteen Week</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>For the Fiscal Year Ended</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Period Ended</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>February&nbsp;1,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;29,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>May&nbsp;1,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>April&nbsp;30,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(52&nbsp;Weeks)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(52&nbsp;Weeks)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(52&nbsp;Weeks)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(13&nbsp;Weeks)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(13&nbsp;Weeks)</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net sales, including sales from leased departments</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cost of sales</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(75.4</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(74.4</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(71.9</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(70.9</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(70.6</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Gross profit</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>24.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>28.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>29.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>29.4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(21.9</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(22.1</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(22.3</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(23.1</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(24.1</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating profit</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5.3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Interest expense, net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.6</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.3</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.3</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.3</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1.2</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Income before income taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4.1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Provision for income taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(0.9</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1.3</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1.9</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2.3</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1.6</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.2</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.9</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.6</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.4</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.5</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Thirteen Week Period Ended April 30, 2005 (First Quarter of
Fiscal 2005) Compared to the Thirteen Week Period Ended
May&nbsp;1, 2004 (First Quarter of Fiscal 2004)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Net Sales.</I> Net sales for the thirteen week period ended
April&nbsp;30, 2005 increased by 21.2%, or $49.2&nbsp;million,
to $281.8&nbsp;million from $232.6&nbsp;million in the thirteen
week period ended May&nbsp;1, 2004. Our comparable store sales
in the first quarter of fiscal 2005 improved 4.4% compared to
the first quarter of fiscal 2004. After accounting for the
recategorization of two DSW/Filene&#146;s Basement combination
stores from DSW
</DIV>

<P align="center" style="font-size: 10pt;">39

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
stores to leased shoe departments in the first quarter of fiscal
2005, the increase includes a net increase of 26&nbsp;new DSW
stores, 53 non-affiliated leased shoe departments and three
Filene&#146;s Basement leased shoe departments in the first
quarter of fiscal 2005. The new DSW locations added
$32.6&nbsp;million in sales compared to the first quarter of
fiscal 2004, while the new leased shoe departments added
$5.7&nbsp;million. Leased shoe department sales comprised 10.8%
of total net sales in the first quarter of fiscal 2005, compared
to 8.9% in the first quarter of fiscal 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Compared with first quarter of fiscal 2004, DSW comparable store
sales increased in women&#146;s 2.7%, athletic 12.3% and
men&#146;s 4.9%, and decreased in the accessories category by
3.2%. Sales increases in women&#146;s and men&#146;s were driven
by increases in the dress and casual categories, while the
increase in athletic was the result of an increase in the
fashion athletic category. The decrease in accessories was the
result of declines in the handbags and hosiery categories.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Gross Profit.</I> Gross profit increased $15.2 million to
$82.8 million in the first quarter of fiscal 2005 from
$67.6&nbsp;million in the first quarter of fiscal 2004, and
increased as a percentage of net sales from 29.1% in the first
quarter of fiscal 2004 to 29.4% in the first quarter of fiscal
2005. This increase is primarily attributable to increased
initial markups resulting in higher average unit retail prices.
The benefit of the higher initial markups was partially offset
by markdowns on transitional spring merchandise that had been
brought into the stores in December 2004 and January 2005.
Warehouse expense as a percentage of net sales decreased from
2.4% in the first quarter of fiscal 2004 to 1.7% in the first
quarter of fiscal 2005. The decrease in warehouse expense is the
result of improved operational efficiencies achieved through the
use of electronic shipping information, increased unit volumes
and a higher allocation of warehouse expense to Value
City&#146;s shoe operations pursuant to the shared services
agreement. This decrease in warehouse expense was partially
offset by increases in store occupancy, from 11.9% of net sales
in the first quarter of fiscal 2004 to 12.6% of net sales in the
first quarter of fiscal 2005. The increase in store occupancy is
the result of increases in lease expense for new stores.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Operating Expenses.</I> For the first quarter of fiscal 2005,
operating expenses increased $13.9&nbsp;million from
$53.8&nbsp;million in the first quarter of fiscal 2004 to
$67.7&nbsp;million in the first quarter of fiscal 2005.
Operating expenses represented 24.1% of net sales in the first
quarter of fiscal 2004 and 23.1% of net sales in the first
quarter of fiscal 2005. Operating expenses for the first quarter
of fiscal 2005 include $1.5&nbsp;million in pre-opening costs
compared to $2.8&nbsp;million in the first quarter of fiscal
2004. Pre-opening costs are expensed as incurred and therefore
do not necessarily reflect expenses for the stores opened in a
given fiscal period. Included in operating expenses is the
related operating cost associated with operating the leased shoe
departments, excluding occupancy. The new DSW stores and leased
shoe departments added $6.1&nbsp;million in expenses compared to
the first quarter of fiscal 2004, excluding pre-opening expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During the quarter we accrued an estimated liability related to
the theft of credit card and other purchase information.
Potential exposures for losses related to stolen information
were estimated to fall within a range of approximately
$6.5&nbsp;million to approximately $9.5&nbsp;million. Because of
many factors, including the early development of information
regarding the theft and recoverability under insurance policies,
there is no amount in the estimated range that represents a
better estimate than any other amount in the range. Therefore,
in accordance with Financial Accounting Standard No.&nbsp;5,
<I>Accounting for Contingencies</I>, we have accrued a charge to
operations equal to the low end of the range set forth above, or
$6.5&nbsp;million. As the situation develops and more
information becomes available to us, the amount of the reserve
may increase or decrease accordingly. The amount of any such
change may be material.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Operating Profit.</I> Operating profit was $15.1&nbsp;million
in the first quarter of fiscal 2005 compared to
$13.8&nbsp;million in the first quarter of fiscal 2004, and
decreased as a percentage of net sales from 6.0% in the first
quarter of fiscal 2004 to 5.3% in the first quarter of fiscal
2005. Operating profit was positively affected by the thirteen
weeks of operation for our DSW stores and leased shoe
departments opened in the previous fiscal year but was offset by
operating expenses related to the estimate for our potential
losses related to the theft of credit card and other purchase
information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Interest Expense.</I> Interest expense, net of interest
income, increased $2.8 million to $3.5&nbsp;million for the
first quarter of fiscal 2005 from $0.7&nbsp;million for the
first quarter of fiscal 2004. Included in interest expense
</DIV>

<P align="center" style="font-size: 10pt;">40

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<DIV align="left" style="font-size: 10pt;">
is $2.7&nbsp;million of interest due to Retail Ventures related
to $165.0&nbsp;million of indebtedness incurred to fund a
dividend. The indebtedness is evidenced by a note that bears
interest at a rate equal to LIBOR plus 850&nbsp;basis points.
The interest expense also reflects higher weighted average
borrowing rates. Interest expense includes the amortization of
debt issuance costs of $0.1&nbsp;million in each of the first
quarters of fiscal 2005 and 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Income Taxes.</I> Our effective tax rate for the first
quarter of fiscal 2005 was 39.5%, compared to 40.2% for the
first quarter of fiscal 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Fiscal Year Ended January&nbsp;29, 2005 (Fiscal 2004)
Compared to Fiscal Year Ended January&nbsp;31, 2004 (Fiscal
2003)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Net Sales.</I> Net sales for the fifty-two weeks ended
January&nbsp;29, 2005 increased by 21.4%, or
$169.8&nbsp;million, to $961.1&nbsp;million from
$791.3&nbsp;million in the fifty-two week period ended
January&nbsp;31, 2004. Our comparable store sales in fiscal 2004
improved 5.0% compared to the previous fiscal year. The increase
includes a net increase of 30 new DSW stores, 51 non-affiliated
leased shoe departments and five Filene&#146;s Basement leased
shoe departments in fiscal 2004. The new DSW locations added
$82.0&nbsp;million in sales compared to fiscal 2003, while the
new leased shoe departments added $12.7&nbsp;million. Leased
shoe department sales comprised 9.4% of total net sales in
fiscal 2004, compared to 8.9% in fiscal 2003.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Compared with fiscal 2003, DSW comparable store sales increased
in women&#146;s 4.3%, athletic 11.6% and accessories 9.6%, and
decreased in the men&#146;s category by 0.3%. Sales increases in
women&#146;s were driven by increases in dress, better and
sandals in the spring and women&#146;s casual in the fall. The
increase in athletic was the result of sales increases in
fashion athletic in both the men&#146;s and women&#146;s
categories. The increase in accessories was the result of
additional new merchandise being offered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Gross Profit.</I> Gross profit increased $67.3&nbsp;million
to $270.2&nbsp;million in fiscal 2004 from $202.9&nbsp;million
in fiscal 2003, and increased as a percentage of net sales from
25.6% in fiscal 2003 to 28.1% in fiscal 2004. This increase is
primarily attributable to increased initial markups and a
decrease in markdowns when compared to the prior fiscal year.
The initial markup increase is the result of increased average
unit retail prices and the ability to buy at lower costs, which
is due to the fact that we placed larger orders. Warehouse
expense as a percentage of net sales decreased from 2.5% in
fiscal 2003 to 2.2% in fiscal 2004. The decrease in warehouse
expense is the result of improved operational efficiencies
achieved through the use of electronic shipping information and
increased unit volumes. This decrease in warehouse expense was
partially offset by increases in store occupancy, from 12.8% of
net sales in fiscal 2003 to 12.9% of net sales in fiscal 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Operating Expenses.</I> For fiscal 2004, operating expenses
increased $39.2&nbsp;million from $174.9&nbsp;million in fiscal
2003 to $214.1&nbsp;million in fiscal 2004. Operating expenses
represented 22.1% of net sales in fiscal 2003 and 22.3% of net
sales in fiscal 2004. Operating expenses for fiscal 2004 include
$10.8&nbsp;million in pre-opening costs compared to
$5.1&nbsp;million in the prior fiscal year. Pre-opening costs
are expensed as incurred and therefore do not necessarily
reflect expenses for the stores opened in a given fiscal year.
Included in operating expenses is the related operating cost
associated with operating the leased shoe departments, excluding
occupancy. The new DSW stores and leased shoe departments added
$14.8&nbsp;million in expenses compared to fiscal 2003,
excluding pre-opening expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Operating Profit.</I> Operating profit was $56.1&nbsp;million
in fiscal 2004 compared to $28.1&nbsp;million in fiscal 2003,
and increased as a percentage of net sales from 3.5% in fiscal
2003 to 5.8% in fiscal 2004. Operating profit was positively
affected by the full year of operations for our DSW stores and
leased shoe departments opened in fiscal 2003.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Interest Expense.</I> Interest expense, net of interest
income, was $2.7&nbsp;million in each of fiscal 2004 and fiscal
2003. Interest expense in fiscal 2004 was the result of an
increase in the average weighted borrowing rate, offset in part
by a decrease in average weighted borrowings. Interest expense
includes the amortization of debt issuance costs of
$0.5&nbsp;million in each of fiscal 2004 and fiscal 2003.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Income Taxes.</I> Our effective tax rate for fiscal 2004 was
34.5%, compared to 41.5% for fiscal 2003. The favorable rate
experienced in fiscal 2004, primarily in the fourth quarter, was
driven by several factors which included the deductibility of
certain expenses associated with the termination benefits of the
former
</DIV>

<P align="center" style="font-size: 10pt;">41

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<DIV align="left" style="font-size: 10pt;">
Chief Executive Officer of Retail Ventures, among others. The
favorable effective tax rate is not expected to continue into
the future as DSW anticipates its effective tax rate will
approximate its statutory rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Fiscal Year Ended January&nbsp;31, 2004 (Fiscal 2003)
Compared To Fiscal Year Ended February&nbsp;1, 2003 (Fiscal
2002)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Net Sales.</I> Net sales for the fifty-two weeks ended
January&nbsp;31, 2004 increased by 22.8%, or
$147.0&nbsp;million, to $791.3&nbsp;million from
$644.3&nbsp;million in the fifty-two week period ended
February&nbsp;1, 2003. Our comparable store sales in fiscal 2003
improved 5.9% compared to the previous fiscal year. The increase
includes a net increase of 16 new DSW stores, 54 non-affiliated
leased shoe departments and one Filene&#146;s Basement leased
shoe department in fiscal 2003. The new DSW locations added
$32.8&nbsp;million in sales compared to fiscal 2002, while the
new leased shoe departments added $25.4&nbsp;million. Leased
shoe department sales comprised 8.9% of total net sales in
fiscal 2003, compared to 3.5% in fiscal 2002.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Compared with fiscal 2002, DSW&nbsp;comparable store sales
increased in women&#146;s 7.3%, men&#146;s 4.5%, athletic 1.5%
and accessories 3.2%. The increase in women&#146;s was primarily
attributable to a strong year-long comparable store performance
in the women&#146;s better category and a strong seasonal boot
performance in the fourth quarter of fiscal 2003. The increase
in men&#146;s was primarily driven by increases in the casual
and fashion dress shoe categories. In athletic, the increase was
primarily attributable to an increase in the men&#146;s athletic
category. The increase in accessories was primarily driven by an
increase in the gift category.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Gross Profit.</I> Gross profit increased $44.1&nbsp;million
to $202.9&nbsp;million in fiscal 2003 from $158.8&nbsp;million
in fiscal 2002, and increased as a percentage of net sales from
24.6% in fiscal 2002 to 25.6% in fiscal 2003. This increase was
primarily attributable to higher initial markups on merchandise
purchases, as evidenced by the increase in average unit retail
prices. Warehouse expense as a percentage of sales decreased
from 2.7% in fiscal 2002 to 2.5% in fiscal 2003. This decrease
in warehouse expense was partially offset by increases in store
occupancy, from 12.1% of net sales in fiscal 2002 to 12.8% of
net sales in fiscal 2003. The increase in store occupancy is the
result of the higher cost of renting our newer stores.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Operating Expenses.</I> For fiscal 2003, operating expenses
increased $33.9&nbsp;million from $141.0&nbsp;million in fiscal
2002 to $174.9&nbsp;million in fiscal 2003. Operating expenses
represented 21.9% of net sales in fiscal 2002 and 22.1% of net
sales in fiscal 2003. Operating expenses for fiscal 2003 include
$5.1&nbsp;million in pre-opening costs compared to
$2.9&nbsp;million in the prior fiscal year. Pre-opening costs
are expensed as incurred and therefore do not necessarily
reflect expenses for the stores opened in a given fiscal year.
Included in operating expenses is the related operating cost
associated with operating the leased shoe departments, excluding
occupancy. The new DSW stores and leased shoe departments added
$6.7&nbsp;million in expenses compared to fiscal 2002, excluding
pre-opening expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Operating Profit.</I> Operating profit was $28.1&nbsp;million
in fiscal 2003 compared to $17.8&nbsp;million in fiscal 2002,
and increased as a percentage of net sales from 2.7% in fiscal
2002 to 3.5% in fiscal 2003. Operating profit was positively
affected by the full year of operations for our DSW stores and
leased shoe departments opened in fiscal 2002.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Interest Expense.</I> Interest expense, net of interest
income, decreased $1.2&nbsp;million to $2.7&nbsp;million in
fiscal 2003 from $3.9&nbsp;million in fiscal 2002, due primarily
to the write-off in fiscal 2002 of unamortized debt issuance
costs and a decrease in the average weighted borrowing rate,
offset in part by an increase in average weighted borrowings.
Interest expense includes the amortization of debt issuance
costs of $0.5&nbsp;million in each of fiscal 2003 and fiscal
2002.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Income Taxes.</I> Our effective tax rate for fiscal 2003 was
41.5%, compared to 42.0% for fiscal 2002. The decrease in the
effective tax rate was primarily due to the decrease in
non-deductible expenses for tax purposes.
</DIV>

<P align="center" style="font-size: 10pt;">42

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Quarterly Results</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Quarterly Operations Data</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following tables set forth unaudited quarterly condensed
consolidated statements of operations data, expressed in
thousands of dollars. This quarterly information is unaudited,
but has been prepared on the same basis as the annual
consolidated financial statements included elsewhere in this
prospectus and, in the opinion of our management, reflects all
adjustments necessary for a fair representation of the
information for the periods presented. This quarterly condensed
statement of income data should be read in conjunction with our
audited consolidated financial statements and the related notes
included elsewhere in this prospectus. Operation results for any
quarter are not necessarily indicative of results for any future
period or for the full fiscal year.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="45%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap><B>Quarter Ended</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap><B>(Dollars in thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="18" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align="center" nowrap><B>FY 2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>FY 2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>5/1/04</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>7/31/04</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>10/30/04</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>1/29/05</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>4/30/05</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net sales</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>232,559</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>234,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>262,444</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>231,683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>281,806</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cost of sales</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(164,972</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(167,464</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(184,991</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(173,451</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(199,008</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Gross profit</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>67,587</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>66,939</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>77,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>58,232</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>82,798</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(53,782</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(51,305</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(60,664</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(48,351</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(67,745</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating profit</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,805</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16,789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,053</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Interest expense</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(726</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(745</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(989</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(274</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3,521</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Earnings before income taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,079</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14,889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,532</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Income tax (provision)&nbsp;benefit</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(5,263</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(5,992</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(6,358</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(807</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,552</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>9,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,980</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Comparable store sales change</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0.8</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5.8</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4.4</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align="center" nowrap><B>Quarter Ended</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align="center" nowrap><B>(Dollars in thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align="center" nowrap><B>FY 2003</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>5/3/03</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>8/2/03</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>11/1/03</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>1/31/04</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net sales</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>186,715</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>197,327</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>221,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>185,885</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cost of sales</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(144,718</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(145,607</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(161,523</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(136,573</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Gross profit</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>41,997</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>51,720</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>59,898</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>49,312</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(42,363</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(42,904</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(47,466</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(42,141</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating profit (loss)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(366</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,171</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Interest expense</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(924</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(627</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(634</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(554</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Earnings (loss)&nbsp;before income taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,290</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,617</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Income tax (provision)&nbsp;benefit</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3,395</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,890</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,757</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income (loss)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>(755</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,908</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,860</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Comparable store sales change</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3.5%)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4.8</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11.6</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Liquidity and Capital Resources</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Overview</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our primary ongoing cash requirements are for seasonal and new
store inventory purchases, capital expenditures in connection
with our expansion, the remodeling of existing stores and
infrastructure growth. We have historically funded our
expenditures with cash flows from operations and borrowings
under the Value
</DIV>

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<DIV align="left" style="font-size: 10pt;">
City credit facilities to which we have been a party, as
described below. Our working capital and inventory levels
typically build seasonally. We believe that we will be able to
continue to fund our operating requirements and the expansion of
our business pursuant to our growth strategy in the future with
cash flows from operations and borrowings under the new DSW
secured revolving credit facility we are entering into in
connection with the separation of the DSW business from Retail
Ventures, although we can give no assurance in this regard.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>The DSW Separation</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On or about the date of the consummation of this offering,
Retail Ventures expects to amend or terminate the existing
credit facilities and other debt obligations of Value City and
its other affiliates, including certain facilities under which
DSW has rights and obligations as a co-borrower and
co-guarantor. For further description of these facilities and
our new secured revolving credit facility, see &#147;Description
of Indebtedness.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>The Value City Revolving Credit Facility. </I>Until the
amendment and restatement of this revolving credit agreement, we
will continue to be a co-borrower under a Loan and Security
Agreement, as amended, entered into with National City Business
Credit, Inc., or National City, as administrative agent, and the
other parties named therein, originally entered into in June
2002. We, Value City and other Retail Ventures affiliates are
currently named as co-borrowers, and Retail Ventures is a
co-guarantor. The maturity date of the facility is June&nbsp;11,
2006. This revolving credit agreement allows DSW and the other
Value City affiliates named as co-borrowers to draw on a
$425&nbsp;million revolving credit facility, subject to
applicable borrowing base restrictions. All the capital stock of
DSW and DSWSW is pledged to National City, as administrative
agent, in favor of the revolving credit facility lenders. We,
Retail Ventures and the other co-borrowers and guarantors named
therein are jointly and severally liable for all liabilities
incurred under the agreement. We have reflected our direct
obligations under this revolving credit facility as they relate
to borrowings secured by our assets in our historical financial
statements included elsewhere in this prospectus. For additional
information regarding this revolving credit facility, see
&#147;&#151;&nbsp;Financing Activities.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the Value City revolving credit facility, the borrowing
base formula applicable to DSW has been based on the value of
our inventory and receivables. Primary security for this
revolving credit facility is provided in part by a first
priority lien on all of the inventory and accounts receivable of
DSW and the other co-borrowers thereunder, as well as certain
intercompany notes and payment intangibles. Subject to the
provisions of an intercreditor agreement, this revolving credit
facility also has the substantial equivalent of a second
priority perfected security interest in all the first priority
collateral securing the Value City aggregate $100&nbsp;million
term loans and the Value City $75&nbsp;million convertible loan,
including all of the capital stock of DSW and DSWSW. We are a
co-borrower under this revolving credit facility, and will
remain obligated thereunder until the amendment and restatement
of this revolving credit agreement described below. Interest on
borrowings under this revolving credit facility is calculated at
the bank&#146;s base rate plus 0.0% to 0.5%, or at the LIBOR
rate plus 2.00% to 2.75%, depending upon the level of average
excess availability that DSW and the other co-borrowers maintain.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At April&nbsp;30, 2005 and January&nbsp;29, 2005,
$225.0&nbsp;million and $108.5&nbsp;million was available,
respectively, under this revolving credit facility. Direct
borrowings by us aggregated $40.0&nbsp;million and
$55.0&nbsp;million as of April&nbsp;30, 2005 and
January&nbsp;29, 2005, respectively, while $8.1&nbsp;million and
$14.9&nbsp;million letters of credit were issued and outstanding
as of April&nbsp;30, 2005 and January&nbsp;29, 2005,
respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On or about the date of the consummation of this offering,
Retail Ventures and its affiliates will amend and restate the
revolving credit agreement, and we will be released from our
obligations thereunder. In addition, National City will release
its liens on the shares of our capital stock held by Retail
Ventures and the capital stock of DSWSW held by us. Leasehold
mortgages granted by DSW and DSWSW in 2002 to secure obligations
under the revolving credit agreement, as well as the Value City
term loan facility and subordinated convertible loan facility,
will also be released.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Our New Secured Revolving Credit Facility.</I> Simultaneously
with the amendment and restatement of the Value City revolving
credit facility, DSW expects to enter into a new
$150&nbsp;million secured revolving credit
</DIV>

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<DIV align="left" style="font-size: 10pt;">
facility with a term of five years. Under this facility, we
expect that we and our subsidiary, DSWSW, will be named as
co-borrowers. This new DSW facility is expected to have
borrowing base restrictions and will provide for borrowings at
variable interest rates based on LIBOR, the prime rate and the
Federal Funds effective rate, plus a margin. Our obligations
under our new secured revolving credit facility will be secured
by a lien on substantially all of our and our subsidiary&#146;s
personal property and a pledge of our shares of DSWSW. In
addition, our new secured revolving credit facility will contain
usual and customary restrictive covenants relating to our
management and the operation of our business. These covenants
will, among other things, restrict our ability to grant liens on
our assets, incur additional indebtedness, open or close stores,
pay cash dividends and redeem our stock, enter into transactions
with affiliates and merge or consolidate with another entity. In
addition, if at any time we utilize over 90% of our borrowing
capacity under this facility, we must comply with a fixed charge
coverage ratio test set forth in the facility documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>The Value City Term Loan Facility. </I>Until the amendment of
this term loan agreement, we will continue to be a co-borrower
under a Financing Agreement, as amended, among Cerberus, as
agent, and other parties named therein, originally entered into
in June 2002. Under the terms of this term loan agreement,
Cerberus and SSC each provided to us, Value City and other
Retail Ventures affiliates a separate $50&nbsp;million
three-year term loan comprised of two tranches. Retail Ventures
is named as a co-guarantor. In July 2004, the maturity date of
these loans was extended until June&nbsp;11, 2006. In connection
with the second tranche of these loans, Retail Ventures issued
to each of Cerberus and SSC warrants to purchase 1,477,396
common shares of Retail Ventures at a purchase price of $4.50
per share, subject to adjustment. In September 2002, Back Bay
bought from each of Cerberus and SSC a $1.5&nbsp;million
interest in each of the tranches of their term loans for an
aggregate $6.0&nbsp;million interest, and Back Bay received from
each of Cerberus and SSC a corresponding portion of the warrants
to purchase Retail Ventures common shares originally issued in
connection with the second tranche of their term loans. All the
capital stock of DSW and DSWSW is pledged to Cerberus, as agent,
in favor of SSC, Cerberus and Back Bay. As a co-borrower, we are
jointly and severally liable for the performance and payment of
obligations under this financing agreement; however, this
indebtedness has not been reflected in our historical financial
statements included elsewhere in this prospectus as it is
recorded on the books of Retail Ventures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On or about the date of the consummation of this offering, we
expect to be released from our obligations as a co-borrower
pursuant to the amendment of this term loan agreement. We have
been advised by Retail Ventures that Value City expects to repay
all the term loan indebtedness on or about the date of the
consummation of this offering. In connection with the amendment
of this term loan agreement, Retail Ventures has agreed to amend
the outstanding warrants to provide SSC, Cerberus and Back Bay
the right, from time to time, in whole or in part, to
(i)&nbsp;acquire Retail Ventures common shares at the then
current conversion price (subject to the existing anti-dilution
provisions), (ii)&nbsp;acquire from Retail Ventures Class&nbsp;A
Common Shares of DSW at an exercise price per share equal to the
price of shares sold to the public in this offering (subject to
anti-dilution provisions similar to those in the existing
warrants), or (iii)&nbsp;acquire a combination thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Assuming an exercise price per share of $16.00, or the midpoint
of the range set forth on the cover page of this prospectus, SSC
and Cerberus would each receive 390,586 Class&nbsp;A Common
Shares, and Back Bay would receive 49,862 Class&nbsp;A Common
Shares, if they exercised those warrants in full exclusively for
DSW Common Shares. These warrants expire in June 2012. Although
Retail Ventures does not intend or plan to undertake a spin-off
of Common Shares to Retail Ventures shareholders, in the event
that Retail Ventures effects a spin-off of its DSW Common Shares
to its shareholders in the future, the holders of outstanding
unexercised warrants will receive the same number of
DSW&nbsp;Common Shares that they would have received had they
exercised their warrants in full for Retail Ventures common
shares immediately prior to the record date of the spin-off,
without regard to any limitation on exercise contained in the
warrants. Following the completion of any such spin-off, the
warrants will be exercisable solely for Retail Ventures common
shares.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to the consummation of this offering, we will enter into
an exchange agreement with Retail Ventures whereby, upon the
request of Retail Ventures, we will be required to exchange some
or all of the Class&nbsp;B Common Shares held by Retail Ventures
for Class&nbsp;A Common Shares. SSC and Cerberus (and any party
to whom either of them transfers at least 15% of their interest
in registrable DSW Common Shares)
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

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<DIV align="left" style="font-size: 10pt;">
have the right to require that we register for resale in
specified circumstances the Class&nbsp;A Common Shares issued to
them upon exercise of their warrants, and each of these entities
and Back Bay will be entitled to participate in the
registrations initiated by the other entities. Our failure to
perform our obligations under the registration rights agreement
relating to these shares would result in an event of default
under the Value City senior subordinated convertible loan
facility, as amended. See &#147;Certain Relationships and
Related Party Transactions&nbsp;&#151; Relationships Between our
Company and Retail Ventures&nbsp;&#151; Agreements Relating to
our Separation from Retail Ventures&nbsp;&#151; Exchange
Agreement&#148; and &#147;Shares Eligible for Future
Sale&nbsp;&#151; Registration Rights.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>The Value City Senior Subordinated Convertible Loan
Facility.</I> Until the amendment and restatement of this
convertible loan agreement, we will continue to be a
co-guarantor under an Amended and Restated Senior Subordinated
Convertible Loan Agreement, as amended, entered into with
Cerberus, as agent and lender, SSC, as lender, and the other
parties named therein, originally entered into in June 2002.
Under this agreement, SSC initially provided a $75&nbsp;million
loan, now held equally by SSC and Cerberus, to Value City, as
borrower, which is convertible at the option of the lenders into
common shares of Retail Ventures at an initial conversion price
of $4.50 per share. All the capital stock of DSW and DSWSW is
pledged to Cerberus, as agent, in favor of Cerberus and SSC.
Retail Ventures is a co-guarantor under this convertible loan
agreement, and the maturity date of this convertible loan is
June&nbsp;10, 2009. This indebtedness has not been reflected in
our historical financial statements included elsewhere in this
prospectus as it is recorded on the books of Retail Ventures.
This indebtedness originated as a $75&nbsp;million loan made to
Value City by an institutional lender in March 2000, which was
assigned to SSC in December 2000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On or about the date of the consummation of this offering, we
expect to be released from our obligations as a co-guarantor
pursuant to the amendment and restatement of this agreement. We
have been advised by Retail Ventures that Value City expects to
repay $25.0&nbsp;million of this facility on or about the date
of the consummation of this offering. The $75&nbsp;million
convertible loan will be converted into a non-convertible loan,
and the capital stock of DSW held by Retail Ventures will
continue to secure the amended loan facility. In addition, in
connection with the amendment and restatement of this
convertible loan agreement, Retail Ventures has agreed to issue
to SSC and Cerberus convertible warrants which will be
exercisable from time to time until the later of June&nbsp;11,
2007 and the repayment in full of Value City&#146;s obligations
under the amended and restated loan agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the convertible warrants, SSC and Cerberus will have the
right, from time to time, in whole or in part, to
(i)&nbsp;acquire Retail Ventures common shares at the conversion
price referred to in the convertible loan (subject to existing
anti-dilution provisions), (ii)&nbsp;acquire from Retail
Ventures Class&nbsp;A Common Shares of DSW at an exercise price
per share equal to the price of the shares sold to the public in
this offering (subject to anti-dilution provisions similar to
those in the existing warrants) or (iii)&nbsp;acquire a
combination thereof. Although Retail Ventures does not intend or
plan to undertake a spin-off of Common Shares to Retail Ventures
shareholders, in the event that Retail Ventures effects a
spin-off of its DSW Common Shares to its shareholders in the
future, the holders of outstanding unexercised warrants will
receive the same number of DSW&nbsp;Common Shares that they
would have received had they exercised their warrants in full
for Retail Ventures common shares immediately prior to the
record date of the spin-off, without regard to any limitation on
exercise contained in the warrants. Following the completion of
any such spin-off, the warrants will be exercisable solely for
Retail Ventures common shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SSC and Cerberus may acquire, upon exercise of the warrants in
full, an aggregate number of Class&nbsp;A Common Shares of DSW
from Retail Ventures which, at the price of shares sold in this
offering, have a value equal to $75&nbsp;million. Assuming an
exercise price per share of $16.00, or the midpoint of the range
set forth on the cover page of this prospectus, SSC and Cerberus
would each receive 2,343,750 Class&nbsp;A Common Shares if they
exercised these warrants exclusively for DSW Common Shares.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to the consummation of this offering, we will enter into
an exchange agreement with Retail Ventures whereby, upon the
request of Retail Ventures, we will be required to exchange some
or all of the Class&nbsp;B Common Shares held by Retail Ventures
for Class&nbsp;A Common Shares. SSC and Cerberus (and any party
to whom either of them transfers at least 15% of their interest
in registrable DSW Common Shares) have the right to require that
we register for resale in specified circumstances the
Class&nbsp;A Common Shares
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

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<DIV align="left" style="font-size: 10pt;">
issued to them upon exercise of their warrants. Our failure to
perform our obligations under the registration rights agreement
relating to these shares would result in an event of default
under the Value City senior subordinated convertible loan
facility, as amended. See &#147;Certain Relationships and
Related Party Transactions&nbsp;&#151; Relationships Between our
Company and Retail Ventures&nbsp;&#151; Agreements Relating to
our Separation from Retail Ventures&nbsp;&#151; Exchange
Agreement&#148; and &#147;Shares Eligible for Future
Sales&nbsp;&#151; Registration Rights.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Value City Intercompany Note. </I>The capital stock of DSW
held by Retail Ventures will continue to secure the
$240&nbsp;million Value City intercompany note made payable by
Retail Ventures to Value City, which was executed and delivered
on January&nbsp;1, 2005 in connection with the transfer of all
the capital stock of DSW and Filene&#146;s Basement by Value
City to Retail Ventures on that date. The lien granted to Value
City on the DSW capital stock held by Retail Ventures will be
released upon written notice that warrants held by Cerberus, SSC
and Back Bay are to be exercised in exchange for DSW capital
stock held by Retail Ventures and to be delivered by Retail
Ventures upon the exercise of such warrants. The lien will also
be released upon repayment of the note in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Cross-Corporate Guarantees. </I>We have entered into
cross-corporate guarantees with various financing institutions
pursuant to which we, Retail Ventures, Filene&#146;s Basement
and Value City, jointly and severally, guarantee payment
obligations owed to these entities under factoring arrangements
they have entered into with vendors who may provide merchandise
to some or all of Retail Ventures&#146; subsidiaries. We may be
released from any prospective liability under the guarantees at
any time. Upon release, our potential liability would be limited
to the then outstanding amount under the canceled guarantee. We
will terminate these cross-corporate guarantees on or about the
date of the consummation of this offering. The outstanding
balance of our potential liability as of May&nbsp;30, 2005 was
$36.2&nbsp;million, and we do not expect this amount to change
significantly prior to the consummation of this offering. After
the guarantees are cancelled, the outstanding balance will
decrease to zero over a period of approximately 90&nbsp;days as
payments are made in the ordinary course of business.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Operating Activities</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For the thirteen week period ended April&nbsp;30, 2005, our net
cash provided by operations was $26.1&nbsp;million, compared to
$2.2&nbsp;million for the thirteen week period ended May&nbsp;1,
2004. Net working capital increased $27.8&nbsp;million to
$151.7&nbsp;million at April&nbsp;30, 2005 from
$123.9&nbsp;million at May&nbsp;1, 2004, primarily due to
increased investing with respect to new DSW stores and new
leased shoe departments opened in fiscal 2005. Current assets
divided by current liabilities at those dates were 2.2 and 2.6,
respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net cash provided by operating activities during the thirteen
week period ended April&nbsp;30, 2005 reflects several causes,
primarily the increase in accounts payable of $9.9&nbsp;million,
a reduction in the advances to affiliates of $24.3&nbsp;million
and the increase in accrued expenses of $6.8&nbsp;million,
partially offset by the increase in inventory of
$20.1&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net cash provided by operations in fiscal 2004 was
$15.7&nbsp;million, compared to $45.1&nbsp;million for fiscal
2003. Net working capital increased $35.7&nbsp;million to
$138.9&nbsp;million at January&nbsp;29, 2005 from
$103.2&nbsp;million at January&nbsp;31, 2004. Current assets
divided by current liabilities at those dates were 2.3 and 2.4,
respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The $15.7&nbsp;million net cash provided by operations during
fiscal 2004 reflects several causes. Net cash was used to
increase inventory by $58.0&nbsp;million, increase deferred
income taxes by $7.8&nbsp;million and increase advances to
affiliates by $22.2&nbsp;million. Net cash was provided by
operations, an increase in accrued expenses of
$15.0&nbsp;million and an increase in accounts payable of
$19.9&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net cash provided by operating activities totaled
$45.1&nbsp;million in fiscal 2003 while operating activities
used $30.8&nbsp;million in fiscal 2002. The net cash change
reflects several causes, primarily the increase in inventory of
$8.9 million, the decrease in accounts payable of
$9.0&nbsp;million and the decrease in advances to affiliates of
$20.6&nbsp;million, which were funded from operations.
</DIV>

<P align="center" style="font-size: 10pt;">47

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We operate all our stores, warehouses and corporate office space
from leased facilities. Lease obligations are accounted for
either as operating leases or as capital leases. We disclose in
the notes to the financial statements included elsewhere in this
prospectus the minimum payments due under operating or capital
leases.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Investing Activities</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For the thirteen week period ended April&nbsp;30, 2005, our cash
used in investing activities amounted to $5.6&nbsp;million
compared to $7.3&nbsp;million for the corresponding period of
fiscal 2004. For the thirteen week period ended April&nbsp;30,
2005, and in each fiscal year from fiscal 2002 through fiscal
2004, our cash used in investing activities consisted of capital
expenditures. Cash used for capital expenditures was
$34.3&nbsp;million, $22.3&nbsp;million and $23.1&nbsp;million
for fiscal 2004, fiscal 2003 and fiscal 2002, respectively.
Capital expenditures were related primarily to new stores.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our future capital expenditures will depend primarily on the
number of new stores we open, the number of existing stores we
remodel and the timing of these expenditures. In fiscal 2004, we
opened 31 new DSW stores and closed one DSW store. We plan to
open approximately 30&nbsp;stores per year in each fiscal year
from fiscal 2005 through fiscal 2009. During fiscal 2004, the
average investment required to open a typical new DSW store was
approximately $1.7&nbsp;million. Of this amount, gross inventory
typically accounted for $880,000, fixtures and leasehold
improvements typically accounted for $600,000 (prior to tenant
allowances) and pre-opening advertising and other pre-opening
expenses typically accounted for $250,000. We plan to finance
investment in new stores with cash flows from operating
activities and by drawing from our new $150&nbsp;million secured
revolving credit facility when necessary.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Financing Activities</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For the thirteen week period ended April&nbsp;30, 2005, our net
cash used in financing activities was $15.1&nbsp;million,
compared to $9.9&nbsp;million provided by financing activities
for the corresponding period in fiscal 2004. In fiscal 2004, our
net cash provided by financing activities was $19.9&nbsp;million
compared to net cash used by financing activities of
$19.2&nbsp;million in fiscal 2003. The primary source of
financing funds is the Value City revolving credit facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net cash used by financing activities was $19.2&nbsp;million in
fiscal 2003 and was primarily attributable to the net decrease
in borrowing under the Value City revolving credit facility of
$19.0&nbsp;million. Net cash provided by financing activities in
fiscal 2002 was $52.4&nbsp;million. The primary source of
financing funds was the net increase in the Value City revolving
credit facility of $54.0&nbsp;million, which was partially
offset by debt issuance costs of $1.4&nbsp;million. For a
discussion of the terms of the Value City revolving credit
facility and the expected $150&nbsp;million secured revolving
credit facility of DSW, see &#147;&#151;&nbsp;The DSW
Separation.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Contractual and Operating Lease Obligations</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have the following minimum commitments under contractual
obligations, as defined by the SEC. A &#147;purchase
obligation&#148; is defined as an agreement to purchase goods or
services that is enforceable and legally binding on us and that
specifies all significant terms, including: fixed or minimum
quantities to be purchased, fixed, minimum or variable price
provisions; and the approximate timing of the transaction. Other
long-term liabilities are defined as long-term liabilities that
are reflected on our balance sheet in accordance with GAAP.
Based on this definition, the tables below include only those
contracts which include fixed or minimum obligations. It does
not include normal purchases, which are made in the ordinary
course of business.
</DIV>

<P align="center" style="font-size: 10pt;">48

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table provides aggregated information about
contractual obligations and other long-term liabilities as of
January&nbsp;29, 2005:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Contractual Obligations</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="34%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="22" align="center" nowrap><B>Payments due by period</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="22" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>No</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Less than</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>More than</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Expiration</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Total</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>1&nbsp;year</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>1-3&nbsp;years</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>3-5&nbsp;years</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>5&nbsp;years</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Date</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="22" align="center" nowrap><B>(dollars in thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Long-term
    debt<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>55,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>55,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Operating lease
    obligations<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>786,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>81,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>167,184</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>160,170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>377,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Construction
    commitments<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Purchase
    obligations<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,246</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>845,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>84,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>223,430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>160,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>377,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    On or about the date of this offering, we expect to be released
    from our obligations under the Value City revolving credit
    facility, the Value City term loan facility and the Value City
    senior subordinated convertible loan facility. Simultaneously,
    we expect to enter into a new $150&nbsp;million secured
    revolving credit facility.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Our operating leases require us to pay for common area
    maintenance costs and real estate taxes. In fiscal 2004, these
    common area maintenance costs and real estate taxes represented
    25.6% of our required lease payments. These costs and taxes vary
    year by year and are based almost entirely on actual costs
    incurred and taxes paid incurred by the landlord. As such, they
    are not included in the lease obligations presented above.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    Construction commitments include capital items to be purchased
    for projects that were under construction, or for which a lease
    had been signed, as of January&nbsp;29, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)&nbsp;</TD>
    <TD align="left">
    Many of our purchase obligations are cancelable by us without
    payment or penalty, and we have excluded such obligations, along
    with all associate employment and intercompany obligations.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
We had outstanding letters of credit that totaled approximately
$14.9&nbsp;million at January&nbsp;29, 2005 and
$8.1&nbsp;million at April&nbsp;30, 2005. If certain conditions
are met under these arrangements, we would be required to
satisfy the obligations in cash. Due to the nature of these
arrangements and based on historical experience, we do not
expect to make any significant payment outside of terms set
forth in these arrangements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of April&nbsp;30, 2005, we have entered into various
construction commitments, including capital items to be
purchased for projects that were under construction, or for
which a lease has been signed. Our obligations under these
commitments aggregated to approximately $0.3&nbsp;million as of
April&nbsp;30, 2005. In addition, we have signed lease
agreements for new store locations with annual rent of
approximately $9.3&nbsp;million. In connection with the new
lease agreements, we will receive approximately
$7.6&nbsp;million of tenant allowances, which will reimburse us
for expenditures at these locations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In March 2005, we incurred intercompany indebtedness to fund a
$165.0&nbsp;million dividend to Retail Ventures. The
indebtedness is evidenced by a note which is scheduled to mature
in March 2020 and bears interest at a rate equal to LIBOR plus
850&nbsp;basis points per year. Interest is payable quarterly in
arrears commencing on June&nbsp;30, 2005. Our obligations under
the note are guaranteed by our subsidiary. We expect to exercise
our right to prepay the note with the net proceeds of this
offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In May 2005, we incurred intercompany indebtedness to fund a
$25.0&nbsp;million dividend to Retail Ventures. The indebtedness
is evidenced by a note which is scheduled to mature in May 2020
and bears interest at a rate equal to LIBOR plus 950&nbsp;basis
points per year. Interest is payable quarterly in arrears
commencing on June&nbsp;30, 2005. Our obligations under the note
are guaranteed by our subsidiary. We expect to exercise our
right to prepay the note with the net proceeds of this offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Recent Accounting Pronouncements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In January 2003, the FASB issued Financial Interpretation
No.&nbsp;46, <I>Consolidation of Variable Interest Entities
</I>(&#147;FIN&nbsp;46&#148;), which requires the consolidation
of certain entities considered to be variable interest
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entities (&#147;VIEs&#148;). An entity is considered to be a VIE
when it has equity investors who do not have a controlling
financial interest, or its capital is insufficient to permit it
to finance its activities without additional subordinated
financial support. Consolidation of a VIE by an investor is
required when it is determined that the investor will absorb a
majority of the VIE&#146;s expected losses or residual returns
if they occur. FIN&nbsp;46 provides several exceptions to these
rules, relating to qualifying special purpose entities
(&#147;QSPEs&#148;) subject to the requirements of SFAS
No.&nbsp;140. Upon its original issuance, FIN&nbsp;46 required
that VIEs created after January&nbsp;31, 2003 would be
consolidated immediately, while VIEs created prior to
February&nbsp;1, 2003 were to be consolidated as of July&nbsp;1,
2003.
</DIV>

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In October 2003, the FASB deferred the effective date for
consolidation of VIEs created prior to February&nbsp;1, 2003 to
December&nbsp;31, 2003 for calendar year-end companies, with
earlier application encouraged.
</DIV>

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In December 2003, the FASB published a revision to FIN&nbsp;46
(&#147;FIN&nbsp;46R&#148;) to clarify some of the provisions of
the original interpretation and to exempt certain entities from
its requirements. FIN&nbsp;46R provides special effective date
provisions to enterprises that fully or partially applied
FIN&nbsp;46 prior to the issuance of the revised interpretation.
In particular, entities that have already adopted FIN&nbsp;46
are not required to adopt FIN&nbsp;46R until the quarterly
reporting period ended May&nbsp;1, 2004. Adoption of the
required sections of FIN&nbsp;46, as modified and interpreted,
including the provisions of FIN&nbsp;46R, did not have any
effect on our financial statements or disclosures.
</DIV>

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In May 2003, the FASB issued SFAS No.&nbsp;150, <I>Accounting
for Certain Financial Instruments with Characteristics of both
Liabilities and Equity</I>. SFAS No.&nbsp;150 requires that an
issuer classify a financial instrument that is within its scope
as a liability (or an asset in some circumstances), many of
which were previously classified as equity. This statement is
effective for financial instruments entered into or modified
after May&nbsp;31, 2003 and for pre-existing instruments as of
the beginning of the first interim period beginning after
June&nbsp;15, 2003. Initial adoption of this accounting
pronouncement did not have a material impact on our financial
statements.
</DIV>

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The FASB&#146;s Emerging Issues Task Force (&#147;EITF&#148;)
Issue No.&nbsp;02-16, <I>Accounting By A Customer (Including A
Reseller) For Cash Consideration Received From A Vendor</I>,
addressed the accounting treatment for vendor allowances. The
adoption of EITF Issue No.&nbsp;02-16 in 2003 did not have a
material impact on our financial position or results of
operations.
</DIV>

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In December 2004, the FASB issued SFAS No.&nbsp;123 (revised
2004) (&#147;SFAS No. 123R&#148;), <I>Share-Based Payment</I>.
This statement revised SFAS No.&nbsp;123, <I>Accounting for
Stock-Based Compensation</I>, and requires companies to expense
the value of employee stock options and similar awards. The
effective date of this standard is interim and annual periods
beginning after June&nbsp;15, 2005. No stock options or similar
awards have been granted by the Company as of fiscal years 2004
and 2003. Thus, SFAS No.&nbsp;123R has had no impact on us.
However, any future stock options and similar awards would need
to be valued and expensed in accordance with SFAS No.&nbsp;123R.
</DIV>

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In April 2005, the SEC delayed the compliance date for
SFAS&nbsp;123R until the beginning of our fiscal year 2006.
</DIV>

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<B>Off-Balance Sheet Arrangements</B>
</DIV>

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It is not our intention to participate in transactions that
generate relationships with unconsolidated entities or financial
partnerships, such as special purpose entities or variable
interest entities, which would facilitate off-balance sheet
arrangements or other limited purposes. We have not entered into
any &#147;off-balance sheet&#148; arrangements, as that term is
described by the SEC, as of April&nbsp;30, 2005.
</DIV>

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<B>Quantitative and Qualitative Disclosures About Market Risk</B>
</DIV>

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We have been exposed to market risk from changes in interest
rates, which may adversely affect our financial condition,
results of operations and cash flows. In seeking to minimize the
risks from interest rate fluctuations, we manage exposures
through our regular operating and financing activities and, when
deemed
</DIV>

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appropriate, through the use of derivative financial
instruments. We do not use financial instruments for trading or
other speculative purposes and are not party to any leveraged
financial instruments.
</DIV>

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We are exposed to interest rate risk primarily through our
borrowings under the Value City revolving credit facility. At
April&nbsp;30, 2005, our direct borrowings under this facility
aggregated $40.0&nbsp;million. Our new secured revolving credit
facility will permit debt commitments up to $150&nbsp;million,
includes a letter of credit facility, extends for a term of five
years, and will provide for borrowings at variable interest
rates. We have historically used interest rate swap agreements
to effectively establish long-term fixed rates on borrowings
under the Value City revolving credit facility, thus reducing a
portion of our interest rate risk. These swap agreements, which
are designated as cash flow hedges, involve the receipt of
variable rate amounts in exchange for fixed rate interest
payments over the life of the agreements. At April&nbsp;30,
2005, we had no outstanding swap agreements.
</DIV>

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A hypothetical 100 basis point increase in the interest rate of
the debt outstanding under the Value City revolving credit
facility for the thirteen week period ended April&nbsp;30, 2005,
net of income taxes, would have had an approximate
$0.1&nbsp;million impact on our results of operations for such
period.
</DIV>

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<B>Inflation</B>
</DIV>

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Our results of our operations and financial condition are
presented based upon historical cost. While it is difficult to
accurately measure the impact of inflation because of the nature
of the estimates required, management believes that the effect
of inflation, if any, on our results of operations and financial
condition has been minor; however, there can be no assurance
that the business will not be affected by inflation in the
future.
</DIV>

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<A name='111'></A>
</DIV>

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<B>BUSINESS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Company Overview</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DSW is a leading U.S. specialty branded footwear retailer
operating 177&nbsp;shoe stores in 32&nbsp;states as of
April&nbsp;30, 2005. We offer a wide selection of brand name and
designer dress, casual and athletic footwear for women and men.
Our typical customers are brand-, quality- and style-conscious
shoppers who have a passion for footwear and accessories. Our
core focus is to create a distinctive store experience that
satisfies both the rational and emotional shopping needs of our
customers by offering them a vast, exciting selection of
in-season styles combined with the convenience and value they
desire. We believe this combination of selection, convenience
and value differentiates us from our competitors and appeals to
consumers from a broad range of socioeconomic and demographic
backgrounds.
</DIV>

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Since its inception, DSW has evolved into a distinctive,
consumer-friendly retail concept that allows customers to
personalize their shopping experience by offering a &#147;sea of
shoes&#148; that are accessible, easy-to-shop, and fulfill a
broad range of style and fashion desires. We cater to customers
who take pleasure in the &#147;thrill of the hunt&#148; for the
perfect shoe and value the shopping experience itself as an
enjoyable pastime. Typical DSW stores are approximately 25,000
square feet, with over 85% of total square footage used as
selling space. Over 30,000 pairs of shoes in more than 2,000
styles are displayed on the selling floor of most of our stores,
compared to a significantly smaller product offering at typical
department stores. Our stores feature self-service fixtures that
allow customers to view, touch, and try on the product without
relying on salespeople to check availability. Our locations have
clear signage, and well-trained sales associates are available
to assist customers as desired. New footwear merchandise is
organized by style on the main floor, and clearance goods are
organized by size in the rear of the store. Accessories and
impulse items are featured at the front. The store layout allows
customers who do not have time for relaxed browsing to swiftly
identify the shoe styles they are seeking and shop in a
targeted, time-efficient manner.
</DIV>

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Our goal is to further strengthen our position as a leading
specialty branded footwear retailer in the United States. In
fiscal 2004, we generated $961.1&nbsp;million in net sales and
$56.1&nbsp;million in operating profit. During the same period,
we sold over 23.7&nbsp;million pairs of shoes. Over the
five-fiscal-year period ended January&nbsp;29, 2005, we have
grown our DSW store base, net sales and operating profit at
compound annual rates of 24.3%, 31.3% and 48.9%, respectively.
See &#147;Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations&#148; and our historical
consolidated financial statements and the notes thereto.
</DIV>

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<B>Corporate History</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We were incorporated on January&nbsp;20, 1969 and opened our
first DSW store in Dublin, Ohio in July 1991. In 1998, Value
City Department Stores, Inc., which subsequently became a
wholly-owned subsidiary of Retail Ventures, Inc., purchased DSW
and affiliated shoe businesses from SSC and Nacht Management,
Inc. In December 2004, Retail Ventures carried out a corporate
reorganization whereby Value City Department Stores, Inc., a
wholly-owned subsidiary of Retail Ventures, merged with and into
Value City, another wholly-owned subsidiary of Retail Ventures.
In turn, Value City transferred all the issued and outstanding
shares of DSW to Retail Ventures in exchange for a promissory
note. In February 2005, we changed our name from Shonac
Corporation to DSW Inc. Since our change in ownership in 1998,
we have accelerated our profitable expansion by investing in new
stores, merchandise development, technology and our people to
support further growth and enhance our performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Competitive Strengths</B>
</DIV>

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We believe that our leading market position is driven by our
competitive strengths&nbsp;&#151; the breadth of our branded
product offerings, our distinctive and convenient store layout,
the value proposition offered to our customers and our
demonstrated ability to deliver profitable growth on a
consistent basis. Over the past few years, we have broadened our
merchandise assortment, honed our retail operating model and
continued our dedication to providing first-rate quality
products at attractive prices. We believe that we will continue
to improve our ability to leverage these competitive strengths
and to attract and retain talented managers and merchandisers.
</DIV>

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    <B><I>The Breadth of Our Product Offerings</I></B></TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our goal is to excite our customers with a &#147;sea of
shoes&#148; that fulfill a broad range of style and fashion
needs. We believe that our typical store offers the largest
selection of brand name and designer merchandise of any footwear
retailer or typical department store in the nation. We carry
primarily in-season footwear found in specialty and department
stores and branded make-ups (shoes made exclusively for a
retailer), with selection at each store geared toward the
particular demographics of the location. A typical DSW store
carries approximately 30,000 pairs of shoes in over 2,000 styles
compared to a significantly smaller product offering at typical
department stores. We also offer a complementary selection of
handbags, hosiery and other accessories which appeal to our
brand- and fashion-conscious customers.
</DIV>

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Our strategy is designed to ensure that a broad and consistent
selection of merchandise is available at all times. We keep
merchandise fresh by receiving new shipments at least weekly and
by trying to ensure that new items are on the selling floor
within 24 hours of delivery. Our goal is to provide our
customers with the benefits of what we refer to as &#147;trip
assurance&#148;&nbsp;&#151; offering a wide selection of
in-season branded merchandise every day that increases our
customers&#146; likelihood of finding the right shoe at the
right price each time they visit our stores. The continual
turnover of new merchandise encourages customers to visit often
and see the new styles that arrive each week.
</DIV>

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We continually strive to improve the quality and breadth of our
vendor relationships. We primarily purchase in-season
merchandise directly from more than 300 domestic and foreign
vendors. Our buyers have established strong, mutually beneficial
relationships with vendors that view DSW as a significant
distribution channel for their branded offerings. Our suppliers
consider us to be an attractive retail channel due to both the
scale and geographic reach of our store base and our willingness
to buy merchandise across a broad selection of styles. The
quality of our vendor relationships allows us to secure an
extensive assortment of in-season merchandise and distinguishes
us from other shoe retailers.
</DIV>

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    <B><I>Our Distinctive and Convenient Store Layout</I></B></TD>
</TR>

</TABLE>

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We provide our customers with the highest level of convenience
based on our belief that customers should be empowered to
control and personalize their shopping experiences. Our store
layout and visual merchandising techniques provide the most
convenient shopping process, regardless of the type of
shoe-buying experience our customers desire on a particular trip.
</DIV>

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<I>Thrill of the Hunt. </I>We cater to the passionate shoe
enthusiast and indulge customers who love to shop. Customers
take pleasure in the &#147;thrill of the hunt&#148; as they scan
our wide product offering in search of the products that best
suit their needs. All our merchandise is displayed on the
selling floor with self-service fixtures to enable customers to
view and touch the merchandise. We believe this self-service
aspect provides our customers with maximum convenience as they
are able to browse and try on the merchandise without feeling
rushed or pressured into making a decision too quickly.
Therefore, customers are able to shop at their own pace as they
savor the thrill and enjoyment of indulging their passion for
shoes. Although all DSW stores are designed for self-service
shopping, sales associates are available to help customers
locate merchandise and to assist as needed.
</DIV>

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<I>Easy Shopping Experience. </I>DSW also caters to shoppers who
are time-constrained and come to our stores knowing exactly what
they want. Our wide selection ensures that they are more likely
to find styles and sizes they are seeking at DSW than at other
shoe retailers, thereby minimizing the risk of leaving
empty-handed. The stores are also creatively designed for an
efficient shopping experience. Our self-service concept empowers
our customers to shop quickly and easily because they do not
have to rely on a salesperson to check for sizes and styles.
Typical DSW stores are approximately 25,000 square feet, with
over 85% of total square footage used as selling space. We
organize most of our stores on a single level, which allows
customers to view the entire store and product offering as they
enter and move quickly to the area where their desired styles
are located. Interiors are well-lit, with informative signage,
and spacious aisles allow ease of movement throughout the store.
We display shoes in a logical manner that groups together
similar styles such as dress, casual, seasonal and athletic
merchandise. Clearance shoes are grouped by size and displayed
on racks in the rear of the store. Of the 177&nbsp;DSW stores
open as of April&nbsp;30, 2005, 145 are either freestanding
</DIV>

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or located in shopping centers, which provide customers with
direct access to parking, and the remainder are in shopping
malls or downtown locations. For added convenience, we provide a
centralized check-out, which aids customers in quickly locating
the cashier for efficient processing.
</DIV>

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    <B><I>The Value Proposition Offered to Our Customers</I></B></TD>
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Through our buying organization, we are able to provide our
customers with high-quality, in-season fashions at prices that
we believe are competitive with the typical sale price found at
specialty retailers and department stores. We employ a
consistent pricing strategy that typically provides our
customers with the same price on our merchandise from the day it
is received until it goes into our planned clearance rotation.
Our pricing strategy differentiates us from our competitors who
usually price and promote merchandise at discounts available
only for limited time periods. We find that customers appreciate
having the power to shop for value when it is most convenient
for them, rather than waiting for a department store or
specialty retailer to have a sale event. For easy comparison by
our customers, we prominently display our price and the
corresponding vendor&#146;s suggested retail price for each pair
of shoes.
</DIV>

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Our graduated, self-liquidating clearance process automatically
moves shoes to large clearance racks located in the rear of the
store when only a few pairs remain. Because this system also
applies to our fastest-moving merchandise, some of our shoppers
benefit from steep price reductions on our most popular items.
We have also successfully tested &#147;extreme clearance,&#148;
a system that is productive in high-traffic locations and
incorporates greater price reductions on clearance merchandise.
This system provides more floor space for new merchandise at a
faster rate.
</DIV>

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We believe that customers value our pricing strategy as it
provides them with what we refer to as &#147;value
assurance&#148;&nbsp;&#151; knowing that no matter when our
customers shop with us, they are typically assured of receiving
our best value price on whatever merchandise they purchase. We
believe our everyday value prices are competitive with the
typical sale price found at most of our competitors. We use the
tagline &#147;The Shoes of the Moment. The Deal of a
Lifetime.&#148; to convey this combination of selection and
value to our customers. During fiscal 2004, the average ticket
price for a pair of shoes (including clearance stock) in a DSW
store was $39.
</DIV>

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In order to provide additional value to shoe enthusiasts and
other regular customers, we developed a customer loyalty program
called &#147;Reward Your Style.&#148; This program offers
additional savings to frequent shoppers and encourages repeat
sales. We target market to &#147;Reward Your Style&#148; members
throughout the year. We classify these members by frequency and
use direct mail and on-line communication to stimulate further
sales and traffic. As of January&nbsp;29, 2005, over
5.5&nbsp;million members enrolled in the &#147;Reward Your
Style&#148; loyalty program had purchased merchandise in the
previous two fiscal years, up from approximately
4.5&nbsp;million members as of January&nbsp;31, 2004. In fiscal
2004, approximately 60.1% of DSW store net sales were generated
by shoppers in the loyalty program, and these shoppers spent an
average of 19% more per purchase than customers who were not
enrolled.
</DIV>

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    <B><I>Demonstrated Ability to Consistently Deliver Profitable
    Growth</I></B></TD>
</TR>

</TABLE>

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Since 1998, we have focused our operating model on selection,
convenience and value. We believe that the profitable growth we
have achieved in the past is attributable to our operating model
and management&#146;s focus on store-level profitability and
economic payback.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Over the five fiscal years ended January&nbsp;29, 2005, our net
sales and operating profit have grown at compound annual growth
rates of 31.3% and 48.9%, respectively. In addition, for all our
annual new store classes since 1996, we have achieved positive
operating cash flow within two years of opening. We intend to
continue to focus on net sales, operating profit and cash flow
per annual new store class as we pursue our growth strategy.
</DIV>

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<B>Growth Strategy</B>
</DIV>

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We plan to continue to strengthen our position as a leading
specialty branded footwear retailer by pursuing the following
three primary strategies for growth in sales and
profitability&nbsp;&#151; expanding our store base, driving
sales through enhanced merchandising and leveraging our
operating model. For additional information regarding our growth
strategy, see &#147;Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operation&nbsp;&#151;
Overview&nbsp;&#151; Expansion Strategy.&#148;
</DIV>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Expanding Our Store Base</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe our specialty retail concept has broad national
appeal and provides substantial opportunity for new store
expansion. Over the five-fiscal-year period ended
January&nbsp;29, 2005, we have rapidly expanded our store base
by opening 115 DSW stores, including 30 new stores in fiscal
2004 (net of one store closing in the same period). We plan to
open approximately 30&nbsp;stores in each fiscal year from
fiscal 2005 through fiscal 2009 and believe that opening stores
at this rate will not compromise our new store economics. As of
April&nbsp;30, 2005, we have opened seven new stores in fiscal
2005 and have signed leases for an additional 22&nbsp;stores and
one store relocation. We plan to open stores both in markets in
which we currently operate and in new markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Based on an internal planning model created in fiscal 2003, we
believe that we have the long-term potential to operate over 400
stores in the United States, including the 177 stores existing
as of April&nbsp;30, 2005. Our internal supportable store
analysis model is used to evaluate potential new DSW store
growth opportunities in both existing and new markets based on
demographic characteristics, current penetration levels,
market-specific real estate assessments and a variety of
subjective adjustments. We may not prepare our internal model on
the same basis, or using similar assumptions, as may be used by
other participants in the retail industry or other third
parties, and the projections of our model may therefore not be
comparable to projections of the models of such other parties.
We periodically evaluate and revise our model based on a number
of factors, including our financial condition, general economic
conditions in the United States, customer demographics, the
penetration of zip codes proximate to existing stores, the
competitive environment and the public&#146;s awareness of our
brand. Because of these numerous variables, our supportable
store projections are subject to change, and the total number of
potential stores is periodically revised as a result of these
changes. No assurance can be given as to whether or when we will
achieve the market penetration targets generated by our model.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Site selection. </I>In general, our evaluation of potential
new stores focuses on store size, configuration, location and
lease terms. We target high-traffic real estate locations, with
new stores sized as appropriate to fit market potential. An
ideal DSW store is either freestanding on the peripheral road of
a mall, in a power strip center, in a shopping center or in a
high traffic urban shopping zone. We target not only locations
with high traffic and visibility, but also locations near other
large format, category leading retailers, such as Bed Bath &#38;
Beyond, Barnes &#38; Noble and Staples, and we insist on
favorable lease terms. We intend, over time, to cluster our
stores in strategic metropolitan areas to enhance name
recognition, lower average per store advertising costs and
achieve economies of scale in management and distribution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>New store model. </I>After we approve a site, we negotiate
lease terms and begin planning the store layout and design. We
typically devote between four and six weeks from the time we
take possession of a store to prepare for its opening. During
fiscal 2004 the average investment required to open a new DSW
store was approximately $1.7&nbsp;million per store. Of this
amount, in fiscal 2004, gross inventory typically accounted for
approximately $880,000, fixtures and leasehold improvements
typically accounted for approximately $600,000 (prior to tenant
allowances) and pre-opening advertising and other pre-opening
expenses typically accounted for approximately $250,000. All our
stores are leased or subleased.
</DIV>

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    <TD width="3%"></TD>
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</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Driving Sales Through Enhanced Merchandising</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We intend to increase the number of customer transactions and
average transaction value by continually refining our
merchandise mix. Our merchandising group constantly monitors
current fashion trends as well as historical sales trends to
identify popular styles and styles that may become popular in
the upcoming season.
</DIV>

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<DIV align="left" style="font-size: 10pt;">
We track store performance and sales trends on a weekly basis
and have a flexible incremental buying process that enables us
to order styles frequently throughout each season, in contrast
to department stores, which typically make one large purchase at
the beginning of the season.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Expanding vendor relationships. </I>We have established
strong vendor relationships that allow us to gain favorable
access to high quality, brand name merchandise at attractive
prices. These favorable relationships also allow us to take
advantage of opportunistic in-season merchandise that may be
offered to us from time to time. We intend to capitalize on the
success of our existing vendor relationships as well as identify
and develop new supply sources, in particular to enhance our
offering of high-end designer brands.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Increasing sales within existing merchandise categories.
</I>In order to further increase sales within our existing
women&#146;s, men&#146;s and athletic shoe categories, we aim to
increase the quality and breadth of existing vendor offerings
and to keep our product mix fresh and on target by continually
testing new fashions and actively monitoring sell-through rates
in our stores. Additionally, we employ marketing initiatives,
including broad advertising campaigns, the &#147;Reward Your
Style&#148; loyalty program and sales of gift cards to encourage
repeat visits and attract new customers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Extending into new product categories. </I>While shoes are
the main focus of DSW, we believe offering a complementary
assortment of handbags, hosiery and other accessories is an
important driver of profitable sales. We will continue to
explore new, related product categories that we believe could
enhance sales of footwear.
</DIV>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

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    <TD></TD>
    <TD>
    <B><I>Leveraging Our Operating Model</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As we grow our business and fill in markets to their full
potential, we believe we will continue to improve our
profitability by leveraging our cost structure, particularly in
the areas of advertising, regional management, distribution and
overhead functions. Additionally, we intend to continue
investing in our infrastructure to improve our operating and
financial performance. Most significantly, we believe continued
investment in information systems will enhance our efficiency in
areas such as merchandise planning and allocation, inventory
management, distribution and point of sale functions, among
others.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DSW Store Locations</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of April&nbsp;30, 2005, we operated 177&nbsp;DSW stores in
32&nbsp;states in the United States. The map below shows the
approximate locations of our DSW stores as of April&nbsp;30,
2005:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<IMG src="x06593a4x0659300.gif" alt="(GEORAPHIC LOCATION MAP)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Merchandising</B>
</DIV>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

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    <TD></TD>
    <TD>
    <B><I>Strategy</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DSW stores offer a wide selection of high quality, in-season and
fashion-oriented footwear, handbags and accessories with
everyday prices that we believe are competitive with the typical
sale price found at specialty retailers and department stores.
Our merchandising group continually monitors current fashion
trends, as well as historical sales trends, to identify popular
styles and those that may become popular in the upcoming season.
We believe that our stores offer the largest selection of brand
name and designer merchandise of any footwear retailer or
typical department store in the nation. We primarily carry
in-season footwear found in specialty and department stores and
branded make-ups (shoes made exclusively for a retailer), with
selection at each store geared towards the particular
demographics of the location. A typical DSW store carries over
2,000 shoe styles, compared to a significantly smaller product
offering at typical department stores. Our goal is to offer a
wide selection of on-trend branded merchandise that greatly
increases our customers&#146; likelihood of finding the right
shoe at the right price in one trip.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe our wide selection of merchandise from
moderate-priced brands to higher-end designer goods contributes
to a distinctive shopping experience for our customers.
Particularly, our growing selection of high-end brands
differentiates us from price-oriented retailers and builds
strong customer loyalty. We purchase in-season designer and
branded merchandise both on a planned and opportunistic basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the main portion of each of our stores, the shoes are
organized by style in order to highlight the breadth of our
merchandise assortment. However, when only a few pairs of a
style remain, we place those shoes on a clearance rack organized
by size in the rear of the store and reduce their prices
periodically. Our clearance approach has been successful in
creating additional excitement and traffic in the store and in
moving the remaining merchandise quickly. It also creates
available floor space for incoming new styles and a wider
selection of shoes.
</DIV>

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</TR>

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    <TD></TD>
    <TD>
    <B><I>Merchandise Mix</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We separate our DSW merchandise into four total categories
&#151; women&#146;s dress and casual footwear; men&#146;s dress
and casual footwear; athletic footwear; and accessories. While
shoes are the main focus of DSW,
</DIV>

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<DIV align="left" style="font-size: 10pt;">
we also offer a complementary assortment of handbags, hosiery
and other accessories. The following table sets forth the
approximate percentage of our sales attributable to each DSW
merchandise category in fiscal 2004:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percent of Net Sales</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Women&#146;s</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>62%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Men&#146;s</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Athletic</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14%</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accessories and Other</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6%</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Buying, Planning and Allocation</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of April&nbsp;30, 2005, our merchandising group consists of a
President Chief Merchandising Officer, or President CMO, two
Vice President General Merchandising Managers, a Vice President
Planning and Allocation, a corporate merchandise manager, two
divisional merchandise managers, and three senior buyers. For
each major product category, there is a buyer, an assistant
buyer and a merchandiser, whose responsibility is allocation. We
begin the buying process for our DSW stores in February for the
following fall merchandise and in June for the following spring
merchandise. Once our buyers determine the styles and
merchandise mix for an upcoming season, they focus on purchasing
the required quantities at the lowest cost and the highest
quality available, as well as within the most advantageous flow
or timetable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our planning and allocation group serves as strategic partner
to, and exercises financial control over, the buying team. Each
buyer&#146;s purchasing plan is reviewed on a seasonal and
yearly basis by the President Chief Merchandising Officer and
Vice President Planning and Allocation. Quarterly updates based
on seasonal trends are incorporated into the buying plan. We
believe this organizational scheme helps maximize our buying
opportunities while maintaining appropriate organizational and
financial control. Since October 2003, all functional areas
within planning and allocation have been supported by a software
package that integrates financial analysis into the planning and
allocation process. While this software is already yielding
positive results, we believe that continued use of this software
will yield additional improvements in our planning and
allocation functions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Merchandise planning at the category level, for pre-season
planning and in-season adjustments, is developed through strong
relationships with our buying organization. Channel planning at
the store level tailors the assortment of merchandise by store
based on each store&#146;s customer demographics and balances
the merchandise mix by factoring in volume and space management
objectives. Allocation management, which directs the flow of
merchandise from our distribution center to the individual
stores, allows us to quickly respond and adjust assortments
based on trend, store and style specific sales patterns. Our
allocation decisions are based not only on quantity and
assortment, but also include consideration of price, vendor,
color and other style characteristics. We believe that this
approach to planning and allocation allows us to optimize our
ability to deliver the right merchandise to the right store at
the right time, thereby increasing sales and reducing the need
for markdowns.
</DIV>

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    <TD width="3%"></TD>
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</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Vendor Relationships</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe we have good relationships with our vendors. We
purchase merchandise directly from more than 300 domestic and
foreign vendors as of April&nbsp;30, 2005. Our vendors include
suppliers who either manufacture their own merchandise or supply
merchandise manufactured by others, or both. Most of DSW&#146;s
domestic vendors import a large portion of their merchandise
from abroad. We have implemented quality control programs under
which our DSW buyers and store managers inspect incoming
merchandise for fit, color and material, as well as for overall
quality of manufacturing. We do not generally experience
material difficulties with merchandise manufactured overseas. As
the number of DSW locations increases and our sales volumes
grow, we believe there will continue to be adequate sources
available to acquire a sufficient supply of quality goods in a
timely manner and on satisfactory economic terms. After giving
effect to consolidation
</DIV>

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<DIV align="left" style="font-size: 10pt;">
among our vendors, during fiscal 2004, merchandise supplied by
our three top vendors accounted for approximately 19% of our net
sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that many vendors view us as a significant
distribution channel for their branded offerings and appreciate
our uncomplicated purchasing program. Our vendor relationships
result in greater access to high quality, in-season merchandise
at attractive prices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Marketing and Advertising</B>
</DIV>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Strategy</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our marketing strategy for DSW focuses on communicating the
selection, convenience and value offered by DSW through the use
of the slogan &#147;The Shoes of the Moment. The Deal of a
Lifetime.&#148; We utilize television, radio and print media
advertising as well as in-store promotions. In fiscal 2004, we
spent $39.3&nbsp;million, or 4.1% of our net sales on
advertising, excluding costs to promote each new store opening,
which are included in pre-opening expenses.
</DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>&#147;Reward Your Style&#148;</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In early 1998, we introduced the &#147;Reward Your Style&#148;
customer loyalty program at DSW. The &#147;Reward Your
Style&#148; program seeks to motivate members to shop at DSW by
offering them a $25 reward certificate for every $250 they
spend. In addition to customer rewards, the program regularly
communicates with customers through direct mail, e-mail and the
DSW website. Messages include fashion updates, new arrivals and
other shopping information. As of January&nbsp;29, 2005, over
5.5&nbsp;million members enrolled in the &#147;Reward Your
Style&#148; program had purchased merchandise in the previous
two fiscal years and, in fiscal 2004, 60.1% of DSW store net
sales were generated by shoppers in the loyalty program. We
believe that this program has successfully increased the
shopping frequency and average transaction size of our customers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
While the program develops customer loyalty, it also provides us
with valuable market intelligence and purchasing information
regarding our most frequent customers. We carefully analyze the
members&#146; transaction activity and use this information to
directly advertise, to encourage repeat shopping and to
communicate with our targeted customers. By understanding the
characteristics of our best DSW customers, we are able to
identify other existing customers in lower spending groups with
similar profiles and target communications and advertisements to
increase the attractiveness of our offerings to them, resulting
in increases in their spending level.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR valign="top">
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    <TD>
    <B><I>Gift Card Program</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We implemented a gift card program in November 2003. We use this
program to generate additional sales by reaching new customers
and increasing awareness of the DSW concept. During the November
and December holiday season of 2004, we sold approximately
96,000 gift cards with an aggregate value of approximately
$4.5&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Staffing and Operations</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At DSW, store associates receive training to maximize the
customer shopping experience in our self-service environment.
Training components consist of customer service, maintaining
neat, clean and orderly store conditions for ease of shopping,
efficient checkout process and friendly service. We also
maintain a store management training program to develop the
skills of management personnel and to provide an ongoing talent
pool for future store expansion. We prefer to fill store
management and field supervisor positions through internal
promotions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of April&nbsp;30, 2005, our stores are organized into the
West, Central and East geographic regions, composed of 13, 7 and
14 districts, respectively. Each region is supported by a
Regional Vice President or Director, who supervises senior
district, district and area managers headquartered in the
respective region, district or area. The Regional Vice
Presidents and Directors spend the majority of their time in
their stores to ensure adherence to merchandising, operational
and personnel standards. The typical staff for a DSW store
</DIV>

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consists of a store manager and two assistant managers who
supervise 15 to 25 full-and part-time hourly associates. Each
store manager reports directly to one of 32 district or area
managers, each of whom in turn reports to one of three Regional
Vice Presidents or Regional Directors, who in turn report to the
Senior Vice President of Store Operations. Our DSW store
managers are responsible on a day-to-day basis for customer
relations, personnel hiring and scheduling, and all other
operational matters arising in the stores. Our store managers
are an important source of information concerning local market
conditions, trends and customer preferences. We provide
compensation bonuses to our store managers which are largely
based on store profitability and inventory control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Distribution</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DSW&#146;s distribution center is located in an approximately
707,000 square foot facility in Columbus, Ohio. The design of
the distribution center facilitates the prompt delivery of
priority purchases and fast-selling footwear to stores so we can
take full advantage of each selling season. This distribution
center facility uses a warehouse management system, upgraded in
2003, and material handling equipment, including conveyor
systems, to separate and collate shipments to our stores. We use
a cross dock conveyor system which enhances the movement of
merchandise through the distribution facility using vendor
advance shipment notifications, or ASNs. Although we believe
that our receiving and distribution process and infrastructure
will support our anticipated growth in 2005, we may need to
increase our distribution capacity in 2006 to accommodate our
expanding retail store base.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Most of our inventory is shipped directly from suppliers to a
single centralized distribution center in Columbus, Ohio, where
the inventory is then processed, sorted and shipped to one of
11&nbsp;pool locations located throughout the country and then
on to our stores. Over time, we expect to increase the amount of
merchandise that bypasses the distribution center on initial
allocations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Management Information and Control Systems</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe a high level of automation is essential to
maintaining and improving our competitive position and executing
our expansion strategy. We rely upon computer systems to provide
information for all areas of our business, including merchandise
planning and allocation, inventory control, distribution,
warehouse operations, financial planning, store billing, point
of sale and automated payroll and accounting. We focus on
leveraging our technology infrastructure and systems whenever
appropriate to simplify our processes and increase our
efficiency. Most of the technical infrastructure for our stores
and corporate headquarters has been replaced or upgraded in the
last two years, and most of the technical infrastructure for our
distribution center has been replaced or upgraded in the last
three years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In order to promote our continued growth, we have undertaken
several major initiatives to build upon the merchandise
management system and warehouse management systems that support
DSW. An electronic data interchange, or EDI, project is underway
to utilize product UPC barcodes and electronic exchange of
purchase orders, advance shipment notifications and invoices
with our top vendors. As of April&nbsp;30, 2005, approximately
80% of our footwear product is processed using UPC bar codes,
which has reduced processing costs and improved flow of goods
through the distribution center to the stores. EDI purchase
orders and ASNs were piloted with key vendors in early 2004.
They accounted for approximately 20% of the volume of our
shipments as of the end of fiscal 2004, and we expect they will
be approximately 50% by the end of fiscal 2005. This will speed
the flow of goods from the vendor to DSW stores, as well as
reduce the amount of inventory needed in our warehouse.
Additionally, new merchandise planning and merchandise
allocation systems were implemented in 2003 to improve inventory
productivity and store assortments and reduce supply chain cycle
time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We utilize point of sale, or POS, registers with full scanning
capabilities to increase speed and accuracy at customer
checkouts and facilitate inventory restocking. In 2003, a
wireless POS system was implemented in all DSW stores. This
enables us to complete new store openings more efficiently and
simply. In addition, in October 2004, we launched an application
that provides us with the ability to look up a customer&#146;s
&#147;Reward Your Style&#148; number at POS registers. We
anticipate that in fiscal 2005, the POS system will be
</DIV>

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<DIV align="left" style="font-size: 10pt;">
further upgraded with debit card terminals and signature
capture. We also expect to continually enhance system security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Program administration, operations and analysis for the
&#147;Reward Your Style&#148; program was brought in-house on
February&nbsp;1, 2005. Prior to this time, these functions were
contracted out to a third party. We use enterprise data
warehouse and customer relationship management software to
manage the program. We expect this will allow us to support,
expand and integrate &#147;Reward Your Style&#148; with the POS
system to improve the customer experience while reducing costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Effective as of the date of consummation of this offering,
information technology support will be provided to us as a
shared service under the shared services agreement by Retail
Ventures&#146; information technology department for a period
that ends at the end of fiscal 2007 and will extend
automatically unless terminated by one of the parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Industry Overview and Competition</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
According to NPD Fashionworld&#174;, a market research company,
for the twelve months ended January 2005, the total U.S.
footwear market generated sales of $39.0&nbsp;billion.
Women&#146;s footwear accounted for $19.1&nbsp;billion in sales,
representing 49.0% of the market, while men&#146;s footwear
generated $14.7&nbsp;billion, representing 37.6% of the total
market. According to NPD Fashionworld&#174;, for the twelve
months ended January 2005, DSW captured 2.2% of the total adult
footwear market. In addition, DSW accounted for 2.8% of the
total women&#146;s market, including 4.3% of the dress and 3.7%
of the dress casual categories. In both the women&#146;s dress
and women&#146;s dress casual categories, DSW ranked fourth in
the industry and third and second, respectively, among branded
shoe retailers. In men&#146;s, DSW has achieved a 1.4% share of
the overall market, including a 3.2% share in dress casual. In
the men&#146;s dress casual category, DSW is ranked third
overall, and second among branded shoe retailers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Based on our unique retail format and the high quality,
in-season selection of our shoe merchandise, we believe that DSW
provides a distinct shoe-shopping destination for our customers.
We view our primary competitors to be department stores.
According to NPD Fashionworld&#174;, for the twelve months ended
January 2005, department stores represented 12.5% of the
footwear market based on dollar volume, increasing from 12.4%
for the same period a year ago. DSW also competes with
mall-based company stores, national chains, independent shoe
retailers, single-brand specialty retailers and brand-oriented
discounters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that customers prefer our wide selection of on-trend
merchandise compared to product offerings of typical traditional
department stores, mall-based company stores, national chains,
single-brand specialty retailers and independent shoe retailers
because those retailers generally offer a more limited selection
at higher average prices and in a less convenient format than we
do. In addition, we also believe that we will successfully
compete against competitors who have attempted to duplicate our
format because they typically offer assortments with fewer
recognizable brands and more styles from prior seasons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Although our prices are value-oriented, our core customer is not
the low-price shoe buyer. Therefore, we do not view
non-brand-oriented discount retailers as our prime competitors.
These non-brand-oriented discount retailers may offer footwear
at lower price points; however, they generally offer lower
quality, private label shoes. In contrast, we serve customers
that are typically brand-, quality- and style-conscious
shoppers. As such, we believe they prefer our value offerings to
those of the non-brand oriented discount stores. In addition, we
believe we will increase our market share as discount shoppers
realize that they can buy higher quality brands and more
fashionable shoes in our stores&#146; clearance sections for
prices only slightly higher than what they are willing to spend
at a discount store.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Leased Shoe Department Businesses</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have operated leased shoe departments for Filene&#146;s
Basement, a wholly-owned subsidiary of Retail Ventures, since
its acquisition by Retail Ventures in March 2000. Effective as
of January&nbsp;30, 2005, we updated and reaffirmed our
contractual arrangement with Filene&#146;s Basement. Under the
new agreement, we own the merchandise, record sales of
merchandise net of returns and sales tax and provide supervisory
</DIV>

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<DIV align="left" style="font-size: 10pt;">
assistance in all covered locations. We pay a percentage of net
sales as rent. Filene&#146;s Basement provides the fixtures and
sales associates. As of April&nbsp;30, 2005, we operated leased
shoe departments in 25 Filene&#146;s Basement locations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We also operate leased shoe departments for three non-affiliated
retailers. We entered into supply agreements to merchandise the
shoe departments in Stein Mart, Gordmans and Frugal
Fannie&#146;s stores as of July 2002, June 2004 and September
2003, respectively. We own the merchandise, record sales of
merchandise net of returns and sales tax, provide fixtures and
provide supervisory assistance in these covered locations. Stein
Mart, Gordmans and Frugal Fannie&#146;s provide the sales
associates. We pay a percentage of net sales as rent. As of
April&nbsp;30, 2005, we supplied merchandise to 154&nbsp;Stein
Mart stores, 51 Gordmans stores and one Frugal Fannie&#146;s
store.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Intellectual Property</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have registered a number of trademarks and service marks in
the United States and internationally, including DSW&#174;, DSW
Shoe Warehouse&#174; and Reward Your Style&#174;. The renewal
dates for these U.S. trademarks are April&nbsp;25, 2015,
May&nbsp;23, 2015, and June&nbsp;22, 2009, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe that our trademarks and service marks, especially
those related to the DSW concept, have significant value and are
important to building our name recognition. We aggressively
protect our patented fixture designs, as well as our packaging,
store design elements, marketing slogans and graphics. To
protect our brand identity, we have also protected the DSW
trademark in several foreign countries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Properties</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All DSW stores, our principal executive office and all our
distribution, warehouse and office facilities are leased or
subleased. As of April&nbsp;30, 2005, we leased or subleased 15
DSW stores and our main warehouse facility from entities
affiliated with SSC. The remaining DSW stores are leased from
unrelated entities. Most of the DSW store leases provide for a
minimum annual rent plus a percentage of gross sales over
specified breakpoints. Most of our leases are for a fixed term
with three to five four- or five-year renewal terms exercisable
at our option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our warehouse and distribution facility, located in an
approximately 707,000 square foot facility in Columbus, Ohio, is
adequate for our current needs. The lease expires in December
2016 and has three renewal options with terms of five years
each. We believe that this facility, with some modifications and
additional equipment on an as-needed basis, will be adequate for
our foreseeable demands in 2005; however, we may need to
increase our distribution capacity in 2006 to accommodate our
expanding retail store base. Because our ability to expand our
warehouse facilities at our current site is limited, we may need
to acquire and construct additional facilities in other
geographic locations to accommodate our planned expansion. Our
principal executive office is also located on the site of our
main warehouse and distribution facility in Columbus, Ohio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Associates</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of April&nbsp;30, 2005, we employed approximately 4,800
associates. None of our associates is covered by any collective
bargaining agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We offer competitive wages, comprehensive medical and dental
insurance, vision care, company-paid and supplemental life
insurance programs, associate-paid long-term and short-term
disability insurance and a 401(k) plan to our full-time
associates and some of our part-time associates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have not experienced any work stoppages, and we consider our
relations with our associates to be good.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Legal Proceedings</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are involved in various legal proceedings that are incidental
to the conduct of our business, including, but not limited to
employment discrimination claims. In the opinion of management,
the amount of any liability with respect to these proceedings,
either individually or in the aggregate, will not be material.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of the date of this prospectus, we are defending against a
claim in the State of California alleging improper
classification of managerial employees. The action, <I>Adams v.
DSW Shoe Warehouse, Inc., et al.</I>, was brought as a class
action in September 2004 in the Superior Court for the State of
California, Los Angeles County. The plaintiff, one of our former
California assistant store managers, has alleged violations of
the California Labor Code and the Business and Professions Code.
The plaintiff has alleged that we improperly classify our
assistant store managers as exempt employees not entitled to
overtime pay or strictly scheduled rest and meal periods. This
plaintiff is seeking back pay for overtime allegedly not paid,
rest and meal period compensation, interest, statutory
penalties, costs, attorney&#146;s fees, and injunctions against
such business practices in the future on behalf of a purported
class, which has not yet been certified. We are vigorously
defending this action, and we do not believe that this
proceeding will have a material adverse effect on our business,
financial condition or results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On March&nbsp;8, 2005, we announced that we had learned of the
theft of credit card and other purchase information. On
April&nbsp;18, 2005, we issued the findings from our
investigation into the theft. The theft took place primarily
over two weeks and covered all customers who made purchases at
108 DSW stores, primarily during a three-month period from
mid-November 2004 to mid-February 2005. Transaction information
involving approximately 1.4 million credit cards was obtained.
For each card, the stolen information included credit card or
debit card numbers, name and transaction amount. In addition,
data from transactions involving approximately 96,000 checks
were stolen. In these cases, checking account numbers and
driver&#146;s license numbers were obtained.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have contacted and are cooperating with federal law
enforcement and other authorities with regard to this matter. In
addition, we are working with a leading computer security firm
to minimize the risk of any further data theft. To mitigate
potential negative effects on our business and financial
performance, we have been working with credit card companies and
issuers and trying to contact as many of our affected customers
as possible. On June&nbsp;6, 2005, the Ohio Attorney General
brought an action against us in the Court of Common Pleas in
Franklin County, Ohio (<I>State of Ohio v. DSW Inc.</I>) seeking
to require us to notify all customers affected by the theft who
have not thus far been notified by us. There can be no assurance
that there will not be additional proceedings or claims brought
against us in the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of April&nbsp;30, 2005, we estimate that the potential
exposures for losses related to this theft range from
approximately $6.5&nbsp;million to approximately
$9.5&nbsp;million. Because of many factors, including the early
development of information regarding the theft and
recoverability under insurance policies, there is no amount in
the estimated range that represents a better estimate than any
other amount in the range. Therefore, in accordance with
Financial Accounting Standard No.&nbsp;5, &#147;Accounting for
Contingencies,&#148; we have accrued a charge to operations in
the first quarter of fiscal 2005 equal to the low end of the
range set forth above, or $6.5&nbsp;million. As the situation
develops and more information becomes available to us, the
amount of the reserve may increase or decrease accordingly. The
amount of any such change may be material.
</DIV>

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<A name='112'></A>
</DIV>

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<B>MANAGEMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Directors and Executive Officers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth certain information about our
directors, director nominees and executive officers as of the
consummation of this offering, together with their positions and
ages:
</DIV>

<DIV align="left"><FONT size="1">

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    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Age</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Position With Us</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Jay L. Schottenstein</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    50</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Chief Executive Officer and Chairman of the Board of Directors</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deborah L. Ferr&#233;e</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    51</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    President and Chief Merchandising Officer</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Peter Z. Horvath</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    47</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Executive Vice President and Chief Operating Officer</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Julia A. Davis</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    44</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Executive Vice President, General Counsel and Secretary</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Derek Ungless</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    56</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Executive Vice President and Chief Marketing Officer</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Douglas J. Probst</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    41</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Senior Vice President, Chief Financial Officer and Treasurer</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Steven E. Miller</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    46</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Senior Vice President and Controller</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    David J. Disque</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    54</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Senior Vice President, Store Operations</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Kathleen C. Maurer</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    45</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Vice President, Human Resources</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Timothy McDougall</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    46</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Vice President, Real Estate, Store Planning and Construction</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    James A. McGrady</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    54</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Director and Vice President</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Heywood Wilansky</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    57</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Director</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Carolee Friedlander</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    63</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Director Nominee</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Philip B. Miller</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    66</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Director Nominee</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    James D. Robbins</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    58</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Director Nominee</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Harvey L. Sonnenberg</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    63</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Director Nominee</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Allan J. Tanenbaum</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    58</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    Director Nominee</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each of our executive officers holds office until his or her
successor is elected or appointed and qualified or until his or
her resignation or removal, if earlier. Other than with respect
to Mr.&nbsp;McGrady, the persons listed below will serve as
directors or officers of DSW as of the consummation of this
offering. Each director listed below holds office until his
successor is duly elected or appointed and qualified or until
his earlier death, retirement, disqualification, resignation or
removal. We expect to replace Mr.&nbsp;McGrady in his capacity
as director prior to the consummation of this offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Jay L. Schottenstein </B>will serve as our Chief Executive
Officer and Chairman of the Board of Directors. He was appointed
as our Chief Executive Officer in March 2005.
Mr.&nbsp;Schottenstein became a director of DSW in March 2005.
He has been Chairman of the Board of Directors of Retail
Ventures, American Eagle Outfitters, Inc. and SSC since March
1992 and was Chief Executive Officer of Retail Ventures from
April 1991 to July 1997 and from July 1999 to December 2000.
Mr.&nbsp;Schottenstein served as Vice Chairman of SSC from 1986
until March 1992 and as a director of SSC since 1982. He served
in various executive capacities at SSC since 1976.
Mr.&nbsp;Schottenstein is also a director of American Eagle
Outfitters, Inc., which is a company with a class of securities
registered pursuant to Section&nbsp;12 of the Securities
Exchange Act of 1934, or the Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Deborah L. Ferr&#233;e </B>will serve as our President and
Chief Merchandising Officer. Ms.&nbsp;Ferr&#233;e joined us in
November 1997. She has served as President and Chief
Merchandising Officer since November 2004. From March 2002 until
November 2004, she served as Executive Vice President and Chief
Merchandising Officer. Prior to that, she served as Senior Vice
President of Merchandising beginning in September 2000, and Vice
</DIV>

<P align="center" style="font-size: 10pt;">64

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<DIV align="left" style="font-size: 10pt;">
President of Merchandising beginning in October 1997. Prior to
joining us, Ms.&nbsp;Ferr&#233;e worked in the retail industry
for more than 30&nbsp;years in various positions, including
serving as Divisional Merchandising Manager of Shoes,
Accessories and Intimate Apparel for Harris Department Store,
women&#146;s buyer for Ross Stores and Divisional Merchandise
Manager of the May Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Peter Z. Horvath </B>will serve as our Executive Vice
President and Chief Operating Officer, a position he has held
since January 2005. He has extensive retail experience, having
spent nineteen years with the Limited Brands business. He has
held numerous finance function roles within various divisions of
Limited Brands, most recently serving as Senior Vice President
of Merchandise Planning and Allocation for the entire Limited
Brands enterprise from April 2002 to August 2004. From February
1997 to April 2002, he served as Chief Financial Officer for
multiple apparel divisions of Limited Brands. From 1985 to
February 1997, Mr.&nbsp;Horvath held various positions with
Limited Brands, including Vice President Controller of Express,
Inc. and Director of Financial Reporting for Limited Stores.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Julia A. Davis </B>will serve as our Executive Vice
President, General Counsel and Secretary. Since January 2003,
Ms.&nbsp;Davis has been and will continue to be after
consummation of this offering Executive Vice President, General
Counsel and Assistant Secretary of Retail Ventures as well. She
has been our Executive Vice President and General Counsel since
January 2003 and was a director of DSW from December 2004 to
March 2005. Prior to joining Retail Ventures, she was a partner
in the Columbus office of Vorys, Sater, Seymour and Pease LLP
for 10&nbsp;years. Ms.&nbsp;Davis has over 17&nbsp;years of
experience in private legal practice primarily representing and
advising national and regional retail companies in a variety of
employment matters.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Derek Ungless </B>will serve as our Executive Vice President
and Chief Marketing Officer, a position he has held since
June&nbsp;2005. From April&nbsp;2002 to May&nbsp;2005, he was
Executive Vice President of Marketing for Express, Inc., part of
Limited Brands. Mr.&nbsp;Ungless was Senior Vice President and
Head of Global Brand Design of the Estee Lauder Companies Inc.
from September&nbsp;2000 until November&nbsp;2001 and was
Executive Vice President and Creative Director of Brooks
Brothers from October&nbsp;1997 until September&nbsp;2000.
Mr.&nbsp;Ungless has over twelve years of experience working in
the retail industry.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Douglas J. Probst </B>will serve as our Senior Vice
President, Chief Financial Officer and Treasurer.
Mr.&nbsp;Probst joined DSW in mid-March 2005. From April 1990 to
February 2005, he held various positions with TOO Inc., a
company spun-off from The Limited, Inc., including Vice
President of Finance and Controller from May 2004 to February
2005, Vice President Finance from October 2003 to May 2004 and
Vice President Financial Analysis and Store Control from
December 1999 to October 2003. From August 1986 to March 1990,
he was in the practice of public accounting with Peat Marwick.
Mr.&nbsp;Probst is a certified public accountant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Steven E. Miller </B>will serve as our Senior Vice President
and Controller. Since May 2003, he has been and will continue to
be after consummation of this offering Senior Vice President and
Controller of Retail Ventures as well. He has been Vice
President and Controller of DSW since May 2002 and held those
positions with Retail Ventures from September 2000 to May 2003.
Prior to that time, Mr.&nbsp;Miller served as Chief Financial
Officer of Spitzer Management, Inc. beginning in 1998. From 1993
to 1998, Mr.&nbsp;Miller held various positions with Big Lots,
Inc., including Director, Assistant Treasurer and Assistant
Controller. Mr.&nbsp;Miller is a certified public accountant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>David J. Disque </B>will serve as our Senior Vice President,
Store Operations. Mr.&nbsp;Disque joined us in November 1998 as
Vice President, DSW Store Operations and served in that capacity
until March 2004. Mr.&nbsp;Disque was Vice President Store
Operational Support for Value City Department Stores, Inc. from
May 1998 to October 1998. He held several positions at Hills
Department Stores from March 1993 to April 1998, including Vice
President, Merchandise Presentation and Regional Vice President,
Store Operations. Prior to that, he spent over 21&nbsp;years
with Marshall&#146;s and Federated Department Stores.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Kathleen C. Maurer </B>will serve as our Vice President,
Human Resources. From March 2004 until the consummation of this
offering, Ms.&nbsp;Maurer has served as Vice President, Human
Resources of Retail Ventures. Prior to that, she served as Chief
Administrative Officer and Vice President, Human Resources of
Real Living, Inc. from February 2002 to March 2004. From April
1996 to February 2002, Ms.&nbsp;Maurer held various positions at
TOO, Inc., a company spun off from The Limited, Inc., including
Vice President, Human
</DIV>

<P align="center" style="font-size: 10pt;">65

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<DIV align="left" style="font-size: 10pt;">
Resources, Senior Vice President, Human Resources and Executive
Human Resources Consultant. Ms.&nbsp;Maurer has over
22&nbsp;years of human resources experience within the retail
sector, including 17&nbsp;years at The Limited, Inc. and its
affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Timothy McDougall </B>will serve as our Vice President, Real
Estate, Store Planning &#38; Construction. From March 2004,
Mr.&nbsp;McDougall has served as Retail Ventures&#146; Vice
President of Real Estate, Chief Development Officer. From
November 1995 to March 2004, he was a partner in Greenwood
Realty, a retail development and consulting firm. Prior to
joining Greenwood Realty in 1995, Mr. McDougall held various
positions with the consumer products division of Gulf and
Western Industries, New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>James A. McGrady </B>serves as a director and as a Vice
President of DSW. Mr.&nbsp;McGrady has also served as Chief
Financial Officer, Treasurer and Secretary of Retail Ventures
since July 2000. He was our Executive Vice President, Chief
Financial Officer, Treasurer and Secretary from December 2002 to
March 2005 and has been a director of DSW since December 2002.
From July 2000 to December 2002, he served as Chief Financial
Officer of Value City Department Stores. Prior to July 2000,
Mr.&nbsp;McGrady served as Vice President and Treasurer of Big
Lots, Inc. beginning in 1986. From 1979 through 1986,
Mr.&nbsp;McGrady was in the practice of public accounting with
KPMG Main Hurdman. Prior to consummation of this offering, we
expect to appoint another individual to replace Mr.&nbsp;McGrady
as a director.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Heywood Wilansky </B>will serve as a director of DSW. He was
appointed to the board of directors in March 2005.
Mr.&nbsp;Wilansky has been the President and Chief Executive
Officer of Retail Ventures since November 2004. Before joining
Retail Ventures, he served as President and Chief Executive
Officer of Filene&#146;s Basement, a subsidiary of Retail
Ventures, from February 2003 to November 2004. Mr.&nbsp;Wilansky
was a professor of marketing at the University of Maryland
business school from August 2002 to February 2003. From August
2000 to January 2003, he was President and Chief Executive
Officer of Strategic Management Resources, LLC. From August 1995
to July 2000, he was President and Chief Executive Officer of
Bon Ton Stores.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Carolee Friedlander</B> will serve as a director of DSW. We
expect that she will be appointed to the board of directors in
June 2005. Ms.&nbsp;Friedlander serves as a founding partner of
Circle Financial Group, a membership organization that provides
wealth management services, and has held that position since
August 2004. From July 2001 to August 2004, Ms.&nbsp;Friedlander
served as Senior Vice President of Retail Brand Alliance, Inc.,
and as President and Chief Executive Officer of Carolee Designs,
Inc., a subsidiary of Retail Brand Alliance. Prior to that,
Ms.&nbsp;Friedlander served as President and Chief Executive
Officer of Carolee Designs, a fashion accessory company she
founded in 1973 and sold to Retail Brand Alliance in July 2001.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Philip B. Miller</B> will serve as a director of DSW. We
expect that he will be appointed to the board of directors in
June 2005. Mr.&nbsp;Miller is the President of Philip B. Miller
Associates, a consulting firm, and the Operating Director of
Tri-Artisan Capital Partners, a privately held merchant bank,
and has held those positions since July 2001. Mr.&nbsp;Miller
has served as a director of Kenneth Cole Productions, Inc. since
May 2000. Kenneth Cole Productions, Inc. has a class of
securities registered pursuant to Section&nbsp;12 of the
Exchange Act. Mr.&nbsp;Miller served as Chairman and Chief
Executive Officer of Saks Fifth Avenue, Inc. from 1993 until
January 2000 and continued as Chairman of that company until
July 2001. From 1983 to 1990, Mr.&nbsp;Miller served as Chairman
and Chief Executive Officer of Marshall Fields, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>James D. Robbins</B> will serve as a director of DSW. We
expect that he will be appointed to the board of directors in
June 2005. Mr.&nbsp;Robbins currently holds directorships in
Dollar General Corporation and Huntington Preferred Capital,
Inc., positions that he has held since March 2002 and November
2001, respectively. Mr.&nbsp;Robbins also serves as chairman of
the audit committees of both of these companies. Both Dollar
General Corporation and Huntington Preferred Capital, Inc., have
a class of securities registered pursuant to Section&nbsp;12 of
the Exchange Act. From 1993 until his retirement in June 2001,
Mr.&nbsp;Robbins served as Managing Partner of the Columbus,
Ohio office of PricewaterhouseCoopers LLP. Mr.&nbsp;Robbins is a
certified public accountant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Harvey L. Sonnenberg</B> will serve as a director of DSW. We
expect that he will be appointed to the board of directors in
June 2005. Since August 2001, he has been and will continue to
be a director of Retail
</DIV>

<P align="center" style="font-size: 10pt;">66

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<DIV align="left" style="font-size: 10pt;">
Ventures after consummation of this offering. Retail Ventures
has a class of securities registered pursuant to Section&nbsp;12
of the Exchange Act. Mr.&nbsp;Sonnenberg has been a partner in
the public accounting and consulting firm, Weiser &#38; Co.,
LLP, since November 1994. Mr.&nbsp;Sonnenberg is active in a
number of professional organizations, including the American
Institute of Certified Public Accountants and the New York State
Society of Certified Public Accountants, and has long been
involved in rendering professional services to the retail and
apparel industry. Mr.&nbsp;Sonnenberg is a certified public
accountant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Allan J. Tanenbaum</B> will serve as a director of DSW. We
expect that he will be appointed to the board of directors in
June 2005. Mr.&nbsp;Tanenbaum currently serves as Senior Vice
President, General Counsel and Corporate Secretary for AFC
Enterprises, Inc., a franchisor and operator of quick-service
restaurants, and has held those positions since February 2001.
From June 1996 to February 2001, Mr.&nbsp;Tanenbaum was a
shareholder in Cohen Pollock Merlin Axelrod &#38; Tanenbaum,
P.C., an Atlanta, Georgia law firm, where he represented
corporate clients in connection with mergers and acquisitions
and other commercial transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Board Composition</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our amended and restated code of regulations will authorize
seven directors to serve on the board of directors, or board. As
of May 2005, the following individuals serve on the board of
directors: Mr.&nbsp;Schottenstein, Mr.&nbsp;Wilansky and
Mr.&nbsp;McGrady. Upon the consummation of this offering, we
expect the board to consist of Messrs.&nbsp;Schottenstein,
Wilansky, Miller, Robbins, Sonnenberg and Tanenbaum and
Ms.&nbsp;Friedlander.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to our amended and restated code of regulations, when
the authorized number of directors is six or more, but less than
nine, the directors will be divided into two classes, designated
as Class&nbsp;I and Class&nbsp;II. The members of each class
will serve for a staggered, two-year term, except that
Class&nbsp;I directors in the initial term immediately following
this offering will serve for one year. Each director will be
elected to serve until the election of the director&#146;s
successor at an annual meeting of shareholders for the election
of directors for the year in which the director&#146;s term
expires or at a special meeting called for that purpose. As of
the date of this prospectus, we do not anticipate increasing or
decreasing the authorized number of directors.
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <I>Class I Directors.</I> Messrs.&nbsp;Wilansky, Sonnenberg,
    Tanenbaum and Ms.&nbsp;Friedlander, whose terms will expire at
    the 2006 annual meeting of shareholders; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <I>Class II Directors.</I> Messrs.&nbsp;Schottenstein, Miller,
    and Robbins, whose terms will expire at the 2007 annual meeting
    of shareholders.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We believe, and expect our board to determine, that a majority
of our directors will be independent as defined under the NYSE
rules.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Committees of the Board of Directors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will establish an audit committee, nominating and corporate
governance committee and compensation committee of our board. We
intend to comply with all applicable NYSE rules relating to
committee composition and committee charter requirements. We
will not utilize the &#147;controlled company&#148; or &#147;IPO
phase-in&#148; exemptions available to us under the NYSE rules.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Audit Committee.</I> The audit committee will assist the
board in fulfilling its oversight responsibility relating to our
financial statements and the financial reporting process,
compliance with legal and regulatory requirements, the
qualifications and independence of our independent public
accountants, our system of internal controls, the internal audit
function, our code of ethical conduct, retaining and, if
appropriate, terminating the independent public accountants and
approving audit and non-audit services to be performed by the
independent public accountants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We expect the audit committee to be chaired by Mr.&nbsp;Robbins
and to consist of Messrs.&nbsp;Miller and Tanenbaum. We also
expect our board to determine that all three members of this
committee are &#147;independent&#148; directors as defined under
the NYSE rules and under Section&nbsp;10A-3 of the Securities
</DIV>

<P align="center" style="font-size: 10pt;">67

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<DIV align="left" style="font-size: 10pt;">
Exchange Act. We also expect our board to determine that
Mr.&nbsp;Robbins is an &#147;audit committee financial
expert&#148; as such term is defined by the SEC under
Item&nbsp;401(h) of Regulation&nbsp;S-K.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Nominating and Corporate Governance Committee.</I> The
nominating and corporate governance committee&#146;s functions
will include assisting the board in determining the desired
qualifications of directors, identifying potential individuals
meeting those qualification criteria, proposing to the board a
slate of nominees for election by the shareholders and reviewing
candidates nominated by shareholders. In addition, the
nominating and corporate governance committee will review the
Corporate Governance Principles, make recommendations to the
board with respect to other corporate governance principles
applicable to us, oversee the annual evaluation of the board and
management and review management and board succession plans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We expect the nominations and corporate governance committee to
be chaired by Mr. Tanenbaum and to consist of Ms. Friedlander
and Mr. Robbins. We also expect our board to determine that all
three members of this committee are &#147;independent&#148;
directors as defined under the NYSE rules.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Compensation Committee.</I> The compensation committee&#146;s
functions will include evaluating the Chief Executive
Officer&#146;s performance, setting the Chief Executive
Officer&#146;s annual compensation; reviewing and approving the
compensation packages of our other executive officers; making
recommendations to the board with respect to our incentive
compensation, retirement and other benefit plans; making
administrative and compensations decisions under such plans; and
recommending to the board the compensation for non-employee
board members.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We expect the compensation committee to be chaired by Mr. Miller
and to consist of Mr. Robbins and Ms. Friedlander. We also
expect our board to determine that all three members at this
committee are &#147;independent&#148; directors as defined under
the NYSE rules.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Compensation Committee Insider Participation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Compensation decisions during fiscal 2004 pertaining to our
executive officers&#146; compensation (other than for our named
executive officers) were made by the former Chief Executive
Officer of Retail Ventures, John&nbsp;C. Rossler, and the former
Chief Operating Officer of Retail Ventures, Edwin&nbsp;J.
Kozlowski. Compensation decisions regarding Deborah&nbsp;L.
Ferr&#233;e, Peter&nbsp;Z. Horvath, and Douglas&nbsp;J. Probst
were made by Jay&nbsp;L. Schottenstein as Chairman of Retail
Ventures. Mr.&nbsp;Schottenstein became the Chief Executive
Officer and Chairman of the Board of Directors of DSW in March
2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Compensation of Directors</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will pay an annual retainer to our independent directors (as
defined under the NYSE rules) and to Mr.&nbsp;Sonnenberg. The
retainer will consist of $50,000 in cash and a grant of a number
of stock units with a value equal to $50,000, determined by
using the fair market value of a DSW Class&nbsp;A Common Share
at the date of grant. For the current year, on the last day of
the fiscal quarter during which this offering is completed, each
director will be granted 3,100 stock units under the
DSW&nbsp;2005 Equity Plan. See &#147;The DSW Incentive
Plans&nbsp;&#151; The DSW&nbsp;2005 Equity Plan&#148; for a
discussion of the DSW&nbsp;2005 Equity Plan. Each director may
elect to receive their cash retainer and committee chairperson
fees in the form of stock units. The stock units will be fully
vested on the date of grant, but will not be distributable to
the director until the director leaves the board (for any
reason). When the director leaves the board, the stock units
owed to the director will be settled in DSW Class&nbsp;A Common
Shares (with cash for any fractional shares), unless the
director&#146;s award agreement provides for a cash settlement.
The stock units will be settled in a lump sum transfer, and the
director may not defer settlement or spread the settlement over
a longer period of time.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Directors will have no voting rights in respect of the stock
units, but they will have the power to vote the DSW Class&nbsp;A
Common Shares received upon settlement of the award. In general,
directors will not have dividend rights in the stock units until
settlement, but an award agreement may provide for equivalent
rights. If such equivalent rights are granted, the director will
be &#147;credited&#148; with the same dividend that would be
issued if the stock unit was a DSW Class&nbsp;A Common Share.
The amounts associated with the dividend equivalent rights will
not be distributed until the director&#146;s stock unit award is
settled at the time that the
</DIV>

<P align="center" style="font-size: 10pt;">68
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<DIV align="left" style="font-size: 10pt;">
director leaves the board. We will be entitled to a tax
deduction when the award is settled, and the director will be
taxed on the then fair market value of the award.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Directors will not receive any additional compensation for
attending board meetings or board committee meetings. However,
the chairmen of the audit committee, nominating and corporate
governance committee and compensation committee will each
receive an additional $10,000, $5,000 and $7,500 in cash or
stock units (as they may elect), respectively. All members of
our board of directors will be reimbursed for reasonable costs
and expenses incurred in attending meetings of our board of
directors and its committees.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Codes of Conduct</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have adopted a code of ethics that applies to all our
directors, officers and employees, including our principal
executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar
functions, and an additional code of ethics that applies to
senior financial officers. These codes of ethics have been
designated as the &#147;Code of Conduct&#148; and the &#147;Code
of Ethics for Senior Financial Officers,&#148; respectively. We
intend to satisfy the disclosure requirement under Item&nbsp;10
of Form&nbsp;8-K regarding any amendment to, or waiver from, any
applicable provision (related to elements listed under
Item&nbsp;406(b) of Regulation&nbsp;S-K) of the &#147;Code of
Conduct&#148; or the &#147;Code of Ethics for Senior Financial
Officers&#148; that applies to our directors, principal
executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar
functions by posting such information on our website.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Executive Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following summary compensation table sets forth information
concerning the cash and non-cash compensation for services
rendered to DSW earned during fiscal 2004 by, awarded to or paid
to our Chief Executive Officer, our former Chief Executive
Officer, each of the next four most highly compensated executive
officers and one executive officer who would have been one of
the four most highly compensated but for the fact that he was no
longer serving as an executive officer at the end of fiscal
2004. We refer to these officers as our &#147;named executive
officers&#148; in other parts of this prospectus. Even though
Mr.&nbsp;Probst was not employed by us during fiscal 2004, we
have included him on this table as we expect him to be one of
our most highly compensated executive officers following the
consummation of this offering and to be eligible to participate
in many of the same plans and programs as our other named
executive officers. For purposes of the summary compensation
table, we have listed the portion of each named executive
officer&#146;s compensation allocable to services rendered to
DSW. This allocation is based on the net sales of the DSW
segment of the business of Retail Ventures for fiscal 2004 as
compared to the total net sales of Retail Ventures and its
subsidiaries for such year. After the consummation of this
offering, Ms.&nbsp;Ferr&#233;e, Mr.&nbsp;Horvath and
Mr.&nbsp;Probst will continue to be paid by us. Prior to and
after consummation of this offering, Ms.&nbsp;Davis and
Mr.&nbsp;McGrady will be paid by Retail Ventures, and a portion
of the related expense will be allocated to DSW.
</DIV>

<P align="center" style="font-size: 10pt;">69

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Summary Compensation Table</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="26%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>


<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>Long Term Compensation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>


<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>Annual Compensation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Awards</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Payouts</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Restricted</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Other Annual</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Stock</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Securities</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>LTIP</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>All Other</B></TD><TD></TD>
</TR>

<TR style="font-size: 7pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Fiscal</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Salary</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Bonus</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Compensation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Award(s)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Underlying</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Payouts</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Compensation</B></TD><TD></TD>
</TR>

<TR style="font-size: 7pt;">
    <TD align="left" nowrap><B>Name and Principal Position<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Year</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Options</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Jay L.
    Schottenstein<SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>84,950</TD>
    <TD align="left" valign="top" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Chief Executive Officer and Chairman of the Board</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deborah L.
    Ferr&#233;e<SUP style="font-size: 85%; vertical-align: text-top">(8)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>553,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>710,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>12,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>345,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>8,037</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    President &#38; Chief Merchandising Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Peter Z.
    Horvath<SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>28,846</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Chief Operating Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Douglas J.
    Probst<SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    James A.
    McGrady<SUP style="font-size: 85%; vertical-align: text-top">(11)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>147,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>96,225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>2,865</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Chief Financial Officer, Treasurer and Secretary of Retail
    Ventures</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Julia A.
    Davis<SUP style="font-size: 85%; vertical-align: text-top">(11)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>93,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>80,376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>2,392</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    General Counsel of DSW and Retail Ventures</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    John C.
    Rossler<SUP style="font-size: 85%; vertical-align: text-top">(12)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>255,686</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>92,746</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>5,169</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>279,979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>250,580</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Former Chief Executive Officer and President of Retail Ventures</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Edwin J.
    Kozlowski<SUP style="font-size: 85%; vertical-align: text-top">(12)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>182,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>66,198</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>27,440</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>69,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>188,299</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Former Chief Operating Officer of Retail Ventures</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 1pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>(1)</TD>
    <TD align="left">
    In fiscal 2004, Ms.&nbsp;Ferr&#233;e, Mr.&nbsp;McGrady and
    Ms.&nbsp;Davis were the three most highly compensated officers
    who were still employed with us or Retail Ventures as of the end
    of fiscal 2004. None of our other executive officers received
    compensation for services rendered to DSW in an amount greater
    than $100,000 in fiscal 2004.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)</TD>
    <TD align="left">
    Includes amounts paid in respect of fiscal 2004 to
    Mr.&nbsp;Schottenstein as compensation for his role as Chairman
    of the Board of Directors of Retail Ventures, allocable to DSW.
    As of the date of his appointment as Chief Executive Officer,
    Mr.&nbsp;Schottenstein does not have a formal written employment
    agreement with DSW.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)</TD>
    <TD align="left">
    Includes amounts paid in respect of fiscal 2004 under the Value
    City Department Stores, Inc. 2003 Incentive Plan. In connection
    with the offering, we expect that our board will adopt and
    Retail Ventures, as sole shareholder, will approve the DSW Inc.
    2005 Cash Incentive Plan. We expect that some of our named
    executive officers will participate in that plan.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)</TD>
    <TD align="left">
    SEC rules do not require the reporting of perquisites and other
    personal benefits to the extent that the aggregate amount of
    such compensation is the lesser of either $50,000 or 10% of the
    total annual salary and bonus reported for each named executive
    officer. For Ms. Ferr&#233;e and Mr.&nbsp;Rossler, the amounts
    reported related to legal expenses. For Mr.&nbsp;Kozlowski, the
    amounts reported include allocated amounts of $22,271 relating
    primarily to personal benefits and $5,169 in allocated legal
    expenses. For Messrs.&nbsp;Rossler and Kozlowski, the amounts
    allocable to DSW were determined as described in
    footnote&nbsp;(11) below.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(5)</TD>
    <TD align="left">
    In July 2002, the compensation committee of the board of
    directors of Retail Ventures recommended and the Board of
    Directors approved the establishment of a &#147;value
    creation&#148; program, pursuant to which cash payments were
    made to certain participants including Messrs.&nbsp;Rossler and
    Kozlowski and Ms.&nbsp;Ferr&#233;e. Mr.&nbsp;Rossler was awarded
    $805,000 in fiscal 2004, pursuant to the program, subject to a
    risk of forfeiture on termination of employment, $279,979 of
    which was allocable to DSW during fiscal 2004. Mr. Kozlowski was
    awarded $200,000 in fiscal 2004, pursuant to the program,
    subject to a risk of forfeiture on termination of employment,
    $69,560 of which was allocable to DSW during fiscal 2004.
    Ms.&nbsp;Ferr&#233;e was awarded an aggregate of $690,000
    pursuant to the program, subject to a risk of forfeiture on
    termination of employment, $345,000 of which was paid during
    fiscal 2004. All obligations under the &#147;value
    creation&#148; program have been satisfied as of
    February&nbsp;1, 2004, upon payment of the last installment.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">70

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>(6)</TD>
    <TD align="left">
    The amounts shown in this column for each named executive
    officer consist of contributions or other allocations to Retail
    Ventures&#146; 401(k) Plan and Associate Stock Purchase Plan for
    the named executive officer, as follows:</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 8pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>401(K) Plan and Associate Stock Purchase Plan</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 8pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="61%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>401(K)&nbsp;Plan</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Stock Purchase Plan</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Jay L. Schottenstein</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deborah L. Ferr&#233;e</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>187</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Peter Z. Horvath</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Douglas J. Probst</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    James A. McGrady</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,865</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Julia A. Davis</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    John C. Rossler</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Edwin J. Kozlowski</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top"  style="font-size: 8pt;">
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    As to Mr.&nbsp;Rossler, the amount listed in the Summary
    Compensation Table also includes $248,096 in severance payments
    allocable to DSW that were accrued in fiscal 2004. Retail
    Ventures also paid premiums in the amount of $700 for a life
    insurance policy for Mr.&nbsp;Rossler pursuant to which
    Mr.&nbsp;Rossler would have received the benefit of any cash
    surrender value. The policy was terminated in May&nbsp;20, 2004.
    As to Mr.&nbsp;Kozlowski, the amount listed in the Summary
    Compensation Table also includes $185,558 in severance payments
    allocable to DSW that were accrued in fiscal 2004, which
    includes the allocable cash value of an automobile awarded to
    Mr.&nbsp;Kozlowski as part of his severance. The portion of
    these amounts allocable to DSW was determined as described in
    footnote&nbsp;(11) below.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top"  style="font-size: 8pt;">
    <TD valign="top">
    (7)</TD>
    <TD></TD>
    <TD valign="top">
    Mr.&nbsp;Schottenstein became Chief Executive Officer and
    Chairman of the Board of Directors of DSW in March 2005. We do
    not expect to enter into an employment agreement with
    Mr.&nbsp;Schottenstein. His annual salary is $250,000.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top"  style="font-size: 8pt;">
    <TD valign="top">
    (8)</TD>
    <TD></TD>
    <TD valign="top">
    Ms.&nbsp;Ferr&#233;e entered into a new employment agreement
    effective as of November 2004. Her new annual salary is $700,000.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top"  style="font-size: 8pt;">
    <TD valign="top">
    (9)</TD>
    <TD></TD>
    <TD valign="top">
    Mr.&nbsp;Horvath entered into a new employment agreement
    effective as of January&nbsp;3, 2005. His annual salary is
    $500,000.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top"  style="font-size: 8pt;">
    <TD valign="top">
    (10)</TD>
    <TD></TD>
    <TD valign="top">
    Mr.&nbsp;Probst entered into a new employment agreement
    effective as of March&nbsp;14, 2005. His annual salary is
    $350,000.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top"  style="font-size: 8pt;">
    <TD valign="top">
    (11)</TD>
    <TD></TD>
    <TD valign="top">
    The information in the table represents the portion of
    Mr.&nbsp;McGrady&#146;s and Ms.&nbsp;Davis&#146; compensation
    allocable to DSW. This allocation is based on the net sales of
    DSW segment of the business of Retail Ventures for 2004 as
    compared with the total net sales of Retail Ventures and its
    subsidiaries for such year.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top"  style="font-size: 8pt;">
    <TD valign="top">
    (12)</TD>
    <TD></TD>
    <TD valign="top">
    The employment of Messrs.&nbsp;Rossler and Kozlowski was
    terminated by the board of directors of Retail Ventures as of
    November&nbsp;3, 2004. The information in the table represents
    portions of their respective compensation allocable to DSW. The
    portion allocable to DSW was determined as described in
    footnote&nbsp;(11) above.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Aggregated Option/ SAR Exercises for Common Shares of Retail
Ventures in Last Fiscal Year and Fiscal Year-End Option/ SAR
Values</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth information for each of the named
executive officers regarding the number of shares subject to
both exercisable and unexercisable stock options in respect of
Retail Ventures common shares, as well as the value of
unexercisable in-the-money options, as of the end of fiscal
2004, based on the closing price of Retail Venture common shares
on that date ($6.61 per share). No named executive officer held
options or stock appreciation rights, or SARs, in respect of our
common shares.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 3pt; ">

<TR style="font-size: 1pt;">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of Securities</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Value of Unexercised</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Named</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Underlying Unexercised</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>In-the-Money</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Executive</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares Acquired</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Value</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Options/SARs At Fiscal</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Options/SARs At Fiscal</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Officers</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>upon Exercise</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Realized</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Year End</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Year End<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Exercisable/ Unexercisable</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Exercisable/ Unexercisable</B></TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Jay L. Schottenstein</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>50,000/&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;/&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deborah L. Ferr&#233;e</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>227,600/324,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>457,440/684,060</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Peter Z. Horvath</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;/&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;/&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Douglas J. Probst</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;/&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;/&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    James A. McGrady</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>243,000/332,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>462,150/687,900</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Julia A. Davis</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,000/32,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>39,840/159,360</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    John C. Rossler</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,445,000/&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,137,950/&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Edwin J. Kozlowski</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,720,000/&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,629,200/&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Represents the total gain which would be realized if all
    in-the-money options held at year end were exercised, determined
    by multiplying the number of shares underlying the options by
    the difference in the per share option exercise price and the
    per share fair market value at year end of $6.61. An option is
    in-the-money if the fair market value of the underlying shares
    exceeds the exercise price of the option.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">71

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Employee Incentive Plans</B>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>The Retail Ventures Incentive Plans</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Some of our employees (including our named executive officers)
and non-employee directors have participated in or have been
eligible to participate and, after the offering, will continue
to be eligible to participate in equity incentive plans
sponsored by Retail Ventures which provided them an opportunity
to earn incentive cash compensation and to receive equity-based
compensation related to the common shares of Retail Ventures.
These plans include the Amended and Restated Retail Ventures,
Inc. 1991 Stock Option Plan, or the Retail Ventures 1991 Option
Plan, the Retail Ventures, Inc. Amended and Restated 2000 Stock
Incentive Plan, or the Retail Ventures 2000 Stock Incentive
Plan, and the Value City Department Stores, Inc. 2003 Incentive
Compensation Plan, or the Retail Ventures 2003 Incentive Plan
and the Retail Ventures, Inc. Employee Stock Purchase Plan, or
the Retail Ventures ESPP, which was terminated as of
May&nbsp;27, 2005. All of these plans are collectively referred
to as the Retail Ventures Plans. After the offering, some of our
officers and employees may also participate in the Retail
Venture Plans, other than the Retail Ventures ESPP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
After the offering, awards previously issued under the Retail
Ventures Plans will remain outstanding and will continue to be
earned or exercisable under their terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All of the Retail Ventures Plans (other than the Retail Ventures
ESPP) are administered by the Retail Ventures board of
directors, or a committee comprised of independent board members
who are &#147;outside directors&#148; within the meaning of
Section&nbsp;162(m) of the Code. The Retail Ventures ESPP was
administered by a committee comprised of several Retail Ventures
employees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subject to the terms of each plan, the administrator of each
Retail Ventures Plan decides who may participate, when awards
are granted, the number and types of awards granted and the
terms and conditions that must be met to earn the award,
including the period over which a cash award is earned and the
period over which an equity award may be earned and exercised or
settled. The plan administrator also determines the exercise
price of the stock options and stock appreciation rights granted
under any Retail Ventures Plans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subject to shareholder approval in certain instances, the Retail
Ventures board of directors may amend, suspend or terminate the
Retail Ventures Plans at any time, provided that no such
amendment, suspension or termination may adversely affect any
award previously granted to a participant without their consent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Awards granted under the Retail Ventures Plans are generally not
transferable by the participant except by will or the laws of
descent and distribution, and options are exercisable, during
the lifetime of the participant, only by the participant or his
guardian or legal representative, unless otherwise permitted by
the plan administrator.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With the exception of the Retail Ventures ESPP, the Retail
Ventures Plans are intended to permit the payment of
performance-based compensation within the meaning of
Section&nbsp;162(m) of the Code, which generally limits the
deduction that Retail Ventures may take for compensation paid in
excess of $1,000,000 to certain of its &#147;covered
officers&#148; in any one calendar year. Under
Section&nbsp;162(m) of the Code, compensation that is
&#147;qualified performance-based compensation&#148; within the
meaning of Section&nbsp;162(m) of the Code, will not be subject
to this limitation if certain requirements are met. Any payments
that are intended to be deductible as &#147;qualified
performance-based compensation&#148; under Section&nbsp;162(m)
of the Code must be based on one or more of the performance
measures listed in the Retail Ventures Plans as previously
approved by the shareholders of Retail Ventures and which
otherwise satisfy requirements applicable to &#147;qualified
performance-based compensation&#148; under Section&nbsp;162(m)
of the Code.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>The Retail Ventures 1991 Option Plan</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Retail Ventures 1991 Option Plan expired in 2001, although
some awards granted before that date remain outstanding and may
yet be exercised.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Retail Ventures 1991 Option Plan authorizes the committee
administering the plan to grant incentive stock options (within
the meaning of Section&nbsp;422 of the Code) to employees and to
grant nonstatutory stock options and tax offset awards to
employees and consultants. A tax offset award is a cash payment
intended to reimburse an employee or a consultant for a portion
of the income taxes incurred when exercising a nonstatutory
stock option or selling an incentive stock option at a time that
generates ordinary income taxes.
</DIV>

<P align="center" style="font-size: 10pt;">72

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Retail Ventures 1991 Plan provides that (i)&nbsp;all options
held by a participant who retires (i.e., terminates after
reaching age 60 or completing 30&nbsp;years of service) will
become exercisable and may be exercised anytime within
30&nbsp;days after retirement or, if shorter, the date the
option would expire under its terms, (ii)&nbsp;all options held
by a participant who terminates because of death or disability
(as defined in the Retail Ventures 1991 Option Plan) will become
exercisable and may be exercised anytime within one year after
termination because of disability or, if shorter, the date the
option would expire under its terms, and (iii)&nbsp;all
exercisable options held by a participant who terminates (or is
terminated) for any other reason (other than for
&#147;cause&#148; as defined in the Retail Ventures 1991 Plan)
may be exercised anytime within 30&nbsp;days after termination
or, if shorter, the date the option would expire under its terms
and all options that are not exercisable at termination will be
forfeited. All options (whether or not then exercisable) held by
a participant who is terminated for &#147;cause&#148; (as
defined in the Retail Ventures 1991 Plan) are forfeited and may
not be exercised at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event of a change in control of Retail Ventures (as
defined in the Retail Ventures 1991 Plan) all options that are
outstanding on the date of the change in control will become
exercisable for a period of 30&nbsp;days ending on the date of
the change in control and will expire on the date of the change
in control if they are not exercised before that date.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>The Retail Ventures 2000 Stock Incentive Plan</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Retail Ventures 2000 Stock Incentive Plan authorizes the
committee administering the plan to grant incentive stock
options (within the meaning of Section&nbsp;422 of the Code) to
employees and nonstatutory stock options, stock appreciation
rights, restricted stock, performance units and performance
shares to employees, consultants and directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Retail Ventures 2000 Stock Incentive Plan provides that
(i)&nbsp;all options and stock appreciation rights held by a
participant who terminates employment after qualifying for
retirement under a tax-qualified retirement plan or terminates
because of death or disability (as defined in the Retail
Ventures 2000 Stock Incentive Plan), may be exercised anytime
within one year (three months in the case of incentive stock
options held by an employee who is retiring) after termination
because of retirement, death or disability or, if shorter, the
date the option would expire under its terms; and (ii)&nbsp;all
options and stock appreciation rights held by a participant who
terminates (or is terminated) for any other reason, may not be
exercised after termination unless the committee specifically
provides for a post-termination exercise period which may not be
longer than three months. The effect of terminations of
employment on restricted stock, performance units or performance
shares is specified in individual award agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event of a change in control of Retail Ventures (as
defined in the Retail Ventures 2000 Stock Incentive Plan) all
options that are outstanding on the date of the change in
control will become exercisable immediately. No similar plan
provision is available for other types of awards granted under
the Retail Ventures 2000 Stock Incentive Plan, although
individual award agreements may provide for the exercisability
of other types of awards if there is a change in control. As of
the date of this prospectus, none of our named executive
officers has any such acceleration provisions in their award
agreements.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>The Retail Ventures 2003 Incentive Plan</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Retail Ventures 2003 Incentive Plan is designed to provide
additional incentive cash compensation to officers of Retail
Ventures if pre-established performance criteria specified in
the plan are met. The maximum annual incentive compensation that
any covered officer may earn under the Retail Ventures 2003
Incentive Plan is $4,000,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A covered officer who terminates employment with Retail Ventures
and all related entities for any reason other than death or
disability before the end of a performance period will forfeit
any right to receive incentive compensation for the performance
period. However, a covered officer who terminates his or her
employment with Retail Ventures and all related entities because
of death or disability (as defined in the Retail Ventures 2003
Incentive Plan) will receive a prorated amount under the Retail
Ventures 2003 Incentive Plan, but only if applicable performance
goals are actually achieved as of the end of that performance
period. The amount paid in these circumstances is the incentive
compensation the deceased or disabled employee would have
</DIV>

<P align="center" style="font-size: 10pt;">73

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<DIV align="left" style="font-size: 10pt;">
received at the end of the performance period multiplied by a
fraction, the numerator of which is the number of days between
the beginning of the performance period and the date employment
terminated and the denominator of which is the total number of
days included in the performance period.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>The Retail Ventures ESPP</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Retail Ventures ESPP was a broad based employee share
purchase plan through which employees were able to purchase
Retail Ventures shares through a weekly payroll deduction.
Retail Ventures matched 15% of each authorized payroll
deduction. The Retail Ventures ESPP was terminated effective
May&nbsp;27, 2005. Participants are always fully vested in
shares purchased through the Retail Ventures ESPP and may sell
them at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>The DSW Incentive Plans</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with the offering, we expect that our board of
directors will adopt and our shareholders will approve the DSW
Inc. 2005 Equity Incentive Plan, or the DSW 2005 Equity Plan,
and the DSW Inc. 2005 Cash Incentive Compensation Plan, or the
DSW 2005 Cash Plan, to enable us to attract, retain and reward
outstanding employees, directors and consultants through cash
incentives and/or equity-based compensatory awards, including
incentive stock options (within the meaning of Section&nbsp;422
of the Code), non-qualified stock options, performance shares,
performance units, restricted stock, restricted stock units,
stock appreciation rights and stock units. The DSW 2005 Equity
Plan and the DSW 2005 Cash Plan are collectively referred to as
the DSW Plans. Immediately following the pricing of but prior to
the consummation of this offering, we expect to have granted
stock options to employees and consultants to purchase up to
900,000&nbsp;registered Class&nbsp;A Common Shares at an
exercise price per share equal to the initial public offering
price per share and up to 100,000&nbsp;restricted Class&nbsp;A
Common, will have been issued to employees at a price per share
equal to the initial public offering price per share. These
awards remain subject to approval by the DSW&nbsp;board of
directors prior to the consummation of this offering.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
After the offering, some of our officers, including those who
also simultaneously hold positions with Retail Ventures, may
participate in both the Retail Ventures Plans described above
and in the DSW Plans. Also, some Retail Ventures employees
providing services to DSW may be eligible to participate in the
DSW Plans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The DSW Plans will be administered by the compensation committee
of our board of directors with respect to awards granted to
consultants and employees after the offering and by the entire
board with respect to awards granted to employees and
consultants before the offering and to non-employee directors
before and after the offering. The compensation committee is
comprised of at least two members who satisfy the independence
requirements of current NYSE listing standards, are
&#147;outside directors&#148; within the meaning of
Section&nbsp;162(m) of the Code, and are &#147;non-employee
directors&#148; within the meaning of Rule&nbsp;16b-3 under the
Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Awards granted under the DSW Plans are generally not
transferable by the participant except by will or the laws of
descent and distribution, and each award is exercisable, during
the lifetime of the participant, only by the participant or his
guardian or legal representative, unless permitted by the
committee.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The DSW Plans are intended to permit us to deliver
performance-based compensation within the meaning of
Section&nbsp;162(m) of the Code, which generally limits the
deduction that we may take for compensation paid in excess of
$1,000,000 to certain of our executive officers in any one
calendar year. Under Section&nbsp;162(m) of the Code,
compensation that is &#147;qualified performance-based
compensation&#148; within the meaning of Section&nbsp;162(m) of
the Code, will not be subject to this limitation if certain
requirements are met. Any awards that are intended to be
deductible as &#147;qualified performance-based
compensation&#148; under Section&nbsp;162(m) of the Code must be
based on one or more of the performance measures listed in the
DSW Plans and otherwise satisfy the requirements applicable to
&#147;qualified performance-based compensation&#148; under
Section&nbsp;162(m) of the Code.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event of a change in control of DSW all awards will vest
or become exercisable and generally will be settled for cash.
However, the value of any acceleration of vesting will, if
appropriate, be reduced to avoid any golden parachute penalties
under Sections&nbsp;280G or 4999 of the Code unless otherwise
provided in an award agreement or another written agreement
(such as an employment agreement) between DSW and an
</DIV>

<P align="center" style="font-size: 10pt;">74

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<DIV align="left" style="font-size: 10pt;">
affected employee. Generally, a change in control is defined in
the DSW Plans to include (i)&nbsp;a change in a majority of
DSW&#146;s directors during any 12-month period, (ii)&nbsp;with
some exceptions (including exceptions for acquisitions by Retail
Ventures, SSC, trusts established for members of the
Schottenstein family and Cerberus Partners Ltd.), the
acquisition by any person (or a group of persons acting
together) of more than 30% of DSW&#146;s outstanding voting
securities and sufficient voting power to elect a majority of
DSW&#146;s board, (iii)&nbsp;a merger or business combination
affecting DSW and after which DSW shareholders hold less than
50% of the surviving entity&#146;s voting power, (iv)&nbsp;a
complete dissolution or liquidation of DSW and (v) any other
transaction that the DSW board decides will have at least as
material an effect on DSW as any of the transactions specified
above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our board or the compensation committee of the board may
terminate, suspend or amend the DSW Plans at any time without
shareholder approval, except to the extent necessary to satisfy
applicable law or listing requirements. However, generally no
amendment may adversely affect any rights of a participant under
an outstanding award without their consent. Unless terminated
sooner, the DSW 2005 Equity Plan will terminate automatically
ten years from the date of its implementation.
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>The DSW 2005 Equity Plan</I></B></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The DSW 2005 Equity Plan authorizes 4,600,000&nbsp;shares of our
common shares to be issued under the plan, all of which may be
issued through the exercise of incentive stock options. The DSW
2005 Equity Plan also provides that any shares subject to an
unfulfilled award (e.g., a forfeited option or an award settled
for cash in an amount that is less than the award&#146;s fair
market value less any exercise price) may be subject to a
subsequent award under the plan.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The DSW 2005 Equity Plan provides that our employees may receive
incentive stock options, our employees and consultants may
receive nonstatutory stock options, restricted stock, restricted
stock units, performance shares and performance units and stock
appreciation rights and that our non-employee directors (and
non-employee directors of any of our subsidiaries) may receive
nonstatutory options, restricted stock, restricted stock units
or stock unit awards. The DSW 2005 Equity Plan also permits
non-employee directors to elect to receive their annual cash
retainer and other director fees in the form of stock units.
Each stock unit represents the right to receive the fair market
value of one of our common shares. Our non-employee directors
also will automatically receive 50% of their fees in the form of
stock units which will be immediately vested but will be settled
in shares of our stock only when they leave the board. On the
last day of the fiscal quarter during which this offering is
completed, each independent director and Mr. Sonnenberg will
receive 3,100 stock units. On the date of each annual meeting of
shareholders held for the purpose of electing directors
beginning with the 2006 annual meeting of shareholders, each
non-employee director serving after such annual meeting will
automatically receive a grant of a number of stock units
determined by dividing one half of his or her retainer
(excluding any amount paid for service as the chair of a board
committee) by the fair market value of a share of our stock on
the grant date.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The DSW 2005 Equity Plan allows the compensation committee, in
its discretion, to issue stock options to purchase shares of DSW
under the DSW 2005 Equity Plan in substitution for stock options
to purchase shares of Retail Ventures previously granted to our
employees under the Retail Ventures 1991 Option Plan and/or the
Retail Ventures 2000 Stock Incentive Plan. The aggregate value
and general features of these substitute options are determined
in accordance with Section&nbsp;424 of the Code and the
regulations thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The maximum number of our shares underlying options that may be
issued annually to any executive officer is 500,000 and the
maximum number of whole-share grants (such as restricted stock
and performance shares) is 100,000.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The DSW 2005 Equity Plan limits participants&#146; ability to
exercise awards they hold when they terminate employment. Under
these rules (and unless the award agreement specifies
otherwise), (i) all options, restricted stock, restricted stock
units, stock units and stock appreciation rights that are
affiliated with or issued in tandem with an option held by an
employee or a non-employee director who retires (i.e., in the
case of employees, after reaching age 65 and completing five
years of service or, in the case of non-employee directors,
after completing one full term as a non-employee director after
reaching age 65) becomes disabled as defined in the 2005 Equity
Plan or dies will become exercisable and may be exercised
anytime within one year (three months in the case of incentive
stock options held by an employee who is retiring) after
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

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<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt;">
termination because of retirement, disability or death or, if
shorter, the date the award would expire under its terms
(ii)&nbsp;all options, restricted stock, restricted stock units,
stock units and stock appreciation rights that are affiliated
with or issued in tandem with an option held by a consultant who
becomes disabled (as defined in the DSW&nbsp;2005 Equity Plan)
or dies will become exercisable and may be exercised anytime
within one year after termination because of disability or death
or, if shorter, the date the award would expire under its terms
and (iii)&nbsp;all exercisable awards held by a participant
whose employment terminates for any other reason (other than for
&#147;cause&#148; as defined in the DSW 2005 Equity Plan) may be
exercised anytime within 90&nbsp;days after termination or, if
shorter, the date the award would expire under its terms and all
awards that are not exercisable at termination will be
forfeited. The effect of termination on performance shares,
performance units and stock appreciation rights that are not
affiliated with or issued in tandem with an option will be
specified in the award agreement. All awards (whether or not
then exercisable) held by a participant who is terminated for
&#147;cause&#148; (as defined in the DSW 2005 Equity Plan) are
immediately forfeited and may not be exercised at any time.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subject to applicable legal requirements, at any time prior to a
change in control of DSW, the compensation committee is
authorized to cancel any or all outstanding stock options and
other awards granted under the DSW 2005 Equity Plan. Upon
cancellation, we are obligated to pay the participants only with
respect to those options and awards that are then exercisable.
With respect to outstanding stock options that are exercisable
when cancelled, we will pay the participant the difference
between the fair market value of the common shares underlying
the stock option and the exercise price of the stock option.
With respect to other awards under the DSW 2005 Equity Plan
which are exercisable when cancelled, we will pay the
participant the fair market value of the common shares subject
to the award.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Based on federal income tax laws currently in effect, we believe
that we will not be entitled to a federal income tax deduction
when an incentive stock option, nonstatutory stock option,
restricted stock award, restricted stock unit award, performance
stock award, performance stock unit award or stock unit award is
granted and participants will not be required to include any
amount in federal taxable income at that time. Except in the
case of incentive stock options, we will be entitled to a
federal income deduction in the year these awards are settled or
exercised and participants will be required to recognize
ordinary federal income taxes on the same amount in the same
year. The amount of our federal income tax deduction (and the
amount simultaneously taxable to the participant) will be the
fair market value of the award when it is settled in the case of
a restricted stock award, restricted stock unit award,
performance stock award, performance stock unit award and stock
unit award. In the case of nonstatutory stock options, the
amount of our federal income tax deduction (and the amount
simultaneously taxable to participants) will be the difference
between the price a participant pays to exercise the
nonstatutory stock option and the fair market value of the stock
acquired when the option is exercised. Generally, upon exercise
of an incentive stock option, we would not be entitled to any
federal income tax deduction and the participant would not
recognize income upon exercise. If the participant (i)&nbsp;does
not dispose of the shares within two years after the date of the
grant and one year after the transfer of shares upon exercise
and (ii)&nbsp;is an employee of ours or of one of our
subsidiaries from the date of the grant through and until three
months before the exercise date, any gain from a subsequent sale
of shares acquired through incentive stock options would be
taxed to the participant as a long-term capital gain and we
would not be entitled to a federal income tax deduction.
However, if a participant does not satisfy the requirements of
clauses&nbsp;(i) and&nbsp;(ii) above, we will be entitled to a
federal income tax deduction equal to the difference between the
price a participant paid to exercise the incentive stock option
and the fair market value of the stock acquired when the option
was exercised and the participant will be required to recognize
ordinary income in the same amount.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
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<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>The DSW 2005 Cash Plan</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The DSW 2005 Cash Plan authorizes the compensation committee to
designate employees (including executive officers and employees
who are not executive officers) who may earn additional cash
compensation under the DSW 2005 Cash Plan, to identify
business-related performance goals that must be met over a
performance period specified by the compensation committee as a
condition of the payment of the incentive compensation and to
specify the amount of the cash bonus to be paid if those
performance goals are met. The performance goals that executive
officers must achieve to earn a cash bonus are derived from
criteria listed in the DSW 2005 Cash Plan. Employees who are not
executive officers also may earn a cash bonus
</DIV>

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<DIV align="left" style="font-size: 10pt;">
under the DSW 2005 Cash Plan, although their performance goals
may be based on criteria not listed in the DSW 2005 Cash Plan.
The compensation committee must establish performance goals as
soon as administratively practicable before the beginning of the
performance period but, in the case of executive officers, no
later than 90&nbsp;days after the beginning of the performance
period or the expiration of 25% of the performance period,
whichever is earliest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At the end of each performance period, the compensation
committee will ascertain whether each employee has or has not
met applicable performance goals and certify those results to
our board of directors along with a statement of the amount of
any cash bonus earned. If an employee has not met applicable
performance goals, he or she will not receive a cash bonus under
the DSW 2005 Cash Plan for that performance period. If an
employee has met applicable performance goals, DSW will pay the
stipulated cash bonus as soon as administratively practicable
but in no case later than two and one-half months after the end
of our fiscal year during which the performance period ends or
the calendar year during which the performance period ends,
whichever is latest. The maximum annual bonus that any executive
officer may earn under the DSW 2005 Cash Plan is $3,000,000.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless otherwise provided in the award agreement, an employee
who terminates employment for any reason other than death or
disability before the end of a performance period will forfeit
any right to receive a bonus during that performance period.
However, unless otherwise provided in the award agreement, an
employee who terminates employment because of death or
disability (as defined in the DSW 2005 Cash Plan) will receive a
prorated bonus under the DSW 2005 Cash Plan but only if
applicable performance goals are actually achieved at the end of
that performance period. The amount paid in these circumstances
is the bonus the deceased or disabled employee would have
received at the end of the performance period multiplied by a
fraction, the numerator of which is the number of days between
the beginning of the performance period and the date employment
terminated and the denominator of which is the total number of
days included in the performance period.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Based on federal income tax laws currently in effect, we believe
that we will be entitled to a federal income tax deduction equal
to the full amount paid from the DSW 2005 Cash Plan in the year
it is paid and that employees receiving payments from the DSW
2005 Cash Plan will be required to recognize ordinary income in
the same year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Benefit Plans</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
After the completion of this offering, we will continue to
participate in certain of the health and welfare benefit plans
that are sponsored by Retail Ventures. Such plans include a
health and medical plan, prescription drug plan, vision service
plan, optional dental plan, life insurance plans, disability
plans, and a cafeteria plan subject to Section&nbsp;125 of the
Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our full-time employees who attain age twenty-one may contribute
up to thirty percent of their compensation on a pre-tax basis to
a profit sharing and 401(k) plan, subject to Internal Revenue
Service limitations. Part-time employees may contribute to the
plan after attaining age twenty-one and completing one year of
service as defined in the plan. We match employee deferrals into
the plan, 100% on the first 3% of eligible compensation deferred
and 50% on the next 2% of eligible compensation deferred.
Matching begins after one year of qualified service.
Additionally, we may contribute a discretionary profit sharing
amount to the plan each year. The plan offers participants a
diverse choice of investment options and contains provisions for
loans and hardship withdrawals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Employment Contracts, Termination of Employment and
Change-in-Control Arrangements</B>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
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    <TD></TD>
    <TD>
    <B><I>Employment Agreements</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We do not expect to enter into an employment agreement with
Mr.&nbsp;Schottenstein, our Chief Executive Officer. Mr.
Schottenstein was appointed on March 14, 2005, and his annual
salary is $250,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have entered into an employment agreement with
Ms.&nbsp;Ferr&#233;e, our President and Chief Merchandising
Officer, which became effective on November&nbsp;22, 2004. The
agreement provides for an indefinite term (which terminates upon
the executive&#146;s death, disability (as such term is defined
in the agreement), voluntary termination by the executive or
involuntary termination by us). Under the agreement,
Ms.&nbsp;Ferr&#233;e will receive an annual base salary of
$700,000, which will be increased annually by a minimum of 2.5%
over the previous year&#146;s base salary. Ms.&nbsp;Ferr&#233;e
will also participate in our bonus (cash incentive) plans with a
target
</DIV>

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<DIV align="left" style="font-size: 10pt;">
bonus opportunity of 100% of base salary and a maximum annual
bonus of 200% of base salary. The agreement also provides for
Ms.&nbsp;Ferr&#233;e&#146;s participation in our employee
pension or welfare benefit plans at a level commensurate with
her title and position and provides an entitlement to an annual
perquisite allowance from us of $40,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the employment of Ms.&nbsp;Ferr&#233;e is involuntarily
terminated by us without cause, or if Ms.&nbsp;Ferr&#233;e
terminates her employment with us for good reason, as such term
is defined in her employment agreement, Ms.&nbsp;Ferr&#233;e
will be entitled to receive payment of her base salary through
the end of 2007 if such termination occurs prior to the end of
the 2006 or for a 12&nbsp;month period beginning on the date of
termination if such termination occurs on or after
January&nbsp;1, 2007; up to 18&nbsp;months reimbursement for the
cost of health care continuation; a pro-rata portion of any cash
incentive bonus for the year of termination and one year of
accelerated vesting with respect to her outstanding stock
options. The agreement with Ms.&nbsp;Ferr&#233;e also contains
confidentiality and non-disparagement provisions effective
through the term of the agreement, a non-competition provision
effective through the longer of one year following termination
of employment or the period of any salary continuation, and a
non-solicitation provision effective through the longer of two
years following termination of employment or the period of any
salary continuation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;McGrady, the Executive Vice President, Chief Financial
Officer and Secretary of Retail Ventures and Vice President and
a director of DSW entered into an employment agreement with
Retail Ventures effective June&nbsp;21, 2000. The agreement has
an initial term ending June&nbsp;21, 2003, with automatic
one-year extensions unless either party gives 60&nbsp;calendar
days notice of intent not to extend the agreement. The agreement
originally provided for an annual salary of $300,000 (which the
Retail Ventures president, with the approval of the Chairman of
Retail Ventures, may increase at his discretion) and a bonus of
at least 40% of his base salary if board approved,
predetermined, performance measures set annually are met. On
March&nbsp;30, 2005, Mr.&nbsp;McGrady&#146;s salary was
increased to $475,000, and he received a bonus of $200,000 for
fiscal 2004. The agreement also provides for
Mr.&nbsp;McGrady&#146;s participation in the deferred
compensation or other employee benefit plans, insurance plans,
discount privileges, incentive plans and other employee welfare
plans generally available to the executives of Retail Ventures.
The agreement also provides for a vehicle allowance. If
Mr.&nbsp;McGrady&#146;s employment is terminated by Retail
Ventures &#147;without cause&#148; as defined in his agreement,
and other than pursuant to Retail Ventures providing notice of
its intent not to renew the agreement, then Mr.&nbsp;McGrady
will be entitled to receive 12&nbsp;months of base salary,
12&nbsp;months of reimbursement for the cost of health care
continuation and any cash incentive bonus declared but not paid.
The agreement also contains confidentiality provisions effective
through the term of the agreement, a non-competition provision
effective through the longer of one year following termination
of employment or the period of any salary continuation, and a
non- solicitation provision effective through the longer of two
years following termination of employment or the period of any
salary continuation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have entered into an employment agreement with
Mr.&nbsp;Horvath, our Executive Vice President and Chief
Operating Officer, which became effective on January&nbsp;3,
2005. The agreement provides for an indefinite term (which
terminates upon Mr.&nbsp;Horvath&#146;s death, disability (as
such term is defined in the agreement), voluntary termination by
Mr.&nbsp;Horvath or involuntary termination by us). Under the
agreement, Mr.&nbsp;Horvath will receive an annual base salary
of $500,000, which will be increased annually by a minimum of
2.5% over the previous year&#146;s base salary. In addition,
Mr.&nbsp;Horvath received a signing bonus of $75,000 upon
entering into the agreement. Mr.&nbsp;Horvath will also
participate in our bonus (cash incentive) plans with a target
bonus opportunity of 100% of base salary and a maximum annual
bonus of 200% of base salary. The agreement also provides for
Mr.&nbsp;Horvath&#146;s participation in our employee pension or
welfare benefit plans at a level commensurate with his title and
position and provides an entitlement to an annual perquisite
allowance from us of $40,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the employment of Mr.&nbsp;Horvath is involuntarily
terminated by us without cause, or if Mr.&nbsp;Horvath
terminates his employment with us for good reason, as such term
is defined in his employment agreement, Mr.&nbsp;Horvath will be
entitled to receive payment of his base salary through the end
of 2008 if such termination occurs prior to the end of 2006 or
for a 12&nbsp;month period beginning on the date of termination
if such termination occurs on or after January&nbsp;1, 2007; up
to 18&nbsp;months reimbursement for the cost of health care
continuation; a pro-rata portion of any cash incentive bonus for
the year of termination and one year of
</DIV>

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<DIV align="left" style="font-size: 10pt;">
accelerated vesting with respect to his outstanding stock
options. The agreement with Mr.&nbsp;Horvath also contains
confidentiality and non-disparagement provisions effective
through the term of the agreement, a non-competition provision
effective through the longer of one year following termination
of employment or the period of any salary continuation, and a
non-solicitation provision effective through the longer of two
years following termination of employment or the period of any
salary continuation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have entered into an employment agreement with
Mr.&nbsp;Probst, our Senior Vice President, Chief Financial
Officer and Treasurer, effective as of March&nbsp;14, 2005. The
agreement provides for an indefinite term (which terminates upon
Mr.&nbsp;Probst&#146;s death, disability (as such term is
defined in his employment agreement), voluntary termination by
Mr.&nbsp;Probst or involuntary termination by us). The agreement
provides for an annual salary of $350,000 and a cash bonus of
80% of his base salary if board approved, predetermined
performance measures set annually are met. For fiscal year 2005,
Mr.&nbsp;Probst is guaranteed a cash bonus of 80% of his base
salary. In addition, Mr.&nbsp;Probst received a signing bonus in
the gross amount of $40,000 upon entering into the agreement. If
Mr.&nbsp;Probst voluntarily resigns from DSW in the first
12&nbsp;months of his date of hire, he is required to repay the
net amount of the bonus to us. The agreement also provides for
Mr.&nbsp;Probst&#146;s participation in our employee pension or
welfare benefit plans at a level commensurate with his title and
position. The agreement also provides for a vehicle allowance
and fuel card. If Mr.&nbsp;Probst&#146;s employment is
terminated by us &#147;without cause&#148; or for &#147;good
reason,&#148; in each case as defined in his agreement, then
Mr.&nbsp;Probst will be entitled to 12&nbsp;months of base
salary, 12&nbsp;months of reimbursement for the cost of health
care continuation, a pro-rata portion of any cash incentive
bonus for the year of termination, and one year of accelerated
vesting with respect to his outstanding stock options. The
agreement also contains confidentiality and non-disparagement
provisions effective through the term of the agreement, a
non-competition provision effective through the longer of one
year following termination of employment or the period of any
salary continuation, and a non-solicitation provision effective
through the longer of two years following termination of
employment or the period of any salary continuation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ms.&nbsp;Davis, Executive Vice President and General Counsel of
DSW and Retail Ventures, who will also act as Secretary of DSW
and Assistant Secretary of Retail Ventures, entered into an
employment agreement with Retail Ventures effective as of
April&nbsp;29, 2004. The agreement provides for an indefinite
term (which terminates upon the executive&#146;s death,
disability (as such term is defined in her employment
agreement), voluntary termination by Ms.&nbsp;Davis or
involuntary termination by Retail Ventures). The agreement
originally provided for an annual salary of $260,000 and a cash
bonus of 50% of her base salary if board approved, predetermined
performance measures set annually are met. In addition, for each
year Ms.&nbsp;Davis&#146; annual salary is less than $300,000,
she will receive a minimum guaranteed bonus to raise her salary
to $300,000. On March&nbsp;30, 2005, Ms. Davis&#146; salary was
increased to $300,000 and she received a bonus of $150,000 for
fiscal 2004. The agreement also provides for
Ms.&nbsp;Davis&#146; participation in the employee pension or
welfare benefit plans of Retail Ventures at a level commensurate
with her title and position. The agreement also provides for a
vehicle allowance and fuel card. If Ms.&nbsp;Davis&#146;s
employment is terminated by Retail Ventures &#147;without
cause&#148; as defined in her agreement, then Ms.&nbsp;Davis
will be entitled to 12&nbsp;months of base salary,
12&nbsp;months of reimbursement for the cost of health care
continuation, a pro-rata portion of any cash incentive bonus for
the year of termination, and one year of accelerated vesting
with respect to her outstanding stock options. The agreement
also contains confidentiality and non-disparagement provisions
effective through the term of the agreement, a non-competition
provision effective through the longer of one year following
termination of employment or the period of any salary
continuation, and a non-solicitation provision effective through
the longer of two years following termination of employment or
the period of any salary continuation.
</DIV>

<DIV style="margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Termination of Employment</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On November&nbsp;3, 2004, the board of directors of Retail
Ventures voted to terminate John&nbsp;C. Rossler, President and
Chief Executive Officer of Retail Ventures, and Edwin&nbsp;J.
Kozlowski, President and Chief Operating Officer of Retail
Ventures, and to terminate their respective employment
agreements &#147;without cause&#148; in accordance with the
terms of the agreements. In connection with their terminations
of employment, Messrs.&nbsp;Rossler and Kozlowski each entered
into confidential settlement agreements and releases with Retail
Ventures in March 2005.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;Rossler&#146;s employment agreement, dated effective as
of February&nbsp;3, 2002, provided for an annual salary of
$700,000 with annual increases of 2.5%. Pursuant to its terms,
on termination &#147;without cause&#148; (as such term is
defined in his employment agreement), Mr.&nbsp;Rossler became
entitled to receive 12&nbsp;months of his base salary plus
reimbursement for his cost of maintaining continuing health care
coverage for a period of up to 18&nbsp;months following his
termination. Mr.&nbsp;Rossler has a duty to mitigate these
payments pursuant to the terms of his employment agreement. In
addition, (i)&nbsp;Mr.&nbsp;Rossler is entitled to a pro rata
incentive compensation payment based on the extent to which
performance standards are met on the last day of the year in
which he is terminated without cause; and (ii)&nbsp;subject to
the terms of Retail Ventures&#146; stock incentive plan and any
applicable award agreement, (a)&nbsp;all stock options held by
Mr.&nbsp;Rossler will be fully vested and exercisable,
(b)&nbsp;all restrictions then imposed on any restricted stock
(other than those imposed by any applicable state or federal
statute) held by Mr.&nbsp;Rossler will lapse and be removed and
the shares will be distributed to him, and (c)&nbsp;all
performance stock options held by Mr.&nbsp;Rossler will be fully
vested and exercisable. In consideration of the payments made
and benefits provided to Mr.&nbsp;Rossler upon his termination
of employment without cause, Mr.&nbsp;Rossler has agreed to
non-competition and non-solicitation restrictions which remain
in effect until the second anniversary of his termination of
employment and to a standard confidentiality covenant. Pursuant
to the settlement agreement with Mr.&nbsp;Rossler, the effective
date of Mr.&nbsp;Rossler&#146;s termination of employment was
January&nbsp;14, 2005 and he will receive severance as described
above through December&nbsp;20, 2005. Mr.&nbsp;Rossler waived
any claim to an incentive compensation payment for fiscal 2004.
In addition, under the settlement agreement, Mr. Rossler agreed
to release Retail Ventures from all claims relating to his
employment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;Kozlowski&#146;s employment agreement, dated effective
as of February&nbsp;3, 2002, provided for an annual salary of
$500,000 with annual increases of 2.5%. Pursuant to its terms,
on termination &#147;without cause&#148; (as such term is
defined in his employment agreement), Mr.&nbsp;Kozlowski became
entitled to receive 12&nbsp;months of his base salary plus
reimbursement for his cost of maintaining continuing health care
coverage for a period of up to 18&nbsp;months following his
termination. Mr.&nbsp;Kozlowski has a duty to mitigate these
payments pursuant to the terms of his employment agreement. In
addition, (i)&nbsp;Mr.&nbsp;Kozlowski is entitled to a pro rata
incentive compensation payment based on the extent to which
performance standards are met on the last day of the year in
which he is terminated without cause; and (ii)&nbsp;subject to
the terms of Retail Ventures&#146; stock incentive plan and any
applicable award agreement, (a)&nbsp;all stock options held by
Mr.&nbsp;Kozlowski will be fully vested and exercisable,
(b)&nbsp;all restrictions then imposed on any restricted stock
(other than those imposed by any applicable state or federal
statute) held by Mr.&nbsp;Kozlowski will lapse and be removed
and the shares will be distributed to him, and (c)&nbsp;all
performance stock options held by Mr.&nbsp;Kozlowski will be
fully vested and exercisable. In consideration of the payments
made and benefits provided to Mr.&nbsp;Kozlowski upon his
termination of employment without cause, Mr.&nbsp;Kozlowski has
agreed to non-competition and non-solicitation restrictions
which remain in effect until the second anniversary of his
termination of employment and to a standard confidentiality
covenant. Pursuant to the settlement agreement with
Mr.&nbsp;Kozlowski, the effective date of
Mr.&nbsp;Kozlowski&#146;s termination of employment was
January&nbsp;14, 2005 and he will receive severance as described
above through December&nbsp;7, 2005. Mr.&nbsp;Kozlowski waived
any claim to an incentive compensation payment for the year
2004. Pursuant to the settlement agreement, Mr.&nbsp;Kozlowski
will keep the automobile in his possession as of the date of the
settlement agreement, with the cash value of the automobile
being considered severance pay under the employment agreement,
and he agreed to repay in full by April&nbsp;15, 2005 the
balance of the loan made to him by Retail Ventures to cover
certain expenses related to personal benefits. This loan was
repaid in full by Mr. Kozlowski in April 2005. In addition,
under the settlement agreement, Mr.&nbsp;Kozlowski agreed to
release Retail Ventures from all claims relating to his
employment.
</DIV>

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<A name='113'></A>
</DIV>

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<B>THE TRANSACTIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On or about the date of the consummation of this offering, we
intend to complete a series of related repayment and refinancing
transactions, which include the following principal components:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
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<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    We expect to be released from our obligations under the Value
    City revolving credit facilities, and we expect to enter into a
    new five-year secured revolving credit facility.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    We expect to be released from our obligations under the Value
    City term loan and senior subordinated convertible loan
    facilities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    We expect to repay $190.0&nbsp;million of intercompany
    indebtedness incurred to fund dividends to Retail Ventures.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Our New Secured Revolving Credit Facility</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On or about the date of the consummation of this offering,
Retail Ventures will refinance the existing Value City credit
facilities, and we expect to be released from our obligations as
a co-borrower or co-guarantor thereunder. Simultaneously, we
expect to enter into a new $150&nbsp;million secured revolving
credit facility with a term of the five years. Under this new
facility, we expect that we and our subsidiary, DSWSW, will be
named as co-borrowers. This new facility is expected to have
borrowing base restrictions and will provide for borrowings at
variable interest rates based on LIBOR, the prime rate and the
Federal Funds effective rate, plus a margin. Our obligations
under our new secured revolving credit facility will be secured
by a lien on substantially all our and our subsidiary&#146;s
personal property and a pledge of our shares of DSWSW. In
addition, our new secured revolving credit facility will contain
usual and customary restrictive covenants relating to our
management and the operation of our business. These covenants
will, among other things, restrict our ability to grant liens on
our assets, incur additional indebtedness, open or close stores,
pay cash dividends and redeem our stock, enter into transactions
with affiliates and merge or consolidate with another entity. In
addition, if at any time we utilize over 90% of our borrowing
capacity under this facility, we must comply with a fixed charge
coverage ratio test set forth in the facility documents. See
&#147;Description of Indebtedness.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Repayment of Intercompany Debt</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With the net proceeds of this offering, we expect to repay
$190.0&nbsp;million of intercompany indebtedness incurred to
fund dividends to Retail Ventures. See &#147;Use of
Proceeds.&#148; Immediately following this offering, no
intercompany indebtedness will remain outstanding.
</DIV>

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<A name='114'></A>
</DIV>

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<B>CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>General</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to this offering, we were operated as a direct
wholly-owned subsidiary of Retail Ventures. Immediately
following this offering, Retail Ventures will continue to own
approximately 66.2% of our Common Shares and will control 94.0%
of the combined voting power of our Common Shares. If the
underwriters&#146; option to purchase additional shares is
exercised in full, immediately following this offering, Retail
Ventures will own 63.0% of our Common Shares and will control
93.2% of the combined voting power of our Common Shares. Retail
Ventures will continue to have the power acting alone to approve
any action requiring a vote of the majority of our voting shares
and to elect all our directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of April&nbsp;30, 2005, SSC owned approximately 48.2% on a
fully diluted basis of the outstanding common shares of Retail
Ventures and, as a result, exercised significant power acting
alone to approve any action requiring a vote of the majority of
the voting shares of Retail Ventures and to elect all of Retail
Ventures&#146; directors. As of April&nbsp;30, 2005, Jay
Schottenstein, the Chairman of Retail Ventures, beneficially
owned approximately 78.4% of the common shares of SSC. For
fiscal 2002, fiscal 2003 and fiscal 2004, we paid approximately
$14.9&nbsp;million, $5.7&nbsp;million and $10.3&nbsp;million,
respectively, in total fees and expenses to SSC. See
&#147;&#151;&nbsp;Leases and Subleases,&#148; &#147;Corporate
Services Agreement with SSC,&#148; and &#147;&#151;&nbsp;Notes,
Credit Agreements and Guarantees.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the ordinary course of business, we have entered into a
number of agreements with Retail Ventures, Value City and SSC
and their affiliates relating to our business and our
relationship with these companies, the material terms of which
are described below. We believe that each of the agreements
entered into with these entities is on terms at least as
favorable to us as could be obtained in an arm&#146;s length
transaction with an unaffiliated third party. We do not expect
to enter into any additional contracts or other transactions
with Retail Ventures or any of our directors, officers or other
affiliates other than those specified below. However, in the
future, in accordance with Ohio law, any contract, action or
other transaction between or affecting us and one of our
directors or officers or between or affecting us and any entity
in which one or more of our directors or officers is a director,
trustee or officer or has a financial or personal interest, will
either be approved by the shareholders, a majority of the
disinterested members of our board or a committee of our board
that authorizes such contracts, action or other transactions or
must be fair to us as of the time our directors, a committee of
our directors or our shareholders approve the contract, action
or transaction. In addition, any transactions with directors,
officers or other affiliates will be subject to requirements of
the Sarbanes-Oxley Act and other SEC rules and regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Relationships Between Our Company And Retail Ventures</B>
</DIV>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Historical Relationship With Retail Ventures</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have been a wholly-owned subsidiary of Value City Department
Stores, Inc. or Retail Ventures since 1998. As a result, in the
ordinary course of our business, we have received various
services provided by Value City and Retail Ventures, including
import administration, risk management, information technology,
tax, financial services, shared benefits administration and
payroll, and will maintain insurance for us and for our
directors, officers and employees as well as other corporate
services. Retail Ventures has also provided us with the services
of a number of its executives and employees. Our historical
financial statements include allocations to us by Retail
Ventures of its costs related to these services. These cost
allocations have been determined on a basis that we and Retail
Ventures consider to be reasonable reflections of the use of
services provided or the benefit received by us. These
allocations totaled $0.1&nbsp;million in fiscal 2002,
$24.4&nbsp;million in fiscal 2003 and $29.5&nbsp;million in
fiscal 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For additional information about our relationship with Retail
Ventures, see Note&nbsp;2 to our consolidated financial
statements included elsewhere in this prospectus.
</DIV>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
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    <TD></TD>
    <TD>
    <B><I>Retail Ventures as our Controlling Shareholder</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Immediately prior to this offering, Retail Ventures will be our
sole shareholder. Upon completion of this offering, Retail
Ventures will continue to own approximately 66.2% (or
approximately 63.0% if the underwriters exercise their option to
purchase additional shares in full) of the outstanding shares of
our Common Shares. For as long as Retail Ventures continues to
control more than 50% of the combined voting power of our Common
Shares, Retail Ventures will be able to direct the election of
all the members of our board and exercise a controlling
influence over our business and affairs, including any
determinations with respect to mergers or other business
combinations involving our company, the acquisition or
disposition of assets by our company, the incurrence of
indebtedness by our company, the issuance of any additional
common shares or other equity securities, and the payment of
dividends with respect to our common shares. Similarly, Retail
Ventures will have the power to determine matters submitted to a
vote of our shareholders without the consent of our other
shareholders, will have the power to prevent a change in control
of our company and will have the power to take other actions
that might be favorable to Retail Ventures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Retail Ventures has advised us that its current intent is to
continue to hold all the Class&nbsp;B Common Shares owned by it
following this offering, except to the extent necessary to
satisfy obligations under warrants it has granted to certain of
its lenders. All the Class&nbsp;B Common Shares of DSW held by
Retail Ventures will continue to be subject to liens in favor of
SSC, Cerberus and Value City. Retail Ventures will be subject to
(a)&nbsp;contractual obligations with its lenders to retain
ownership of at least 55% by value of the Common Shares of DSW
for so long as the Value City convertible loan facility remains
outstanding and (b)&nbsp;contractual obligations with its
warrantholders to retain enough DSW Common Shares to be able to
satisfy its obligations to deliver such shares to its
warrantholders if the warrantholders elect to exercise their
warrants in full for DSW Class&nbsp;A Common Shares. For
purposes of determining Retail Ventures&#146; ownership interest
in DSW, DSW&nbsp;Common Shares transferred by Retail Ventures to
the warrantholders upon exercise of their warrants will not be
subtracted from Retail Ventures&#146; ownership. In addition,
Retail Ventures has agreed not to sell or otherwise dispose of
any of our Class&nbsp;B Common Shares for a period of
180&nbsp;days after the date of this prospectus without the
prior written consent of Lehman Brothers Inc. See
&#147;Underwriting.&#148; As a result, there can be no assurance
concerning the period of time during which Retail Ventures will
maintain its ownership of Class&nbsp;B Common Shares owned by it
following this offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Beneficial ownership of at least 80% of the total voting power
and value of the outstanding Common Shares is required in order
for Retail Ventures to continue to include us in its
consolidated group for federal income tax purposes, and
beneficial ownership of at least 80% of the total voting power
and 80% of each class of nonvoting capital stock is required in
order for Retail Ventures to effect a tax-free spin-off of DSW
or certain other tax-free transactions. As of the date of this
prospectus, Retail Ventures does not intend or plan to undertake
a spin-off of DSW or another tax-free transaction involving DSW.
It is not expected that we will be included in Retail
Ventures&#146; consolidated group for U.S.&nbsp;federal income
tax purposes following the offering and, as a result, there can
be no assurance that our tax position will not be less favorable
than it is at present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For a further discussion of these risks, see &#147;Risk
Factors&nbsp;&#151; Risks Relating to our Relationship with and
Separation from Retail Ventures.&#148;
</DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Agreements Between Us And Retail Ventures</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This section describes the material provisions of agreements
between us and Retail Ventures relating to this offering and our
relationship with Retail Ventures after this offering. The
description of the agreements is not complete and, with respect
to each material agreement, is qualified by reference to the
terms of the agreement, each of which will be filed as an
exhibit to the registration statement of which this prospectus
is a part. We encourage you to read the full text of these
material agreements. We have entered or will enter into these
agreements with Retail Ventures in the context of our
relationship as a wholly-owned subsidiary of Retail Ventures.
The prices and other terms of these agreements may be less
favorable to us than those we could have obtained in
arm&#146;s-length negotiations with unaffiliated third parties
for similar services or under similar agreements.
</DIV>

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    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Agreements Relating to our Separation from Retail
    Ventures</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with this offering, Retail Ventures and we will
deliver agreements governing various interim and ongoing
relationships between us. These agreements will include:
</DIV>

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    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a master separation agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a shared services agreement and other intercompany arrangements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a tax separation agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    an exchange agreement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a footwear fixture agreement.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Master Separation Agreement.</I> The master separation
agreement contains key provisions relating to the separation of
our business from Retail Ventures. The master separation
agreement will require us to exchange information with Retail
Ventures, follow certain accounting practices and resolve
disputes with Retail Ventures in a particular manner. We also
will agree to maintain the confidentiality of certain
information and preserve available legal privileges. The
separation agreement also will contain provisions relating to
the allocation of the costs of our initial public offering,
indemnification, non-solicitation of employees and employee
benefit matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the master separation agreement, we have agreed to effect
up to one demand registration per calendar year of our Common
Shares, whether Class&nbsp;A or Class&nbsp;B, held by Retail
Ventures, if requested by Retail Ventures. We have also granted
Retail Ventures the right to include its Common Shares of DSW in
an unlimited number of other registrations of such shares
initiated by us or on behalf of our other shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Shared Services Agreement and Other Intercompany
Arrangements.</I> Many aspects of our business, which were fully
managed and controlled by us without Retail Ventures&#146;
involvement, will continue to operate as they did prior to this
offering. We will continue to manage operations for critical
functions such as merchandise buying, planning and allocation,
distribution and store operations. Under the shared services
agreement, which when signed will become effective as of
January&nbsp;30, 2005, we will provide services to several
subsidiaries of Retail Ventures relating to planning and
allocation support, distribution services and outbound
transportation management, site research, lease negotiation
store design and construction management. Retail Ventures will
provide us with services relating to import administration, risk
management, information technology, tax, logistics and inbound
transportation management, legal services, financial services,
shared benefits administration and payroll and will maintain
insurance for us and for our directors, officers and employees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We anticipate that the initial term of the shared services
agreement will expire at the end of fiscal 2007 and will be
extended automatically for additional one-year terms unless
terminated by one of the parties. As of the date of this
prospectus, we expect that Retail Ventures will provide us with
several information technology services for a period longer than
the initial term, and we expect that distribution services will
be provided for a period shorter than the initial term. With
respect to each of the other shared services, we cannot
reasonably anticipate whether the services will be shared for a
period shorter or longer than the initial term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to and following the consummation of this offering, DSW
has had, and will continue to have, the option to use certain
administrative and marketing services provided by third party
vendors pursuant to contracts between those third party vendors
and Retail Ventures. We expect to pay Retail Ventures for these
services as expenses for these services are incurred. These
services are provided to us by virtue of our status as Retail
Ventures&#146; affiliate and are unrelated to those delineated
in the shared services agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Historically, DSW and Retail Ventures have used intercompany
transactions in the conduct of their operations. Under this
arrangement, Retail Ventures has acted as a central processing
location for payments for the acquisition of merchandise,
payroll, outside services, capital additions and expenses by
controlling the payroll and accounts payable activities for all
Retail Ventures&#146; subsidiaries, including DSW. DSW has
transferred cash received from sales of merchandise to cash
accounts controlled by Retail Ventures. The
</DIV>

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<DIV align="left" style="font-size: 10pt;">
concentration of cash and the offsetting payments for
merchandise, expenses, capital assets and accruals for future
payments are accumulated on our balance sheet in advances to
affiliates. The balance of advances to affiliates fluctuates
based on DSW&#146;s activities with Retail Ventures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
After the consummation of this offering, DSW&#146;s intercompany
activities will be limited to those arrangements set forth in
the shared services agreement and the other agreements described
in this prospectus. DSW will no longer concentrate its cash from
the sale of merchandise into Retail Ventures&#146; accounts but
into its own DSW accounts. DSW will also pay for its own
merchandise, expenses and capital additions from newly
established disbursement accounts. Any intercompany payments
will be made pursuant to the terms of the shared services
agreement and the other agreements described in this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Tax Separation Agreement.</I> We have historically been
included in Retail Ventures&#146; consolidated group, or the
Consolidated Group, for U.S.&nbsp;federal income tax purposes as
well as in certain consolidated, combined or unitary groups
which include Retail Ventures and/or certain of its
subsidiaries, or a Combined Group, for state and local income
tax purposes. We intend to enter into a tax separation agreement
with Retail Ventures that will become effective upon
consummation of this offering. Pursuant to the tax separation
agreement, we and Retail Ventures generally will make payments
to each other such that, with respect to tax returns for any
taxable period in which we or any of our subsidiaries are
included in the Consolidated Group or any Combined Group, the
amount of taxes to be paid by us will be determined, subject to
certain adjustments, as if we and each of our subsidiaries
included in the Consolidated Group or Combined Group filed our
own consolidated, combined or unitary tax return. Retail
Ventures will prepare pro forma tax returns for us with respect
to any tax return filed with respect to the Consolidated Group
or any Combined Group in order to determine the amount of tax
separation payments under the tax separation agreement. We will
have the right to review and comment on such pro forma tax
returns. We will be responsible for any taxes with respect to
tax returns that include only us and our subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Retail Ventures will be exclusively responsible for preparing
and filing any tax return with respect to the Consolidated Group
or any Combined Group. We generally will be responsible for
preparing and filing any tax returns that include only us and
our subsidiaries. Retail Ventures has agreed to undertake to
provide these services with respect to our separate tax returns.
For the tax services to be provided to us by Retail Ventures, we
will pay Retail Ventures a monthly fee equal to 50% of all costs
associated with the maintenance and operation of Retail
Ventures&#146; tax department (including all overhead expenses).
In addition, we will reimburse Retail Ventures for 50% of any
third party fees and expenses generally incurred by Retail
Ventures&#146; tax department and 100% of any third party fees
and expenses incurred by Retail Ventures&#146; tax department
solely in connection with the performance of the tax services to
be provided to us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Retail Ventures will be primarily responsible for controlling
and contesting any audit or other tax proceeding with respect to
the Consolidated Group or any Combined Group; provided, however,
that, except in cases involving taxes relating to a spin-off, we
will have the right to control decisions to resolve, settle or
otherwise agree to any deficiency, claim or adjustment with
respect to any item for which we are solely liable under the tax
separation agreement. Pursuant to the tax separation agreement,
we will have the right to control and contest any audit or tax
proceeding that relates to any tax returns that include only us
and our subsidiaries. We and Retail Ventures will have joint
control over decisions to resolve, settle or otherwise agree to
any deficiency, claim or adjustment for which we and Retail
Ventures could be jointly liable, except in cases involving
taxes relating to a spin-off. Disputes arising between the
parties relating to matters covered by the tax separation
agreement are subject to resolution through specific dispute
resolution provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have been included in the Consolidated Group for periods in
which Retail Ventures owned at least 80% of the total voting
power and value of the our outstanding stock. It is not expected
that we will be included in the Consolidated Group following the
offering. Each member of a consolidated group for
U.S.&nbsp;federal income tax purposes is jointly and severally
liable for the U.S.&nbsp;federal income tax liability of each
other member of the consolidated group. Similarly, in some
jurisdictions, each member of a consolidated, combined or
unitary group for state, local or foreign income tax purposed is
jointly and severally liable for the state, local or foreign
income tax liability of each other member of the consolidated,
combined or unitary group. Accordingly, although the tax
separation agreement allocates tax liabilities
</DIV>

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<DIV align="left" style="font-size: 10pt;">
between us and Retail Ventures, for any period in which we were
included in the Consolidated Group or a Combined Group, we could
be liable in the event that any income tax liability was
incurred, but not discharged, by any other member of the
Consolidated Group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of the date of this prospectus Retail Ventures does not
intend or plan to undertake a spin-off of our stock to Retail
Ventures stockholders. Nevertheless, we and Retail Ventures have
agreed to set forth our respective rights, responsibilities and
obligations with respective to any possible spin-off in the tax
separation agreement. If Retail Ventures were to decide to
pursue a possible spin-off, we have agreed to cooperate with
Retail Ventures and to take any and all actions reasonably
requested by Retail Ventures in connection with such a
transaction. We have also agreed not to knowingly take or fail
to take any actions that could reasonably be expected to
preclude Retail Ventures&#146; ability to undertake a tax-free
spin-off. In addition, we generally would be responsible for any
taxes resulting from the failure of a spin-off to qualify as a
tax-free transaction to the extent such taxes are attributable
to, or result from, any action or failure to act by us or
certain transactions in our stock (including transactions over
which we would have no control, such as acquisitions of our
stock and the exercise of warrants, options, exchange rights,
conversion rights or similar arrangements with respect to our
stock) following or preceding a spin-off. We would also be
responsible for a percentage (based on the relative market
capitalizations of us and Retail Ventures at the time of such
spin-off) of such taxes to the extent such taxes are not
otherwise attributable to us or Retail Ventures. Our agreements
in connection with such spin-off matters last indefinitely. In
addition, present and future majority-owned affiliates of DSW or
Retail Ventures will be bound by our agreements, unless Retail
Ventures or we, as applicable, consent to grant a release of an
affiliate (such consent cannot be unreasonably withheld,
conditioned or delayed), which may limit our ability to sell or
otherwise dispose of such affiliates. Additionally, a minority
interest participant(s) in a future joint venture, if any, would
need to evaluate the effect of the tax separation agreement on
such joint venture and such evaluation may negatively affect
their decision whether to participate in such a joint venture.
Furthermore, the tax separation agreement may negatively affect
our ability to acquire a majority interest in a joint venture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Exchange Agreement.</I> We expect to enter into an exchange
agreement with Retail Ventures which will become effective upon
the consummation of this offering. In the event that Retail
Ventures desires to exchange all or a portion of the
Class&nbsp;B Common Shares held by it for Class&nbsp;A Common
Shares, we will agree to issue to Retail Ventures an equal
number of duly authorized, validly issued, fully paid and
nonassessable Class&nbsp;A Common Shares in exchange for the
Class&nbsp;B Common Shares of DSW held by Retail Ventures.
Retail Ventures may make one or more requests for such exchange,
covering all or a part of the Class&nbsp;B Common Shares that it
holds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Footwear Fixture Agreement.</I> On or about the date of the
consummation of this offering, we expect to enter into an
agreement with Retail Ventures related to our patented footwear
display fixtures. We will agree to sell Retail Ventures, upon
its request, the fixtures covered by the patents at the cost
associated with obtaining and delivering them. In addition, we
will agree to pay Retail Ventures a percentage of any net profit
we may receive should we ever market and sell the fixtures to
third parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Leases and Subleases</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Office, warehouse and distribution facility. </I>We lease our
707,000 square foot corporate headquarters, warehouse and
distribution facility in Columbus, Ohio from an affiliate of
SSC, 4300 East Fifth Avenue LLC. The lease expires in December
2016 and has three renewal options with terms of five years
each. The monthly rent is $179,533, $194,228 and $208,922 during
the first, second and third five-year periods of the initial
term, respectively. The rent increases to $220,416, $235,090 and
$249,803 in the first, second and third renewal terms,
respectively. On account of this agreement, we paid to the
landlord approximately $2.6&nbsp;million in fiscal 2002,
$3.1&nbsp;million in fiscal 2003 and $3.4&nbsp;million in fiscal
2004. See &#147;Business&nbsp;&#151; Properties.&#148;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>DSW stores. </I>As of April&nbsp;30, 2005, we leased or
subleased 15&nbsp;DSW stores from affiliates of SSC. We paid SSC
or its affiliates approximately $5.3&nbsp;million for fiscal
2003 and approximately $6.6&nbsp;million for fiscal 2004 on
account of the leases and subleases listed below:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Annual</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Minimum Rent</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Payments as of</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;29,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Store Location</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Landlord</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Expiration Date</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Renewal Options</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></B></TD><TD></TD>
</TR>


<TR>
    <TD align="left" valign="top">
    Glen Allen, Virginia</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Jubilee&nbsp;&#151; Richmond, LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    October 2015</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Three, with terms of five years each.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>423,028</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Fairfax, Virginia</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Jubilee Limited Partnership</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    November 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Two, with terms of 10&nbsp;years each.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>519,100</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Clariton Boulevard (Pittsburgh, Pennsylvania)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    SSC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    December 2017</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Three, with terms of five, five and two years, respectively.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>338,789</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Troy, Michigan</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Jubilee Limited Partnership</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    February 2013</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Two, with terms of five years each.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>512,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Springdale, Ohio</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Jubilee&nbsp;&#151; Springdale, LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    October 2016</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Three, with terms of five years each.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>568,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Tampa,
    Florida<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    JLPK&nbsp;&#151; Dale Mabry, LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    November 2018</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Three, with terms of five years each.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>314,292</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Denton, Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Jubilee Limited Partnership</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    February 2019</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Three, with terms of five years each.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>319,790</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Richmond, Virginia (Midlothian)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    JLP&nbsp;&#151; Richmond LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    April 2019</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Three, with terms of five years each.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>420,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Merrillville, Indiana
    <SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Jubilee Limited Partnership</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    December 2017</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Three, with terms of five years each.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>360,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Beavercreek, Ohio</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Shoppes of Beavercreek, Ltd</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    September 2012</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Three, with terms of five years each.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>362,745</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Chesapeake, Virginia</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    JLP&nbsp;&#151; Chesapeake, LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    July 2011</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Four, with terms of five years each.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>402,325</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Columbus, Ohio (Polaris)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    SSC&nbsp;&#151; Polaris, LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    October 2017</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Four, with terms of five years each.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>583,800</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Cary, North Carolina</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    JLP&nbsp;&#151;<BR>
    Cary, LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    February 2018</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Three, with terms of five years each.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>424,782</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Madison, Tennessee</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    JLP&nbsp;&#151; Madison LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    November 2017</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Three, with terms of five years each.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>252,992</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Cincinnati,
    Ohio<SUP style="font-size: 85%; vertical-align: text-top">(2)
    </SUP>(Eastgate)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Eastgate Pavilion, Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    October 2019</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Three, with terms of five years each.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>331,941</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Kalamazoo, Michigan
    <SUP style="font-size: 85%; vertical-align: text-top">(4)
    </SUP>(Maple Hill Mall)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    K&#38;S Maple Hill Mall, L.P.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Three, with terms of five years each.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>303,604</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    South Bend, Indiana
    <SUP style="font-size: 85%; vertical-align: text-top">(4)
    </SUP>(Erskine Village)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    KSK Scottsdale Mall, L.P.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Three, with terms of five years each.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>325,000</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 3pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    For each lease, we also (a)&nbsp;pay percentage rent equal to
    approximately 2% annually of gross sales that exceed specified
    breakpoints that increase as the minimum rent increases and
    (b)&nbsp;pay a portion of expenses related to maintenance, real
    estate taxes and insurance.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    These properties were sold to non-affiliated third parties in
    December 2004.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    DSW occupies these premises under a license agreement entered
    into with Value City. Value City is the tenant under the lease
    entered into with the landlord.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>(4)&nbsp;</TD>
    <TD align="left">
    These stores are expected to open in fiscal 2005, at which time
    the expiration date will be determined.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

</TABLE>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Corporate Services Agreement with SSC</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We receive services from SSC pursuant to a Corporate Services
Agreement between Retail Ventures and its wholly-owned
subsidiaries and SSC. The agreement set forth the costs of
shared services, including specified legal, advertising, import,
real estate and administrative services. As of April&nbsp;30,
2005, the only services we receive pursuant to this agreement
pertain to real estate services and the administration of our
health insurance and benefit plans. For fiscal 2002, fiscal 2003
and fiscal 2004, our allocated portion of the amount Retail
Ventures paid SSC or its affiliates was $0.3&nbsp;million,
$0.2&nbsp;million and $0.3&nbsp;million, respectively, for such
services. We expect to continue to receive these services
following consummation of this offering pursuant to an amended
corporate services agreement to which Schottenstein Management
Company, or SMC, will also be party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We also expect to enter into a side letter agreement relating to
corporate services with SSC and SMC. Under the side letter
agreement, we will agree to pay for any services provided by SSC
or SMC to DSW through Retail Ventures in the event that Retail
Ventures does not pay for those services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Until July 2004, we were self-insured through our participation
in a self-insurance program maintained by SSC. While we no
longer participate in the program we continue to remain liable
for liabilities incurred by us under the program. Under the
program, SSC charged Retail Ventures amounts based, among other
factors, on loss experience and its actual payroll and related
costs for administering the program. For fiscal 2002, fiscal
2003 and fiscal 2004, our allocated portion of the amount Retail
Ventures paid SSC was approximately $3.0&nbsp;million,
$0.2&nbsp;million and an amount immaterial to the financial
statements, respectively, for participation in the program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to and following the consummation of this offering, DSW
has had, and will continue to have, the option to use corporate
aircraft provided by a third party vendor pursuant to a contract
between the third party vendor and SSC and a Retail Ventures
affiliate. We expect to pay SSC for these services as expenses
for these services are incurred. These services are made
available to us by virtue of our status as an SSC affiliate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Agreement with Value City for Leased Shoe Departments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Until December&nbsp;28, 2004, we were party to a license
agreement with Value City which gave us the exclusive right to
supply footwear to leased shoe departments in specified Value
City stores. Under this license, we agreed to pay to Value City
a specified percentage of our annual gross sales from each of
the Value City leased shoe departments. In addition, we paid
some of Value City&#146;s expenses, including those related to
advertising for the shoe departments and employee services for
shoe department employees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The managers and full- and part-time associates who staffed our
departments in these Value City stores were employees of Value
City. We reimbursed Value City for the payroll taxes, benefits
and other expenses associated with those associates. We supplied
our own merchandise and store fixtures, maintained our own
insurance and were responsible for repairs and maintenance of
our fixtures, merchandise and equipment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We paid approximately $35.3&nbsp;million in total license fees
and other expenses (including payroll and benefits) to Value
City for fiscal 2002, approximately $41.6&nbsp;million for
fiscal 2003 and approximately $41.2&nbsp;million for fiscal
2004. The historical and pro forma financial data included
elsewhere in this prospectus does not give effect to
transactions that have taken place pursuant to this agreement.
As part of the reorganization that took place on
December&nbsp;28, 2004, this contract was terminated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Agreements with Filene&#146;s Basement for Leased Shoe
Departments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Until January&nbsp;29, 2005, we were party to an agreement with
Filene&#146;s Basement pursuant to which we had the exclusive
right to operate leased shoe departments with approximately
20,000 square feet of selling space and approximately
3,000&nbsp;feet of storage space in Filene&#146;s Basement
stores. At the time this contract was terminated, this agreement
pertained only to the two combination DSW/Filene&#146;s Basement
stores. Under this agreement, we owned the merchandise, recorded
sales of merchandise net of returns and sales tax and provided
supervisory assistance in all covered locations. We pay a
percentage of net sales as rent. We also paid certain taxes,
insurance premiums and freight costs with respect to the
merchandise. We paid
</DIV>

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<DIV align="left" style="font-size: 10pt;">
approximately $2.0&nbsp;million in total fees and expenses to
Filene&#146;s Basement for fiscal 2002, $2.0&nbsp;million for
fiscal 2003 and $2.1&nbsp;million for fiscal 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Until January&nbsp;29, 2005, we were party to an agreement with
Filene&#146;s Basement pursuant to which we had the exclusive
right to operate leased shoe departments with approximately
1,000&nbsp;square feet of selling space and 200&nbsp;square feet
of storage space in Filene&#146;s Basement stores. At the time
this contract was terminated, we operated departments of this
size in 22&nbsp;Filene&#146;s Basement stores. Under this
agreement, we owned the merchandise, recorded sales of
merchandise net of returns and sales tax and provided
supervisory assistance in all covered locations. We pay a
percentage of net sales as rent. We also paid certain taxes,
insurance premiums and freight costs with respect to the
merchandise. We paid approximately $3.1&nbsp;million in total
fees and expenses to Filene&#146;s Basement for fiscal 2002,
$3.8&nbsp;million for fiscal 2003 and $4.8&nbsp;million for
fiscal 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Effective as of January&nbsp;30, 2005, we updated and reaffirmed
our contractual arrangement with Filene&#146;s Basement related
to combination DSW/Filene&#146;s Basement stores. Under the new
agreement, we have the exclusive right to operate leased shoe
departments with 10,000&nbsp;square feet or more of selling
space in Filene&#146;s Basement stores. We own the merchandise,
record sales of merchandise net of returns and sales tax, and
receive a per-store license fee for use of our name on the
stores. We pay a percentage of net sales as rent. The employees
that supervise the shoe departments are employees of us who
report directly to our supervisors. Filene&#146;s Basement
provides the fixtures and sales associates. We also pay certain
taxes, insurance premiums and freight costs with respect to the
merchandise. As of April&nbsp;30, 2005, this agreement pertained
to only two combination DSW/Filene&#146;s Basement stores.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Effective as of January&nbsp;30, 2005, we updated and reaffirmed
our contractual arrangement with Filene&#146;s Basement related
to the smaller leased shoe departments. Under the new agreement
we have the exclusive right to operate leased shoe departments
with less than 10,000 square feet of selling space in
Filene&#146;s Basement stores. We own the merchandise, record
sales net of returns and sales tax and provide supervisory
assistance in all covered locations. We pay a percentage of net
sales as rent. Filene&#146;s Basement provides the fixtures and
sales associates. We also pay certain taxes, insurance premiums
and freight costs with respect to the merchandise. As of
April&nbsp;30, 2005, we operated leased shoe departments in 23
of these Filene&#146;s Basement stores.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Agreement with Filene&#146;s Basement for Atrium Space at our
Union Square Store in Manhattan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Effective as of January&nbsp;30, 2005, we entered into a shared
expenses agreement with Filene&#146;s Basement related to the
shared atrium space connecting Filene&#146;s Basement&#146;s
leased spaced at Union Square and our Union Square store leased
space, and for other expenses related to our leased space, which
are located in the same building in New York, New York. Under
that agreement, we have agreed to share with Filene&#146;s
Basement expenses related to the use and maintenance of the
atrium space and to share other expenses related to the
operation and maintenance of the Filene&#146;s Basement leased
space and our leased space. We estimate that our share of these
expenses will total approximately $100,000 for fiscal 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Registration Rights Agreements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the master separation agreement, we have agreed to effect
up to one demand registration per calendar year of our Common
Shares, whether Class&nbsp;A or Class&nbsp;B, held by Retail
Ventures, if requested by Retail Ventures. We have also granted
Retail Ventures the right to include its Common Shares of DSW in
an unlimited number of other registrations of such shares
initiated by us or on behalf of our other shareholders.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will also enter into a registration rights agreement with
Cerberus and SSC, under which we will agree to register in
specified circumstances the Class&nbsp;A Common Shares issued to
them upon exercise of their warrants and each of these entities
and Back Bay will be entitled to participate in the
registrations initiated by the other entities. Under this
agreement, each of Cerberus (together with transferees of at
least 15% of its interest in registrable DSW Common Shares) and
SSC (together with transferees of at least 15% of its interest
in registrable DSW Common Shares) may request up to five demand
registrations with respect to the Class&nbsp;A Common Shares
issued to them upon exercise of their warrants provided that no
party may request more than two demand registrations, except
that each of Cerberus and SSC may each request up to three
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

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<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt;">
demand registrations. The agreement will also grant Cerberus,
SSC and Back Bay the right to include these Class&nbsp;A Common
Shares in an unlimited number of other registrations of any of
our securities initiated by us or on behalf of our other
shareholders (other than a demand registration made under the
agreement). Our failure to perform our obligations under this
agreement would result in an event of default under the Value
City subordinated convertible loan facility, as amended.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Notes, Credit Agreements and Guarantees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>The Value City Revolving Credit Facility. </I>Until the
amendment and restatement of this revolving credit agreement, we
will continue to be a co-borrower under a Loan and Security
Agreement, as amended, entered into with National City, as
administrative agent, and the other parties named therein,
originally entered into in June 2002. The agreement allows us,
Value City and the other Retail Ventures affiliates co-borrowers
thereto, to draw on a $425&nbsp;million revolving credit
facility, subject to applicable borrowing base restrictions. The
maturity date of the facility is June&nbsp;11, 2006. We, the
other co-borrowers and the guarantors are jointly and severally
liable for the liabilities incurred under the agreement. We
expect our obligations under this agreement to be released on or
about the date of the consummation of this offering in
connection with the amendment and restatement of this revolving
credit agreement. We have reflected our direct obligations under
this revolving credit facility as they relate to borrowings
secured by our assets in our historical financial statements
included elsewhere in this prospectus. For additional
information regarding this revolving credit facility, see
&#147;Description of Indebtedness.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>The Value City Term Loan Facility. </I>Until the amendment of
this term loan agreement, we will continue to be a co-borrower
to a Financing Agreement, as amended, among Cerberus, as agent,
and the other parties named as co-borrowers therein, originally
entered into in June 2002. Under the terms of this term loan
agreement, SSC and Cerberus each provided us, Value City and the
other Retail Ventures affiliates named as co-borrowers with a
separate $50&nbsp;million term loan comprised of two tranches
with initial three-year terms. In July 2004, the maturity dates
of these loans were extended until June&nbsp;11, 2006. In
connection with the second tranche of these term loans, Retail
Ventures issued to each of Cerberus and SSC&nbsp;warrants to
purchase 1,477,396&nbsp;common shares of Retail Ventures at a
purchase price of $4.50&nbsp;per share, subject to adjustment.
In September 2002, Back Bay bought from each of Cerberus and SSC
a $1.5&nbsp;million interest in each of the tranches of their
term loans for an aggregate $6.0&nbsp;million interest, and Back
Bay received from each of Cerberus and SSC a corresponding
portion of the warrants to purchase Retail Ventures common
shares originally issued in connection with the second tranche
of their term loans. The term loans&#146; stated rate of
interest per annum through June&nbsp;11, 2004 was 14% if paid in
cash and 15% if the co-borrowers elected a paid-in-kind, or PIK,
option. During the first two years of the term loans, the
co-borrowers could elect to pay all interest in PIK. During the
final two years of the term loans, the stated rate of interest
is 15.0% if paid in cash or 15.5% if by PIK, and the PIK option
is limited to 50% of the interest due. For fiscal 2002 and
fiscal 2003, the co-borrowers elected to pay interest in cash.
We expect our obligations under this term loan agreement to be
released on or about the date of the consummation of this
offering; however, this indebtedness has not been reflected in
our historical financial statements included elsewhere in this
prospectus as it is recorded on the books of Retail Ventures.
For additional information regarding this term loan facility,
see &#147;Description of Indebtedness.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with the amendment of this term loan agreement,
Retail Ventures has agreed to amend the outstanding warrants to
provide SSC, Cerberus and Back Bay the right, from time to time,
in whole or in part, to (i)&nbsp;acquire Retail Ventures common
shares at the then current conversion price (subject to the
existing anti-dilution) provisions, (ii)&nbsp;acquire from
Retail Ventures Class&nbsp;A Common Shares of DSW at an exercise
price per share equal to the price of shares sold to the public
in this offering (subject to anti-dilution provisions similar to
those in the existing warrants) or (iii)&nbsp;acquire a
combination thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Assuming an exercise price per share of $16.00, or the midpoint
of the range set forth on the cover page of this prospectus, SSC
and Cerberus would each receive 390,586 Class&nbsp;A Common
Shares, and Back Bay would receive 49,862 Class&nbsp;A Common
Shares, if they exercised these warrants in full exclusively for
DSW Common Shares. The warrants expire in June 2012. Although
Retail Ventures does not intend or plan to undertake a spin-off
of Common Shares to Retail Ventures shareholders, in the event
that Retail Ventures effects a spin-off of its DSW Common Shares
to its shareholders in the future, the holders of outstanding
</DIV>

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<DIV align="left" style="font-size: 10pt;">
unexercised warrants will receive the same number of
DSW&nbsp;Common Shares that they would have received had they
exercised their warrants in full for Retail Ventures common
shares immediately prior to the record date of the spin-off,
without regard to any limitations on exercise in the warrants.
Following the completion of any such spin-off, the warrants will
be exercisable solely for Retail Ventures common shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to the consummation of this offering, we will enter into
an exchange agreement with Retail Ventures whereby, upon the
request of Retail Ventures, we will be required to exchange some
or all of the Class&nbsp;B Common Shares of DSW held by Retail
Ventures for Class&nbsp;A Common Shares. See
&#147;&#151;&nbsp;Relationships Between our Company and Retail
Ventures&nbsp;&#151; Agreements Relating to our Separation from
Retail Ventures&nbsp;&#151; Exchange Agreement.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>The Value City Senior Subordinated Convertible Loan
Facility.</I> Until the amendment and restatement of this
convertible loan agreement, we will continue to be a
co-guarantor under the Amended and Restated Senior Subordinated
Convertible Loan Agreement, entered into by Value City, as
borrower, Cerberus, as agent and lender, SSC, as lender, and DSW
and the other parties named as guarantors, originally entered
into in June 2002. Under this convertible loan agreement, SSC
initially provided a $75&nbsp;million term loan, now held
equally by SSC and Cerberus, to Value City, convertible at the
option of the lenders into common shares of Retail Ventures at
an initial conversion price of $4.50&nbsp;per share. The
maturity date of this convertible loan is June&nbsp;10, 2009. We
expect our obligations under this convertible loan agreement to
be released on or about the date of the consummation of this
offering in connection with the amendment and restatement of
this convertible loan agreement; however, this indebtedness has
not been reflected in our historical financial statements
included elsewhere in this prospectus as it is recorded on the
books of Retail Ventures. For additional information regarding
this convertible loan facility, see &#147;Description of
Indebtedness.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with the amendment and restatement of this
convertible loan agreement, the $75&nbsp;million convertible
loan will be converted into a $75&nbsp;million non-convertible
loan. In addition, Retail Ventures has agreed to issue to SSC
and Cerberus convertible warrants which will be exercisable from
time to time until the later of June&nbsp;11, 2007 and the
repayment in full of Value City&#146;s obligations under the
amended and restated loan agreement. Under the convertible
warrants, SSC and Cerberus will have the right, from time to
time, in whole or in part, to (i)&nbsp;acquire Retail Ventures
common shares at the conversion price referred to in the
convertible loan (subject to existing antidilution provisions),
(ii)&nbsp;acquire from Retail Ventures Class&nbsp;A Common
Shares of DSW at an exercise price per share equal to the price
of the shares to the public sold in this offering (subject to
antidilution provisions similar to those in the existing
warrants) or (iii)&nbsp;acquire a combination thereof. Although
Retail Ventures does not intend or plan to undertake a spin-off
of Common Shares to Retail Ventures shareholders, in the event
that Retail Ventures effects a spin-off of its DSW Common Shares
to its shareholders in the future, the holders of outstanding
unexercised warrants will receive the same number of
DSW&nbsp;Common Shares that they would have received had they
exercised their warrants in full for Retail Ventures common
shares immediately prior to the record date of the spin-off,
without regard to any limitation on exercise contained in the
warrants. Following the completion of any such spin-off, the
warrants will be exercisable solely for Retail Ventures common
shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SSC and Cerberus may acquire upon exercise of the warrants in
full an aggregate number of Class&nbsp;A Common Shares of DSW
from Retail Ventures which, at the price of shares sold in this
offering, have a value equal to $75 million. Assuming an
exercise price per share of $16.00, or the midpoint of the range
set forth on the cover of this prospectus, SSC and Cerberus
would each receive 2,343,750 Class&nbsp;A Common Shares if they
exercised these warrants exclusively for DSW Common Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to the consummation of this offering, we will enter into
an exchange agreement with Retail Ventures whereby, upon the
request of Retail Ventures, we will be required to exchange some
or all of the Class&nbsp;B Common Shares held by Retail Ventures
for Class&nbsp;A Common Shares. See
&#147;&#151;&nbsp;Relationships Between our Company and Retail
Ventures&nbsp;&#151; Agreements Relating to our Separation from
Retail Ventures&nbsp;&#151; Exchange Agreement.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Value City Intercompany Note. </I>The capital stock of DSW
held by Retail Ventures will continue to secure the
$240&nbsp;million Value City intercompany note made payable by
Retail Ventures to Value City, which was executed and delivered
on January&nbsp;1, 2005 in connection with the transfer of all
the capital stock of DSW and Filene&#146;s Basement by Value
City to Retail Ventures on that date. The lien granted to Value
City on
</DIV>

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<DIV align="left" style="font-size: 10pt;">
the DSW capital stock held by Retail Ventures will be released
upon written notice that warrants held by Cerberus, SSC and Back
Bay are to be exercised in exchange for DSW capital stock held
by Retail Ventures and to be delivered by Retail Ventures upon
the exercise of such warrants. The lien will also be released
upon repayment of the note in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>The $165.0&nbsp;Million Intercompany Note.</I> In March 2005,
we incurred intercompany indebtedness to fund a
$165.0&nbsp;million dividend to Retail Ventures. The
indebtedness is evidenced by a note which is scheduled to mature
in March 2020 and bears interest at a rate equal to LIBOR plus
850 basis points per year. Interest is payable quarterly in
arrears commencing on June&nbsp;30, 2005. Our obligations under
the note are guaranteed by our subsidiary. We expect to exercise
our right to prepay the note with the net proceeds of this
offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>The $25.0&nbsp;Million Intercompany Note.</I> In May 2005, we
incurred intercompany indebtedness to fund a $25.0&nbsp;million
dividend to Retail Ventures. The indebtedness is evidenced by a
note which is scheduled to mature in May 2020 and bears interest
at a rate equal to LIBOR plus 950 basis points per year.
Interest is payable quarterly in arrears commencing on
June&nbsp;30, 2005. Our obligations under the note are
guaranteed by our subsidiary. We expect to exercise our right to
prepay the note with the net proceeds of this offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Cross-Corporate Guarantees. </I>We have entered into
cross-corporate guarantees with various financing institutions
pursuant to which we, Retail Ventures, Filene&#146;s Basement
and Value City, jointly and severally, guarantee payment
obligations owed to these entities under factoring arrangements
they have entered into with vendors who may provide merchandise
to some or all of Retail Ventures&#146; subsidiaries. We may be
released from any prospective liability under the guarantees at
any time. Upon release, our potential liability would be limited
to the then outstanding amount under the canceled guarantee. We
will terminate these cross-corporate guarantees on or about the
date of the consummation of this offering. The outstanding
balance of our potential liability as of May&nbsp;23, 2005 was
$38.3&nbsp;million, and we do not expect this amount to change
significantly between now and the time the guarantees are
terminated. After the guarantees are cancelled, the outstanding
balance will decrease to zero over a period of approximately
90&nbsp;days as payments are made in the ordinary course of
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Union Square Store Guaranty by Retail Ventures.</I> In
January 2004, we entered into a lease agreement with
40&nbsp;East 14&nbsp;Realty Associates, L.L.C., an unrelated
third party, for our Union Square store in Manhattan, New York.
In connection with the lease, Retail Ventures has agreed to
guarantee payment of our rent and other expenses and charges and
the performance of our other obligations. We estimate that the
annual rent payment under the lease will total approximately
$1.25&nbsp;million for fiscal 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Intercompany Accounts.</I> Historically, DSW and Retail
Ventures have used intercompany transactions in the conduct of
their operations. Under this arrangement, Retail Ventures has
acted as a central processing location for payments for the
acquisition of merchandise, payroll, outside services, capital
additions and expenses by controlling the payroll and accounts
payable activities for all Retail Ventures&#146; subsidiaries,
including DSW. DSW has transferred cash received from sales of
merchandise to cash accounts controlled by Retail Ventures. The
concentration of cash and the offsetting payments for
merchandise, expenses, capital assets and accruals for future
payments are accumulated on our balance sheet in advances to
affiliates. The balance of advances to affiliates fluctuates
based on DSW&#146;s activities with Retail Ventures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
After the consummation of this offering, DSW&#146;s intercompany
activities will be limited to those arrangements set forth in
the shared services agreement and the other agreements described
in this prospectus. DSW will no longer concentrate its cash from
the sale of merchandise into Retail Ventures&#146; accounts but
into its own DSW accounts. DSW will also pay for its own
merchandise, expenses and capital additions from newly
established disbursement accounts. Any intercompany payments
will be made pursuant to the terms of the shared services
agreement and other agreements described in this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Provisions of Our Amended Articles of Incorporation Governing
Corporate Opportunities and Related Party Transactions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
After this offering, Retail Ventures will remain a substantial
shareholder of DSW and SSC will remain a substantial shareholder
of Retail Ventures. Retail Ventures and SSC are engaged in the
same or similar
</DIV>

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<DIV align="left" style="font-size: 10pt;">
activities or lines of business as we are and have interests in
the same areas of corporate opportunities. Summarized below are
provisions in our amended articles of incorporation that will
govern conflicts, corporate opportunities and related party
transactions. These provisions will be substantially similar to
those that currently apply to us through provisions of Retail
Ventures&#146; amended articles of incorporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Conflicts/ Competition. </I>Retail Ventures and SSC have the
right to engage in the same businesses as we do, to do business
with our suppliers and customers and to employ any of our
officers or employees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Corporate Opportunities. </I>In the event that Retail
Ventures, SSC or any director or officer of either of them who
is also one of our directors or officers learns about a
potential transaction or business opportunity which we are
financially able to undertake, which is in our line of business,
which is of practical advantage to us and in which we have an
interest or a reasonable expectancy, but which may also be
appropriate for Retail Ventures or SSC, our amended articles of
incorporation provide:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    If Retail Ventures or SSC learns about a corporate opportunity,
    it does not have to tell us about it and it is not a breach of
    any fiduciary duty for it to pursue such corporate opportunity
    for itself or to direct it elsewhere.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    If one of our directors or officers who is also a director or
    officer of Retail Ventures or SSC learns about a corporate
    opportunity, he or she shall not be liable to us or to our
    shareholders if Retail Ventures or SSC pursues the corporate
    opportunity for itself, directs it elsewhere or does not
    communicate information about the opportunity to us, if such
    director or officer acts in a manner consistent with the
    following policy:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    If the corporate opportunity is offered to one of our officers
    who is also a director but not an officer of Retail Ventures or
    SSC, the corporate opportunity belongs to us unless it was
    expressly offered to the officer in writing solely in his or her
    capacity as a director of Retail Ventures or SSC, in which case
    it belongs to Retail Ventures or SSC, as the case may be.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    If the corporate opportunity is offered to one of our directors
    who is not an officer of DSW, and who is also a director or
    officer of Retail Ventures or SSC, the corporate opportunity
    belongs to us only if it was expressly offered to the director
    in writing solely in his or her capacity as our director.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    If the corporate opportunity is offered to one of our officers,
    whether or not such person is also a director, who is also an
    officer of Retail Ventures or SSC, it belongs to us only if it
    is expressly offered to the officer in writing solely in his or
    her capacity as our officer or director.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Related Party Transactions. </I>We may, from time to time,
enter into contracts or otherwise transact business with Retail
Ventures, SSC, our directors, directors of Retail Ventures or
SSC or organizations in which any of such directors has a
financial interest. Such contracts and transactions are
permitted if:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the relationship or interest is disclosed or is known to the
    board of directors or the committee approving the contract or
    transaction, and the board of directors or committee, in good
    faith reasonably justified by the facts, authorizes the contract
    or transaction by the affirmative vote of a majority of the
    directors who are not interested in the contract or transaction;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the relationship or interest is disclosed or is known to the
    shareholders, and the shareholders approve the contract or
    transaction by the affirmative vote of the holders of a majority
    of the voting power of the corporation held by persons not
    interested in the contract or transaction; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the contract or transaction is fair at the time it is authorized
    or approved by the board of directors, a committee of the board
    of directors, or the shareholders.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Loans to Management</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In June 2001, we loaned Edwin J. Kozlowski, who was then serving
as our President and Chief Operating Officer, $412,758.00. In
May 2003, Mr.&nbsp;Kozlowski repaid the balance of the loan.
Interest had accrued at the prime rate set from time to time by
National City Bank, Columbus, Ohio.
</DIV>

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<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;Kozlowski entered into an employment agreement with
Retail Ventures, effective May&nbsp;1, 2001, to serve as its
Executive Vice President and Chief Operating Officer for a term
ending April&nbsp;30, 2004. Under the terms of the agreement, in
July 2001, Retail Ventures loaned Mr.&nbsp;Kozlowski $80,000 to
cover expenses related to personal benefits. This loan was being
forgiven at the rate of 10% for each 12&nbsp;consecutive month
period Mr.&nbsp;Kozlowski remained employed after the date the
loan was made. The largest amount of the loan outstanding in
fiscal 2004 was $68,329. On November&nbsp;3, 2004, the board of
directors voted to terminate Mr.&nbsp;Kozlowski&#146;s
employment. In April 2005, Mr.&nbsp;Kozlowski repaid the loan in
full.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Certain Employment Arrangements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;John Rossler is the former Chief Executive Officer and
President of Retail Ventures. During his tenure, his son, Ryan
Rossler, was employed as a buyer for the DSW&nbsp;business.
During fiscal 2004, Mr.&nbsp;Ryan Rossler received salary and
bonus totaling $91,942 and other employment benefits, including
401(k)&nbsp;plan and associate stock purchase plan contributions
by Retail Ventures and a cafeteria health care plan. His salary
and benefits were consistent with those provided to other
associates of DSW holding comparable positions.
</DIV>

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<DIV align="left" style="font-size: 10pt;">
<A name='115'></A>
</DIV>

<!-- link1 "PRINCIPAL SHAREHOLDERS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PRINCIPAL SHAREHOLDERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Beneficial Ownership of Our Common Shares</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of the date of this prospectus, Retail Ventures owned all our
outstanding common shares. The following table sets forth
information regarding the beneficial ownership of our
Class&nbsp;A Common Shares and Class&nbsp;B Common Shares upon
completion of this offering by:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    each person or entity who is known by us to beneficially own 5%
    or more of our outstanding Common Shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    each of our directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    each of our executive officers named in the Summary Compensation
    Table; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    all our directors and executive officers as a group.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless otherwise indicated below, each person or entity has an
address in care of our principal executive offices at 4150 East
5<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>
Avenue, Columbus, Ohio&nbsp;43219. The table below does not give
effect to the issuance of (i)&nbsp;employee stock options to
purchase up to 900,000 registered Class&nbsp;A Common Shares at
a price per share equal to the initial public offering price per
share or (ii)&nbsp;up to 100,000 restricted Class&nbsp;A Common
Shares and stock units to be issued at a price per share equal
to the initial public offering price per share, which stock
options, restricted shares and stock units we expect to issue
immediately following the pricing of but prior to the
consummation of this offering. These stock option, restricted
share and stock units issuances remain subject to approval by
the DSW board of directors prior to the consummation of this
offering.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="37%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Percentage of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Number of Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Beneficially</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percentage of</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Beneficially Owned<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Owned<SUP style="font-size: 85%; vertical-align: text-top">(1)(2)</SUP></B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Combined Voting</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Power of All Classes</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Name of Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Class&nbsp;A</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Class&nbsp;B</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Class&nbsp;A</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Class&nbsp;B</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>of Common Shares</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Retail Ventures,
    Inc.<SUP style="font-size: 85%; vertical-align: text-top">(3)(4)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>27,702,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>94.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Jay L.
    Schottenstein<SUP style="font-size: 85%; vertical-align: text-top">(5)(6)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,734,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16.3%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.3</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deborah L.
    Ferr&#233;e<SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Peter Z. Horvath</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Douglas J. Probst</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    James A.
    McGrady<SUP style="font-size: 85%; vertical-align: text-top">(3)(8)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Julia A.
    Davis<SUP style="font-size: 85%; vertical-align: text-top">(3)(9)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Heywood
    Wilansky<SUP style="font-size: 85%; vertical-align: text-top">(3)(10)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Carolee Friedlander</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Philip B. Miller</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    James D. Robbins</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Harvey L. Sonnenberg</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Allan J. Tanenbaum</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Schottenstein Stores Corporation
    <SUP style="font-size: 85%; vertical-align: text-top">(6)(11)(12)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,734,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16.3%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.3</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Stephen
    Feinberg<SUP style="font-size: 85%; vertical-align: text-top">(11)(13)(14)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,734,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16.3%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.3</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    All directors and executive officers as a group (12&nbsp;persons)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,734,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>16.3%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.3</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Except as otherwise set forth in the footnotes below, each
    beneficial owner has the sole power to vote and dispose of all
    ordinary shares held by that beneficial owner. Beneficial
    ownership is determined in accordance with Rule&nbsp;13d-3 of
    the Exchange Act. Common shares issuable pursuant to options or
    warrants, to the extent such options or warrants are exercisable
    within 60&nbsp;days, are treated as beneficially owned and
    outstanding for the purpose of computing the percentage
    ownership of the person holding the option or warrant, but are
    not treated as outstanding for the purpose of computing the
    percentage ownership of any other person.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    These numbers do not take into account any exercise of the
    underwriters&#146; option to purchase additional shares.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    Address is 3241 Westerville Road, Columbus, Ohio 43224.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">95

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(4)&nbsp;</TD>
    <TD align="left">
    Common shares of DSW held by Retail Ventures, Inc. are subject
    to a lien securing Retail Ventures&#146; obligations under the
    amended convertible loan provided by Cerberus and SSC to Value
    City, as well as a lien securing the $240&nbsp;million
    intercompany note made payable to Retail Ventures by Value City.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(5)&nbsp;</TD>
    <TD align="left">
    As of the date of this prospectus, Mr.&nbsp;Schottenstein was
    the beneficial owner of approximately 78.4% of the outstanding
    common shares of SSC. As described in footnote&nbsp;11 below,
    SSC will have the right to acquire Class&nbsp;A Common Shares of
    DSW from Retail Ventures after the consummation of this offering
    pursuant to certain warrant agreements. Mr.&nbsp;Schottenstein
    was also the sole beneficial owner of 144,000 Retail Ventures
    common shares and held 52,500 Retail Ventures common shares
    through Glosser Brothers Acquisition, Inc., or GBA, of which
    Mr.&nbsp;Schottenstein was Chairman of the Board, President, a
    director and a trustee or co-trustee of family trusts that own
    100% of the stock of GBA. Mr.&nbsp;Schottenstein has voting and
    investment power as co-trustee of a family trust that owns
    30,000 Retail Ventures common shares, and is one of five
    trustees of a foundation that owns 67,944 Retail Ventures common
    shares. Mr.&nbsp;Schottenstein also held options convertible
    into 50,000 Retail Ventures common shares. As of the date of
    this prospectus, SSC was the beneficial owner of approximately
    48.2% of the outstanding common shares of Retail Ventures.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(6)&nbsp;</TD>
    <TD align="left">
    Address is 1800 Moler Road, Columbus, Ohio 43207.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(7)&nbsp;</TD>
    <TD align="left">
    As of the date of this prospectus, Ms.&nbsp;Ferr&#233;e held
    options convertible into 452,000 Retail Ventures common shares.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(8)&nbsp;</TD>
    <TD align="left">
    As of the date of this prospectus, Mr.&nbsp;McGrady was the
    beneficial owner of 6,000 Retail Ventures common shares, and
    held options convertible into 475,000 Retail Ventures common
    shares.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(9)&nbsp;</TD>
    <TD align="left">
    As of the date of the prospectus, Ms.&nbsp;Davis held options
    convertible into 40,000 Retail Ventures common shares.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>(10)&nbsp;</TD>
    <TD align="left">
    As of the date of the prospectus, Mr.&nbsp;Wilansky held options
    convertible into 250,000 Retail Ventures common shares.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(11)&nbsp;</TD>
    <TD align="left">
    Each of Cerberus and SSC will have the right to acquire
    Class&nbsp;A Common Shares of DSW from Retail Ventures after the
    consummation of this offering pursuant to certain warrant
    agreements. As described in footnote&nbsp;14 below, Stephen
    Feinberg exercises sole voting and investment authority over all
    of our securities owned by Cerberus, directly or indirectly. For
    further discussion of these warrant agreements, see
    &#147;Management&#146;s Discussion and Analysis of Financial
    Condition and Results of Operations&nbsp;&#151; The DSW
    Separation,&#148; &#147;Certain Relationships and Related Party
    Transactions&nbsp;&#151; Notes, Credit Agreements and
    Guarantees&#148; and &#147;Description of Indebtedness.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(12)&nbsp;</TD>
    <TD align="left">
    According to a Schedule&nbsp;13D filed by SSC on
    September&nbsp;26, 2003 relating to Retail Ventures, Jay L.
    Schottenstein has power to vote and dispose of shares of
    Schottenstein Stores Corporation held by various trusts.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(13)&nbsp;</TD>
    <TD align="left">
    The address for Stephen Feinberg is c/o Cerberus Partners L.P.,
    299 Park Avenue, New York, New York 10171.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(14)&nbsp;</TD>
    <TD align="left">
    Stephen Feinberg exercises sole voting and investment authority
    over all of our securities owned by Cerberus, directly or
    indirectly. Thus, pursuant to Rule 13d-3 under the Exchange Act,
    Mr. Feinberg is deemed to beneficially own 2,734,336 of our
    Common Shares issuable to Cerberus upon the exercise of its
    warrants exclusively for DSW Common Shares. Under the terms of
    the warrants, Cerberus may not exercise the warrants, to the
    extent such exercise would cause Cerberus, together with its
    affiliates, to beneficially own a number of Class&nbsp;A Common
    Shares which would exceed 9.99% of our then outstanding Common
    Shares following such exercise, excluding for purposes of such
    determination Class&nbsp;A Common Shares issuable upon exercise
    of the additional warrants which have not been exercised. The
    number of shares in the second column does not reflect this
    limitation.</TD>
</TR>

</TABLE>

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<DIV align="left" style="font-size: 10pt;">
<A name='116'></A>
</DIV>

<!-- link1 "DESCRIPTION OF INDEBTEDNESS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DESCRIPTION OF INDEBTEDNESS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Retail Ventures&#146; Existing Credit Facilities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On or about the date of the consummation of this offering,
Retail Ventures expects to amend and restate or terminate the
existing credit facilities of Value City and its other
affiliates, including certain facilities under which DSW has
rights and obligations as a co-borrower or co-guarantor. Retail
Ventures is a co-guarantor of all of these credit facilities.
When all of these existing Value City credit facilities are
amended, refinanced or terminated and the offering has been
completed, we expect to be released from our obligations as a
co-borrower or co-guarantor under each of them. These existing
facilities include:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>The Value City Revolving Credit Facility. </I>Until the
amendment and restatement of this revolving credit agreement,
we, Value City and other named Retail Ventures affiliates will
continue to be co-borrowers under a Loan and Security Agreement,
as amended, entered into with National City, as administrative
agent, and the other parties named therein, originally entered
into in June 2002. Retail Ventures is a guarantor of this
revolving credit facility. The maturity date of this facility is
June&nbsp;11, 2006. This revolving credit agreement allows DSW,
Value City and the other Retail Ventures affiliates named as
co-borrowers to draw on a $425&nbsp;million revolving credit
facility, subject to applicable borrowing base restrictions. All
the capital stock of DSW and DSWSW is pledged to National City,
as administrative agent, in favor of the revolving credit
facility lenders. We, Retail Ventures and the other co-borrowers
and guarantors named therein are jointly and severally liable
for the liabilities incurred under the agreement. We have
reflected our direct obligations under this revolving credit
facility as they relate to borrowings secured by our assets in
our historical financial statements included elsewhere in this
prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On or about the date of the consummation of this offering,
Retail Ventures and its affiliates will amend and restate this
revolving credit agreement, and we will be released from our
obligations thereafter. In addition, National City will release
its liens on our capital stock held by Retail Ventures and the
capital stock of DSWSW held by us. Leasehold mortgages granted
by DSW and DSWSW in 2002 to secure obligations under the
revolving credit agreement, as well as the Value City term loan
facility and subordinated convertible loan facility, will also
be released.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>The Value City Term Loan Facility. </I>Until the amendment of
this term loan agreement, we, Value City and other Retail
Ventures affiliates will continue to be co-borrowers under a
Financing Agreement, as amended, among Cerberus, as agent, and
other parties named therein, originally entered into in June
2002. Under the terms of this term loan agreement, Cerberus and
SSC each provided to us, Value City and other Retail Ventures
affiliates named as the co-borrowers a separate $50&nbsp;million
three-year term loan comprised of two tranches. In July 2004,
the maturity dates of these term loans were extended until
June&nbsp;11, 2006. In connection with the second tranche of
these term loans, Value City issued to each of Cerberus and SSC
warrants to purchase 1,477,396&nbsp;common shares of Retail
Ventures at a purchase price of $4.50 per share, subject to
adjustment. In September 2002, Back Bay bought from each of
Cerberus and SSC a $1.5&nbsp;million interest in each of the
tranches of their term loans for an aggregate $6.0&nbsp;million
interest, and Back Bay received from each of Cerberus and SSC a
corresponding portion of the warrants to purchase Retail
Ventures common shares originally issued in connection with the
second tranche of their term loans. All the capital stock of DSW
and DSWSW is pledged to Cerberus, as agent, in favor of SSC,
Cerberus and Back Bay. As a co-borrower, we are jointly and
severally liable for the performance and payment of obligations
under this term loan agreement; however, this indebtedness has
not been reflected in our historical financial statements
included elsewhere in this prospectus as it is recorded on the
books of Retail Ventures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On or about the date of the consummation of this offering, we
expect to be released from our obligations as a co-borrower
pursuant to the amendment of this term loan agreement. We have
been advised by Retail Ventures that Value City expects to repay
all the term loan indebtedness on or about the date of the
consummation of this offering. In connection with the amendment
of this term loan agreement, Retail Ventures has agreed to amend
the outstanding warrants to provide SSC, Cerberus and Back Bay
the right, from time to time, in whole or in part, to
(i)&nbsp;acquire Retail Ventures common shares at the then
current conversion price (subject to the existing anti-dilution
provisions), (ii)&nbsp;acquire from Retail Ventures Class&nbsp;A
</DIV>

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<DIV align="left" style="font-size: 10pt;">
Common Shares of DSW at an exercise price per share equal to the
price of shares sold in this offering (subject to anti-dilution
provisions similar to those in the existing warrants), or
(iii)&nbsp;acquire a combination thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Assuming an exercise price per share of $16.00, or the midpoint
of the range set forth on the cover of this prospectus, SSC and
Cerberus would each receive 390,586&nbsp;Class&nbsp;A Common
Shares, and Back Bay would receive 49,862&nbsp;Class&nbsp;A
Common Shares, if they exercised these warrants in full
exclusively for DSW Common Shares. These warrants expire in June
2012. Although Retail Ventures does not intend or plan to
undertake a spin-off of Common Shares to Retail Ventures
shareholders, in the event that Retail Ventures effects a
spin-off of its DSW Common Shares to its shareholders in the
future, the holders of outstanding unexercised warrants would
receive the same number of DSW&nbsp;Common Shares had they
exercised their warrants in full for Retail Ventures common
shares immediately prior to the record date of the spin-off,
without regard to any limitation on exercise contained in the
warrants. Following the completion of any such spin-off, the
warrants will be exercisable solely for Retail Ventures common
shares.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to the consummation of this offering, we will enter into
an exchange agreement with Retail Ventures whereby, upon the
request of Retail Ventures, we will be required to exchange some
or all of the Class&nbsp;B Common Shares held by Retail Ventures
for Class&nbsp;A Common Shares. SSC and Cerberus (and any party
to whom either of them transfers at least 15% of their interest
in registrable DSW common shares) have the right to require that
we register for resale in specified circumstances the
Class&nbsp;A Common Shares issued to them upon exercise of their
warrants, and each of these entities and Back Bay will be
entitled to participate in the registrations initiated by the
other entities. Our failure to perform our obligations under the
registration rights agreement relating to these shares would
result in an event of default under the Value City senior
subordinated convertible loan facility, as amended. See
&#147;Certain Relationships and Related Party
Transactions&nbsp;&#151; Relationships Between our Company and
Retail Ventures&nbsp;&#151; Agreements Relating to our
Separation from Retail Ventures&nbsp;&#151; Exchange
Agreement&#148; and &#147;Shares Eligible for Future
Sale&nbsp;&#151; Registration Rights.&#148;
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>The Value City Senior Subordinated Convertible Loan
Facility.</I> Until the amendment and restatement of this
convertible loan agreement, we will continue to be a
co-guarantor under an Amended and Restated Senior Subordinated
Convertible Loan Agreement, entered into by Value City with
Cerberus, as agent and lender, SSC, as lender, and the other
parties named therein, originally entered into in June 2002.
Under the agreement, SSC initially provided a $75&nbsp;million
loan, now held equally by SSC and Cerberus, to Value City, as
borrower, which is convertible at the option of the lenders into
common shares of Retail Ventures at an initial conversion price
of $4.50 per share. The maturity date of this convertible loan
is June&nbsp;10, 2009. This indebtedness has not been reflected
in our historical financial statements included elsewhere in
this prospectus as it is recorded on the books of Retail
Ventures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On or about the date of the consummation of this offering, we
expect to be released from our obligations as co-guarantor
pursuant to the amendment and restatement of this convertible
loan agreement. We have been advised by Retail Ventures that
Value City expects to repay $25.0&nbsp;million of this facility
on or about the date of the consummation of this offering. The
$75&nbsp;million convertible loan will be converted into a
non-convertible loan, and the capital stock of DSW held by
Retail Ventures will continue to secure the amended and restated
loan facility. In addition, Retail Ventures has agreed to issue
to SSC and Cerberus convertible warrants which will be
exercisable from time to time until the later of June&nbsp;11,
2007 and the repayment in full of Value City&#146;s obligations
under the amended and restated loan agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the convertible warrants, SSC and Cerberus will have the
right, from time to time, in whole or in part, to
(i)&nbsp;acquire Retail Ventures common shares at the conversion
price referred to in the convertible loan (subject to existing
antidilution provisions), (ii)&nbsp;acquire from Retail Ventures
Class&nbsp;A Common Shares of DSW at an exercise price per share
equal to the price equal to the price of the shares sold to the
public in this offering (subject to antidilution provisions
similar to those in the existing warrants) or (iii)&nbsp;acquire
a combination thereof. Although Retail Ventures does not intend
or plan to undertake a spin-off of Common Shares to Retail
Ventures shareholders, in the event that Retail Ventures effects
a spin-off of its DSW Common Shares to its shareholders in the
future, the holders of outstanding unexercised warrants will
receive the same number of DSW&nbsp;Common Shares that they
would have received had they exercised their warrants in
</DIV>

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<DIV align="left" style="font-size: 10pt;">
full for Retail Ventures common shares immediately prior to the
record date of the spin-off, without regard to any limitation on
exercise contained in the warrants. Following the completion of
any such spin-off, the warrants will be exercisable solely for
Retail Ventures common shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SSC and Cerberus may acquire, upon exercise of the warrants in
full, an aggregate number of Class&nbsp;A Common Shares of DSW
from Retail Ventures which, at the price of shares sold to the
public in this offering, have a value equal to $75&nbsp;million.
Assuming an exercise price per share of $16.00, or the midpoint
of the range set forth on the cover of this prospectus, SSC and
Cerberus would each receive 2,343,750 Class&nbsp;A Common Shares
if they exercised these warrants exclusively for DSW Common
Shares.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to the consummation of this offering, we will enter into
an exchange agreement with Retail Ventures whereby, upon the
request of Retail Ventures, we will be required to exchange some
or all of the Class&nbsp;B Common Shares from Retail Ventures
for Class&nbsp;A Common Shares. SSC and Cerberus (and any party
to whom either of them transfers at least 15% of their interest
in registrable DSW Common Shares) have the right to require that
we register for resale in specified circumstances the
Class&nbsp;A Common Shares issued to them upon exercise of their
warrants. See &#147;Certain Relationships and Related Party
Transactions&nbsp;&#151; Relationships Between our Company and
Retail Ventures&nbsp;&#151; Agreements Relating to our
Separation from Retail Ventures&nbsp;&#151; Exchange
Agreement&#148; and &#147;Shares Eligible for Future
Sale&nbsp;&#151; Registration Rights.&#148;
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Value City Intercompany Note. </I>The capital stock of DSW
held by Retail Ventures will continue to secure the
$240&nbsp;million Value City intercompany note made payable by
Retail Ventures to Value City, which was executed and delivered
on January&nbsp;1, 2005 in connection with the transfer of all
the capital stock of DSW and Filene&#146;s Basement by Value
City to Retail Ventures on that date. The lien granted to Value
City on the DSW capital stock held by Retail Ventures will be
released upon written notice that warrants held by Cerberus, SSC
and Back Bay are to be exercised in exchange for DSW capital
stock held by Retail Ventures and to be delivered by Retail
Ventures upon the exercise of such warrants. The lien will also
be released upon repayment of the note in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Our Existing Intercompany Indebtedness</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>The $165.0&nbsp;Million Intercompany Note.</I> In March 2005,
we incurred intercompany indebtedness to fund a $165.0 million
dividend to Retail Ventures. The indebtedness is evidenced by a
note which is scheduled to mature in March 2020 and bears
interest at a rate equal to LIBOR plus 850 basis points per
year. Interest is payable quarterly in arrears commencing on
June&nbsp;30, 2005. Our obligations under the note are
guaranteed by our subsidiary. We expect to exercise our right to
prepay the note with the net proceeds of this offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>The $25.0&nbsp;Million Intercompany Note.</I> In May 2005, we
incurred intercompany indebtedness to fund a $25.0&nbsp;million
dividend to Retail Ventures. The indebtedness is evidenced by a
note which is scheduled to mature in May 2020 and bears interest
at a rate equal to LIBOR plus 950 basis points per year.
Interest is payable quarterly in arrears commencing on
June&nbsp;30, 2005. Our obligations under the note are
guaranteed by our subsidiary. We expect to exercise our right to
prepay the note with the net proceeds of this offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Cross-Corporate Guarantees. </I>We have entered into
cross-corporate guarantees with various financing institutions
pursuant to which we, Retail Ventures, Filene&#146;s Basement
and Value City, jointly and severally, guarantee payment
obligations owed to these entities under factoring arrangements
they have entered into with vendors who may provide merchandise
to some or all of Retail Ventures&#146; subsidiaries. We may be
released from any prospective liability under the guarantees at
any time. Upon release, our potential liability would be limited
to the then outstanding amount under the canceled guarantee. We
will terminate these cross-corporate guarantees on or about the
date of the consummation of this offering. The outstanding
balance of our potential liability as of May&nbsp;23, 2005 was
$38.3&nbsp;million, and we do not expect this amount to change
significantly between now and the time the guarantees are
terminated. After the guarantees are cancelled, the outstanding
balance will decrease to zero over a period of approximately
90&nbsp;days as payments are made in the ordinary course of
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Intercompany Accounts.</I> Historically, DSW and Retail
Ventures have used intercompany transactions in the conduct of
their operations. Under this arrangement, Retail Ventures has
acted as a central processing location for payments for the
acquisition of merchandise, payroll, outside services, capital
additions and expenses by controlling the payroll and accounts
payable activities for all Retail Ventures&#146; subsidiaries,
</DIV>

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<DIV align="left" style="font-size: 10pt;">
including DSW. DSW has transferred cash received from sales of
merchandise to cash accounts controlled by Retail Ventures. The
concentration of cash and the offsetting payments for
merchandise, expenses, capital assets and accruals for future
payments are accumulated on our balance sheet in advances to
affiliates. The balance of advances to affiliates fluctuates
based on DSW&#146;s activities with Retail Ventures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
After the consummation of this offering, DSW&#146;s intercompany
activities will be limited to those arrangements set forth in
the shared services agreement and the other agreements described
in this prospectus. DSW will no longer concentrate its cash from
the sale of merchandise into Retail Ventures&#146; accounts but
into its own DSW accounts. DSW will also pay for its own
merchandise, expenses and capital additions from newly
established disbursement accounts. Any intercompany payments
will be made pursuant to the terms of the shared services
agreement and other agreements described in this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Our New Secured Revolving Credit Facility</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the consummation of this offering, Retail Ventures will
amend and restate or terminate the existing Value City credit
facilities, and we expect that we will be released from our
obligations as co-borrower or co-guarantor thereunder.
Simultaneously, we expect to enter into a new $150&nbsp;million
secured revolving credit facility with a term of five years.
Under this new facility, we expect that we and our subsidiary,
DSWSW, will be named as co-borrowers. This new facility is
expected to have borrowing base restrictions and will provide
for borrowings at variable interest rates based on LIBOR, the
prime rate and the Federal Funds effective rate, plus a margin.
Our obligations under our new secured revolving credit facility
will be guaranteed by our subsidiary and secured by a lien on
substantially all our and our subsidiary&#146;s personal
property and a pledge of our shares of DSWSW. In addition, the
new secured revolving credit facility will contain usual and
customary restrictive covenants relating to our management and
the operation of our business. These covenants will, among other
things, restrict our ability to operate our business, including,
but not limited to, our ability to grant liens on our assets,
incur additional indebtedness, open or close stores, pay cash
dividends and redeem our stock, enter into transactions with
affiliates and merge or consolidate with another entity. In
addition, if at any time we utilize over 90% of our borrowing
capacity under this facility, we must comply with a fixed charge
coverage ratio test set forth in the facility documents.
</DIV>

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<DIV align="left" style="font-size: 10pt;">
<A name='117'></A>
</DIV>

<!-- link1 "DESCRIPTION OF CAPITAL STOCK" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DESCRIPTION OF CAPITAL STOCK</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our amended articles of incorporation provide that we may issue
up to 170,000,000&nbsp;Class&nbsp;A Common Shares without par
value, 100,000,000&nbsp;Class&nbsp;B Common Shares and
100,000,000&nbsp;shares of preferred stock, without par value.
Upon completion of this offering, we will have
14,162,500&nbsp;Class&nbsp;A Common Shares outstanding
(16,271,875&nbsp;shares if the underwriters&#146; option to
purchase additional shares is exercised is full),
27,702,667&nbsp;Class&nbsp;B Common Shares, and no shares of
preferred stock outstanding. The number of Class&nbsp;A Common
Shares outstanding assumes the issuance of
100,000&nbsp;restricted Class&nbsp;A Common Shares and stock
units pursuant to the terms of DSW&#146;s equity incentive plan.
We expect to issue these restricted shares and stock units
immediately following the pricing of but prior to the
consummation of this offering; however, the issuances remain
subject to approval by the DSW board of directors prior to the
consummation of this offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following description of our capital stock does not purport
to be complete and is subject to, and is qualified by, our
amended articles of incorporation and amended and restated code
of regulations, which will be filed as exhibits to the
registration statement of which this prospectus is part.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Common Shares</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to the date of this prospectus, our articles of
incorporation were amended to change the common shares of DSW
into 27,702,667&nbsp;Class&nbsp;B Common Shares. As of the date
of this prospectus, and before giving effect to this offering,
the 27,702,667 outstanding Class&nbsp;B Common Shares were owned
by Retail Ventures, as our direct parent, and no Class&nbsp;A
Common Shares were outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The holders of Class&nbsp;A Common Shares and Class&nbsp;B
Common Shares generally have identical rights except that
holders of Class&nbsp;A Common Shares are entitled to one vote
per share on all matters to be voted on by the shareholders,
while holders of Class&nbsp;B Common Shares are entitled to
eight votes per share on all matters to be voted on by the
shareholders, voting together with the holders of the
Class&nbsp;A Common Shares as a single class. The holders of
Common Shares are not entitled to cumulative voting rights.
Generally, all matters to be voted on by shareholders must be
approved by a majority (or, in the case of election of
directors, by a plurality) of the votes entitled to be cast by
all Class&nbsp;A Common Shares and Class&nbsp;B Common Shares
present in person or represented by proxy, voting together as a
single class, subject to any voting rights granted to holders of
any preferred stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Holders of Common Shares have no preemptive rights, and the
Common Shares are not subject to further calls or assessment by
us. There are no redemptive or sinking fund provisions
applicable to the Common Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Holders of Class&nbsp;A Common Shares and Class&nbsp;B Common
Shares will share in an equal amount per share in any dividend
declared by the board of directors, subject to any preferential
rights of any outstanding preferred stock. Dividends consisting
of shares of Class&nbsp;A Common Shares and Class&nbsp;B Common
Shares may be paid only as follows: (i)&nbsp;Class&nbsp;A Common
Shares may be paid only to holders of Class&nbsp;A Common Shares
and Class&nbsp;B Common Shares may be paid only to holders of
Class&nbsp;B Common Shares and (ii)&nbsp;shares shall be paid
proportionately with respect to each outstanding Class&nbsp;A
Common Share and Class&nbsp;B Common Share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon liquidation, dissolution or winding up of the affairs of
DSW, our creditors and any holders of preferred stock will be
paid before any distribution to holders of Common Shares. The
holders of Common Shares would be entitled to receive a pro rata
distribution of any excess amount. All outstanding Common Shares
are, and the Class&nbsp;A Common Shares offered in this offering
when issued and paid for will be, fully paid and nonassessable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The rights, preferences and privileges of holders of Common
Shares are subject to, and may be adversely affected by, the
rights of holders of shares of any series of preferred stock
which our board of directors may designate and issue in the
future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our Class&nbsp;A Common Shares have been approved for listing on
the NYSE under the symbol &#147;DSW.&#148;
</DIV>

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</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We expect to enter into an exchange agreement with Retail
Ventures which will become effective upon the consummation of
this offering. In the event that Retail Ventures desires to
exchange all or a portion of the Class&nbsp;B Common Shares held
by it for Class&nbsp;A Common Shares, we will agree to issue to
Retail Ventures an equal number of duly authorized, validly
issued, fully paid and nonassessable Class&nbsp;A Common Shares
in exchange for the Class&nbsp;B Common Shares of DSW held by
Retail Ventures. Retail Ventures may make one or more requests
for such exchange, covering all or a part of the Class&nbsp;B
Common Shares that it holds.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Preferred Shares</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The board may fix by resolution the designations, preferences
and relative, participating, optional or other rights and the
qualifications, limitations or restrictions of our preferred
shares, including the number of shares in any series,
liquidation preferences, dividend rates, voting rights,
conversion rights and redemption provisions. Terms selected
could decrease the amount of earnings and assets available for
distribution to holders of our Common Shares or adversely affect
the rights and power, including voting rights, of the holders of
our Common Shares without any further vote or action by the
shareholders. Any series of preferred shares issued by the board
could have priority over the Common Shares in terms of dividend
or liquidation rights or both. The issuance of preferred shares,
or the issuance of rights to purchase preferred shares, could
have the effect of delaying, deferring or preventing a change of
control of the company or an unsolicited acquisition proposal or
of making the removal of management more difficult.
Additionally, the issued of preferred shares may have the effect
of decreasing the market price of our Common Shares, and may
adversely affect the voting and other rights of the holders of
Common Shares. There are currently no outstanding preferred
shares. While we have no present intention to issue any
preferred shares, any issuance could make it more difficult for
a third party to acquire a majority of our outstanding voting
shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Provisions of Our Amended Articles of Incorporation Governing
Corporate Opportunities and Related Party Transactions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
After this offering, Retail Ventures will remain a substantial
shareholder of DSW and SSC will remain a substantial shareholder
of Retail Ventures. Retail Ventures and SSC are engaged in the
same or similar activities or lines of business as we are and
have interests in the same areas of corporate opportunities. See
&#147;Certain Relationships and Related Party
Transactions&nbsp;&#151; Provisions of our Amended Articles of
Incorporation Governing Corporate Opportunities and Related
Party Transactions,&#148; for descriptions of the provisions in
our amended articles of incorporation that will govern
conflicts, corporate opportunities and related party
transactions. These provisions will be substantially similar to
those that currently apply to us through provisions of Retail
Ventures&#146; amended articles of incorporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Anti-Takeover Effects of Certain Provisions of our Amended
Articles of Incorporation, our Amended and Restated Code of
Regulations and Ohio Law.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Provisions of our amended articles of incorporation and amended
and restated code of regulations and of the Ohio General
Corporation Law summarized below may be deemed to have an
anti-takeover effect and may delay, defer or prevent a tender
offer or takeover attempt that a shareholder might consider in
its best interest, including those attempts that might result in
a premium over the market price for the shares held by
shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>No Cumulative Voting. </I>Where cumulative voting is
permitted, each share is entitled to as many votes as there are
directors to be elected and each shareholder may cast all of his
or her votes for a single candidate or distribute such votes
among two or more candidates. Cumulative voting makes it easier
for a minority shareholder to elect a director. Our amended
articles of incorporation expressly deny shareholders the right
to cumulative voting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Supermajority Vote to Remove Directors. </I>DSW&#146;s
amended and restated code of regulations provides that the
shareholders may remove a director only by the vote of the
holders of not less than three-fourths of the voting power of
the corporation entitling them to elect directors in place of
those to be removed. This provision, when coupled with the
voting power of the Class&nbsp;B Common Shares held by Retail
Ventures
</DIV>

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<DIV align="left" style="font-size: 10pt;">
(94.1% following this offering), will preclude even a majority
shareholder from removing incumbent directors and simultaneously
gaining control of the board of directors by filling the
vacancies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Classified Board. </I>DSW&#146;s amended and restated code of
regulations provides for the board of directors to be divided
into two classes of directors serving staggered two-year terms
when the authorized number of directors is six or more, but less
than nine. Because the amended and restated code of regulations
will authorize seven directors, approximately one-half of the
board of directors will be elected each year. This provision,
when coupled with the vote required to remove directors, can
preclude even a majority shareholder from gaining control of the
board of directors in one election.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Authorized But Unissued Shares. </I>Our authorized but
unissued Common Shares and preferred shares are available for
future issuance without shareholder approval. These additional
shares may be utilized for a variety of corporate purposes,
including future public offerings to raise additional capital,
corporate acquisitions and employee benefit plans. Our amended
articles of incorporation authorize our board of directors to
issue up to preferred shares and to determine the powers,
preferences, privileges, rights, including voting rights,
qualifications, limitations and restrictions on those shares,
without any further vote or action by the shareholders. The
existence of authorized but unissued Common Shares and preferred
shares could have the effect of delaying, deterring or
preventing an attempt to obtain control of DSW by means of a
proxy contest, tender offer, merger or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Special Meeting of Shareholders. </I>Our amended and restated
code of regulations provides that special meeting of our
shareholders may be called only by:
</DIV>

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    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
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    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the chairman of the board, the president, or in case of the
    president&#146;s death or disability, the vice president
    authorized to exercise the authority of the president;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the directors by action at a meeting, or a majority of the
    incumbent directors acting without a meeting; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the holders of at least 50% of all shares outstanding and
    entitled to vote thereat.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Actions by Written Consent. </I>Section&nbsp;1701.54 of the
Ohio General Corporation Law requires that an action by written
consent of the shareholders in lieu of a meeting be unanimous,
except that under Section&nbsp;1701.11 of the Ohio General
Corporation Law, the code of regulations may be amended by an
action by written consent of holders of two-thirds of the voting
power of the corporation or, if the articles of incorporation or
code of regulations otherwise provide, such greater or lesser
amount, but not less than a majority. Our amended and restated
code of regulations provides that the code of regulations may be
amended by an action by written consent of holders of a majority
of our total voting power. Based on its ownership after the
proposed offering, Retail Ventures will have enough shares to
amend our amended and restated code of regulations. This
provision coupled with Retail Ventures&#146; ownership may have
the effect of delaying, deferring or preventing a tender offer
or takeover attempt that a shareholder might consider in its
best interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Advance Notice Requirements for Shareholder Proposals and
Director Nominations.</I> Our amended and restated code of
regulations provides that shareholders seeking to nominate
candidates for election as directors at an annual or special
meeting of shareholders must provide timely notice to us in
writing. To be timely, a shareholder&#146;s notice must be
received at our principal executive offices not less than
60&nbsp;days nor more than 90&nbsp;days prior to the first
anniversary of the date of the previous year&#146;s annual
meeting (or, if the date of the annual meeting is changed by
more than 30&nbsp;days from the anniversary date of the
preceding year&#146;s annual meeting, or in the case of a
special meeting, within ten days after we mail the notice of the
date of the meeting or otherwise publicly disclose the date of
the meeting.) The amended and restated code of regulations also
prescribes the proper written form for a shareholder&#146;s
notice. These provisions may preclude shareholders from making
nominations for directors at an annual or special meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>We Have Opted Out of the Ohio Control Share Acquisition
Statute.</I> We have opted out of the application of the Ohio
Control Share Acquisition Statute Section&nbsp;1701.831 of the
Ohio Revised Code, known as the &#147;Ohio Control Share
Acquisition Statute.&#148; This statute provides that, unless a
corporation&#146;s articles of
</DIV>

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<DIV align="left" style="font-size: 10pt;">
incorporation or code of regulations provide that such section
does not apply, notice and information filings, and special
shareholder meeting and voting procedures, must occur prior to
any person&#146;s acquisition of an issuer&#146;s shares that
would entitle the acquirer to exercise or direct the voting
power of the issuer in the election of directors within any of
the following ranges:
</DIV>

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    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

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    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    one-fifth or more but less than one-third of the voting power;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    one-third or more but less than a majority of the voting power;
    and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a majority or more of the voting power.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>We Have Opted Out of the Merger Moratorium Statute. </I>We
have opted out of the application of Chapter&nbsp;1704 of the
Ohio Revised Code, known as the &#147;Merger Moratorium
Statute.&#148; This statute prohibits certain transactions if
they involve both the issuer and either a person who became the
beneficial owner of 10% or more of the issuer&#146;s shares
without the prior approval of its board of directors or anyone
affiliated or associated with such person, unless a
corporation&#146;s articles of incorporation or code of
regulations provide that such statute does not apply. The
prohibition imposed by Chapter&nbsp;1704 is absolute for at
least three years and continues indefinitely thereafter unless
the transaction is approved by the holders of at least
two-thirds of the voting power of the issuer or satisfies
statutory conditions relating to the fairness of the
consideration to be received by the shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Transfer Agent and Registrar</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The transfer agent and registrar for our Class&nbsp;A Common
Shares is National City Bank. The telephone number of National
City Bank is 1-800-622-6757.
</DIV>

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<DIV align="left" style="font-size: 10pt;">
<A name='118'></A>
</DIV>

<!-- link1 "SHARES ELIGIBLE FOR FUTURE SALE" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SHARES ELIGIBLE FOR FUTURE SALE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to this offering, there has been no public market for our
Class&nbsp;A Common Shares, and we cannot predict the effect, if
any, that market sales of shares or availability of any shares
for sale will have on the market price of our Class&nbsp;A
Common Shares prevailing from time to time. Sales of substantial
amounts of Common Shares (including shares issued on the
exercise of options, warrants or convertible securities, if any)
or the perception that such sales could occur, could adversely
affect the market price of our Class&nbsp;A Common Shares and
our ability to raise additional capital through a future sale of
securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon completion of this offering, we will have
14,162,500&nbsp;shares of our Class&nbsp;A Common Shares
outstanding (irrespective of whether the underwriters exercise
their over-allotment option). We will also have
27,702,667&nbsp;shares of our Class&nbsp;B Common Shares
outstanding. The number of Class&nbsp;A Common Shares
outstanding assumes the issuance of 100,000 restricted
Class&nbsp;A Common Shares and stock units pursuant to the terms
of DSW&#146;s equity incentive plan. We expect to issue these
restricted shares immediately following the pricing of but prior
to the consummation of this offering; however, the issuances
remain subject to approval by the DSW board of directors prior
to the consummation of this offering. The 14,062,500 (or
16,171,875 if the underwriters&#146; option to purchase
additional shares is exercised in full) Class&nbsp;A Common
Shares sold in this offering will be freely tradable without
restriction or further registration under the Securities Act
unless such shares are purchased by &#147;affiliates&#148; as
that term is defined in Rule&nbsp;144 under the Securities Act.
Subject to certain contractual restrictions, holders of
restricted shares will be entitled to sell those shares in the
public securities markets if they qualify for an exemption from
registration under Rule&nbsp;144 or any other applicable
exemption under the Securities Act. Subject to the lock-up
agreements described below and the provisions of Rules&nbsp;144,
144(k) and 701, additional shares will be available for sale as
set forth below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Lock-Up Agreements</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We, each of our executive officers and directors, Retail
Ventures, SSC, Cerberus and Back Bay have agreed not to sell or
transfer any Common Shares or securities convertible into or
exercise or exchangeable for our Common Shares for a period of
180&nbsp;days after the date of this prospectus without first
obtaining the written consent of Lehman Brothers Inc. on behalf
of the underwriters, except that Cerberus may transfer the
warrants issued by Retail Ventures and held by Cerberus as of
the effective date of the offering to up to four transferees,
provided that any transferee or transferees of Cerberus also
agree, for the duration of the lock-up period, that any further
transfer shall be made on the terms set forth in the lock-up
agreement, and provided further that neither Cerberus nor its
direct or indirect transferees may transfer any DSW Common
Shares underlying the warrants for the remainder of the lock-up
period. In addition, persons purchasing more than 1,000
Class&nbsp;A Common Shares in the directed share program
described in &#147;Underwriting&#148; will be subject to a
25-day lock-up period.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Registration Rights</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the master separation agreement, we have agreed to effect
up to one demand registration per calendar year of our Common
Shares, whether Class&nbsp;A or Class&nbsp;B, held by Retail
Ventures, if requested by Retail Ventures. We have also granted
Retail Ventures the right to include its Common Shares of DSW in
an unlimited number of other registrations of such shares
initiated by us or on behalf of our other shareholders.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will enter into a registration rights agreement with Cerberus
and SSC under which we will agree to register in specified
circumstances the Class&nbsp;A Common Shares issued to them upon
exercise of their warrants, and each of these entities and Back
Bay will be entitled to participate in the registrations
initiated by the other entities. Under this agreement, each of
Cerberus (together with transferees of at least 15% of its
interest in registrable DSW Common Shares) and SSC (together
with transferees of at least 15% of its interest in registrable
DSW Common Shares) may request up to five demand registrations
with respect to the Class&nbsp;A Common Shares issued to them
upon exercise of their warrants, provided that no party may
request more than two demand registrations, except that each of
Cerberus and SSC may request up to three demand registrations.
The agreement will also grant Cerberus, SSC and Back Bay the
right to include these Class&nbsp;A
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

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Common Shares in an unlimited number of other registrations of
any of our securities initiated by us or on behalf of our other
shareholders (other than a demand registration made under the
agreement). Our failure to perform our obligations under this
agreement would result in an event of default under the Value
City senior subordinated convertible loan facility, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Stock Options and Restricted Shares</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Immediately following the pricing of but prior to the
consummation of this offering, we expect to grant employee stock
options to purchase up to 900,000&nbsp;shares to several of our
officers under the DSW 2005 Equity Plan. The exercise price per
share will be equal to the initial public offering price per
share. We also expect at that time to issue up to 100,000
restricted Class&nbsp;A Common Shares and stock units at a price
per share equal to the initial public offering price per share.
These issuances remain subject to approval by the DSW board of
directors prior to the consummation of this offering, and we
expect to register the Class&nbsp;A Common Shares subject to the
DSW 2005 Equity Plan prior to the consummation of this offering.
After giving effect to these expected issuances, we will have
3,600,000 additional Class&nbsp;A Common Shares available for
issuance under the DSW 2005 Equity Plan pursuant to which we may
grant stock options, stock appreciation rights, restricted stock
awards, restricted stock units, performance share awards and
annual incentive awards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Rule&nbsp;144</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In general, under Rule&nbsp;144 of the Securities Act as
currently in effect, beginning 90&nbsp;days after the date of
this prospectus, a person (or persons whose shares are
aggregated) who has beneficially owned restricted securities
within the meaning of Rule&nbsp;144 for at least one year
(including the holding period of any prior owner other than an
affiliate), would be entitled to sell within any three-month
period, a number of shares that does not exceed the greater of:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    one percent of the number of common shares then outstanding,
    which will equal approximately 418,652 Common Shares immediately
    after this offering; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the average weekly trading volume of the common shares on the
    NYSE during the four calendar weeks preceding the sale.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Sales under Rule&nbsp;144 are also subject to other requirements
regarding the manner of sale, notice filing and the availability
of current public information about us. An &#147;affiliate&#148;
is a person that directly, or indirectly through one or more
intermediaries, controls or is controlled by, or is under common
control with an issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Rule&nbsp;144(k)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under Rule&nbsp;144(k), a person (or persons whose shares are
aggregated) who is not deemed to have been our affiliate at any
time during the three months preceding a sale, and who has
beneficially owned the shares proposed to be sold for at least
two years (including the holding period of any prior owner other
than an affiliate), is entitled to sell these shares under
Rule&nbsp;144(k) without complying with the manner of sale,
public information, volume limitation or notice provisions of
Rule&nbsp;144. Therefore, unless otherwise restricted,
&#147;144(k)&#148; shares may be sold immediately upon
completion of this offering.
</DIV>

<P align="center" style="font-size: 10pt;">106

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<DIV align="left" style="font-size: 10pt;">
<A name='119'></A>
</DIV>

<!-- link1 "MATERIAL U.S. FEDERAL INCOME AND ESTATE TAX CONSEQUENCES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>MATERIAL U.S.&nbsp;FEDERAL INCOME AND ESTATE TAX
CONSEQUENCES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following is a general discussion of the anticipated
material U.S.&nbsp;federal income and estate tax consequences
relating to the ownership and disposition of our Class&nbsp;A
Common Shares by non-United States holders, as defined below,
who purchase our Class&nbsp;A Common Shares in this offering and
hold such Class&nbsp;A Common Shares as capital assets. This
discussion is based on currently existing provisions of the
Internal Revenue Code of 1986, as amended, or the Code, existing
and proposed Treasury regulations promulgated thereunder, and
administrative and judicial interpretation thereof, all as in
effect or proposed on the date hereof and all of which are
subject to change, possibly with retroactive effect or different
interpretations. This discussion does not address all the tax
consequences that may be relevant to specific holders in light
of their particular circumstances or to holders subject to
special treatment under U.S.&nbsp;federal income or estate tax
laws (such as financial institutions, insurance companies,
tax-exempt organizations, retirement plans, partnerships and
their partners, other pass-through entities and their members,
dealers in securities, brokers, U.S.&nbsp;expatriates, or
persons who have acquired our Class&nbsp;A Common Shares as part
of a straddle, hedge, conversion transaction or other integrated
investment). This discussion does not address the
U.S.&nbsp;state and local or non-U.S.&nbsp;tax consequences
relating to the ownership and disposition of our Class&nbsp;A
Common Shares. <B>You are urged to consult your own tax advisor
regarding the U.S.&nbsp;federal tax consequences of owning and
disposing of our Class&nbsp;A Common Shares, as well as the
applicability and effect of any state, local or foreign tax
laws.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As used in this discussion, the term &#147;non-United States
holder&#148; refers to a beneficial owner of our Class&nbsp;A
Common Shares that for U.S.&nbsp;federal income tax purposes is
not:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp;an individual who is a citizen or resident of the
United States;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(ii)&nbsp;a corporation (or other entity taxable as a
corporation) created or organized in or under the laws of the
United States or any state or political subdivision thereof or
therein, including the District of Columbia;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(iii)&nbsp;an estate the income of which is subject to
U.S.&nbsp;federal income tax regardless of source thereof; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(iv)&nbsp;a trust (a)&nbsp;with respect to which a court within
the United States is able to exercise primary supervision over
its administration and one or more United States persons have
the authority to control all its substantial decisions, or
(b)&nbsp;that has in effect a valid election under applicable
U.S.&nbsp;Treasury Regulations to the treated as a United States
person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An individual may, in many cases, be treated as a resident of
the United States, rather than a nonresident, among other ways,
by virtue of being present in the United States on at least
31&nbsp;days in that calendar year and for an aggregate of at
least 183&nbsp;days during the three-year period ending in that
calendar year (counting for such purposes all the days present
in the current year, one-third of the days present in the
immediately preceding year and one-sixth of the days present in
the second preceding year). Residents are subject to
U.S.&nbsp;federal income tax as if they were U.S.&nbsp;citizens.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If a partnership or other entity or arrangement treated as a
partnership for U.S.&nbsp;federal income tax purposes holds
Class&nbsp;A Common Shares, the tax treatment of a partner will
generally depend upon the status of the partner and the
activities of the partnership. If you are a partner of a
partnership holding Class&nbsp;A Common Shares, we urge you to
consult your own tax advisor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Dividends</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We or a withholding agent will have to withhold
U.S.&nbsp;federal withholding tax from the gross amount of any
dividends paid to a non-United States holder at a rate of 30%,
unless (i)&nbsp;an applicable income tax treaty reduces or
eliminates such tax, and a non-United States holder claiming the
benefit of such treaty provides to us or such agent proper
Internal Revenue Service, or IRS, documentation or (ii)&nbsp;the
dividends are effectively connected with a non-United States
holder&#146;s conduct of a trade or business in the United
States and the non-United States holder provides to us or such
agent proper IRS documentation. In the latter case, such
non-United States holder generally will be subject to
U.S.&nbsp;federal income tax with respect to such dividends in
the same manner as a U.S.&nbsp;citizen or corporation, as
applicable, unless otherwise provided in an applicable
</DIV>

<P align="center" style="font-size: 10pt;">107

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<DIV align="left" style="font-size: 10pt;">
income tax treaty. Additionally, a non-United States holder that
is a corporation could be subject to a branch profits tax on
effectively connected dividend income at a rate of 30% (or at a
reduced rate under an applicable income tax treaty). If a
non-United States holder is eligible for a reduced rate of
U.S.&nbsp;federal withholding tax pursuant to an income tax
treaty, such non-United States holder may obtain a refund of any
excess amount withheld by filing an appropriate claim for refund
with the IRS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Sale, Exchange or Other Disposition</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Generally, a non-United States holder will not be subject to
U.S.&nbsp;federal income tax on gain realized upon the sale,
exchange or other disposition of our Class&nbsp;A Common Shares
unless (i)&nbsp;such non-United States holder is an individual
present in the United States for 183&nbsp;days or more in the
taxable year of the sale, exchange or other disposition and
certain other conditions are met, (ii)&nbsp;the gain is
effectively connected with such non-United States holder&#146;s
conduct of a trade or business in the United States, or where a
tax treaty provides, the gain is attributable to a
U.S.&nbsp;permanent establishment of such non-United States
holder, or (iii)&nbsp;we are or have been a &#147;U.S.&nbsp;real
property holding corporation&#148; for U.S.&nbsp;federal income
tax purposes at any time during the shorter of the five-year
period preceding such sale, exchange or other disposition or the
period that such non-United States holder held our Class&nbsp;A
Common Shares, or the Applicable Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We do not believe that we have been, are currently or are likely
to be a U.S.&nbsp;real property holding corporation for
U.S.&nbsp;federal income tax purposes. If we were to become a
U.S.&nbsp;real property holding corporation, so long as our
common shares are regularly traded on an established securities
market and continue to be traded, a non-United States holder
would be subject to U.S.&nbsp;federal income tax on any gain
from the sale, exchange or other disposition of Class&nbsp;A
Common Shares only if such non-United States holder actually or
constructively owned, during the Applicable Period more than 5%
of our Class&nbsp;A Common Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Special rules may apply to non-United States holders, such as
controlled foreign corporations, passive foreign investment
companies and corporations that accumulate earnings to avoid
federal income tax, that are subject to special treatment under
the Code. These entities should consult their own tax advisors
to determine the U.S.&nbsp;federal, state, local and other tax
consequences that may be relevant to them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Federal Estate Tax</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Common stock owned or treated as owned by an individual who is a
non-United States holder at the time of his or her death
generally will be included in the individual&#146;s gross estate
for U.S.&nbsp;federal estate tax purposes and may be subject to
U.S.&nbsp;federal estate tax unless an applicable estate tax
treaty provides otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Information Reporting and Backup Withholding Tax</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Information reporting may apply to payments made to a non-United
States holder on or with respect to our Class&nbsp;A Common
Shares. Backup withholding tax (at the then applicable rate) may
also apply to payments made to a non-United States holder on or
with respect to our Class&nbsp;A Common Shares, unless the
non-United States holder certifies as to it status as a
non-United States holder under penalties of perjury or otherwise
establishes an exemption, and certain other conditions are
satisfied. Backup withholding is not an additional tax. Any
amounts withheld under the backup withholding rules from a
payment to a non-United States holder will be allowed as a
refund or a credit against such non-United States holder&#146;s
U.S.&nbsp;federal income tax liability, provided that the
required information is timely furnished to the IRS.
</DIV>

<P align="center" style="font-size: 10pt;">108

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<DIV align="left" style="font-size: 10pt;">
<A name='120'></A>
</DIV>

<!-- link1 "UNDERWRITING" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>UNDERWRITING</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the terms of an underwriting agreement, which will be
filed as an exhibit to the registration statement relating to
this prospectus, each of the underwriters named below, for whom
Lehman Brothers Inc., Goldman, Sachs&nbsp;&#38; Co., CIBC World
Markets Corp. and Johnson Rice&nbsp;&#38; Company L.L.C. are
acting as representatives, have severally agreed to purchase
from us the respective number of our Class&nbsp;A Common Shares
opposite their names below:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="81%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2" align="left" nowrap><B>Underwriter</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Lehman Brothers Inc.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Goldman, Sachs &#38; Co.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    CIBC World Markets Corp.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Johnson Rice &#38; Company L.L.C.&nbsp;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14,062,500</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriting agreement provides that the underwriters&#146;
obligation to purchase our Class&nbsp;A Common Shares depends on
the satisfaction of the conditions contained in the underwriting
agreement, including:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the obligation to purchase all our Class&nbsp;A Common Shares
    offered hereby, if any of the shares are purchased;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the representations and warranties made by us to the
    underwriters are true;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    there is no material change in the financial markets; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    we deliver customary closing documents to the underwriters.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Commissions and Expenses</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table summarizes the underwriting discounts and
commissions we will pay to the underwriters. These amounts are
shown assuming both no exercise and full exercise of the
underwriters&#146; option to purchase additional shares. The
underwriting fee is the difference between the initial price to
the public and the amount the underwriters pay to us for the
shares.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>No Exercise</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Full Exercise</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Per share</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The representatives of the underwriters have advised us that the
underwriters propose to offer shares of our Class&nbsp;A Common
Shares directly to the public at the public offering price on
the cover of this prospectus and to selected dealers, who may
include the underwriters, at such offering price less a selling
concession not in excess of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share. The underwriters may allow, and the selected dealers may
re-allow, a discount from the concession not in excess of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share to other dealers. After this offering, the representatives
may change the public offering price and other offering terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The expenses of this offering that are payable by us are
estimated to be approximately $7.0&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Option to Purchase Additional Shares</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have granted the underwriters an option after the date of the
prospectus to purchase, from time to time, in whole or in part,
up to an aggregate of 2,109,375 Class&nbsp;A Common Shares at
the public offering price less underwriting discounts and
commissions. The option may be exercised if the underwriters
sell more than 14,062,500 Class&nbsp;A Common Shares in
connection with this offering. To the extent that this option is
exercised, each underwriter will be obligated, subject to
certain conditions, to purchase its pro rata portion of these
additional shares based on the underwriter&#146;s percentage
underwriting commitment in this offering as indicated in the
preceding table.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Lock-Up Agreements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We, Retail Ventures, SSC, Cerberus, and Back Bay, and all of our
directors and executive officers have agreed that, without the
prior written consent of Lehman Brothers Inc. on behalf of the
underwriters, we and they will not directly or indirectly offer,
pledge, announce the intention to sell, sell, contract to sell,
sell an option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant to
purchase, or otherwise transfer or dispose of any of our Common
Shares or any securities which may be converted into or
exchanged for any of our Common Shares or enter into any swap or
other agreement that transfers, in whole or in part, any of the
economic consequences of ownership of any of our Common Shares
for a period of 180&nbsp;days from the date of this prospectus
other than permitted transfers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The 180-day restricted period described in the preceding
paragraph will be extended if:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    during the last 17&nbsp;days of the 180-day restricted period we
    issue an earnings release or announce material news or a
    material event; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    prior to the expiration of the 180-day restricted period, we
    announce that we will release earnings results during the 16-day
    period beginning on the last day of the 180-day period,</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
in which case the restrictions described in the preceding
paragraph will continue to apply until the expiration of the
18-day period beginning on the issuance of the earnings release
or the announcement of the material news or material event.
However, Cerberus may transfer the warrants issued by Retail
Ventures and held by Cerberus as of the effective date of the
offering to up to four transferees, provided that any transferee
or transferees of Cerberus also agree, for the duration of the
lock-up period, that any further transfer shall be made on the
terms set forth in the lock-up agreement, and provided further
that neither Cerberus nor its direct or indirect transferees may
transfer any DSW Common Shares underlying the warrants for the
remainder of the lock-up period.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, persons purchasing more than 1,000&nbsp;shares
pursuant to the directed share program described below (except
for our officers and directors, as to whom the 180-day
restricted period applies) will be restricted from selling or
otherwise transferring or disposing of their Common Shares
purchased in this offering for a period of 25&nbsp;days from the
date of this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Offering Price Determination</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to this offering, there has been no public market for our
Class&nbsp;A Common Shares. The initial public offering price
will be negotiated between the representatives and us. In
determining the initial public offering price of our
Class&nbsp;A Common Shares, the representatives will consider:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the history and prospects for the industry in which we compete,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our financial information,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the ability of our management and our business potential and
    earning prospects,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the prevailing securities markets at the time of this offering,
    and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the recent market prices of, and the demand for, publicly traded
    shares of generally comparable companies.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Indemnification</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have agreed to indemnify the underwriters against certain
liabilities, including liabilities under the Securities Act of
1933 and liabilities incurred in connection with the directed
share program referred to below, and to contribute to payments
that the underwriters may be required to make for these
liabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Directed Share Program</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At our request, the underwriters have reserved for sale at the
initial public offering price up to 703,125&nbsp;shares offered
hereby for officers, directors, employees and certain other
persons associated with us
</DIV>

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<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt;">
and with Retail Ventures and SSC. The number of shares available
for sale to the general public will be reduced to the extent
such persons purchase such reserved shares. Any reserved shares
not so purchased will be offered by the underwriters to the
general public on the same basis as the other shares offered
hereby. We or our affiliates may also purchase reserved shares
that have not been purchased, provided that we or the purchasing
affiliate first receive a legal opinion from counsel stating
that such purchase will not violate the federal securities laws.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with the directed share program, Lehman Brothers
Inc. may make an electronic version of this prospectus available
through a password-protected Internet site as described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Stabilization, Short Positions and Penalty Bids</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The representatives may engage in stabilizing transactions,
short sales and purchases to cover positions created by short
sales, and penalty bids or purchases for the purpose of pegging,
fixing or maintaining the price of our Common Shares, in
accordance with Regulation&nbsp;M under the Exchange Act:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Stabilizing transactions permit bids to purchase the underlying
    security so long as the stabilizing bids do not exceed a
    specified maximum.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    A short position involves a sale by the underwriters of shares
    in excess of the number of shares the underwriters are obligated
    to purchase in this offering, which creates the syndicate short
    position. This short position may be either a covered short
    position or a naked short position. In a covered short position,
    the number of shares involved in the sales made by the
    underwriters in excess of the number of shares they are
    obligated to purchase is not greater than the number of shares
    that they may purchase by exercising their option to purchase
    additional shares. In a naked short position, the number of
    shares involved is greater than the number of shares in their
    option to purchase additional shares. The underwriters may close
    out any short position by either exercising their option to
    purchase additional shares and/or purchasing shares in the open
    market. In determining the source of shares to close out the
    short position, the underwriters will consider, among other
    things, the price of shares available for purchase in the open
    market as compared to the price at which they may purchase
    shares through their option to purchase additional shares. A
    naked short position is more likely to be created if the
    underwriters are concerned that there could be downward pressure
    on the price of the shares in the open market after pricing that
    could adversely affect investors who purchase in this offering.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Syndicate covering transactions involve purchases of our Common
    Shares in the open market after the distribution has been
    completed in order to cover syndicate short positions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Penalty bids permit the representatives to reclaim a selling
    concession from a syndicate member when the Common Shares
    originally sold by the syndicate member are purchased in a
    stabilizing or syndicate covering transaction to cover syndicate
    short positions.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
These stabilizing transactions, syndicate covering transactions
and penalty bids may have the effect of raising or maintaining
the market price of our Common Shares or preventing or retarding
a decline in the market price of our Common Shares. As a result,
the price of the Common Shares may be higher than the price that
might otherwise exist in the open market. These transactions may
be effected on the NYSE or otherwise and, if commenced, may be
discontinued at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Neither we nor any of the underwriters make any representation
or prediction as to the direction or magnitude of any effect
that the transactions described above may have on the price of
our Common Shares. In addition, neither we nor any of the
underwriters make representation that the representatives will
engage in these stabilizing transactions or that any
transaction, once commenced, will not be discontinued without
notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Electronic Distribution</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition to the electronic prospectus that Lehman Brothers
Inc. may make available to participants in the directed share
program described above, a prospectus in electronic format may
be made available on the
</DIV>

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<DIV align="left" style="font-size: 10pt;">
Internet sites or through other online services maintained by
one or more of the selling group members participating in this
offering, or by their affiliates. In those cases, prospective
investors may view offering terms online and, depending upon the
particular selling group member, prospective investors may be
allowed to place orders online. The selling group members may
agree with us to allocate a specific number of shares for sale
to online brokerage account holders. Any such allocation for
online distributions will be made by the representatives on the
same basis as other allocations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other than the prospectus in electronic format, the information
on any selling group member&#146;s website and any information
contained in any other website maintained by a selling group
member is not part of the prospectus or the registration
statement of which this prospectus forms a part, has not been
approved and/or endorsed by us or any underwriter or selling
group member in its capacity as underwriter or selling group
member and should not be relied upon by investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Listing on New York Stock Exchange</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our Class&nbsp;A Common Shares have been approved for listing on
the NYSE under the symbol &#147;DSW.&#148; In connection with
that listing, the underwriters will undertake to sell the
minimum number of Common Shares to the minimum number of
beneficial owners necessary to meet the NYSE listing
requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Discretionary Sales</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriters have informed us that they do not intend to
confirm sales to discretionary accounts that exceed 5% of the
total number of shares offered by them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Stamp Taxes</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you purchase shares of our Class&nbsp;A Common Shares offered
in this prospectus, you may be required to pay stamp taxes and
other charges under the laws and practices of the country of
purchase, in addition to this offering price listed on the cover
page of this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Relationships</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriters may in the future perform investment banking
and advisory services for us from time to time for which they
may in the future receive customary fees and expenses. The
underwriters may, from time to time, engage in transactions with
or perform services for us in the ordinary course of their
business. CIBC World Markets Corp., one of the underwriters for
this offering, has in the past, including during 2004, performed
advisory services for Retail Ventures, in exchange for customary
fees. In addition, Lehman Brothers Inc. expects to enter into an
engagement letter with Retail Ventures relating to financial
advisory services provided in connection with the restructuring
of Retail Ventures&#146; existing indebtedness. Lehman Brothers
Inc. will receive customary fees for these services, which will
be offset against the underwriting discounts and commissions it
receives in this offering.
</DIV>

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<DIV align="left" style="font-size: 10pt;">
<A name='121'></A>
</DIV>

<!-- link1 "LEGAL MATTERS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>LEGAL MATTERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DSW is represented by Skadden, Arps, Slate, Meagher&nbsp;&#38;
Flom LLP, New York, New York, Vorys, Sater, Seymour and Pease
LLP, Columbus, Ohio and Sonnenschein Nath&nbsp;&#38; Rosenthal
LLP, St. Louis, Missouri, and the underwriters are represented
by Debevoise&nbsp;&#38; Plimpton LLP, New York, New York. The
validity of the Class&nbsp;A Common Shares offered in this
offering will be passed upon for DSW by Vorys, Sater, Seymour
and Pease LLP, Columbus, Ohio. Skadden, Arps, Slate,
Meagher&nbsp;&#38; Flom LLP will render an opinion to DSW
regarding &#147;Material U.S.&nbsp;Federal Income and Estate Tax
Consequences.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='122'></A>
</DIV>

<!-- link1 "EXPERTS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>EXPERTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The financial statements included in this prospectus as of
January&nbsp;29, 2005 and January&nbsp;31, 2004, and for each of
fiscal 2003 and fiscal 2004, and the related supplemental
schedule included elsewhere in the registration statement have
been audited by Deloitte &#38; Touche LLP, an independent
registered public accounting firm, as stated in their report
appearing herein and elsewhere in the registration statement
(which report expresses an unqualified opinion and includes an
explanatory paragraph that describes the Company&#146;s change
in its method of accounting for goodwill and other intangible
assets effective February&nbsp;3, 2002), and are included in
reliance upon the report of such firm given upon their authority
as experts in accounting and auditing.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='123'></A>
</DIV>

<!-- link1 "WHERE YOU CAN FIND MORE INFORMATION" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>WHERE YOU CAN FIND MORE INFORMATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have filed with the SEC a registration statement on
Form&nbsp;S-1 under the Securities Act with respect to the
Class&nbsp;A Common Shares offered by this prospectus. This
prospectus, filed as part of the registration statement, does
not contain all the information set forth in the registration
statement and its exhibits and schedules, portions of which have
been omitted as permitted by the rules and regulations of the
SEC. For further information about us and our Class&nbsp;A
Common Shares, we refer you to the registration statement and to
its exhibits and schedules. With respect to statements in this
prospectus about the contents of any contract, agreement or
other document, in each instance, we refer you to the copy of
such contract, agreement or document filed as an exhibit to the
registration statement, and each such statement is qualified in
all respects by reference to the document to which it refers.
Anyone may inspect the registration statement and its exhibits
and schedules without charge at the public reference facilities
the SEC maintains at 450 Fifth Street, N.W.,
Washington,&nbsp;D.C. 20549. You may obtain copies of all or any
part of these materials from the SEC upon the payment of certain
fees prescribed by the SEC. You may obtain further information
about the operation of the SEC&#146;s Public Reference Room by
calling the SEC at 1-800-SEC-0330. These reports and other
information may also be inspected without charge at a website
maintained by the SEC at http://www.sec.gov. In addition, you
may obtain information about us at the offices of the NYSE,
20&nbsp;Broad Street, New York, New York 10005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon completion of this offering, we will become subject to the
informational requirements of the Exchange Act and will be
required to file reports, proxy statements and other information
with the SEC. You will be able to inspect and copy these
reports, proxy statements and other information at the public
reference facilities maintained by the SEC at the address noted
above. You also will be able to obtain copies of this material
from the Public Reference Room of the SEC as described above, or
inspect them without charge at the SEC&#146;s website. We intend
to furnish our shareholders with annual reports containing
consolidated financial statements audited by an independent
accounting firm.
</DIV>

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<DIV align="left" style="font-size: 10pt;">
<A name='124'></A>
</DIV>

<!-- link1 "INDEX TO CONSOLIDATED FINANCIAL STATEMENTS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Page</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>&nbsp;<A HREF='#301'>REPORT OF INDEPENDENT REGISTERED PUBLIC
    ACCOUNTING FIRM</A></B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>CONSOLIDATED FINANCIAL STATEMENTS</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#302'>Consolidated Balance Sheets as of
    January&nbsp;29, 2005 and January&nbsp;31, 2004</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#303'>Consolidated Statements of Income for the
    years ended January&nbsp;29, 2005, January&nbsp;31, 2004 and
    February&nbsp;1, 2003.</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#304'>Consolidated Statements of
    Shareholder&#146;s Equity for the years ended January&nbsp;29,
    2005, January&nbsp;31, 2004 and February&nbsp;1, 2003.</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#305'>Consolidated Statements of Cash Flows for
    the years ended January&nbsp;29, 2005, January&nbsp;31, 2004 and
    February&nbsp;1, 2003.</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#306'>Notes to Consolidated Financial
    Statements</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#307'>Schedule&nbsp;II-Valuation and Qualifying
    Accounts</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-19</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited):</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Condensed Consolidated Balance Sheet as of April 30, 2005
    (unaudited)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-20</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Condensed Consolidated Statements of Income for the three months
    ended April 30, 2005 and May&nbsp;1, 2004 (unaudited)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Condensed Consolidated Statements of Shareholder&#146;s Equity
    for the three months ended April&nbsp;30, 2005 and May&nbsp;1,
    2004 (unaudited)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Condensed Consolidated Statements of Cash Flows for the three
    months ended April&nbsp;30, 2005 and May&nbsp;1, 2004 (unaudited)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Notes to Condensed Consolidated Financial Statements</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>F-24</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">F-1

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='301'></A>
</DIV>

<!-- link1 "REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Board of Directors and Shareholder
</DIV>

<DIV align="left" style="font-size: 10pt;">
DSW Inc.
</DIV>

<DIV align="left" style="font-size: 10pt;">
Columbus, Ohio
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have audited the accompanying consolidated balance sheets of
DSW Inc. and subsidiary (the &#147;Company&#148;), a wholly
owned subsidiary of Retail Ventures, Inc., as of
January&nbsp;29, 2005 and January&nbsp;31, 2004 and the related
consolidated statements of income, shareholder&#146;s equity,
and cash flows for each of the three years in the period ended
January&nbsp;29, 2005, January&nbsp;31, 2004 and
February&nbsp;1, 2003. Our audits also included the supplemental
schedule. These consolidated financial statements and
supplemental schedule are the responsibility of the
Company&#146;s management. Our responsibility is to express an
opinion on the consolidated financial statements and the
supplemental schedule based on our audits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We conducted our audits in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. The Company is not required to
have, nor were we engaged to perform, an audit of its internal
control over financial reporting. Our audit included
consideration of internal control over financial reporting as a
basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Company&#146;s internal control over
financial reporting. Accordingly, we express no such opinion. An
audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In our opinion, such consolidated financial statements present
fairly, in all material respects, the financial position of DSW
Inc. and subsidiary as of January&nbsp;29, 2005 and
January&nbsp;31, 2004 and the results of their operations and
their cash flows for each of the three years in the period ended
January&nbsp;29, 2005, January&nbsp;31, 2004 and
February&nbsp;1, 2003 in conformity with accounting principles
generally accepted in the United States of America. Also, in our
opinion, such supplemental schedule, when considered in relation
to the basic consolidated financial statements taken as a whole,
presents fairly in all material respects the information set
forth therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As discussed in the notes to the consolidated financial
statements, the Company adopted Statement of Financial
Accounting Standards No.&nbsp;142, <I>Goodwill and Other
Intangible Assets</I>, effective February&nbsp;3, 2002.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
/s/ Deloitte&nbsp;&#38; Touche LLP
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
May&nbsp;5, 2005
</DIV>

<DIV align="left" style="font-size: 10pt;">
Columbus, Ohio
</DIV>

<DIV align="left" style="font-size: 10pt;">
(May&nbsp;31, 2005 as to Notes 7 and 9)
</DIV>

<P align="center" style="font-size: 10pt;">F-2

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DSW INC.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='302'></A>
</DIV>

<!-- link1 "CONSOLIDATED BALANCE SHEETS" -->

<DIV align="center" style="font-size: 10pt;">
<B>CONSOLIDATED BALANCE SHEETS</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>JANUARY&nbsp;29, 2005 AND JANUARY&nbsp;31, 2004</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 3pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="57%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;29,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;31,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>(In thousands,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>except share amounts)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="12" align="center" valign="top">
    <B>ASSETS</B></TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    CURRENT ASSETS:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cash and equivalents</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,076</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accounts receivable</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,291</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,264</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Inventories</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>208,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>150,019</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Prepaid expenses and other assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,940</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,847</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deferred income taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,202</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total current assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>247,846</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>177,408</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    ADVANCES TO AFFILIATES</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>23,676</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,440</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    PROPERTY AND EQUIPMENT&nbsp;&#151; At cost:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Furniture, fixtures and equipment</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>81,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>58,729</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Leasehold improvements</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>70,936</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>60,255</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Capital leases&nbsp;&#151; furniture, fixtures and equipment</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,227</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total property and equipment&nbsp;&#151; at cost</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>152,541</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>120,211</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Less accumulated depreciation</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(62,485</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(46,068</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Property and equipment&nbsp;&#151; net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>90,056</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>74,143</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    GOODWILL</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,899</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    TRADENAMES AND OTHER INTANGIBLES&nbsp;&#151; Net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,079</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,943</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    DEFERRED INCOME TAXES AND OTHER ASSETS</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,351</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    TOTAL</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>395,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>291,184</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="12" align="center" valign="top">
    <B>LIABILITIES AND SHAREHOLDER&#146;S EQUITY</B></TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    CURRENT LIABILITIES:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accounts payable</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>72,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>52,237</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accrued expenses:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Compensation</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,215</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,940</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>17,443</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,634</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Current maturities of long-term obligations</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>138</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total current liabilities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>108,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>74,164</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    LONG-TERM OBLIGATIONS&nbsp;&#151; Net of current maturities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>55,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>35,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    OTHER NONCURRENT LIABILITIES</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>38,149</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    COMMITMENTS AND CONTINGENCIES</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    SHAREHOLDER&#146;S EQUITY:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Common stock&nbsp;&#151; no par value:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Authorized&nbsp;&#151; 500 shares</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Outstanding&nbsp;&#151; 410.09 shares</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Paid in capital</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>101,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>101,442</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Retained earnings</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>77,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>42,429</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total shareholder&#146;s equity</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>178,826</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>143,871</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    TOTAL</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>395,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>291,184</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
See notes to consolidated financial statements.
</DIV>

<P align="center" style="font-size: 10pt;">F-3

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DSW INC.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='303'></A>
</DIV>

<!-- link1 "CONSOLIDATED STATEMENTS OF INCOME" -->

<DIV align="center" style="font-size: 10pt;">
<B>CONSOLIDATED STATEMENTS OF INCOME</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>YEARS ENDED JANUARY&nbsp;29, 2005, JANUARY&nbsp;31, 2004 AND
FEBRUARY&nbsp;1, 2003</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="57%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;29,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>February&nbsp;1,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>(In thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    NET SALES</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>961,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>791,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>644,345</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    COST OF SALES</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(690,878</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(588,421</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(485,589</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    GROSS PROFIT</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>270,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>202,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>158,756</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    OPERATING EXPENSES</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(214,102</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(174,874</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(140,975</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    OPERATING PROFIT</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>56,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>28,053</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>17,781</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    INTEREST EXPENSE&nbsp;&#151; NET</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,734</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,739</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3,874</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    EARNINGS BEFORE INCOME TAXES</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>53,375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,314</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,907</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    INCOME TAX PROVISION</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(18,420</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(10,507</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(5,847</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    NET INCOME</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>34,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>14,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,060</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
See notes to consolidated financial statements.
</DIV>

<P align="center" style="font-size: 10pt;">F-4

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DSW INC.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='304'></A>
</DIV>

<!-- link1 "CONSOLIDATED STATEMENTS OF SHAREHOLDER&#146;S EQUITY" -->

<DIV align="center" style="font-size: 10pt;">
<B>CONSOLIDATED STATEMENTS OF SHAREHOLDER&#146;S EQUITY</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>YEARS ENDED JANUARY&nbsp;29, 2005, JANUARY&nbsp;31, 2004 AND
FEBRUARY&nbsp;1, 2003</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Common</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Paid in</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Retained</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Capital</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Earnings</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Total</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align="center" nowrap><B>(In thousands, except share amounts)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    BALANCE&nbsp;&#151; February&nbsp;2, 2002</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>410.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>101,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>19,562</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>121,004</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,060</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    BALANCE&nbsp;&#151; February&nbsp;1, 2003</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>410.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>101,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>27,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>129,064</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14,807</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    BALANCE&nbsp;&#151; January&nbsp;31, 2004</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>410.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>101,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>42,429</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>143,871</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>34,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>34,955</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    BALANCE&nbsp;&#151; January&nbsp;29, 2005</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>410.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>101,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>77,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>178,826</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
See notes to consolidated financial statements.
</DIV>

<P align="center" style="font-size: 10pt;">F-5

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DSW INC.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='305'></A>
</DIV>

<!-- link1 "CONSOLIDATED STATEMENTS OF CASH FLOWS" -->

<DIV align="center" style="font-size: 10pt;">
<B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>YEARS ENDED JANUARY&nbsp;29, 2005, JANUARY&nbsp;31, 2004 AND
FEBRUARY&nbsp;1, 2003</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;29,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>February&nbsp;1,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>(In thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    CASH FLOWS FROM OPERATING ACTIVITIES:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>34,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>14,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,060</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Adjustments to reconcile net income to net cash provided by
    (used in) operating activities:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Depreciation and amortization</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18,275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,478</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,986</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Amortization of debt issuance costs</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>469</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>529</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deferred income taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(7,813</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3,715</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Loss on fixed assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>40</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Change in working capital, assets and liabilities:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accounts receivable</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(27</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,965</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3,227</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Inventories</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(57,996</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(8,907</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(24,475</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Prepaid expenses and other assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(338</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(641</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>41</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Advances to/from affiliates</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(22,236</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,574</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(33,020</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accounts payable</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19,883</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(8,995</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,732</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proceeds from lease incentives</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,394</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,159</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other noncurrent liabilities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>386</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>176</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accrued expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,973</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>876</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net cash provided by (used in) operating activities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,694</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>45,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(30,838</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    CASH FLOWS FROM INVESTING ACTIVITIES:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Capital expenditures</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(34,293</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(22,324</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(23,140</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cash used in investing activities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(34,293</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(22,324</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(23,140</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    CASH FLOWS FROM FINANCING ACTIVITIES:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Payments of capital lease obligations</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(138</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(205</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(169</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net increase (decrease) in revolving credit facility</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(19,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>54,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Debt issuance costs</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,437</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net cash provided by (used in) financing activities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>19,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(19,205</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52,394</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,263</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,595</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,584</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    CASH AND EQUIVALENTS&nbsp;&#151; Beginning of year</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,076</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,065</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    CASH AND EQUIVALENTS&nbsp;&#151; End of year</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,076</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,481</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    SUPPLEMENTAL DISCLOSURES:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cash paid for interest</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,280</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cash paid for income taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>898</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,552</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
See notes to consolidated financial statements.
</DIV>

<P align="center" style="font-size: 10pt;">F-6

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='306'></A>
</DIV>

<!-- link1 "DSW INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED JANUARY 29, 2005, JANUARY 31, 2004 AND FEBRUARY 1, 2003" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DSW INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>YEARS ENDED JANUARY&nbsp;29, 2005, JANUARY&nbsp;31, 2004 AND
FEBRUARY&nbsp;1, 2003</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT ACCOUNTING
POLICIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Business Operations</I>&nbsp;&#151; DSW Inc. and its wholly
owned subsidiary are herein referred to collectively as the
&#147;Company&#148;. At January&nbsp;29, 2005, the
Company&#146;s common stock was wholly owned by Retail Ventures,
Inc. (&#147;RVI&#148;). RVI is listed on the New York Stock
Exchange trading under the ticker symbol &#147;RVI.&#148; Prior
to a reorganization within RVI in December 2004, the
Company&#146;s common stock was wholly owned by Value City
Department Stores, Inc. (&#147;VCDS&#148;) which in turn was a
wholly owned subsidiary of RVI. The Company operates a single
segment, which includes DSW stores and leased shoe departments,
and sells better-branded footwear and accessories. As of
January&nbsp;29, 2005, there were a total of 172 stores located
throughout the United States of America. The Company also
supplies footwear, under supply arrangements, to 22
Filene&#146;s Basement stores and 202 locations for other
non-related retailers in the United States of America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Fiscal Year</I>&nbsp;&#151; The Company&#146;s fiscal year
ends on the Saturday nearest January&nbsp;31. Fiscal years 2004,
2003 and 2002 consist of 52&nbsp;weeks. Unless otherwise stated,
references to years in this report relate to fiscal years rather
than calendar years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Use of Estimates</I>&nbsp;&#151; The preparation of financial
statements in conformity with accounting principles generally
accepted in the United States of America requires management to
make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and
reported amounts of revenues and expenses during the reporting
period. Significant estimates are required as a part of
inventory valuation, depreciation, amortization, recoverability
of long-lived assets and establishing reserves for insurance.
Although these estimates are based on management&#146;s
knowledge of current events and actions it may undertake in the
future, actual results could differ from these estimates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Financial Instruments</I>&nbsp;&#151; The following methods
and assumptions were used to estimate the fair value of each
class of financial instruments:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I>Cash and Equivalents</I>&nbsp;&#151; Cash and equivalents
    represent cash, highly liquid investments with original
    maturities of three months or less at the date of purchase and
    credit card receivables, which generally settle within three
    days to be cash equivalents.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I>Accounts Receivable</I>&nbsp;&#151; Accounts receivables are
    classified as current assets because the average collection
    period is generally less than one year. The carrying amount
    approximates fair value because of the relatively short average
    maturity of the instruments and no significant change in
    interest rates.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <I>Long-Term Debt</I>&nbsp;&#151; The carrying amount
    approximates fair value as a result of the variable rate-based
    borrowings.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Concentration of Credit Risk</I>&nbsp;&#151; Financial
instruments, which principally subject the Company to
concentration of credit risk, consist of cash and cash
equivalents. The Company invests excess cash when available
through financial institutions in over night investments. At
times, such amounts may be in excess of FDIC insurance limits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Concentration of Vendor Risk</I>&nbsp;&#151; During fiscal
2004, taking into account industry consolidation, merchandise
supplied to the Company by three key vendors accounted for
approximately 19% of net sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Inventories</I>&nbsp;&#151; Merchandise inventories are
stated at the lower of cost, determined using the first-in,
first-out basis, or market, using the retail inventory method.
The retail method is widely used in the retail industry due to
its practicality. Under the retail inventory method, the
valuation of inventories at cost and the resulting gross profits
are calculated by applying a calculated cost to retail ratio to
the retail value of inventories. The cost of the inventory
reflected on the balance sheet is decreased by charges to cost
of sales at the time the retail value of the inventory is
lowered through the use of markdowns. Hence, earnings are
negatively
</DIV>

<P align="center" style="font-size: 10pt;">F-7

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt;">
<B>DSW INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
impacted as the merchandise is marked down prior to sale.
Reserves to value inventory at the lower of cost or market were
$14.2&nbsp;million and $11.5&nbsp;million at the end of fiscal
years 2004 and 2003, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Inherent in the calculation of inventories are certain
significant management judgments and estimates, including
setting the original merchandise retail value or mark-on,
markups of initial prices established, reductions in prices due
to customers&#146; perception of value (known as markdowns), and
estimates of losses between physical inventory counts, or
shrinkage, which combined with the averaging process within the
retail method, can significantly impact the ending inventory
valuation at cost and the resulting gross profit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Vendor Allowances</I>&nbsp;&#151; Vendor allowances include
allowances, rebates and cooperative advertising funds received
from vendors. The amount of these funds is determined for each
fiscal year and the majority is based on various quantitative
contract terms. Amounts expected to be received from vendors
relating to the purchase of merchandise inventories are
recognized as a reduction of cost of goods sold as the
merchandise is sold. Amounts that represent a reimbursement of
costs incurred, such as advertising, are recorded as a reduction
to the related expense in the period that the related expense is
incurred. On an annual basis, the Company confirms earned
allowances with vendors to determine the amounts are recorded in
accordance with the terms of the contract. At January&nbsp;29,
2005 and January&nbsp;31, 2004, the Company had a vendor
allowance balance of less than $100,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Property and Equipment</I>&nbsp;&#151; Property and equipment
is stated at cost less accumulated depreciation determined by
the straight-line method over the expected useful lives of the
assets. Assets held under capital leases and related obligations
are recorded initially at the lower of fair market value or the
present value of the minimum lease payments. The straight-line
method is used to amortize such capitalized costs over the
lesser of the expected useful life of the asset or the life of
the lease. Leasehold improvements are amortized under the
straight-line method over the lesser of the initial lease term
or the expected useful life (10&nbsp;years). The estimated
useful lives of furniture, fixtures and equipment are 3 to
10&nbsp;years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Asset Impairment and Long-Lived Assets</I>&nbsp;&#151; The
Company must periodically evaluate the carrying amount of its
long-lived assets, primarily property and equipment, and finite
life intangible assets when events and circumstances warrant
such a review to ascertain if any assets have been impaired. The
carrying amount of a long-lived asset is considered impaired
when the carrying value of the asset exceeds the expected future
cash flows (undiscounted and without interest) from the asset.
The Company reviews are conducted down at the lowest
identifiable level, which include a store. The impairment loss
recognized is the excess of the carrying value, based on
discounted future cash flows, of the asset over its fair value.
Should an impairment loss be realized, it will be included in
operating expenses. Based on recent analysis, the Company
expensed $0.9&nbsp;million in fiscal 2004 of identified store
assets where the recorded value could not be supported by cash
flows. The amount of impairment losses recorded during fiscal
years 2003 and 2002 were immaterial to the financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Goodwill</I>&nbsp;&#151; Goodwill represents the excess cost
over the estimated fair values of net assets including
identifiable intangible assets of businesses acquired. Goodwill
is tested for impairment at least annually. The Company, as a
result of adoption of Statement of Financial Accounting
Standards (&#147;SFAS&#148;) No.&nbsp;142, <I>Goodwill and Other
Intangible Assets,</I> no longer records goodwill amortization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Tradenames and Other Intangible Assets</I>&nbsp;&#151;
Tradenames and other intangible assets are comprised of values
assigned to names the Company acquired and leases acquired. The
accumulated amortization for these
</DIV>

<P align="center" style="font-size: 10pt;">F-8

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt;">
<B>DSW INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
assets is $5.8&nbsp;million and $4.9&nbsp;million at
January&nbsp;29, 2005 and January&nbsp;31, 2004, respectively.
The asset value and accumulated amortization of intangible
assets is as follows:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;29,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;31,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>(In thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Tradenames:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Gross</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>12,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>12,750</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accumulated amortization</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(5,738</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,887</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Subtotal</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,863</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Useful life</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Favorable leases:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Gross</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>140</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accumulated amortization</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(73</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(60</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Subtotal</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>80</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Useful life</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Tradenames and other intangible assets&nbsp;&#151; net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,079</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,943</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Aggregate amortization expense for the current and each of the
five succeeding years is as follows:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="78%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Fiscal Year</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>(In thousands)</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2004</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>864</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2005</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>864</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2006</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>861</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2007</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>854</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2008</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>854</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2009</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>854</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Income Taxes</I>&nbsp;&#151; Income taxes are accounted for
using the asset and liability method. Under this method,
deferred income taxes arise from temporary differences between
the tax basis of assets and liabilities and their reported
amounts in the financial statements. A valuation allowance is
established against deferred tax assets when it is more likely
than not that some portion or all of the deferred tax assets
will not be realized. As of January&nbsp;29, 2005, the Company
did not have any income tax valuation allowances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Deferred Rent</I>&nbsp;&#151; Many of the Company&#146;s
operating leases contain predetermined fixed increases of the
minimum rental rate during the initial lease term. For these
leases the Company recognizes the related rental expense on a
straight-line basis and records the difference between the
amount charged to expense and the rent paid as a deferred rent
and begins amortizing such deferred rent upon the delivery of
the lease location by the lessor. The amounts included in other
noncurrent liabilities caption were $16.7&nbsp;million and
$11.7&nbsp;million, at January&nbsp;29, 2005 and
January&nbsp;31, 2004, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Tenant Allowances</I>&nbsp;&#151; The Company receives cash
allowances from landlords, which are deferred and amortized on a
straight-line basis over the life of the lease as a reduction of
rent expense. These allowances are included in the caption other
noncurrent liabilities and were $35.0&nbsp;million and
$26.5&nbsp;million, at January&nbsp;29, 2005 and
January&nbsp;31, 2004, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Sales and Revenue Recognition</I>&nbsp;&#151; Sales of
merchandise are net of returns and exclude sales tax. Revenues
from our retail operations are recognized at the latter of point
of sale or delivery of goods to the customer. Revenue from gift
cards is deferred and the revenue is recognized upon redemption
of the gift card.
</DIV>

<P align="center" style="font-size: 10pt;">F-9

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt;">
<B>DSW INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company supplies footwear, under supply arrangements, to
22&nbsp;Filene&#146;s Basement stores and 202&nbsp;locations for
other non-related retailers in the United States of America.
Sales for these leased supply locations are net of returns and
sales tax, as tracked by the lessor, and are included in net
sales and represent 9.4%, 8.9% and 3.5% of total net sales for
fiscal 2004, 2003, and 2002, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Cost of Sales</I>&nbsp;&#151; Cost of sales includes the cost
of merchandise, distribution and warehousing (including
depreciation), store occupancy (excluding depreciation),
permanent and point of sale reductions, markdowns and shrinkage
provision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Warehousing costs are comprised of labor, benefits and other
labor-related costs associated with the operations of the
warehouse, which are primarily payroll-related taxes and
benefits. The non-labor costs associated with warehousing
include rent, depreciation, insurance, utilities and maintenance
and other operating costs that are passed to the Company from
the landlord. Distribution costs include the transportation of
merchandise to the warehouse and from the warehouse to the
stores. Store occupancy costs include rent, utilities, repairs,
maintenance and janitorial costs and other costs associated with
licenses and occupancy-related taxes, which are primarily real
estate taxes passed to the Company by the landlords.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Operating Expenses</I>&nbsp;&#151; Operating expenses include
expenses related to store selling, store management and store
payroll costs, advertising, leased shoe department operations,
store depreciation and amortization, pre-opening advertising and
other pre-opening costs (which are expensed as incurred),
corporate expenses for buying services, information services,
depreciation expense for corporate cost centers, marketing,
insurance, legal, finance, outside professional services,
allocable costs from our parent and other corporate related
departments, and benefits for associates and related payroll
taxes. Corporate level expenses are primarily attributable to
operations at our corporate offices in Columbus, Ohio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Customer Loyalty Program</I>&nbsp;&#151; The Company
maintains a customer loyalty program for its DSW operations in
which customers receive a future discount on qualifying
purchases in exchange for marketing information. The
&#147;Reward Your Style&#148; (&#147;RYS&#148;) is designed to
promote customer awareness and loyalty plus to provide the
Company with the ability to communicate with its customers. Upon
reaching the target level, customers may redeem these discounts
on a future purchase. Generally these future discounts must be
redeemed within six months. The Company accrues the estimated
costs of the anticipated redemptions of the discount earned at
the time of the initial purchase and charges such costs to
operating expenses based on historical experience. The estimates
of the costs associated with the loyalty program require the
Company to make assumptions related to customer purchase levels
and redemption rates. The accrued liability as of
January&nbsp;29, 2005 and January&nbsp;31, 2004 is
$4.5&nbsp;million and $3.0&nbsp;million, respectively. The
Company utilizes this customer database for direct mail and
marketing efforts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Pre-Opening Costs</I>&nbsp;&#151; Pre-opening costs
associated with opening or remodeling of stores are expensed as
incurred. Pre-opening costs expensed were $10.8&nbsp;million,
$5.1&nbsp;million and $2.9&nbsp;million for fiscal 2004, 2003,
and 2002, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Advertising Expense</I>&nbsp;&#151; The cost of advertising
is expensed as incurred or when the advertising first takes
place. Advertising costs were $39.3&nbsp;million,
$36.4&nbsp;million and $29.8&nbsp;million in fiscal 2004, 2003,
and 2002, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Earnings Per Share (&#147;EPS&#148;)</I>&nbsp;&#151; The
Company was a wholly owned subsidiary of RVI at January&nbsp;29,
2005, and is not required to report EPS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Recent Accounting Pronouncements</I>&nbsp;&#151; The
Financial Accounting Standards Board (&#147;FASB&#148;)
periodically issues SFAS, some of which require implementation
by a date falling within or after the close of the fiscal year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In January 2003, the FASB issued Financial Interpretation
No.&nbsp;46, <I>Consolidation of Variable Interest Entities</I>
(&#147;FIN 46&#148;), which requires the consolidation of
certain entities considered to be variable interest
</DIV>

<P align="center" style="font-size: 10pt;">F-10

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt;">
<B>DSW INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
entities (&#147;VIEs&#148;). An entity is considered to be a VIE
when it has equity investors who lack the characteristics of
having a controlling financial interest, or its capital is
insufficient to permit it to finance its activities without
additional subordinated financial support. Consolidation of a
VIE by an investor is required when it is determined that the
investor will absorb a majority of the VIE&#146;s expected
losses or residual returns if they occur. FIN 46 provides
certain exceptions to these rules, relating to qualifying
special purpose entities (&#147;QSPEs&#148;) subject to the
requirements of SFAS No.&nbsp;140. Upon its original issuance,
FIN 46 required that VIEs created after January&nbsp;31, 2003
would be consolidated immediately, while VIEs created prior to
February&nbsp;1, 2003 were to be consolidated as of July&nbsp;1,
2003.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In October 2003, the FASB deferred the effective date for
consolidation of VIEs created prior to February&nbsp;1, 2003 to
December&nbsp;31, 2003 for calendar year-end companies, with
earlier application encouraged.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In December 2003, the FASB published a revision to FIN&nbsp;46
(&#147;FIN&nbsp;46R&#148;) to clarify some of the provisions of
the original interpretation and to exempt certain entities from
its requirements. FIN&nbsp;46R provides special effective date
provisions to enterprises that fully or partially applied to
FIN&nbsp;46 prior to the issuance of the revised interpretation.
In particular, entities that have already adopted FIN&nbsp;46
are not required to adopt FIN&nbsp;46R until the quarterly
reporting period ended May&nbsp;1, 2004. Adoption of the
required sections of FIN&nbsp;46, as modified and interpreted,
including the provisions of FIN&nbsp;46R, did not have any
effect on the Company&#146;s financial statements or disclosures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In May 2003, the FASB issued SFAS No.&nbsp;150, <I>Accounting
for Certain Financial Instruments with Characteristics of both
Liabilities and Equity</I>. SFAS No.&nbsp;150 requires that an
issuer classify a financial instrument that is within its scope
as a liability (or an asset in some circumstances), many of
which were previously classified as equity. This statement is
effective for financial instruments entered into or modified
after May&nbsp;31, 2003 and for pre-existing instruments as of
the beginning of the first interim period beginning after
June&nbsp;15, 2003. Initial adoption of this accounting
pronouncement did not have a material impact on the
Company&#146;s financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The FASB&#146;s Emerging Issues Task Force (&#147;EITF&#148;)
Issue No.&nbsp;02-16, <I>Accounting By A Customer (Including A
Reseller) For Cash Consideration Received From A Vendor,</I>
addressed the accounting treatment for vendor allowances. The
adoption of EITF Issue No.&nbsp;02-16 in 2003 did not have a
material impact on the Company&#146;s financial position or
results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In December 2004, the FASB issued SFAS No.&nbsp;123 (revised
2004) (&#147;SFAS No.&nbsp;123R&#148;), <I>Share-Based
Payment</I>. This statement revised SFAS No.&nbsp;123,
Accounting for Stock-Based Compensation, and requires companies
to expense the value of employee stock options and similar
awards. The effective date of this standard is interim and
annual periods beginning after June&nbsp;15, 2005. No stock
options or similar awards have been granted by the Company as of
fiscal years 2004 and 2003. Therefore SFAS No.&nbsp;123R has no
impact on the Company. However any future stock options and
similar awards would need to be valued and expensed in
accordance with SFAS No.&nbsp;123R.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In April 2005, the SEC delayed the compliance date for SFAS 123R
until the beginning of the Company&#146;s fiscal year 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RELATED PARTY TRANSACTIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company purchases merchandise from VCDS and affiliates of
Schottenstein Stores Corporation (&#147;SSC&#148;), direct owner
of approximately 57.3% of RVI&#146;s common shares. Purchases of
merchandise from affiliates were immaterial in fiscal 2004 and
fiscal 2003 and was $1.5&nbsp;million in fiscal 2002.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company also leases certain store and warehouse locations
owned by SSC as described in Note&nbsp;3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Accounts receivable from and payable to affiliates principally
result from commercial transactions with entities owned or
controlled by SSC or intercompany transactions with SSC.
Settlement of affiliate receivables
</DIV>

<P align="center" style="font-size: 10pt;">F-11

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt;">
<B>DSW INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
and payables are in the form of cash. These transactions settle
normally in 30 to 60&nbsp;days. Amounts receivable or payable to
SSC or its affiliates at January&nbsp;29, 2005 and
January&nbsp;31, 2004 were immaterial.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company shares certain personnel, administrative and service
costs with SSC and its affiliates. The costs of providing these
services are allocated among the Company, SSC and its affiliates
without a premium. The allocated amounts are not significant.
SSC does not charge the Company for general corporate management
services. In the opinion of the Company and SSC management, the
aforementioned charges are reasonable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company was self-insured through its participation in
SSC&#146;s self-insurance program for general liability,
casualty loss and certain state workers&#146; compensation
programs, which participation ended in fiscal 2003. While the
Company no longer participates in the program, it continues to
remain responsible for liabilities it incurred under the
program. The Company expensed an immaterial amount in fiscal
2004 and $0.2&nbsp;million and $3.0&nbsp;million in fiscal years
2003 and 2002, respectively, for such program. Estimates for
self-insured programs are determined by independent actuaries
based on actuarial assumptions, which incorporate historical
incurred claims and incurred but not reported (&#147;IBNR&#148;)
claims.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the ordinary course of business, the Company has received
various services provided by RVI or its subsidiaries, including
import administration, risk management, human resources,
information technology, tax, financial services and payroll, as
well as other corporate services. RVI has also provided the
Company with the services of a number of its executives and
employees. The financial statements include allocations by RVI
of its costs related to these services. These costs allocations
have been determined on a basis that the Company and RVI
consider to be reasonable reflections of the use of services
provided or the benefit received to the Company. These
allocations totaled $29.5&nbsp;million and $24.4&nbsp;million in
fiscal 2004 and fiscal 2003, respectively and were immaterial in
fiscal 2002. In addition, the Company has entered into
agreements with various subsidiaries of RVI to supply all of
their shoe inventories. The net balance of these transactions is
reflected within the balance sheets as advances to affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
See Notes&nbsp;3, 4, 5, 6, 7 and 9 for additional related party
disclosures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEASES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company leases stores and warehouses under various
arrangements with related and unrelated parties. Such leases
expire through 2019 and in most cases provide for renewal
options. Generally, the Company is required to pay real estate
taxes, maintenance, insurance and contingent rentals based on
sales in excess of specified levels.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of January&nbsp;29, 2005, the Company leased or had other
agreements with 15 store locations owned by SSC or affiliates of
SSC, and one warehouse facility for an annual minimum rent of
$8.3&nbsp;million and additional contingent rents based on
aggregate sales in excess of specified sales for the store
locations. Under supply agreements to Filene&#146;s Basement
stores and other non-related retailers, the Company pays
contingent rents based on sales.
</DIV>

<P align="center" style="font-size: 10pt;">F-12

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt;">
<B>DSW INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Future minimum lease payments required under the aforementioned
leases, exclusive of real estate taxes, insurance and
maintenance costs, at January&nbsp;29, 2005 are as follows:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="61%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>Operating Leases</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Unrelated</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Related</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2" align="left" nowrap><B>Fiscal Year</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Total</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Party</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Party</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>(In thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2005</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>81,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>73,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,822</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2006</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>84,349</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>75,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,398</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2007</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>82,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>74,199</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,636</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2008</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>81,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>72,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,873</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2009</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>79,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>70,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,802</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Future years</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>377,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>316,593</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>61,168</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total minimum lease payments</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>786,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>682,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>103,699</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The composition of rental expense is as follows:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;29,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>February&nbsp;1,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>(In thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Minimum rentals:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Unrelated parties</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>63,172</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>52,326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>47,411</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Related parties</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,224</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Contingent rentals:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Unrelated parties</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,785</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>434</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Related parties</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,931</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,896</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>89,947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>74,918</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>56,965</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Assets acquired under capital leases are included in the balance
sheets as property, while the related obligations are included
in long-term obligations. At January&nbsp;29, 2005, the Company
had no capital leases.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;31,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(In</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Assets held under capital leases:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Equipment</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,227</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accumulated depreciation and amortization</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,128</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net book value</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>99</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">F-13

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt;">
<B>DSW INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LONG-TERM OBLIGATIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Long-term obligations consist of the following:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;29,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;31,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>(In thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Revolving credit facility</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>55,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>35,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Capital lease obligations</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>138</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>55,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>35,138</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Less current maturities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(138</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>55,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>35,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Letters of credit outstanding</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>14,854</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>11,370</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Availability under revolving credit facility</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>108,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>119,995</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At January&nbsp;29, 2005, the Company&#146;s direct parent, RVI
and its subsidiaries, had an aggregate $525.0&nbsp;million of
financing that consisted of three separate credit facilities
(collectively, the &#147;Credit Facilities&#148;): (i)&nbsp;a
$350.0&nbsp;million revolving credit facility (the
&#147;Revolving Loan&#148;), (ii)&nbsp;two $50.0&nbsp;million
term loan facilities provided equally by Cerberus Partners, L.P.
and SSC (the &#147;Term Loans&#148;), and (iii)&nbsp;an amended
and restated $75.0&nbsp;million senior subordinated convertible
term loan facility, initially entered into by RVI and its
subsidiaries on March&nbsp;15, 2000, which is held equally by
Cerberus Partners, L.P. and SSC (the &#147;Convertible
Loan&#148;). The Company is a co-borrower under the Revolving
Loan and the Term Loans, and is a guarantor under the
Convertible Loan. The Company, the other co-borrowers and the
guarantors are jointly and severally liable under the Revolving
Loan and the Term Loans. All of the Credit Facilities are
guaranteed by RVI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company has reflected in the financial statements its direct
obligations under the Revolving Loan as it relates to the
borrowings thereunder secured by its assets. The Term Loans and
Convertible Loan are not reflected on the Company&#146;s
financial statements as they are recorded on consolidated
financial statements of RVI. These Credit Facilities are also
subject to an Intercreditor Agreement which provides for an
established order of payment of obligations from the proceeds of
collateral upon default (the &#147;Intercreditor
Agreement&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
When the Credit Facilities closed in June 2002, the Company and
other co-borrowers executed leasehold mortgages, which secured
obligations under all three Credit Facilities. Pursuant to the
Intercreditor Agreement, these leasehold mortgages served first
as primary collateral for the Term Loans and then as subordinate
collateral for the Revolving Loan and Convertible Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>$350&nbsp;Million Revolving Credit Facility</I>&nbsp;&#151;
Under the Revolving Loan, the borrowing base formula applicable
to the Company is based on the value of the Company&#146;s
inventory and accounts receivable. Primary security for the
Revolving Loan is provided in part by a first priority lien on
all of the inventory and accounts receivable of the Company and
other borrowers thereunder, as well as certain notes and payment
intangibles. Subject to the Intercreditor Agreement, the
Revolving Loan also has the substantial equivalent of a second
priority-perfected security interest in all of the first
priority collateral securing the Term Loans. Interest on
borrowings under the Revolving Loan is calculated at the
bank&#146;s base rate plus 0% to 0.5%, or at the London
Interbank Offered Rate (&#147;LIBOR&#148;) plus 2.00% to 2.75%,
depending upon the level of average excess availability that the
Company and the other borrowers maintain. The interest rate on
borrowings under the Revolving Loan was 4.7% and 3.2% at
January&nbsp;29, 2005 and January&nbsp;31, 2004, respectively.
During fiscal 2004, the Company extended the maturity date of
the Revolving Loan by one year. As a result, the maturity date
of the Revolving Loan, which originally matured on June&nbsp;11,
2005, was extended to June&nbsp;11, 2006, under substantially
the same terms and conditions. See Note&nbsp;9 for additional
disclosure.
</DIV>

<P align="center" style="font-size: 10pt;">F-14

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt;">
<B>DSW INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At January&nbsp;29, 2005, the outstanding borrowings for the
Company and RVI and their affiliates under the Credit Facilities
were: Revolving Loan, $140.0&nbsp;million; Term Loans,
$100.0&nbsp;million; and Convertible Loan, $75.0&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company is not subject to any financial covenants; however,
the Credit Facilities contain numerous restrictive covenants
relating to the management and operation of RVI and its
subsidiaries, including the Company. These non-financial
covenants include, among other restrictions, limitations on
indebtedness, guarantees, mergers, acquisitions, fundamental
corporate changes, financial reporting requirements, budget
approval, disposition of assets, investments, loans and
advances, liens, dividends, stock purchases, transactions with
affiliates, issuance of securities and the payments of and
modifications to debt instruments under these arrangements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The weighted average interest rate on borrowings under the
Company&#146;s Credit Facilities during fiscal years 2004, 2003
and 2002 were 3.6%, 3.3% and 4.0%, respectively. However the
Company was allocated interest expense from RVI up through June
2002. Interest expense allocated was $2.0&nbsp;million in fiscal
2002. The total interest expense was $2.7&nbsp;million,
$2.7&nbsp;million and $3.9&nbsp;million and included fees, such
as commitment and line of credit fees, of $0.5&nbsp;million,
$0.6&nbsp;million and $1.8&nbsp;million for fiscal 2004, 2003
and 2002, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On June&nbsp;11, 2002, VCDS refinanced its previous financing
arrangement. The Company recorded $0.2&nbsp;million loss in
extinguishment of debt resulting from the write-off of deferred
financing costs, as their allocated portion. This write-off was
included in interest expense, net in fiscal 2002.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCOME TAX PROVISION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The provision for income taxes consists of the following:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;29,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>February&nbsp;1,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>(In thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Current:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Federal</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>21,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,711</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,019</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    State and local</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,803</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,543</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2"><FONT style="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26,241</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,562</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deferred:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Federal</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(6,843</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(27</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,274</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    State and local</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(978</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,441</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2"><FONT style="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(7,821</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3,715</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Income tax expense</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>18,420</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>10,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,847</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">F-15

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt;">
<B>DSW INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A reconciliation of the expected income taxes based upon the
statutory rate is as follows:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="55%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;29,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;31,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>February&nbsp;1,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>(In thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Income tax expense at federal statutory rate</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>18,681</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,860</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,868</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    State and local taxes&nbsp;&#151; net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,538</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>651</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Non-deductible amortization</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>298</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    WOTC&nbsp;&#151; net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(119</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(131</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(108</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Officer compensation</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>169</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Meals and entertainment</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>201</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>138</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Currently deductible expenses and other</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,881</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>18,420</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>10,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,847</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The components of the net deferred tax asset are as follows:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;29,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;31,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>(In thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deferred tax assets:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Basis differences in inventory</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,418</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,513</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Basis differences in property and equipment</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>859</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Tenant allowance</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    State and local tax NOLs</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,043</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,018</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Alternative Minimum Tax credit carryforward</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,634</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Amortization</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>622</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accrued rent</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,042</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,995</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Workers compensation</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,443</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accrued expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,708</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accrued bonus</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>726</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,041</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2"><FONT style="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>30,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18,549</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deferred tax liabilities:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Amortization</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,785</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Prepaid expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,569</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accrued bonus</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,336</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Capital leases</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(1,672</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Basis differences in property and equipment</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(526</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accrued expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(773</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    State and local taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3,192</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3,080</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2"><FONT style="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(9,882</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(6,051</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total&nbsp;&#151; net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>20,311</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>12,498</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">F-16

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt;">
<B>DSW INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The net deferred tax asset is recorded in the Company&#146;s
balance sheet as follows:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;29,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>January&nbsp;31,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>(In thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Current deferred tax asset</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>20,261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>9,202</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Non-current deferred tax asset</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,296</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total&nbsp;&#151; net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>20,311</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>12,498</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The state and city net operating loss (&#147;NOLs&#148;) carry
forward is approximately $66.1&nbsp;million and is available to
reduce state and city taxable income. The NOLs expire as
follows:&nbsp;2005&nbsp;&#151; $1.7&nbsp;million, 2006 to
2009&nbsp;&#151; $14.6&nbsp;million, 2010 to 2019&nbsp;&#151;
$4.0&nbsp;million and 2020 to 2023&nbsp;&#151;
$45.8&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company joins in the filing of a consolidated federal income
tax return with RVI and its other subsidiaries. The allocation
of the RVI current consolidated federal income tax to its
subsidiaries is in accordance with SFAS No.&nbsp;109,
<I>Accounting for Income Taxes</I>. RVI uses the &#147;parent
company down&#148; approach in allocating the consolidated
amount of current and deferred tax expense to its subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTHER BENEFIT PLANS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company participates in a 401(k)&nbsp;Plan (the
&#147;Plan&#148;) maintained by RVI. Employees who attain age
twenty-one are eligible to defer compensation as of the first
day of the month following 60&nbsp;days of employment and may
contribute up to thirty percent of their compensation to the
Plan, on a pre-tax basis, subject to Internal Revenue Service
limitations. As of the first day of the month following an
employee&#146;s completion of one year of service as defined
under the terms of the Plan, the Company matches employee
deferrals into the Plan, 100% on the first 3% of eligible
compensation deferred and 50% on the next 2% of eligible
compensation deferred. Additionally, the Company may contribute
a discretionary profit sharing amount to the Plan each year. The
Company incurred costs associated with the 401(k) Plan of
$0.7&nbsp;million, $0.9&nbsp;million and $0.9&nbsp;million for
fiscal years 2004, 2003 and 2002, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certain employees of the Company participated in the
Schottenstein Stores Corporation Deferred Compensation Plan
which is a non-qualified, pre-tax, income deferral plan. The
cost of the plan was not material to the financial statements.
Effective January&nbsp;31, 2003, their participation in that
plan was terminated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMMITMENTS AND
CONTINGENCIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In March 2005, the Company announced the theft of credit card
and other purchase information relating to all customers who
made purchases at 103 DSW stores between mid-November 2004 and
mid-February 2005. The Company now believes that the theft
occurred at 108 DSW stores. The Company has contacted federal
law enforcement authorities, who are involved in the
investigation. The Company is taking steps to address the
situation, including a review of the technology systems in
conjunction with a leading computer security firm, and also
working with others to mitigate the situation. As a result, the
Company has estimated its potential liability associated with
these events and has recorded a $6.5&nbsp;million reserve in the
first quarter of fiscal 2005 and has estimated that the ultimate
liability could exceed $6.5&nbsp;million by as much as an
additional $3.0&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company is involved in various legal proceedings that are
incidental to the conduct of its business. The Company estimates
the range of liability related to pending litigation where the
amount and range of loss can be estimated. The Company records
its best estimate of a loss when the loss is considered
probable. Where a liability is probable and there is a range of
estimated loss, the Company records the minimum estimated
liability related to the claim. In the opinion of management,
the amount of any liability with respect to these proceedings
will not be material. As additional information becomes
available, the Company assesses
</DIV>

<P align="center" style="font-size: 10pt;">F-17

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt;">
<B>DSW INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
the potential liability related to its pending litigation and
revises the estimates. Revisions in the Company&#146;s estimates
and potential liability could materially impact its results of
operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company has entered into cross-corporate guarantees with
various financing institutions pursuant to which the Company,
RVI, Filene&#146;s Basement and VCDS, jointly and severally,
guarantee payment obligations owed to these entities under
factoring arrangements they have entered into with vendors who
may provide merchandise to some or all of RVI&#146;s
subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEGMENT REPORTING</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company operates as one segment, which is footwear and
accessories. All of the operations are located in the United
States of America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUBSEQUENT EVENTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In March 2005, the Company and RVI and their affiliates
increased the ceiling under its revolving credit facility from
$350&nbsp;million to $425&nbsp;million. The increase of
$75&nbsp;million to the revolving credit facility was
accomplished by amendment under substantially the same terms to
the existing revolving credit agreement which expires in June
2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In March 2005, the Company declared a dividend and issued an
intercompany note to its parent in the amount of
$165.0&nbsp;million. The indebtedness is evidenced by a note
which is scheduled to mature in March 2020 and bears interest at
a rate equal to LIBOR plus 850&nbsp;basis points per year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In March 2005, RVI announced that the Company filed a
registration statement with the SEC and plans to pursue an
initial public offering (&#147;IPO&#148;). The Company expects
that the IPO will be completed in 2005, subject to market
conditions. After the IPO, the Company expects that RVI will
continue to own a majority of the outstanding common shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In May 2005, the Company declared a dividend and issued an
intercompany note to its parent in the amount of
$25.0&nbsp;million. The indebtedness is evidenced by a note
which is scheduled to mature in May 2020 and bears interest at a
rate equal to LIBOR plus 950 basis points per year.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
*&nbsp;*&nbsp;*&nbsp;*&nbsp;*&nbsp;*
</DIV>

<P align="center" style="font-size: 10pt;">F-18

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DSW Inc.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='307'></A>
</DIV>

<!-- link1 "Schedule II -- Valuation and Qualifying Accounts" -->

<DIV align="center" style="font-size: 10pt;">
<B>Schedule&nbsp;II&nbsp;&#151; Valuation and Qualifying
Accounts</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2" align="left" nowrap><B>Column&nbsp;A</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Column&nbsp;B</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="center" nowrap><B>Column&nbsp;C</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Column&nbsp;D</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Column&nbsp;E</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Balance at</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Charge to</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Charges</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Balance</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Beginning</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Costs and</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>to Other</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>at End of</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>of Period</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Expenses</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap><B>Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Deductions</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Period</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>(Dollars in thousands)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Description</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Allowance deduction from asset to which it applies:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Inventory Reserve:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Year Ended:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2/1/2003</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>9,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,702</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>11,389</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    1/31/2004</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,614</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,505</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    1/29/2005</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,505</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,697</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14,202</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Allowance for Sales Returns:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Year Ended:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2/1/2003</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>726</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>619</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    1/31/2004</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>619</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>786</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,405</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    1/29/2005</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,405</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,472</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Store Closing Reserve:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Year Ended:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2/1/2003</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>128</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    1/31/2004</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>574</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>803</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    1/29/2005</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>803</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>532</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">F-19

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DSW INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>CONDENSED CONSOLIDATED BALANCE SHEET</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>April&nbsp;30, 2005</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>(Unaudited)</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>April 30, 2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(In thousands,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>except share</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>amounts)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="7" align="center" valign="top">
    <B>ASSETS</B></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    CURRENT ASSETS:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cash and equivalents</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>13,718</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accounts receivable, net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,065</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Inventories</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>228,086</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Prepaid expenses and other assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,035</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deferred income taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>23,327</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total current assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>277,231</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    PROPERTY AND EQUIPMENT&nbsp;&#151; NET</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>91,055</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    GOODWILL</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,899</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    TRADENAMES AND OTHER INTANGIBLES&nbsp;&#151; Net</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,863</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    DEFERRED INCOME TAXES AND OTHER ASSETS</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,067</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    TOTAL ASSETS</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>407,115</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="7" align="center" valign="top">
    <B>LIABILITIES AND SHAREHOLDER&#146;S EQUITY</B></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    CURRENT LIABILITIES:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accounts payable</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>82,020</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accrued expenses:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Compensation</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,593</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14,644</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>25,259</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total current liabilities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>125,516</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    ADVANCES FROM AFFILIATES</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>649</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    LONG-TERM OBLIGATIONS&nbsp;&#151; Net of current maturities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>40,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    INTERCOMPANY NOTE&nbsp;TO PARENT</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>165,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    OTHER NONCURRENT LIABILITIES</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>55,144</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    COMMITMENTS AND CONTINGENCIES</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    SHAREHOLDER&#146;S EQUITY:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Common shares&nbsp;&#151; without par value:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Authorized&nbsp;&#151; 500&nbsp;shares</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Outstanding&nbsp;&#151; 410.09&nbsp;shares</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Paid in capital</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Retained earnings</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,806</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total shareholder&#146;s equity</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>20,806</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    TOTAL LIABILITIES AND SHAREHOLDER&#146;S EQUITY</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>407,115</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The accompanying notes are an integral part of the Condensed
Consolidated Financial Statements.
</DIV>

<P align="center" style="font-size: 10pt;">F-20

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DSW INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>CONDENSED CONSOLIDATED STATEMENTS OF INCOME</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Three Months Ended April&nbsp;30, 2005 and May&nbsp;1,
2004</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>(Unaudited)</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Three Months Ended</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>April&nbsp;30,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>May&nbsp;1,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>(In thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    NET SALES</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>281,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>232,559</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    COST OF SALES</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(199,008</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(164,972</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    GROSS PROFIT</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>82,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>67,587</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    OPERATING EXPENSES</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(67,745</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(53,782</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    OPERATING PROFIT</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15,053</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,805</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    INTEREST EXPENSE&nbsp;&#151; NET</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    NON-RELATED PARTIES</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(849</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(726</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    RELATED PARTIES</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,672</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    EARNINGS BEFORE INCOME TAXES</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>13,079</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    INCOME TAX PROVISION</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(4,552</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(5,263</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    NET INCOME</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,980</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,816</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The accompanying notes are an integral part of the Condensed
Consolidated Financial Statements.
</DIV>

<P align="center" style="font-size: 10pt;">F-21

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DSW INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDER&#146;S
EQUITY</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Three Months Ended April&nbsp;30, 2005 and May&nbsp;1,
2004</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>(Unaudited)</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="55%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Common</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Paid in</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Retained</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Capital</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Earnings</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Total</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="14" align="center" nowrap><B>(In thousands, except share amounts)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    BALANCE&nbsp;&#151; January&nbsp;31, 2004</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>410.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>101,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>42,429</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>143,871</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,816</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    BALANCE&nbsp;&#151; May&nbsp;1, 2004</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>410.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>101,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>50,245</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>151,687</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    BALANCE&nbsp;&#151; January&nbsp;29, 2005</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>410.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>101,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>77,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>178,826</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,980</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,980</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Dividend to parent</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(101,442</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(63,558</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(165,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    BALANCE&nbsp;&#151; April&nbsp;30, 2005</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>410.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>20,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>20,806</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The accompanying notes are an integral part of the Condensed
Consolidated Financial Statements.
</DIV>

<P align="center" style="font-size: 10pt;">F-22

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DSW INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>Three Months Ended April&nbsp;30, 2005 and May&nbsp;1,
2004</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>(Unaudited)</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Three Months Ended</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>April&nbsp;30,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>May&nbsp;1,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>(In thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cash flows from operating activities:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net Income</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,980</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>7,816</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Adjustments to reconcile net income to net cash used in
    operating activities:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Depreciation and amortization</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,363</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Amortization of debt issuance costs</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>140</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Deferred income taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(3,213</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>31</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Loss on disposal of assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>30</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Change in working capital, assets and liabilities:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accounts receivable</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(774</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(2,758</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Inventories</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(20,071</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(20,846</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Prepaid expenses and other assets</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(5,136</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,152</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Advances to/from affiliates</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>24,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,718</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accounts payable</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,104</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Proceeds from lease incentives</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,233</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Other noncurrent liabilities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>632</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,757</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accrued expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6,752</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>432</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net cash provided by operating activities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,172</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cash flows from investing activities:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Capital expenditures</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(5,579</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(7,334</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net cash used in investing activities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(5,579</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(7,334</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cash flows from financing activities:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Payments on capital lease obligations</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(54</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net (decrease) increase in revolving credit facility</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(15,000</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Debt issuance costs</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(96</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net cash (used in) provided by financing activities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>(15,096</TD>
    <TD align="left" valign="bottom" nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>9,946</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Net increase in cash and equivalents</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,784</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cash and equivalents, beginning of period</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7,076</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cash and equivalents, end of period</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>13,718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>11,860</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The accompanying notes are an integral part of the Condensed
Consolidated Financial Statements.
</DIV>

<P align="center" style="font-size: 10pt;">F-23

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B>1.</B></TD>
    <TD>
    <B>BUSINESS OPERATIONS</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DSW Inc. and its wholly owned subsidiary are herein referred to
collectively as the Company. At April&nbsp;30, 2004, the Company
was a wholly owned subsidiary of Retail Ventures, Inc.
(&#147;RVI&#148;). RVI is listed on the New York Stock Exchange
trading under the ticker symbol &#147;RVI.&#148; As a result of
a reorganization within RVI, the Company became a wholly owned
subsidiary of RVI on January&nbsp;1, 2005. Prior to
January&nbsp;1, 2005, the Company was a subsidiary of Value City
Department Stores, Inc., a wholly owned subsidiary of RVI. The
Company operated in a single segment and sells better-branded
footwear and accessories. As of April&nbsp;30, 2005, the Company
operated a total of 177 stores located throughout the United
States. The Company also supplies footwear, under supply
arrangements, to 25 Filene&#146;s Basement stores and
206&nbsp;locations for other non-related retailers in the United
States.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B>2.</B></TD>
    <TD>
    <B>BASIS OF PRESENTATION</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The accompanying unaudited interim financial statements should
be read in conjunction with the 2004&nbsp;Annual Report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the opinion of management, the unaudited interim financial
statements reflect all adjustments, consisting of only normal
recurring adjustments, which are necessary to present fairly the
consolidated financial position and results of operations for
the periods presented.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B>3.</B></TD>
    <TD>
    <B>ADOPTION OF ACCOUNTING STANDARDS</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Financial Accounting Standards Board (&#147;FASB&#148;)
periodically issues Statements of Financial Accounting Standards
(&#147;SFAS&#148;), some of which require implementation by a
date falling within or after the close of the fiscal year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In December 2004, the FASB issued SFAS&nbsp;No.&nbsp;123
(revised 2004) (&#147;SFAS&nbsp;No.&nbsp;123R&#148;),
Share-Based Payment. This statement revised
SFAS&nbsp;No.&nbsp;123, Accounting for Stock-Based Compensation,
and requires companies to expense the value of employee stock
options and similar awards. The effective date of this standard
is interim and annual periods beginning after June&nbsp;15,
2005. No stock options or similar awards have been granted by
the Company as of fiscal years 2004 and 2003. Therefore
SFAS&nbsp;No.&nbsp;123R has had no impact on the Company.
However any future stock options and similar awards would need
to be valued and expensed in accordance with
SFAS&nbsp;No.&nbsp;123R.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In April 2005, the Securities and Exchange Commission delayed
compliance date for SFAS&nbsp;123R until the beginning of the
Company&#146;s fiscal year 2006.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B>4.</B></TD>
    <TD>
    <B>LONG-TERM OBLIGATIONS</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In March 2005, the Company and RVI and their affiliates
increased the ceiling under their revolving credit facility from
$350&nbsp;million to $425&nbsp;million. The increase of
$75&nbsp;million to the revolving credit facility was
accomplished by amendment under substantially the same terms to
the existing revolving credit agreement, which expires in June
2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In March 2005, the Company declared a dividend and issued an
intercompany note to its parent in the amount of
$165.0&nbsp;million. The indebtedness is evidenced by a note
which is scheduled to mature in March 2020 and bears interest at
a rate equal to London Interbank Offered Rate, or LIBOR, plus
850&nbsp;basis points per year. The interest is payable
quarterly in arrears beginning on March&nbsp;31, 2005 and
continuing on the last business day of each fiscal quarter
thereafter, except that the entire unpaid balance of accrued
interest, if not sooner paid, shall be due and payable in full
on or before the maturity date. As of April&nbsp;30, 2005, there
was interest accrued of $2.7&nbsp;million for the intercompany
note included in Advances from affiliates on the balance sheet.
</DIV>

<P align="center" style="font-size: 10pt;">F-24

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B>5.</B></TD>
    <TD>
    <B>SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A supplemental schedule of non-cash investing and financing
activities is presented below:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="72%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Three Months</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Ended</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>April&nbsp;30,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>May&nbsp;1,</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>(In thousands)</B></TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Cash paid during the period for:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Interest to non-related parties</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>554</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Income taxes</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,024</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During the three months ended April&nbsp;30, 2005, the Company
declared a dividend and issued an intercompany note to RVI in
the amount of $165.0&nbsp;million.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B>6.</B></TD>
    <TD>
    <B>COMMITMENTS AND CONTINGENCIES</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On March&nbsp;8, 2005, RVI announced that it had learned of the
theft of credit card and other purchase information. On
April&nbsp;18, 2005, RVI issued the findings from the
Company&#146;s investigation into the theft. The theft took
place primarily over two weeks and covered all customers who
made purchases at 108 DSW stores, primarily during a three-month
period from mid-November 2004 to mid-February 2005. Transaction
information involving approximately 1.4&nbsp;million credit
cards was obtained. For each card, the stolen information
included credit card or debit card numbers, name and transaction
amount. In addition, data from transactions involving
approximately 96,000 checks were stolen. In these cases,
checking account numbers and driver&#146;s license numbers were
obtained.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company has contacted and is cooperating with federal law
enforcement and other authorities with regard to this matter. To
mitigate potential negative effects on its business and
financial performance, the Company is working with credit card
companies and issuers and trying to contact as many of its
affected customers as possible. On June&nbsp;6, 2005, the Ohio
Attorney General brought an action against us in the court of
Common Pleas in Franklin County, Ohio (State of Ohio&nbsp;v. DSW
Inc.) seeking to require the Company to notify all customers
affected by the theft who have not thus far been notified by the
Company. There can be no assurance that there will not be
additional proceedings or claims brought against the Company in
the future. In addition, the Company is working with a leading
computer security firm to minimize the risk of any further data
theft.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of April&nbsp;30, 2005, the Company estimates that the
potential exposure for losses related to this theft range from
approximately $6.5&nbsp;million to approximately
$9.5&nbsp;million. Because of many factors, including the early
development of information regarding the theft and
recoverability under insurance policies, there is no amount in
the estimated range that represents a better estimate than any
other amount in the range. Therefore, in accordance with
Financial Accounting Standard No.&nbsp;5, <I>Accounting for
Contingencies</I>, the Company has accrued a charge to
operations in the first quarter of fiscal 2005 equal to the low
end of the range set forth above, or $6.5&nbsp;million. As the
situation develops and more information becomes available, the
amount of the reserve may increase or decrease accordingly. The
amount of any such change may be material.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company does not yet know what effect this incident may have
on its customers&#146; perception of the Company. Since the
announcement of the theft, the Company has not discerned any
negative effect on comparable store sales trends after
accounting for the shifting Easter holiday. However, given the
short time period involved, these recent trends may not be
indicative of the long-term effects of the incident.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company is involved in various legal proceedings that are
incidental to the conduct of its business. The Company estimates
the range of liability related to pending litigation where the
amount and range of loss can be estimated. The Company records
its best estimate of a loss when the loss is considered
probable. Where a liability is probable and there is a range of
estimated loss, the Company records the minimum estimated
liability related to the claim. In the opinion of management,
the amount of any liability with respect to these proceedings
will not be material. As additional information becomes
available, the Company assesses
</DIV>

<P align="center" style="font-size: 10pt;">F-25

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<DIV align="left" style="font-size: 10pt;">
the potential liability related to its pending litigation and
revises the estimates. Revisions in the Company&#146;s estimates
and potential liability could materially impact its results of
operations.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B>7.</B></TD>
    <TD>
    <B>SUBSEQUENT EVENTS</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In May 2005, the Company declared a dividend and issued an
intercompany note to its parent in the amount of
$25.0&nbsp;million. The indebtedness is evidenced by a note
which is scheduled to mature in May 2020 and bears interest at a
rate equal to LIBOR plus 950&nbsp;basis points per year.
</DIV>

<P align="center" style="font-size: 10pt;">F-26
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="center" style="font-size: 10pt"><IMG src="x06593a4x0659314.gif" alt="()">




<P align="center" style="font-size: 10pt">
</DIV>


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<DIV align="left" style="font-size: 10pt;">

</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
14,062,500&nbsp;Shares
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<IMG src="x06593a4x0659301.gif" alt="(DSW LOGO)">
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Class&nbsp;A Common Shares
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 33%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 8pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
PROSPECTUS
</DIV>

<DIV align="center" style="font-size: 12pt;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2005
</DIV>

<DIV align="center" style="font-size: 3pt;">
<DIV style="width: 33%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 16pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><FONT style="font-variant:SMALL-CAPS">Lehman
Brothers</FONT></B>
</DIV>

<DIV align="center" style="font-size: 3pt; margin-top: 23pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 33%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><FONT style="font-variant:SMALL-CAPS">Goldman, Sachs &#38;
Co.</FONT></B>
</DIV>

<DIV align="center" style="font-size: 14pt;">
<B><FONT style="font-variant:SMALL-CAPS">CIBC World
Markets</FONT></B>
</DIV>

<DIV align="center" style="font-size: 14pt;">
<B><FONT style="font-variant:SMALL-CAPS">Johnson Rice &#38;
Company L.L.C.</FONT></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">

</DIV>


<DIV align="center" style="font-size: 10pt;">
(GLOBE WATERMARK)
</DIV>


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<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART II</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INFORMATION NOT REQUIRED IN PROSPECTUS</B>
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B>Item&nbsp;13.</B></TD>
    <TD>
    <B><I>Other Expenses of Issuance and Distribution</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth the estimated fees and expenses
(except for the Securities and Exchange Commission registration
fee, the National Association of Securities Dealers, Inc. filing
fee and the NYSE, Inc. listing fee) payable by the registrant in
connection with the distribution of the Class&nbsp;A Common
Shares:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="81%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Securities and Exchange Commission registration fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>32,368</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    National Association of Securities Dealers, Inc. filing fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>27,992</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    NYSE listing fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>150,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Printing and engraving costs</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>518,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Legal fees and expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,200,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Accountants&#146; fees and expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>600,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Blue sky qualification fees and expenses</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>10,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Transfer agent fees</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Miscellaneous</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>400,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>6,943,360</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 3pt double #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>*&nbsp;</TD>
    <TD align="left">
    To be furnished by amendment.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B>Item&nbsp;14.</B></TD>
    <TD>
    <B><I>Indemnification of Directors and Officers</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Ohio Law</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to Section&nbsp;1701.13(E) of the Ohio Revised Code, an
Ohio corporation is permitted to indemnify directors, officers
and other persons under certain circumstances. In some
circumstances, an Ohio corporation is required to indemnify
directors and officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An Ohio corporation is required to indemnify a director or
officer against expenses actually and reasonably incurred to the
extent that the director or officer is successful in defending a
lawsuit brought against him or her by reason of the fact that
the director or officer is or was a director or officer of the
corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If a director or officer is not successful in an action brought
against the director or officer, he or she still may be
indemnified under certain circumstances. In actions brought
against a director or officer by any person (other than the
corporation or on behalf of the corporation), the defendant
director or officer may be indemnified for expenses, judgments,
fines and amounts paid in settlement if it is determined that
the defendant was acting in good faith, in a manner he
reasonably believed to be in or not opposed to the best
interests of the corporation, and in a criminal proceeding, that
he or she had no reasonable cause to believe his or her conduct
was unlawful. The determination of whether to indemnify an
unsuccessful director or officer may be made by any of the
following: (i)&nbsp;a majority vote of a quorum of disinterested
directors; (ii)&nbsp;independent legal counsel; (iii)&nbsp;the
shareholders; or (iv)&nbsp;a court of competent jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If a director or officer is not successful in an action brought
by or on behalf of the corporation against the director or
officer, the defendant director or officer may be indemnified
only for expenses if it is determined that the defendant was
acting in good faith and in a manner he reasonably believed to
be in or not opposed to the best interests of the corporation.
In an action brought by or behalf of the corporation, if the
director or officer is adjudged to be liable for negligence or
misconduct, no indemnification for expenses is permitted unless
authorized by court order. Similarly, if a director is not
successful in an action brought by or on behalf of the
corporation against a director where the only liability asserted
is for authorizing unlawful loans, dividends, distributions or
purchase of the corporation&#146;s own shares, no
indemnification for expenses is permitted under the statute.
</DIV>

<P align="center" style="font-size: 10pt;">II-1

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless otherwise provided in the articles or regulation of a
corporation and unless the only liability asserted against a
director is for authorizing unlawful loans, dividends,
distributions or purchase of the corporation&#146;s own shares,
directors (but not any other person) are entitled to mandatory
advancement of expenses incurred in defending any action,
including derivative actions, brought against the director,
provided that the director agrees to cooperate with the
corporation concerning the matter and to repay the amount
advanced if it is proved by clear and convincing evidence that
his or her act or failure to act was done with deliberate intent
to cause injury to the corporation or with reckless disregard to
the corporation&#146;s best interests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to Ohio law, a director is not liable for monetary
damages unless it is proved by clear and convincing evidence in
a court of competent jurisdiction that his or her action or
failure to act involved an act or omission undertaken with
deliberate intent to cause injury to the corporation or
undertaken with reckless disregard for the best interests of the
corporation. There is, however, no comparable provision limiting
the liability of officers, employees or agents of a corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The statutory right of indemnification is not exclusive in Ohio,
and a corporation may, among other things, grant rights to
indemnification under the corporation&#146;s articles, code of
regulation or agreements. Ohio corporations are also
specifically authorized to procure insurance against any
liability that may be asserted against directors and officers,
whether or not the corporation would have the power to indemnify
such officials.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Code of Regulations</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Article&nbsp;Five of the registrant&#146;s code of regulations
contains certain indemnification provisions adopted pursuant to
authority contained in Section&nbsp;1701.13(E) of the Ohio
Revised Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The registrant&#146;s code of regulations provides for the
indemnification of every person who was or is a party or is
threatened to be made a party to, or is or was involved or is
threatened to be involved in, any threatened, pending or
completed action, suit or proceeding, whether civil, criminal,
arbitrative, administrative or investigative, by reason of the
fact that such person is or was a director or officer of the
corporation or is or was serving at the request of the
corporation as a director, trustee, officer, partner, member or
manager, of another corporation, limited liability company,
partnership, joint venture, trust, employee benefit plan or
other enterprise, against all expenses, judgments, fines, excise
taxes assessed with respect to an employee benefit plan,
penalties and amounts paid in settlement actually and reasonably
incurred by such person in connection with any proceeding, if he
or she acted in good faith and in a manner in which he or she
reasonably believed to be in and not opposed to the best
interests of the corporation, and, with respect to any criminal
proceeding, he or she did not have reasonable cause to believe
that his or her conduct was unlawful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, the registrant&#146;s code of regulations provides
that the registrant shall not provide indemnification for any
person (i)&nbsp;in such person&#146;s capacity as a director of
the registrant in respect of any claim issue or matter asserted
in a proceeding by or in the right of the corporation as to
which such person shall have been adjudged liable to the
registrant for an act or omission undertaken by such person with
deliberate intent to cause injury to the corporation or with
reckless disregard for the registrant&#146;s best interests,
(ii)&nbsp;in such person&#146;s capacity other than that of a
director of the registrant in respect of any claim, issue or
matter asserted in a proceeding by or in light of the registrant
as to which the indemnitee shall have been adjudged to be liable
to the corporation for negligence or misconduct, or
(iii)&nbsp;in any proceeding by or in the right of the
corporation in which the only liability asserted relates to the
authorization of unlawful loans, dividends, distributions or
repurchase of the registrant&#146;s own shares, absent a court
order.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Indemnification Agreements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DSW will enter into indemnification agreements with its
directors and executive officers. Pursuant to the
indemnification agreements, DSW will agree to indemnify an
indemnitee to the greatest extent permitted by
</DIV>

<P align="center" style="font-size: 10pt;">II-2

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left" style="font-size: 10pt;">
Ohio law as set forth above and in its code of regulations.
Notwithstanding the foregoing, an indemnitee will not be
entitled to indemnification under the indemnification agreement:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    with respect to any claim brought or made by an indemnitee in a
    proceeding, unless the bringing or making of such claim has been
    approved or ratified by the board of directors; provided,
    however, that the foregoing does not apply to any claim brought
    or made by an indemnitee to enforce a right of an indemnitee
    under the indemnification agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    for expenses incurred by an indemnitee with respect to any
    action instituted by or in the name of DSW against the
    indemnitee, if and to the extent that a court of competent
    jurisdiction declares or otherwise determines in a final,
    unappealable judgment that each of the material defenses
    asserted by such indemnitee was made in bad faith or was
    frivolous;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    for expenses and other liabilities arising from the purchase and
    sale by an indemnitee of securities in violation of
    Section&nbsp;16(b) of the Securities Exchange Act of 1934, or
    any similar state or successor statute; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    for expenses and other liabilities if and to the extent that a
    court of competent jurisdiction declares or otherwise determines
    in a final, unappealable judgment that DSW is prohibited by
    applicable law from making such indemnification payment or that
    such indemnification payment is otherwise unlawful.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Insurance</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, DSW will provide insurance coverage to its
directors and officers against certain liabilities which might
be incurred by them in such capacity. Initially, such insurance
coverage will be provided through the shared services agreement
to be entered into with Retail Ventures.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B>Item&nbsp;16.</B></TD>
    <TD>
    <B><I>Exhibits and Financial Statement Schedules</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>A.&nbsp;Exhibits</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>No.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;1.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Underwriting Agreement.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;3.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Amended Articles of Incorporation of the registrant.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;3.2</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Amended and Restated Code of Regulations of the
    registrant.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;4.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Specimen Class&nbsp;A Common Shares temporary certificate.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;4.2</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Registration Rights Agreement, dated as of
    June&nbsp;11, 2002, by and among Value City Department Stores,
    Inc. and Cerberus Partners, L.P. and Schottenstein Stores
    Corporation. Incorporated by reference to Exhibit&nbsp;10.4 to
    Retail Ventures&#146; Form&nbsp;10-Q (file no.&nbsp;1-10767)
    filed June&nbsp;18, 2002.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;4.3</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Registration Rights Agreement, by and among DSW Inc.,
    Schottenstein Stores Corporation, Cerberus Partners, L.P. and
    Back Bay Capital Funding LLC.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;4.4</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Exchange Agreement by and between Retail Ventures, Inc.
    and DSW Inc.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;5.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Opinion of Vorys, Sater, Seymour and Pease LLP.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;8.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Opinion of Skadden, Arps, Slate, Meagher &#38; Flom LLP
    regarding tax matters.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Corporate Services Agreement, dated June&nbsp;12, 2002, between
    Retail Ventures and Schottenstein Stores Corporation.
    Incorporated by reference to Exhibit&nbsp;10.6 to Retail
    Ventures&#146; Form&nbsp;10-Q (file no.&nbsp;1-10767) filed
    June&nbsp;18, 2002.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.1.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Amendment to Corporate Services Agreement, among Retail
    Ventures, Schottenstein Stores Corporation and Schottenstein
    Management Company, and the supplemental letter agreement among
    Schottenstein Stores Corporation, Schottenstein Management
    Company and DSW Inc. related thereto.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.2</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Employment Agreement, dated March&nbsp;4, 2005, between
    Deborah&nbsp;L. Ferr&#233;e and DSW Inc.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.3</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Employment Agreement, dated June&nbsp;1, 2005, between Peter Z.
    Horvath and DSW Inc.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.4</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Employment Agreement, dated June&nbsp;1, 2005, between Douglas
    J. Probst and DSW Inc.**</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt;">II-3
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>No.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.5</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Employment Agreement, dated June&nbsp;21, 2000, between James A.
    McGrady and Retail Ventures. Incorporated by reference to
    Exhibit&nbsp;10.46 to Retail Ventures&#146; Form&nbsp;10-K (file
    no.&nbsp;1-10767) filed May&nbsp;4, 2001.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.6</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Employment Agreement, dated as of April&nbsp;29, 2004, between
    Julia A. Davis and Retail Ventures. Incorporated by reference to
    Exhibit&nbsp;10.51 to Retail Ventures&#146; Form&nbsp;10-K (File
    no.&nbsp;1-10767) filed April&nbsp;29, 2004.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.7</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Employment Agreement dated February&nbsp;3, 2002 between John C.
    Rossler and Retail Ventures. Incorporated by reference to
    Exhibit&nbsp;10 to Retail Ventures&#146; Form&nbsp;10-Q (file
    no.&nbsp;1-10767) filed September&nbsp;12, 2002.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.8</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Employment Agreement, dated February&nbsp;3, 2002, between Edwin
    J. Kozlowski and Retail Ventures. Incorporated by reference to
    Exhibit&nbsp;10.43 to Retail Ventures&#146; Form&nbsp;10-K (file
    no.&nbsp;1-10767) filed May&nbsp;1, 2003.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.9</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Settlement Agreement, dated March 2005, between John C. Rossler
    and Retail Ventures, Inc.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.10</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Settlement Agreement, dated March 2005, between Edwin J.
    Kozlowski and Retail Ventures, Inc.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.11</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Loan and Security Agreement, between DSW Inc. and DSW
    Shoe Warehouse, Inc., as the Borrowers, and National City
    Business Credit, Inc., as Administrative Agent and Collateral
    Agent for the Revolving Credit Lenders.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.12</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Loan and Security Agreement, dated as of June&nbsp;11, 2002,
    between Retail Ventures, as Borrowers, and National City
    Business Credit Finance, Inc., as Administrative Agent for the
    ratable benefit of the Revolving Credit Lenders. Incorporated by
    reference to Exhibit&nbsp;10.1 to Retail Ventures&#146;
    Form&nbsp;10-Q (file&nbsp;no.&nbsp;1-10767) filed June&nbsp;18,
    2002.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.12.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    First Amendment to Loan and Security Agreement, dated as of
    October&nbsp;7, 2003, between Value City Department Stores,
    Inc., as Agent for the Borrowers, and National City Business
    Credit Finance, Inc., as Administrative Agent for the ratable
    benefit of the Revolving Credit Lenders. Incorporated by
    reference to Exhibit&nbsp;10(a) to Retail Ventures&#146;
    Form&nbsp;8-K (file No.&nbsp;1-10767) filed October&nbsp;8, 2003.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.12.2</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Second Amendment to Loan and Security Agreement, dated as of
    July&nbsp;29, 2004, between Value City Department Stores, Inc.
    as Agent for the Borrowers, and National City Business Credit
    Finance, Inc. as Administrative Agent for the ratable benefit of
    the Revolving Credit Lenders. Incorporated by reference to
    Exhibit&nbsp;10.1 to Retail Ventures&#146; Form&nbsp;10-Q (file
    No.&nbsp;1-10767) filed September&nbsp;8, 2004.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.12.3</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Joinder and Third Amendment to Loan and Security Agreement,
    dated December&nbsp;29, 2004, between Value City Department
    Stores LLC as Lead Borrower, and National City Business Credit
    Finance, Inc. as Administrative Agent for the ratable benefit of
    the Revolving Credit Lenders. Incorporated by reference to
    Exhibit&nbsp;10.1 of Retail Ventures&#146; Form&nbsp;8-K (file
    no.&nbsp;1-10767) filed January&nbsp;4, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.12.4</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Fourth Amendment to Loan and Security Agreement dated
    March&nbsp;10, 2005, between Value City Department Stores LLC as
    Lead Borrower, and National City Business Credit Finance, Inc.
    as Administrative Agent for the ratable benefit of the Revolving
    Credit Lenders. Incorporated by reference to Exhibit&nbsp;10.1
    of Retail Ventures&#146; Form&nbsp;8-K (file no.&nbsp;1-10767)
    filed March&nbsp;15, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.12.5</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Amended and Restated Loan and Security Agreement, by and
    between Value City Department Stores LLC, as Lead Borrower,
    Gramex Retail Stores, Inc., Filene&#146;s Basement, Inc., Value
    City of Michigan, Inc., GB Retailers, Inc., Retail Ventures
    Jewelry, Inc., as Borrowers, and National City Business Credit,
    Inc., as Administrative Agent and Collateral Agent for the
    Revolving Credit Lenders referenced therein.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.13</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Financing Agreement, dated as of June&nbsp;11, 2002, by and
    among Value City Department Stores, Inc., Shonac Corporation,
    DSW&nbsp;Shoe Warehouse Inc., Gramex Retail Stores, Inc.,
    Filene&#146;s Basement, Inc., Value City Limited Partnership,
    Value City of Michigan, Inc., GB&nbsp;Retailers, Inc., and
    VCM,&nbsp;Ltd., as Borrowers and Cerberus Partners, L.P. and the
    Lenders from time to time party thereto. Incorporated by
    reference to Exhibit&nbsp;10.2 to Retail Ventures&#146;
    Form&nbsp;10-Q (file no.&nbsp;1-10767) filed June&nbsp;18, 2002.</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt;">II-4
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>No.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.13.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    First Amendment to the Financing Agreement, dated as of
    October&nbsp;7, 2003, by and among Value City Department Stores,
    Inc., Shonac Corporation, DSW Shoe Warehouse, Inc., Gramex
    Retail Stores, Inc., Filene&#146;s Basement, Inc., GB Retailers,
    Inc., Value City Limited Partnership, Value City of Michigan,
    Inc., J.S. Overland Delivery, Inc., Value City Department Stores
    Services, Inc., Westerville Road GP, Inc. and Westerville Road
    LP, Inc., Retail Ventures, Inc., Retail Ventures Jewelry, Inc.,
    Retail Ventures Services, Inc., and Retail Ventures Imports,
    Inc. (formerly known as VC Acquisition, Inc.) and Cerberus
    Partners, L.P., as agent for the Lenders. Incorporated by
    reference to Exhibit&nbsp;10(b) to Retail Ventures&#146;
    Form&nbsp;8-K (file No.&nbsp;1-10767) filed October&nbsp;8, 2003.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.13.2</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Second Amendment to Financing Agreement, dated July&nbsp;29,
    2004, by and among the Borrowers named therein, the Guarantors
    named therein, the Lenders named therein, and Cerberus Partners,
    L.P. Incorporated by reference to Exhibit&nbsp;10.2 to Retail
    Ventures&#146; Form&nbsp;10-Q (file No.&nbsp;1-10767) filed
    September&nbsp;8, 2004.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.13.3</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Third Amendment to Financing Agreement, dated as of
    December&nbsp;29, 2004, by and among the Borrowers named
    therein, the Guarantors named therein, the Lenders named
    therein, and Cerberus Partners, L.P. Incorporated by reference
    to Exhibit&nbsp;10.2 of Retail Ventures&#146; Form&nbsp;8-K
    (file no.&nbsp;1-10767) filed January&nbsp;4, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.13.4</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Fourth Amendment to Financing Agreement, by and among
    the Borrowers named therein, the Guarantors named therein, the
    Lenders named therein, and Cerberus Partners, L.P.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.14</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Senior Convertible Loan Agreement, dated as
    of June&nbsp;11, 2002 by and among Value City Department Stores,
    Inc., as Borrower, Shonac Corporation, DSW Shoe Warehouse, Inc.,
    Gramex Retail Stores, Inc., VCM, Ltd., Filene&#146;s Basement,
    Inc., GB Retailers, Inc., J.S. Overland Delivery, Inc., Value
    City Department Stores Services, Inc., Value City Limited
    Partnership, Value City of Michigan, Inc., Westerville Road GP,
    Inc. and Westerville Road LP, Inc., as guarantors, the Lenders
    from time to time party hereto, as Lenders, and Schottenstein
    Stores Corporation, as Agent. Incorporated by reference to
    Exhibit&nbsp;10.3 to Retail Ventures&#146; Form&nbsp;10-Q (file
    no.&nbsp;1-10767) filed June&nbsp;18, 2002.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.14.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amendment No.&nbsp;1 to Amended and Restated Senior Convertible
    Loan Agreement, dated June&nbsp;11, 2002 by and among Value City
    Department Stores, Inc., as Borrower, Shonac Corporation, DSW
    Shoe Warehouse, Inc., Gramex Retail Stores, Inc., VCM, Ltd.,
    Filene&#146;s Basement, Inc., GB Retailers, Inc., J.S. Overland
    Delivery, Inc., Value City Department Stores Services, Inc.,
    Value City Limited Partnership, Value City of Michigan, Inc.,
    Westerville Road GP, Inc. and Westerville Road LP, Inc., as
    Guarantors, the Lenders from time to time party hereto, as
    Lenders, and Schottenstein Stores Corporation, as Agent.
    Incorporated by reference to Exhibit&nbsp;10.3.1 to Retail
    Ventures&#146; Form&nbsp;10-Q (file no.&nbsp;1-10767) filed
    June&nbsp;18, 2002.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.14.2</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amendment No.&nbsp;2 to Amended and Restated Senior Convertible
    Loan Agreement dated as of October&nbsp;7, 2003, by and among
    Value City Department Stores, Inc., Shonac Corporation, DSW Shoe
    Warehouse, Inc., Gramex Retail Stores, Inc., Filene&#146;s
    Basement, Inc., GB Retailers, Inc., Value City Limited
    Partnership, Value City of Michigan, Inc., J.S. Overland
    Delivery, Inc., Value City Department Stores Services, Inc.,
    Westerville Road GP, Inc. and Westerville Road LP, Inc., Retail
    Ventures, Inc., Retail Ventures Jewelry, Inc., Retail Ventures
    Services, Inc., and Retail Ventures Imports, Inc. (formerly
    known as VC Acquisition, Inc.) and Cerberus Partners, L.P., as
    agent for the Lenders. Incorporated by reference to
    Exhibit&nbsp;10(c) to Retail Ventures&#146; Form&nbsp;8-K (file
    No.&nbsp;001-10767) filed October&nbsp;8, 2003.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.14.3</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amendment No.&nbsp;3 to Amended and Restated Senior Convertible
    Loan Agreement, dated as of December&nbsp;29, 2004, by and among
    Value City Department Stores LLC, the Guarantors named therein,
    the Lenders named therein, and Cerberus Partners, L.P.
    Incorporated by reference to Exhibit&nbsp;10.3 of Retail
    Ventures&#146; form&nbsp;8-K (file&nbsp;no.&nbsp;1-10767) filed
    January&nbsp;4, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.14.4</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Second Amended and Restated Senior Loan Agreement by and
    among Value City Department Stores, LLC as Borrower, Retail
    Ventures, Inc., Gramex Retail Stores, Inc., Filene&#146;s
    Basement, Inc., GB Retailers, Inc., Value City of Michigan, Inc.
    J.S. Overland Delivery, Inc., Value City Department Stores
    Services, Inc. Retail Ventures Jewelry, Inc., Retail Ventures
    Services, Inc. and Retail Ventures Import, Inc., as Guarantors,
    the Lenders from time to time party thereto, and Cerberus
    Partners, L.P., as agent.</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt;">II-5

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>No.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.15</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated March&nbsp;22, 2000, by and between East Fifth
    Avenue, LLC, an affiliate of Schottenstein Stores Corporation,
    as landlord, and Shonac, as tenant, re: warehouse facility and
    corporate headquarters. Incorporated by reference to
    Exhibit&nbsp;10.60 to Retail Ventures&#146; Form&nbsp;10-K (file
    no.&nbsp;1-10767) filed April&nbsp;28, 2000.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.16</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Common Stock Purchase Warrants (with respect to the
    stock of Retail Ventures) issued to Cerberus Partners, L.P. and
    Schottenstein Stores Corporation. Incorporated by reference to
    Exhibit&nbsp;10.5 to Retail Ventures&#146; Form&nbsp;10-Q (file
    no.&nbsp;1-10767) filed June&nbsp;18, 2002.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.17</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Conversion Warrant to be issued by Retail Ventures to
    Schottenstein Stores Corporation and Cerberus Partners, L.P.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.18</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Term Loan Warrant to be issued by Retail Ventures to
    Schottenstein Stores Corporation, Cerberus Partners, L.P. and
    Back Bay Capital Funding, LLC.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.19</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Retail Ventures, Inc. 1991 Stock Option
    Plan. Incorporated by reference to Exhibit&nbsp;4(a) to
    Amendment No.&nbsp;1 to Form&nbsp;S-8 Registration Statement
    (file no.&nbsp;333-45852) filed October&nbsp;16, 2003 by Retail
    Ventures.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.20</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Retail Ventures, Inc. Amended and Restated 2000 Stock Incentive
    Plan. Incorporated by reference to Exhibit&nbsp;4(a) to
    Amendment No.&nbsp;1 to Form&nbsp;S-8 Registration Statement
    (file no.&nbsp;333-100398) filed October&nbsp;16, 2003 by Retail
    Ventures.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.21</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Value City Department Stores, Inc.&#146;s Board of Directors
    Resolutions dated as of July&nbsp;6, 1992, adopting the terms of
    the Value City Department Stores, Inc. 1992 Officer/Key Employee
    Stock Bonus Plan. Incorporated by reference to Exhibit&nbsp;4(a)
    to Amendment No.&nbsp;1 to Form&nbsp;S-8 Registration Statement
    (file no.&nbsp;33-50198) filed October&nbsp;16, 2003 by Retail
    Ventures.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.22</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Value City Department Stores, Inc. 2003 Incentive Plan.
    Incorporated by reference to Exhibit&nbsp;10.41 to Retail
    Ventures&#146; Form&nbsp;10-K (file no.&nbsp;1-107A) filed
    April&nbsp;14, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.23</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of DSW Inc. 2005 Equity Incentive Plan.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.24</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of DSW Inc. 2005 Cash Incentive Compensation Plan.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.24.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Restricted Stock Units Award Agreement for Employees.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.24.2</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Stock Units for automatic grants to non-employee
    directors.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.24.3</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Stock Units for conversion of non-employee
    directors&#146; cash retainer.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.24.4</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Non-Employee Directors&#146; Cash Retainer Deferral
    Election Form.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.24.5</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Nonqualified Stock Option Award Agreement for
    Consultants.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.24.6</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Nonqualified Stock Option Award Agreement for Employees.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.25</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Master Separation Agreement between Retail Ventures and
    DSW.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.26</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Shared Services Agreement between Retail Ventures and
    DSW.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.27</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Tax Separation Agreement between Retail Ventures and
    DSW.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.28</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Supply Agreement between Filene&#146;s Basement and
    DSW.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.29</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated August&nbsp;30, 2002, by and between Jubilee
    Limited Partnership, an affiliate of Schottenstein Stores
    Corporation, and Shonac Corporation, re: Troy, MI DSW store.
    Incorporated by reference to Exhibit&nbsp;10.44 to Retail
    Ventures&#146; Form&nbsp;10-K (file no.&nbsp;1-10767) filed
    April&nbsp;29, 2004.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.29.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated October&nbsp;23,
    2002, between Shonac Corporation, as assignor, and DSW Shoe
    Warehouse, Inc., as assignee re: Troy, MI DSW store.
    Incorporated by reference to Exhibit&nbsp;10.29.1 to Retail
    Ventures&#146; Form&nbsp;10-K/A (file no.&nbsp;1-10767) filed
    May&nbsp;12, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.30</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated October&nbsp;8, 2003, by and between Jubilee
    Limited Partnership, an affiliate of Schottenstein Stores
    Corporation, and Shonac Corporation, re: Denton, TX DSW store.
    Incorporated by reference to Exhibit&nbsp;10.46 to Retail
    Ventures&#146; Form&nbsp;10-K (file no.&nbsp;1-10767) filed
    April&nbsp;29, 2004.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.30.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated December&nbsp;18,
    2003 between Shonac Corporation, as assignor, and DSW Shoe
    Warehouse, Inc., as assignee re: Denton, TX DSW store.
    Incorporated by reference to Exhibit&nbsp;10.30.1 to Retail
    Ventures&#146; Form&nbsp;10-K/A (file no.&nbsp;1-10767) filed
    May&nbsp;12, 2005.</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt;">II-6
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>No.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.31</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated October&nbsp;28, 2003, by and between JLP-RICHMOND
    LLC, an affiliate of Schottenstein Stores Corporation, and
    Shonac Corporation, re: Richmond, VA DSW store. Incorporated by
    reference to Exhibit&nbsp;10.47 to Retail Ventures&#146;
    Form&nbsp;10-K (file no.&nbsp;1-10767) filed April&nbsp;29, 2004.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.31.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated December&nbsp;18,
    2003 between Shonac Corporation, as assignor, and DSW Shoe
    Warehouse, Inc., as assignee re: Richmond, VA DSW store.
    Incorporated by reference to Exhibit&nbsp;10.31.1 to Retail
    Ventures&#146; Form&nbsp;10-K/A (file no.&nbsp;1-10767) filed
    May&nbsp;12, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.32</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated May 2000, by and between Jubilee-Richmond LLC, an
    affiliate of Schottenstein Stores Corporation, and DSW Shoe
    Warehouse, Inc. (as assignee of Shonac Corporation), re: Glen
    Allen, VA DSW store. Incorporated by reference to
    Exhibit&nbsp;10.49 to Retail Ventures&#146; Form&nbsp;10-K (file
    no.&nbsp;1-10767) filed April&nbsp;14, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.33</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated February&nbsp;28, 2001, by and between
    Jubilee-Springdale, LLC, an affiliate of Schottenstein Stores
    Corporation, and Shonac Corporation d/b/a DSW Shoe Warehouse,
    re: Springdale, OH DSW store. Incorporated by reference to
    Exhibit&nbsp;10.50 to Retail Ventures&#146; Form&nbsp;10-K (file
    no.&nbsp;1-10767) filed April&nbsp;14, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.33.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated May&nbsp;11, 2001,
    between Shonac Corporation, as assignor, and DSW Shoe Warehouse,
    Inc., as assignee re: Springdale, OH DSW store. Incorporated by
    reference to Exhibit&nbsp;10.50.1, to Retail Ventures&#146;
    Form&nbsp;10-K/A (file no.&nbsp;1-10767) filed May&nbsp;12, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.34</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Agreement of Lease, dated 1997, between Shoppes of Beavercreek
    Ltd., an affiliate of Schottenstein Stores Corporation, and
    Shonac corporation (assignee of Schottenstein Stores Corporation
    d/b/a Value City Furniture through Assignment of Tenant&#146;s
    Leasehold Interest and Amendment No.&nbsp;1 to Agreement of
    Lease, dated February&nbsp;28, 2001), re: Beavercreek, OH DSW
    store. Incorporated by reference to Exhibit&nbsp;10.51 to Retail
    Ventures&#146; Form&nbsp;10-K (file no.&nbsp;1-10767) filed
    April&nbsp;14, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.34.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated May&nbsp;11, 2001,
    between Shonac Corporation, as assignor, and DSW Shoe Warehouse,
    Inc., as assignee re: Beavercreek, OH DSW store. Incorporated by
    reference to Exhibit&nbsp;10.51.1 to Retail Ventures&#146;
    Form&nbsp;10-K/A (file no.&nbsp;1-10767) filed May&nbsp;12, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.35</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated February&nbsp;28, 2001, by and between
    JLP-Chesapeake, LLC, an affiliate of Schottenstein Stores
    Corporation, and Shonac Corporation, re: Chesapeake, VA DSW
    store. Incorporated by reference to Exhibit&nbsp;10.52 to Retail
    Ventures&#146; Form&nbsp;10-K (file no.&nbsp;1-10767) filed
    April&nbsp;14, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.35.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated May&nbsp;11, 2001,
    between Shonac Corporation, as assignor, and DSW Shoe Warehouse,
    Inc., as assignee re: Chesapeake, VA DSW store. Incorporated by
    reference to Exhibit&nbsp;10.52.1 to Retail Ventures&#146;
    Form&nbsp;10-K/A (file no.&nbsp;1-10767) filed May&nbsp;12, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.36</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Ground Lease Agreement, dated April&nbsp;30, 2002, by and
    between Polaris Mall, LLC, a Delaware limited liability company,
    and Schottenstein Stores Corporation-Polaris LLC, an affiliate
    of Schottenstein Stores Corporation, as modified by Sublease
    Agreement, dated April&nbsp;30, 2002, by and between
    Schottenstein Stores Corporation-Polaris LLC, as sublessor, and
    DSW Shoe Warehouse, Inc., as sublessee (assignee of Shonac
    Corporation), re: Columbus, OH (Polaris) DSW store. Incorporated
    by reference to Exhibit&nbsp;10.53 to Retail Ventures&#146;
    Form&nbsp;10-K (file no.&nbsp;1-10767) filed April&nbsp;14, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.36.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated August&nbsp;6, 2002,
    between Shonac Corporation, as assignor, and DSW Shoe Warehouse,
    Inc., as assignee, re: Columbus, OH (Polaris) DSW store.
    Incorporated by reference to Exhibit&nbsp;10.53.1 to Retail
    Ventures&#146; Form&nbsp;10-K/A (file no.&nbsp;1-10767) filed
    May&nbsp;12, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.37</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated August&nbsp;30, 2002, by and between JLP-Cary, LLC,
    an affiliate of Schottenstein Stores Corporation, and Shonac
    Corporation, re: Cary, NC DSW store. Incorporated by reference
    to Exhibit&nbsp;10.54 to Retail Ventures&#146; Form&nbsp;10-K
    (file no. 1-10767) filed April&nbsp;14, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.37.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated October&nbsp;23,
    2002, between Shonac Corporation, as assignor, and DSW Shoe
    Warehouse, Inc., as assignee, re: Cary, NC DSW store.
    Incorporated by reference to Exhibit&nbsp;10.54.1 to Retail
    Ventures&#146; Form&nbsp;10-K/A (file No.&nbsp;1-10767) filed
    May&nbsp;12, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.38</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated August 30, 2002, by and between JLP-Madison, LLC,
    an affiliate of Schottenstein Stores Corporation, and Shonac
    Corporation, re: Madison, TN DSW store. Incorporated by
    reference to Exhibit&nbsp;10.55 to Retail Ventures&#146;
    Form&nbsp;10-K (file no. 1-10767) filed April&nbsp;14, 2005.</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">II-7

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>No.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.38.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated October&nbsp;23,
    2002, between Shonac Corporation, as assignor, and DSW Shoe
    Warehouse, Inc., as assignee, re: Madison, TN DSW store.
    Incorporated by reference to Exhibit 10.55.1 to Retail
    Ventures&#146; Form&nbsp;10-K/A (file no.&nbsp;1-10767) filed
    May&nbsp;12, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.39</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Sublease, dated May 2000, by and between Schottenstein Stores
    Corporation, as sublessor, and Shonac Corporation d/b/a DSW Shoe
    Warehouse, Inc., as sublessee, re: Pittsburgh, PA DSW store.
    Incorporated by reference to Exhibit&nbsp;10.48 to Retail
    Ventures&#146; Form&nbsp;10-K (file&nbsp;no.&nbsp;1-10767) filed
    April&nbsp;14, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.39.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated January&nbsp;8, 2001,
    between Shonac Corporation, as assignor, and DSW Shoe Warehouse,
    Inc. as assignee, re: Pittsburgh, PA DSW store. Incorporated by
    reference to Exhibit&nbsp;10.48.1 to Retail Ventures&#146;
    Form&nbsp;10-K/A (file no.&nbsp;1-10767) filed May&nbsp;12, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.40</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated September&nbsp;24, 2004, by and between K&#38;S
    Maple Hill Mall, L.P., an affiliate of Schottenstein Stores
    Corporation, and Shonac Corporation, re: Kalamazoo, MI DSW
    store. Incorporated by reference to Exhibit&nbsp;10.58 to Retail
    Ventures&#146; Form&nbsp;10-K (file no.&nbsp;1-10767) filed
    April&nbsp;14, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.40.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated February&nbsp;28,
    2005, between Shonac Corporation, as assignor, and DSW Shoe
    Warehouse, Inc., as assignee, re: Kalamazoo, MI DSW store.
    Incorporated by reference to Exhibit&nbsp;10.58.1 to Retail
    Ventures&#146; Form&nbsp;10-K/A (file no.&nbsp;1-10767) filed
    May&nbsp;12, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.41</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated November 2004, by and between KSK Scottsdale Mall,
    L.P., an affiliate of Schottenstein Stores Corporation, and
    Shonac Corporation, re: South Bend, IN DSW store. Incorporated
    by reference to Exhibit&nbsp;10.59 to Retail Ventures&#146;
    Form&nbsp;10-K (file no.&nbsp;1-10767) filed April&nbsp;14, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.41.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated March&nbsp;18, 2005,
    between Shonac Corporation, as assignor, and DSW Shoe Warehouse,
    Inc., as assignee, re: South Bend, IN DSW store. Incorporated by
    reference to Exhibit&nbsp;10.59.1 to Retail Ventures&#146;
    Form&nbsp;10-K/A (file no.&nbsp;1-10767) filed May&nbsp;12, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.42</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Sublease Agreement, dated June&nbsp;12, 2000, by and between
    Jubilee Limited Partnership, an affiliate of Schottenstein
    Stores Corporation, and Shonac Corporation, re: Fairfax, VA DSW
    store.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.42.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated January&nbsp;8, 2001,
    between Shonac Corporation, as assignor, and DSW Shoe Warehouse,
    Inc., as assignee, re: Fairfax, VA DSW store.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.43</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated March&nbsp;1, 1994, between Jubilee Limited
    Partnership, an affiliate of Schottenstein Stores Corporation,
    and Value City Department Stores, Inc., as modified by First
    Lease Modification, dated November&nbsp;1, 1994, re:
    Merrillville, IN DSW store. Incorporated by reference to
    Exhibit&nbsp;10.44 to Retail Ventures&#146; Form&nbsp;10-K (file
    no. 1-10767) filed April&nbsp;14, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.43.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    License Agreement, dated August&nbsp;30, 2002, by and between
    Value City Department Stores, Inc. and Shonac Corporation, re:
    Merrillville, IN DSW store.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.44</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Indemnification Agreement between DSW&nbsp;Inc. and its
    officers and directors.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    21.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    List of Subsidiaries.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    23.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Deloitte &#38; Touche LLP.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    23.2</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Vorys, Sater, Seymour and Pease LLP (included in
    Exhibit&nbsp;5.1).</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    23.3</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Skadden, Arps, Slate, Meagher &#38; Flom LLP
    (included in Exhibit&nbsp;8.1).</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    23.4</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Director Nominee Carolee Friedlander.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    23.5</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Director Nominee Philip B. Miller.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    23.6</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Director Nominee James D. Robbins.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    23.7</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Director Nominee Harvey L. Sonnenberg.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    23.8</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Director Nominee Allan J. Tanenbaum.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    24.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Powers of Attorney.**</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>*&nbsp;</TD>
    <TD align="left">
    To be filed by amendment.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>**&nbsp;</TD>
    <TD align="left">
    Previously filed.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><B>B.</B></TD>
    <TD>
    <B>Financial Statement Schedules</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
See Schedule&nbsp;II&nbsp;&#151; Valuation and Qualifying
Accounts, included in the Consolidated Financial Statements in
Part&nbsp;I of this Registration Statement.
</DIV>

<P align="center" style="font-size: 10pt;">II-8

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B>Item&nbsp;17.</B></TD>
    <TD>
    <B><I>Undertakings</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(1)&nbsp;Insofar as indemnification for liabilities arising
under the Securities Act of 1933 may be permitted to directors,
officers and controlling persons of the registrant pursuant to
the foregoing provisions, or otherwise, the registrant has been
advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the
registrant in the successful defense of any action, suit or
proceeding) is asserted against the registrant by such director,
officer or controlling person in connection with the securities
being registered, the registrant will, unless in the opinion of
its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final
adjudication of such issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(2)&nbsp;The undersigned registrant hereby undertakes that:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (a)&nbsp;For purposes of determining any liability under the
    Securities Act of 1933, the information omitted from the form of
    prospectus filed as part of this registration statement in
    reliance upon Rule&nbsp;430A and contained in a form of
    prospectus filed by the registrant pursuant to
    Rule&nbsp;424(b)(1) or (4) or 497(h) under the Securities Act
    shall be deemed to be part of this registration statement as of
    the time it was declared effective.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (b)&nbsp;For the purpose of determining any liability under the
    Securities Act of 1933, each post-effective amendment that
    contains a form of prospectus shall be deemed to be a new
    registration statement relating to the securities offered
    therein, and this offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(3)&nbsp;The undersigned hereby undertakes to provide to the
underwriters at the closing specified in the underwriting
agreement, certificates in such denominations and registered in
such names as required by the underwriters to permit prompt
delivery thereof.
</DIV>

<P align="center" style="font-size: 10pt;">II-9

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SIGNATURES</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Act of 1933, the
registrant has duly caused this Registration Statement on
Form&nbsp;S-1 to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Columbus, State of
Ohio, on June&nbsp;24, 2005.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    DSW INC.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="4%"></TD>
    <TD width="56%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD align="left">
    /s/ Douglas J. Probst</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 3pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top"  style="font-size: 10pt;">
    <TD>&nbsp;</TD>
    <TD align="left">
    Name:&nbsp;&nbsp;Douglas J. Probst</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="9%"></TD>
    <TD width="51%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD align="left">
    Senior Vice President, Chief Financial Officer and Treasurer</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following
persons in the capacities indicated on June&nbsp;24, 2005:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="3" align="center" nowrap><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Title</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    *<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>Jay
    L. Schottenstein</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Chairman of the Board of Directors<BR>
    and Chief Executive Officer<BR>
    (Principal Executive Officer)</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    /s/ Douglas J. Probst<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>Douglas
    J. Probst</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Senior Vice President,<BR>
    Chief Financial Officer and Treasurer<BR>
    (Principal Financial Officer and<BR>
    Principal Accounting Officer)</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    *<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>Heywood
    Wilansky</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    &nbsp;*&nbsp;<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>Carolee&nbsp;Friedlander</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    &nbsp;&nbsp;*<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>Philip&nbsp;B.&nbsp;Miller</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    &nbsp;&nbsp;*<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>James&nbsp;D.&nbsp;Robbins</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    &nbsp;&nbsp;*<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>Harvey&nbsp;L.&nbsp;Sonnenberg</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    &nbsp;&nbsp;*<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>Allan&nbsp;J.&nbsp;Tanenbaum</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Director</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    *By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    /s/ Douglas J. Probst<BR>
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas
    J.
    Probst<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attorney-in-fact</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt;">II-10
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INDEX TO EXHIBITS</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>No.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;1.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Underwriting Agreement.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;3.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Amended Articles of Incorporation of the registrant.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;3.2</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Amended and Restated Code of Regulations of the
    registrant.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;4.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Specimen Class&nbsp;A Common Shares temporary certificate.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;4.2</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Registration Rights Agreement, dated as of
    June&nbsp;11, 2002, by and among Value City Department Stores,
    Inc. and Cerberus Partners, L.P. and Schottenstein Stores
    Corporation. Incorporated by reference to Exhibit&nbsp;10.4 to
    Retail Ventures&#146; Form&nbsp;10-Q (file no.&nbsp;1-10767)
    filed June&nbsp;18, 2002.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;4.3</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Registration Rights Agreement, by and among DSW Inc.,
    Schottenstein Stores Corporation, Cerberus Partners, L.P. and
    Back Bay Capital Funding LLC.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;4.4</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Exchange Agreement by and between Retail Ventures, Inc.
    and DSW Inc.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;5.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Opinion of Vorys, Sater, Seymour and Pease LLP.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;8.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Opinion of Skadden, Arps, Slate, Meagher &#38; Flom LLP
    regarding tax matters.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Corporate Services Agreement, dated June&nbsp;12, 2002, between
    Retail Ventures and Schottenstein Stores Corporation.
    Incorporated by reference to Exhibit&nbsp;10.6 to Retail
    Ventures&#146; Form&nbsp;10-Q (file no.&nbsp;1-10767) filed
    June&nbsp;18, 2002.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.1.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Amendment to Corporate Services Agreement, among Retail
    Ventures, Schottenstein Stores Corporation and Schottenstein
    Management Company the supplemental letter agreement among
    Schottenstein Stores Corporation, Schottenstein Management
    Company and DSW&nbsp;Inc. related thereto.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.2</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Employment Agreement, dated March&nbsp;4, 2005, between
    Deborah&nbsp;L. Ferr&#233;e and DSW Inc.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.3</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Employment Agreement, dated June&nbsp;1, 2005, between Peter Z.
    Horvath and DSW Inc.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.4</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Employment Agreement, dated June&nbsp;1, 2005, between Douglas
    J. Probst and DSW Inc.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.5</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Employment Agreement, dated June&nbsp;21, 2000, between James A.
    McGrady and Retail Ventures. Incorporated by reference to
    Exhibit&nbsp;10.46 to Retail Ventures&#146; Form&nbsp;10-K (file
    no.&nbsp;1-10767) filed May&nbsp;4, 2001.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.6</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Employment Agreement, dated as of April&nbsp;29, 2004, between
    Julia A. Davis and Retail Ventures. Incorporated by reference to
    Exhibit&nbsp;10.51 to Retail Ventures&#146; Form&nbsp;10-K (File
    no.&nbsp;1-10767) filed April&nbsp;29, 2004.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.7</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Employment Agreement dated February&nbsp;3, 2002 between John C.
    Rossler and Retail Ventures. Incorporated by reference to
    Exhibit&nbsp;10 to Retail Ventures&#146; Form&nbsp;10-Q (file
    no.&nbsp;1-10767) filed September&nbsp;12, 2002.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.8</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Employment Agreement, dated February&nbsp;3, 2002, between Edwin
    J. Kozlowski and Retail Ventures. Incorporated by reference to
    Exhibit&nbsp;10.43 to Retail Ventures&#146; Form&nbsp;10-K (file
    no.&nbsp;1-10767) filed May&nbsp;1, 2003.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.9</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Settlement Agreement, dated March 2005, between John C. Rossler
    and Retail Ventures, Inc.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.10</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Settlement Agreement, dated March 2005, between Edwin J.
    Kozlowski and Retail Ventures, Inc.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.11</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Loan and Security Agreement, between DSW Inc. and DSW
    Shoe Warehouse, Inc., as the Borrowers, and National City
    Business Credit, Inc., as Administrative Agent and Collateral
    Agent for the Revolving Credit Lenders.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.12</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Loan and Security Agreement, dated as of June&nbsp;11, 2002,
    between Retail Ventures, as Borrowers, and National City
    Business Credit Finance, Inc., as Administrative Agent for the
    ratable benefit of the Revolving Credit Lenders. Incorporated by
    reference to Exhibit&nbsp;10.1 to Retail Ventures&#146;
    Form&nbsp;10-Q (file&nbsp;no.&nbsp;1-10767) filed June&nbsp;18,
    2002.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.12.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    First Amendment to Loan and Security Agreement, dated as of
    October&nbsp;7, 2003, between Value City Department Stores,
    Inc., as Agent for the Borrowers, and National City Business
    Credit Finance, Inc., as Administrative Agent for the ratable
    benefit of the Revolving Credit Lenders. Incorporated by
    reference to Exhibit&nbsp;10(a) to Retail Ventures&#146;
    Form&nbsp;8-K (file No.&nbsp;1-10767) filed October&nbsp;8, 2003.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.12.2</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Second Amendment to Loan and Security Agreement, dated as of
    July&nbsp;29, 2004, between Value City Department Stores, Inc.
    as Agent for the Borrowers, and National City Business Credit
    Finance, Inc. as Administrative Agent for the ratable benefit of
    the Revolving Credit Lenders. Incorporated by reference to
    Exhibit&nbsp;10.1 to Retail Ventures&#146; Form&nbsp;10-Q (file
    No.&nbsp;1-10767) filed September&nbsp;8, 2004.</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>No.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.12.3</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Joinder and Third Amendment to Loan and Security Agreement,
    dated December&nbsp;29, 2004, between Value City Department
    Stores LLC as Lead Borrower, and National City Business Credit
    Finance, Inc. as Administrative Agent for the ratable benefit of
    the Revolving Credit Lenders. Incorporated by reference to
    Exhibit&nbsp;10.1 of Retail Ventures&#146; Form&nbsp;8-K (file
    no.&nbsp;1-10767) filed January&nbsp;4, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.12.4</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Fourth Amendment to Loan and Security Agreement dated
    March&nbsp;10, 2005 between Value City Department Stores LLC as
    Lead Borrower, and National City Business Credit Finance, Inc.
    as Administrative Agent for the ratable benefit of the Revolving
    Credit Lenders. Incorporated by reference to Exhibit&nbsp;10.1
    of Retail Ventures&#146; Form&nbsp;8-K (file no.&nbsp;1-10767)
    filed March&nbsp;15, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.12.5</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Amended and Restated Loan and Security Agreement, by and
    between Value City Department Stores LLC, as Lead Borrower,
    Gramex Retail Stores, Inc., Filene&#146;s Basement, Inc., Value
    City of Michigan, Inc., GB Retailers, Inc., Retail Ventures
    Jewelry, Inc., as Borrowers, and National City Business Credit,
    Inc., as Administrative Agent and Collateral Agent for the
    Revolving Credit Lenders referenced therein.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.13</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Financing Agreement, dated as of June&nbsp;11, 2002, by and
    among Value City Department Stores, Inc., Shonac Corporation,
    DSW&nbsp;Shoe Warehouse Inc., Gramex Retail Stores, Inc.,
    Filene&#146;s Basement, Inc., Value City Limited Partnership,
    Value City of Michigan, Inc., GB&nbsp;Retailers, Inc., and
    VCM&nbsp;Ltd., as Borrowers and Cerberus Partners, L.P. and the
    Lenders from time to time party thereto. Incorporated by
    reference to Exhibit&nbsp;10.2 to Retail Ventures&#146;
    Form&nbsp;10-Q (file no.&nbsp;1-10767) filed June&nbsp;18, 2002.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.13.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    First Amendment to the Financing Agreement, dated as of
    October&nbsp;7, 2003, by and among Value City Department Stores,
    Inc., Shonac Corporation, DSW Shoe Warehouse, Inc., Gramex
    Retail Stores, Inc., Filene&#146;s Basement, Inc., GB Retailers,
    Inc., Value City Limited Partnership, Value City of Michigan,
    Inc., J.S. Overland Delivery, Inc., Value City Department Stores
    Services, Inc., Westerville Road GP, Inc. and Westerville Road
    LP, Inc., Retail Ventures, Inc., Retail Ventures Jewelry, Inc.,
    Retail Ventures Services, Inc., and Retail Ventures Imports,
    Inc. (formerly known as VC Acquisition, Inc.) and Cerberus
    Partners, L.P., as agent for the Lenders. Incorporated by
    reference to Exhibit&nbsp;10(b) to Retail Ventures&#146;
    Form&nbsp;8-K (file No.&nbsp;1-10767) filed October&nbsp;8, 2003.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.13.2</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Second Amendment to Financing Agreement, dated July&nbsp;29,
    2004, by and among the Borrowers named therein, the Guarantors
    named therein, the Lenders named therein, and Cerberus Partners,
    L.P. Incorporated by reference to Exhibit&nbsp;10.2 to Retail
    Ventures&#146; Form&nbsp;10-Q (file No.&nbsp;1-10767) filed
    September&nbsp;8, 2004.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.13.3</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Third Amendment to Financing Agreement, dated as of
    December&nbsp;29, 2004, by and among the Borrowers named
    therein, the Guarantors named therein, the Lenders named
    therein, and Cerberus Partners, L.P. Incorporated by reference
    to Exhibit&nbsp;10.2 of Retail Ventures&#146; Form&nbsp;8-K
    (file no.&nbsp;1-10767) filed January&nbsp;4, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.13.4</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Fourth Amendment to Financing Agreement, by and among
    the Borrowers named therein, the Guarantors named therein, the
    Lenders named therein, and Cerberus Partners, L.P.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.14</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Senior Convertible Loan Agreement, dated as
    of June&nbsp;11, 2002 by and among Value City Department Stores,
    Inc., as Borrower, Shonac Corporation, DSW Shoe Warehouse, Inc.,
    Gramex Retail Stores, Inc., VCM, Ltd., Filene&#146;s Basement,
    Inc., GB Retailers, Inc., J.S. Overland Delivery, Inc., Value
    City Department Stores Services, Inc., Value City Limited
    Partnership, Value City of Michigan, Inc., Westerville Road GP,
    Inc. and Westerville Road LP, Inc., as guarantors, the Lenders
    from time to time party hereto, as Lenders, and Schottenstein
    Stores Corporation, as Agent. Incorporated by reference to
    Exhibit&nbsp;10.3 to Retail Ventures&#146; Form&nbsp;10-Q (file
    no.&nbsp;1-10767) filed June&nbsp;18, 2002.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.14.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amendment No.&nbsp;1 to Amended and Restated Senior Convertible
    Loan Agreement, dated June&nbsp;11, 2002 by and among Value City
    Department Stores, Inc., as Borrower, Shonac Corporation, DSW
    Shoe Warehouse, Inc., Gramex Retail Stores, Inc., VCM, Ltd.,
    Filene&#146;s Basement, Inc., GB Retailers, Inc., J.S. Overland
    Delivery, Inc., Value City Department Stores Services, Inc.,
    Value City Limited Partnership, Value City of Michigan, Inc.,
    Westerville Road GP, Inc. and Westerville Road LP, Inc., as
    Guarantors, the Lenders from time to time party hereto, as
    Lenders, and Schottenstein Stores Corporation, as Agent.
    Incorporated by reference to Exhibit&nbsp;10.3.1 to Retail
    Ventures&#146; Form&nbsp;10-Q (file no.&nbsp;1-10767) filed
    June&nbsp;18, 2002.</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>No.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.14.2</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amendment No.&nbsp;2 to Amended and Restated Senior Convertible
    Loan Agreement dated as of October&nbsp;7, 2003, by and among
    Value City Department Stores, Inc., Shonac Corporation, DSW Shoe
    Warehouse, Inc., Gramex Retail Stores, Inc., Filene&#146;s
    Basement, Inc., GB Retailers, Inc., Value City Limited
    Partnership, Value City of Michigan, Inc., J.S. Overland
    Delivery, Inc., Value City Department Stores Services, Inc.,
    Westerville Road GP, Inc. and Westerville Road LP, Inc., Retail
    Ventures, Inc., Retail Ventures Jewelry, Inc., Retail Ventures
    Services, Inc., and Retail Ventures Imports, Inc. (formerly
    known as VC Acquisition, Inc.) and Cerberus Partners, L.P., as
    agent for the Lenders. Incorporated by reference to
    Exhibit&nbsp;10(c) to Retail Ventures&#146; Form&nbsp;8-K (file
    No.&nbsp;001-10767) filed October&nbsp;8, 2003.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.14.3</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amendment No.&nbsp;3 to Amended and Restated Senior Convertible
    Loan Agreement, dated as of December&nbsp;29, 2004, by and among
    Value City Department Stores LLC, the Guarantors named therein,
    the Lenders named therein, and Cerberus Partners, L.P.
    Incorporated by reference to Exhibit&nbsp;10.3 of Retail
    Ventures&#146; form&nbsp;8-K (file&nbsp;no.&nbsp;1-10767) filed
    January&nbsp;4, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.14.4</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Second Amended and Restated Senior Loan Agreement by and
    among Value City Department Stores, LLC as Borrower, Retail
    Ventures, Inc., Gramex Retail Stores, Inc., Filene&#146;s
    Basement, Inc., GB Retailers, Inc., Value City of Michigan, Inc.
    J.S. Overland Delivery, Inc., Value City Department Stores
    Services, Inc. Retail Ventures Jewelry, Inc., Retail Ventures
    Services, Inc. and Retail Ventures Import, Inc., as Guarantors,
    the lenders from time to time party thereto, and Cerberus
    Partners, L.P., as agent.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.15</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated March&nbsp;22, 2000, by and between East Fifth
    Avenue, LLC, an affiliate of Schottenstein Stores Corporation,
    as landlord, and Shonac, as tenant, re: warehouse facility and
    corporate headquarters. Incorporated by reference to
    Exhibit&nbsp;10.60 to Retail Ventures&#146; Form&nbsp;10-K (file
    no.&nbsp;1-10767) filed April&nbsp;28, 2000.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.16</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Common Stock Purchase Warrants (with respect to the
    stock of Retail Ventures) issued to Cerberus Partners, L.P. and
    Schottenstein Stores Corporation. Incorporated by reference to
    Exhibit&nbsp;10.5 to Retail Ventures&#146; Form&nbsp;10-Q (file
    no.&nbsp;1-10767) filed June&nbsp;18, 2002.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.17</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Conversion Warrant to be issued by Retail Ventures to
    Schottenstein Stores Corporation and Cerberus Partners, L.P.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.18</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Term Loan Warrant to be issued by Retail Ventures to
    Schottenstein Stores Corporation, Cerberus Partners, L.P. and
    Back Bay Capital Funding, LLC.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.19</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Amended and Restated Retail Ventures, Inc. 1991 Stock Option
    Plan. Incorporated by reference to Exhibit&nbsp;4(a) to
    Amendment No.&nbsp;1 to Form&nbsp;S-8 Registration Statement
    (file no.&nbsp;333-45852) filed October&nbsp;16, 2003 by Retail
    Ventures.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.20</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Retail Ventures, Inc. Amended and Restated 2000 Stock Incentive
    Plan. Incorporated by reference to Exhibit&nbsp;4(a) to
    Amendment No.&nbsp;1 to Form&nbsp;S-8 Registration Statement
    (file no.&nbsp;333-100398) filed October&nbsp;16, 2003 by Retail
    Ventures.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.21</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Value City Department Stores, Inc.&#146;s Board of Directors
    Resolutions dated as of July&nbsp;6, 1992, adopting the terms of
    the Value City Department Stores, Inc. 1992 Officer/Key Employee
    Stock Bonus Plan. Incorporated by reference to Exhibit&nbsp;4(a)
    to Amendment No.&nbsp;1 to Form&nbsp;S-8 Registration Statement
    (file no.&nbsp;33-50198) filed October&nbsp;16, 2003 by Retail
    Ventures.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.22</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Value City Department Stores, Inc. 2003 Incentive Plan.
    Incorporated by reference to Exhibit&nbsp;10.41 to Retail
    Ventures&#146; Form&nbsp;10-K (file no.&nbsp;1-107A) filed
    April&nbsp;14, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.23</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of DSW Inc. 2005 Equity Incentive Plan.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.24</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of DSW Inc. 2005 Cash Incentive Compensation Plan.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.24.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Restricted Stock Units Award Agreement for Employees.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.24.2</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Stock Units for automatic grants to non-employee
    directors.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.24.3</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Stock Units for conversion of non-employee
    directors&#146; cash retainer.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.24.4</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Non-Employee Directors&#146; Cash Retainer Deferral
    Election Form.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.24.5</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Nonqualified Stock Option Award Agreement for
    Consultants.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.24.6</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Nonqualified Stock Option Award Agreement for Employees.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.25</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Master Separation Agreement between Retail Ventures and
    DSW.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.26</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Shared Services Agreement between Retail Ventures and
    DSW.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.27</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Tax Separation Agreement between Retail Ventures and
    DSW.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.28</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Supply Agreement between Filene&#146;s Basement and
    DSW.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.29</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated August&nbsp;30, 2002, by and between Jubilee
    Limited Partnership, an affiliate of Schottenstein Stores
    Corporation, and Shonac Corporation, re: Troy, MI DSW store.
    Incorporated by reference to Exhibit&nbsp;10.44 to Retail
    Ventures&#146; Form&nbsp;10-K (file no.&nbsp;1-10767) filed
    April&nbsp;29, 2004.</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>No.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.29.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated October&nbsp;23,
    2002, between Shonac Corporation, as assignor, and DSW Shoe
    Warehouse, Inc., as assignee re: Troy, MI DSW store.
    Incorporated by reference to Exhibit&nbsp;10.29.1 to Retail
    Ventures&#146; Form&nbsp;10-K/A (file no.&nbsp;1-10767) filed
    May&nbsp;12, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.30</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated October&nbsp;8, 2003, by and between Jubilee
    Limited Partnership, an affiliate of Schottenstein Stores
    Corporation, and Shonac Corporation, re: Denton, TX DSW store.
    Incorporated by reference to Exhibit&nbsp;10.46 to Retail
    Ventures&#146; Form&nbsp;10-K (file no.&nbsp;1-10767) filed
    April&nbsp;29, 2004.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.30.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated December&nbsp;18,
    2003 between Shonac Corporation, as assignor, and DSW Shoe
    Warehouse, Inc., as assignee re: Denton, TX DSW store.
    Incorporated by reference to Exhibit&nbsp;10.30.1 to Retail
    Ventures&#146; Form&nbsp;10-K/A (file no.&nbsp;1-10767) filed
    May&nbsp;12, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.31</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated October&nbsp;28, 2003, by and between JLP-RICHMOND
    LLC, an affiliate of Schottenstein Stores Corporation, and
    Shonac Corporation, re: Richmond, VA DSW store. Incorporated by
    reference to Exhibit&nbsp;10.47 to Retail Ventures&#146;
    Form&nbsp;10-K (file no.&nbsp;1-10767) filed April&nbsp;29, 2004.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.31.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated December&nbsp;18,
    2003 between Shonac Corporation, as assignor, and DSW Shoe
    Warehouse, Inc., as assignee re: Richmond, VA DSW store.
    Incorporated by reference to Exhibit&nbsp;10.31.1 to Retail
    Ventures&#146; Form&nbsp;10-K/A (file no.&nbsp;1-10767) filed
    May&nbsp;12, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.32</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated May 2000, by and between Jubilee-Richmond LLC, an
    affiliate of Schottenstein Stores Corporation, and DSW Shoe
    Warehouse, Inc. (as assignee of Shonac Corporation), re: Glen
    Allen, VA DSW store. Incorporated by reference to
    Exhibit&nbsp;10.49 to Retail Ventures&#146; Form&nbsp;10-K (file
    no.&nbsp;1-10767) filed April&nbsp;14, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.33</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated February&nbsp;28, 2001, by and between
    Jubilee-Springdale, LLC, an affiliate of Schottenstein Stores
    Corporation, and Shonac Corporation d/b/a DSW Shoe Warehouse,
    re: Springdale, OH DSW store. Incorporated by reference to
    Exhibit&nbsp;10.50 to Retail Ventures&#146; Form&nbsp;10-K (file
    no.&nbsp;1-10767) filed April&nbsp;14, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.33.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated May&nbsp;11, 2001,
    between Shonac Corporation, as assignor, and DSW Shoe Warehouse,
    Inc., as assignee re: Springdale, OH DSW store. Incorporated by
    reference to Exhibit&nbsp;10.50.1, to Retail Ventures&#146;
    Form&nbsp;10-K/A (file no.&nbsp;1-10767) filed May&nbsp;12, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.34</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Agreement of Lease, dated 1997, between Shoppes of Beavercreek
    Ltd., an affiliate of Schottenstein Stores Corporation, and
    Shonac corporation (assignee of Schottenstein Stores Corporation
    d/b/a Value City Furniture through Assignment of Tenant&#146;s
    Leasehold Interest and Amendment No.&nbsp;1 to Agreement of
    Lease, dated February&nbsp;28, 2001), re: Beavercreek, OH DSW
    store. Incorporated by reference to Exhibit&nbsp;10.51 to Retail
    Ventures&#146; Form&nbsp;10-K (file no.&nbsp;1-10767) filed
    April&nbsp;14, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.34.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated May&nbsp;11, 2001,
    between Shonac Corporation, as assignor, and DSW Shoe Warehouse,
    Inc., as assignee re: Beavercreek, OH DSW store. Incorporated by
    reference to Exhibit&nbsp;10.51.1 to Retail Ventures&#146;
    Form&nbsp;10-K/A (file no.&nbsp;1-10767) filed May&nbsp;12, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.35</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated February&nbsp;28, 2001, by and between
    JLP-Chesapeake, LLC, an affiliate of Schottenstein Stores
    Corporation, and Shonac Corporation, re: Chesapeake, VA DSW
    store. Incorporated by reference to Exhibit&nbsp;10.52 to Retail
    Ventures&#146; Form&nbsp;10-K (file no.&nbsp;1-10767) filed
    April&nbsp;14, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.35.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated May&nbsp;11, 2001,
    between Shonac Corporation, as assignor, and DSW Shoe Warehouse,
    Inc., as assignee re: Chesapeake, VA DSW store. Incorporated by
    reference to Exhibit&nbsp;10.52.1 to Retail Ventures&#146;
    Form&nbsp;10-K/A (file no.&nbsp;1-10767) filed May&nbsp;12, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.36</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Ground Lease Agreement, dated April&nbsp;30, 2002, by and
    between Polaris Mall, LLC, a Delaware limited liability company,
    and Schottenstein Stores Corporation-Polaris LLC, an affiliate
    of Schottenstein Stores Corporation, as modified by Sublease
    Agreement, dated April&nbsp;30, 2002, by and between
    Schottenstein Stores Corporation-Polaris LLC, as sublessor, and
    DSW Shoe Warehouse, Inc., as sublessee (assignee of Shonac
    Corporation), re: Columbus, OH (Polaris) DSW store. Incorporated
    by reference to Exhibit&nbsp;10.53 to Retail Ventures&#146;
    Form&nbsp;10-K (file no.&nbsp;1-10767) filed April&nbsp;14, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.36.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated August&nbsp;6, 2002,
    between Shonac Corporation, as assignor, and DSW Shoe Warehouse,
    Inc., as assignee, re: Columbus, OH (Polaris) DSW store.
    Incorporated by reference to Exhibit&nbsp;10.53.1 to Retail
    Ventures&#146; Form&nbsp;10-K/A (file no.&nbsp;1-10767) filed
    May&nbsp;12, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.37</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated August&nbsp;30, 2002, by and between JLP-Cary, LLC,
    an affiliate of Schottenstein Stores Corporation, and Shonac
    Corporation, re: Cary, NC DSW store. Incorporated by reference
    to Exhibit&nbsp;10.54 to Retail Ventures&#146; Form&nbsp;10-K
    (file no. 1-10767) filed April&nbsp;14, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.37.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated October&nbsp;23,
    2002, between Shonac Corporation, as assignor, and DSW Shoe
    Warehouse, Inc., as assignee, re: Cary, NC DSW store.
    Incorporated by reference to Exhibit&nbsp;10.54.1 to Retail
    Ventures&#146; Form&nbsp;10-K/A (file No.&nbsp;1-10767) filed
    May&nbsp;12, 2005.</TD>
</TR>

</TABLE>
</CENTER>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>No.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Description</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.38</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated August 30, 2002, by and between JLP-Madison, LLC,
    an affiliate of Schottenstein Stores Corporation, and Shonac
    Corporation, re: Madison, TN DSW store. Incorporated by
    reference to Exhibit&nbsp;10.55 to Retail Ventures&#146;
    Form&nbsp;10-K (file no. 1-10767) filed April&nbsp;14, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.38.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated October&nbsp;23,
    2002, between Shonac Corporation, as assignor, and DSW Shoe
    Warehouse, Inc., as assignee, re: Madison, TN DSW store.
    Incorporated by reference to Exhibit 10.55.1 to Retail
    Ventures&#146; Form&nbsp;10-K/A (file no.&nbsp;1-10767) filed
    May&nbsp;12, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.39</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Sublease, dated May 2000, by and between Schottenstein Stores
    Corporation, as sublessor, and Shonac Corporation d/b/a DSW Shoe
    Warehouse, Inc., as sublessee, re: Pittsburgh, PA DSW store.
    Incorporated by reference to Exhibit&nbsp;10.48 to Retail
    Ventures&#146; Form&nbsp;10-K (file&nbsp;no.&nbsp;1-10767) filed
    April&nbsp;14, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.39.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated January&nbsp;8, 2001,
    between Shonac Corporation, as assignor, and DSW Shoe Warehouse,
    Inc. as assignee, re: Pittsburgh, PA DSW store. Incorporated by
    reference to Exhibit&nbsp;10.48.1 to Retail Ventures&#146;
    Form&nbsp;10-K/A (file no.&nbsp;1-10767) filed May&nbsp;12, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.40</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated September&nbsp;24, 2004, by and between K&#38;S
    Maple Hill Mall, L.P., an affiliate of Schottenstein Stores
    Corporation, and Shonac Corporation, re: Kalamazoo, MI DSW
    store. Incorporated by reference to Exhibit&nbsp;10.58 to Retail
    Ventures&#146; Form&nbsp;10-K (file no.&nbsp;1-10767) filed
    April&nbsp;14, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.40.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated February&nbsp;28,
    2005, between Shonac Corporation, as assignor, and DSW Shoe
    Warehouse, Inc., as assignee, re: Kalamazoo, MI DSW store.
    Incorporated by reference to Exhibit&nbsp;10.58.1 to Retail
    Ventures&#146; Form&nbsp;10-K/A (file no.&nbsp;1-10767) filed
    May&nbsp;12, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.41</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated November 2004, by and between KSK Scottsdale Mall,
    L.P., an affiliate of Schottenstein Stores Corporation, and
    Shonac Corporation, re: South Bend, IN DSW store. Incorporated
    by reference to Exhibit&nbsp;10.59 to Retail Ventures&#146;
    Form&nbsp;10-K (file no.&nbsp;1-10767) filed April&nbsp;14, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.41.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated March&nbsp;18, 2005,
    between Shonac Corporation, as assignor, and DSW Shoe Warehouse,
    Inc., as assignee, re: South Bend, IN DSW store. Incorporated by
    reference to Exhibit&nbsp;10.59.1 to Retail Ventures&#146;
    Form&nbsp;10-K/A (file no.&nbsp;1-10767) filed May&nbsp;12, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.42</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Sublease Agreement, dated June&nbsp;12, 2000, by and between
    Jubilee Limited Partnership, an affiliate of Schottenstein
    Stores Corporation, and Shonac Corporation, re: Fairfax, VA DSW
    store.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.42.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Assignment and Assumption Agreement, dated January&nbsp;8, 2001,
    between Shonac Corporation, as assignor, and DSW Shoe Warehouse,
    Inc., as assignee, re: Fairfax, VA DSW store.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.43</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Lease, dated March&nbsp;1, 1994, between Jubilee Limited
    Partnership, an affiliate of Schottenstein Stores Corporation,
    and Value City Department Stores, Inc., as modified by First
    Lease Modification, dated November&nbsp;1, 1994, re:
    Merrilville, IN DSW store. Incorporated by reference to
    Exhibit&nbsp;10.44 to Retail Ventures&#146; Form&nbsp;10-K (file
    no. 1-10767) filed April&nbsp;14, 2005.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.43.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    License Agreement, dated August&nbsp;30, 2002, by and between
    Value City Department Stores, Inc. and Shonac Corporation, re:
    Merrillville, IN DSW store.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.44</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Form of Indemnification Agreement between DSW&nbsp;Inc. and its
    officers and directors.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    21.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    List of Subsidiaries.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    23.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Deloitte &#38; Touche LLP.</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    23.2</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Vorys, Sater, Seymour and Pease LLP (included in
    Exhibit&nbsp;5.1).</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    23.3</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Skadden, Arps, Slate, Meagher &#38; Flom LLP
    (included in Exhibit&nbsp;8.1).</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    23.4</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Director Nominee Carolee Friedlander.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    23.5</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Director Nominee Philip B. Miller.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    23.6</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Director Nominee James D. Robbins.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    23.7</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Director Nominee Harvey L. Sonnenberg.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    23.8</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Consent of Director Nominee Allan J. Tanenbaum.**</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    24.1</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Powers of Attorney.**</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>*&nbsp;</TD>
    <TD align="left">
    To be filed by amendment.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>**&nbsp;</TD>
    <TD align="left">
    Previously filed.</TD>
</TR>

</TABLE>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>x06593a4exv1w1.txt
<DESCRIPTION>EX-1.1: UNDERWRITING AGREEMENT
<TEXT>
<PAGE>

                                                                     EXHIBIT 1.1

                                14,062,500 SHARES

                                    DSW INC.

                              CLASS A COMMON SHARES

                             UNDERWRITING AGREEMENT

                                                                       June 2005

LEHMAN BROTHERS INC .
GOLDMAN, SACHS & CO.
CIBC WORLD MARKETS CORP.
JOHNSON RICE & COMPANY, L.L.C.
As Representatives of the several
Underwriters named in Schedule 1,

c/o Lehman Brothers Inc.
745 Seventh Avenue
New York, New York  10019

Dear Sirs:

      DSW INC., an Ohio corporation (formerly known as Shonac Corporation) (the
"COMPANY") and Retail Ventures Inc., an Ohio corporation and the direct parent
of the Company ("RETAIL VENTURES") propose to enter into this Agreement, whereby
the Company proposes to sell an aggregate of 14,062,500 shares (the "FIRM
SHARES") of the Company's Class A Common Shares, without par value (the "COMMON
SHARES.")

      It is understood that, subject to the conditions hereinafter stated,
14,062,500 Firm Shares will be sold to the several Underwriters named in
Schedule 1 hereto (the "UNDERWRITERS") in connection with the offering and sale
of such Firm Shares in the United States and Canada to United States and
Canadian Persons. Lehman Brothers Inc., Goldman, Sachs & Co., CIBC World Markets
Corp. and Johnson Rice & Company, L.L.C. shall act as representatives (the
"REPRESENTATIVES") of the several Underwriters.

      In addition, the Company proposes to grant to the Underwriters an option
to purchase up to an additional 2,109,375 Common Shares on the terms and for the
purposes set forth in Section 2 (the "OPTION SHARES"). The Firm Shares and the
Option Shares, if purchased, are hereinafter collectively called the "SHARES."
This is to confirm the agreement concerning the purchase of the Shares from the
Company by the Underwriters.

      The Company understands that the Underwriters propose to consummate a
public offering of the Shares as soon as the Representatives deem advisable
after the registration

<PAGE>

statement on Form S-1 with respect to the Shares becomes effective and this
Agreement has been executed and delivered.

      It is understood by the parties hereto that, simultaneously with or prior
to the consummation of the sale of the Company's Common Shares contemplated
hereby, the Company and Retail Ventures have entered into or expect to enter
into a series of related transactions providing for the separation of the
Company's business from that of Retail Ventures. These transactions include: (i)
the amendment and restatement by Value City Department Stores LLC, an Ohio
corporation ("VALUE CITY") and the other parties thereto of the existing Value
City revolving credit facility, the amendment, restatement and repayment of a
portion of the principal amount outstanding under the existing Value City senior
subordinated convertible loan facility, the amendment and repayment in full of
the existing Value City term loan facility and the release of the Company from
its obligations under each such facility, in each case as described in the
Prospectus (as such term is defined herein); (ii) the issuance by Retail
Ventures of warrants to purchase common shares of Retail Ventures or Class A
Common Shares of the Company held or to be held by Retail Ventures to certain of
Value City's lenders in connection with the amendment and restatement of the
existing Value City senior subordinated convertible loan facility and the
amendment of the existing warrants issued by Retail Ventures in connection with
the Value City term loan facility to permit the holders thereof to purchase
common shares of Retail Ventures or Class A Common Shares of the Company held or
to be held by Retail Ventures, in each case as described in the Prospectus;
(iii) the entering into by the Company of a registration rights agreement
relating to the Class A Common Shares of the Company underlying the warrants
described in clause (ii) above; (iv) the repayment by the Company of certain
intercompany indebtedness to Retail Ventures; (v) the change of the Company's
existing common shares into Class B Common Shares (the "RECAPITALIZATION"); (vi)
the entering into by the Company of a new $150 million five-year senior secured
credit facility; (vii) the amendment by Retail Ventures, Schottenstein Stores
Corporation and Schottenstein Management Company of an existing Corporate
Services Agreement and the entering into by the Company, Schottenstein Stores
Corporation and Schottenstein Management Company of a supplemental letter
agreement relating thereto; (viii) the entering into by the Company and Filene's
Basement Inc. of a Supply Agreement whereby the Company will supply merchandise
to Filene's Basement stores; and (ix) the entering into by the Company, Value
City and Retail Ventures of the Intercompany Agreements, as such term is defined
herein (such transactions, collectively, the "TRANSACTIONS.")

      Section 1. Representations, Warranties and Agreements of the Company and
Retail Ventures. The Company and Retail Ventures, jointly and severally,
represent, warrant and agree with the Underwriters that:

      (a) A registration statement on Form S-1 with respect to the Shares has
(i) been prepared by the Company in conformity with the requirements of the
Securities Act

                                       2
<PAGE>

of 1933, as amended (the "SECURITIES ACT"), and the rules and regulations (the
"RULES AND REGULATIONS") of the Securities and Exchange Commission (the
"COMMISSION") thereunder, (ii) been filed with the Commission under the
Securities Act and (iii) become effective under the Securities Act. Copies of
such registration statement and each of the amendments thereto have been
delivered by the Company to you. As used in this Agreement, "EFFECTIVE TIME"
means the date and the time as of which such registration statement, or the most
recent post-effective amendment thereto, if any, was declared effective by the
Commission; "EFFECTIVE DATE" means the date of the Effective Time; "PRELIMINARY
PROSPECTUS" means each prospectus included in such registration statement, or
amendments thereof, before it became effective under the Securities Act and any
prospectus filed with the Commission by the Company with the consent of the
Representatives pursuant to Rule 424(a) of the Rules and Regulations;
"REGISTRATION STATEMENT" means such registration statement, as amended at the
Effective Time, including all information contained in the final prospectus
filed with the Commission pursuant to Rule 424(b) of the Rules and Regulations
and deemed to be a part of the registration statement as of the Effective Time
pursuant to Rule 430A of the Rules and Regulations; and "PROSPECTUS" means the
prospectus in the form first used to confirm sales of Shares. If the Company has
filed an abbreviated registration statement to register additional Common Shares
pursuant to Rule 462(b) under the Securities Act (the "RULE 462 REGISTRATION
STATEMENT"), then any reference herein to the term "Registration Statement"
shall be deemed to include such Rule 462 Registration Statement. The Commission
has not issued any order preventing or suspending the use of any Preliminary
Prospectus.

      (b) The Registration Statement conforms, and the Prospectus and any
further amendments or supplements to the Registration Statement or the
Prospectus will, when they become effective or are filed with the Commission, as
the case may be, conform in all material respects to the requirements of the
Securities Act and the Rules and Regulations and do not and will not, as of the
applicable effective date (as to the Registration Statement and any amendment
thereto) and as of the applicable filing date (as to the Prospectus and any
amendment or supplement thereto) contain an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading, and the statistical and
market-related data included in the Prospectus are based on or derived from
sources which each of the Company and Retail Ventures reasonably and in good
faith believes are reliable and accurate; provided that no representation or
warranty is made as to information contained in or omitted from the Registration
Statement or the Prospectus in reliance upon and in conformity with written
information furnished to the Company through the Representatives by or on behalf
of any Underwriter specifically for inclusion therein.

      (c) The Company and DSW Shoe Warehouse Inc., a Missouri corporation and
wholly-owned subsidiary of the Company ("DSW SHOE WAREHOUSE"), (i) have been
duly incorporated and are validly existing as corporations in good standing
under the

                                       3
<PAGE>

laws of their respective jurisdictions of incorporation, (ii) are duly qualified
to do business and are in good standing as foreign corporations in each
jurisdiction in which their respective ownership or lease of property or the
conduct of their respective businesses requires such qualification, except where
the failure to be so qualified or in good standing would not reasonably be
expected to have, individually or in the aggregate, a material adverse effect on
the general affairs, management, business, prospects, financial position,
revenues or expenses, properties, stockholders' equity or results of operation
of the Company and DSW Shoe Warehouse taken as a whole (a "MATERIAL ADVERSE
EFFECT"), and (iii) have all power and authority necessary to own or hold their
respective properties and to conduct the businesses in which they are engaged.
DSW Shoe Warehouse is the only subsidiary of the Company, and is a "SIGNIFICANT
SUBSIDIARY", as such term is defined in Rule 405 of the Rules and Regulations.
Except as set forth in the Prospectus, the Company does not have any direct or
indirect ownership interest by stock ownership or otherwise in any other
corporation, limited liability company, partnership, joint venture, firm,
association or business enterprise.

      (d) The Company has an authorized capitalization as set forth in the
Prospectus, and all the issued shares of capital stock of the Company have been
duly and validly authorized and issued, are fully paid and non-assessable and
conform to the description thereof contained in the Prospectus; and all the
issued shares of capital stock of DSW Shoe Warehouse have been duly and validly
authorized and issued and are fully paid and non-assessable and are owned
directly by the Company, free and clear of all liens, encumbrances, equities or
claims, except as described in the Prospectus under the caption "Description of
Indebtedness"; and the issuance of such shares of capital stock of the Company
and each subsidiary of the Company has not been made in violation of any
preemptive or other similar rights of shareholders.

      (e) Except as described in the Prospectus, the shares of capital stock of
the Company held by Retail Ventures are owned directly by Retail Ventures, free
and clear of all liens, encumbrances, equities or claims.

      (f) The Shares to be issued and sold by the Company to the Underwriters
hereunder have been duly and validly authorized and, when issued and delivered
against payment therefor in accordance with this Agreement, will be duly and
validly issued, fully paid and non-assessable; and the Shares will conform to
the descriptions thereof contained in the Prospectus under the caption
"Description of Capital Stock."

      (g) Each of the Master Separation Agreement, dated as of _______, 2005,
between the Company and Retail Ventures; the Shared Services Agreement, dated as
of _________, 2005, between the Company and Retail Ventures; and the Tax
Separation Agreement, dated as of __________, 2005, between the Company and
Retail Ventures; (such agreements, collectively, the "INTERCOMPANY AGREEMENTS")
has been duly authorized by each of Retail Ventures, DSW Shoe Warehouse and the
Company, as applicable, and, when duly executed and delivered by each of Retail
Ventures, DSW

                                       4
<PAGE>

Shoe Warehouse and the Company, as applicable, will constitute a valid and
binding obligation of Retail Ventures, DSW Shoe Warehouse and/or the Company, as
applicable, enforceable in accordance with its terms, except to the extent that
enforcement thereof may be limited by (A) bankruptcy, insolvency,
reorganization, moratorium or other similar laws now or hereafter in effect
relating to creditors' rights generally and (B) general principles of equity
(regardless of whether enforceability is considered in a proceeding at law or in
equity).

      (h) [Except as described in the Prospectus under the caption "Description
of Indebtedness",] DSW Shoe Warehouse is not currently prohibited, directly or
indirectly, from paying any dividends to the Company, from making any other
distribution on its capital stock to the Company, from repaying to the Company
any loans or advances to any such subsidiary from the Company or from
transferring title to any of its property or assets to the Company.

      (i) Each of the Company and Retail Ventures has all requisite power and
authority to execute, deliver and perform its respective obligations under this
Agreement. This Agreement has been duly authorized, executed and delivered by
each of the Company and Retail Ventures.

      (j) Except as disclosed in or specifically contemplated by the Prospectus,
neither the Company nor DSW Shoe Warehouse has any outstanding options to
purchase, or any preemptive rights or other rights to subscribe for or to
purchase, any shares of their capital stock or obligations convertible into, or
any contracts or commitments to issue or sell, shares of their capital stock or
any such options, rights convertible securities or obligations.

      (k) The execution, delivery and performance of this Agreement, each of the
other documents specified in Schedule 2 to be entered into in connection with
the Transactions by the Company, DSW Shoe Warehouse and Retail Ventures (such
agreements, collectively, the "APPLICABLE CONTRACTS") and the Intercompany
Agreements, and the consummation of the transactions contemplated hereby and
thereby will not conflict with or result in a breach or violation of any of the
terms or provisions of, or constitute a default under, any indenture, mortgage,
deed of trust, loan agreement or other agreement or instrument to which any of
the Company, DSW Shoe Warehouse, Retail Ventures, or any of their respective
subsidiaries is a party or by which any of them or any of their respective
subsidiaries is bound or to which any of the property or assets of any of them
or any of their respective subsidiaries is subject, nor will such actions result
in any violation of the provisions of the charter or by-laws (or other
equivalent organizational document) of any of the Company, DSW Shoe Warehouse,
Retail Ventures or any of their respective subsidiaries, or any statute or any
order, rule or regulation of any court or governmental agency or body having
jurisdiction over any of them or any of their respective subsidiaries, or any of
their respective properties or assets; and except for the registration of the
Shares under the Securities Act and such consents,

                                       5
<PAGE>

approvals, authorizations, registrations or qualifications as may be required
under the Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT") and
applicable state and foreign securities laws in connection with the purchase and
distribution of the Shares by the Underwriters, no consent, approval,
authorization or order of, or filing or registration with, any such court or
governmental agency or body is required for the execution, delivery and
performance of this Agreement, any of the Applicable Contracts by any of the
Company, DSW Shoe Warehouse, Retail Ventures or any of their respective
subsidiaries or the Intercompany Agreements, and the consummation of the
transactions contemplated hereby and thereby, except where the failure to have
such consents, approvals, authorizations, registrations or qualifications would
not reasonably be expected to have a Material Adverse Effect.

      (l) Except as described in the Prospectus, there are no contracts,
agreements or understandings between the Company and any person granting such
person the right to require the Company to file a registration statement under
the Securities Act with respect to any securities of the Company owned or to be
owned by such person or to require the Company to include such securities in the
securities registered pursuant to the Registration Statement or in any
securities being registered pursuant to any other registration statement filed
by the Company under the Securities Act.

      (m) Except in connection with the Recapitalization, neither the Company
nor DSW Shoe Warehouse has sold or issued any Common Shares during the six-month
period preceding the date of the Prospectus, including any sales pursuant to
Rule 144A under, or Regulations D or S of, the Securities Act other than shares
issued pursuant to employee benefit plans, qualified stock options plans or
other employee compensation plans or pursuant to outstanding options, rights or
warrants.

      (n) Neither the Company nor DSW Shoe Warehouse has sustained, since the
date of the latest audited financial statements included in the Prospectus, any
material loss or interference with its business from fire, explosion, flood or
other calamity, whether or not covered by insurance, or from any labor dispute
or court or governmental action, order or decree, otherwise than as set forth or
contemplated in the Prospectus; and, since such date, there has not been any
change in the capital stock or long-term debt of the Company or DSW Shoe
Warehouse, other than in connection with the Transactions, nor any Material
Adverse Effect, nor any development that would reasonably be expected to have a
Material Adverse Effect, in each case, otherwise than as set forth or
contemplated in the Prospectus.

      (o) The financial statements (including the related notes and supporting
schedules) filed as part of the Registration Statement or included in the
Prospectus comply as to form in all material respects with the requirements of
Regulation S-X under the Securities Act and present fairly the financial
condition, results of operations and cash flows of the entities purported to be
shown thereby, at the dates and for the periods indicated, and have been
prepared in conformity with generally accepted accounting

                                       6
<PAGE>

principles applied on a consistent basis throughout the periods involved. The
pro forma financial statements and the related notes thereto included in the
Registration Statement and the Prospectus present fairly the information shown
therein, have been prepared in accordance with the Commission's rules and
guidelines with respect to pro forma financial statements and have been properly
compiled on the bases described therein, and the assumptions used in the
preparation thereof are reasonable and the adjustments used therein are
appropriate to give effect to the transactions and circumstances referred to
therein. The other financial data, selected financial ratios and other pro forma
financial information, operating data and statistical information and data
included in the Prospectus are presented fairly and have been prepared on a
basis consistent in all material respects (except for, with respect to the pro
forma financial information, the pro forma adjustments described in the
Prospectus) with such financial statements and the books and records of the
Company and DSW Shoe Warehouse.

      (p) Deloitte & Touche LLP, who have certified certain financial statements
of the Company, whose report appears in the Prospectus and who have delivered
the initial letter referred to in Section 7(g) hereof, are an independent
registered public accounting firm as required by the Securities Act and the
Rules and Regulations.

      (q) Each of the Company and DSW Shoe Warehouse has good and marketable
title in fee simple to (i) all real property and (ii) good and marketable title
to all personal property owned by it that is material to the business of the
Company and DSW Shoe Warehouse taken as a whole, in each case free and clear of
all liens, charges, claims, encumbrances, pledges, security interests, defects
or other restrictions, except such as are described in the Prospectus or such as
do not materially affect the value of such property and do not materially
interfere with the use made and proposed to be made of such property by the
Company and DSW Shoe Warehouse; and all assets held under lease by the Company
and DSW Shoe Warehouse are held by them under valid, subsisting and enforceable
leases, with such exceptions as are not material and do not interfere with the
use made and proposed to be made of such property and buildings by the Company
and DSW Shoe Warehouse, in each case, except as described in or contemplated by
the Prospectus.

      (r) The Company and DSW Shoe Warehouse carry, or are covered by, insurance
from insurers of recognized financial responsibility in such amounts and
covering such risks as they reasonably believe is adequate for the conduct of
their respective businesses and the value of their respective properties and as
is reasonable and customary for companies engaged in similar businesses in
similar industries; and all policies of insurance of the Company and DSW Shoe
Warehouse or their respective businesses, assets, employees, officers and
directors are in full force and effect in all material respects.

      (s) The Company and DSW Shoe Warehouse subsidiaries own or possess
adequate rights to use all material patents, patent rights, patent applications,
trademarks,

                                       7
<PAGE>

service marks, service names, trade names, trademark registrations, service mark
registrations, copyrights and licenses necessary for the conduct of their
respective businesses as described in the Prospectus (the "INTELLECTUAL
PROPERTY") and have no reason to believe that the conduct of their respective
businesses will conflict with, infringe or violate, and have not received any
notice of any claim of conflict with, infringement of or violation of, any such
rights of others with respect to any Intellectual Property or of any facts or
circumstances which would render any Intellectual Property invalid or inadequate
to protect the interest of the Company or DSW Shoe Warehouse therein. The
Company knows of no infringement by others of Intellectual Property owned by the
Company or DSW Shoe Warehouse that could reasonably be expected to have a
Material Adverse Effect. The Company and DSW Shoe Warehouse have taken
reasonable security measures to protect the secrecy, confidentiality and value
of their Intellectual Property and other proprietary information in all material
respects.

      (t) Except as described in the Prospectus, there are no legal or
governmental proceedings pending to which the Company or DSW Shoe Warehouse is a
party or of which any property or assets of the Company or DSW Shoe Warehouse is
the subject which, if determined adversely to the Company or DSW Shoe Warehouse,
could reasonably be expected to have a Material Adverse Effect; and to the best
of the Company's knowledge, no such proceedings are threatened or contemplated
by governmental authorities or threatened by others.

      (u) There are no contracts or other documents which are required to be
described in the Prospectus or filed as exhibits to the Registration Statement
by the Securities Act or by the Rules and Regulations which have not been
described in the Prospectus or filed as exhibits to the Registration Statement.

      (v) No relationship, direct or indirect, exists between or among the
Company on the one hand, and directors, officers, shareholders, other
affiliates, customers or suppliers of the Company on the other hand, which is
required to be described in the Prospectus which is not so described.

      (w) No labor disturbance by the employees of the Company or DSW Shoe
Warehouse exists or, to the knowledge of the Company, is imminent, and, to the
Company's knowledge, no labor disturbance by the employees of any of its or DSW
Shoe Warehouse's principal suppliers, manufacturers or contractors exists or is
imminent, which, in either case, might be expected to have a Material Adverse
Effect.

      (x) The Company has not taken, directly or indirectly, any action that has
constituted or that was designed to or might reasonably be expected to cause or
result in, under the Exchange Act or otherwise, the stabilization or
manipulation of the price of any security of the Company to facilitate the sale
or resale of the Common Shares.

                                       8
<PAGE>

      (y) The Company is in compliance in all material respects with all
presently applicable provisions of the Employee Retirement Income Security Act
of 1974, as amended, including the regulations and published interpretations
thereunder ("ERISA"); no "reportable event" (as defined in ERISA) has occurred
with respect to any "pension plan" (as defined in ERISA) for which the Company
would have any liability; the Company has not incurred and does not expect to
incur liability under (i) Title IV of ERISA with respect to termination of, or
withdrawal from, any "pension plan" or (ii) Sections 412 or 4971 of the Internal
Revenue Code of 1986, as amended, including the regulations and published
interpretations thereunder (the "CODE"); and each "pension plan" for which the
Company would have any liability that is intended to be qualified under Section
401(a) of the Code has received a favorable determination letter from the
Internal Revenue Service with respect to the qualified status of such plan, and,
to the knowledge of the Company, nothing has occurred, whether by action or by
failure to act, which would cause the loss of such qualification.

      (z) The Company has filed all federal, state and local income and
franchise tax returns required to be filed through the date hereof (other than
any tax returns not so required to be filed through the date hereof as a result
of the existence of any waiver or extension granted in connection with any such
tax returns) and has paid all taxes due thereon (other than tax assessments
being contested in good faith), and no tax deficiency has been determined
adversely to the Company or DSW Shoe Warehouse which has had (nor does the
Company have any knowledge of any tax deficiency which, if determined adversely
to the Company or any of its subsidiaries, could reasonably be expected to have)
a Material Adverse Effect.

      (aa) Since the date as of which information is given in the Prospectus
through the date hereof, and except as may otherwise be disclosed in the
Prospectus, the Company has not (i) issued or granted any securities, (ii)
incurred any liability or obligation, indirect, direct or contingent, other than
non-material liabilities and obligations which were incurred in the ordinary
course of business, (iii) entered into any transaction not in the ordinary
course of business or (iv) declared, paid or made any dividend or distribution
of any kind on its capital stock.

      (bb) The Company (i) makes and keeps accurate books, records and accounts
that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the Company, and (ii) maintains a system of
internal accounting controls which provides reasonable assurance that (A)
transactions are executed in accordance with management's general or specific
authorization, (B) transactions are recorded as necessary to permit preparation
of its financial statements in conformity with generally accepted accounting
principles and to maintain accountability for its assets, (C) access to its
assets is permitted only in accordance with management's general or specific
authorization and (D) the recorded accountability for its assets is compared
with the

                                       9
<PAGE>

Company's existing assets at reasonable intervals and appropriate action is
taken with respect to any differences.

      (cc) The Company has established and maintains disclosure controls and
procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act),
which (i) are designed to ensure that information required to be disclosed by
the Company in the reports that it files or submits under the Exchange Act is
accumulated and communicated to management, including the principal executive
and principal financial officer of the Company, or persons performing similar
functions, as appropriate to allow timely decisions regarding required
disclosure, and that such information is recorded, processed, summarized and
reported, within the time periods specified in the Rules and Regulations; (ii)
have been evaluated for effectiveness; and (iii) are effective in all material
respects to perform the functions for which they were established.

      (dd) Based on an evaluation of its disclosure controls and procedures, the
Company is not aware of (i) any significant deficiency or material weakness in
the design or operation of internal controls over financial reporting which are
reasonably likely to adversely affect the Company's ability to record, process,
summarize and report financial information; or (ii) any fraud, whether or not
material, that involves management or other employees who have a significant
role in the Company's internal controls over financial reporting.

      (ee) Since the date of the end of the last fiscal year for which audited
financial statements are included in the Prospectus, there have been no
significant changes in internal controls or in other factors that could
significantly affect internal controls, including any corrective actions with
regard to significant deficiencies and material weaknesses.

      (ff) To the best knowledge of the Company, no change in any laws or
regulations is pending which could reasonably be expected to be adopted and if
adopted, could reasonably be expected to have, individually or in the aggregate
with all such changes, a Material Adverse Effect, except as set forth in or
contemplated in the Prospectus.

      (gg) Neither the Company nor DSW Shoe Warehouse (i) is in violation of its
charter or by-laws (or other equivalent organizational document), (ii) is in
default in any material respect, and no event has occurred which, with notice or
lapse of time or both, would constitute such a default, in the due performance
or observance of any term, covenant or condition contained in any material
indenture, mortgage, deed of trust, loan agreement or other agreement or
instrument to which it is a party or by which it is bound or to which any of its
properties or assets is subject or (iii) is in violation in any material respect
of any law, ordinance, governmental rule, regulation or court decree to which it
or its property or assets may be subject or has failed to obtain any consent,
approval, authorization, registration, qualification, license, permit,
certificate, franchise or other

                                       10
<PAGE>

governmental authorization or permit necessary to the ownership of its property
or to the conduct of its business (each, a "CONSENT"). No Consent contains a
materially burdensome restriction not adequately disclosed in the Registration
Statement and the Prospectus.

      (hh) The minute books of each of Retail Ventures, Value City (before the
Company became a subsidiary of Retail Ventures), the Company and DSW Shoe
Warehouse have been made available to the Underwriters and contain a complete
summary of all meetings and other actions of the directors and shareholders of
each of Retail Ventures, Value City (before the Company became a subsidiary of
Retail Ventures), the Company and DSW Shoe Warehouse in all material respects
for the last five years, and reflect all transactions referred to in such
minutes accurately in all material respects.

      (ii) Neither the Company nor DSW Shoe Warehouse, nor any director,
officer, agent, employee or other person associated with or acting on behalf of
the Company or DSW Shoe Warehouse, has, directly or indirectly, used any
corporate funds for any unlawful contribution, gift, entertainment or other
unlawful expense relating to political activity; made any direct or indirect
unlawful payment to any foreign or domestic government official or employee or
to foreign or domestic political parties or campaigns from corporate funds;
violated or is in violation of any provision of the Foreign Corrupt Practices
Act of 1977; or made any bribe, rebate, payoff, influence payment, kickback or
other unlawful payment.

      (jj) The operations of the Company and DSW Shoe Warehouse are and have
been conducted at all times in compliance in all material respects with
applicable financial recordkeeping and reporting requirements of the Currency
and Foreign Transactions Reporting Act of 1970, as amended, the money laundering
statutes of all jurisdictions, the rules and regulations thereunder and any
related or similar rules, regulations or guidelines, issued, administered or
enforced by any governmental agency (collectively, the "MONEY LAUNDERING LAWS")
and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company or DSW Shoe Warehouse
with respect to the Money Laundering Laws is pending, or to the knowledge of the
Company, threatened.

      (kk) Neither the Company nor DSW Shoe Warehouse nor, to the knowledge of
the Company, any director, officer, agent, employee or affiliate of the Company
or DSW Shoe Warehouse is currently subject to any U.S. sanctions administered by
the Office of Foreign Assets Control of the U.S. Treasury Department ("OFAC");
and the Company will not directly or indirectly use the proceeds of the
offering, or lend, contribute or otherwise make available such proceeds to any
subsidiary, joint venture partner or other person or entity, which, to the
Company's knowledge, will use such proceeds for the purpose of financing the
activities of any person currently subject to any U.S. sanctions administered by
OFAC.

                                       11
<PAGE>

      (ll) There has been no storage, disposal, generation, manufacture,
refinement, transportation, handling or treatment of toxic wastes, medical
wastes, hazardous wastes or hazardous substances by the Company or DSW Shoe
Warehouse (or, to the knowledge of the Company, any of their predecessors in
interest) at, upon or from any of the real property now or previously owned or
leased by the Company or DSW Shoe Warehouse (i) in violation of any applicable
law, ordinance, rule, regulation, order, judgment, decree or permit or (ii)
which would require remedial action under any applicable law, ordinance, rule,
regulation, order, judgment, decree or permit, except, in the case of clauses
(i) and (ii), for any violation or remedial action which would not reasonably be
expected to have, individually or in the aggregate with all such violations and
remedial actions, a Material Adverse Effect; there has been no material spill,
discharge, leak, emission, injection, escape, dumping or release of any kind
onto such real property or into the environment surrounding such real property
of any toxic wastes, medical wastes, solid wastes, hazardous wastes or hazardous
substances due to or caused by the Company or DSW Shoe Warehouse or with respect
to which the Company or DSW Shoe Warehouse have knowledge, except for any such
spill, discharge, leak, emission, injection, escape, dumping or release which
would not reasonably be expected to have, individually or in the aggregate with
all such spills, discharges, leaks, emissions, injections, escapes, dumpings and
releases, a Material Adverse Effect; and the terms "hazardous wastes", "toxic
wastes", "hazardous substances" and "medical wastes" shall have the meanings
specified in any applicable local, state, federal and foreign laws or
regulations with respect to environmental protection.

      (mm) No supplier of merchandise to the Company or DSW Shoe Warehouse has
ceased shipments of merchandise to the Company or indicated, to the Company's
knowledge, an interest in decreasing or ceasing its sales to the Company or
otherwise modifying its relationship with the Company, other than in the normal
and ordinary course of business consistent with past practices in a manner which
would not, singly or in the aggregate, result in a Material Adverse Effect.

      (nn) Neither RVI nor the Company is, or, as of the applicable Delivery
Date (as hereinafter defined) after giving effect to the Transactions and the
application of the net proceeds therefrom as described in the Prospectus, will
be, an "investment company" or an entity "controlled" by an "investment company"
as defined in the Investment Company Act of 1940, as amended.

      (oo) On or prior to the applicable Delivery Date (as hereinafter defined),
each of the Applicable Contracts and the Intercompany Agreements will have been
duly authorized, executed and delivered by each of the Company, DSW Shoe
Warehouse and Retail Ventures, as applicable, in substantially the form
previously provided to the Underwriters and will conform to the descriptions
thereof in the Prospectus.

      (pp) The Registration Statement, the Prospectus and any Preliminary
Prospectus comply, and any further amendments or supplements thereto will
comply,

                                       12
<PAGE>

with any applicable laws or regulations of foreign jurisdictions in which the
Prospectus or any Preliminary Prospectus, as amended or supplemented, if
applicable, are distributed in connection with the Directed Share Program (as
such term is defined below). No consent, approval, authorization or order of, or
filing or registration with, any court or governmental agency or body, other
than such as have been obtained, is required under the securities laws and
regulations of any foreign jurisdiction in which the Directed Shares (as such
term is defined below) are offered or sold outside the United States.

      (qq) Neither the Company nor Retail Ventures has distributed, nor, prior
to the later to occur of any Delivery Date and completion of the distribution of
the Shares, will either of them distribute any offering material in connection
with the offering and sale of the Shares other than the Preliminary Prospectus
and the Prospectus, and, in connection with the Directed Share Program described
in Section 3, the enrollment materials provided by Lehman Brothers Inc..

      (rr) Neither the Company nor Retail Ventures has taken, nor will either of
them take, directly or indirectly, any action designed to or which has
constituted or which might reasonably be expected to cause or result in the
stabilization or manipulation of the price of any security of the Company to
facilitate the sale or resale of the Shares.

      Section 2. Purchase of the Shares by the Underwriters. On the basis of the
representations and warranties contained in, and subject to the terms and
conditions of, this Agreement, the Company agrees to sell the Firm Shares to the
several Underwriters, and each of the Underwriters, severally and not jointly,
agrees to purchase the number of the Firm Shares set forth opposite that
Underwriter's name in Schedule 1 hereto. The respective purchase obligations of
the Underwriters with respect to the Firm Shares shall be rounded among the
Underwriters to avoid fractional shares, as the Representatives may determine.

      In addition, the Company grants to the Underwriters an option to purchase
up to 2,109,375 Option Shares if the Underwriters sell more than the number of
Firm Shares in the offering. Option Shares shall be purchased severally for the
account of the Underwriters in proportion to the number of Firm Shares set forth
opposite the name of such Underwriters in Schedule 1 hereto. The respective
purchase obligations of each Underwriter with respect to the Option Shares shall
be adjusted by the Representatives so that no Underwriter shall be obligated to
purchase Option Shares other than in 100 share amounts.

      The price of both the Firm Shares and any Option Shares shall be $[  ] per
share.

      The Company shall not be obligated to deliver any of the Shares to be
delivered by it on any Delivery Date (as hereinafter defined), except upon
payment for all the Shares to be purchased on such Delivery Date as provided
herein.

                                       13
<PAGE>

      Section 3. Offering of Shares by the Underwriters.

      Upon authorization by the Representatives of the release of the Firm
Shares, the several Underwriters propose to offer the Firm Shares for sale upon
the terms and conditions set forth in the Prospectus.


      It is understood that approximately 703,125 Firm Shares (the "DIRECTED
SHARES") will initially be reserved by the several Underwriters for offer and
sale upon the terms and conditions set forth in the Prospectus and in accordance
with the rules and regulations of the National Association of Securities
Dealers, Inc. (the "NASD") to officers, directors, and employees of the Company
and certain persons having business relationships with the Company with Retail
Ventures and with Schottenstein Stores Corporation, a closely-held Delaware
corporation, who have heretofore delivered to Lehman Brothers Inc. offers or
indications of interest to purchase Firm Shares in form satisfactory to Lehman
Brothers Inc. (such program, the "DIRECTED SHARE PROGRAM") and that any
allocation of such Firm Shares among such persons will be made in accordance
with timely directions received by Lehman Brothers Inc. from the Company;
provided, that under no circumstances will Lehman Brothers Inc. or any
Underwriter be liable to the Company or to any such person for any action taken
or omitted in good faith in connection with such Directed Share Program, unless
such action or omission was taken by such Underwriter (including for the
avoidance of doubt Lehman Brothers Inc.) through its own gross
negligence. It is further understood that any of such Firm Shares which are not
purchased by such persons will be offered by the Underwriters to the public upon
the terms and conditions set forth in the Prospectus.


      The Company agrees to pay all fees and disbursements incurred by the
Underwriters in connection with the Directed Share Program and any stamp duties
or other taxes incurred by the Underwriters in connection with the Directed
Share Program.

      Section 4. Delivery of and Payment for the Shares. Delivery of and payment
for the Firm Shares shall be made at the offices of Debevoise & Plimpton LLP,
919 Third Avenue, New York, New York, at 10:00 A.M., New York City time, on the
fourth full business day following the date of this Agreement or at such other
date or place as shall be determined by agreement between the Representatives
and the Company. This date and time are sometimes referred to as the "FIRST
DELIVERY DATE." On the First Delivery Date, the Company shall deliver or cause
to be delivered certificates representing the Firm Shares to the Representatives
for the account of each Underwriter against payment to or upon the order of the
Company of the purchase price by wire transfer in immediately available funds.
Time shall be of the essence, and delivery at the time and place specified
pursuant to this Agreement is a further condition of the obligation of each
Underwriter hereunder. Upon delivery, the Firm Shares shall be registered in
such names and in such denominations as the Representatives shall request in
writing not less than two full business days prior to the First Delivery Date.
For the purpose of expediting the checking and packaging of the certificates for
the Firm Shares, the Company shall make the certificates representing the Firm
Shares available for inspection by the

                                       14
<PAGE>

Representatives in New York, New York, not later than 2:00 P.M., New York City
time, on the business day prior to the First Delivery Date.

      The option granted in Section 2 will expire 30 days after the date of this
Agreement and may be exercised in whole or in part from time to time by written
notice being given to the Company by the Representatives. Such notice shall set
forth the aggregate number of Option Shares as to which the option is being
exercised, the names in which the Option Shares are to be registered, the
denominations in which the Option Shares are to be issued and the date and time,
as determined by the Representatives, when the Option Shares are to be
delivered; provided, however, that this date and time shall not be earlier than
the First Delivery Date nor earlier than the second business day after the date
on which the option shall have been exercised nor later than the fifth business
day after the date on which the option shall have been exercised. The date and
time the Option Shares are delivered are sometimes referred to as a "SUBSEQUENT
DELIVERY DATE" and the First Delivery Date and any Subsequent Delivery Date are
sometimes each referred to as a "DELIVERY Date."

      Delivery of and payment for the Option Shares shall be made at the place
specified in the first sentence of the first paragraph of this Section 4 (or at
such other place as shall be determined by agreement between the Representatives
and the Company) at 10:00 A.M., New York City time, on each such Subsequent
Delivery Date. On each such Subsequent Delivery Date, the Company shall deliver
or cause to be delivered the certificates representing the Option Shares to be
purchased on such Subsequent Delivery Date to the Representatives for the
account of each Underwriter against payment to or upon the order of the Company
of the purchase price by wire transfer in immediately available funds. Time
shall be of the essence, and delivery at the time and place specified pursuant
to this Agreement is a further condition of the obligation of each Underwriter
hereunder. Upon delivery, the Option Shares shall be registered in such names
and in such denominations as the Representatives shall request in the aforesaid
written notice. For the purpose of expediting the checking and packaging of the
certificates for the Option Shares, the Company shall make the certificates
representing the Option Shares available for inspection by the Representatives
in New York, New York, not later than 2:00 P.M., New York City time, on the
business day prior to each such Subsequent Delivery Date.

      Section 5. Further Agreements of the Company. The Company agrees:

      (a) To prepare the Prospectus in a form approved by the Representatives
and to file such Prospectus pursuant to Rule 424(b) under the Securities Act not
later than the Commission's close of business on the second business day
following the execution and delivery of this Agreement or, if applicable, such
earlier time as may be required by Rule 430A(a)(3) under the Securities Act; to
make no further amendment or any supplement to the Registration Statement or to
the Prospectus except as permitted herein; to advise the Representatives,
promptly after it receives notice thereof, of the time when any

                                       15
<PAGE>

amendment to the Registration Statement has been filed or becomes effective or
any supplement to the Prospectus or any amended Prospectus has been filed and to
furnish the Representatives with copies thereof; to advise the Representatives,
promptly after it receives notice thereof, of the issuance by the Commission of
any stop order or of any order preventing or suspending the use of any
Preliminary Prospectus or the Prospectus, of the suspension of the qualification
of the Shares for offering or sale in any jurisdiction, of the initiation or
threatening of any proceeding for any such purpose, or of any request by the
Commission for the amending or supplementing of the Registration Statement or
the Prospectus or for additional information; and, in the event of the issuance
of any stop order or of any order preventing or suspending the use of any
Preliminary Prospectus or the Prospectus or suspending any such qualification,
to use promptly its best efforts to obtain its withdrawal;

      (b) To furnish promptly to each of the Representatives and to counsel for
the Underwriters a signed copy of the Registration Statement as originally filed
with the Commission, and each amendment thereto filed with the Commission,
including all consents and exhibits filed therewith;

      (c) To deliver promptly to the Representatives such number of the
following documents as the Representatives shall reasonably request: (i)
conformed copies of the Registration Statement as originally filed with the
Commission and each amendment thereto (in each case excluding exhibits) and (ii)
each Preliminary Prospectus, the Prospectus and any amended or supplemented
Prospectus; and, if the delivery of a prospectus is required at any time after
the Effective Time in connection with the offering or sale of the Shares and if
at such time any events shall have occurred as a result of which the Prospectus
as then amended or supplemented would include an untrue statement of a material
fact or omit to state any material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made
when such Prospectus is delivered, not misleading, or, if for any other reason
it shall be necessary to amend or supplement the Prospectus in order to comply
with the Securities Act (including, without limitation, by filing further
exhibits thereto), to notify the Representatives and, upon their request, to
prepare and furnish without charge to each Underwriter and to any dealer in
securities as many copies as the Representatives may from time to time
reasonably request of an amended or supplemented Prospectus which will correct
such statement or omission or effect such compliance.

      (d) To file promptly with the Commission any amendment to the Registration
Statement or the Prospectus or any supplement to the Prospectus that may, in the
judgment of the Company or the Representatives, be required by the Securities
Act or requested by the Commission;

      (e) Prior to filing with the Commission any amendment to the Registration
Statement or supplement to the Prospectus or any Prospectus pursuant to Rule 424
of the

                                       16
<PAGE>

Rules and Regulations, to furnish a copy thereof to the Representatives and
counsel for the Underwriters and obtain the consent of the Representatives to
the filing;

      (f) As soon as practicable after the Effective Date, to make generally
available to the Company's securityholders and to deliver to the Representatives
an earnings statement of the Company and its subsidiaries (which need not be
audited) complying with Section 11(a) of the Securities Act and the Rules and
Regulations (including, at the option of the Company, Rule 158), it being
understood that such delivery requirement shall be deemed to be met by the
Company's timely compliance with its reporting obligations pursuant to the
Exchange Act and the rules and regulations promulgated thereunder;

      (g) For a period of three years following the Effective Date, other than
information which is publicly available on the Commission's Electronic Data
Gathering, Analysis and Retrieval System, to furnish to the Representatives
copies of all materials furnished by the Company to its shareholders and all
public reports and all reports and financial statements furnished by the Company
to the principal national securities exchange upon which the Common Shares may
be listed pursuant to requirements of or agreements with such exchange or to the
Commission pursuant to the Exchange Act or any rule or regulation of the
Commission thereunder;

      (h) Promptly from time to time to take such action as the Representatives
may reasonably request to qualify the Shares for offering and sale under the
securities laws of such jurisdictions as the Representatives may request and to
comply with such laws so as to permit the continuance of sales and dealings
therein in such jurisdictions for as long as may be necessary to complete the
distribution of the Shares; provided that in connection therewith the Company
shall not be required to qualify as a foreign corporation or to file a general
consent to service of process or subject itself to taxation in respect of doing
business in any jurisdiction in which it is not otherwise so subject;

      (i) For a period of 180 days from the date of the Prospectus, not to,
directly or indirectly, (1) offer for sale, sell, pledge or otherwise dispose
of, or enter into any transaction or device (including, without limitation,
through the filing of a registration statement) which is designed to, or could
be expected to, result in the disposition by any person at any time in the
future of, any Common Shares or other capital stock of the Company or securities
convertible into or exchangeable for Common Shares or other capital stock of the
Company (other than (i) the issuance and sale of the Shares; (ii) the issuance
of shares pursuant to employee benefit plans, qualified stock option plans or
other employee compensation plans existing on the date hereof or (iii) pursuant
to currently outstanding options, warrants or rights granted by the Company), or
sell or grant options, rights or warrants with respect to any Common Shares or
other capital stock of the Company or securities convertible into or
exchangeable for Common Shares or other capital stock of the Company (other than
the grant of options pursuant to option plans existing on the date hereof ), or
announce any intention to do any of the foregoing,

                                       17
<PAGE>

or (2) enter into any swap or other derivatives transaction that transfers to
another, in whole or in part, any of the economic benefits or risks of ownership
of such Common Shares or other capital stock of the Company, whether any such
transaction described in clause (1) or (2) above is to be settled by delivery of
Common Shares or other capital stock of the Company or other securities, in cash
or otherwise, in each case without the prior written consent of Lehman Brothers
Inc. on behalf of the Underwriters. Notwithstanding the foregoing, if (1) during
the last 17 days of the 180-day restricted period the Company issues an earnings
release or material news or a material event relating to the Company occurs or
(2) prior to the expiration of the 180-day restricted period, the Company
announces that it will release earnings results during the 16-day period
beginning on the last day of the 180-day period, then the restrictions imposed
by this section shall continue to apply until the expiration of the 18-day
period beginning on the issuance of the earnings release or the occurrence of
the material news or material event; and to cause each shareholder, officer and
director of the Company and each of Schottenstein Stores Corporation, Cerberus
Partners L.P. and Back Bay Capital Funding L.L.C., as holders of the warrants
issued by Retail Ventures as described in the Prospectus (the "WARRANTS") to
furnish to the Representatives, prior to the First Delivery Date, a letter or
letters, substantially in the form of Exhibit A-1 hereto (in the case of all
such persons other than Cerberus Partners L.P.) or Exhibit A-2 hereto(in the
case of Cerberus Partners L.P.), pursuant to which each such person shall agree
not to, directly or indirectly, (1) offer for sale, sell, pledge or otherwise
dispose of (or enter into any transaction or device which is designed to, or
could be expected to, result in the disposition by any person at any time in the
future of) any Common Shares or securities convertible into or exchangeable for
Common Shares, or announce any intention to do any of the foregoing, or (2)
enter into any swap or other derivatives transaction that transfers to another,
in whole or in part, any of the economic benefits or risks of ownership of such
Common Shares, whether any such transaction described in clause (1) or (2) above
is to be settled by delivery of Common Shares or other securities, in cash or
otherwise, in each case for a period of 180 days (subject to the proviso above)
from the date of the Prospectus, without the prior written consent of Lehman
Brothers Inc. on behalf of the Underwriters;

      The Company hereby undertakes to notify in writing each person who
delivers a letter agreement in the form of Exhibit A hereto if at any time the
180-day restricted period described above is extended for any reason described
in such agreement. In addition, the Company will direct the transfer agent to
place stop transfer restrictions upon any securities of the Company that are
bound by such "lock-up" agreements for the duration of the periods contemplated
in such agreements, including any extensions thereof.

      For the avoidance of doubt, neither the issuance by Retail Ventures of the
Warrants nor the exercise of such Warrants by the holders thereof for Common
Shares of

                                       18
<PAGE>

the Company currently held by Retail Ventures during the restricted period
described above shall constitute a violation of this provision.

      (j) Prior to the Effective Date, to apply for the listing of the Shares on
the New York Stock Exchange, and to use its best efforts to complete that
listing, subject only to official notice of issuance, prior to the First
Delivery Date;

      (k) To apply the net proceeds from the offering of the Shares and the
Transactions as set forth in the Prospectus;

      (l) In connection with the Directed Share Program, to ensure that the
Directed Shares will be restricted to the extent required by the NASD or the
rules of such association from sale, transfer, assignment, pledge or
hypothecation for a period of three months following the date of the
effectiveness of the Registration Statement, and Lehman Brothers Inc. will
notify the Company as to which Directed Share Participants will need to be so
restricted. At the request of Lehman Brothers Inc., the Company will direct the
transfer agent to place stop transfer restrictions upon such securities for such
period of time;

      (m) To comply with all applicable securities and other applicable laws,
rules and regulations in each foreign jurisdiction in which the Directed Shares
are offered in connection with the Directed Share Program; and

      (n) To take such steps as shall be necessary to ensure that neither the
Company nor any subsidiary shall become an "investment company" as defined in
the Investment Company Act of 1940, as amended.

      Section 6. Expenses. The Company agrees to pay (a) the costs incident to
the authorization, issuance, sale and delivery of the Shares and any taxes
payable in that connection; (b) the costs incident to the preparation, printing
and filing under the Securities Act of the Registration Statement and any
amendments and exhibits thereto; (c) the costs of distributing the Registration
Statement as originally filed and each amendment thereto and any post-effective
amendments thereof (including, in each case, exhibits), any Preliminary
Prospectus, the Prospectus and any amendment or supplement to the Prospectus,
all as provided in this Agreement; (d) the costs of producing and distributing
this Agreement, any Supplemental Agreement Among Underwriters and any other
related documents in connection with the offering, purchase, sale and delivery
of the Shares; (e) the filing fees incident to securing the review by the
National Association of Securities Dealers, Inc. of the terms of sale of the
Shares); (f) any applicable listing or other fees; (g) the fees and expenses
(not in excess, in the aggregate, of $10,000) of qualifying the Shares under the
securities laws of the several jurisdictions as provided in Section 5(h) and of
preparing, printing and distributing a Blue Sky Memorandum (including related
fees and expenses of counsel to the Underwriters); (h) the costs and expenses of
the Company relating to investor presentations on any "ROAD SHOW"

                                       19
<PAGE>

undertaken in connection with the marketing of the offering of the Shares,
including, without limitation, documented expenses associated with the
production of road show slides and graphics, documented fees and expenses of any
consultants engaged in connection with the road show presentations with the
prior approval of the Company, documented travel and lodging expenses of the
representatives and officers of the Company and any such consultants, and the
documented cost of any aircraft chartered in connection with the road show; )
(i) the costs and expenses related to the offer and sale of Shares by the
Underwriters in connection with the Directed Share Program, including the
documented fees and disbursements of counsel to the Underwriters related
thereto, the documented costs and expenses of preparation, printing and
distribution of the Directed Share Program material and all stamp duties or
other taxes incurred by the Underwriters in connection with the Directed Share
Program; and (j) all other costs and expenses incident to the performance of the
obligations of the Company under this Agreement; provided that, except as
provided in this Section 6 and in Sections 8 and 11, the Underwriters shall pay
their own costs and expenses, including the costs and expenses of their counsel,
any transfer taxes on the Shares which they may sell and the expenses of
advertising any offering of the Shares made by the Underwriters.

      Section 7. Conditions of Underwriters' Obligations. The respective
obligations of the Underwriters hereunder are subject to the accuracy, when made
and on each Delivery Date, of the representations and warranties of each of the
Company, DSW Shoe Warehouse and Retail Ventures contained herein, to the
performance by each of the Company, DSW Shoe Warehouse and Retail Ventures of
its respective obligations hereunder, and to each of the following additional
terms and conditions:

      (a) The Prospectus shall have been timely filed with the Commission in
accordance with Section 5(a); no stop order suspending the effectiveness of the
Registration Statement or any part thereof shall have been issued and no
proceeding for that purpose shall have been initiated or threatened by the
Commission or any other governmental authority (domestic or foreign); and any
request of the Commission for inclusion of additional information in the
Registration Statement or the Prospectus or otherwise shall have been complied
with.

      (b) All corporate proceedings and other legal matters incident to the
authorization, form and validity of this Agreement, the Shares, the Registration
Statement and the Prospectus, and all other legal matters relating to this
Agreement, the transactions contemplated hereby and the Transactions shall be
reasonably satisfactory in all material respects to counsel for the
Underwriters, and each of the Company and Retail Ventures shall have furnished
to such counsel all documents and information that they may reasonably request
to enable them to pass upon such matters.

      (c) Vorys, Sater, Seymour and Pease LLP shall have furnished to the
Representatives their written opinion, as counsel to the Company, addressed to
the

                                       20
<PAGE>

Underwriters and dated such Delivery Date, in substantially the form attached
hereto as Exhibit B.

      (d) Julia A. Davis, General Counsel to the Company and Retail Ventures,
shall have furnished to the Representatives her written opinion, addressed to
the Underwriters and dated such Delivery Date, in substantially the form
attached hereto as Exhibit C.

      (e) Skadden, Arps, Slate, Meagher & Flom LLP shall have furnished to the
Representatives their written opinion, as special counsel to the Company,
addressed to the Underwriters and dated such Delivery Date, in substantially the
form attached hereto as Exhibit D.

      (f) Sonnenschein, Nath & Rosenthal LLP shall have furnished to the
Representatives their written opinion, as Missouri counsel to DSW Shoe
Warehouse, addressed to the Underwriters and dated such Delivery Date, in
substantially the form attached hereto as Exhibit E.

      (g) The Representatives shall have received from Debevoise & Plimpton LLP,
counsel for the Underwriters, such opinion or opinions, dated such Delivery
Date, with respect to the issuance and sale of the Shares, the Registration
Statement, the Prospectus and other related matters as the Representatives may
reasonably require, and the Company shall have furnished to such counsel such
documents as they reasonably request for the purpose of enabling them to pass
upon such matters.

      (h) At the time of execution of this Agreement, the Representatives shall
have received from Deloitte & Touche LLP a letter, in form and substance
satisfactory to the Representatives, addressed to the Underwriters and dated the
date hereof (i) confirming that they are independent public accountants within
the meaning of the Securities Act and are in compliance with the applicable
requirements relating to the qualification of accountants under Rule 2-01 of
Regulation S-X of the Commission and (ii) stating, as of the date hereof (or,
with respect to matters involving changes or developments since the respective
dates as of which specified financial information is given in the Prospectus, as
of a date not more than five days prior to the date hereof), the conclusions and
findings of such firm with respect to the financial information and other
matters ordinarily covered by accountants' "COMFORT LETTERS" to underwriters in
connection with registered public offerings.

      (i) With respect to the letter of Deloitte & Touche LLP referred to in the
preceding paragraph and delivered to the Representatives concurrently with the
execution of this Agreement (the "INITIAL LETTER"), the Company shall have
furnished to the Representatives a letter (the "BRING-DOWN LETTER") of such
accountants, addressed to the Underwriters and dated such Delivery Date (i)
confirming that they are independent public accountants within the meaning of
the Securities Act and are in compliance with

                                       21
<PAGE>

the applicable requirements relating to the qualification of accountants under
Rule 2-01 of Regulation S-X of the Commission, (ii) stating, as of the date of
the bring-down letter (or, with respect to matters involving changes or
developments since the respective dates as of which specified financial
information is given in the Prospectus, as of a date not more than five days
prior to the date of the bring-down letter), the conclusions and findings of
such firm with respect to the financial information and other matters covered by
the initial letters and (iii) confirming in all material respects the
conclusions and findings set forth in the initial letter.

      (j) The Company shall have furnished to the Representatives a certificate,
dated such Delivery Date, of its Chairman of the Board, its President or a Vice
President and its chief financial officer stating that:

The representations, warranties and agreements of the Company in Section 1 are
true and correct as of such Delivery Date; the Company has complied with all its
agreements contained herein; and the conditions set forth in Sections 7(a) and
7(l) have been fulfilled; and

They have carefully examined the Registration Statement and the Prospectus and,
in their opinion (A) as of the Effective Date, the Registration Statement and
Prospectus did not include any untrue statement of a material fact and did not
omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading, and (B) since the Effective Date, no
event has occurred which should have been set forth in a supplement or amendment
to the Registration Statement or the Prospectus which has not been so set forth.

      (k) Retail Ventures shall have furnished to the Representatives a
certificate, dated such Delivery Date, signed by an authorized officer, stating
that the representations, warranties and agreements of Retail Ventures contained
herein are true and correct as of such Delivery Date and that Retail Ventures
have complied with all agreements contained herein to be performed by them at or
prior to such Delivery Date.

      (l) (A) Neither the Company nor DSW Shoe Warehouse shall have sustained
since the date of the latest audited financial statements included in the
Prospectus any loss or interference with its business from fire, explosion,
flood or other calamity, whether or not covered by insurance, or from any labor
dispute or court or governmental action, order or decree, otherwise than as set
forth or contemplated in the Prospectus and (B) since such date there shall not
have been any change in the capital stock or long-term debt of the Company or
DSW Shoe Warehouse or any adverse change, or any development involving a
prospective adverse change, in or affecting the general affairs, management,
financial position, shareholders' equity or results of operations of the Company
or DSW Shoe Warehouse, otherwise than as set forth or contemplated in the
Prospectus, the effect of which, in any such case described in clause (A) or
(B), is, in the judgment of the Representatives, so material and adverse as to
make it impracticable or

                                       22
<PAGE>

inadvisable to proceed with the public offering or the delivery of the Shares
being delivered on such Delivery Date on the terms and in the manner
contemplated in the Prospectus.

      (m) Subsequent to the execution and delivery of this Agreement there shall
not have occurred any of the following: (i) trading in securities generally on
the New York Stock Exchange or in the over-the-counter market, or trading in any
securities of the Company on any exchange or in the over-the-counter market,
shall have been suspended or the settlement of such trading generally shall have
been materially disrupted or minimum prices shall have been established on any
such exchange or such market by the Commission, by such exchange or by any other
regulatory body or governmental authority having jurisdiction, (ii) a banking
moratorium shall have been declared by Federal or state authorities or there
shall have occurred a material disruption in commercial banking or securities
settlement or clearance services in the United States, (iii) the United States
shall have become engaged in hostilities, there shall have been a material
escalation in hostilities involving the United States or there shall have been a
declaration of a national emergency or war by the United States or (iv) there
shall have occurred such a material adverse change in general economic,
political or financial conditions, including without limitation as a result of
terrorist activities after the date hereof, (or the effect of international
conditions on the financial markets in the United States shall be such) as to
make it, in the judgment of the Representatives, impracticable or inadvisable to
proceed with the public offering or delivery of the Shares being delivered on
such Delivery Date on the terms and in the manner contemplated in the
Prospectus.

      (n) The New York Stock Exchange, Inc. shall have approved the Shares for
listing, subject only to official notice of issuance.

      (o) All opinions, letters, evidence and certificates mentioned above or
elsewhere in this Agreement shall be deemed to be in compliance with the
provisions hereof only if they are in form and substance reasonably satisfactory
to counsel for the Underwriters.

      Section 8. Indemnification and Contribution.

      (a) Each of the Company and Retail Ventures, jointly and severally, shall
indemnify and hold harmless each Underwriter, its officers and employees and
each person, if any, who controls any Underwriter within the meaning of the
Securities Act, from and against any loss, claim, damage or liability, joint or
several, or any action in respect thereof (including, but not limited to, any
loss, claim, damage, liability or action relating to purchases and sales of
Shares), to which that Underwriter, officer, employee or controlling person may
become subject, under the Securities Act or otherwise, insofar as such loss,
claim, damage, liability or action arises out of, or is based upon, (i) any
untrue statement or alleged untrue statement of a material fact contained (A) in
any Preliminary

                                       23
<PAGE>

Prospectus, the Registration Statement or the Prospectus or in any amendment or
supplement thereto, or (B) in any materials or information provided to investors
by, or with the approval of, the Company in connection with the marketing of the
offering of the Shares ("MARKETING MATERIALS"), including any road show or
investor presentations made to investors by the Company (whether in person or
electronically), (ii) the omission or alleged omission to state in any
Preliminary Prospectus, the Registration Statement or the Prospectus, or in any
amendment or supplement thereto, or in any Marketing Materials, any material
fact required to be stated therein or necessary to make the statements therein
not misleading, or (iii) any act or failure to act or any alleged act or failure
to act by any Underwriter in connection with, or relating in any manner to, the
Shares or the offering contemplated hereby, and that is included as part of or
referred to in any loss, claim, damage, liability or action arising out of or
based upon matters covered by clause (i) or (ii) above (provided that neither
the Company nor Retail Ventures shall be liable under this clause (iii) to the
extent that it is determined in a final judgment by a court of competent
jurisdiction that such loss, claim, damage, liability or action resulted
directly from any such acts or failures to act undertaken or omitted to be taken
by such Underwriter through its gross negligence or willful misconduct), and
shall reimburse each Underwriter and each such officer, employee or controlling
person promptly upon demand for any legal or other expenses reasonably incurred
by that Underwriter, officer, employee or controlling person in connection with
investigating or defending or preparing to defend against any such loss, claim,
damage, liability or action as such expenses are incurred; provided, however,
that neither the Company nor Retail Ventures shall be liable in any such case to
the extent that any such loss, claim, damage, liability or action arises out of,
or is based upon, any untrue statement or alleged untrue statement or omission
or alleged omission made in any Preliminary Prospectus, the Registration
Statement or the Prospectus, or in any such amendment or supplement or in any
Marketing Materials, in reliance upon and in conformity with written information
concerning such Underwriter furnished to the Company through the Representatives
by or on behalf of any Underwriter specifically for inclusion therein which
information consists solely of the information specified in Section 8(e); and
provided further, that the foregoing indemnity agreement with respect to any
Preliminary Prospectus shall not inure to the benefit of any Underwriter who it
shall be established failed to deliver the Prospectus to the person asserting
any losses, claims, damages, liabilities and judgments caused by any untrue
statement or alleged untrue statement of a material fact or an omission or
alleged omission to state a material fact required to be stated in such
Preliminary Prospectus or necessary to make the statements in such Preliminary
Prospectus not misleading, if (A) the Company shall have furnished copies of the
Prospectus to the several Underwriters in the requisite quantity and
sufficiently in advance of the Effective Date to permit proper delivery of the
Prospectus to such person on or prior to the Effective Date; (B) such
misstatement or omission or alleged misstatement or omission was identified at
such time to such Underwriter or its counsel and cured in the Prospectus and the
Prospectus was required by law to be delivered to such person at or prior to the
written confirmation of the sale of Shares to such person

                                       24
<PAGE>

and (C) the timely delivery of the Prospectus to such person would have
constituted a complete defense to the losses, claims, damages, liabilities and
judgments asserted by such person. The foregoing indemnity agreement is in
addition to any liability that either of the Company or Retail Ventures may
otherwise have to any Underwriter or to any officer, employee or controlling
person of that Underwriter.

      (b) Each Underwriter, severally and not jointly, shall indemnify and hold
harmless each of the Company, Retail Ventures, each officer of the Company who
has signed the Registration Statement, each director of the Company (including
any person who, with his or her consent, is named in the Registration Statement
as about to become a director of the Company), and each person, if any, who
controls the Company within the meaning of the Securities Act, from and against
any loss, claim, damage or liability, joint or several, or any action in respect
thereof, to which the Company or any such director, officer or controlling
person may become subject, under the Securities Act or otherwise, insofar as
such loss, claim, damage, liability or action arises out of, or is based upon,
(i) any untrue statement or alleged untrue statement of a material fact
contained in any Preliminary Prospectus, the Registration Statement or the
Prospectus or in any amendment or supplement thereto, or (ii) the omission or
alleged omission to state in any Preliminary Prospectus, the Registration
Statement or the Prospectus, or in any amendment or supplement thereto, any
material fact required to be stated therein or necessary to make the statements
therein not misleading, but in each case only to the extent that the untrue
statement or alleged untrue statement or omission or alleged omission was made
in reliance upon and in conformity with written information concerning such
Underwriter furnished to the Company through the Representatives by or on behalf
of that Underwriter specifically for inclusion therein, and shall reimburse the
Company, Retail Ventures, and any such director, officer or controlling person
for any legal or other expenses reasonably incurred by the Company, Retail
Ventures, or any such director, officer or controlling person in connection with
investigating or defending or preparing to defend against any such loss, claim,
damage, liability or action as such expenses are incurred. The foregoing
indemnity agreement is in addition to any liability which any Underwriter may
otherwise have to any of the Company, Retail Ventures or any such director,
officer, employee or controlling person.

      (c) Promptly after receipt by an indemnified party under this Section 8 of
notice of any claim or the commencement of any action, the indemnified party
shall, if a claim in respect thereof is to be made against the indemnifying
party under subsection 8(a) or 8(b) hereof, notify the indemnifying party in
writing of the claim or the commencement of that action; provided, however, that
the failure to notify the indemnifying party shall not relieve it from any
liability which it may have under subsection 8(a) or 8(b) hereof except to the
extent it has been materially prejudiced by such failure and, provided further,
that the failure to notify the indemnifying party shall not relieve it from any
liability which it may have to an indemnified party otherwise than under
subsection 8(a) or 8(b) hereof. If any such claim or action shall be brought
against

                                       25
<PAGE>

an indemnified party, and it shall notify the indemnifying party thereof, the
indemnifying party shall be entitled to participate therein and, to the extent
that it wishes, jointly with any other similarly notified indemnifying party, to
assume the defense thereof with counsel reasonably satisfactory to the
indemnified party. After notice from the indemnifying party to the indemnified
party of its election to assume the defense of such claim or action, the
indemnifying party shall not be liable to the indemnified party under this
Section 8 for any legal or other expenses subsequently incurred by the
indemnified party in connection with the defense thereof other than reasonable
costs of investigation; provided, however, that the Representatives shall have
the right to employ counsel to represent jointly the Representatives and those
other Underwriters and their respective officers, employees and controlling
persons who may be subject to liability arising out of any claim in respect of
which indemnity may be sought by the Underwriters against any of the Company or
Retail Ventures under this Section 8 if, in the reasonable judgment of the
Representatives, it is advisable for the Representatives and those Underwriters,
officers, employees and controlling persons to be jointly represented by
separate counsel, and in that event the fees and expenses of such separate
counsel shall be paid by the Company. Notwithstanding anything contained herein
to the contrary, if indemnity may be sought pursuant to Section 8(f) hereof in
respect of a claim or action referred to in Section 8(f), then in addition to
such separate firm for the indemnified parties, the indemnifying party shall be
liable for the fees and expenses of not more than one separate firm (in addition
to any local counsel) for the Lehman Brothers Entities (as defined in Section
8(f)) for the defense of any loss, claim, damage, liability or action arising
out of the Directed Share Program. No indemnifying party shall (i) without the
prior written consent of the indemnified parties (which consent shall not be
unreasonably withheld), settle or compromise or consent to the entry of any
judgment with respect to any pending or threatened claim, action, suit or
proceeding in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified parties are actual or potential
parties to such claim or action) unless such settlement, compromise or consent
(a) includes an unconditional release of each indemnified party from all
liability arising out of such claim, action, suit or proceeding and (b) does not
include a statement as to or an admission of fault, culpability or a failure to
act, by or on behalf of any indemnified party, or (ii) be liable for any
settlement of any such action effected without its written consent (which
consent shall not be unreasonably withheld), but if settled with the consent of
the indemnifying party or if there be a final judgment of the plaintiff in any
such action, the indemnifying party agrees to indemnify and hold harmless any
indemnified party from and against any loss or liability by reason of such
settlement or judgment.

      (d) If the indemnification provided for in this Section 8 shall for any
reason be unavailable to or insufficient to hold harmless an indemnified party
under Section 8(a) or 8(b) in respect of any loss, claim, damage or liability,
or any action in respect thereof, referred to therein, then each indemnifying
party shall, in lieu of indemnifying such indemnified party, contribute to the
amount paid or payable by such indemnified party as

                                       26
<PAGE>

a result of such loss, claim, damage or liability, or action in respect thereof,
(i) in such proportion as shall be appropriate to reflect the relative benefits
received by the Company and Retail Ventures, on the one hand, and the
Underwriters, on the other hand, from the offering of the Shares or (ii) if the
allocation provided by clause (i) above is not permitted by applicable law, in
such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of the Company,
and/or Retail Ventures, on the one hand, and the Underwriters, on the other
hand, with respect to the statements or omissions which resulted in such loss,
claim, damage or liability, or action in respect thereof, as well as any other
relevant equitable considerations. The relative benefits received by the Company
and Retail Ventures, on the one hand, and the Underwriters, on the other hand,
with respect to such offering shall be deemed to be in the same proportion as
the total net proceeds from the offering of the Shares purchased under this
Agreement (before deducting expenses) received by the Company, on the one hand,
and the total underwriting discounts and commissions received by the
Underwriters with respect to the Shares purchased under this Agreement, on the
other hand, bear to the total gross proceeds from the offering of the Shares
under this Agreement, in each case as set forth in the table on the cover page
of the Prospectus. The relative fault shall be determined by reference to
whether the untrue or alleged untrue statement of a material fact or omission or
alleged omission to state a material fact relates to information supplied by the
Company and/or Retail Ventures or the Underwriters, the intent of the parties
and their relative knowledge, access to information and opportunity to correct
or prevent such statement or omission. The Company, Retail Ventures and the
Underwriters agree that it would not be just and equitable if contributions
pursuant to this Section 8 were to be determined by pro rata allocation (even if
the Underwriters were treated as one entity for such purpose) or by any other
method of allocation which does not take into account the equitable
considerations referred to herein. The amount paid or payable by an indemnified
party as a result of the loss, claim, damage or liability, or action in respect
thereof, referred to above in this Section 8 shall be deemed to include, for
purposes of this Section 8(d), any legal or other expenses reasonably incurred
by such indemnified party in connection with investigating or defending any such
action or claim. Notwithstanding the provisions of this Section 8(d), no
Underwriter shall be required to contribute any amount in excess of the amount
by which the total price at which the Shares underwritten by it and distributed
to the public was offered to the public exceeds the amount of any damages which
such Underwriter has otherwise paid or become liable to pay by reason of any
untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation. The Underwriters' obligations
to contribute as provided in this Section 8(d) are several in proportion to
their respective underwriting obligations and not joint.

      (e) The Underwriters severally confirm and each of the Company and Retail
Ventures acknowledges that the statements with respect to the following
information

                                       27
<PAGE>

contained under the caption "Underwriting" in the Prospectus are correct and
constitute the only information concerning such Underwriters furnished in
writing to the Company by or on behalf of the Underwriters specifically for
inclusion in the Registration Statement, the Prospectus and any Marketing
Materials: the second paragraph under the subheading "Commissions and Expenses";
all three of the paragraphs under the subheading "Stabilization Short Positions
and Penalty Bids"; and the paragraph under the subheading "Discretionary Sales".


      (f) The Company shall indemnify and hold harmless Lehman Brothers Inc.
(including its directors, officers and employees) and each person, if any, who
controls Lehman Brothers Inc. within the meaning of Section 15 of the Securities
Act ("LEHMAN BROTHERS ENTITIES"), from and against any loss, claim, damage or
liability or any action in respect thereof to which any of the Lehman Brothers
Entities may become subject, under the Securities Act or otherwise, insofar as
such loss, claim, damage, liability or action (i) arises out of, or is based
upon, any untrue statement or alleged untrue statement of a material fact
contained in any material prepared by or with the approval of the Company for
distribution to Directed Share Participants in connection with the Directed
Share Program or any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein
not misleading, (ii) arises out of, or is based upon, the failure of the
Directed Share Participant to pay for and accept delivery of Directed Shares
that the Directed Share Participant agreed to purchase or (iii) is otherwise
related to the Directed Share Program; provided that, with respect to clause
(ii), the Company or an affiliate of the Company has the option to pay for and
accept delivery of any and all Directed Shares for which a Directed Share
Participant fails to pay and accept delivery (provided that prior to such
purchase, the Company or such affiliate shall have received a written legal
opinion from Skadden, Arps, Slate, Meagher & Flom LLP stating that such purchase
will not violate the Securities Act, the Rules and Regulations, the Exchange Act
or the rules and regulations of the Commission thereunder, including Regulation
M); provided further that, the Company shall not be liable under this clause
(iii) for any loss, claim, damage, liability or action that is determined in a
final judgment by a court of competent jurisdiction to have resulted from the
gross negligence or willful misconduct of the Lehman Brothers Entities. The
Company shall reimburse the Lehman Brothers Entities promptly upon demand for
any legal or other expenses reasonably incurred by them in connection with
investigating or defending or preparing to defend against any such loss, claim,
damage, liability or action as such expenses are incurred. Retail Ventures or
any of the Company's other affiliates may satisfy the Company's obligations
under this paragraph by making any required payments on behalf of the Company.


      Section 9. Defaulting Underwriters.

      If, on any Delivery Date, any Underwriter defaults in the performance of
its obligations under this Agreement, the remaining non-defaulting Underwriters
shall be obligated to purchase the Shares which the defaulting Underwriter
agreed but failed to purchase on such Delivery Date in the respective
proportions which the number of Firm Shares set opposite the name of each
remaining non-defaulting Underwriter in Schedule 1 hereto bears to the total
number of Firm Shares set opposite the names of all the remaining non-defaulting
Underwriters in Schedule 1 hereto; provided, however, that the remaining
non-defaulting Underwriters shall not be obligated to purchase any of the Shares
on such Delivery Date if the total number of Shares which the defaulting

                                       28
<PAGE>

Underwriter or Underwriters agreed but failed to purchase on such date exceeds
9.09% of the total number of Shares to be purchased on such Delivery Date, and
any remaining non-defaulting Underwriter shall not be obligated to purchase more
than 110% of the number of Shares which it agreed to purchase on such Delivery
Date pursuant to the terms of Section 2. If the foregoing maximums are exceeded,
the remaining non-defaulting Underwriters, or those other underwriters
satisfactory to the Representatives who so agree, shall have the right, but
shall not be obligated, to purchase, in such proportion as may be agreed upon
among them, all the Shares to be purchased on such Delivery Date. If the
remaining Underwriters or other underwriters satisfactory to the Representatives
do not elect to purchase the shares which the defaulting Underwriter or
Underwriters agreed but failed to purchase on such Delivery Date, this Agreement
(or, with respect to any Subsequent Delivery Date, the obligation of the
Underwriters to purchase, and of the Company to sell, the Option Shares) shall
terminate without liability on the part of any non-defaulting Underwriter or the
Company, except that the Company will continue to be liable for the payment of
expenses to the extent set forth in Sections 6 and 11. As used in this
Agreement, the term "UNDERWRITER" includes, for all purposes of this Agreement
unless the context requires otherwise, any party not listed in Schedule 1 hereto
who, pursuant to this Section 9, purchases Shares which a defaulting Underwriter
agreed but failed to purchase.

      Nothing contained herein shall relieve a defaulting Underwriter of any
liability it may have to the Company for damages caused by its default. If other
underwriters are obligated or agree to purchase the Shares of a defaulting or
withdrawing Underwriter, either the Representatives or the Company may postpone
the Delivery Date for up to seven full business days in order to effect any
changes that, in the opinion of counsel for the Company or counsel for the
Underwriters, may be necessary in the Registration Statement, the Prospectus or
in any other document or arrangement.

      Section 10. Termination. The obligations of the Underwriters hereunder may
be terminated by the Representatives by notice given to and received by the
Company prior to delivery of and payment for the Firm Shares if, prior to that
time, any of the events described in Sections 7(l) or 7(m), shall have occurred
or if the Underwriters shall decline to purchase the Shares for any reason
permitted under this Agreement.

      Section 11. Reimbursement of Underwriters' Expenses. If the Company shall
fail to tender the Shares for delivery to the Underwriters by reason of any
failure, refusal or inability on the part of the Company to perform any
agreement on its part to be performed, or because any other condition of the
Underwriters' obligations hereunder required to be fulfilled by the Company
(including, without limitation, with respect to the Transactions) is not
fulfilled, the Company will reimburse the Underwriters for all reasonable
out-of-pocket expenses (including fees and disbursements of counsel) incurred by
the Underwriters in connection with this Agreement and the proposed purchase of
the Shares, and upon demand the Company shall pay the full amount thereof

                                       29
<PAGE>

to the Representatives. If this Agreement is terminated pursuant to Section 9 by
reason of the default of one or more Underwriters, the Company shall not be
obligated to reimburse any defaulting Underwriter on account of those expenses.

      Section 12. Notices, Etc. All statements, requests, notices and agreements
hereunder shall be in writing, and:

            (a) if to the Underwriters, shall be delivered or sent by mail,
      telex or facsimile transmission to (i) Lehman Brothers Inc., 605 Third
      Avenue, New York, New York 10158, Attention: Syndicate Department (Fax:
      646-497-4815), with a copy, in the case of any notice pursuant to Section
      8(c), to the Director of Litigation, Office of the General Counsel, Lehman
      Brothers Inc., 399 Park Avenue, 10th Floor, New York, NY 10022 (Fax:
      212-520-0421), and (ii) with a copy, which shall not constitute notice, to
      Debevoise & Plimpton LLP, 919 Third Avenue, New York, NY 10022, Attention:
      Steven J. Slutzky, Esq. (Fax: 212-909-6836);

            (b) if to the Company or DSW Shoe Warehouse, (i) shall be delivered
      or sent by mail, telex or facsimile transmission to the address of the
      Company set forth in the Registration Statement, Attention: Peter Z.
      Horvath, Chief Operating Officer (Fax: 614-238-4207), with a copy to Julia
      A. Davis, Esq., General Counsel, 3241 Westerville Road, Columbus, OH 43223
      (Fax: 614-337-4682) (ii) with a copy, which shall not constitute notice,
      to Skadden, Arps, Slate, Meagher & Flom LLP, Four Times Square, New York,
      NY 10036, Attention: Robert M. Chilstrom, Esq. (Fax: 212-735-2000);

            (c) if to Retail Ventures, shall be delivered or sent by mail, telex
      or facsimile transmission to Julia A. Davis, Esq., General Counsel, 3241
      Westerville Road, Columbus, OH 43223 (Fax: 614-337-4682);

            (d) provided, however, that any notice to an Underwriter pursuant to
      Section 8(c) shall be delivered or sent by mail, telex or facsimile
      transmission to such Underwriter at its address set forth in its
      acceptance telex to the Representatives, which address will be supplied to
      any other party hereto by the Representatives upon request. Any such
      statements, requests, notices or agreements shall take effect at the time
      of receipt thereof. The Company, DSW Shoe Warehouse and Retail Ventures
      shall be entitled to act and rely upon any request, consent, notice or
      agreement given or made on behalf of the Underwriters by Lehman Brothers
      Inc. on behalf of the Representatives.

      Section 13. Persons Entitled to Benefit of Agreement. This Agreement shall
inure to the benefit of and be binding upon the Underwriters, the Company,
Retail Ventures and their respective successors. This Agreement and the terms
and provisions hereof are for the sole benefit of only those persons, except
that (A) the representations,

                                       30
<PAGE>

warranties, indemnities and agreements of the Company and Retail Ventures
contained in this Agreement shall also be deemed to be for the benefit of the
person or persons, if any, who control any Underwriter within the meaning of
Section 15 of the Securities Act and (B) the indemnity agreement of the
Underwriters contained in Section 8(b) of this Agreement shall be deemed to be
for the benefit of directors of the Company, officers of the Company who have
signed the Registration Statement and any person controlling the Company within
the meaning of Section 13 of the Securities Act. Nothing in this Agreement is
intended or shall be construed to give any person, other than the persons
referred to in this Section 13, any legal or equitable right, remedy or claim
under or in respect of this Agreement or any provision contained herein.

      Section 14. No fiduciary duty. Notwithstanding any preexisting
relationship, advisory or otherwise, between the parties or any oral
representations or assurances previously or subsequently made by the
underwriters, the Company and Retail Ventures acknowledge and agree that:

      (a) nothing herein shall create a fiduciary or agency relationship between
the Company or Retail Ventures, on the one hand, and the Underwriters, on the
other;

      (b) the Underwriters are not acting as advisors, expert or otherwise, to
either the Company or Retail Ventures in connection with this offering, sale of
the Shares or any other services the Underwriters may be deemed to be providing
hereunder, including, without limitation, with respect to the public offering
price of the Shares;

      (c) the relationship between the Company and Retail Ventures, on the one
hand, and the Underwriters, on the other, is entirely and solely commercial,
based on arms-length negotiations;

      (d) any duties and obligations that the Underwriters may have to the
Company or Retail Ventures shall be limited to those duties and obligations
specifically stated herein; and

      (e) notwithstanding anything in this Underwriting Agreement to the
contrary, the Company and Retail Ventures acknowledge that the Underwriters may
have financial interest in the success of the Offering that are not limited to
the difference between the price to the public and the purchase price paid to
the Company by the Underwriters for the shares and the Underwriters have no
obligation to disclose, or account to the Company or Retail Ventures for, any of
such additional financial interests.

      The Company and Retail Ventures hereby waive and release, to the fullest
extent permitted by law, any claims that the Company or Retail Ventures may have
against the Underwriters with respect to any breach or alleged breach of
fiduciary duty.

                                       31
<PAGE>

      Section 15. Survival. The respective indemnities, representations,
warranties and agreements of the Company, Retail Ventures and the Underwriters
contained in this Agreement or made by or on behalf on them, respectively,
pursuant to this Agreement, shall survive the delivery of and payment for the
Shares and shall remain in full force and effect, regardless of any
investigation made by or on behalf of any of them or any person controlling any
of them.

      Section 16. Definition of the Terms "BUSINESS DAY" and "SUBSIDIARY". For
purposes of this Agreement, (a) "BUSINESS DAY" means each Monday, Tuesday,
Wednesday, Thursday or Friday which is not a day on which banking institutions
in New York are generally authorized or obligated by law or executive order to
close and (b) "SUBSIDIARY" has the meaning set forth in Rule 405 of the Rules
and Regulations.

      Section 17. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of New York.

      Section 18. Counterparts. This Agreement may be executed in one or more
counterparts and, if executed in more than one counterpart, the executed
counterparts shall each be deemed to be an original but all such counterparts
shall together constitute one and the same instrument.

      Section 19. Headings. The headings herein are inserted for convenience of
reference only and are not intended to be part of, or to affect the meaning or
interpretation of, this Agreement.

                                       32
<PAGE>

      If the foregoing correctly sets forth the agreement among the Company,
Retail Ventures and the Underwriters, please indicate your acceptance in the
space provided for that purpose below.

                                              Very truly yours,

                                              DSW INC.

                                              By ______________________________
                                                 Name:
                                                 Title:

                                              RETAIL VENTURES, INC.

                                              By ____________________________
                                                 Name:
                                                 Title:

<PAGE>

Accepted:

LEHMAN BROTHERS INC.
GOLDMAN, SACHS & CO.
CIBC WORLD MARKETS CORP.

JOHNSON RICE & COMPANY, L.L.C.

For themselves and as Representatives
of the several Underwriters named
in Schedule 1 hereto

By: Lehman Brothers Inc.

By  __________________________________________
    Authorized Representative


<PAGE>

                                   SCHEDULE 1

<TABLE>
<CAPTION>
                                                                       Number of Firm
                                                                   Shares to be Purchased
                                                                   ----------------------
<S>                                                                <C>
Lehman Brothers Inc........................................
Goldman, Sachs & Co........................................
CIBC World Markets Corp....................................
Johnson Rice & Company, L.L.C..............................
[Names of other underwriters]..............................

Total......................................................
</TABLE>

<PAGE>

                                   SCHEDULE 2

1.    Registration Rights Agreement, dated [ ], 2005, by and among DSW Inc.,
      Schottenstein Stores Corporation, Cerberus Partners, L.P. and Back Bay
      Capital Funding L.L.C.

2.    Loan and Security Agreement, dated June [ ], 2005, between DSW Inc. and
      DSW Shoe Warehouse, Inc., as borrowers, and National City Business Credit
      Finance, Inc., as Administrative Agent and Collateral Agent for the
      Revolving Credit Lenders.

3.    Amended and Restated Loan and Security Agreement, dated [ ], 2005, by and
      between Value City Department Stores LLC, as Lead Borrower, Gramex Retail
      Stores, Inc., Filene's Basement, Inc., Value City of Michigan, Inc., GB
      Retailers, Inc., Retail Ventures Jewelry, Inc., as Borrowers, and National
      City Business Credit, Inc., as Administrative Agent and Collateral Agent
      for the Revolving Credit Lenders referenced therein.

4.    Fourth Amendment to Financing Agreement, dated [ ], 2005, by and among the
      Borrowers named therein, the Guarantors named therein, the Lenders named
      therein, and Cerberus Partners, L.P.

5.    Second Amended and Restated Senior Loan Agreement, dated [ ], 2005, by and
      among Value City Department Stores, LLC as Borrower, Retail Ventures,
      Inc., Gramex Retail Stores, Inc., Filene's Basement, Inc., GB Retailers,
      Inc., Value City of Michigan, Inc. J.S. Overland Delivery, Inc., Value
      City Department Stores Services, Inc. Retail Ventures Jewelry, Inc.,
      Retail Ventures Services, Inc. and Retail Ventures Import, Inc., as
      Guarantors, the Lenders from time to time party thereto, and Cerberus
      Partners, L.P., as agent.

6.    Conversion Loan Warrants issued by Retail Ventures to Schottenstein Stores
      Corporation and Cerberus Partners, L.P. on [ ], 2005.

7.    Term Loan Warrants issued by Retail Ventures to Schottenstein Stores
      Corporation, Cerberus Partners, L.P. and Back Bay Capital Funding, LLC on
      [ ], 2005.

8.    Amendment, dated [ ], 2005, to Corporate Services Agreement among Retail
      Ventures, Schottenstein Stores Corporation and Schottenstein Management
      Company, and the supplemental letter agreement among Schottenstein Stores
      Corporation, Schottenstein Management Company and DSW Inc. related
      thereto.

9.    Supply Agreement, dated [ ], 2005, between Filene's Basement, Inc. and DSW
      Inc.

<PAGE>

                                                                     Exhibit A-1

FORM OF LOCK-UP LETTER AGREEMENT

[To be delivered by all lock-up parties other than Cerberus Partners L.P.]

LOCK-UP LETTER AGREEMENT

LEHMAN BROTHERS INC.
GOLDMAN, SACHS & CO.
CIBC WORLD MARKETS CORP.
JOHNSON RICE & COMPANY, L.L.C.

As Representatives of the several
  Underwriters named in Schedule 1,
c/o Lehman Brothers Inc.
745 7(th) Avenue
New York, New York 10019

Dear Sirs:

      The undersigned understands that you and certain other firms propose to
enter into an Underwriting Agreement (the "UNDERWRITING AGREEMENT") providing
for the purchase by you and such other firms (the "UNDERWRITERS") of certain
shares (the "SHARES") of the Class A Common Shares, without par value (the
"COMMON SHARES"), of DSW Inc., an Ohio corporation (the "COMPANY"), and that the
Underwriters propose to reoffer the Shares to the public (the "OFFERING").

      In consideration of the execution of the Underwriting Agreement by the
Underwriters, and for other good and valuable consideration, the undersigned
hereby irrevocably agrees that, without the prior written consent of Lehman
Brothers Inc., on behalf of the Underwriters, the undersigned will not, directly
or indirectly, (1) offer for sale, sell, pledge, or otherwise dispose of (or
enter into any transaction or device that is designed to, or could be expected
to, result in the disposition by any person at any time in the future of) any
Common Shares (including, without limitation, Common Shares that may be deemed
to be beneficially owned by the undersigned in accordance with the rules and
regulations of the Securities and Exchange Commission and Common Shares that may
be issued or delivered upon exercise of any option or warrant) or securities
convertible into or exchangeable for Common Shares (other than the Shares in the
Offering) owned by the undersigned on the date of execution of this Lock-Up
Letter Agreement or on the date of the completion of the Offering or announce
any intention to do any of the foregoing, or (2) enter into any swap or other
derivatives transaction that transfers to another, in whole or in part, any of
the economic benefits or risks of ownership of such Common Shares, whether any
such transaction described in clause (1)

<PAGE>

or (2) above is to be settled by delivery of Common Shares or other securities,
in cash or otherwise, for a period of 180 days after the date of the final
Prospectus relating to the Offering.

      Notwithstanding the foregoing, if (1) during the last 17 days of the
180-day restricted period the Company issues an earnings release or material
news or a material event relating to the Company occurs or (2) prior to the
expiration of the 180-day restricted period, the Company announces that it will
release earnings results during the 16-day period beginning on the last day of
the 180-day period, then the restrictions imposed by this letter shall continue
to apply until the expiration of the 18-day period beginning on the issuance of
the earnings release or the occurrence of the material news or material event.

      In furtherance of the foregoing, the Company and its Transfer Agent are
hereby authorized to decline to make any transfer of securities if such transfer
would constitute a violation or breach of this Lock-Up Letter Agreement.

      It is understood that, if the Company notifies you that it does not intend
to proceed with the Offering, if the Underwriting Agreement does not become
effective, or if the Underwriting Agreement (other than the provisions thereof
which survive termination) shall terminate or be terminated prior to payment for
and delivery of the Shares, we will be released from our obligations under this
Lock-Up Letter Agreement.

      The undersigned understands that the Company and the Underwriters will
proceed with the Offering in reliance on this Lock-Up Letter Agreement.

      Whether or not the Offering actually occurs depends on a number of
factors, including market conditions. Any Offering will only be made pursuant to
an Underwriting Agreement, the terms of which are subject to negotiation between
the Company and the Underwriters.

<PAGE>

      The undersigned hereby represents and warrants that the undersigned has
full power and authority to enter into this Lock-Up Letter Agreement and that,
upon request, the undersigned will execute any additional documents necessary in
connection with the enforcement hereof. Any obligations of the undersigned shall
be binding upon the heirs, personal representatives, successors and assigns of
the undersigned.

                                              Very truly yours,

                                              By: ______________________________
                                                  Name:
                                                  Title:

Dated: _______________

<PAGE>

                                                                     Exhibit A-2

                   [Form of Cerberus Lock-up Letter Agreement]

LOCK-UP LETTER AGREEMENT

LEHMAN BROTHERS INC.
GOLDMAN, SACHS & CO.
CIBC WORLD MARKETS CORP.
JOHNSON RICE & COMPANY, L.L.C.

As Representatives of the several
  Underwriters named in Schedule 1
  to the Underwriting Agreement,
c/o Lehman Brothers Inc.
745 7th Avenue
New York, New York 10019

Dear Sirs:

      Cerberus Partners L.P. (together with its affiliates, "Cerberus")
understands that you and certain other firms propose to enter into an
Underwriting Agreement (the "UNDERWRITING AGREEMENT") providing for the purchase
by you and such other firms (the "Underwriters") of certain shares (the
"SHARES") of the Class A Common Shares, without par value (the "COMMON SHARES"),
of DSW Inc., an Ohio corporation (the "COMPANY"), and that the Underwriters
propose to reoffer the Shares to the public (the "OFFERING").

      In consideration of the execution of the Underwriting Agreement by the
Underwriters, and for other good and valuable consideration, Cerberus hereby
irrevocably agrees that, without the prior written consent of Lehman Brothers
Inc., on behalf of the Underwriters, Cerberus will not, directly or indirectly,
(1) offer for sale, sell, pledge, or otherwise dispose of (or enter into any
transaction or device that is designed to, or could be expected to, result in
the disposition by any person at any time in the future of) any Common Shares
(including, without limitation, Common Shares that may be deemed to be
beneficially owned by Cerberus in accordance with the rules and regulations of
the Securities and Exchange Commission and Common Shares that may be issued or
delivered upon exercise of any option or warrant) or securities convertible into
or exchangeable for Common Shares (other than the Shares in the Offering) owned
by Cerberus on the date of execution of this Lock-Up Letter Agreement or on the
date of the completion of the Offering or announce any intention to do any of
the foregoing, or (2) enter into any swap or other derivatives transaction that
transfers to another, in whole or

<PAGE>

in part, any of the economic benefits or risks of ownership of such Common
Shares, whether any such transaction described in clause (1) or (2) above is to
be settled by delivery of Common Shares or other securities, in cash or
otherwise, for a period of 180 days after the date of the final Prospectus
relating to the Offering (any transaction described in clause (1) or (2) above,
a "TRANSFER").

      If (1) during the last 17 days of the 180-day restricted period the
Company issues an earnings release or material news or a material event relating
to the Company occurs or (2) prior to the expiration of the 180-day restricted
period, the Company announces that it will release earnings results during the
16-day period beginning on the last day of the 180-day period, then the
restrictions imposed by this letter shall continue to apply until the expiration
of the 18-day period beginning on the issuance of the earnings release or the
occurrence of the material news or material event.

      For the avoidance of doubt, the foregoing restrictions are not intended to
apply to Transfers solely of Retail Ventures, Inc.'s common stock.

      Anything contained herein to the contrary notwithstanding, Cerberus may,
prior to the expiration of the 180-day restricted period (such period, as the
same may be extended as provided above, the "RESTRICTED PERIOD"), Transfer the
warrants issued by Retail Ventures, Inc. and held by Cerberus as of the
effective date of the Offering (such warrants, as described in the prospectus
relating to the Offering, but excluding any Common Shares of the Company for
which they may be exercised, the "WARRANTS") to up to four (4) transferees;
provided, however, that it shall be a condition to each such Transfer of
Warrants that (1) each such Transfer is made to a single person or group of
persons that is under common control (any such group of persons, a "GROUP"); (2)
any such person or, in the case of a Group, each member of the Group acquiring
any Warrants (whether directly from Cerberus or indirectly from one or more
transferees) during the Restricted Period executes and delivers to Lehman
Brothers Inc. prior to such Transfer an agreement stating that such transferee
is receiving and holding the Warrants subject to the provisions of this Lock-Up
Letter Agreement, and agreeing that any further Transfer of such Warrants during
the Restricted Period shall be made on the terms set forth in the following
paragraph; (3) Cerberus (or any transferee) proposing to make any such Transfer
during the Restricted Period notifies Lehman Brothers Inc. at least three
business days prior to the proposed Transfer, and (4) no filings relating to
beneficial ownership of securities of the Company shall be required or
voluntarily made by Cerberus or by any transferee pursuant to the Securities
Exchange Act of 1934, as amended, in connection with such Transfer (including
the acquisition of such Warrants by the transferee) of Warrants for the duration
of the Restricted Period, except that neither (i) any initial filing on Schedule
13G relating to the acquisition by Cerberus of beneficial ownership of the
Common Shares of the Company underlying the Warrants nor (ii) any filing or
amendment to a filing on Schedule 13G required by law, if such filing is made on
or after February 10, 2006, shall be deemed to violate this Lock-Up

                                       2
<PAGE>

Letter Agreement. For the avoidance of doubt, it is understood by the parties
hereto that the foregoing exceptions apply only to Transfers of Warrants during
the Restricted Period, and not to any Common Shares of the Company underlying
any such Warrants. In addition, for the avoidance of doubt, the foregoing
restrictions are not intended to apply to Retail Ventures, Inc.'s common stock
underlying any such Warrants, or any filings under the Securities Exchange Act
of 1934, as amended, with respect thereto.

      With respect to further Transfers of Warrants by transferees of Cerberus,
such transferees may, during the Restricted Period, effect a Transfer of the
Warrants acquired by such transferee from Cerberus; provided, however, that it
shall be a condition to such Transfer of Warrants by any such transferee that:
(1) the amount transferred represents not less than all of the unexercised
Warrants held by the such transferee as of the date of such transfer; (2) such
Transfer is made to a single person or a Group; (3) any such person or, in the
case of a Group, each member of the Group acquiring any Warrants (whether
directly from Cerberus or indirectly from one or more transferees) during the
Restricted Period executes and delivers to Lehman Brothers Inc. prior to such
Transfer an agreement stating that such transferee is receiving and holding the
Warrants subject to the provisions of this Lock-Up Letter Agreement, and
agreeing that any further Transfer of such Warrants during the Restricted Period
shall be made on the terms set forth in this paragraph; (4) any such transferee
proposing to make any such Transfer during the Restricted Period notifies Lehman
Brothers Inc. at least three business days prior to the proposed Transfer, and
(5) no filings relating to beneficial ownership of securities of the Company
shall be required or voluntarily made by the transferee or any person to whom
the transferee proposes to make a Transfer in accordance with this paragraph
pursuant to the Securities Exchange Act of 1934, as amended, in connection with
such Transfer (including the acquisition of such Warrants by the party to whom
the transferee proposes to make such Transfer) of Warrants for the duration of
the Restricted Period, except that no filing or amendment to a filing on
Schedule 13G required by law, if such filing is made on or after February 10,
2006, shall be deemed to violate this Lock-Up Letter Agreement. For the
avoidance of doubt, it is understood by the parties hereto that the foregoing
exceptions apply only to Transfers of Warrants during the Restricted Period, and
not to any Common Shares of the Company underlying any such Warrants. In
addition, for the avoidance of doubt, the foregoing restrictions are not
intended to apply to Retail Ventures, Inc.'s common stock underlying any such
Warrants, or any filings under the Securities Exchange Act of 1934, as amended,
with respect thereto.

      In furtherance of the foregoing, the Company and its Transfer Agent are
hereby authorized to decline to make any transfer of securities if such transfer
would constitute a violation or breach of this Lock-Up Letter Agreement.

      It is understood that, if the Company notifies you that it does not intend
to proceed with the Offering, if the Underwriting Agreement does not become
effective, or if the Underwriting Agreement (other than the provisions thereof
which survive

                                       3
<PAGE>

termination) shall terminate or be terminated prior to payment for and delivery
of the Shares, we will be released from our obligations under this Lock-Up
Letter Agreement.

      Cerberus understands that the Company and the Underwriters will proceed
with the Offering in reliance on this Lock-Up Letter Agreement.

      Whether or not the Offering actually occurs depends on a number of
factors, including market conditions. Any Offering will only be made pursuant to
an Underwriting Agreement, the terms of which are subject to negotiation between
the Company and the Underwriters.

                                       4
<PAGE>

      Cerberus hereby represents and warrants that Cerberus has full power and
authority to enter into this Lock-Up Letter Agreement and that, upon request,
Cerberus will execute any additional documents necessary in connection with the
enforcement hereof. Any obligations of Cerberus shall be binding upon the heirs,
personal representatives, successors and assigns of Cerberus.

                                               Very truly yours,

                                               CERBERUS PARTNERS L.P.

                                               By: _____________________________
                                                   Name:
                                                   Title:

Dated: _______________

                                       5
<PAGE>

                                    EXHIBIT B

              FORM OF OPINION OF VORYS, SATER, SEYMOUR & PEASE LLP

                                [To be inserted]

<PAGE>

                                    EXHIBIT C

                     FORM OF OPINION OF JULIA A. DAVIS, ESQ.

                                [To be inserted]

<PAGE>

                                    EXHIBIT D

           FORM OF OPINION OF SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP

                                [To be inserted]

<PAGE>

                                    EXHIBIT E

              FORM OF OPINION OF SONNENSCHEIN, NATH & ROSENTHAL LLP

                                [To be inserted]
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>3
<FILENAME>x06593a4exv4w3.txt
<DESCRIPTION>EX-4.3: FORM OF REGISTRATION RIGHTS AGREEMENT
<TEXT>
<PAGE>
                                                                     Exhibit 4.3


                          REGISTRATION RIGHTS AGREEMENT

                                  by and among

                                    DSW INC.

                                       and

                            THE HOLDERS SPECIFIED ON
                           THE SIGNATURE PAGES HEREOF

                            Dated as of June __, 2005
<PAGE>
            This REGISTRATION RIGHTS AGREEMENT (the "Agreement"), dated as of
June __, 2005, is entered into by and among DSW Inc. an Ohio corporation (the
"Company"), Cerberus Partners, L.P. ("CPLP"), Schottenstein Stores Corporation
("SSC") and Back Bay Capital Funding LLC.

                             W I T N E S S E T H :

            WHEREAS, in connection with a Financing Agreement dated July 11,
2002, as amended or otherwise modified from time to time, by and among Retail
Ventures, Inc., an Ohio corporation and sole owner of the shares of the Company
(the "Parent"), certain of its Affiliates, including the Company, CPLP and the
lenders set forth therein (the "Financing Agreement"), Parent has issued certain
warrants, dated September 26, 2002, as amended, restated or modified from time
to time (the "Warrants") to each Holder exercisable, subject to the terms and
conditions set forth therein, for up to [_______](1) shares (subject to
adjustment pursuant to the terms of the Warrants), of the Company's Class A
Common Shares without par value owned by Parent or to be owned by Parent upon
exchange of Class B Common Shares without par value of the Company (such Class A
Common Shares, the "Common Shares") (the Common Shares issued or issuable upon
exercise of the Warrants are hereinafter referred to as the "Warrant Shares");
and

            WHEREAS, in connection with the amendment and restatement of that
certain Amended and Restated Convertible Loan Agreement, dated as of June 11,
2002, by and among the Parent, the guarantors named therein, including the
Company, CPLP and the Lenders named therein, as amended by Amendment No. 1 to
Amended and Restated Senior Convertible Loan Agreement, dated as of June 11,
2002, and by Amendment No. 2 to Amended and Restated Senior Convertible Loan
Agreement, dated as of October 7, 2003 and Amendment No. 3 to Amended and
Restated Senior Convertible Loan Agreement, dated as of December 29, 2004 (as
amended, supplemented, restated or otherwise modified through the date hereof,
the "Loan Agreement"), Parent has, on the date hereof, issued certain warrants
(the "Conversion Warrants") exercisable for Common Shares by each of the
Holders, subject to the terms and conditions set forth therein, (the Common
Shares issued or issuable upon exercise of the Conversion Warrants are
hereinafter referred to as the "Conversion Warrant Shares"); and

            WHEREAS, in order to induce the Initial Holders to consent to an
initial public offering of the Company (provided that such offering constitutes
a Qualifying IPO (as defined below)), the Company has agreed to grant to the
Initial Holders the registration rights set forth herein;

            NOW, THEREFORE, in consideration of the premises and the mutual
covenants contained herein and in order to induce the Initial Holders to amend
and restate the Loan Agreement, the Company and the Initial Holders hereby agree
as follows:

            1. Definitions. As used in this Agreement, the following terms shall
have the following meanings:

--------
(1) Insert amount equal to (19,621,459 * 4.50)/IPO Price.
<PAGE>
         "Affiliate" shall mean, with respect to any Person, any other Person
that directly or indirectly through one or more intermediaries, controls, is
controlled by, or is under common control with, such Person. For purposes of
this definition, "control," "controls," "controlled by," or "under common
control with" shall mean the possession, direct or indirect of the power to
cause the direction of the management and policies of a Person whether through
the ownership of voting securities, by contract or otherwise. A Person shall be
deemed to have control of another Person if it is a "beneficial owner" (as such
term is defined in Rule 13d-3 and Rule 13-d-5 under the Securities Exchange Act)
or a member of a "group" that is the beneficial owner, directly or indirectly,
of 20% or more of the voting stock of or equity interest in such Person. A
Person shall be deemed to direct the management and policies of a Person if it,
without limitation, obtains the power (whether or not exercised) to elect a
majority of the Board of Directors of such Person.

         "Common Shares" shall have the meaning set forth in the recitals.

         "Company" shall have the meaning set forth in the preamble.

         "Convertible Facility" shall mean that certain Amended and Restated
Senior Subordinated Convertible Loan Agreement, dated as of June 11, 2002, among
the Parent, CPLP and SSC, as amended by Amendment No. 1 to Amended and Restated
Senior Convertible Loan Agreement, dated as of June 11, 2002, and by Amendment
No. 2 to Amended and Restated Senior Convertible Loan Agreement, dated as of
October 7, 2003, and by Amendment No. 3 to Amended and Restated Senior
Convertible Loan Agreement, dated as of December 29, 2004, and as amended and
restated by the Second Amended and Restated Senior Loan Agreement, dated as of
June ___, 2005 (as amended, supplemented, restated otherwise modified through
the date hereof).

         "Conversion Warrant Shares" shall have the meaning set forth in the
recitals.

         "Conversion Warrants" shall have the meaning set forth in the recitals.

         "Current Market Price" shall mean, with respect to a security, on any
date specified herein, the average of the daily Market Price of such security
during the 10 consecutive trading days before such date, except that, if on any
such date the shares of such security are not listed or admitted for trading on
any national securities exchange or quoted in the over-the-counter market, the
Current Market Price shall be the Market Price on such date.

         "CPLP" shall have the meaning set forth in the preamble.

         "CPLP Initial Holders" shall mean CPLP and its transferees who are
Initial Holders.

         "Demand Registration" shall mean a registration required to be effected
by the Company pursuant to Section 2.1.

         "Demand Registration Statement" shall mean a registration statement of
the Company which covers the Registrable Securities requested to be included
therein pursuant to the provisions of Section 2.1 and all amendments and
supplements to such registration statement,


                                      -2-
<PAGE>
including post-effective amendments, in each case including the Prospectus
contained therein, all exhibits thereto and all material incorporated by
reference (or deemed to be incorporated by reference) therein.

         "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended from time to time, and the rules and regulations thereunder, or any
successor statute.

         "Financing Agreement" shall have the meaning set forth in the recitals.

         "Holders" shall initially mean the Holders signatory hereto for so long
as they are the registered owners of any Registrable Securities and such of
their respective heirs, successors and permitted assigns (including any
permitted transferees of Registrable Securities) who acquire or are otherwise
the transferee of Registrable Securities, directly or indirectly, from such
Holders (or any subsequent Holder), for so long as such heirs, successors and
permitted assigns are the registered owners of any Registrable Securities. For
purposes of this Agreement, a Person will be deemed to be a Holder whenever such
Person holds an option to purchase, or a security convertible into or
exercisable or exchangeable for, Registrable Securities, whether or not such
purchase, conversion, exercise or exchange has actually been effected and
disregarding any legal restrictions upon the exercise of such rights.
Registrable Securities issuable upon exercise of an option or upon conversion,
exchange or exercise of another security shall be deemed outstanding for the
purposes of this Agreement.

         "Holders' Counsel" shall mean one firm of counsel (per registration) to
the Holders of Registrable Securities participating in such registration, which
counsel shall be selected (i) in the case of a Demand Registration, by the
Initiating Holder who requested registration in the Request or, if another
Holder is registering a greater number of Registrable Securities in such Demand
Registration, then the Holder registering the greatest number of Registrable
Securities in such Demand Registration and (ii) in all other cases, by the
Initial Holders of the Registration.

         "Incidental Registration" shall mean a registration required to be
effected by the Company pursuant to Section 2.2.

         "Incidental Registration Statement" shall mean a registration statement
of the Company, which covers the Registrable Securities requested to be included
therein pursuant to the provisions of Section 2.2 and all amendments and
supplements to such registration statement, including post-effective amendments,
in each case including the Prospectus contained therein, all exhibits thereto
and all material incorporated by reference (or deemed to be incorporated by
reference) therein.


         "Initial Holders" shall mean CPLP, SSC, SSC's beneficial owners and any
party to whom any of SSC, SSC's beneficial owners or CPLP transfers at least 15%
of its Registrable Securities.


         "Initial Holders of the Registration" shall mean, with respect to a
particular registration, the Initial Holders who hold Registrable Securities to
be included in such registration.


                                      -3-
<PAGE>
         "Initiating Holder" shall mean, with respect to a particular
registration, the Holder who initiated the Request for such registration.

         "IPO Effective Date" means the date on which a Qualifying IPO is
consummated in accordance with the terms in the Form S-1 Registration Statement
of the Company, as filed with the SEC, on June __, 2005, as amended from time to
time.

         "IPO Price" means the price at which each Common Share is offered to
the public in a Qualifying IPO as set forth on the cover page to the prospectus
in such IPO.

         "Loan Agreement" shall have the meaning set forth in the preamble.

         "Market Price" shall mean, on any date specified herein, with respect
to any security, the amount per share of such security equal to (i) the last
reported sale price of such security, regular way, on such date or, in case no
such sale takes place on such date, the average of the closing bid and asked
prices thereof regular way on such date, in either case as officially reported
on the principal national securities exchange on which such security is then
listed or admitted for trading, (ii) if such security is not then listed or
admitted for trading on any national securities exchange but is designated as a
national market system security by the NASD, the last reported trading price of
such security on such date, (iii) if there shall have been no trading on such
date or if such security is not so designated, the average of the closing bid
and asked prices of such security on such date as shown by the NASD automated
quotation system, (iv) if trading in such security is quoted in the
over-the-counter market, the average of the closing bid and asked prices of the
security on such date as shown on the OTC Bulletin Board, or (v) if such
security is not then listed or admitted for trading on any national exchange or
quoted in the over-the-counter market, the fair value thereof (as of a date
which is within 20 days of the date as of which the determination is to be made)
determined in good faith by a committee of the Company's Board of Directors
consisting of directors who are not Affiliates of the Company, or the Initial
Holders; provided, however, that at the request of a Holder, the Market Price
shall be determined in good faith by an independent investment banking firm
selected jointly by the Company and the Initial Holders or, if that selection
cannot be made within 10 days, by an independent investment banking firm
selected by the American Arbitration Association in accordance with its rules,
and provided, further, that the Company shall pay all of the fees and expenses
of any third parties incurred in connection with determining the Market Price.

         "NYSE" shall mean the New York Stock Exchange, Inc.

         "Person" shall mean any individual, firm, partnership, corporation,
trust, joint venture, association, joint stock company, limited liability
company, unincorporated organization or any other entity or organization,
including a government or agency or political subdivision thereof, and shall
include any successor (by merger or otherwise) of such entity.

         "Prospectus" shall mean the prospectus included in a Registration
Statement (including, without limitation, any preliminary prospectus and any
prospectus that includes any information previously omitted from a prospectus
filed as part of an effective registration statement in reliance upon Rule 430A
promulgated under the Securities Act) and any such Prospectus as amended or
supplemented by any prospectus supplement, and all other


                                      -4-
<PAGE>
amendments and supplements to such Prospectus, including post-effective
amendments, and in each case including all material incorporated by reference
(or deemed to be incorporated by reference) therein.

         "Qualifying IPO" shall mean an initial public offering of the Company
(a) in which not more than 40% of the value (as of the IPO Effective Date
calculated by reference to the IPO Price) of all issued and outstanding common
shares (of all classes, treated as a single class) of the Company are sold; (b)
if immediately following such initial public offering and the application of the
net proceeds thereof, common shares (of all classes, treated as a single class)
of the Company having not less than 55% of the value (as of the IPO Effective
Date calculated by reference to the IPO Price) of all issued and outstanding
common shares (of all classes treated as a single class) of the Company are held
(directly or indirectly) by the Parent, free and clear of all liens, other than
liens in favor of the lenders under the Convertible Facility and subordinated
liens in favor of Value City Department Stores, LLC (which liens shall
automatically be released by the terms of the relevant documentation to the
extent necessary to permit an exercise by the holders of the Warrants or the
Conversion Warrants for Common Shares if such holders so elect); (c) in which
the sale price of the shares of Class A Common Shares of the Company sold in the
initial public offering shall reflect the fair market value of such Common
Shares at the time of the initial public offering as determined in good faith by
the Board of Directors of Parent; (d) from which the net proceeds are sufficient
to repay in full all obligations outstanding under the Financing Agreement and
$25,000,000 of the principal amount under the Convertible Facility; and (e)
which is consummated on or prior to December 31, 2005.

         "Registrable Securities" shall mean (i) any Warrant Shares issued upon
exercise of the Warrants, (ii) any Conversion Warrant Shares issued upon
exercise of the Conversion Warrants, and (iii) any other securities of the
Company (or any successor or assign of the Company, whether by merger,
consolidation, sale of assets or otherwise) which may be issued with respect to,
in exchange for, or in substitution of, Registrable Securities referenced in
clauses (i) and (ii) above by reason of any dividend or stock split, combination
of shares, merger, consolidation, recapitalization, reclassification,
reorganization, sale of assets or similar transaction. As to any particular
Registrable Securities, such securities shall cease to be Registrable Securities
when (A) a registration statement with respect to the sale of such securities
shall have been declared effective under the Securities Act and either (i) the
registration statement with respect thereto has remained effective for 150 days
from the time the Warrant Shares are issued upon exercise of the Warrants or
from the time the Conversion Warrant Shares are issued upon exercise of the
Conversion Warrants (provided, that this clause (A)(i) shall not apply to a
registration statement that is a shelf registration) or (ii) such securities
shall have been disposed of in accordance with such registration statement, (B)
such securities are eligible for sale pursuant to Rule 144(k) (or any similar
provisions then in force) under the Securities Act, (C) such securities have
been otherwise transferred, a new certificate or other evidence of ownership for
them not bearing the legend restricting further transfer shall have been
delivered by the Company and subsequent public distribution of them shall not
require registration under the Securities Act, or (D) such securities shall have
ceased to be outstanding.

         "Registration Expenses" shall mean any and all expenses incident to
performance of or compliance with this Agreement by the Company and its
subsidiaries, including, without limitation (i) all SEC, stock exchange, NYSE
and other registration, listing and filing fees, (ii) all


                                      -5-
<PAGE>
fees and expenses of the Company incurred in connection with compliance with
state securities or blue sky laws and compliance with the rules of any stock
exchange (including fees and disbursements of counsel in connection with such
compliance and the preparation of a blue sky memorandum and legal investment
survey), (iii) all expenses of any Persons in preparing or assisting in
preparing, word processing, printing, distributing, mailing and delivering any
Registration Statement, any Prospectus, any underwriting agreements, transmittal
letters, securities sales agreements, securities certificates and other
documents relating to the performance of or compliance with this Agreement, (iv)
the fees and disbursements of counsel for the Company, (v) the fees and
disbursements of Holders' Counsel up to $15,000 per Registration Statement, (vi)
the fees and disbursements of all independent public accountants (including the
expenses of any audit and/or "cold comfort" letters) and the fees and expenses
of other Persons, including experts, retained by the Company, (vii) the expenses
incurred in connection with making road show presentations and holding meetings
with potential investors to facilitate the distribution and sale of Registrable
Securities, and (viii) except as set forth below, any fees and disbursements of
underwriters customarily paid by issuers or sellers of securities; provided,
however, that Registration Expenses shall not include discounts and commissions
payable to underwriters, selling brokers, dealer managers or other similar
Persons engaged in the distribution of any of the Registrable Securities; and
provided further, that in any case where Registration Expenses are not to be
borne by the Company, such expenses shall not include salaries of Company
personnel or general overhead expenses of the Company, auditing fees, premiums
or other expenses relating to liability insurance required by underwriters of
the Company or other expenses for the preparation of financial statements or
other data normally prepared by the Company in the ordinary course of its
business or which the Company would have incurred in any event; and provided
further, that in the event the Company shall not register any securities with
respect to which it had given written notice of its intention to register to
Holders, notwithstanding anything to the contrary in the foregoing, all of the
costs incurred by the Holders in connection with such registration shall be
deemed to be Registration Expenses.

         "Registration Statement" shall mean any registration statement of the
Company which covers any Registrable Securities and all amendments and
supplements to any such Registration Statement, including post-effective
amendments, in each case including the Prospectus contained therein, all
exhibits thereto and all material incorporated by reference (or deemed to be
incorporated by reference) therein.

         "Request" shall have the meaning set forth in Section 2.1(a).

         "Rule 144" means Rule 144 issued by the SEC under the Securities Act,
or any subsequent rule pertaining to the disposition of securities without
registration.

         "Rule 144A" means Rule 144A issued by the SEC under the Securities Act,
or any subsequent rule pertaining to private resales of securities to
institutions.

         "SEC" shall mean the Securities and Exchange Commission, or any
successor agency having jurisdiction to enforce the Securities Act.

         "Securities Act" shall have the meaning set forth in the preamble.


                                      -6-
<PAGE>
         "Shelf Registration" shall have the meaning set forth in Section
2.1(a).


         "SSC Initial Holders" shall mean SSC, its beneficial owners and its
transferees who are Initial Holders.


         "Underwriters" shall mean the underwriters, if any, of the offering
being registered under the Securities Act.

         "Underwritten Offering" shall mean a sale of securities of the Company
to an Underwriter or Underwriters for reoffering to the public.

         "Warrants" shall have the meaning set forth in the recitals.

         "Warrant Shares" shall have the meaning set forth in the recitals.

         "Withdrawn Demand Registration" shall have the meaning set forth in
Section 2.1(a).

         "Withdrawn Request" shall have the meaning set forth in Section 2.1(a).

         2. REGISTRATION UNDER THE SECURITIES ACT.

         2.1 Demand Registration.

         (a) Right to Demand Registration. Subject to Section 2.1(c), at any
time or from time to time after the consummation of a Qualifying IPO, each
Initial Holder shall have the right to request in writing that the Company
register all or part of such Holder's Registrable Securities (a "Request")
(which Request shall specify the amount of Registrable Securities intended to be
disposed of by such Holder and the intended method of disposition thereof) by
filing with the SEC a Demand Registration Statement. As promptly as practicable,
but no later than 10 days after receipt of a Request, the Company shall give
written notice of such requested registration to all other Holders of
Registrable Securities. Subject to Section 2.1(b), the Company shall include in
a Demand Registration (i) the Registrable Securities intended to be disposed of
by the Initiating Holder and (ii) the Registrable Securities intended to be
disposed of by any other Holder which shall have made a written request (which
request shall specify the amount of Registrable Securities to be registered and
the intended method of disposition thereof) to the Company for inclusion thereof
in such registration within 30 days after the receipt of such written notice
from the Company. The Company shall, promptly, following a Request, use its
reasonable best efforts to cause to be filed with the SEC a Demand Registration
Statement providing for the registration under the Securities Act of the
Registrable Securities which the Company has been so requested to register by
all such Holders, to the extent necessary to permit the disposition of such
Registrable Securities to be registered in accordance with the intended methods
of disposition thereof specified in such Request or further requests (including,
without limitation, by means of a shelf registration pursuant to Rule 415 under
the Securities Act (a "Shelf Registration") if so requested and if the Company
is then eligible to use such a registration. The Company shall use its
reasonable best efforts to have such Demand Registration Statement declared
effective by the SEC as soon as practicable thereafter and to keep such Demand
Registration Statement continuously effective for the period specified in
Section 4.1(b).


                                      -7-
<PAGE>
         A Request may be withdrawn prior to the filing of the Demand
Registration Statement by the Initiating Holder (a "Withdrawn Request") and a
Demand Registration Statement may be withdrawn prior to the effectiveness
thereof by the Initiating Holder (a "Withdrawn Demand Registration"), and such
withdrawals shall be treated as a Demand Registration which shall have been
effected pursuant to this Section 2.1, unless the Holders of Registrable
Securities to be included in such Registration Statement reimburse the Company
for its reasonable out-of-pocket Registration Expenses relating to the
preparation and filing of such Demand Registration Statement (to the extent
actually incurred), in which case such withdrawal shall not be treated as a
Demand Registration effected pursuant to this Section 2.1 (and shall not be
counted toward the number of Demand Registrations); provided, however, that if a
Withdrawn Request or Withdrawn Registration Statement is made (A) because of a
material adverse change in the business, financial condition or prospects of the
Company, or (B) because the sole or lead managing Underwriter advises that the
amount of Registrable Securities to be sold in such offering be reduced pursuant
to Section 2.1(b) by more than 25% of the Registrable Securities to be included
in such Registration Statement, then such withdrawal shall not be treated as a
Demand Registration effected pursuant to this Section 2.1 (and shall not be
counted toward the number of Demand Registrations), and the Company shall pay
all Registration Expenses in connection therewith. Any Holder requesting
inclusion in a Demand Registration may, at any time prior to the effective date
of the Demand Registration Statement (and for any reason) revoke such request by
delivering written notice to the Company revoking such requested inclusion.

         The registration rights granted pursuant to the provisions of this
Section 2.1 shall be in addition to the registration rights granted pursuant to
the other provisions of Section 2 hereof.

         (b) Priority in Demand Registrations. If a Demand Registration involves
an Underwritten Offering, and the sole or lead managing Underwriter, as the case
may be, of such Underwritten Offering shall advise the Company in writing (with
a copy to each Holder requesting registration) on or before the date five days
prior to the date then scheduled for such offering that, in its opinion, the
amount of Registrable Securities requested to be included in such Demand
Registration exceeds the number which can be sold in such offering within a
price range acceptable to the Initiating Holder (such writing to state the
approximate number of Registrable Securities which may be included in such
offering), and the Request is not thereafter withdrawn, the Company shall
include in such Demand Registration, to the extent of the number which the
Company is so advised may be included in such offering, the Registrable
Securities requested to be included in the Demand Registration by the Holders
allocated pro rata in proportion to the number of Registrable Securities
requested to be included in such Demand Registration by each of them. In the
event the Company shall not, by virtue of this Section 2.1(b), include in any
Demand Registration all of the Registrable Securities of any Holder requested to
be included in such Demand Registration, such Holder may, upon written notice to
the Company given within five days of the time such Holder first is notified of
such matter, further reduce the amount of Registrable Securities it desires to
have included in such Demand Registration, whereupon only the Registrable
Securities, if any, that it desires to have included will be so included and the
Holders not so reducing shall be entitled to a corresponding pro rata increase
in the amount of Registrable Securities to be included in such Demand
Registration.


                                      -8-
<PAGE>

         (c) Limitations on Registrations. The rights of Holders of Registrable
Securities to request Demand Registrations pursuant to Section 2.1(a) are
subject to the limitation that in no event shall the Company be required to
effect more than (i) three Demand Registrations requested by each of CPLP and
SSC (or its beneficial owners), (ii) five Demand Registrations requested by all
CPLP Initial Holders in the aggregate (with no CPLP Initial Holder other than
CPLP having the right to request more than two Demand Registrations) or (iii)
five Demand Registrations requested by all SSC Initial Holders in the aggregate
(with no SSC Initial Holder other than SSC (or its beneficial owners) having the
right to request more than two Demand Registrations), as the Initiating Holder;
provided, however, that such number shall be increased to the extent the Company
(x) does not include in what would otherwise be such registration, for which the
Company is required to pay Registration Expenses, the number of Registrable
Securities requested to be registered by the Holders by reason of Section 2.1(b)
or (y) terminates a Shelf Registration pursuant to Section 2.3 prior to the
earlier of the time that all Registrable Securities covered by such Shelf
Registration have been sold or one year following the effectiveness of such
Shelf Registration. The Holders of the Registrable Securities may only make one
Demand Registration per 180 days. In order to effect a Demand Registration, the
Holder seeking such Demand Registration must seek to register at least a number
of Common Shares with a Current Market Price of $5,000,000, or such lesser
number which is all of the Registrable Securities held by such Holder.


         (d) Underwriting; Selection of Underwriters. Notwithstanding anything
to the contrary contained in Section 2.1(a), if the Initiating Holder who
requested registration in the Request so elects, the offering of such
Registrable Securities pursuant to such Demand Registration shall be in the form
of a firm commitment Underwritten Offering and such Initiating Holder may
require that all Persons (including other Holders) participating in such
registration sell their Registrable Securities to the Underwriters at the same
price and on the same terms of underwriting applicable to the Initiating Holder.
If any Demand Registration involves an Underwritten Offering, the sole or
managing Underwriters and any additional investment bankers and managers to be
used in connection with such registration shall be selected by the Company,
subject to the approval of the Initiating Holder who requested such registration
in the Request (such approval not to be unreasonably withheld).

         (e) Effective Registration Statement; Suspension. A Demand Registration
Statement shall not be deemed to have become effective (and the related
registration will not be deemed to have been effected) (i) unless it has been
declared effective by the SEC and remains effective in compliance with the
provisions of the Securities Act with respect to the disposition of all
Registrable Securities covered by such Demand Registration Statement for the
shorter of (i) one year for a Shelf Registration or 90 days for any other
Registration Statement or (ii) the time period specified in Section 4.1(b), (ii)
if the offering of any Registrable Securities pursuant to such Demand
Registration Statement is interfered with by any stop order, injunction or other
order or requirement of the SEC or any other governmental agency or court, or
(iii) if, in the case of an Underwritten Offering, the conditions to closing
specified in an underwriting agreement to which the Company is a party are not
satisfied (other than by the sole reason of any breach or failure by the Holders
of Registrable Securities) and are not otherwise waived.

         (f) Registration of Other Securities. Whenever the Company shall effect
a Demand Registration, no securities other than the Registrable Securities shall
be covered by such registration unless each Initial Holder of the Registration
shall have consented in writing to the


                                      -9-
<PAGE>
inclusion of such other securities; provided, however, that the number of shares
of Registrable Securities to be registered by the Holders shall not be reduced
pursuant to Section 2.1(b) unless all other securities are first entirely
excluded from the underwriting.

         (g) Registration Statement Form. Registrations under this Section 2.1
shall be on such appropriate registration form of the SEC (i) as shall be
reasonably selected by the Company, and (ii) which shall be available for the
sale of Registrable Securities in accordance with the intended method or methods
of disposition specified in the requests for registration.

         2.2 Incidental Registration.

         (a) Right to Include Registrable Securities. After the occurrence and
consummation of a Qualifying IPO, if the Company at any time or from time to
time proposes to register any of its securities under the Securities Act (other
than in a registration on Form S-4 or S-8 or any successor form to such forms
and other than pursuant to Section 2.1 or 2.3 and other than in connection with
a Qualifying IPO) whether or not pursuant to registration rights granted to
other holders of its securities and whether or not for sale for its own account,
the Company shall deliver prompt written notice (which notice shall be given at
least five Business Days prior to filing with the SEC such proposed
registration) to all Holders of Registrable Securities of its intention to
undertake such registration, describing in reasonable detail the proposed
registration and distribution (including the anticipated range of the proposed
offering price, the class and number of securities proposed to be registered and
the distribution arrangements) and of such Holders' right to participate in such
registration under this Section 2.2 as hereinafter provided. Subject to the
other provisions of this paragraph (a) and Section 2.2(b), upon the written
request of any Holder made within five Business Days after the receipt of such
written notice (which request shall specify the amount of Registrable Securities
to be registered and the intended method of disposition thereof), the Company
shall effect the registration under the Securities Act of all Registrable
Securities requested by Holders to be so registered (an "Incidental
Registration"), to the extent requisite to permit the disposition (in accordance
with the intended methods thereof as aforesaid) of the Registrable Securities so
to be registered, by inclusion of such Registrable Securities in the
Registration Statement which covers the securities which the Company proposes to
register and shall cause such Registration Statement to become and remain
effective with respect to such Registrable Securities in accordance with the
registration procedures set forth in Section 4. If an Incidental Registration
involves an Underwritten Offering, immediately upon notification to the Company
from the Underwriter of the price at which such securities are to be sold, the
Company shall so advise each participating Holder. If such price is 15% (or
$1.50 per share, whichever is less) less than the Current Market Price of the
Registrable Securities on the date that a Holder delivered its notice requesting
inclusion in an Incidental Registration, such Holder may, at any time prior to
the effective date of the Incidental Registration Statement (and for any
reason), revoke such request by delivering written notice to the Company
revoking such requested inclusion.

         If at any time after giving written notice of its intention to register
any securities and prior to the effective date of the Incidental Registration
Statement filed in connection with such registration, the Company shall
determine for any reason not to register or to delay registration of such
securities, the Company may, at its election, give written notice of such
determination to each Holder of Registrable Securities and, thereupon, (A) in
the case of a


                                      -10-
<PAGE>
determination not to register, the Company shall be relieved of its obligation
to register any Registrable Securities in connection with such registration (but
not from its obligation to pay the Registration Expenses incurred in connection
therewith), without prejudice, however, to the rights of Holders to cause such
registration to be effected as a registration under Section 2.1 and (B) in the
case of a determination to delay such registration, the Company shall be
permitted to delay the registration of such Registrable Securities for the same
period as the delay in registering such other securities; provided, however,
that if such delay shall extend beyond 120 days from the date the Company
received a request to include Registrable Securities in such Incidental
Registration, then the Company shall again give all Holders the opportunity to
participate therein and shall follow the notification procedures set forth in
the preceding paragraph. There is no limitation on the number of such Incidental
Registrations pursuant to this Section 2.2 which the Company is obligated to
effect; provided, however, that the Company shall not be obligated to include
any shares requested by a Holder unless the number of shares requested by such
Holder has a Current Market Price of at least $5,000,000, or is all of the
Registrable Securities held by a Holder.

         The registration rights granted pursuant to the provisions of this
Section 2.2 shall be in addition to the registration rights granted pursuant to
the other provisions of Section 2 hereof.

         (b) Priority in Incidental Registration. If an Incidental Registration
involves an Underwritten Offering (on a firm commitment basis), and the sole or
the lead managing Underwriter, as the case may be, of such Underwritten Offering
shall advise the Company in writing (with a copy to each Holder requesting
registration) on or before the date five days prior to the date then scheduled
for such offering that, in its opinion, the amount of securities (including
Registrable Securities) requested to be included in such registration exceeds
the amount which can be sold in such offering without materially interfering
with the successful marketing of the securities being offered (such writing to
state the approximate number of such securities which may be included in such
offering without such effect), the Company shall include in such registration,
to the extent of the number which the Company is so advised may be included in
such offering without such effect, (i) in the case of a registration initiated
by the Company, (A) first, the securities that the Company proposes to register
for its own account, and (B) second, on a pro rata basis, in proportion to the
number of securities requested to be included in such registration, the
Registrable Securities requested to be included in such registration by the
Holders and securities of the Company requested to be included by the holders of
other securities of the Company to be registered on behalf of any other Person,
and (ii) in the case of a registration initiated by any Persons other than the
Company, (A) first, the securities of the Company requested to be included in
such registration by any Persons initiating such registration, and (B) second,
on a pro rata basis, in proportion to the number of securities requested to be
included in such registration, the Registrable Securities requested to be
included in such registration by the Holders, the securities requested to be
included in such registration by any other Persons and the securities that the
Company proposes to register for its own account; provided, however, that in the
event the Company will not, by virtue of this Section 2.2(b), include in any
such registration all of the Registrable Securities of any Holder requested to
be included in such registration, such Holder may, upon written notice to the
Company given within three days of the time such Holder first is notified of
such matter, reduce the amount of Registrable Securities it desires to have
included in such registration, whereupon only the


                                      -11-
<PAGE>
Registrable Securities, if any, it desires to have included will be so included
and the Holders not so reducing shall be entitled to a corresponding pro rata
increase in the amount of Registrable Securities to be included in such
registration.

         (c) Selection of Underwriters. If any Incidental Registration involves
an Underwritten Offering, the sole or managing Underwriter(s) and any additional
investment bankers and managers to be used in connection with such registration
shall be selected by the Company in its sole discretion; provided, however, that
if the registration was initiated by Parent, Parent shall have the right to
select the sole or managing Underwriter(s) and any additional investment bankers
and managers to be used in connection with such registration, which managing
Underwriter (s), bankers and managers shall be reasonably satisfactory to the
Company.

      2.3 Shelf Registration.

         (a) Shelf Registration. If a request made pursuant to Section 2.1 is
for a Shelf Registration, the Company shall use its reasonable best efforts to
keep the Shelf Registration continuously effective through the date on which all
of the Registrable Securities covered by such Shelf Registration may be sold
pursuant to Rule 144(k) under the Securities Act (or any successor provision
having similar effect); provided, however, that prior to the termination of such
Shelf Registration, the Company shall first furnish to each Holder of
Registrable Securities participating in such Shelf Registration (i) an opinion,
in form and substance reasonably satisfactory to each Initial Holder of the
Registration, of counsel for the Company satisfactory to each Initial Holder of
the Registration (it being agreed that Simpson Thacher & Bartlett LLP is
satisfactory) stating that such Registrable Securities are freely saleable
pursuant to Rule 144(k) under the Securities Act (or any successor provision
having similar effect) or (ii) a "No-Action Letter" from the staff of the SEC
stating that the SEC would not recommend enforcement action if the Registrable
Securities included in such Shelf Registration were sold in a public sale other
than pursuant to an effective registration statement.

         2.4 Underwritten Offerings.

         (a) Demand Underwritten Offerings. If requested by the sole or lead
managing Underwriter and the Initial Holders of the Registration for any
Underwritten Offering effected pursuant to a Demand Registration, the Company
shall enter into a customary underwriting agreement with the Underwriters for
such offering to contain such representations and warranties by the Company and
the Initial Holders of the Registration and such other terms as are generally
prevailing in agreements of that type, including, without limitation,
indemnification and contribution to the effect and to the extent provided in
Section 5.

         (b) Holders of Registrable Securities to be Parties to Underwriting
Agreement. The Holders of Registrable Securities to be distributed by
Underwriters in an Underwritten Offering contemplated by Section 2 shall be
parties to the underwriting agreement between the Company and such Underwriters
and may, at such Holders' option, require that any or all of the representations
and warranties by, and the other agreements on the part of, the Company to and
for the benefit of such Underwriters shall also be made to and for the benefit
of such Holders of Registrable Securities and that any or all of the conditions
precedent to the obligations of such Underwriters under such underwriting
agreement be conditions precedent to the


                                      -12-
<PAGE>
obligations of such Holders of Registrable Securities; provided, however, that
the Company shall not be required to make any representations or warranties with
respect to written information specifically provided by a selling Holder for
inclusion in the Registration Statement. No Holder shall be required to make any
representations or warranties to, or agreements with, the Company or (in the
case of an Incidental Registration) the Underwriters other than representations,
warranties or agreements regarding such Holder, such Holder's Registrable
Securities and such Holder's intended method of disposition.

         (c) Participation in Underwritten Registration. Notwithstanding
anything herein to the contrary, no Person may participate in any underwritten
registration hereunder unless such Person (i) agrees to sell its securities on
the same terms and conditions provided in any underwritten arrangements approved
by the Persons entitled hereunder to approve such arrangement and (ii)
accurately completes and executes in a timely manner all questionnaires, powers
of attorney, indemnities, custody agreements, underwriting agreements and other
documents reasonably required under the terms of such underwriting arrangements.

         2.5 Expenses. The Company shall pay all Registration Expenses in
connection with any Demand Registration, Incidental Registration or Shelf
Registration whether or not such registration shall become effective and whether
or not all Registrable Securities originally requested to be included in such
registration are withdrawn or otherwise ultimately not included in such
registration, except as otherwise provided with respect to a Withdrawn Request
and a Withdrawn Demand Registration in Section 2.1(a).

         3. HOLDBACK ARRANGEMENTS

         3.1 Restrictions on Sale by Holders of Registrable Securities. Subject
to the Lock-Up Agreement described below, each Holder of Registrable Securities
agrees, by acquisition of such Registrable Securities, if timely requested in
writing by the sole or lead managing Underwriter, not to make any short sale of,
loan, grant any option for the purchase of or effect any public sale or
distribution, including a sale pursuant to Rule 144 (or any successor provision
having similar effect) under the Securities Act of any Registrable Securities
(except as part of such registration), during the seven days prior to, and
during the time period reasonably requested by the sole or lead managing
Underwriter (or the closing date for any Underwritten Offering sold pursuant to
a Shelf Registration), not to exceed 90 days, beginning on the effective date of
the applicable registration statement, unless the sole or lead Managing
Underwriter in such Underwritten Offering otherwise agrees; provided, that the
Company, each officer and director of the Company and each other holder of 5% or
more of the equity securities (or any security convertible into or exchangeable
or exercisable for any of its equity securities) of the Company so agree. Each
Holder also agrees (the "Lock-Up Agreement") that it will not sell any
Registrable Securities until the date that is 180 days after the closing date of
a Qualifying IPO.

         3.2 Restrictions on Sale by the Company and Others. The Company agrees
that if timely requested in writing by the sole or lead managing Underwriter in
an Underwritten Offering of any Registrable Securities, not to make any short
sale of, loan, grant any option for the purchase of or effect any public sale or
distribution of any of the Company's equity


                                      -13-
<PAGE>
securities (or any security convertible into or exchangeable or exercisable for
any of the Company's equity securities) during the seven days prior to, and
during the time period reasonably requested by the sole or lead managing
Underwriter not to exceed 90 days, beginning on the effective date of the
applicable registration statement (except as part of such underwritten
registration or pursuant to registrations on Forms S-4 or S-8 or any successor
form to such forms), unless the sole or lead Managing Underwriter in such
Underwritten Offering otherwise agrees. The Company will use its reasonable best
efforts to cause each director and officer of the Company and each holder of 5%
or more of the equity securities (or any security convertible into or
exchangeable or exercisable for any of its equity securities) of the Company to
so agree.

         4. REGISTRATION PROCEDURES.

         4.1 Obligations of the Company. Whenever the Company is required to
effect the registration of Registrable Securities under the Securities Act
pursuant to Section 2 of this Agreement, the Company shall, as expeditiously as
possible:

         (a) prepare and file with the SEC (promptly, and in any event within 45
days after receipt of a request to register Registrable Securities) the
requisite Registration Statement to effect such registration, which Registration
Statement shall comply as to form in all material respects with the requirements
of the applicable form and include all financial statements required by the SEC
to be filed therewith, and the Company shall use its reasonable best efforts to
cause such Registration Statement to become effective (promptly, and in any
event within 60 days of the initial filing of the Registration Statement with
the SEC) (provided, however, that the Company may discontinue any registration
of its securities that are not Registrable Securities, and, under the
circumstances specified in Section 2.2, its securities that are Registrable
Securities); and provided further, that before filing a Registration Statement
or Prospectus or any amendments or supplements thereto, or comparable statements
under securities or blue sky laws of any jurisdiction, the Company shall (i)
provide Holders' Counsel and any other Inspector with an adequate and
appropriate opportunity to participate in the preparation of such Registration
Statement and each Prospectus included therein (and each amendment or supplement
thereto or comparable statement) to be filed with the SEC, which documents shall
be subject to the review and comment of Holders' Counsel, and (ii) not file any
such Registration Statement or Prospectus (or amendment or supplement thereto or
comparable statement) with the SEC to which Holder's Counsel, any selling Holder
or any other Inspector shall have reasonably objected on the grounds that such
filing does not comply in all material respects with the requirements of the
Securities Act or of the rules or regulations thereunder;

         (b) prepare and file with the SEC such amendments and supplements to
such Registration Statement and the Prospectus used in connection therewith as
may be necessary (i) to keep such Registration Statement effective, and (ii) to
comply with the provisions of the Securities Act with respect to the disposition
of all Registrable Securities covered by such Registration Statement, in each
case until such time as all of such Registrable Securities have been disposed of
in accordance with the intended methods of disposition by the seller(s) thereof
set forth in such Registration Statement or, if shorter, during the time period
required by this Agreement;

         (c) furnish, without charge, to each selling Holder of such Registrable
Securities and each Underwriter, if any, of the securities covered by such
Registration Statement,


                                      -14-
<PAGE>
such number of copies of such Registration Statement, each amendment and
supplement thereto (in each case including all exhibits), and the Prospectus
included in such Registration Statement (including each preliminary Prospectus)
in conformity with the requirements of the Securities Act, and other documents,
as such selling Holder and Underwriter may reasonably request in order to
facilitate the public sale or other disposition of the Registrable Securities
owned by such selling Holder (the Company hereby consenting to the use in
accordance with applicable law of each such Registration Statement (or amendment
or post-effective amendment thereto) and each such Prospectus (or preliminary
prospectus or supplement thereto) by each such selling Holder of Registrable
Securities and the Underwriters, if any, in connection with the offering and
sale of the Registrable Securities covered by such Registration Statement or
Prospectus);

         (d) prior to any public offering of Registrable Securities, use its
reasonable best efforts to register or qualify all Registrable Securities and
other securities covered by such Registration Statement under such other
securities or blue sky laws of such jurisdictions as any selling Holder of
Registrable Securities covered by such Registration Statement or the sole or
lead managing Underwriter, if any, may reasonably request to enable such selling
Holder to consummate the disposition in such jurisdictions of the Registrable
Securities owned by such selling Holder and to continue such registration or
qualification in effect in each such jurisdiction for as long as such
Registration Statement remains in effect (including through new filings or
amendments or renewals), and do any and all other acts and things which may be
necessary or advisable to enable any such selling Holder to consummate the
disposition in such jurisdictions of the Registrable Securities owned by such
selling Holder;

         (e) use its reasonable best efforts to obtain all other approvals,
consents, exemptions or authorizations from such governmental agencies or
authorities as may be necessary to enable the selling Holders of such
Registrable Securities to consummate the disposition of such Registrable
Securities;

         (f) notify Holders' Counsel, each Holder of Registrable Securities
covered by such Registration Statement and the sole or lead managing
Underwriter, if any: (i) when the Registration Statement, any pre-effective
amendment, the Prospectus or any prospectus supplement related thereto or
post-effective amendment to the Registration Statement has been filed and, with
respect to the Registration Statement or any post-effective amendment, when the
same has become effective, (ii) of any request by the SEC or any state
securities or blue sky authority for amendments or supplements to the
Registration Statement or the Prospectus related thereto or for additional
information, (iii) of the issuance by the SEC of any stop order suspending the
effectiveness of the Registration Statement or the initiation or threat of any
proceedings for that purpose, (iv) of the receipt by the Company of any
notification with respect to the suspension of the qualification of any
Registrable Securities for sale under the securities or blue sky laws of any
jurisdiction or the initiation of any proceeding for such purpose, (v) of the
existence of any fact of which the Company becomes aware or the happening of any
event which results in (A) the Registration Statement containing an untrue
statement of a material fact or omitting to state a material fact required to be
stated therein or necessary to make any statements therein not misleading, or
(B) the Prospectus included in such Registration Statement containing an untrue
statement of a material fact or omitting to state a material fact required to be
stated therein or necessary to make any statements therein, in the light of the
circumstances under which they were made, not misleading, (vi) if at any time
the representations and warranties


                                      -15-
<PAGE>
contained in any underwriting agreement in respect of such offering cease to be
true and correct in all material respects, and (vii) of the Company's reasonable
determination that a post-effective amendment to a Registration Statement would
be appropriate or that there exists circumstances not yet disclosed to the
public which make further sales under such Registration Statement inadvisable
pending such disclosure and post-effective amendment; and, if the notification
relates to an event described in any of the clauses (ii) through (vii) of this
Section 4.1(f), the Company shall promptly prepare a supplement or
post-effective amendment to such Registration Statement or related Prospectus or
any document incorporated therein by reference or file any other required
document so that (1) such Registration Statement shall not contain any untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading, and
(2) as thereafter delivered to the purchasers of the Registrable Securities
being sold thereunder, such Prospectus shall not include an untrue statement of
a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein in the light of the circumstances
under which they were made not misleading (and shall furnish to each such Holder
and each Underwriter, if any, a reasonable number of copies of such Prospectus
so supplemented or amended); and if the notification relates to an event
described in clause (iii) of this Section 4.1(f), the Company shall take all
reasonable action required to prevent the entry of such stop order or to remove
it if entered;

         (g) make available for inspection by any selling Holder of Registrable
Securities, any sole or lead managing Underwriter participating in any
disposition pursuant to such Registration Statement, Holders' Counsel and any
attorney, accountant or other agent retained by any such seller or any
Underwriter (each, an "Inspector" and, collectively, the "Inspectors"), all
financial and other records, pertinent corporate documents and properties of the
Company and any subsidiaries thereof as may be in existence at such time
relevant to the Offering (collectively, the "Records") as shall be necessary, in
the reasonable opinion of such Holders' and such Underwriters' respective
counsel, to enable them to exercise their due diligence responsibility and to
conduct a reasonable investigation within the meaning of the Securities Act, and
cause the Company's and any subsidiaries' officers, directors and employees, and
the independent public accountants of the Company, to supply all information
reasonably requested by any such Inspectors in connection with such Registration
Statement;

         (h) obtain an opinion from the Company's counsel and a "cold comfort"
letter from the Company's independent public accountants who have certified the
Company's financial statements included or incorporated by reference in such
Registration Statement, in each case dated the effective date of such
Registration Statement (and if such registration involves an Underwritten
Offering, dated the date of the closing under the underwriting agreement), in
customary form and covering such matters as are customarily covered by such
opinions and "cold comfort" letters delivered to underwriters in underwritten
public offerings, which opinion and letter shall be in customary form, and
furnish to each Holder participating in the offering and to each Underwriter, if
any, a copy of such opinion and letter addressed to such Holder (in the case of
the opinion) and Underwriter (in the case of the opinion and the "cold comfort"
letter);

         (i) provide a CUSIP number for all Registrable Securities and provide
and cause to be maintained a transfer agent and registrar for all such
Registrable Securities covered by such Registration Statement not later than the
effectiveness of such Registration Statement;


                                      -16-
<PAGE>
         (j) otherwise use its reasonable best efforts to comply with all
applicable rules and regulations of the SEC and any other governmental agency or
authority having jurisdiction over the offering, and make available to its
security holders, as soon as reasonably practicable but no later than 90 days
after the end of any 12-month period, an earnings statement (i) commencing at
the end of any month in which Registrable Securities are sold to Underwriters in
an Underwritten Offering and (ii) commencing with the first day of the Company's
calendar month next succeeding each sale of Registrable Securities after the
effective date of a Registration Statement, which statement shall cover such
12-month periods, in a manner which satisfies the provisions of Section 11(a) of
the Securities Act and Rule 158 thereunder;

         (k) if so requested by an Initial Holder of the Registration, use its
reasonable best efforts to cause all such Registrable Securities to be duly
included for quotation on the national securities exchange on which the
Company's similar securities are then listed, if applicable, or if securities of
the Company are not at the time listed on any national securities exchange (or
if the listing of Registrable Securities is not permitted under the rules of
each national securities exchange on which the Company's securities are then
listed), on a national securities exchange to which it meets the listing
requirements designated by the Initial Holders of the Registration;

         (l) enter into and perform customary agreements (including, if
applicable, an underwriting agreement in customary form) and provide officers'
certificates and other customary closing documents;

         (m) reasonably cooperate with each selling Holder of Registrable
Securities and each Underwriter participating in the disposition of such
Registrable Securities and their respective counsel in connection with any
filings required to be made with the NYSE and make reasonably available its
employees and personnel and otherwise provide reasonable assistance to the
Underwriters (taking into account the needs of the Company's businesses and the
requirements of the marketing process) in the marketing of Registrable
Securities in any Underwritten Offering;

         (n) cooperate with the selling Holders of Registrable Securities and
the sole or lead managing Underwriter, if any, to facilitate the timely
preparation and delivery of certificates not bearing any restrictive legends
representing the Registrable Securities to be sold, and cause such Registrable
Securities to be issued in such denominations and registered in such names in
accordance with the underwriting agreement prior to any sale of Registrable
Securities to the Underwriters or, if not an Underwritten Offering, in
accordance with the instructions of the selling Holders of Registrable
Securities at least three business days prior to any sale of Registrable
Securities;

         (o) keep each selling Holder of Registrable Securities advised in
writing as to the initiation and progress of any registration under Section 2
hereunder;

         (p) furnish to each Holder participating in the offering and the sole
or lead managing Underwriter, if any, without charge, at least one
manually-signed copy of the Registration Statement and any post-effective
amendments thereto, including financial


                                      -17-
<PAGE>
statements and schedules, all documents incorporated therein by reference and
all exhibits (including those deemed to be incorporated by reference);

         (q) if requested by the sole or lead managing Underwriter or any
selling Holder of Registrable Securities, immediately incorporate in a
prospectus supplement or post-effective amendment such information concerning
such Holder of Registrable Securities, the Underwriters or the intended method
of distribution as the sole or lead managing Underwriter or the selling Holder
of Registrable Securities reasonably requests to be included therein and as is
appropriate in the reasonable judgment of the Company, including, without
limitation, information with respect to the number of shares of the Registrable
Securities being sold to the Underwriters, the purchase price being paid
therefor by such Underwriters and with respect to any other terms of the
Underwritten Offering of the Registrable Securities to be sold in such offering;
make all required filings of such Prospectus supplement or post-effective
amendment as soon as notified of the matters to be incorporated in such
Prospectus supplement or post-effective amendment; and supplement or make
amendments to any Registration Statement if requested by the sole or lead
managing Underwriter of such Registrable Securities; and

         (r) use its reasonable best efforts to take all other steps necessary
to expedite or facilitate the registration and disposition of the Registrable
Securities contemplated hereby.

         4.2 Seller Information. The Company may require each selling Holder of
Registrable Securities as to which any registration is being effected to furnish
to the Company such information regarding such seller and the disposition of
such securities as the Company may from time to time reasonably request in
writing; provided, however, that such information shall be used only in
connection with such Registration. If any Registration Statement or comparable
statement under "blue sky" laws refers to any Holder by name or otherwise as the
Holder of any securities of the Company, then such Holder shall have the right
to require (i) the insertion therein of language, in form and substance
reasonably satisfactory to such Holder and the Company, to the effect that the
holding by such Holder of such securities is not to be construed as a
recommendation by such Holder of the investment quality of the Company's
securities covered thereby and that such holding does not imply that such Holder
will assist in meeting any future financial requirements of the Company, and
(ii) in the event that such reference to such Holder by name or otherwise is not
in the judgment of the Company, as advised by counsel, required by the
Securities Act or any similar federal statute or any state "blue sky" or
securities law then in force, the deletion of the reference to such Holder.

         4.3 Notice to Discontinue. Each Holder of Registrable Securities agrees
by acquisition of such Registrable Securities that, (i) upon receipt of any
notice from the Company of the happening of any event of the kind described in
Section 4.1(f)(ii) through 4.1(f)(v), such Holder shall forthwith discontinue
disposition of Registrable Securities pursuant to the Registration Statement
covering such Registrable Securities until such Holder's receipt of the copies
of the supplemented or amended prospectus contemplated by Section 4.1(f) and, if
so directed by the Company, such Holder shall deliver to the Company (at the
Company's expense) all copies, other than permanent file copies, then in such
Holder's possession of the Prospectus covering such Registrable Securities which
is current at the time of receipt of such notice. If the Company shall give any
such notice, the Company shall extend the period during which such Registration
Statement shall be maintained effective pursuant to this Agreement (including,


                                      -18-
<PAGE>
without limitation, the period referred to in Section 4.1(b)) by the number of
days during the period from and including the date of the giving of such notice
pursuant to Section 4.1(f) to and including the date when the Holder shall have
received the copies of the supplemented or amended prospectus contemplated by
and meeting the requirements of Section 4.1(f).

         5. INDEMNIFICATION; CONTRIBUTION.

         5.1 Indemnification by the Company. The Company agrees to indemnify and
hold harmless, to the fullest extent permitted by law, each Holder of
Registrable Securities, its officers, directors, partners, members,
shareholders, employees, Affiliates, advisers, attorneys and agents
(collectively, "Agents") and each Person who controls such Holder (within the
meaning of the Securities Act) and its Agents with respect to each registration
which has been effected pursuant to this Agreement, against any and all losses,
claims, damages or liabilities, joint or several, actions or proceedings
(whether commenced or threatened) in respect thereof, and expenses (as incurred
or suffered and including, but not limited to, any and all expenses incurred in
investigating, preparing or defending any litigation or proceeding, whether
commenced or threatened, and the reasonable fees, disbursements and other
charges of legal counsel) in respect thereof (collectively, "Claims"), insofar
as such Claims arise out of or are based upon any untrue or alleged untrue
statement of a material fact contained in any Registration Statement or
Prospectus (including any preliminary, final or summary prospectus and any
amendment or supplement thereto) related to any such registration or any
omission or alleged omission to state a material fact required to be stated
therein or necessary to make the statements therein not misleading, or any
violation by the Company of the Securities Act or any rule or regulation
thereunder applicable to the Company and relating to action or inaction required
of the Company in connection with any such registration, or any qualification or
compliance incident thereto; provided, however, that the Company will not be
liable in any such case to the extent that any such Claims arise out of or are
based upon any untrue statement or alleged untrue statement of a material fact
or omission or alleged omission of a material fact so made in reliance upon and
in conformity with written information furnished to the Company in an instrument
duly executed by such Holder specifically stating that it was expressly for use
therein. The Company shall enter into an agreement with any Underwriters of the
Registrable Securities to provide for customary indemnification of any such
Underwriter, their Agents and each Person who controls any such Underwriter
(within the meaning of the Securities Act). Such indemnity shall remain in full
force and effect regardless of any investigation made by or on behalf of any
Person who may be entitled to indemnification pursuant to this Section 5 and
shall survive the transfer of securities by such Holder or Underwriter.

         5.2 Indemnification by Holders. Each Holder, if Registrable Securities
held by it are included in the securities as to which a registration is being
effected, agrees to, severally and not jointly, indemnify and hold harmless, to
the fullest extent permitted by law, the Company, its directors and officers,
each other Person who participates as an Underwriter in the offering or sale of
such securities and its Agents and each Person who controls the Company against
any and all Claims, insofar as such Claims arise out of or are based upon any
untrue or alleged untrue statement of a material fact contained in any
Registration Statement or Prospectus (including any preliminary, final or
summary prospectus and any amendment or supplement thereto) related to such
registration, or any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein
not


                                      -19-
<PAGE>
misleading, to the extent, but only to the extent, that such untrue statement or
alleged untrue statement or omission or alleged omission was made in reliance
upon and in conformity with written information furnished to the Company in an
instrument duly executed by such Holder specifically stating that it was
expressly for use therein; provided, however, that the aggregate amount which
any such Holder shall be required to pay pursuant to this Section 5.2 shall in
no event be greater than the amount of the net proceeds received by such Holder
upon the sale of the Registrable Securities pursuant to the Registration
Statement giving rise to such Claims less all amounts previously paid by such
Holder with respect to any such Claims.

         5.3 Conduct of Indemnification Proceedings. Promptly after receipt by
an indemnified party of notice of any Claim or the commencement of any action or
proceeding involving a Claim under this Section 5, such indemnified party shall,
if a claim in respect thereof is to be made against the indemnifying party
pursuant to Section 5, (i) notify the indemnifying party in writing of the Claim
or the commencement of such action or proceeding; provided, however, that the
failure of any indemnified party to provide such notice shall not relieve the
indemnifying party of its obligations under this Section 5, except to the extent
the indemnifying party is materially and actually prejudiced thereby and shall
not relieve the indemnifying party from any liability which it may have to any
indemnified party otherwise than under this Section 5, and (ii) permit such
indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party; provided, however, that any indemnified
party shall have the right to employ separate counsel and to participate in the
defense of such claim, but the fees and expenses of such counsel shall be at the
expense of such indemnified party unless (A) the indemnifying party has agreed
in writing to pay such fees and expenses, (B) the indemnifying party shall have
failed to assume the defense of such claim and employ counsel reasonably
satisfactory to such indemnified party within 20 days after receiving notice
from such indemnified party that the indemnified party believes it has failed to
do so, (C) in the reasonable judgment of any such indemnified party, based upon
advice of counsel, a conflict of interest shall exist between such indemnified
party and the indemnifying party with respect to such claims; it being
understood, however, that the indemnifying party shall not, in connection with
any one such action or separate but substantially similar or related actions in
the same jurisdiction arising out of the same general allegations or
circumstances, be liable for the reasonable fees and expenses of more than one
separate firm of attorneys (in addition to no more than one firm of local
counsel) at any time for all such indemnified parties or (D) such indemnified
party is a defendant in an action or proceeding which is also brought against
the indemnifying party and reasonably shall have concluded that there may be one
or more legal defenses available to such indemnified party which are not
available to the indemnifying party. No indemnifying party shall be liable for
any settlement of any such claim or action effected without its written consent,
which consent shall not be unreasonably withheld. No indemnifying party shall,
without the consent of the indemnified party, which consent shall not be
unreasonably withheld, consent to entry of any judgment or enter into any
settlement or compromise of any pending or threatened claim or action in respect
of which indemnification or contribution may be sought hereunder (whether or not
the indemnified party is an actual or potential party to such claim or action),
unless such settlement, (i) includes an unconditional release of the indemnified
party from all liability arising out of such action or claim, (ii) does not
include a statement as to or an admission of fault, culpability or a failure to
act, by or on behalf of any indemnified party, and (3) does not provide for any
action on the part of any party other than the payment of money damages which is
to be paid in full by or on behalf of the indemnifying party.


                                      -20-
<PAGE>
         5.4 Contribution. If the indemnification provided for in Section 5.1 or
5.2 from the indemnifying party for any reason is unavailable to (other than by
reason of exceptions provided therein), or is insufficient to hold harmless an
indemnified party hereunder in respect of any Claim, then the indemnifying
party, in lieu of indemnifying such indemnified party, shall contribute to the
amount paid or payable by such indemnified party as a result of such Claim in
such proportion as is appropriate to reflect the relative fault of the
indemnifying party, on the one hand, and the indemnified party, on the other
hand, in connection with the actions which resulted in such Claim, as well as
any other relevant equitable considerations. The relative fault of such
indemnifying party and indemnified party shall be determined by reference to,
among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, has been made by, or relates to information supplied by,
such indemnifying party or indemnified party, and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
action. If, however, the foregoing allocation is not permitted by applicable
law, then each indemnifying party shall contribute to the amount paid or payable
by such indemnified party in such proportion as is appropriate to reflect not
only such relative faults but also the relative benefits of the indemnifying
party and the indemnified party as well as any other relevant equitable
considerations.

         The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 5.4 were determined by pro rata allocation
or by any other method of allocation which does not take into account the
equitable considerations referred to in the immediately preceding paragraph. The
amount paid or payable by a party as a result of any Claim referred to in the
immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth in Section 5.3, any legal or other fees, costs or expenses
reasonably incurred by such party in connection with any investigation or
proceeding. Notwithstanding anything in this Section 5.4 to the contrary, no
indemnifying party (other than the Company) shall be required pursuant to this
Section 5.4 to contribute any amount in excess of the net proceeds received by
such indemnifying party from the sale of the Registrable Securities pursuant to
the Registration Statement giving rise to such Claims, less all amounts
previously paid by such indemnifying party with respect to such Claims. No
person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation.

         5.5 Other Indemnification . Indemnification similar to that specified
in the preceding Sections 5.1 and 5.2 (with appropriate modifications) shall be
given by the Company and each selling Holder of Registrable Securities with
respect to any required registration or other qualification of securities under
any Federal or state law or regulation of any governmental authority, other than
the Securities Act. The indemnity agreements contained herein shall be in
addition to any other rights to indemnification or contribution which any
indemnified party may have pursuant to law or contract.

         5.6 Indemnification Payments. The indemnification and contribution
required by this Section 5 shall be made by periodic payments of the amount
thereof during the course of any investigation or defense, as and when bills are
received or any expense, loss, damage or liability is incurred.


                                      -21-
<PAGE>
         6. GENERAL.

         6.1 Adjustments Affecting Registrable Securities. The Company agrees
that it shall not effect or permit to occur any combination or subdivision of
shares which would adversely affect the ability of the Holder of any Registrable
Securities to include such Registrable Securities in any registration
contemplated by this Agreement or the marketability of such Registrable
Securities in any such registration.

         6.2 Registration Rights to Others. Other than the Master Separation
Agreement with Parent, the Company is not currently party to any agreement with
respect to its securities granting any registration rights to any Person. If the
Company shall at any time hereafter provide to any Affiliate of the Company
rights with respect to the registration of such securities under the Securities
Act, (i) such rights shall not be in conflict with or adversely affect any of
the rights provided in this Agreement to the Holders and (ii) if such rights are
provided on terms or conditions more favorable to such holder than the terms and
conditions provided in this Agreement, the Company shall provide (by way of
amendment to this Agreement or otherwise) such more favorable terms or
conditions to the Holders.

         6.3 Availability of Information; Rule 144; Other Exemptions. At any
time during which the Company is not subject to the reporting requirements of
the Exchange Act, the Company shall, at any time and from time to time, upon the
request of any Holder of Registrable Securities or upon the request of any
Person designated by such Holder as a prospective purchaser of any Registrable
Securities, furnish in writing to such Holder or such prospective purchaser, as
the case may be, a statement as of a date not earlier than 12 months prior to
the date of such request of the nature of the business of the Company and the
products and services it offers and copies of the Company's most recent balance
sheet and profit and loss and retained earnings statements, together with
similar financial statements for such part of the two preceding fiscal years as
the Company shall have been in operation, all such financial statements to be
audited to the extent audited statements are reasonable available, provided,
that, in any event the most recent financial statements so furnished shall
include a balance sheet as of a date less than 16 months prior to the date of
such request, statements of profit and loss and retained earnings for the 12
months preceding the date of such balance sheet, and, if such balance sheet is
not as of a date less than 6 months prior to the date of such request,
additional statements of profit and loss and retained earnings for the period
from the date of such balance sheet to a date less than 6 months prior to the
date of such request. During any time during which the Company is not subject to
the reporting requirements of the Exchange Act and as long as any Registrable
Securities are outstanding, the Warrants have not yet expired or the Conversion
Warrants have not yet expired, the Company shall deliver to the Holders all
information as may be reasonably requested by the Holders to permit the Holders
to sell such securities pursuant to Rule 144 without registration. The Company
will use its best efforts to take such steps as are necessary to allow the
Company to become, and remain, eligible to register securities on Form S-3 (or
any comparable form adopted by the SEC) for resale purposes, and to make
publicly available and available to the Holder of Registrable Securities to make
sales of Registrable Securities pursuant to such rules.

         The Company covenants that it will use its reasonable best efforts to
timely file any reports required to be filed by it under the Securities Act or
the Exchange Act (including, but


                                      -22-
<PAGE>
not limited to, the reports under Sections 13 and 15(d) of the Exchange Act
referred to in subparagraph (c) of Rule 144 under the Securities Act), and that
it shall take such further action as any Holder of Registrable Securities may
reasonably request, all to the extent required from time to time to enable such
Holder to sell Registrable Securities without registration under the Securities
Act within the limitation of the exemptions provided by (i) Rule 144 under the
Securities Act, as such rule may be amended from time to time, or (ii) any other
rule or regulation now existing or hereafter adopted by the SEC. The Company
will furnish to any Holder of Registrable Securities, upon request made by such
Holder at any time, a written statement signed by the Company, addressed to such
Holder, as to whether the Company has complied with the current public
information requirements of Rule 144 or Rule 144A. The Company will, at the
request of any Holder of Registrable Securities (upon receipt from such Holder
of a certificate certifying (i) that such Holder has held such Registrable
Securities for a period of not less than one (1) year, and (ii) that such Holder
has not been an affiliate (as defined in Rule 144) of the Company for more than
the ninety (90) preceding days), remove from the stock certificates representing
such Registrable Securities that portion of any restrictive legend which relates
to the registration provisions of the Securities Act.

         6.4 Amendments and Waivers. The provisions of this Agreement, including
the provisions of this sentence, may not be amended, modified, supplemented or
terminated, and waivers or consents to departures from the provisions hereof may
not be given, without the written consent of the Company and each Initial
Holder; provided, however, that no such amendment, modification, supplement,
waiver or consent to departure shall reduce the aforesaid percentage of
Registrable Securities without the written consent of all of the Holders of
Registrable Securities; and provided further, that nothing herein shall prohibit
any amendment, modification, supplement, termination, waiver or consent to
departure the effect of which is limited only to those Holders who have agreed
to such amendment, modification, supplement, termination, waiver or consent to
departure.

         6.5 Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand delivery, telecopier, any
courier guaranteeing overnight delivery or first class registered or certified
mail, return receipt requested, postage prepaid, addressed to the applicable
party at the address set forth below or such other address as may hereafter be
designated in writing by such party to the other parties in accordance with the
provisions of this Section:

If to the Company:                    DSW Inc.
                                      4150 5th Avenue
                                      Columbus, OH  43219

                                      Attn: Douglas J. Probst
                                      Chief  Financial Officer
                                      Fax No. (614) 238-4133

with copies to:                       Retail Ventures, Inc.
                                      3241 Westerville Road
                                      Columbus, OH  43224


                                      -23-
<PAGE>
                                      Attn:    Julia A. Davis
                                      General Counsel
                                      Fax No.  (614) 337-4682

If to the Initial Holders:            Cerberus Partners, L.P.
                                      299 Park Avenue
                                      Floors 21-23
                                      New York, NY 10171
                                      Attn: Lenard Tessler
                                      Fax No. (212) 755-3009


with copies to:                       Schulte Roth & Zabel LLP
                                      919 Third Avenue
                                      New York, NY 10022
                                      Attn:  Stuart D. Freedman, Esq.
                                      Fax No. (212) 593-5955

                                      Schottenstein Stores Corporation
                                      1800 Moler Road
                                      Columbus, OH 43207
                                      Attn: Irwin A. Bain
                                      Fax No. (614) 443-0972


with copies to:                       Wachtell, Lipton, Rosen & Katz
                                      51 West 52nd Street
                                      New York, New York 10019
                                      Attn:  [___________]
                                      Fax No. (212) 403-2000

                                      If to any subsequent Holder, to the
                                      address of such Person set forth in the
                                      records of the Company.

         All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; when receipt is
acknowledged, if telecopied; on the next business day, if timely delivered to a
courier guaranteeing overnight delivery; and five days after being deposited in
the mail, if sent first class or certified mail, return receipt requested,
postage prepaid.

         6.6 Successors and Assigns. This Agreement shall inure to the benefit
of and be binding upon the parties hereto and their respective heirs, successors
and permitted assigns (including any permitted transferee of the Warrants,
Conversion Warrants or Registrable Securities). Any Holder may assign to any
permitted (as determined under the Warrants, the Conversion Warrants and Loan
Agreement) transferee of its Warrants, Conversion Warrants or


                                      -24-
<PAGE>
Registrable Securities (other than a transferee that acquires such Registrable
Securities in a registered public offering or pursuant to a sale under Rule 144
of the Securities Act (or any successor rule)), its rights and obligations under
this Agreement; provided, however, if any permitted transferee shall take and
hold the Warrants, Conversion Warrants or Registrable Securities, such
transferee shall promptly notify the Company and by taking and holding such
Registrable Securities such permitted transferee shall automatically be entitled
to receive the benefits of and be conclusively deemed to have agreed to be bound
by and to perform all of the terms and provisions of this Agreement as if it
were a party hereto (and shall, for all purposes, be deemed a Holder under this
Agreement). If the Company shall so request, any heir, successor or permitted
assign (including any permitted transferee) wishing to avail itself of the
benefits of this Agreement shall agree in writing to acquire and hold the
Registrable Securities subject to all of the terms hereof. For purposes of this
Agreement, "successor" for any entity other than a natural person shall mean a
successor to such entity as a result of such entity's merger, consolidation,
sale of substantially all of its assets, or similar transaction. Except as
provided above or otherwise permitted by this Agreement, neither this Agreement
nor any right, remedy, obligation or liability arising hereunder or by reason
hereof shall be assignable by any Holder or by the Company without the consent
of the other parties hereto.

         6.7 Counterparts. This Agreement may be executed in two or more
counterparts, each of which, when so executed and delivered, shall be deemed to
be an original, but all of which counterparts, taken together, shall constitute
one and the same instrument.

         6.8 Descriptive Headings, Etc. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning of terms contained herein. Unless the context of this Agreement
otherwise requires: (1) words of any gender shall be deemed to include each
other gender; (2) words using the singular or plural number shall also include
the plural or singular number, respectively; (3) the words "hereof", "herein"
and "hereunder" and words of similar import when used in this Agreement shall
refer to this Agreement as a whole and not to any particular provision of this
Agreement, and Section and paragraph references are to the Sections and
paragraphs of this Agreement unless otherwise specified; (4) the word
"including" and words of similar import when used in this Agreement shall mean
"including, without limitation," unless otherwise specified; (5) "or" is not
exclusive; and (6) provisions apply to successive events and transactions.

         6.9 Severability. In the event that any one or more of the provisions,
paragraphs, words, clauses, phrases or sentences contained herein, or the
application thereof in any circumstances, is held invalid, illegal or
unenforceable in any respect for any reason, the validity, legality and
enforceability of any such provision, paragraph, word, clause, phrase or
sentence in every other respect and of the other remaining provisions,
paragraphs, words, clauses, phrases or sentences hereof shall not be in any way
impaired, it being intended that all rights, powers and privileges of the
parties hereto shall be enforceable to the fullest extent permitted by law.

         6.10 CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER. THE VALIDITY OF THIS
AGREEMENT, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, AND THE
RIGHTS OF THE PARTIES HERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR
RELATED


                                      -25-
<PAGE>
HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.

         THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION
WITH THIS AGREEMENT SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND FEDERAL
COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK. THE COMPANY AND THE
INITIAL HOLDERS WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT
EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO
VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION
6.10. NOTHING HEREIN CONTAINED SHALL BE DEEMED TO AFFECT THE RIGHT OF ANY PARTY
TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW OR COMMENCE LEGAL PROCEEDINGS OR
OTHERWISE PROCEED AGAINST ANY OTHER PARTY IN ANY OTHER JURISDICTION TO ENFORCE
JUDGMENTS OBTAINED IN ANY ACTION, SUIT OR PROCEEDING BROUGHT PURSUANT TO THIS
SECTION.

         THE COMPANY AND THE INITIAL HOLDERS HEREBY WAIVE THEIR RESPECTIVE
RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT
OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING
CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR
STATUTORY CLAIMS. THE COMPANY AND THE INITIAL HOLDERS REPRESENT THAT EACH HAS
REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A
COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE
COURT.

         6.11 Remedies; Specific Performance. The parties hereto acknowledge
that money damages would not be an adequate remedy at law if any party fails to
perform in any material respect any of its obligations hereunder, and
accordingly agree that each party, in addition to any other remedy to which it
may be entitled at law or in equity, shall be entitled to seek to compel
specific performance of the obligations of any other party under this Agreement,
without the posting of any bond, in accordance with the terms and conditions of
this Agreement in any court specified in Section 6.10 hereof, and if any action
should be brought in equity to enforce any of the provisions of this Agreement,
none of the parties hereto shall raise the defense that there is an adequate
remedy at law. Except as otherwise provided by law, a delay or omission by a
party hereto in exercising any right or remedy accruing upon any such breach
shall not impair the right or remedy or constitute a waiver of or acquiescence
in any such breach. No remedy shall be exclusive of any other remedy. All
available remedies shall be cumulative.

         6.12 Entire Agreement. This Agreement, the Loan Agreement, the Warrants
and the Conversion Warrants and any agreements among the parties expressly
referenced herein or therein (collectively, the "Other Agreements") are intended
by the parties as a final expression of their agreement and intended to be a
complete and exclusive statement of the agreement and


                                      -26-
<PAGE>
understanding of the parties hereto in respect of the subject matter contained
herein. There are no restrictions, promises, representations, warranties,
covenants or undertakings relating to such subject matter, other than those set
forth or referred to herein or in the Other Agreements. This Agreement and the
Other Agreements supersede all prior agreements and understandings between the
Company and the other parties to this Agreement with respect to such subject
matter.

         6.13 Further Assurances. Each party hereto shall do and perform or
cause to be done and performed all such further acts and things and shall
execute and deliver all such other agreements, certificates, instruments and
documents as any other party hereto reasonably may request in order to carry out
the intent and accomplish the purposes of this Agreement and the consummation of
the transactions contemplated hereby.

         6.14 Construction. The Company and the Initial Holders acknowledge that
each of them has had the benefit of legal counsel of its own choice and has been
afforded an opportunity to review this Agreement with its legal counsel and that
this Agreement shall be construed as if jointly drafted by the Company and the
Holders.

         6.15 No Inconsistent Agreement. The Company will not hereafter enter
into any agreement which is inconsistent with the rights granted to the Holders
in this Agreement.

         6.16 Costs and Attorneys' Fees. In the event that any action, suit or
other proceeding is instituted concerning or arising out of this Agreement, the
Company and the Initial Holders agree that the prevailing party shall recover
from the non-prevailing party all of such prevailing party's costs and
reasonable attorneys' fees incurred in each and every such action, suit or other
proceeding, including any and all appeals or petitions therefrom.

         6.17 Nominees for Beneficial Owners . In the event that any Registrable
Securities are held by a nominee for the beneficial owner thereof, the
beneficial owner thereof may, at its election in writing delivered to the
Company, be treated as the holder of such Registrable Securities for purposes of
any request or other action by any holder or holders of Registrable Securities
pursuant to this Agreement or any determination of any number or percentage of
shares of Registrable Securities held by any holder or holders of Registrable
Securities contemplated by this Agreement. If the beneficial owner of any
Registrable Securities so elects, the Company may require assurances reasonably
satisfactory to it of such owner's beneficial ownership of such Registrable
Securities.


                                      -27-
<PAGE>
         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the date first written above.

COMPANY:                                    HOLDERS:


DSW INC.                                    CERBERUS PARTNERS, L.P.




By:_____________________                    By:________________________
   Name:                                       Name:
   Title:                                      Title:


                                            SCHOTTENSTEIN STORES CORPORATION


                                            By:________________________
                                               Name:
                                               Title:


                                            BACK BAY CAPITAL FUNDING LLC


                                            By:________________________
                                               Name:
                                               Title:
<PAGE>
                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----

1.   DEFINITIONS..........................................................    1

2.   REGISTRATION UNDER THE SECURITIES ACT................................    7

      2.1   Demand Registration...........................................    7
      2.2   Incidental Registration.......................................   10
      2.3   Shelf Registration............................................   12
      2.4   Underwritten Offerings........................................   12
      2.5   Expenses......................................................   13

3.   HOLDBACK ARRANGEMENTS................................................   13

      3.1   Restrictions on Sale by Holders of Registrable Securities.....   13
      3.2   Restrictions on Sale by the Company and Others................   13

4.   REGISTRATION PROCEDURES..............................................   14

      4.1   Obligations of the Company....................................   14
      4.2   Seller Information............................................   18
      4.3   Notice to Discontinue.........................................   18

5.   INDEMNIFICATION; CONTRIBUTION........................................   19


      5.1   Indemnification by the Company................................   19
      5.2   Indemnification by Holders....................................   19
      5.3   Conduct of Indemnification Proceedings........................   20
      5.4   Contribution..................................................   21
      5.5   Other Indemnification.........................................   21
      5.6   Indemnification Payments......................................   22


6.   GENERAL..............................................................   22


      6.1   Adjustments Affecting Registrable Securities..................   22
      6.2   Registration Rights to Others.................................   22
      6.3   Availability of Information; Rule 144; Other Exemptions.......   22
      6.4   Amendments and Waivers........................................   23
      6.5   Notices.......................................................   23
      6.6   Successors and Assigns........................................   25
      6.7   Counterparts..................................................   25
      6.8   Descriptive Headings, Etc.....................................   25
      6.9   Severability..................................................   25
      6.10   Choice of Law and Venue; Jury Trial Waiver...................   26
      6.11   Remedies; Specific Performance...............................   26
      6.12   Entire Agreement.............................................   27
      6.13   Further Assurances...........................................   27
      6.14   Construction.................................................   27
      6.15   No Inconsistent Agreement....................................   27
      6.16   Costs and Attorneys' Fees....................................   27
      6.17   Nominees for Beneficial Owners...............................   27



                                      -i-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>x06593a4exv5w1.htm
<DESCRIPTION>EX-5.1: OPINION OF VORYS, SATER, SEYMOUR AND PEASE LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>EXHIBIT 5.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="right" style="font-size: 10pt"><FONT style="font-variant: SMALL-CAPS"><B>Exhibit&nbsp;5.1</B></FONT>



<P align="center" style="font-size: 10pt">June&nbsp;24, 2005



<P align="left" style="font-size: 10pt">
DSW Inc.<BR>
4150 East 5th Avenue<BR>
Columbus, Ohio 43219

<P align="left" style="font-size: 10pt">Ladies and Gentlemen:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion is furnished to you in connection with a registration statement on Form S-1 (File
No.&nbsp;333-123289) (the &#147;Registration Statement&#148;) filed with the Securities and Exchange Commission
under the Securities Act of 1933, as amended, for the registration of
up to 16,171,875 Class&nbsp;A common
shares, without par value, of DSW Inc., an Ohio corporation (the &#147;Company&#148;), including shares to
cover over-allotments, if any (the &#147;Shares&#148;). The Shares are to be sold pursuant to an
underwriting agreement (the &#147;Underwriting Agreement&#148;) to be entered into among the Company, Retail
Ventures Inc., an Ohio corporation and the direct parent of the Company,<FONT style="font-variant: SMALL-CAPS"> </FONT>Lehman Brothers
Inc., Goldman, Sachs &#038; Co., CIBC World Markets Corp. and Johnson Rice &#038; Company, L.L.C.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as Ohio counsel for the Company in connection with the proposed issuance and
sale of the Shares. For purposes of this opinion, we have examined and relied upon such documents,
records, certificates and other instruments as we have deemed necessary. The opinions expressed
below are limited to the General Corporation Law of Ohio.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon and subject to the foregoing, we are of the opinion that the Shares have been duly
authorized and, when issued and delivered by the Company pursuant to the Underwriting Agreement
against payment of the consideration set forth therein, will be validly issued, fully paid and
non-assessable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion as an exhibit to the Registration Statement
and to the reference to this firm under the caption &#147;Legal Matters&#148; in the prospectus included
therein. In giving this consent we do not thereby admit that we are included in the category of
persons whose consent is required under Section&nbsp;7 of the Securities Act or the rules and
regulations of the Commission.


<P align="left" style="font-size: 10pt; margin-left: 50%">Very truly yours,


<P align="left" style="font-size: 10pt; margin-left: 50%"><U>/s/ Vorys, Sater, Seymour and Pease LLP</U>



<P align="center" style="font-size: 10pt">
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>5
<FILENAME>x06593a4exv8w1.txt
<DESCRIPTION>EX-8.1: OPINION OF SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
<TEXT>
<PAGE>

                                                              , 2005


DSW Inc.
4150 East 5th Avenue
Columbus, Ohio  43219

            RE:   DSW Inc.
                  Registration Statement on Form S-1
                  (File No. 333-123289)

Ladies and Gentlemen:

            We have acted as special tax counsel to DSW Inc., an Ohio
corporation (the "Company"), in connection with the initial public offering by
the Company of up to    shares (including    shares subject to an over-allotment
option) of the Company's class A common shares, without par value (the "Common
Stock") pursuant to the Registration Statement (as defined below). Capitalized
terms used and not otherwise defined herein shall have the respective meanings
set forth in the Registration Statement (as defined below).

            This opinion is being furnished in accordance with the requirements
of Item 601(b)(8) of Regulation S-K under the Securities Act of 1933, as amended
(the "Act").

            In connection with this opinion, we have examined and relied on
originals or copies, certified or otherwise identified to our satisfaction, of
(i) the registration statement on Form S-1 (File No. 333-123289) as filed with
the Securities and Exchange Commission (the "Commission") under the Act on March
14, 2005 and as amended on May 9, 2005, May 27, 2005, June 7, 2005, and, 2005
(the "Registration Statement"); (ii) the Underwriting Agreement (the
"Underwriting Agreement") entered into by and among the Company, as issuer, and
Lehman Brothers Inc., as authorized representative of the several underwriters
named therein, filed as an exhibit to the Registration Statement; and (iii) such
other documents and

<PAGE>
DSW Inc.
        , 2005
Page 2

records as we have deemed necessary or appropriate as a basis for the opinion
set forth herein. Our opinion is conditioned on, among other things, the initial
and continuing accuracy of the facts, information, and analyses set forth in
such documents and records.

            In addition, we have relied upon statements and representations of
the officers and other representatives of the Company and others, and we have
assumed that such statements and representations are and will continue to be
correct without regard to any qualification as to knowledge or belief.

            For purposes of our opinion, we have assumed the legal capacity of
all natural persons, the genuineness of all signatures, the authenticity of all
documents submitted to us as originals, the conformity to original documents of
all documents submitted to us as facsimile, electronic, certified, conformed, or
photostatic copies, and the authenticity of the originals of such latter
documents. In making our examination of documents executed, or to be executed,
we have assumed that such parties had, or will have, the power, corporate or
other, to enter into and perform all obligations thereunder, and we have also
assumed the due authorization by all requisite action, corporate or other, and
execution and delivery by such parties of such documents and that such documents
constitute, or will constitute, valid and binding obligations of such parties.

            Our opinion is based on the Internal Revenue Code of 1986, as
amended, Treasury Department regulations promulgated thereunder, judicial
decisions, published positions of the Internal Revenue Service, and such other
authorities as we have considered relevant, all as in effect as of the date of
this opinion and all of which are subject to differing interpretations or change
at any time (possibly with retroactive effect). A change in the authorities or
the truth, accuracy, or completeness of any of the facts, information,
documents, corporate records, covenants, statements, representations, or
assumptions upon which our opinion is based could affect the conclusions
expressed herein. There can be no assurance, moreover, that our opinion
expressed herein will be accepted by the Internal Revenue Service or, if
challenged, by a court.

            Based upon and subject to the foregoing, we are of the opinion that
under current United States federal tax law, although the discussion set forth
in the Registration Statement under the caption "Material U.S. federal income
and estate tax consequences" does not purport to summarize all possible United
States federal tax consequences of the ownership and disposition of Common Stock
by non-United States holders, such discussion constitutes, in all material
respects, a fair and accurate summary of the United States federal tax
consequences that are anticipated

<PAGE>

DSW Inc.
        , 2005
Page 3

to be material to non-United States holders who purchase Common Stock pursuant
to the Registration Statement.

            Except as set forth above, we express no other opinion. This opinion
is furnished to you solely for your benefit in connection with Registration
Statement and is not to be relied upon by anyone else without our prior written
consent. This opinion is expressed as of the date hereof, and we are under no
obligation to supplement or revise our opinion to reflect any legal developments
or factual matters arising subsequent to the date hereof or the impact of any
information, document, certificate, record, statement, representation, covenant,
or assumption relied upon herein that becomes incorrect or untrue.

            We hereby consent to the filing this opinion with the Commission as
an exhibit to the Registration Statement. We also consent to the reference to
our firm under the caption "Legal Matters" in the Registration Statement. In
giving these consents, we do not thereby admit that we are included in the
category of persons whose consent is required under Section 7 of the Act or the
rules and regulations of the Commission.

                                        Very truly yours,

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.11
<SEQUENCE>6
<FILENAME>x06593a4exv10w11.txt
<DESCRIPTION>FORM OF LOAN AND SECURITY AGREEMENT
<TEXT>
<PAGE>

                                                                   Exhibit 10.11

                           LOAN AND SECURITY AGREEMENT
                                    DSW INC.
                                THE LEAD BORROWER

                                      FOR:
                                    DSW INC.
                            DSW SHOE WAREHOUSE, INC.

                                  THE BORROWERS

                       NATIONAL CITY BUSINESS CREDIT, INC.
                  ADMINISTRATIVE AGENT AND COLLATERAL AGENT FOR
                 THE REVOLVING CREDIT LENDERS REFERENCED HEREIN

                               NATIONAL CITY BANK
                           AS LETTER OF CREDIT ISSUER

                     THE CIT GROUP/BUSINESS CREDIT, INC.
                            BANK OF AMERICA, N.A.
                           As Co-Syndication Agents
                     GENERAL ELECTRIC CAPITAL CORPORATION
                      WELLS FARGO RETAIL FINANCE II, LLC
                          As Co-Documentation Agents

                               NATIONAL CITY BANK
                                AS LEAD ARRANGER
<PAGE>
                                TABLE OF CONTENTS


LOAN AND SECURITY AGREEMENT..................................................i


Article 1 - Definitions......................................................1


Article 2 - The Revolving Credit:...........................................39

  2.1.   Establishment of  Revolving Credit.................................39
  2.2.   Advances in Excess of Borrowing Base (OverLoans)...................40
  2.3.   Risks of Value of Collateral.......................................40
  2.4.   Commitment to Make Revolving Credit Loans and Support Letters of
         Credit.............................................................41
  2.5.   Revolving Credit Loan Requests.....................................41
  2.6.   Suspension of Revolving Credit.....................................43
  2.7.   Making of Revolving Credit Loans...................................43
  2.8.   SwingLine Loans....................................................44
  2.9.   The Loan Account...................................................45
  2.10.  The Revolving Credit Notes.........................................46
  2.11.  Payment of The Loan Account........................................46
  2.12.  Interest on Revolving Credit Loans.................................47
  2.13.  Underwriting Fee; Collateral Monitoring Fee........................48
  2.14.  Unused Line Fee....................................................48
  2.15.  Concerning Fees....................................................49
  2.16.  Agent's and Revolving Credit Lenders' Discretion...................49
  2.17.  Procedures For Issuance of L/Cs and Banker's Acceptances...........49
  2.18.  Fees For L/Cs and Banker's Acceptances.............................51
  2.19.  Concerning L/C's and Banker's Acceptances..........................53
  2.20.  Changed Circumstances..............................................54
  2.21.  Designation of Lead Borrower as Borrowers' Agent...................55
  2.22.  Revolving Credit Lenders' Commitments..............................56
  2.23.  Payments...........................................................57

Article 3 - Conditions Precedent:...........................................58

  3.1.   Corporate Due Diligence............................................58
  3.2.   Opinions...........................................................58
  3.3.   Additional Documents...............................................58
  3.4.   Officers' Certificates.............................................58
  3.5.   Representations and Warranties.....................................58
  3.6.   Minimum Day One Availability.......................................58
  3.7.   Senior Non-convertible facility....................................59
  3.8.   Shonac Initial public offering.....................................59
  3.9.   Repayment of Existing Indebtedness.................................59
  3.10.  Consents...........................................................59
  3.11.  Appraisals and Commercial Finance Examinations.....................59


                                       ii
<PAGE>
  3.12.  Financial Information..............................................59
  3.13.  Material Agreements................................................59
  3.14.  Litigation.........................................................60
  3.15.  Perfection of Encumbrances.........................................60
  3.16.  All Fees and Expenses Paid.........................................60
  3.17.  Cash Management....................................................60
  3.18.  Insurance..........................................................60
  3.19.  Separation and Service Agreements..................................61
  3.20.  No Loan Party in Default...........................................61
  3.21.  No Adverse Change..................................................61
  3.22.  Certain Changes....................................................61
  3.23.  Benefit of Conditions Precedent....................................61

Article 4 - General Representations and Warranties..........................61

  4.1.   Due Organization. Authorization. No Conflicts......................62
  4.2.   Trade Names........................................................62
  4.3.   Intellectual Property..............................................63
  4.4.   Locations..........................................................63
  4.5.   Encumbrances.......................................................63
  4.6.   Indebtedness.......................................................64
  4.7.   Insurance..........................................................64
  4.8.   Licenses...........................................................64
  4.9.   Leases.............................................................64
  4.10.  Requirements of Law................................................64
  4.11.  Labor Relations....................................................64
  4.12.  Taxes..............................................................65
  4.13.  No Margin Stock....................................................67
  4.14.  Investment and Holding Company Status..............................67
  4.15.  ERISA..............................................................67
  4.16.  Hazardous Materials................................................67
  4.17.  Litigation.........................................................68
  4.18.  Adequacy of Disclosure.............................................68
  4.19.  Unrestricted Subsidiaries..........................................69
  4.20.  No Bankruptcy Filing...............................................69

Article 5 - GENERAL COVENANTS...............................................69

  5.1.   Payment and Performance of Liabilities.............................69
  5.2.   Maintenance of existence...........................................69
  5.3.   Trade Names........................................................70
  5.4.   Locations..........................................................70
  5.5.   Encumbrances.......................................................71
  5.6.   Indebtedness.......................................................71
  5.7.   Insurance..........................................................71
  5.8.   Licenses...........................................................72
  5.9.   Requirements of Law................................................72


                                      iii
<PAGE>
  5.10.  Labor Relations....................................................72
  5.11.  Maintain Properties................................................72
  5.12.  Taxes..............................................................73
  5.13.  No Margin Stock....................................................74
  5.14.  ERISA..............................................................74
  5.15.  Hazardous Materials................................................74
  5.16.  Dividends. Investments. Corporate Action...........................75
  5.17.  Loans..............................................................76
  5.18.  Protection of Assets...............................................77
  5.19.  Line of Business; Conduct of Business..............................77
  5.20.  Affiliate Transactions.............................................78
  5.21.  Additional Subsidiaries............................................78
  5.22.  Further Assurances.................................................79
  5.23.  Adequacy of Disclosure.............................................79
  5.24.  No Restrictions on Liabilities.....................................80
  5.25.  Unrestricted Subsidiaries..........................................80
  5.26.  Parent's Line of Business..........................................

Article 6 - Financial Reporting and Performance Covenants:..................80

  6.1.   Maintain Records...................................................80
  6.2.   Access to Records..................................................81
  6.3.   Prompt Notice to Administrative Agent..............................81
  6.4.   Weekly Reports.....................................................83
  6.5.   Monthly Reports....................................................83
  6.6.   Quarterly Reports..................................................83
  6.7.   Annual Reports.....................................................84
  6.8.   Officers' Certificates.............................................84
  6.9.   Inventories, Appraisals, and Audits................................85
  6.10.  Additional Financial Information...................................86
  6.11.  Information Delivered Pursuant to Article 6........................87
  6.12.  Financial Covenant.................................................87

Article 7 - USE OF COLLATERAL:..............................................87

  7.1.   Use of  Inventory Collateral.......................................87
  7.2.   Inventory Quality..................................................88
  7.3.   Adjustments and Allowances.........................................88
  7.4.   Validity of Accounts...............................................88
  7.5.   Notification to Account Debtors....................................88

Article 8 - CASH MANAGEMENT. PAYMENT OF LIABILITIES:........................89

  8.1.   Depository Accounts................................................89
  8.2.   Credit Card Receipts...............................................89
  8.3.   The Administrative agent's, Collection, and Operating Accounts ....90
  8.4.   Proceeds and Collections ..........................................90
  8.5.   Payment of Liabilities.............................................91


                                       iv
<PAGE>
  8.6.   The Operating Account..............................................92

Article 9 - GRANT OF SECURITY INTEREST:.....................................93

  9.1.   Grant of Security Interest.........................................93
  9.2.   Extent and Duration of Security Interest...........................94

Article 10 - COLLATERAL AGENT AS BORROWERS' ATTORNEY-IN-FACT:...............94

  10.1.  Appointment as Attorney-In-Fact....................................94
  10.2.  No Obligation to Act...............................................95

Article 11 - Events of Default:.............................................96

  11.1.  Failure to Pay the Revolving Credit................................96
  11.2.  Failure To Make Other Payments.....................................96
  11.3.  Failure to Perform Covenant or Liability (No Grace Period).........96
  11.4.  Financial Reporting Requirements...................................96
  11.5.  Failure to Perform Covenant or Liability (Grace Period)............97
  11.6.  Misrepresentation..................................................97
  11.7.  Acceleration of Other Debt. Breach of Lease........................97
  11.8.  Default Under Other Agreements.....................................97
  11.9.  Uninsured Casualty Loss............................................98
  11.10. Attachment. Judgment. Restraint of Business........................98
  11.11. Business Failure...................................................98
  11.12. Bankruptcy.........................................................98
  11.13. Termination of Guaranty............................................99
  11.14. Challenge to Loan Documents........................................99
  11.15. Change in Control..................................................99

Article 12 - RIGHTS AND REMEDIES UPON DEFAULT:..............................99

  12.1.  Acceleration.......................................................99
  12.2.  Rights of Enforcement..............................................99
  12.3.  Sale of Collateral................................................100
  12.4.  Occupation of Business Location...................................101
  12.5.  Grant of Nonexclusive License.....................................101
  12.6.  Assembly of Collateral............................................101
  12.7.  Rights and Remedies...............................................102

Article 13 - REVOLVING CREDIT FUNDINGS AND DISTRIBUTIONS:..................102

  13.1.  Revolving Credit Funding Procedures...............................102
  13.2.  SwingLine Loans...................................................102
  13.3.  Administrative Agent's Covering of Fundings:......................103
  13.4.  Ordinary Course Distributions.....................................105

Article 14 - ACCELERATION AND LIQUIDATION:.................................106

  14.1.  Acceleration Notices..............................................106
  14.2.  Acceleration......................................................106
  14.3.  Initiation of Liquidation.........................................107


                                       v
<PAGE>
  14.4.  Actions At and  Following Initiation of Liquidation...............107
  14.5.  Collateral Agent' Conduct of Liquidation..........................107
  14.6.  Distribution of Liquidation Proceeds:.............................108
  14.7.  Relative Priorities To Proceeds of Liquidation....................108

Article 15 - THE AGENT:....................................................109

  15.1.  Appointment of The Agent..........................................109
  15.2.  Responsibilities of Agent.........................................109
  15.3.  Concerning Distributions By the Agent.............................110
  15.4.  Dispute Resolution................................................111
  15.5.  Distributions of Notices and of Documents.........................111
  15.6.  Confidential Information..........................................112
  15.7.  Reliance by Agent.................................................112
  15.8.  Non-Reliance on Agent and Other Revolving Credit Lenders..........112
  15.9.  Indemnification...................................................113
  15.10. Resignation of Agent..............................................114
  15.11. Lead Arranger.....................................................114

Article 16 - ACTION BY AGENT - CONSENTS - AMENDMENTS - WAIVERS:............114

  16.1.  Administration of Credit Facilities...............................114
  16.2.  Actions Requiring or On Direction of Majority Lenders.............115
  16.3.  Actions Requiring or On Direction of SuperMajority Lenders........115
  16.4.  Action Requiring Certain Consent..................................116
  16.5.  Actions Requiring or Directed By Unanimous Consent................116
  16.6.  Actions Requiring SwingLine Lender Consent........................118
  16.7.  Actions Requiring Agent's Consent.................................118
  16.8.  Miscellaneous Actions.............................................118
  16.9.  Actions Requiring Lead Borrower's Consent.........................119
  16.10. NonConsenting Revolving Credit Lender.............................120

Article 17 - ASSIGNMENTS BY REVOLVING CREDIT LENDERS:......................121

  17.1.  Assignments and Assumptions:......................................121
  17.2.  Assignment Procedures.............................................122
  17.3.  Effect of Assignment..............................................122

Article 18 - NOTICES:......................................................123

  18.1.  Notice Addresses..................................................123
  18.2.  Notice Given......................................................124
  18.3.  Wire Instructions. Notice Given...................................125

Article 19 - TERM:.........................................................125

  19.1.  Termination of Revolving Credit...................................125
  19.2.  Actions On Termination............................................125

Article 20 - GENERAL:......................................................126

  20.1.  Protection of Collateral..........................................126


                                       vi
<PAGE>
  20.2.  Publicity.........................................................126
  20.3.  Confidentiality...................................................126
  20.4.  Successors and Assigns............................................127
  20.5.  Severability......................................................127
  20.6.  Amendments.  Course of Dealing....................................127
  20.7.  Power of Attorney.................................................128
  20.8.  Application of Proceeds...........................................128
  20.9.  Increased Costs...................................................129
  20.10. Replacement of Revolving Credit Lender............................129
  20.11. Costs and Expenses of the Agent and Issuer........................130
  20.12. Copies and Facsimiles.............................................131
  20.13. Ohio Law..........................................................131
  20.14. Consent to Jurisdiction...........................................131
  20.15. Indemnification...................................................132
  20.16. Rules of Construction.............................................132
  20.17. Agent's Consent...................................................134
  20.18. Participations....................................................134
  20.19. Right of Set-Off..................................................134
  20.20. Pledges To Federal Reserve Banks..................................134
  20.21. Maximum Interest Rate.............................................135
  20.22. Waivers...........................................................135
  20.23. Additional Waivers................................................136


                                      vii
<PAGE>
                                    EXHIBITS
      1.1               Existing L/Cs
      1.3         :     Intercompany Notes
      1.4         :     Exempt DDA
      1.5         :     Unrestricted Subsidiaries
      1.6         :     Existing Investments
      1.7         :     Permitted Dispositions
      2.5         :     Form of Loan Request
      2.8(c)      :     SwingLine Note
      2.10        :     Revolving Credit Note
      2.22        :     Revolving Credit Lenders' Commitments
      3.3         :     Additional Documents
      4.1         :     Corporate Information
      4.2         :     Trade Names
      4.4         :     Locations, Leases, and Landlords
      4.5(a)      :     Encumbrances
      4.5(b)      :     Consigned Property
      4.6         :     Indebtedness
      4.7         :     Insurance Policies
      4.8         :     Licenses
      4.9         :     Capital Leases
      4.11        :     Labor Contracts
      4.12        :     Taxes
      4.16(a)     :     Hazardous Materials
      4.17        :     Litigation
      5.17(e)     :     Existing Loans
      5.17(f)     :     Intercompany Loans
      6.4         :     Borrowing Base Certificate
      6.5         :     Monthly Financial Reporting Requirements
      8.1         :     DDA's.
      8.2         :     Credit Card Arrangements
      8.3         :     Administrative Agent's Accounts; Collection
                        Account Banks; Operating Accounts
      17.2        :     Assignment / Assumption


                                      viii
<PAGE>
--------------------------------------------------------------------------------
LOAN AND SECURITY AGREEMENT
--------------------------------------------------------------------------------

                                                                   June __, 2005

      THIS AGREEMENT is made between

            National City Business Credit, Inc., an Ohio corporation with
      offices at 1965 E. Sixth Street, Cleveland, Ohio 44114, as administrative
      agent (in such capacity, herein the "ADMINISTRATIVE AGENT"), for the
      ratable benefit of the "REVOLVING CREDIT LENDERS", who are, at present,
      those financial institutions identified on the signature pages of this
      Agreement and who in the future are those Persons (if any) who become
      "Revolving Credit Lenders" in accordance with the provisions hereof;

            National City Business Credit, Inc., as Collateral Agent (in
      such capacity, herein the "COLLATERAL AGENT"), for the ratable
      benefit of the Revolving Credit Lenders,

            and

            The Revolving Credit Lenders;

            and

            DSW Inc. (in such capacity, the "LEAD BORROWER"), an Ohio
      corporation with its principal executive offices at 4150 East Fifth
      Avenue, Columbus, Ohio 43219, as agent for the following (individually, a
      "BORROWER" and collectively, the "BORROWERS"):

            Said DSW Inc. ("DSW"); and

            DSW Shoe Warehouse, Inc. ("DSW SHOE"), a Missouri corporation
            with its principal executive offices at 4150 East Fifth
            Avenue, Columbus, Ohio 43219

in consideration of the mutual covenants contained herein and benefits to
be derived herefrom,

                                   WITNESSETH:

ARTICLE 1 - DEFINITIONS

      As used herein, the following terms have the following meanings or are
defined in the section of this Agreement so indicated:

      "ACCELERATION":   The making of demand or declaration that any
            Indebtedness, not otherwise due and payable,  is due and
            payable. Derivations of the word "Acceleration" (such as
            "Accelerate") are used with like meaning in this Agreement.


                                       1
<PAGE>
      "ACCELERATION NOTICE":  Written notice as follows:

                  (a)   From the Administrative Agent to the Revolving
            Credit Lenders, as provided in Section 14.1(a).

                  (b)   From the SuperMajority Lenders to the
            Administrative Agent, as provided in Section 14.1(b).

      "ACCOUNT DEBTOR": Has the meaning given that term in the UCC.

      "ACCOUNTS" include, without limitation, "accounts" as defined in the UCC,
            and also all: accounts, accounts receivable, receivables, and rights
            to payment (whether or not earned by performance) for: property that
            has been or is to be sold, leased, licensed, assigned, or otherwise
            disposed of; services rendered or to be rendered; a policy of
            insurance issued or to be issued; a secondary obligation incurred or
            to be incurred; arising out of the use of a credit or charge card or
            information contained on or used with that card; winnings in a
            lottery or other game of chance; and also all Inventory which gave
            rise thereto, and all rights associated with such Inventory,
            including the right of stoppage in transit; all reclaimed, returned,
            rejected or repossessed Inventory (if any) the sale of which gave
            rise to any Account.

      "ACH":      Automated clearing house.

      "ACQUISITION ": The purchase or acquisition of all or substantially all of
            the assets of any Person, the purchase of a controlling equity
            interest in any Person, or the merger or consolidation of any Person
            with any other Person, in any transaction or group of transactions
            which are part of a common plan.

      "ADMINISTRATIVE AGENT": NCBC, or its successors or assigns, in its
            capacity as administrative agent for the Revolving Credit
            Lenders hereunder.

      "ADMINISTRATIVE AGENT'S ACCOUNT":   Is defined in Section 8.3.

      "ADMINISTRATIVE AGENT'S  COVER":    Defined in Section 13.3(c)(i).

      "AFFILIATE":      The following:

                  (a) With respect to any Person, any other Person that directly
            or, alone or with a group of related Persons whose interests taken
            as a whole, indirectly through one of more intermediaries, Controls,
            is Controlled by, or is under common Control with, such Person.
            Notwithstanding anything to the contrary herein contained, in no
            event shall the Agent, the Issuer, or any Revolving Credit Lender be
            considered an "Affiliate" of a Loan Party.

                  (b) Any Person: which is a parent, brother-sister or
            subsidiary, of a Borrower; whose enterprise's tax returns or
            financial statements are consolidated


                                       2
<PAGE>
            with those of a Borrower; which is a member of the same controlled
            group of corporations (within the meaning of Section 1563(a)(1), (2)
            and (3) of the Internal Revenue Code of 1986, as amended from time
            to time) of which any Borrower is a member; or Controls or is
            Controlled by any Borrower.

                  (c) With respect to the Loan Parties, without limiting the
            provisions of clauses (a) and (b) hereof, "Affiliate" includes
            Schottenstein Stores Corporation.

      "AGENT":    Collectively, the Administrative Agent and the
            Collateral Agent.

      "AGENTS' RIGHTS AND REMEDIES":      Is defined in Section 12.7.

      "APPLICABLE LAW": As to any Person: (i) All statutes, rules, regulations,
            orders, or other requirements having the force of law and (ii) all
            court orders and injunctions, arbitrator's decisions, and/or similar
            rulings, in each instance ((i) and (ii)) of or by any federal,
            state, municipal, and other governmental authority, or court,
            tribunal, panel, or other body which has or claims jurisdiction over
            such Person, or any property of such Person, or of any other Person
            for whose conduct such Person would be responsible.

      "APPLICABLE MARGIN":    The following percentages for Base Margin
            Loans and LIBOR Loans based upon the following criteria:

<TABLE>
<CAPTION>
            LEVEL    EXCESS             APPLICABLE  APPLICABLE
                     AVAILABILITY       MARGIN FOR  MARGIN FOR
                                        BASE        LIBOR LOANS
                                        MARGIN
                                        LOANS
<S>                  <C>                <C>         <C>
            1        Greater than       0%          1.25%
                     $120,000,000
            2        Greater than       0%          1.50%
                     $75,000,000, but
                     less than or
                     equal to
                     $120,000,000
            3        Greater than       0%          1.75%
                     $35,000,000, but
                     less than or
                     equal to
                     $75,000,000
</TABLE>



                                       3
<PAGE>
<TABLE>
<S>                  <C>                <C>         <C>

            4        Less than or       0%          2.00%
                     equal to
                     $35,000,000
</TABLE>


            The Applicable Margin shall initially be established at Level 2.
            Thereafter, the Applicable Margin shall be adjusted quarterly on the
            first day of each calendar quarter, commencing ____, 2005 [six
            months], based upon the Average Excess Availability during the prior
            quarter, provided that in no event shall the Applicable Margin be
            established at Level 1 during the first six (6) months subsequent to
            the Effective Date. Upon the occurrence and during the continuance
            of a Specified Event of Default, the Applicable Margin may, at the
            option of the Agent, be immediately increased to the percentages set
            forth in Level 4 (even if the Excess Availability requirements for
            another Level have been met) and interest shall be determined in the
            manner set forth in Section 2.12(g).

      "APPRAISED INVENTORY LIQUIDATION VALUE": The product of (a) the Cost of
            Eligible Inventory (net of Inventory Reserves) multiplied by (b)
            that percentage, determined from the then most recent appraisal of
            each Borrower's Inventory undertaken initially at the Lead
            Borrower's request, and subsequently at the request of the
            Collateral Agent, to reflect the appraiser's estimate of the net
            recovery on such Borrower's Inventory in the event of an in-store
            liquidation of that Inventory.

      "APPRAISED INVENTORY PERCENTAGE":   87.5%.

      "ASSIGNING REVOLVING CREDIT LENDER":      Defined in Section 17.1(a).

      "ASSIGNMENT AND ACCEPTANCE":  Defined in Section 17.2.

      "AUTHORIZED OFFICER":   Is defined in Section 6.8.

      "AVAILABILITY RESERVES": Without duplication, such reserves as the
            Collateral Agent from time to time determines in the Collateral
            Agent's reasonable, good faith discretion as being appropriate to
            reflect the impediments to the Collateral Agent's ability to realize
            upon the Collateral. The Collateral Agent shall furnish the Lead
            Borrower with written notice two (2) Business Days prior to imposing
            or changing any Availability Reserve (unless a Specified Event of
            Default then exists and is continuing, in which event no prior
            notice shall be required). Without limiting the generality of the
            foregoing, Availability Reserves may include (but are not limited
            to) reserves based on the following:

                  (i)   rent (but only if a landlord's waiver, acceptable to the
                        Collateral Agent, has not been received by the
                        Collateral Agent).

                  (ii)  Customer Credit Liabilities.


                                       4
<PAGE>
                  (iii) taxes and other governmental charges, including, ad
                        valorem, personal property, and such other taxes which
                        are reasonably likely to have priority over the
                        Collateral Interests of the Collateral Agent in the
                        Collateral.

                  (iv)  L/C Landing Costs.

                  (v)   Hedge Agreements.

      Without limiting the rights of the Collateral Agent to establish or modify
      Availability Reserves, the initial Availability Reserves on the Effective
      Date shall be the following:

                  (a)   gift certificates and Merchandise Credits (in an
                        amount equal to fifty percent (50%) of the
                        outstanding gift certificates and merchandise
                        credits reflected in the Borrowers' financial
                        statements (which amount shall be updated no less
                        frequently than every thirty (30) days and which
                        financial statements will be maintained
                        consistently with past practices)).

                  (b)   landlord lien reserve equal to two months' rent for all
                        stores located in Pennsylvania and Virginia.

                  (c)   layaway deposits (in an amount equal to one hundred
                        percent (100%) of the outstanding layaway deposits
                        reflected in the Borrowers' financial statements (which
                        amount shall be updated no less frequently than every
                        thirty (30) days and which financial statements will be
                        maintained consistently with past practices)).

                  (d)   Hedge Agreements.

      "AVERAGE EXCESS AVAILABILITY ": For any period, the sum of Excess
            Availability for each day comprising such period divided by the
            number of days in such period.

      "BANKER'S ACCEPTANCE": A time draft or bill of exchange relating to a
            Documentary Letter of Credit which has been accepted by the Issuer.
            Without limitation, Existing Banker's Acceptances shall be deemed to
            be Banker's Acceptances issued under this Agreement and shall be
            entitled to all of the benefits hereof.

      "BANKER'S ACCEPTANCE FEES":   The fees payable in respect of
            Banker's Acceptances pursuant to Section 2.18.

      "BANKRUPTCY CODE":      Title 11, U.S.C., as amended from time to
            time.

      "BASE": For any day, a rate per annum equal to the higher of (a) the rate
            of interest which is established from time to time by NCB at its
            principal office in Cleveland, Ohio as its "prime rate" in effect,
            such rate to be adjusted automatically, without notice, as of the
            opening of business on the effective date


                                       5
<PAGE>
            of any change in such rate (it being agreed that (i) such rate is
            not necessarily the lowest rate of interest then available from NCB
            on fluctuating rate loans, and (ii) such rate may be established by
            NCB by public announcement or otherwise), and (b) the Federal Funds
            Effective Rate in effect on such day plus one-half of one percent
            (0.50%) per annum.

      "BASE MARGIN LOAN":     Each Revolving Credit Loan while bearing
            interest at the Base Margin Rate.

      "BASE MARGIN RATE":     That per annum rate which is the aggregate of the
            Base plus the Applicable Margin for Base Margin Loans.

      "BORROWER" and "BORROWERS":   Is defined in the Preamble.

      "BORROWING BASE CERTIFICATE": Is defined in Section 6.4.

      "BUSINESS DAY": Any day other than (a) a Saturday or Sunday; (b) any day
            on which banks in Cleveland, Ohio, generally are not open to the
            general public for the purpose of conducting commercial banking
            business; (c) a day on which the principal office of the
            Administrative Agent is not open to the general public to conduct
            business; or (d) when used in connection with a LIBOR Loan, any day
            on which banks are not open for dealings in dollar deposits in the
            London interbank market.

      "BUSINESS PLAN": The business plan for the Loan Parties fiscal years 2005
            through and including 2010 dated April 19, 2005, as set forth in
            that certain confidential side letter from the Lead Borrower to the
            Administrative Agent.

      "CAPITAL EXPENDITURES": The expenditure of funds or the incurrence
            of liabilities which may be capitalized in accordance with
            GAAP.

      "CAPITAL LEASE":  Any lease which may be capitalized in accordance
            with GAAP.

      "CASH CONTROL EVENT": Either (i) an Event of Default has occurred and is
            continuing, or (ii) the Average Excess Availability for any five (5)
            consecutive Business Days is less than Thirty Million Dollars
            ($30,000,000). For purposes hereof, the occurrence of a Cash Control
            Event shall be deemed continuing notwithstanding that Average Excess
            Availability may thereafter exceed the amount set forth in the
            preceding sentence unless and until Average Excess Availability
            exceeds such amounts for ninety (90) consecutive Business Days, in
            which case a Cash Control Event shall no longer be deemed to be
            continuing for purposes hereof; provided that a Cash Control Event
            shall be deemed continuing (even if Average Excess Availability
            exceeds the required amounts for ninety (90) consecutive Business
            Days) if a Cash Control Event has occurred and been discontinued on
            one (1) occasion during the preceding twelve month period.


                                       6
<PAGE>
      "CCM":      Cerberus Partners, L.P., a Delaware limited partnership
            with its principal office at 450 Park Avenue, New York, New
            York 10022.

      "CCM  TERM LOAN FACILITIES": The term loan facilities entered into
            between, among others, the Borrowers and CCM, as agent, pursuant to
            a Financing Agreement dated June 11, 2002, in the aggregate
            principal amount of $100,000,000.00, as amended and in effect.

      "CHANGE IN CONTROL":    The occurrence of any of the following:

                  (a) The acquisition, by any group of Persons (within the
            meaning of the Securities Exchange Act of 1934, as amended) or by
            any Person (other than by (x) a Person Controlled by Schottenstein
            Stores Corporation, or (y) one or more Family Trusts) of beneficial
            ownership (within the meaning of Rule 13d-3 of the Securities and
            Exchange Commission) of 25% or more of the issued and outstanding
            capital stock of the Parent having the right, under ordinary
            circumstances, to vote for the election of directors of the Parent,
            excluding from the foregoing any acquisition pursuant to warrants
            issued under the exercise of conversion rights under the Senior
            Non-Convertible Facility.

                  (b) Other than as a result of the exercise by CCM of board
            representation rights under the Senior Non-Convertible Facility,
            more than thirty percent (30%) of the Persons who were directors of
            the Parent on the first day of any period consisting of twelve (12)
            consecutive calendar months (the first of which twelve (12) month
            periods commencing with the first day of May, 2005), cease to be
            directors of the Parent for any reason, other than death,
            disability, or replacement (in the ordinary course of business and
            not as a result of any change in the equity ownership of the Parent)
            by other Persons nominated by the nominating committee of the board
            of directors of the Parent.


                  (c) The failure of the Parent to own, directly or indirectly,
            35% of the capital stock of each of the other Loan Parties and any
            group of Persons (within the meaning of the Securities Exchange Act
            of 1934, as amended) or any Person (other than by (x) a Person
            Controlled by Schottenstein Stores Corporation, or (y) one or more
            Family Trusts) owns beneficial ownership (within the meaning of
            Rule 13d-3 of the Securities and Exchange Commission) of the
            capital stock of the Loan Parties in an amount greater than the
            number of shares of such capital stock beneficially owned by (x) a
            Person Controlled by Schottenstein Stores Corporation, or (y) one
            or more Family Trusts.



                                       7
<PAGE>
                  (d) The failure of Schottenstein Stores Corporation or one or
            more Family Trusts to possess, directly or indirectly, the power to
            cause the direction of the management and policies of the Parent and
            the Borrowers.

      "CHATTEL PAPER":  Has the meaning given that term in the UCC.

      "COLLATERAL":     Is defined in Section 9.1.

      "COLLATERAL AGENT":     NCBC, in its capacity as Collateral Agent
            for the Revolving Credit Lenders hereunder.

      "COLLATERAL INTEREST":  Any interest in property to secure an
            obligation, including, without limitation, a security
            interest, mortgage, and deed of trust.

      "COLLATERAL MONITORING FEE": Is defined in Section 2.13.

      "COLLECTION ACCOUNT": Any DDA into which the proceeds of Collateral are
            transferred and concentrated, including, without limitation,
            transfers from other DDAs, credit card processors, checks, and
            accounts receivables. The Collection Accounts as of the Effective
            Date are set forth on EXHIBIT 8.3 hereto.

      "COLLECTION ACCOUNT AGREEMENT": An agreement, in form satisfactory to the
            Collateral Agent, which agreement recognizes the Collateral Agent'
            Collateral Interest in the contents of the DDA which is the subject
            of such agreement and agrees that, after and during the continuance
            of a Cash Control Event, such contents shall be transferred only to
            the Administrative Agent's Account or as otherwise instructed by the
            Administrative Agent.

      "COMMERCIAL TORT CLAIM": Has the meaning given that term in the UCC.

      "COMPETITIVE BUSINESS":    Any business or enterprise consisting of
            any of the following:


                                       8
<PAGE>
                  (a)   operation of off-price discount department stores.

                  (b)   operation of retail furniture stores and related
            accessories.

                  (c)   operation of designer and name brand shoe stores.

                  (d)   operation of licensed shoe departments.

                  (e)   furniture manufacturing.

                  (f)   bedding manufacturing.

      "CONSENT": Actual consent given by the Revolving Credit Lender from whom
            such consent is sought; or the passage of seven (7) Business Days
            from receipt of written notice to a Revolving Credit Lender from any
            Agent of a proposed course of action to be followed by such Agent
            without such Revolving Credit Lender's giving such Agent written
            notice of that Revolving Credit Lender's objection to such course of
            action, provided that the Agent may rely on such passage of time as
            consent by a Revolving Credit Lender only if such written notice
            states that consent will be deemed effective if no objection is
            received within such time period.

      "CONSOLIDATED": When used to modify a financial term, test, statement, or
            report, refers to the application or preparation of such term, test,
            statement or report (as applicable) based upon the consolidation, in
            accordance with GAAP, of the financial condition or operating
            results of the DSW and its Subsidiaries.

      "CONTROL": The possession, direct or indirect, of the power to cause the
            direction of the management and policies of a Person whether through
            the ownership of voting securities, by contract or otherwise. A
            Person shall be deemed to have control of another Person if it is a
            "beneficial owner" (as such term is defined in Rule 13d-3 and Rule
            13d-5 of the Securities Exchange Act of 1934, as amended) or a
            member of a "group" that is the beneficial owner, directly or
            indirectly, of 20% or more of the voting stock or equity interest in
            such Person. The terms "Controlled" and "Controlling" as used herein
            are intended to have the same meaning as "Control."

      "COST":     The lower of cost or market, determined in each case in
            accordance with GAAP.

      "COSTS OF COLLECTION": Includes, without limitation, all reasonable
            attorneys' fees and reasonable out-of-pocket expenses incurred by
            the Agents' and Issuer's attorneys, and all reasonable out-of-pocket
            costs incurred by the Agents and the Issuer in the administration of
            the Liabilities and/or the Loan Documents, including, without
            limitation, reasonable costs and expenses associated with travel on
            behalf of the Agents and Issuer, where such costs and expenses are
            related to or in respect of the Agents' and Issuer's: administration
            and management of the


                                       9
<PAGE>
            Liabilities; negotiation, documentation, and amendment of any Loan
            Document; or efforts to preserve, protect, collect, or enforce the
            Collateral, the Liabilities, and/or the Agents' Rights and Remedies
            and/or any of the rights and remedies of the Agents and Issuer
            against or in respect of any guarantor or other Person liable in
            respect of the Liabilities (whether or not suit is instituted in
            connection with such efforts). "Costs of Collection" also includes
            the reasonable fees and expenses of Lenders' Special Counsel. The
            Costs of Collection are Liabilities, and at the Administrative
            Agent's option may bear interest at the then effective Base Margin
            Rate after such time as they have been added to the Loan Account.

      "CREDIT CARD ADVANCE RATE":   85%

      "CUSTOMER CREDIT LIABILITY": Gift certificates, customer deposits,
            merchandise credits, layaway obligations, frequent shopping
            programs, and similar liabilities of any Borrower to its retail
            customers and prospective customers.

      "DDA":      Any checking or other demand daily depository account
            maintained by any Borrower other than any Exempt DDA.

      "DEFAULT": Any occurrence, circumstance, or state of facts with respect to
            a Borrower which (a) is an Event of Default; or (b) would become an
            Event of Default if any requisite notice were given and/or any
            requisite period of time were to run and such occurrence,
            circumstance, or state of facts were not cured within any applicable
            grace period.

      "DELINQUENT REVOLVING CREDIT LENDER":     Defined in Section 13.3(c).

      "DEPOSIT ACCOUNT":      Has the meaning given that term in the UCC
            and also includes all demand, time, savings, passbook, or
            similar accounts maintained with a bank.

      "DOCUMENTS":      Has the meaning given that term in the UCC.

      "DOCUMENTS OF TITLE":   Has the meaning given that term in the UCC.

      "DSW":      Has the meaning given that term in the Preamble hereto.

      "DSW SHOE" Has the meaning given that term in the Preamble hereto.

      "DSW

      "AVAILABILITY":         The result of the following:

                        (i)   The lesser of

                              (A)   The Revolving Credit Ceiling

                                       or


                                       10
<PAGE>
                              (B)   The DSW Borrowing Base

                        Minus

                        (ii)  The aggregate unpaid balance of the Loan Account
                              attributable to Revolving Credit Loans made to DSW
                              or DSW Shoe.
                        Minus

                        (iii) The aggregate undrawn Stated Amount of all then
                              outstanding L/Cs and Banker's Acceptances issued
                              for the account of DSW or DSW Shoe.

                        Minus

                        (iv)  The aggregate of the Availability Reserves.

      "DSW BORROWING BASE":   The aggregate of the following:

                  (a) The face amount of Eligible Credit Card Receivables of DSW
            and DSW Shoe multiplied by the Credit Card Advance Rate.

                        Plus

                  (b) The lesser of (a) the Cost of Eligible Inventory (net of
            Inventory Reserves) of DSW and DSW Shoe multiplied by the Inventory
            Advance Rate or (b) the Appraised Inventory Percentage of the
            Appraised Inventory Liquidation Value of the Inventory of DSW and
            DSW Shoe.

      "EBITDA": For the Borrowers, on a consolidated basis, in any period of
            determination, the sum, without duplication, of the following: Net
            Income determined in accordance with GAAP, plus, (a) Interest
            Expense, (b) taxes on income, (c) depreciation expense, (d)
            amortization expense, (e) all other non-cash and/or non-recurring
            charges and expenses, and (f) loss from any sale of assets, other
            than sales in the ordinary course of business, less (x) gain from
            any sale of assets, other than sales in the ordinary course of
            business and (y) all non-cash and/or non-recurring income, all of
            the foregoing determined in accordance with GAAP.

      "EFFECTIVE DATE": The date upon which the conditions precedent set forth
            in Article 3 hereof have been satisfied or waived and the first
            Revolving Credit Loans are to be made and L/Cs to be issued
            hereunder.

      "ELIGIBLE ASSIGNEE": A bank, insurance company, or company engaged in the
            business of making commercial loans having a combined capital and
            surplus in excess of $500,000,000 or any Affiliate of any Revolving
            Credit Lender, or any Person to whom a Revolving Credit Lender
            assigns its rights and obligations under this


                                       11
<PAGE>
            Agreement as part of a programmed assignment and transfer of such
            Revolving Credit Lender's rights in and to a material portion of
            such Revolving Credit Lender's portfolio of asset based credit
            facilities. In no event shall an "Eligible Assignee" include a
            Person who is engaged in a Competitive Business with any Loan Party,
            and as long as Schottenstein Stores Corporation remains in Control
            of the Borrowers, an "Eligible Assignee" shall in no event include a
            Person which is engaged in a Competitive Business or a Related
            Business with Schottenstein Stores Corporation.

      "ELIGIBLE CREDIT CARD RECEIVABLES": Accounts due on a non-recourse basis
            from major or private label credit card processors, which have been
            outstanding for less than five (5) Business Days.

      "ELIGIBLE INVENTORY": Such of the Borrowers' Inventory, inclusive of
            Eligible L/C Inventory, at such locations, and of such types,
            character, qualities and quantities, as the Collateral Agent in its
            reasonable, good faith discretion from time to time determines to be
            acceptable for borrowing, as to which Inventory, the Collateral
            Agent has a perfected security interest which is prior and superior
            to all security interests, claims, and Encumbrances. Without
            limiting the foregoing, Inventory acquired in a Permitted
            Acquisition (other than a Permitted Acquisition involving the merger
            of one or more Loan Parties) shall not be deemed Eligible Inventory
            unless the Collateral Agent otherwise agrees.

      "ELIGIBLE L/C INVENTORY": Without duplication of other Eligible Inventory,
            Inventory not yet delivered to the Borrowers, the purchase of which
            is supported by a documentary L/C or Banker's Acceptance then having
            an initial expiry of sixty (60) or less days, provided that

                  (a) Such Inventory is of such types, character, qualities and
            quantities (net of Inventory Reserves) as the Collateral Agent in
            its reasonable, good faith discretion from time to time determines
            to be eligible for borrowing and it would otherwise constitute
            Eligible Inventory; and

                  (b) The documentary L/C supporting such purchase names the
            Collateral Agent as consignee of the subject Inventory or the
            Collateral Agent has control over the documents which evidence
            ownership of the subject Inventory (such as by the providing to the
            Collateral Agent of a customs brokers agreement in form reasonably
            satisfactory to the Collateral Agent).

      "EMPLOYEE BENEFIT PLAN": An employee benefit pension benefit plan that is
            covered by Title IV of ERISA or is subject to the minimum finding
            standards under Section 412 of the Internal Revenue Code of 1986, as
            amended from time to time, and as to which a Borrower or any ERISA
            Affiliate may have any liability.

      "ENCUMBRANCE":    Each of the following:


                                       12

<PAGE>
                        (a) A Collateral Interest or agreement to create or
                  grant a Collateral Interest; a security interest; the interest
                  of a lessor under a Capital Lease; conditional sale or other
                  title retention agreement; sale of accounts receivable or
                  chattel paper; or other arrangement pursuant to which any
                  Person is entitled to any preference or priority with respect
                  to the property or assets of another Person or the income or
                  profits of such other Person; each of the foregoing whether
                  consensual or non-consensual and whether arising by way of
                  agreement, operation of law, legal process or otherwise.

                        (b) The filing of any financing statement under the UCC
                  or comparable law of any jurisdiction unless such financing
                  statement is terminated promptly upon any Loan Party's
                  knowledge thereof.

            "END DATE": The date upon which all of the following conditions are
                  met: (a) all payment Liabilities described in Section 19.2(a)
                  have been paid in full (b) satisfactory arrangements with
                  respect to L/Cs and Banker's Acceptances have been made in
                  accordance with the provisions of Section 19.2(b), and (c) all
                  obligations of any Revolving Credit Lender to make loans and
                  advances and to provide other financial accommodations to the
                  Borrowers hereunder shall have been irrevocably terminated.

            "ENVIRONMENTAL ACTIONS": Any complaint, summons, citation, notice,
                  directive, order, claim, litigation, investigation, judicial
                  or administrative proceeding, judgment, letter or other
                  communication from any Person or Governmental Authority
                  involving violations of Environmental Laws or Releases of
                  Hazardous Materials (i) from any assets, properties or
                  businesses owned or operated by any Loan Party or any of its
                  Subsidiaries or any predecessor in interest; or (ii) onto any
                  facilities which received Hazardous Materials generated by any
                  Loan Party or any of its Subsidiaries or any predecessor in
                  interest.

            "ENVIRONMENTAL LAWS": The Comprehensive Environmental Response,
                  Compensation and Liability Act (42 U.S.C.Section 9601, et
                  seq.), the Hazardous Materials Transportation Act (49
                  U.S.C.Section 1801, et seq.), the Resource Conservation and
                  Recovery Act (42 U.S.C.Section 6901, et seq.), the Federal
                  Clean Water Act (33 U.S.C.Section 1251 et seq.), the Clean Air
                  Act (42 U.S.C.Section 7401 et seq.), the Toxic Substances
                  Control Act (15 U.S.C.Section 2601 et seq.) and the
                  Occupational Safety and Health Act (29 U.S.C.Section 651 et
                  seq.), as such laws may be amended or otherwise modified from
                  time to time, and any other present or future federal, state,
                  local or foreign statute, ordinance, rule, regulation, order,
                  judgment, decree, permit, license or other binding
                  determination of any Governmental Authority imposing liability
                  or establishing standards of conduct for protection of the
                  environment or other government restrictions relating to the
                  protection of the environment or the Release, deposit or
                  migration of any Hazardous Materials into the environment.


                                       13
<PAGE>
            "ENVIRONMENTAL LIABILITIES AND COSTS": All liabilities, monetary
                  obligations, remedial actions, losses, damages, punitive
                  damages, consequential damages, treble damages, reasonable
                  costs and expenses (including all reasonable fees,
                  disbursements and expenses of counsel, experts and consultants
                  and costs of investigations and feasibility studies), fines,
                  penalties, sanctions and interest incurred as a result of any
                  claim or demand by any Governmental Authority or any third
                  party, and which relate to any environmental condition or a
                  Release of Hazardous Materials from or onto (i) any property
                  presently or formerly owned by any Loan Party or any of its
                  Subsidiaries or (ii) any facility which received Hazardous
                  Materials generated by any Loan Party or any of its
                  Subsidiaries.

            "ENVIRONMENTAL LIEN": Any Lien in favor of any Governmental
                  Authority for Environmental Liabilities and Costs.

            "EQUIPMENT": Includes, without limitation, "equipment" as defined in
                  the UCC, and also all furniture, store fixtures, motor
                  vehicles, rolling stock, machinery, office equipment, plant
                  equipment, tools, dies, molds, and other goods, property, and
                  assets which are used and/or were purchased for use in the
                  operation or furtherance of a Borrowers' business, and any and
                  all accessions or additions thereto, and substitutions
                  therefor.

            "ERISA": The Employee Retirement Income Security Act of 1974, as
                  amended.

            "ERISA AFFILIATE": Any Person which is under common control with a
                  Borrower within the meaning of Section 4001 of ERISA or is
                  part of a group which includes any Borrower and which would be
                  treated as a single employer under Section 414 of the Internal
                  Revenue Code of 1986, as amended from time to time.

            "EUROCURRENCY RESERVE PERCENTAGE": For any Interest Period with
                  respect to a LIBOR Loan, as of any date of determination, the
                  aggregate of the then stated maximum reserve percentages
                  (including any marginal, special, emergency or supplemental
                  reserves), expressed as a decimal, applicable to such Interest
                  Period (if more than one such percentage is applicable, the
                  daily average of such percentages for those days in such
                  Interest Period during which any such percentages shall be so
                  applicable) by the Board of Governors of the Federal Reserve
                  System, any successor thereto, or any other banking authority,
                  domestic or foreign, to which the Administrative Agent or any
                  Revolving Credit Lender may be subject in respect of
                  eurocurrency funding (currently referred to as "Eurocurrency
                  Liabilities" in Regulation D of the Federal Reserve Board) or
                  in respect of any other category of liabilities including
                  deposits by reference to which the rate of interest on LIBOR
                  Loans is determined or any category or extension of credit or
                  other assets that include LIBOR Loans. as defined in such
                  regulations. For purposes hereof, such reserve requirements
                  shall include, without limitation, those imposed under
                  Regulation D of the Federal Reserve Board and the LIBOR Loans
                  shall be deemed to constitute Eurocurrency Liabilities subject
                  to reserve requirements without benefit of credits for
                  proration, exceptions or


                                       14
<PAGE>
                  offsets which may be available to any Revolving Credit Lender
                  under Regulation D.

            "EVENTS OF DEFAULT": Is defined in Article 11. An "Event of Default"
                  shall be deemed to have occurred and to be continuing unless
                  and until that Event of Default has been duly waived by the
                  Administrative Agent in writing or cured to the satisfaction
                  of the Administrative Agent.

            "EXCESS AVAILABILITY": As of any date of determination, DSW
                  Availability less all then held checks, accounts payable which
                  are beyond customary payment terms consistent with past
                  practice (other than accounts payable which are being disputed
                  in good faith and for which the Borrowers have adequate
                  reserves), and overdrafts (other than daylight overdrafts, as
                  defined in the Federal Reserve Daylight Credit Policies in
                  effect from time to time).

            "EXCLUDED PROPERTY": Shall mean the following:

                        (a) the Equipment that is subject to a "purchase money
                  security interest", as such term is now or hereafter defined
                  in the UCC, which (x) constitutes a Permitted Encumbrance
                  under this Agreement and (y) prohibits the creation by a Loan
                  Party of a junior security interest therein, unless the holder
                  thereof has consented to the creation of such a junior
                  security interest; or

                        (b) any General Intangibles, other than Payment
                  Intangibles, if and only to the extent that (i) in the case of
                  any such General Intangible, (x) any contract evidencing such
                  General Intangible contains a valid and effective contractual
                  restriction or limitation which prohibits the grant or
                  creation of a security interest therein, or (y) a valid and
                  effective restriction or limitation imposed by applicable law,
                  regulation, rule, order or other directive of any governmental
                  body, agency or authority, or the order of any court of
                  competent jurisdiction, prohibits the grant or creation of a
                  security interest in such General Intangible, or (ii) in the
                  case of any such General Intangible, such General Intangible
                  would be subject to loss or forfeiture upon the grant or
                  creation of a security interest therein by reason of (x) a
                  valid and effective contractual restriction or limitation
                  contained in any contract evidencing such General Intangible,
                  or (y) a valid and effective restriction or limitation imposed
                  by applicable law, regulation, rule, order or other directive
                  of any governmental body, agency or authority, or the order of
                  any court of competent jurisdiction; or

                        (c) Inventory or other property held pursuant to
                  consignment arrangements (other than between the Loan Parties)
                  in which a Borrower is the consignee to the extent that the
                  consignor has properly perfected its interest therein; or

                        (d) all motor vehicles owned by any Loan Party; or


                                       15
<PAGE>
                        (e) any Exempt DDA.

            provided that the Proceeds realized from any of the foregoing shall
            not be deemed Excluded Property but shall constitute Collateral.

            "EXEMPT DDA": Those depository accounts described on EXHIBIT 1.4
                  hereto, and, in addition, any depository account maintained by
                  any Borrower, the only contents of which may be transfers from
                  the Operating Account and actually used solely (i) for petty
                  cash purposes; (ii) for payroll; (iii) for charitable
                  contributions; or (iv) for medical, pension, benefits, VEBA,
                  employees, taxes, stock options and like special purpose
                  accounts.

            "EXISTING L/CS": Those letters of credit described on EXHIBIT 1.1
                  hereto which have been issued by NCB under the Borrowers'
                  existing credit facility with, among others, NCB.

            "FACILITY GUARANTEE": A guaranty executed by the Facility Guarantors
                  in favor of the Agent, the Issuer and the Revolving Credit
                  Lenders.

            "FACILITY GUARANTORS": Each Borrower and all other Subsidiaries of
                  the Borrowers now existing or hereafter created, other than
                  the Unrestricted Subsidiaries.

            "FACILITY GUARANTORS COLLATERAL DOCUMENTS": All security agreements,
                  mortgages, pledge agreements, deeds of trust, and other
                  instruments, documents or agreements executed and delivered by
                  any Facility Guarantor to secure the Facility Guarantee.

            "FAMILY TRUST": One or more trusts established for the benefit of
                  any of Jay L. Schottenstein, Susan S. Diamond, Ann S. Deshe,
                  Lori Schottenstein, Geraldine Schottenstein, any of their
                  respective spouses, children or lineal descendants, or any
                  Person Controlled by any such trust or trusts.

            "FARM PRODUCTS": Has the meaning given that term in the UCC.

            "FEDERAL FUNDS EFFECTIVE RATE": For any day, the rate per annum
                  (rounded upwards, if necessary, to the nearest 1/100th of 1%)
                  equal to the weighted average of the rates on overnight
                  federal funds transactions with members of the Federal Reserve
                  System arranged by federal funds brokers on such day, as
                  published by the Federal Reserve Bank of New York on the
                  Business Day next succeeding such day, provided that (i) if
                  the day for which such rate is to be determined is not a
                  Business Day, the Federal Funds Effective Rate for such day
                  shall be such rate on such transactions on the immediately
                  preceding Business Day as so published on the next succeeding
                  Business Day, and (ii) if such rate is not so published for
                  any Business Day, the Federal Funds Effective Rate for such
                  day shall be the average of quotations for such day on such
                  transactions received by the Administrative


                                       16
<PAGE>
                  Agent from three federal funds brokers of recognized standing
                  selected by the Administrative Agent.

            "FEE LETTER": That letter dated on or about the Effective Date and
                  styled "Fee Letter" between the Lead Borrower and the
                  Administrative Agent, as such letter may from time to time be
                  amended.

            "FISCAL": When followed by "month", "quarter" or "year", the
                  relevant fiscal period based on the Borrowers' fiscal year and
                  accounting conventions.

            "FIXED CHARGES": The sum of the following for the Borrowers on a
                  consolidated basis: (a) Interest Expense, plus (b) scheduled
                  payments of principal on Indebtedness (including Capital
                  Leases).

            "FIXED CHARGE COVERAGE RATIO": For the Borrowers on a consolidated
                  basis, at any date of determination, the ratio of (a) EBITDA,
                  minus Capital Expenditures, minus income taxes paid in cash,
                  minus dividends and other distributions on account of DSW's
                  capital stock, for the applicable period then ending taken as
                  one accounting period, to (b) Fixed Charges, for the
                  applicable period then ending taken as one accounting period.

            "FIXTURES": Has the meaning given that term in the UCC.

            "GAAP": Generally accepted accounting principles in effect from time
                  to time in the United States, applied on a consistent basis,
                  provided that "GAAP" shall mean generally accepted accounting
                  principles consistent with those used in the preparation of
                  the financial statements described herein.

            "GENERAL INTANGIBLES": Includes, without limitation, "general
                  intangibles" as defined in the UCC; and also all: rights to
                  payment for credit extended; deposits (other than DDAs);
                  amounts due to any Borrower; credit memoranda in favor of any
                  Borrower; warranty claims; tax refunds and abatements;
                  insurance refunds and premium rebates; all means and vehicles
                  of investment or hedging, including, without limitation,
                  options, warrants, and futures contracts; records; customer
                  lists; telephone numbers; goodwill; causes of action;
                  judgments; payments under any settlement or other agreement;
                  literary rights; rights to performance; royalties; license
                  and/or franchise fees; rights of admission; licenses;
                  franchises; license agreements, including all rights of any
                  Borrower to enforce same; permits, certificates of convenience
                  and necessity, and similar rights granted by any governmental
                  authority; patents, patent applications, patents pending, and
                  other intellectual property; internet addresses and domain
                  names; developmental ideas and concepts; proprietary
                  processes; blueprints, drawings, designs, diagrams, plans,
                  reports, and charts; catalogs; manuals; technical data;
                  computer software programs (including the source and object
                  codes therefor), computer records, computer software, rights
                  of access to computer record service bureaus, service bureau
                  computer contracts, and computer data; tapes, disks,
                  semi-conductors


                                       17
<PAGE>
                  chips and printouts; trade secrets rights, copyrights, mask
                  work rights and interests, and derivative works and interests;
                  user, technical reference, and other manuals and materials;
                  trade names, trademarks, service marks, and all goodwill
                  relating thereto; applications for registration of the
                  foregoing; and all other general intangible property of any
                  Borrower in the nature of intellectual property; proposals;
                  cost estimates, and reproductions on paper, or otherwise, of
                  any and all concepts or ideas, and any matter related to, or
                  connected with, the design, development, manufacture, sale,
                  marketing, leasing, or use of any or all property produced,
                  sold, or leased, by any Borrower or credit extended or
                  services performed, by any Borrower, whether intended for an
                  individual customer or the general business of any Borrower,
                  or used or useful in connection with research by any Borrower.

            "GOODS": Has the meaning given that term in the UCC, and also
                  includes all things movable when a security interest therein
                  attaches and also all computer programs embedded in goods and
                  any supporting information provided in connection with a
                  transaction relating to the program if (i) the program is
                  associated with the goods in such manner that it customarily
                  is considered part of the goods or (ii) by becoming the owner
                  of the goods, a Person acquires a right to use the program in
                  connection with the goods.

            "GOVERNMENTAL AUTHORITY": Any nation or government, any federal,
                  state, city, town, municipality, county, local or other
                  political subdivision thereof or thereto and any department,
                  commission, board, bureau, instrumentality, agency or other
                  entity exercising executive, legislative, judicial, taxing,
                  regulatory or administrative powers or functions of or
                  pertaining to government.

            "HAZARDOUS MATERIALS": (a) Any element, compound or chemical that is
                  defined, listed or otherwise classified as a contaminant,
                  pollutant, toxic pollutant, toxic or hazardous substance,
                  extremely hazardous substance or chemical, hazardous waste,
                  special waste, or solid waste under Environmental Laws or that
                  is reasonably likely to cause immediately, or at some
                  reasonably foreseeable future time, harm to or have an adverse
                  effect on, the environment or risk to human health or safety,
                  including, without limitation, any pollutant, contaminant,
                  waste, hazardous waste, toxic substance or dangerous good
                  which is defined or identified in any Environmental Law and
                  which is present in the environment in such quantity or state
                  that it contravenes any Environmental Law; (b) petroleum and
                  its refined products; (c) polychlorinated biphenyls; (d) any
                  substance exhibiting a hazardous waste characteristic,
                  including, without limitation, corrosivity, ignitability,
                  toxicity or reactivity as well as any radioactive or explosive
                  materials; and (e) any raw materials, building components
                  (including, without limitation, asbestos-containing materials)
                  and manufactured products containing hazardous substances
                  listed or classified as such under Environmental Laws.


                                       18
<PAGE>
            "HEDGE AGREEMENTS": All obligations of any Person in respect of
                  interest rate swap agreements, currency swap agreements and
                  other similar agreements designed to hedge against
                  fluctuations in interest rates or foreign exchange rates.

            "INDEBTEDNESS": Without duplication, all obligations, contingent and
                  otherwise, that in accordance with GAAP should be classified
                  upon the balance sheet of any Borrower and/or the consolidated
                  balance sheet of the Borrowers as liabilities, other than
                  trade payables, deferred rent, or accrued expenses incurred in
                  the ordinary course of business or to which reference should
                  be made by footnotes thereto, including in any event and
                  whether or not so classified:

                        (a) All obligations in respect of money borrowed
                  (including any indebtedness which is non-recourse to the
                  credit of such Person but which is secured by an Encumbrance
                  on any asset of such Person) whether or not evidenced by a
                  promissory note, bond, debenture or other written obligation
                  to pay money.

                        (b) All obligations evidenced by bonds, notes,
                  debentures or other similar instruments.

                        (c) All obligations in connection with Hedge Agreements.

                        (d) All obligations in connection with any letter of
                  credit or acceptance transaction (including, without
                  limitation, the face amount of all letters of credit and
                  acceptances issued for the account of such Person or
                  reimbursement on account of which such Person would be
                  obligated).

                        (e) All obligations in connection with the sale or
                  discount of accounts receivable or chattel paper of such
                  Person.

                        (f) All obligations on account of deposits or advances
                  other than deferred rent incurred in the ordinary course of
                  business.

                        (g) All obligations as lessee under Capital Leases; and

                        (h) All obligations in connection with any sale and
                  leaseback transaction.

                              "Indebtedness" also includes:

                              (x) Indebtedness of others secured by an
                        Encumbrance on any asset of such Person, whether or not
                        such Indebtedness is assumed by such Person.

                              (y) Any guaranty, endorsement, suretyship or other
                        undertaking pursuant to which that Person may be liable
                        in respect of Indebtedness of any third party; and


                                       19
<PAGE>
                              (z) The Indebtedness of a partnership or joint
                        venture for which such Person is liable as a general
                        partner or joint venturer.

            "INDEMNIFIED PERSON": Is defined in Section 20.15.

            "INFORMATION": Is defined in Section 20.3.

            "INSTRUMENTS": Has the meaning given that term in the UCC.

            "INTERCOMPANY NOTES": The promissory notes and other evidences of
                  Indebtedness amongst the Loan Parties outstanding from time to
                  time. The Intercompany Notes outstanding as of the Effective
                  Date are set forth on EXHIBIT 1.3 hereto.

            "INTEREST EXPENSE": Total interest expense generated during the
                  period in question (including attributable to conditional
                  sales contracts, Capital Leases and other title retention
                  agreements in accordance with GAAP) of the Borrowers on a
                  consolidated basis with respect to all outstanding
                  Indebtedness including accrued interest and interest paid in
                  kind and capitalized interest, fees, commissions, discounts
                  and other fees owed with respect to letters of credit and
                  bankers' acceptance financing, and net costs under Hedge
                  Agreements.

            "INTEREST PAYMENT DATE": With reference to:

                        Each LIBOR Loan: The last day of the Interest Period
                  relating thereto (and on the last day of the third month for
                  any such loan which has a six month Interest Period); the
                  Termination Date; and the End Date.

                        Each Base Margin Loan: The first day of each [August,
                  November, February and May]; the Termination Date; and the End
                  Date.

            "INTEREST PERIOD": The following:

                        (a) With respect to each LIBOR Loan: Subject to
                  Subsection (c), below, the period commencing on the date of
                  the making or continuation of, or conversion to, the subject
                  LIBOR Loan and ending one, two, three, or six months
                  thereafter, as the Lead Borrower may elect by notice (pursuant
                  to Section 2.5) to the Administrative Agent

                        (b) With respect to each Base Margin Loan: Subject to
                  Subsection (c), below, the period commencing on the date of
                  the making or continuation of or conversion to such Base
                  Margin Loan and ending on that date (i) as of which the
                  subject Base Margin Loan is converted to a LIBOR Loan, as the
                  Lead Borrower may elect by notice (pursuant to Section 2.5) to
                  the Administrative Agent, or (ii) on which the subject Base
                  Margin Loan is paid by the Borrowers.

                        (c) The setting of Interest Periods is in all instances
                  subject to the following:


                                       20
<PAGE>
                        (i)   Any Interest Period for a Base Margin Loan which
                              would otherwise end on a day which is not a
                              Business Day shall be extended to the next
                              succeeding Business Day.

                        (ii)  Any Interest Period for a LIBOR Loan which would
                              otherwise end on a day that is not a Business Day
                              shall be extended to the next succeeding Business
                              Day, unless that succeeding Business Day is in the
                              next calendar month, in which event such Interest
                              Period shall end on the last Business Day of the
                              month during which the Interest Period ends.

                        (iii) Subject to Subsection (iv), below, any Interest
                              Period applicable to a LIBOR Loan, which Interest
                              Period begins on a day for which there is no
                              numerically corresponding day in the calendar
                              month during which such Interest Period ends,
                              shall end on the last Business Day of the month
                              during which that Interest Period ends.

                        (iv)  Any Interest Period which would otherwise end
                              after the Termination Date shall end on the
                              Termination Date.

                        (v)   The number of Interest Periods in effect at any
                              one time is subject to Section 2.12 hereof.

            "INVENTORY": Includes, without limitation, "inventory" as defined in
                  the UCC and also all: (a) Goods which are leased by a Person
                  as lessor; are held by a Person for sale or lease or to be
                  furnished under a contract of service; are furnished by a
                  Person under a contract of service; or consist of raw
                  materials, work in process, or materials used or consumed in a
                  business; (b) Goods of said description in transit; (c) Goods
                  of said description which are returned, repossessed and
                  rejected; (d) packaging, advertising, and shipping materials
                  related to any of the foregoing; (e) all names, marks, and
                  General Intangibles affixed or to be affixed or associated
                  thereto; and (f) Documents and Documents of Title which
                  represent any of the foregoing.

            "INVENTORY ADVANCE RATE": The following percentages of the Cost of
                  Eligible Inventory of the Borrowers specified below for the
                  periods indicated:


                                       21
<PAGE>
<TABLE>
<CAPTION>
Period                     Inventory Advance Rate
------                     ----------------------
<S>                        <C>
January 1 through March    79%
31 of each year
April 1 through October    83%
14 of each year
October 15 through         79%
December 31 of each year
</TABLE>


            Any Inventory Advance Rate may be increased by the Collateral Agent
            from time to time in its sole discretion by an amount not to exceed
            two percent (2%) from the rates set forth above. Without limiting
            the generality of the Collateral Agent's discretion, the increase of
            an Inventory Advance Rate by the Collateral Agent shall not obligate
            the Collateral Agent to maintain such increased Inventory Advance
            Rate for any specific period of time and the Collateral Agent may
            reduce the Inventory Advance Rate (but not below the levels set
            forth in the above table) at any time in their sole discretion. The
            increase of the Inventory Advance Rate by the Collateral Agent on
            any one occasion shall not obligate them to increase the Inventory
            Advance Rate on any other occasion.

            "INVENTORY RESERVES": Without duplication, such Reserves as may be
                  established from time to time by the Collateral Agent in the
                  Collateral Agent's reasonable, good faith discretion with
                  respect to the determination of the saleability, at retail, of
                  the Eligible Inventory or which reflect such other factors as
                  affect the market value of the Eligible Inventory. The
                  Collateral Agent shall furnish the Lead Borrower with notice
                  two (2) Business Days prior to imposing or changing any
                  Inventory Reserve (unless a Specified Event of Default then
                  exists and is continuing, in which event no prior notice shall
                  be required). Without limiting the rights of the Collateral
                  Agent to establish or modify Inventory Reserves, the initial
                  Inventory Reserves on the Effective Date shall be the
                  following:

                        (a)   Shrinkage.

                        (b)   Consigned Inventory.

                        (c)   Damaged Goods.

            "INVESTMENT PROPERTY": Has the meaning given that term in the UCC.

            "ISSUER": The issuer of any L/C or Banker's Acceptance. The Issuer
                  shall be NCB or such other Revolving Credit Lender (or
                  Affiliate of a Revolving Credit Lender) as the Lead Borrower
                  (with the consent of the Administrative Agent, which consent
                  shall not be unreasonably withheld) may select.


                                       22
<PAGE>
            "L/C": Any letter of credit issued pursuant to this Agreement.
                  Without limitation, Existing L/Cs shall be deemed to be L/Cs
                  issued under this Agreement and shall be entitled to all of
                  the benefits hereof.

            "L/C LANDING COSTS": To the extent not included in the Stated Amount
                  of an L/C or a Banker's Acceptance, customs, duty, freight,
                  and other out-of-pocket costs and expenses which will be
                  expended to "land" the Inventory, the purchase of which is
                  supported by such L/C or Banker's Acceptance.

            "L/C FEES": The fees payable in respect of L/Cs pursuant to Section
                  2.18.

            "LEAD ARRANGER": NCB.

            "LEAD BORROWER": Defined in the Preamble.

            "LEASE": Any lease or other agreement, no matter how styled or
                  structured, pursuant to which a Borrower is entitled to the
                  use or occupancy of any space.

            "LEASEHOLD INTEREST": Any interest of a Borrower as lessee under any
                  Lease.

            "LENDERS' SPECIAL COUNSEL": A single counsel, selected by the
                  Majority Lenders following the occurrence of an Event of
                  Default, to represent the interests of the Revolving Credit
                  Lenders in connection with the enforcement, attempted
                  enforcement, or preservation of any rights and remedies under
                  this, or any other Loan Document, as well as in connection
                  with any "workout", forbearance, or restructuring of the
                  credit facility contemplated hereby.

            "LETTER-OF-CREDIT RIGHT": Has the meaning given that term in UCC and
                  also refers to any right to payment or performance under an
                  L/C, whether or not the beneficiary has demanded or is at the
                  time entitled to demand payment or performance.

            "LIABILITIES": Includes, without limitation, the following:

                        (a) All and each of the following, arising under this
                  Agreement or under any of the other Loan Documents, whether
                  now existing or hereafter arising:

                        (i)   Any and all direct and indirect liabilities,
                              debts, and obligations of each Borrower to any
                              Agent or any Revolving Credit Lender, each of
                              every kind, nature, and description.

                        (ii)  Each obligation to repay any loan, advance,
                              indebtedness, note, obligation, overdraft, or
                              amount now or hereafter owing by any Borrower to
                              each Agent or any Revolving Credit Lender
                              (including all future advances whether or not made
                              pursuant to a commitment by the Agent or any


                                       23
<PAGE>
                              Revolving Credit Lender), whether or not any of
                              such are liquidated, unliquidated, primary,
                              secondary, secured, unsecured, direct, indirect,
                              absolute, contingent, or of any other type,
                              nature, or description, or by reason of any cause
                              of action which any Agent or any Revolving Credit
                              Lender may hold against any Borrower.

                        (iii) All notes and other obligations of each Borrower
                              now or hereafter assigned to or held by any Agent
                              or any Revolving Credit Lender, each of every
                              kind, nature, and description.

                        (iv)  All interest, fees, and charges and other amounts
                              which may be charged by any Agent or any Revolving
                              Credit Lender to any Borrower and/or which may be
                              due from any Borrower to any Agent or any
                              Revolving Credit Lender from time to time.

                        (v)   All reasonable costs and expenses incurred or paid
                              by any Agent or any Revolving Credit Lender in
                              respect of any agreement between any Borrower and
                              any Agent or any Revolving Credit Lender or
                              instrument furnished by any Borrower to any Agent
                              or any Revolving Credit Lender (including, without
                              limitation, Costs of Collection, reasonable
                              attorneys' fees, and all court and litigation
                              costs and expenses).

                        (vi)  Any and all covenants of each Borrower to or with
                              any Agent or any Revolving Credit Lender and any
                              and all obligations of each Borrower to act or to
                              refrain from acting in accordance with any
                              agreement between that Borrower and any Agent or
                              any Revolving Credit Lender or instrument
                              furnished by that Borrower to any Agent or any
                              Revolving Credit Lender.

                        (vii) Each of the foregoing as if each reference to the
                              "any Agent or any Revolving Credit Lender" were to
                              each Affiliate of each Agent.

                        (b) Any and all direct or indirect liabilities, debts,
                  and obligations of each Borrower to any Agent or any Affiliate
                  of any Agent, each of every kind, nature, and description
                  owing on account of any service or accommodation provided to,
                  or for the account of any Borrower pursuant to this or any
                  other Loan Document, including cash management services, Hedge
                  Agreements, and the issuances of L/C's and Banker's
                  Acceptances.


                                       24
<PAGE>
            "LIBOR BUSINESS DAY": Any day which is both a Business Day and a day
                  on which the London interbank market in which NCB participates
                  is open for dealings in United States Dollar deposits.

            "LIBOR LOAN": Any Revolving Credit Loan which bears interest at a
                  LIBOR Rate.

            "LIBOR MARGIN": The Applicable Margin for LIBOR Loans.

            "LIBOR OFFER RATE": For any Interest Period for LIBOR Loans, the
                  quotient (rounded upwards, if necessary, to the next 1/100 of
                  1%) of : (x) the per annum rate of interest determined by the
                  Administrative Agent in accordance with its usual procedures
                  (which determination shall be conclusive absent manifest
                  error) as of approximately 11:00 a.m. (London time) two LIBOR
                  Business Days prior to the beginning of such Interest Period
                  pertaining to such LIBOR Loan, as provided by Bloomberg's or
                  Reuters (or any similar company or service that provides rate
                  quotations comparable to those currently provided by such
                  companies as the rate in the London interbank market) as the
                  rate in the London interbank market for deposits in U.S.
                  Dollars in immediately available funds with a maturity
                  comparable to such Interest Period divided by (y) a number
                  equal to 1.00 minus the Eurocurrency Reserve Percentage. In
                  the event that such rate quotation is not available for any
                  reason, then the rate (for purposes of clause (x) hereof)
                  shall be the rate, determined by the Administrative Agent as
                  of approximately 11:00 a.m. (London time) two LIBOR Business
                  Days prior to the beginning of such Interest Period pertaining
                  to such LIBOR Loan, to be the average (rounded upwards, if
                  necessary, to the next 1/100 of 1%) of the per annum rates at
                  which deposits in U.S. Dollars in immediately available funds
                  in an amount comparable to NCBC's Revolving Credit Commitment
                  Percentage of such LIBOR Loan and with a maturity comparable
                  to such Interest Period are offered to the prime banks by
                  leading banks in the London interbank market. The LIBOR Offer
                  Rate shall be adjusted automatically on and as of the
                  effective date of any change in the Eurocurrency Reserve
                  Percentage.

            "LIBOR RATE": That per annum rate which is the aggregate of the
                  LIBOR Offer Rate plus the LIBOR Margin.

            "LIQUIDATION": The exercise, by the Collateral Agent, of those
                  rights accorded to the Collateral Agent under the Loan
                  Documents as a creditor of the Borrowers following and on
                  account of the occurrence and continuance of an Event of
                  Default looking towards the realization on the Collateral.
                  Derivations of the word "Liquidation" (such as "Liquidate")
                  are used with like meaning in this Agreement.

            "LOAN ACCOUNT": Is defined in Section 2.9.

            "LOAN COMMITMENT": With respect to each Revolving Credit Lender,
                  that respective Revolving Credit Lender's Revolving Credit
                  Dollar Commitment.


                                       25
<PAGE>
            "LOAN DOCUMENTS": This Agreement, the Facility Guarantee, the
                  Facility Guarantors Collateral Documents, and each other
                  instrument or document from time to time executed and/or
                  delivered in connection with the arrangements contemplated
                  hereby or in connection with any transaction with any Agent or
                  any Affiliate of any Agent related to this Agreement,
                  including, without limitation, any transaction which arises
                  out of any cash management, depository, investment, banker's
                  acceptance, letter of credit, interest rate protection, Hedge
                  Agreement, or other services provided by any Agent or any
                  Affiliate of any Agent, as each may be amended from time to
                  time.

            "LOAN PARTY OR LOAN PARTIES": Collectively, the Borrowers and the
                  Facility Guarantors.

            "MAJORITY LENDERS": (a) If there are two or fewer Revolving Credit
                  Lenders who are not Delinquent Revolving Credit Lenders: All
                  Revolving Credit Lenders who are not Delinquent Revolving
                  Credit Lenders.

                        (b) If there are three or more Revolving Credit Lenders
                  who are not Delinquent Revolving Credit Lenders: Revolving
                  Credit Lenders (other than Delinquent Revolving Credit
                  Lenders) holding at least 51% of the Revolving Credit
                  Commitment Percentages of the Revolving Credit Dollar
                  Commitments of Revolving Credit Lenders who are not Delinquent
                  Revolving Credit Lenders.

            "MATERIAL ACCOUNTING CHANGE": Any change in GAAP applicable to
                  accounting periods subsequent to the Borrowers' fiscal year
                  most recently completed prior to the execution of this
                  Agreement, which change has a material effect on the
                  Borrowers' Consolidated financial condition or operating
                  results, as reflected on financial statements and reports
                  prepared by or for the Borrowers and their Subsidiaries, when
                  compared with such condition or results as if such change had
                  not taken place.

            "MATERIAL ADVERSE EFFECT": A material adverse effect on (a) the
                  business, operations, property, assets, or financial condition
                  of the Loan Parties taken as a whole, or (b) the validity or
                  enforceability of this Agreement or any of the other Loan
                  Documents or any of the material rights or remedies of the
                  Agent or the Revolving Credit Lenders hereunder or thereunder.

            "MATURITY DATE": June __, 2010.

            "NCB": National City Bank, a national banking association.

            "NCBC": National City Business Credit, Inc., an Ohio corporation.

            "NET INCOME": The net income (or loss) of the Borrowers on a
                  consolidated basis for such period taken as a single
                  accounting period determined in conformity with GAAP;
                  provided, that there shall be excluded (i) the income (or
                  loss) of any


                                       26
<PAGE>
                  Person in which any other Person (other than the Borrowers)
                  has a joint interest, except to the extent of the amount of
                  dividends or other distributions actually paid to the
                  Borrowers by such Person during such period, (ii) the income
                  (or loss) of any Person accrued prior to the date it becomes a
                  Borrower or is merged into or consolidated with a Borrower or
                  that Person's assets are acquired by a Borrower, and (iii) the
                  income of any Subsidiary of the Borrowers to the extent that
                  the declaration or payment of dividends or similar
                  distributions of that income by that Subsidiary is not at the
                  time permitted by operation of the terms of the charter or any
                  agreement, instrument, judgment, decree, order, statute, rule
                  or governmental regulation applicable to that Subsidiary.

            "NOMINEE": A business entity (such as a corporation or limited
                  partnership) formed by the Collateral Agent to own or manage
                  any Post Foreclosure Asset.

            "OPERATING ACCOUNT": Is defined in Section 8.3.

            "OVERLOAN": A loan, advance, or providing of credit support (such as
                  the issuance of any L/C) to the extent that, immediately after
                  its having been made, DSW Availability is less than zero.

            "PARENT": Retail Ventures, Inc., an Ohio corporation.

            "PARTICIPANT": Is defined in Section 20.18, hereof.

            "PAYMENT INTANGIBLE": As defined in the UCC and also any general
                  intangible under which the Account Debtor's primary obligation
                  is a monetary obligation.

            "PERMITTED ACQUISITION": (i) Any Acquisition the cash consideration
                  for which is less than $3,000,000 in the aggregate in any
                  fiscal year of the Borrowers and their Subsidiaries and which
                  satisfies the conditions set forth in clauses (f), (g), (h),
                  and (i) below, and (ii) any other Acquisition in which each of
                  the following conditions are satisfied:

                        (a) No Default or Event of Default then exists or would
                  arise from the consummation of such Acquisition.

                        (b) Such Acquisition shall have been approved by the
                  Board of Directors of the Person (or similar governing body if
                  such Person is not a corporation) which is the subject of such
                  Acquisition and such Person shall not have announced that it
                  will oppose such Acquisition or shall not have commenced any
                  action which alleges that such Acquisition will violate
                  applicable law.

                        (c) The Lead Borrower shall have furnished the
                  Collateral Agent with ten (10) days prior notice of such
                  intended Acquisition and shall have furnished the Collateral
                  Agent with a current draft of the acquisition agreement and
                  other acquisition documents, a summary of any due diligence
                  undertaken by the


                                       27
<PAGE>
                  Borrowers in connection with such Acquisition, appropriate
                  financial statements of the Person which is the subject of
                  such Acquisition, pro forma projected financial statements for
                  the twelve month period following such Acquisition after
                  giving effect to such Acquisition (including balance sheets,
                  cash flows and income statements by month for the acquired
                  Person, individually, and on a consolidated basis with all
                  Loan Parties), and such other information as the Collateral
                  Agent may reasonably require, each of which shall be
                  reasonably satisfactory to the Collateral Agent.

                        (d) The structure of the Acquisition shall be acceptable
                  to the Collateral Agent in its reasonable judgment. If an
                  Acquisition of capital stock or other equity interests, after
                  consummation of such Acquisition, a Borrower shall own
                  directly or indirectly a majority of the equity interests in
                  the Person being acquired and shall control a majority of any
                  voting interests, and/or shall otherwise Control the Person
                  being acquired.

                        (e) The Collateral Agent shall have received (i) the
                  results of appraisals of the assets (or the assets of the
                  Person) to be acquired in such Acquisition and of a commercial
                  finance examination of the Person which is (or whose assets
                  are) being acquired, and (ii) such other due diligence as the
                  Collateral Agent may reasonably require, all of the results of
                  the foregoing to be reasonably satisfactory to the Collateral
                  Agent.

                        (f) Any assets acquired shall be utilized in, and if the
                  Acquisition involves a merger, consolidation or stock
                  acquisition, the Person which is the subject of such
                  Acquisition shall be engaged in, only those businesses
                  permitted under Section 5.19, below.

                        (g) If the Person which is the subject of such
                  Acquisition is a Subsidiary of a Borrower, such Subsidiary
                  shall have executed such documents as may be necessary to be
                  joined as a "Borrower" or "Facility Guarantor" hereunder, as
                  determined by the Collateral Agent, and the Collateral Agent
                  shall have received a first priority security and mortgage
                  interest (subject to Permitted Encumbrances) in such
                  Subsidiary's capital stock, inventory, accounts, equipment,
                  real estate, leaseholds, and other property of the same nature
                  as constitutes Collateral under this Agreement in order to
                  secure the Liabilities.

                        (h) The total consideration paid for all Acquisitions
                  (whether in cash, tangible property, notes or other property
                  (other than capital stock of the Parent)) after the Effective
                  Date, shall not exceed in the aggregate the sum of
                  $30,000,000.

                        (i) Excess Availability immediately prior to such
                  Acquisition, immediately after giving effect thereto, and
                  projected Excess Availability on a pro forma projected basis
                  for the twelve months immediately following such Acquisition,
                  shall not be less than $40,000,000.


                                       28
<PAGE>
            "PERMITTED DISPOSITION": Shall mean any of the following:

                        (a) Licenses of intellectual property or licensed or
                  leased departments of a Loan Party or any of its Subsidiaries
                  in the ordinary course of business or to another Loan Party;

                        (b) Leases or subleases of Leases, to the extent at any
                  point in time such Lease or subleases have anticipated minimum
                  fixed annual rental payments of not more than $3,000,000 in
                  the aggregate;

                        (c) Sales, assignments, transfers, conveyances or other
                  dispositions of any or all of the property specified in
                  EXHIBIT 1.7 hereof; provided that in connection with a sale or
                  similar disposition of any such property, if a Loan Party
                  receives a note or similar obligations as all or part of the
                  consideration therefor, such Loan Party shall secure such note
                  or obligation with a mortgage or similar Lien on such property
                  and pledge such note or other obligation to the Collateral
                  Agent as security for the Liabilities pursuant to the terms of
                  the Loan Documents;

                        (d) Sales of Inventory and Equipment in connection with
                  store closures permitted in accordance with the provisions of
                  Section 5.4(c) hereof, provided that all sales of Inventory in
                  connection with store closings (1) after the occurrence and
                  during the continuance of an Event of Default, or (2)
                  consisting of more than fifteen (15) retail stores at the same
                  time, shall be in accordance with liquidation agreements and
                  with liquidators reasonably acceptable to the Collateral
                  Agent;

                        (e) the sale, lease or transfer of any property to any
                  Loan Party; and

                        (f) (i) the sale of any property, land or building
                  (including any related receivables or other intangible assets)
                  to any Person which is not a Subsidiary of the Borrowers, or
                  (ii) the sale of the entire capital stock (or other equity
                  interests) and Indebtedness of any Subsidiary owned by a Loan
                  Party to any Person which is not a Subsidiary of a Borrower,
                  or (iii) the consummation of any other asset sale with a
                  Person who is not a Subsidiary of a Borrower, provided that,
                  in each case ((i)-(iii)) :

                        A.    the consideration for such transaction represents
                              fair value, and at least 90% of such consideration
                              consists of cash, provided that in connection with
                              a sale or similar disposition of any such
                              Property, if a Loan Party receives a note or
                              similar obligations as all or part of the
                              consideration therefor, such Loan Party shall
                              secure such note or obligation with a mortgage or
                              similar Lien on such Property and pledge such note
                              or other obligation to the Collateral Agent as
                              security for the Liabilities pursuant to the terms
                              of the Loan Documents;


                                       29
<PAGE>
                        B.    the aggregate consideration for all such
                              transactions completed in any fiscal year does not
                              exceed $500,000,

                        C.    the aggregate consideration for all such
                              transactions completed after the Effective Date
                              does not exceed $1,500,000, and

                        D.    other than in connection with a transaction, the
                              aggregate consideration for which is equal to an
                              amount less than $500,000, at least five (5)
                              Business Days prior to the date of completion of
                              such transaction such Loan Party shall have
                              delivered to the Agent an officer's certificate
                              executed on behalf of such Loan Party by an
                              Authorized Officer of such Loan Party, which
                              certificate shall contain a description of the
                              proposed transaction, the date such transaction is
                              scheduled to be consummated, the estimated
                              purchase price or other consideration for such
                              transaction, financial information pertaining to
                              compliance with the preceding clause (A), and
                              which shall (if requested by the Agent) include a
                              certified copy of the draft or definitive
                              documentation pertaining thereto.

            "PERMITTED ENCUMBRANCES": Shall mean any of the following:

                        (a) Encumbrances for taxes not yet delinquent or which
                  are being contested in good faith by appropriate proceedings,
                  provided that adequate reserves with respect thereto are
                  maintained on the books of the Borrowers in accordance with
                  GAAP, and provided further that, no notice of tax lien has
                  been filed with respect thereto;

                        (b) Encumbrances in respect of property or assets
                  imposed by law in the ordinary course of business, such as
                  carrier's, warehousemen's, mechanics', materialmen's,
                  repairmen's, landlord's or similar Encumbrances arising in the
                  ordinary course of business which (i) are not overdue in
                  accordance with customary business practices and consistent
                  with the applicable Loan Party's prior practices, and do not
                  in the aggregate materially detract from the value of such
                  property or assets or materially impair the use thereof in the
                  operation of the business of the Loan Parties, or (ii) are
                  being contested in good faith by a Loan Party, by appropriate
                  proceedings diligently instituted and conducted and without
                  danger of any material risk to the Collateral and adequate
                  reserves or other appropriate provision, if any, as shall be
                  required in conformity with GAAP shall have been made
                  therefor;

                        (c) Encumbrances, pledges or deposits in connection with
                  workers' compensation, unemployment insurance and other types
                  of social security;

                        (d) Deposits to secure the performance of tenders, bids,
                  sales, trade and government contracts, leases, statutory
                  obligations, surety, appeal, and supersedeas bonds, warranty,
                  advance payment, customs, performance and return-


                                       30
<PAGE>
                  of-money bonds and other obligations of a like nature in the
                  ordinary course of business (exclusive of obligations in
                  respect of the payment of borrowed money) whether pursuant to
                  statutory requirements, common law or consensual arrangements;

                        (e) Easements, rights of way, leases, zoning or deed
                  restrictions, licenses, covenants, building, restrictions,
                  minor defects or irregularities in title and other similar
                  real estate encumbrances incurred in the ordinary course of
                  business that in the aggregate do not materially interfere
                  with the conduct of the business of the Loan Parties; defects
                  and irregularities in titles, survey exceptions, encumbrances,
                  easements or reservations of others for rights-of-way, roads,
                  pipelines, railroad crossings, services, utilities or other
                  similar purposes; outstanding mineral rights or reservations
                  (including rights with respect to the removal of material
                  resource) which do not materially diminish the value of the
                  surface estate, assuming usage of such surface estate similar
                  to that being carried on by any Loan Party as of the effective
                  date;

                        (f) Any interest or title of a lessor under any lease
                  entered into by any Loan Party in the ordinary course of
                  business not in violation of the Loan Documents;

                        (g) Any interest or title of any lessee under any leases
                  or subleases of real property of a Loan Party not in violation
                  of the requirements of the Loan Documents, provided that all
                  such Encumbrances do not in the aggregate materially detract
                  from the value of such Loan Party's property or materially
                  impair the use thereof in the operation of such Loan Party's
                  business;

                        (h) Encumbrances arising from financing statements
                  regarding property subject to Capital Leases not in violation
                  of the requirements of the Loan Documents, provided that such
                  Encumbrances are only in respect of the property subject to,
                  and secure only, the respective lease;

                        (i) Rights of consignors of goods to a Loan Party as
                  consignee;

                        (j) Encumbrances arising from judgments, decrees or
                  attachments in existence less than 30 days after the entry
                  thereof, with respect to which execution has been stayed and
                  with respect to which payment in full above any applicable
                  deductible is covered by insurance or a bond, or in
                  circumstances not constituting an Event of Default under
                  section 11.10(a);

                        (k) Encumbrances created by this Agreement or the other
                  Loan Documents;

                        (l) Encumbrances (i) listed on EXHIBIT 4.5(A), annexed
                  hereto, or (ii) arising out of the refinancing, extension,
                  renewal or refunding of any Indebtedness secured by any such
                  Encumbrances, provided that the principal


                                       31
<PAGE>
                  amount of such Indebtedness is not increased and such
                  Indebtedness is not secured by any additional assets;

                        (m) Encumbrances which are placed upon Equipment or
                  improvements to real property (including the associated real
                  property) used in the ordinary course of business of a Loan
                  Party or any Subsidiary (i) at the time of (or within 90 days
                  after) the acquisition of such Equipment or the completion of
                  such improvements by such Loan Party or any such Subsidiary to
                  secure Indebtedness incurred to pay or finance all or a
                  portion of the purchase price or other cost thereof, provided
                  that the Encumbrance on the Equipment so acquired or the real
                  property so improved does not encumber any other asset of such
                  Loan Party or any such Subsidiary; or (ii) are existing on
                  Equipment or real property at the time acquired by a Loan
                  Party or any Subsidiary or on assets of a Person at the time
                  such Person first becomes a Subsidiary of the Borrower;
                  provided that (A) any such Encumbrances were not created at
                  the time of or in contemplation of the acquisition of such
                  assets or Person by a Loan Party or any Subsidiaries; (B) in
                  the case of any such acquisition of a Person, any such
                  Encumbrance attaches only to the Equipment or real estate, as
                  applicable, of such Person; and (C) in the case of any such
                  acquisition of Equipment or real estate by a Loan Party or any
                  Subsidiary, any such Encumbrance attaches only to the property
                  and assets so acquired and not to any other property or assets
                  of such Loan Party or any such Subsidiary; provided that the
                  Encumbrances outstanding from time to time under this clause
                  (m) shall not secure any Indebtedness other than Permitted
                  Indebtedness described in clause (c) of such definition; and

                        (n) Encumbrances securing Indebtedness assumed in
                  connection with, or continuing to exist after, but not
                  incurred in connection with, or contemplation of, a Permitted
                  Acquisition, which Encumbrances were in effect prior to the
                  consummation of the Permitted Acquisition, provided that such
                  Encumbrances may not extend to any Accounts, Inventory, or
                  General Intangibles of the Loan Parties or of the Person so
                  acquired;

            The inclusion of the foregoing as "Permitted Encumbrances" shall not
            limit or impair the right of the Collateral Agent to impose Reserves
            on account thereof in accordance with the provisions of this
            Agreement.

            "PERMITTED INDEBTEDNESS": Shall mean any of the following:

                        (a) Indebtedness incurred under this Agreement and the
                  other Loan Documents including any Indebtedness on account of
                  the Revolving Credit.

                        (b) Indebtedness on account of Equipment or improvements
                  to real property acquired in compliance with the requirements
                  of subparagraph (m) of the


                                       32
<PAGE>
                  definition of Permitted Encumbrances, the incurrence of which
                  would not otherwise be prohibited by this Agreement; provided
                  that such Indebtedness shall not exceed $10,000,000 in the
                  aggregate at any time outstanding for all Loan Parties and,
                  with respect to the Parent only, shall not exceed $5,000,000
                  in the aggregate outstanding at any time;

                        (c) (i) Indebtedness consisting of all obligations of a
                  Loan Party or any Subsidiary as lessee under Capital Leases,
                  and

                        (ii) Indebtedness consisting of all obligations of a
                  Loan Party or any Subsidiary under any lease (i) which is
                  accounted for by the lessee as an operating lease and (ii)
                  under which the lessee is intended to be the "owner" of the
                  leased property for Federal income tax purposes;

                  provided that (A) at the time of any incurrence thereof after
                  the date hereof, and after giving effect thereto, no Event of
                  Default shall have occurred and be continuing or would result
                  therefrom; and (B) the aggregate outstanding principal amount
                  (using the obligations in lieu of principal amount, in the
                  case of any Capital Lease, or present value, based on the
                  implicit interest rate, in lieu of principal amount, in the
                  case of any lease described above in part (ii)) of
                  Indebtedness permitted by this clause (d) shall not exceed
                  $10,000,000 in the aggregate principal amount outstanding at
                  any time for all Loan Parties and, with respect to the Parent
                  only, shall not exceed $5,000,000 in the aggregate principal
                  amount outstanding at any time.

                        (d) Indebtedness of the Loan Parties and any Subsidiary
                  under Hedge Agreements other than for speculative purposes
                  with any Revolving Credit Lender or an Affiliate of a
                  Revolving Credit Lender.

                        (e) The Indebtedness listed on EXHIBIT 4.6, annexed
                  hereto;

                        (f) Indebtedness to sellers in connection with Permitted
                  Acquisitions;

                        (g) Intercompany indebtedness between and among the Loan
                  Parties (other than the Parent) pursuant to loans and advances
                  permitted in accordance with Subsection 5.17(f), below, and
                  intercompany Indebtedness due to the Parent by any other Loan
                  Party to the extent permitted hereunder;

                        (h) Indebtedness with respect to indemnities,
                  warranties, statutory obligations, and surety, appeal and
                  supersedeas bonds incurred in the ordinary course of business;

                        (i) Indebtedness in respect of overdraft protections and
                  otherwise in connection with deposit accounts;


                                       33
<PAGE>
                        (j) Indebtedness arising out of the refinancing,
                  extension, renewal or refunding of any Indebtedness permitted
                  under this Agreement, provided that the principal amount of
                  such Indebtedness is not increased from the amount outstanding
                  at the time of such refinancing;

                        (k) Indebtedness owed by the Parent to any of the other
                  Loan Parties in an amount not to exceed $5,000,000 (less
                  amounts paid under Section 5.16(a) hereof) in the aggregate at
                  any time outstanding; and

                        (l) Intercompany Indebtedness between and among the Loan
                  Parties as evidenced by the Intercompany Notes.

            "PERMITTED INVESTMENTS": Shall mean each of the following:

                        (a) direct obligations of, or obligations the principal
                  of and interest on which are unconditionally guaranteed by,
                  the United States of America (or by any agency thereof to the
                  extent such obligations are backed by the full faith and
                  credit of the United States of America), in each case maturing
                  not more than one year from the date of acquisition thereof;

                        (b) investments in commercial paper maturing not more
                  than one year from the date of acquisition thereof and having,
                  at such date of acquisition, the highest credit rating
                  obtainable from Standard & Poors or from Moody's Investment
                  Services, Inc.;

                        (c) investments in certificates of deposit, banker's
                  acceptances and time deposits maturing not more than one year
                  from the date of acquisition thereof issued or guaranteed by
                  or placed with, and money market deposit accounts issued or
                  offered by, any domestic office of any financial institution
                  organized under the laws of the United States of America or
                  any State thereof that has a combined capital and surplus and
                  undivided profits of not less than $500,000,000;

                        (d) fully collateralized repurchase agreements with a
                  term of not more than 30 days for securities described in
                  clause (a) above (without regard to the limitation on maturity
                  contained in such clause) and entered into with a financial
                  institution satisfying the criteria described in clause (c)
                  above;

                        (e) marketable direct obligations issued by any state of
                  the United States of America or any political subdivision of
                  any such state or any public instrumentality thereof maturing
                  within one year from the date of acquisition thereof and, at
                  the time of acquisition, having one of the two highest ratings
                  obtainable from either Standard & Poors or from Moody's
                  Investment Services, Inc.;


                                       34
<PAGE>
                        (f) investments in money market funds, substantially all
                  the assets of which are comprised of securities of the types
                  described in clauses (a) through (e) above;

                        (g) investments acquired by a Loan Party or any of its
                  Subsidiaries (i) in exchange for any other investment held by
                  such Loan Party or any such Subsidiary in connection with or
                  as a result of a bankruptcy, workout, reorganization or
                  recapitalization of the issuer of such other investment, or
                  (ii) as a result of a foreclosure by such Loan Party or any of
                  its Subsidiaries with respect to any secured investment or
                  other transfer of title with respect to any secured investment
                  in default;

                        (h) investments by a Loan Party in the capital of any
                  wholly-owned subsidiary of such Loan Party, including without
                  limitation, any Permitted Acquisitions, provided that such
                  Loan Party has complied with the provisions of Section 5.21
                  hereof with respect to such Subsidiary;

                        (i) to the extent not permitted by the foregoing
                  clauses, existing investments in any Subsidiaries (and any
                  increases thereof attributable to increases in retained
                  earnings);

                        (j) to the extent not permitted by the foregoing
                  clauses, the existing investments described on EXHIBIT 1.6
                  hereto;

                        (k) investments of a Loan Party and any Subsidiary in
                  Hedge Agreements other than for speculative purposes;

                        (l) investments of any Person which are outstanding at
                  the time such Person becomes a Subsidiary of a Loan Party as a
                  result of a Permitted Acquisition, but not any increase in the
                  amount thereof unless otherwise permitted by this Agreement;
                  and

                        (m) any other investments (whether in the form of cash
                  or contribution of property, and if in the form of a
                  contribution of property, such property shall be valued for
                  purposes of this clause at the fair value thereof) in any
                  corporation, partnership, limited liability company, joint
                  venture or other business entity, which is not itself a
                  Subsidiary of a Borrower or owned or Controlled by any
                  director, officer or employee of a Borrower or any of its
                  Subsidiaries, not otherwise permitted by the foregoing
                  clauses, made after the Effective Date, shall be permitted to
                  be incurred if (i) no Event of Default shall have occurred and
                  be continuing, or would result therefrom, and (ii) the
                  aggregate cumulative amount of such investments (together with
                  any loans and advances permitted under Sections 5.6 and 5.17)
                  does not exceed $6,000,000;


                                       35
<PAGE>
            provided that, except for Excluded Property and loans to officers
            and directors, all such Permitted Investments are subject to a
            perfected Encumbrance in favor of the Collateral Agent.

            "PERSON": Any natural person, and any corporation, limited liability
                  company, trust, partnership, joint venture, or other
                  enterprise or entity.

            "POST FORECLOSURE ASSET": All or any part of the Collateral,
                  ownership of which is acquired by the Collateral Agent or a
                  Nominee on account of the "bidding in" at a disposition as
                  part of a Liquidation or by reason of a "deed in lieu" type of
                  transaction.

            "PROTECTIVE OVERADVANCES": Revolving Credit Loans which are
                  OverLoans, but as to which each of the following conditions is
                  satisfied: (a) when aggregated with all other Revolving Credit
                  Loans, SwingLine Loans, Protective OverAdvances and the Stated
                  Amount of L/Cs and Banker's Acceptances, the Revolving Credit
                  Ceiling is not exceeded; and (b) when aggregated with all
                  other Protective OverAdvances, such Revolving Credit Loans do
                  not aggregate more than $7,500,000; (c) such Protective
                  OverAdvances shall not remain outstanding for more than
                  forty-five (45) days in any period of one hundred eighty (180)
                  consecutive days, and (d) such Revolving Credit Loans are made
                  or undertaken in the Administrative Agent's reasonable, good
                  faith discretion (or as directed by the Collateral Agent) to
                  protect and preserve the interests of the Revolving Credit
                  Lenders. Overadvances on account of circumstances beyond the
                  control of the Agent (such as a drop in collateral value)
                  shall not be deemed "Protective Overadvances" and shall not be
                  subject to the limitations contained herein.

            "PROCEEDS": Includes, without limitation, "Proceeds" as defined in
                  the UCC.

            "RECEIPTS": All cash, cash equivalents, money, checks, credit card
                  slips, receipts and other Proceeds from any sale of the
                  Collateral.

            "RECEIVABLES COLLATERAL": That portion of the Collateral which
                  consists of Accounts, Payment Intangibles, Chattel Paper,
                  Instruments, Documents of Title, Documents, Investment
                  Property, Payment Intangibles, Letter-of-Credit Rights,
                  bankers' acceptances, and all other rights to payment.

            "RELATED BUSINESS": Any business or enterprise consisting of any of
                  the following:

                        (a)   asset maximization services.

                        (b)   asset valuation services.

            "RELEASE": Any spilling, leaking, pumping, pouring, emitting,
                  emptying, discharging, injecting, escaping, leaching, seeping,
                  migrating, dumping or disposing of any Hazardous Material
                  (including the abandonment or discarding of barrels,


                                       36
<PAGE>
                  containers and other closed receptacles containing any
                  Hazardous Material) into the indoor or outdoor environment,
                  including, without limitation, the movement of Hazardous
                  Materials through or in the ambient air, soil, surface or
                  ground water, or property, which is in violation of
                  Environmental Laws.

            "REGISTER": Is defined in Section 17.2(c).

            "REQUIREMENTS OF LAW": As to any Person:

                        (a) Applicable Law.

                        (b) That Person's organizational documents.

                        (c) That Person's by-laws and/or other instruments which
                  deal with corporate or similar governance, as applicable.

            "RESERVES": The following: Availability Reserves and Inventory
                  Reserves.

            "REVOLVING CREDIT": Is defined in Section 2.1.

            "REVOLVING CREDIT CEILING": $150,000,000.00.

            "REVOLVING CREDIT DOLLAR COMMITMENT": As set forth on EXHIBIT 2.22,
                  annexed hereto (as such amounts may change in accordance with
                  the provisions of this Agreement).

            "REVOLVING CREDIT LENDERS": Each Revolving Credit Lender to which
                  reference is made in the Preamble of this Agreement and any
                  other Person who becomes a "Revolving Credit Lender" in
                  accordance with the provisions of this Agreement.

            "REVOLVING CREDIT LOANS": Loans made under the Revolving Credit,
                  except that where the term "Revolving Credit Loan" is used
                  with reference to available interest rates applicable to the
                  loans under the Revolving Credit, it refers to so much of the
                  unpaid principal balance of the Loan Account as bears the same
                  rate of interest for the same Interest Period. (See Section
                  2.12(d)).

            "REVOLVING CREDIT NOTE": Is defined in Section 2.10.

            "REVOLVING CREDIT COMMITMENT PERCENTAGE": As set forth on EXHIBIT
                  2.22, annexed hereto (as such amounts may change in accordance
                  with the provisions of this Agreement).

            "SEC": The Securities and Exchange Commission.

            "SENIOR NON-CONVERTIBLE FACILITY": The credit facility set forth in
                  the Senior Subordinated Convertible Loan Agreement dated as of
                  March 15, 2000, amended from time to time prior to the
                  Effective Date and as amended and restated June


                                       37
<PAGE>
                  11, 2002, in the present principal amount of $75,000,000.00,
                  and as most recently amended and restated on the Effective
                  Date.

            "SPECIFIED EVENT OF DEFAULT": An Event of Default arising under any
                  of the following sections of this Agreement:

                        (a) Section 11.1.

                        (b) Section 11.2.

                        (c) Section 11.3 (with respect to Sections 5.16, 5.17,
                  and 5.20 , and Article 8 only).

                        (d) Section 11.5 (with respect to a breach of Sections
                  4.5 and 5.26 only).

                        (e) Section 11.6.

                        (f) Section 11.11.

                        (g) Section 11.12.

                        (h) Section 11.15.

            "STATED AMOUNT": The maximum amount for which an L/C or Banker's
                  Acceptance may be honored.

            "SUBSIDIARY": Any corporation, association, partnership, limited
                  liability company, trust, or other business entity of which
                  the designated parent shall at any time own directly or
                  indirectly through a Subsidiary or Subsidiaries at least a
                  majority (by number of votes or Controlling interests) of the
                  outstanding voting interests.

            "SUPERMAJORITY LENDERS": Revolving Credit Lenders (other than
                  Delinquent Revolving Credit Lenders) holding 66-2/3% or more
                  of the Revolving Credit Commitment Percentages (calculated
                  without regard to any Revolving Credit Commitment Percentage
                  of any Delinquent Revolving Credit Lender).

            "SUPPORTING OBLIGATION": Has the meaning given that term in the UCC
                  and also refers to a Letter-of-Credit Right or secondary
                  obligation which supports the payment or performance of an
                  Account, Chattel Paper, a Document, a General Intangible, an
                  Instrument, or Investment Property.

            "SWINGLINE": The facility pursuant to which the SwingLine Lender may
                  advance Revolving Credit Loans aggregating up to the SwingLine
                  Loan Ceiling.

            "SWINGLINE LENDER": NCBC.


                                       38
<PAGE>
            "SWINGLINE LOAN CEILING": $20,000,000.00 (subject to increase as
                  provided in Section 16.4(e)).

            "SWINGLINE LOANS": Defined in Section 2.8.

            "TERMINATION DATE": The earliest of (a) the Maturity Date; or (b)
                  the date of the occurrence of any event described in Section
                  11.12, below; or (c) the date designated as the Termination
                  Date in the Administrative Agent's notice to the Lead Borrower
                  setting the Termination Date on account of the occurrence of
                  any Event of Default other than as described in Section 11.12,
                  below; or (d) that date designated as the Termination Date,
                  thirty (30) days irrevocable written notice of which is
                  provided by the Lead Borrower to the Administrative Agent.

            "TRANSFER": Wire transfer pursuant to the wire transfer system
                  maintained by the Board of Governors of the Federal Reserve
                  Board, or as otherwise may be agreed to from time to time by
                  the Administrative Agent making such Transfer and the subject
                  Revolving Credit Lender. Wire instructions may be changed in
                  the same manner that Notice Addresses may be changed (Section
                  18.1), except that no change of the wire instructions for
                  Transfers to any Revolving Credit Lender shall be effective
                  without the consent of the Administrative Agent.

            "UCC": The Uniform Commercial Code as in effect from time to time in
                  the State of Ohio.

            "UNANIMOUS CONSENT": Consent of Revolving Credit Lenders (other than
                  Delinquent Revolving Credit Lenders) holding 100% of the Loan
                  Commitments (other than Loan Commitments held by a Delinquent
                  Revolving Credit Lender).

            "UNDERWRITING FEE": Is defined in Section 2.13.

            "UNRESTRICTED SUBSIDIARY": Those Subsidiaries of the Lead Borrower
                  described on EXHIBIT 1.5 hereto.

            "UNUSED LINE FEE": As defined in Section 2.14.

ARTICLE 2 - THE REVOLVING CREDIT:

      2.1. ESTABLISHMENT OF REVOLVING CREDIT

            (a) The Revolving Credit Lenders hereby establish a revolving line
of credit (the "REVOLVING CREDIT") in the Borrowers' favor pursuant to which
each Revolving Credit Lender, subject to, and in accordance with, this
Agreement, acting through the Administrative Agent, shall make loans and
advances and otherwise provide financial accommodations to and for the account
of the Borrowers as provided herein.

            (b) Loans, advances, and financial accommodations under the
Revolving Credit shall be made with reference to the DSW Borrowing Base and
shall be subject to DSW


                                       39
<PAGE>
Availability. The DSW Borrowing Base and DSW Availability shall be determined by
the Administrative Agent by reference to Borrowing Base Certificates furnished
as provided in Section 6.4, below, and shall be subject to the following:

            (i) Such determination shall take into account such Reserves as the
      Collateral Agent may determine as being applicable thereto.

            (ii) The Cost of Eligible Inventory will be determined in a manner
      consistent with current tracking practices, based on the Borrowers' stock
      ledgers inventory.

            (c) The commitment of each Revolving Credit Lender to provide such
loans, advances, and financial accommodations is subject to Section 2.22.

            (d) The proceeds of borrowings under the Revolving Credit shall be
used for the Borrowers' working capital and general corporate purposes
(including, intercompany loans), all solely to the extent permitted by this
Agreement. No proceeds of a borrowing under the Revolving Credit may be used,
nor shall any be requested, with a view towards the accumulation of any general
fund or funded reserve of the Borrowers other than in the ordinary course of the
Borrowers' business and consistent with the provisions of this Agreement.

      2.2.  ADVANCES IN EXCESS OF BORROWING BASE (OVERLOANS).

            (a) Except as provided in Section 16.3(a), no Revolving Credit
Lender has any obligation to any Borrower to make any loan or advance, or
otherwise to provide any credit to or for the benefit of any Borrower where the
result of such loan, advance, or credit is an OverLoan.

            (b) The Revolving Credit Lenders' obligations, among themselves, are
subject to (among other provisions of this Agreement) Section 13.3(a) (which
relates to each Revolving Credit Lender's making amounts available to the
Administrative Agent) and 16.3(a) (which relates to Protective OverAdvances).

            (c) The Revolving Credit Lenders' providing of an OverLoan on any
one occasion does not affect the obligations of each Borrower hereunder
(including each Borrower's obligation to immediately repay any amount which
otherwise constitutes an OverLoan) nor obligate the Revolving Credit Lenders to
do so on any other occasion.

      2.3. RISKS OF VALUE OF COLLATERAL. The Agent's reference to a given asset
in connection with the making of loans, credits, and advances and the providing
of financial accommodations under the Revolving Credit and/or the monitoring of
compliance with the provisions hereof shall not be deemed a determination by any
Agent or any Revolving Credit Lender relative to the actual value of the asset
in question. All risks concerning the value of the Collateral are and remain
upon the Borrowers. All Collateral secures the prompt, punctual, and faithful
performance of the Liabilities whether or not relied upon by the Administrative
Agent in


                                       40
<PAGE>
connection with the making of loans, credits, and advances and the
providing of financial accommodations under the Revolving Credit.

      2.4. COMMITMENT TO MAKE REVOLVING CREDIT LOANS AND SUPPORT LETTERS OF
CREDIT. Subject to the provisions of this Agreement, the Revolving Credit
Lenders shall make a loan or advance under the Revolving Credit and the
Administrative Agent shall endeavor to have an L/C or Banker's Acceptance issued
for the account of one or more of the Loan Parties, in each instance if duly and
timely requested by the Lead Borrower as provided herein provided that:

            (a) No OverLoan is then outstanding and none will result therefrom.

            (b) No Borrower is then in Default and none will thereby become in
      Default.

      2.5.  REVOLVING CREDIT LOAN REQUESTS.

            (a) Requests for loans and advances under the Revolving Credit or
for the continuance or conversion of an interest rate applicable to a Revolving
Credit Loan may be requested by the Lead Borrower by written or telephonic
notice (in the case of telephonic notice, promptly confirmed in writing if so
requested by the Administrative Agent). Such notice of borrowing shall be
substantially in the form of EXHIBIT 2.5 hereto, signed by the Lead Borrower and
transmitted to the Administrative Agent by telecopier. Each such notice shall be
irrevocable and shall specify (i) the proposed Borrower, (ii) the amount of the
proposed borrowing and the date thereof (which shall be a Business Day) and
(iii) whether the borrowing then being requested is to be a borrowing of Base
Margin Loans or LIBOR Loans and, if LIBOR Loans, the Interest Period with
respect thereto. If no election is made as to the Type of Loan or no election of
Interest Period is specified in any such notice for a borrowing of LIBOR Loans,
such notice shall be deemed a request for borrowing of Base Margin Loans. The
Administrative Agent may rely on any telephonic request for a borrowing to the
same extent that the Administrative Agent may rely on a written request. The
Borrowers shall bear all risks related to the giving of borrowing requests
telephonically.

            (b) Subject to the provisions of this Agreement, the Lead Borrower
may, on behalf of any Borrower, request a Revolving Credit Loan and elect an
interest rate and Interest Period to be applicable to that Revolving Credit Loan
by giving notice to the Administrative Agent by no later than the following:

                  (i) If such Revolving Credit Loan is to be or is to be
      converted to a Base Margin Loan: By 2:00 p.m. on the Business Day on which
      the subject Revolving Credit Loan is to be made or is to be so converted
      (provided that if notice is furnished after 12:00 noon on any Business
      Day, the Revolving Credit Loan so requested shall be deemed a request for
      a SwingLine Loan). Base Margin Loans requested by the Lead Borrower, other
      than those resulting from the conversion of a LIBOR Loan, shall not be
      less than $250,000 and in increments of $10,000 in excess of such minimum.


                                       41
<PAGE>
                  (ii) If such Revolving Credit Loan is to be, or is to be
      continued as, or converted to, a LIBOR Loan: By 2:00 p.m. three (3) LIBOR
      Business Days before the commencement of any new Interest Period or the
      end of the then applicable Interest Period. LIBOR Loans and conversions to
      LIBOR Loans shall each be not less than $3,000,000 and in increments of
      $1,000,000 in excess of such minimum.

                  (iii) Any LIBOR Loan which matures while any Borrower is in
      Default shall be converted, at the option of the Administrative Agent, to
      a Base Margin Loan notwithstanding any notice from the Lead Borrower that
      such Loan is to be continued as a LIBOR Loan.

                  (iv) LIBOR Loans may not be converted or continued as LIBOR
      Loans at any time other than the end of the Interest Period applicable
      thereto unless the Borrowers shall pay, upon demand, any amounts due
      pursuant to Section 2.11(f) hereof.

            (c) Any request for a Revolving Credit Loan or for the continuance
or conversion of an interest rate applicable to a Revolving Credit Loan which is
made after the applicable deadline therefor, as set forth above, shall be deemed
to have been made at the opening of business on the then next Business Day or
LIBOR Business Day, as applicable.

            (d) The Lead Borrower may, on behalf of any Loan Party, request that
the Administrative Agent cause the issuance by the Issuer of L/Cs or Banker's
Acceptances for the account of the Borrowers as provided in Section 2.17.

            (e) The Administrative Agent may rely on any request for a loan or
advance, or other financial accommodation under the Revolving Credit which the
Administrative Agent, in good faith, believes to have been made by a Person duly
authorized to act on behalf of the Lead Borrower and may decline to make any
such requested loan or advance, or issuance, or to provide any such financial
accommodation pending the Administrative Agent's being furnished with such
documentation concerning that Person's authority to act as may be satisfactory
to the Administrative Agent.

            (f) A request by the Lead Borrower for loan or advance, or other
financial accommodation under the Revolving Credit shall be irrevocable and
shall constitute certification by each Borrower that as of the date of such
request, each of the following is true and correct:

                  (i) There has been no material adverse change in the
      Borrowers' financial condition from the most recent financial information
      furnished any Agent or any Revolving Credit Lender pursuant to this
      Agreement.

                  (ii) Each representation which is made herein or in any of the
      Loan Documents is then true and complete in all material respects as of
      and as if made on the date of such request except to the extent that any
      of the same relates expressly to a different date.


                                       42
<PAGE>
                  (iii) Unless accompanied by a written Certificate of the Lead
      Borrower's President or its Chief Financial Officer describing (in
      reasonable detail) the facts and circumstances of any Default then
      existing and the steps (if any) being taken to remedy such condition, that
      no Default has occurred and is continuing.

      2.6. SUSPENSION OF REVOLVING CREDIT. If, at any time or from time to time,
any Borrower is in Default:

            (a) The Administrative Agent may, and at the direction of the
SuperMajority Lenders shall, suspend the Revolving Credit immediately, in which
event, neither the Administrative Agent nor any Revolving Credit Lender shall be
obligated, during such suspension, to make any loans or advance to any Borrower,
or to provide any financial accommodation hereunder or to seek the issuance of
any L/C or of any Banker's Acceptance for the account of any Loan Party. Nothing
contained herein shall limit the right of the Administrative Agent to make
Protective OverAdvances or the obligation of the Revolving Credit Lenders with
respect to SwingLine Loans, Protective OverAdvances, L/Cs and Banker's
Acceptances during such suspension period.

            (b) The Administrative Agent may, and at the direction of the
SuperMajority Lenders shall, suspend the right of the Lead Borrower to request
any LIBOR Loan or to convert any Base Margin Loan to a LIBOR Loan.

      2.7.  MAKING OF REVOLVING CREDIT LOANS

            (a) A loan or advance under the Revolving Credit shall be made by
the transfer of the proceeds of such loan or advance to the Operating Account of
the applicable Borrower. The proceeds of any Revolving Credit Loan shall be made
available before 3:00 p.m. on the date requested in accordance with Section 2.5
hereof.

            (b) A loan or advance shall be deemed to have been made under the
Revolving Credit (and the Borrowers shall be indebted to the Administrative
Agent and the Revolving Credit Lenders for the amount thereof immediately) at
the following:

                  (i) The Administrative Agent's initiation of the transfer of
      the proceeds of such loan or advance in accordance with the Lead
      Borrower's instructions (if such loan or advance is of funds requested by
      the Lead Borrower).

                  (ii) The charging of the amount of such loan to the Loan
Account (in all other circumstances).

            (c) Absent gross negligence, bad faith or willful misconduct, there
shall not be any recourse to or liability of the Administrative Agent or any
Revolving Credit Lender, on account of:

                  (i) Any delay in the making of any loan or advance requested
      under the Revolving Credit.


                                       43
<PAGE>
                  (ii) Any delay by any bank or other depository institution in
      treating the proceeds of any such loan or advance as collected funds.

                  (iii) Any delay in the receipt, and/or any loss, of funds
      which constitute a loan or advance under the Revolving Credit, the wire
      transfer of which was properly initiated by the Administrative Agent in
      accordance with wire instructions provided to the Administrative Agent by
      the Lead Borrower.

      2.8.  SWINGLINE LOANS.

            (a) For ease of administration, Base Margin Loans may be made by the
SwingLine Lender (in the aggregate, the "SWINGLINE LOANS") in accordance with
the procedures set forth in this Agreement for the making of loans and advances
under the Revolving Credit. The aggregate unpaid principal balance of the
SwingLine Loans shall not, as to all Borrowers, at any one time be in excess of
the lesser of (i) the SwingLine Loan Ceiling, as to all Borrowers (ii) DSW
Availability. The SwingLine Lender shall not make a SwingLine Loan if the
SwingLine Lender has received notice from the Administrative Agent that the
Administrative Agent has suspended, or the Administrative Agent has received
written notice from the SuperMajority Lenders instructing the Administrative
Agent to suspend, the Revolving Credit in accordance with the terms hereof.
Absent such notification, the SwingLine Lender(x) shall not otherwise be
required to determine whether the conditions precedent to such SwingLine Loan
have been satisfied or whether the requested borrowing would cause DSW
Availability to be exceeded, and (y) shall be entitled in all cases to have
each Revolving Credit Lender make Revolving Credit Loans in settlement of such
SwingLine Loans in accordance with the provisions of Section 13.2 hereof.

            (b) The aggregate unpaid principal balance of SwingLine Loans shall
bear interest at the rate applicable to Base Margin Loans (or a money market
based rate quoted by the Agent and accepted by the Lead Borrower) and shall be
repayable as a loan under the Revolving Credit.

            (c) The Borrowers' obligation to repay SwingLine Loans shall be
evidenced by a Note in the form of EXHIBIT 2.8(C), annexed hereto, executed by
the Borrowers, and payable to the SwingLine Lender. Neither the original nor a
copy of that Note shall be required, however, to establish or prove any
Liability. Upon receipt of an affidavit of an officer of, and a customary
indemnity from, a SwingLine Lender as to the loss, theft, destruction or
mutilation of the SwingLine Note, the Borrowers will issue in lieu thereof a
replacement SwingLine Note in the same principal amount thereof and of like
tenor.

            (d) For all purposes of this Loan Agreement, the SwingLine Loans and
the Borrowers' obligations to the SwingLine Lender constitute Revolving Credit
Loans and are secured as "Liabilities".

            (e) SwingLine Loans shall be subject to periodic settlement with the
Revolving Credit Lenders as provided in this Agreement.

      2.9.  THE LOAN ACCOUNT.


                                       44
<PAGE>
            (a) An account ("LOAN ACCOUNT") shall be opened on the books of the
Administrative Agent in which a record shall be kept of all loans and advances
made under the Revolving Credit (including, without limitation, Swingline
Loans). The Loan Account shall also contain separate entries for loans and
advances made to each Borrower.

            (b) The Administrative Agent shall also keep a record (either in the
Loan Account or elsewhere, as the Administrative Agent may from time to time
elect) of all interest, fees, service charges, costs, expenses, and other debits
owed to each Agent and each Revolving Credit Lender on account of the
Liabilities from each Borrower and of all credits against such amounts so owed.

            (c) All credits against the Liabilities shall be conditional upon
final payment to the Administrative Agent for the account of the Agent or
Revolving Credit Lender entitled thereto of the items giving rise to such
credits. The amount of any item credited against the Liabilities which is
charged back against any Agent or any Revolving Credit Lender or is disgorged
for any reason or is not so paid shall be a Liability and shall be added to the
Loan Account, whether or not the item so charged back or not so paid is
returned.

            (d) Except as otherwise provided herein, all fees, service charges,
costs, and expenses for which any Borrower is obligated hereunder are payable on
demand.

            (e) The Administrative Agent, without the request of the Lead
Borrower, may advance under the Revolving Credit any interest, fee, service
charge, or other payment to which any Agent or any Revolving Credit Lender is
entitled from any Borrower pursuant hereto and may charge the same to the Loan
Account notwithstanding that an OverLoan may result thereby; provided that the
Administrative Agent shall not charge the Loan Account for any third-party
expenses incurred by the Agent (such as fees for attorneys, appraisers and
commercial finance examinations) without first having furnished the Lead
Borrower with a copy of the invoice therefor two (2) Business Days prior to the
date that the Loan Account is to be so charged.. Any such advance shall be
deemed a Base Margin Loan. Such action on the part of the Administrative Agent
shall not constitute a waiver of the Administrative Agent's rights and each
Borrower's obligations under Section 2.11(b). Any amount which is added to the
principal balance of the Loan Account as provided in this Section 2.9(e) shall
bear interest at the interest rate then and thereafter applicable to Base Margin
Loans. The Administrative Agent shall promptly furnish the Lead Borrower with a
detailed statement itemizing any amounts so charged to the Loan Account.

            (f) Any statement rendered by the Administrative Agent or any
Revolving Credit Lender to the Lead Borrower concerning the Liabilities shall be
considered correct and accepted by each Borrower and shall, absent manifest
error, be conclusively binding upon each Borrower unless the Lead Borrower
provides the Administrative Agent with written objection thereto within twenty
(20) days from the receipt by the Lead Borrower of such statement, which written
objection shall indicate, with particularity, the reason for such objection. The
Loan Account and the Administrative Agent's books and records concerning the
loan arrangement contemplated herein and the Liabilities shall be prima facie
evidence and proof of the items described therein.


                                       45
<PAGE>
         2.10. THE REVOLVING CREDIT NOTES. The Borrowers' obligation to repay
loans and advances under the Revolving Credit, with interest as provided herein,
shall be evidenced by Notes (each, a "REVOLVING CREDIT NOTE") in the form of
EXHIBIT 2.10, annexed hereto, executed by each Borrower, one payable to each
Revolving Credit Lender. Neither the original nor a copy of any Revolving Credit
Note shall be required, however, to establish or prove any Liability. Upon
receipt of an affidavit of an officer of, and a customary indemnity from, a
Revolving Credit Lender as to the loss, theft, destruction or mutilation of the
Revolving Credit Note, the Borrowers will issue in lieu thereof a replacement
Revolving Credit Note in the same principal amount thereof and of like tenor.

         2.11. PAYMENT OF THE LOAN ACCOUNT.

               (a) The Borrowers may repay all or any portion of the principal
balance of the Loan Account from time to time until the Termination Date.

               (b) Each Borrower, without notice or demand from the
Administrative Agent or any Revolving Credit Lender, shall immediately pay the
Administrative Agent that amount, from time to time, which is necessary so that
there is no OverLoan outstanding.

               (c) Subject to Section 8.4, during the continuance of a Cash
Control Event, the Borrowers shall repay the Revolving Credit:

                  (i) in an amount equal to the proceeds realized from the sale,
         refinancing, or other disposition of, or realization upon, any
         Collateral; and

                  (ii) in accordance with the provisions of Article 8 hereof.

All amounts prepaid under this Section 2.11 may be reborrowed under the
Revolving Credit, subject to and in accordance with, the terms of this
Agreement.

               (d) The Borrowers shall repay the then entire unpaid balance of
the Loan Account and all other Liabilities on the Termination Date.

               (e) The Administrative Agent shall endeavor to cause the
application of payments (if any), pursuant to Sections 2.11(a) and 2.11(b)
against LIBOR Loans then outstanding in such manner as results in the least cost
to the Borrowers, but shall not have any affirmative obligation to do so nor
liability on account of the Administrative Agent's failure to have done so. In
no event shall action or inaction taken by the Administrative Agent excuse any
Borrower from any indemnification obligation under Section 2.11(f).

               (f) The Borrowers shall indemnify the Administrative Agent and
each Revolving Credit Lender and hold the Administrative Agent and each
Revolving Credit Lender harmless from and against any loss, cost or expense
(including loss of anticipated profits and amounts payable by the Administrative
Agent or such Revolving Credit Lender on account of "breakage fees" (so-called))
which the Administrative Agent or such Revolving Credit Lender


                                       46
<PAGE>
may sustain or incur (including, without limitation, by virtue of acceleration
after the occurrence of any Event of Default) as a consequence of the following:

                  (i) Failure by any Borrower to pay any of the principal amount
         of or any interest on any LIBOR Loan as and when due and payable,
         including any such loss or expense arising from interest or fees
         payable by such Revolving Credit Lender in order to maintain its LIBOR
         Loans.

                  (ii) Failure by any Borrower to make a borrowing or conversion
         after the Lead Borrower has given (or is deemed to have given) a
         request for a Revolving Credit Loan or a request to convert a Revolving
         Credit Loan from one applicable interest rate to another.

                  (iii) The making of any payment on a LIBOR Loan or the making
         of any conversion of any such Loan to a Base Margin Loan on a day that
         is not the last day of the applicable Interest Period with respect
         thereto.

               (g) Upon at least two (2) Business Days' prior written notice to
the Administrative Agent, the Borrowers may at any time in whole permanently
terminate, or from time to time in part permanently reduce, the Revolving Credit
Dollar Commitments. Each such reduction shall be in the principal amount of
$5,000,000 or any integral multiple thereof. Each such reduction or termination
shall (i) be applied ratably to the Revolving Credit Dollar Commitments of each
Revolving Credit Lender and (ii) be irrevocable when given. At the effective
time of each such termination, the Borrowers shall pay to the Administrative
Agent for application as provided herein any amount by which the unpaid balance
of the Loan Account and aggregate undrawn Stated Amount of all then outstanding
L/Cs and Banker's Acceptances outstanding on such date exceeds the amount to
which the Revolving Credit Dollar Commitments are so reduced. Any such reduction
or termination of the Revolving Credit Dollar Commitments may not be reinstated.

         2.12. INTEREST ON REVOLVING CREDIT LOANS.

               (a) Each Revolving Credit Loan shall bear interest at the Base
Margin Rate unless timely notice is given (as provided in Section 2.5) that the
subject Revolving Credit Loan (or a portion thereof) is, or is to be converted
to, a LIBOR Loan.

               (b) Each Revolving Credit Loan which consists of a LIBOR Loan
shall bear interest at the applicable LIBOR Rate.

               (c) Subject to, and in accordance with, the provisions of this
Agreement, the Lead Borrower may cause all or a part of the unpaid principal
balance of the Loan Account to bear interest at the Base Margin Rate or the
LIBOR Rate as specified from time to time by the Lead Borrower by notice to the
Administrative Agent.


                                       47
<PAGE>
               (d) For ease of reference and administration, each part of the
Loan Account which bears interest at the same rate of interest and for the same
Interest Period is referred to herein as if it were a separate "Revolving Credit
Loan".

               (e) The Lead Borrower shall not select, renew, or convert any
interest rate for a Revolving Credit Loan such that, in addition to interest at
the Base Margin Rate, there are more than seven (7) Interest Periods for LIBOR
Loans in the aggregate for all Borrowers applicable to the Revolving Credit
Loans at any one time.

               (f) The Borrowers shall pay accrued and unpaid interest on each
Revolving Credit Loan to its Borrower in arrears as follows:

                  (i) On the applicable Interest Payment Date for that Revolving
         Credit Loan.

                  (ii) On the Termination Date and on the End Date.

                  (iii) Following the occurrence of any Event of Default, with
         such frequency as may be determined by the Administrative Agent.

               (g) Following the occurrence of any Event of Default (and whether
or not any Agent exercises its rights on account thereof), all Revolving Credit
Loans shall bear interest, at the option of the Administrative Agent or at the
instruction of the SuperMajority Lenders, at a rate which is the aggregate of
the applicable rate (including the Applicable Margin) for Base Margin Loans
and/or LIBOR Loans, as applicable, plus two percent (2%) per annum.

         2.13. UNDERWRITING FEE; COLLATERAL MONITORING FEE. In addition to any
other fee or expense to be paid by the Borrowers on account of the Revolving
Credit, the Borrowers shall pay the Administrative Agent the "UNDERWRITING FEE",
THE "STRUCTURING FEE" and the "COLLATERAL MONITORING FEE" at the times and in
the amounts as set forth the Fee Letter.

         2.14. UNUSED LINE FEE. In addition to any other fee to be paid by the
Borrowers on account of the Revolving Credit, the Borrowers shall pay the
Administrative Agent, for the account of the Revolving Credit Lenders, the
"UNUSED LINE FEE" (so referred to herein) of 0.25% per annum of the average
difference, during the month just ended (or relevant period with respect to the
payment being made on the Termination Date) between the Revolving Credit Ceiling
and the aggregate of the unpaid principal balance of the Loan Account and the
undrawn Stated Amount of L/Cs and Banker's Acceptances outstanding during the
relevant period. The Unused Line Fee shall be paid in arrears, on the first day
of each month after the execution of this Agreement and on the Termination Date.

         2.15. CONCERNING FEES. The Borrowers shall not be entitled to any
credit, rebate or repayment of any fee earned by the Administrative Agent or any
Revolving Credit Lender pursuant to this Agreement or any Loan Document
notwithstanding any termination of this Agreement or suspension or termination
of the Administrative Agent's and any Revolving Credit Lender's respective
obligation to make loans and advances hereunder.


                                       48
<PAGE>
         2.16. AGENT'S AND REVOLVING CREDIT LENDERS' DISCRETION.

               (a) Each reference in the Loan Documents to the exercise of
reasonable, good faith discretion or the like by any Agent or any Revolving
Credit Lender shall be to such Person's exercise of its judgment, in good faith,
based upon such information of which that Person then has actual knowledge.

               (b) The burden of establishing the failure of any Agent or any
Revolving Credit Lender to have acted in a reasonable manner in such Person's
exercise of such discretion shall be the Borrowers'.

         2.17. PROCEDURES FOR ISSUANCE OF L/CS AND BANKER'S ACCEPTANCES.

               (a) The Lead Borrower may request (either directly, or as
provided in Section 2.21(a) through Retail Ventures Imports, Inc.) that an
Issuer cause the issuance of L/Cs or Banker's Acceptances for the account of any
Loan Party. Requests for L/Cs and Banker's Acceptances shall be given by the
Lead Borrower to the Administrative Agent and the Issuer not later than 2:00
p.m. three (3) Business Days prior to the specified date for the issuance of the
requested L/C or Banker's Acceptance. Requests for L/Cs and Banker's Acceptances
may be requested by the Lead Borrower by written or telephonic notice (in the
case of telephonic notice, promptly confirmed in writing if so requested by the
Administrative Agent or the Issuer). Each such notice shall be irrevocable and
shall specify with respect to each L/C and Banker's Acceptance requested (i) the
Borrower which is to be the account party for whose benefit the L/C or Banker's
Acceptance is being issued, (ii) the face amount of the proposed L/C or Banker's
Acceptance, which shall be denominated in dollars and the intended date of
issuance thereof (which shall be a Business Day), (iii) the beneficiary, and
(iv) the terms (including the anticipated expiry date) of the L/C or Banker's
Acceptance. The Administrative Agent and the Issuer may rely on any telephonic
request for the issuance of a L/C or Banker's Acceptance to the same extent that
the Administrative Agent and the Issuer may rely on a written request. The
Borrowers shall bear all risks related to the giving of requests for the
issuance of L/Cs or Banker's Acceptances telephonically. Notwithstanding
anything to the contrary contained in this Agreement, no L/C or Banker's
Acceptance shall be issued by any Issuer which is not also the Administrative
Agent unless such Issuer shall have received notice from the Administrative
Agent that the conditions to such issuance have been met. Any Issuer shall
notify the Administrative Agent in writing on each Business Day of all L/Cs or
Bankers Acceptances issued on the prior Business Day by such Issuer.

         (b) The Administrative Agent will endeavor to cause the issuance of any
L/C or Banker's Acceptance so requested by the Lead Borrower from and including
the Effective Date until the thirtieth (30th) Business Day prior to the Maturity
Date, provided that, at the time that the request is made, the Revolving Credit
has not been suspended as provided in Section 2.6 and if so issued:

                  (i) The aggregate Stated Amount of all L/Cs and Banker's
         Acceptances then outstanding, does not exceed $50,000,000;


                                       49
<PAGE>
                  (ii) The expiry of the L/C or Banker's Acceptance is not later
         than the earlier of thirty (30) days prior to the Maturity Date or the
         following:

                           (A) As to standby L/C's, one (1) year from initial
                  issuance (or in the case of renewal or extension thereof, one
                  year after such renewal or extension), provided that each
                  standby L/C may, upon the request of the Lead Borrower,
                  include a provision whereby, subject to the approval of the
                  Issuer, such standby L/C may be renewed for additional
                  consecutive periods of twelve (12) months or less (but not
                  beyond the date that is thirty Business Days prior to the
                  Maturity Date) unless the Issuer notifies the beneficiary
                  thereof at least 30 days prior to the then applicable
                  expiration date that such L/C will not be renewed.

                           (B) As to documentary L/C's, ninety (90) days from
                  issuance.

                           (C) As to Banker's Acceptances, ninety (90) days from
                  issuance.

                  (iii) If, notwithstanding the foregoing, the Administrative
         Agent causes the issuance of an L/C or Banker's Acceptance, the expiry
         of which is later than the Maturity Date, it shall be 105% cash
         collateralized at its issuance; and

                  (iv) An OverLoan will not result from the issuance of the
         subject L/C or Banker's Acceptance.

               (c) Concurrently with requesting the issuance of a L/C or a
Banker's Acceptance, the applicable Borrower shall execute and deliver to the
Issuer in respect of such requested L/C or Banker's Acceptance a reimbursement
or similar agreement in the Issuer's then standard form of application for and
reimbursement agreement with respect to letters of credit and banker's
acceptances; provided however that in the event of any conflict between the
provisions of such reimbursement agreement and this Agreement, the provisions of
this Agreement shall govern.

               (d) Absent gross negligence, bad faith or willful misconduct,
there shall not be any recourse to, nor liability of, the Administrative Agent
or any Revolving Credit Lender on account of

                  (i) Any delay or refusal by an Issuer to issue an L/C or a
         Banker's Acceptance;

                  (ii) Any action or inaction of an Issuer on account of or in
         respect to, any L/C or any Banker's Acceptance.

               (e) Immediately upon the issuance of any L/C or any Banker's
Acceptance by the Issuer (or the amendment of a L/C or Banker's Acceptance
increasing the amount thereof), and without any further action on the part of
the Issuer, the Issuer shall be deemed to have sold to each Revolving Credit
Lender, and each such Revolving Credit Lender shall be deemed


                                       50
<PAGE>
unconditionally and irrevocably to have purchased from the Issuer, without
recourse or warranty, an undivided interest and participation, to the extent of
such Revolving Credit Lender's Revolving Credit Commitment Percentage, in such
L/C and Banker's Acceptance, each drawing thereunder and the obligations of the
Borrowers under this Agreement and the other Loan Documents with respect
thereto. In consideration thereof, each Revolving Credit Lender hereby
absolutely and unconditionally agrees to pay to the Administrative Agent for the
account of the Issuer its Revolving Credit Commitment Percentage of each
disbursement made by the Issuer with respect to a L/C or Banker's Acceptance
which is not reimbursed by the Borrowers. Each Revolving Credit Lender
acknowledges and agrees that its obligations hereunder are absolute and
unconditional and shall not be effected by any event or circumstance whatsoever,
including the existence of a Default or the suspension of the Revolving Credit.
Any action taken or omitted by the Issuer under or in connection with a L/C or
Banker's Acceptance, if taken or omitted in the absence of gross negligence,
actual bad faith, or willful misconduct, shall not create for the Issuer any
resulting liability to any Revolving Credit Lender.

               (f) The Borrowers shall reimburse the Issuer for the amount of
any honoring of a drawing under an L/C or Banker's Acceptance on the same day on
which such honoring takes place in immediately available funds in U.S. dollars.
The Administrative Agent, without the request of any Borrower, may advance under
the Revolving Credit (and charge to the Loan Account) the amount of any honoring
of any L/C or Banker's Acceptance and other amount for which any Borrower, the
Issuer, or the Revolving Credit Lenders become obligated on account of, or in
respect to, any L/C or Banker's Acceptance. Such advance shall be a Base Margin
Loan and shall be made whether or not any Borrower is in Default or such advance
would result in an OverLoan. Such action shall not constitute a waiver of the
Administrative Agent's rights under Section 2.11(b) hereof.

         2.18. FEES FOR L/CS AND BANKER'S ACCEPTANCES.

               (a) The applicable Borrowers shall pay the Administrative Agent,
for the account of the Revolving Credit Lenders, on the first day of each
calendar month, in arrears, a fee (each, an "L/C Fee") equal to the following
per annum percentages of the average Stated Amount of the following categories
of L/Cs outstanding during the subject month:

                  (i) As to standby L/Cs, the Applicable Margin for LIBOR Loans.

                  (ii) As to documentary L/Cs, fifty percent (50%) of the
         Applicable Margin for LIBOR Loans.

                  (iii) After the occurrence and during the continuance of an
         Event of Default, at the option of the Administrative Agent (or at the
         instruction of the SuperMajority Lenders), the L/C Fee shall be
         increased for any L/Cs which from time to time are not cash
         collateralized in the amounts required in accordance with the
         provisions of this Agreement by an amount equal to two percent (2%) per
         annum.

               (b) The applicable Borrowers shall pay the Administrative Agent,
for the account of the Revolving Credit Lenders, on the first day of each month,
in arrears, a fee (each, a


                                       51
<PAGE>
"Banker's Acceptance Fee") equal to fifty percent (50%) of the Applicable Margin
for LIBOR Loans of the average Stated Amount of the Banker's Acceptances
outstanding during the subject month. After the occurrence and during the
continuance of an Event of Default, at the option of the Administrative Agent
(or at the instruction of the SuperMajority Lenders), the Banker's Acceptance
Fee shall be increased for any Banker's Acceptances which from time to time are
not cash collateralized in the amounts required in accordance with the
provisions of this Agreement by an amount equal to two percent (2%) per annum.

               (c) In addition to the fees to be paid as provided in Subsections
2.18(a) and 2.18(b), above, the Borrowers shall pay to the Administrative Agent
(or to the Issuer, if so requested by Administrative Agent), on demand, all
issuance, processing, negotiation, amendment, and administrative fees and other
amounts charged by the Issuer on account of, or in respect to, any L/C or
Banker's Acceptance issued.

               (d) If any change in Applicable Law shall either:

                  (i) impose, modify or deem applicable any reserve, special
         deposit or similar requirements against letters of credit heretofore or
         hereafter issued by any Issuer or with respect to which any Revolving
         Credit Lender or any Issuer has an obligation to lend to fund drawings
         under any L/C or any Banker's Acceptance; or

                  (ii) impose on any Issuer any other condition or requirements
         relating to any such letters of credit or banker's acceptance;

and the result of any event referred to in Section 2.18(d)(i) or 2.18(d)(ii),
above, shall be to increase the cost to any Revolving Credit Lender or to any
Issuer of issuing or maintaining any L/C or Banker's Acceptance (which increase
in cost shall be the result of such Issuer's reasonable allocation among that
Revolving Credit Lender's or Issuer's letter of credit customers of the
aggregate of such cost increases resulting from such events), then, upon demand
by the Administrative Agent and delivery by the Administrative Agent to the Lead
Borrower of a certificate of an officer of the subject Revolving Credit Lender
or the subject Issuer describing such change in law, executive order,
regulation, directive, or interpretation thereof, its effect on such Revolving
Credit Lender or such Issuer, and the basis for determining such increased costs
and their allocation, the Borrowers shall immediately pay to the Administrative
Agent, from time to time as specified by the Administrative Agent, such amounts
as shall be sufficient to compensate the subject Revolving Credit Lender or the
subject Issuer for such increased cost. Any Revolving Credit Lender's or any
Issuer's determination of costs incurred under Section 2.18(d)(i) or
2.18(d)(ii), above, and the allocation, if any, of such costs among the
Borrowers and other letter of credit customers of such Revolving Credit Lender
or such Issuer, if done in good faith and made on an equitable basis and in
accordance with such officer's certificate, shall, absent manifest error, be
presumed to be accurate.

         2.19. CONCERNING L/C'S AND BANKER'S ACCEPTANCES.


                                       52
<PAGE>
               (a) None of the Issuer, the Issuer's correspondents, any
Revolving Credit Lender, the Administrative Agent, or any advising, negotiating,
or paying bank with respect to any L/C or Banker's Acceptance shall be
responsible in any way for:

                  (i) The performance by any beneficiary under any L/C or
         Banker's Acceptance of that beneficiary's obligations to any Borrower.

                  (ii) The form, sufficiency, correctness, genuineness,
         authority of any Person signing; falsification; or the legal effect of;
         any documents called for under any L/C or Banker's Acceptance if (with
         respect to the foregoing) such documents on their face appear to be in
         order.

               (b) The Issuer may honor, as complying with the terms of any L/C
or any Banker's Acceptance and of any drawing thereunder, any drafts or other
documents otherwise in order, but signed or issued by an administrator,
executor, conservator, trustee in bankruptcy, debtor in possession, assignee for
the benefit of creditors, liquidator, receiver, or other legal representative of
the party authorized under such L/C or Banker's Acceptance to draw or issue such
drafts or other documents.

               (c) The Issuer may reject any drafts and documents presented
under any L/C or any Banker's Acceptance which are discrepant in any manner,
notwithstanding any prior course of dealing by the Issuer in honoring drafts
under L/Cs or Banker's Acceptances.

               (d) Unless otherwise agreed to, in the particular instance, each
Borrower hereby authorizes any Issuer to:

                  (i) Select an advising bank, if any.

                  (ii) Select a paying bank, if any.

                  (iii) Select a negotiating bank.

               (e) All directions, correspondence, and funds transfers relating
to any L/C or any Banker's Acceptance are at the risk of the Borrowers. The
Issuer shall have discharged the Issuer's obligations under any L/C or Banker's
Acceptance which, or the drawing under which, includes payment instructions, by
the initiation of the method of payment called for in, and in accordance with,
such instructions (or by any other commercially reasonable and comparable
method). None of the Administrative Agent, any Revolving Credit Lender, or the
Issuer shall have any responsibility for any inaccuracy, interruption, error, or
delay in transmission or delivery by post, telegraph or cable, or for any
inaccuracy of translation.

               (f) The Administrative Agent's, each Revolving Credit Lender's,
and the Issuer's rights, powers, privileges and immunities specified in or
arising under this Agreement are in addition to any heretofore or at any time
hereafter otherwise created or arising, whether by statute or rule of law or
contract.


                                       53
<PAGE>
               (g) Except to the extent otherwise expressly provided hereunder
or agreed to in writing by the Issuer and the Lead Borrower, documentary L/Cs
will be governed by the Uniform Customs and Practice for Documentary Credits,
International Chamber of Commerce, Publication No. 500, and standby L/Cs will be
governed by International Standby Practices ISP98 (adopted by the International
Chamber of Commerce on April 6, 1998) and any respective subsequent revisions
thereof.

               (h) The obligations of the Borrowers under this Agreement with
respect to L/Cs and Banker's Acceptances are absolute, unconditional, and
irrevocable and shall be performed strictly in accordance with the terms hereof
under all circumstances, whatsoever including, without limitation, the
following:

                  (i) Any lack of validity or enforceability or restriction,
         restraint, or stay in the enforcement of this Agreement, any L/C, any
         Banker's Acceptance, or any other agreement or instrument relating
         thereto.

                  (ii) Any Borrower's consent to any amendment or waiver of, or
         consent to the departure from, any L/C or any Banker's Acceptance.

                  (iii) The existence of any claim, set-off, defense, or other
         right which any Borrower may have at any time against the beneficiary
         of any L/C or Banker's Acceptance.

                  (iv) Any good faith honoring of a drawing under any L/C or
         Banker's Acceptance, which drawing possibly could have been dishonored
         based upon a strict construction of the terms of the L/C or Banker's
         Acceptance.

         2.20. CHANGED CIRCUMSTANCES.

               (a) The Administrative Agent may advise the Lead Borrower that
the Administrative Agent has made the good faith determination (which
determination shall be final and conclusive) of any of the following:

                  (i) Adequate and fair means do not exist for ascertaining the
         rate for LIBOR Loans.

                  (ii) The continuation of or conversion of any Revolving Credit
         Loan to a LIBOR Loan has been made impracticable or unlawful by the
         occurrence of a contingency that materially and adversely affects the
         applicable market or the compliance by the Administrative Agent or any
         Revolving Credit Lender in good faith with any Applicable Law.

                  (iii) The indices on which the interest rates for LIBOR Loans
         are based shall no longer represent the effective cost to the
         Administrative Agent or any Revolving Credit Lender for U.S. dollar
         deposits in the interbank market for deposits in which it regularly
         participates.


                                       54
<PAGE>
               (b) In the event that the Administrative Agent advises the Lead
Borrower of an occurrence described in Section 2.20(a), then, until the
Administrative Agent notifies the Lead Borrower that the circumstances giving
rise to such notice no longer apply:

                  (i) The obligation of the Administrative Agent or each
         Revolving Credit Lender to make loans of the type affected by such
         changed circumstances or to permit the Lead Borrower to select the
         affected interest rate as otherwise applicable to any Revolving Credit
         Loans shall be suspended.

                  (ii) Any notice which the Lead Borrower had given the
         Administrative Agent with respect to any LIBOR Loan, the time for
         action with respect to which has not occurred prior to the
         Administrative Agent's having given notice pursuant to Section 2.20(a),
         shall be deemed at the option of the Administrative Agent to not having
         been given.

         2.21. DESIGNATION OF LEAD BORROWER AS BORROWERS' AGENT.

               (a) Each Borrower hereby irrevocably designates and appoints the
Lead Borrower as that Borrower's agent to obtain loans and advances under the
Revolving Credit, the proceeds of which shall be available to each Borrower for
those uses as those set forth in Section 2.1(d) and to request the issuance of
L/Cs and Banker's Acceptances for such Borrower. The Borrowers further
irrevocably designate and appoint Retail Ventures Imports, Inc. as their agent
to request the issuance of L/Cs and Banker's Acceptances for such Borrower (to
the extent that the Lead Borrower does not make such request). As the disclosed
principal for its agent, each Borrower shall be obligated to each Agent and each
Revolving Credit Lender on account of loans and advances so made to, and L/Cs
and Banker's Acceptances so issued for it under the Revolving Credit as if made
directly by the Revolving Credit Lenders to that Borrower, notwithstanding the
manner by which such loans and advances are recorded on the books and records of
the Lead Borrower and of any Borrower.

               (b) Each Borrower recognizes that credit available to it under
the Revolving Credit is in excess of and on better terms than it otherwise could
obtain on and for its own account and that one of the reasons therefor it is
joining in the credit facility contemplated herein with all other Borrowers.
Consequently, each Borrower hereby assumes and agrees to fully, faithfully, and
punctually discharge all Liabilities of all of the Borrowers and hereby
guarantees the payment and performance of all Liabilities of all other
Borrowers. In any action or proceeding with respect to any Borrower involving
any Applicable Law, including, without limitation, state or federal bankruptcy,
insolvency, reorganization or other law affecting the rights of creditors
generally, if the obligations of such Borrower as a guarantor hereunder would
otherwise be held or determined to be void, invalid or unenforceable, or
subordinated to the claims of any other creditors, on account of the amount of
its liability hereunder, then, notwithstanding any other provision hereof to
the contrary, the amount of such liability shall, without any further action by
such Borrower, any Lender, the Agent or any other Person, be automatically
limited and reduced to the highest amount which is valid and enforceable and
not subordinated to the claims of other creditors as determined in such action
or proceeding after taking into account such Borrower's right of
indemnification and contribution from each other Borrower under Section
20.23(d) hereof.

               (c) The proceeds of each loan and advance provided under the
Revolving Credit which is requested by the Lead Borrower shall be deposited into
the Operating Account of the applicable Borrower. Neither the Administrative
Agent nor any Revolving Credit Lender shall have any obligation to see to the
application of such proceeds.

         2.22. REVOLVING CREDIT LENDERS' COMMITMENTS.

               (a) Subject to Section 17.1 (which provides for assignments and
assumptions of commitments), each Revolving Credit Lender's "REVOLVING CREDIT
COMMITMENT


                                       55
<PAGE>
PERCENTAGE", and "REVOLVING CREDIT DOLLAR COMMITMENT" (respectively so referred
to herein) is set forth on EXHIBIT 2.22, annexed hereto.

               (b) The obligations of each Revolving Credit Lender are several
and not joint. No Revolving Credit Lender shall have any obligation to make any
loan under the Revolving Credit in excess of either of the following:

                  (i) That Revolving Credit Lender's Revolving Credit Commitment
         Percentage of the subject loan or advance or of DSW Availability.

                  (ii) Any loan which, when aggregated with all other loans made
         by that Revolving Credit Lender under the Revolving Credit and then
         outstanding, exceed that Revolving Credit Lender's Revolving Credit
         Dollar Commitment.

               (c) No Revolving Credit Lender shall have any liability to the
Borrowers on account of the failure of any other Revolving Credit Lender to
provide any loan or advance under the Revolving Credit nor any obligation to
make up any shortfall which may be created by such failure.

               (d) The Revolving Credit Dollar Commitments, Revolving Credit
Commitment Percentages, and identities of the Revolving Credit Lenders may be
changed, from time to time by the reallocation or assignment of Revolving Credit
Dollar Commitments and Revolving Credit Commitment Percentages amongst the
Revolving Credit Lenders or with other Persons who determine to become
"Revolving Credit Lenders", provided, however unless an Event of Default has
occurred and is continuing (in which event, no consent of any Borrower is
required) any assignment to a Person (other than to another Lender or to an
Affiliate of any Lender) shall be subject to the prior consent of the Lead
Borrower (not to be unreasonably withheld or delayed), which consent will be
deemed given unless the Lead Borrower provides the Administrative Agent with
written objection, not more than five (5) Business Days after the
Administrative Agent shall have given the Lead Borrower written notice of a
proposed assignment), provided that the Lead Borrower's consent shall in no
event be required with respect to the following: (i) an assignment to another
Revolving Credit Lender; or (ii) an assignment to a transferee of a Revolving
Credit Lender's rights in and to a material portion of such Revolving Credit
Lender's portfolio of asset based credit facilities.

               (e) Upon written notice given the Lead Borrower from time to time
by the Administrative Agent, of any assignment or allocation referenced in
Section 2.22(d):

                  (i) Each Borrower shall execute one or more replacement
         Revolving Credit Notes to reflect such changed Revolving Credit Dollar
         Commitments, Revolving Credit Commitment Percentages, and identities
         and shall deliver such replacement Revolving Credit Notes to the
         Administrative Agent (which promptly thereafter shall deliver to the
         Lead Borrower the Revolving Credit Notes so replaced) provided however,
         in the event that a Revolving Credit Note is to be exchanged following
         its acceleration or the entry of an order for relief under the
         Bankruptcy Code with respect to any Borrower, the Administrative Agent,
         in lieu of causing the Borrowers to execute one or more new Revolving
         Credit Notes, may issue the Administrative Agent's certificate
         confirming the


                                       56
<PAGE>
         resulting Revolving Credit Dollar Commitments and Revolving Credit
         Commitment Percentages.

                  (ii) Such change shall be effective from the effective date
         specified in such written notice and any Person added as a Revolving
         Credit Lender shall have all rights and privileges of a Revolving
         Credit Lender hereunder thereafter as if such Person had been a
         signatory to this Agreement and any other Loan Document to which a
         Revolving Credit Lender is a signatory and any Person removed as a
         Revolving Credit Lender shall be relieved of any obligations or
         responsibilities of a Revolving Credit Lender hereunder thereafter.

         2.23. PAYMENTS.

               (a) The Borrowers shall make each payment required to be made by
it hereunder or under any other Loan Document (whether of principal, interest,
fees or reimbursement of drawings under L/Cs, Banker's Acceptances, or
otherwise) prior to 2:00 p.m. on the date when due, in immediately available
funds, without setoff or counterclaim. Any amounts received after such time on
any date may, in the reasonable, good faith discretion of the Administrative
Agent, be deemed to have been received on the next succeeding Business Day for
purposes of calculating interest thereon. All such payments shall be made to the
Administrative Agent at its offices at 1965 East Sixth Street, Cleveland, Ohio
(or such other address as to which the Lead Borrower shall have been advised by
the Administrative Agent), except payments to be made directly to the Issuer as
expressly provided herein. If any payment under any Loan Document shall be due
on a day that is not a Business Day, except with respect to LIBOR Loans, the
date for payment shall be extended to the next succeeding Business Day, and, in
the case of any payment accruing interest, interest thereon shall be payable for
the period of such extension. All payments under each Loan Document shall be
made in dollars.

               (b) If and to the extent that any payment owed by the Borrowers
to the Administrative Agent, any Revolving Credit Lender or the Issuer is not
made when due, each Borrower authorizes the Administrative Agent, the Revolving
Credit Lenders and the Issuer, as the case may be, to charge from time to time
against any or all of the deposit accounts of the Borrowers any amount so due.
Notice of such charge shall be given promptly to the Lead Borrower.

ARTICLE 3 - CONDITIONS PRECEDENT:

         As a condition to the effectiveness of this Agreement, the
establishment of the Revolving Credit, and the making of the first loan under
the Revolving Credit, each of the documents respectively described in Sections
3.1 through and including 3.4, (each in form and substance satisfactory to the
Administrative Agent) shall have been delivered to the Administrative Agent, and
the conditions respectively described in Sections 3.5 through and including
3.21, shall have been satisfied:

         3.1. CORPORATE DUE DILIGENCE.


                                       57
<PAGE>
               (a) Certificates of corporate good standing for each Loan Party,
respectively issued by the Secretary of State for the state in which that Loan
Party is incorporated.

               (b) Certificates of due qualification, in good standing, issued
by the Secretary(ies) of State of each State for each Borrower reasonably
required by the Administrative Agent.

               (c) Certificates of each Loan Party's Secretary of the due
adoption, continued effectiveness, and setting forth the texts of, each
corporate resolution adopted in connection with the establishment of the loan
arrangement contemplated by the Loan Documents and attesting to the true
signatures of each Person authorized as a signatory to any of the Loan
Documents.

         3.2. OPINIONS. Opinions of counsel to the Loan Parties in form and
substance satisfactory to the Administrative Agent.

         3.3. ADDITIONAL DOCUMENTS. Such additional instruments and documents as
any Agent or its counsel may reasonably require or request including, without
limitation, the documents described on EXHIBIT 3.3 hereto.

         3.4. OFFICERS' CERTIFICATES. Certificates executed by the Chief
Executive Officer and the Chief Financial Officer of the Lead Borrower in form
and substance satisfactory to the Administrative Agent.

         3.5. REPRESENTATIONS AND WARRANTIES. Each of the representations made
by or on behalf of each Loan Party in this Agreement or in any of the other Loan
Documents or in any other report, statement, document, or paper provided by or
on behalf of each Loan Party shall be true and complete as of the date as of
which such representation or warranty was made.

         3.6. MINIMUM DAY ONE AVAILABILITY. After giving effect to the first
funding under the Revolving Credit, any charges to the Loan Account made in
connection with the establishment of the credit facility contemplated hereby,
L/Cs and Banker's Acceptances to be issued at, or immediately subsequent to,
such establishment, Excess Availability shall not be less than TBD.

         3.7. SENIOR NON-CONVERTIBLE FACILITY. The Loan Parties shall have been
released from all liabilities and obligations under the Senior Non-Convertible
Facility and all collateral security granted by the Loan Parties for the Senior
Non-Convertible Facility shall have been released, discharged and terminated to
the satisfaction of the Agent.

         3.8. DSW INITIAL PUBLIC OFFERING.

         The initial public offering of the capital stock of DSW shall have been
consummated and proceeds received, all of which shall be satisfactory in form
and substance to the Agent.

         3.9. REPAYMENT OF EXISTING INDEBTEDNESS. The Administrative Agent shall
have received a payoff letter from CCM as agent under the CCM Term Loan
Facilities as well as a


                                       58
<PAGE>
tender of releases and discharges of all collateral security for the CCM Term
Loan Facilities, each in form and substance satisfactory to the Administrative
Agent. Such Indebtedness shall be repaid on the Effective Date.

         3.10. CONSENTS. All necessary consents and approvals to the
transactions contemplated hereby shall have been obtained and shall be
satisfactory to the Administrative Agent.

         3.11. APPRAISALS AND COMMERCIAL FINANCE EXAMINATIONS. The Collateral
Agent shall have received (a) appraisals of the Borrowers' Inventory by a third
party appraiser acceptable to the Collateral Agent, and (b) a commercial finance
examination with respect to the Lead Borrower and its Subsidiaries, including a
review of the Borrowers' books and records, each in form and substance
satisfactory to the Collateral Agent.

         3.12. FINANCIAL INFORMATION.

         The Administrative Agent shall have received such financial information
and projections as the Agent may reasonably request, including, without
limitation, audited financial statements for each of fiscal years 2001, 2002,
2003 and 2004, monthly and annual financial projections of the Borrowers through
January, 2010. All such financial information shall be reasonably satisfactory
to the Agent and shall reflect the Borrowers' ability to perform their
obligations hereunder.

         3.13. MATERIAL AGREEMENTS. The consummation of the transactions
contemplated hereby shall not (a) violate any applicable law, statute, rule or
regulation or (b) conflict with, or result in a default or event of default
under, any material agreement of any Loan Party. There shall not have occurred
any default of any material contract or agreement of any Loan Party. The Agent
shall be satisfied with the corporate structure and organizational documents of
the Borrowers and the Parent.

         3.14. LITIGATION. There shall not be pending any litigation or other
proceeding, the result of which could reasonably be expected to have a Material
Adverse Effect.

         3.15. PERFECTION OF ENCUMBRANCES.

               (a) The Collateral Agent shall have received results of searches
or other evidence reasonably satisfactory to the Collateral Agent (in each case
dated as of a date reasonably satisfactory to the Collateral Agent) indicating
the absence of Encumbrances, except for Permitted Encumbrances, on the assets of
the Loan Parties, except for which termination statements and releases
reasonably satisfactory to the Collateral Agent are being tendered concurrently
with such extension of credit.

               (b) The Collateral Agent shall have received all documents and
instruments, including Uniform Commercial Code financing statements, required by
law or reasonably requested by the Collateral Agent to be filed, registered or
recorded to create or perfect the first priority Encumbrances intended to be
created under the Loan Documents (subject to Permitted


                                       59
<PAGE>
Encumbrances having priority over the Encumbrance of the Collateral Agent
pursuant to operation of law) and all such documents and instruments shall have
been so filed (or provision made therefor), registered or recorded to the
satisfaction of the Collateral Agent.

         3.16. ALL FEES AND EXPENSES PAID. All fees due at or immediately after
the first funding under the Revolving Credit and all costs and expenses incurred
by the Agent and the Lead Arranger in connection with the establishment of the
credit facility contemplated hereby (including the fees and expenses of counsel
to the Agent and the Lead Arranger) shall have been paid in full.

         3.17. CASH MANAGEMENT. The Loan Parties shall have established cash
management systems reasonably acceptable to the Agent, including, without
limitation, compliance with the provisions of Sections 8.1(b), 8.2(b), and
8.3(a).

         3.18. INSURANCE. The Agent shall be reasonably satisfied with the
insurance maintained by the Loan Parties and the Agent shall have received an
endorsement to such insurance policies naming the Agent as loss payee and/or
additional insured and otherwise satisfactory in form and substance to the
Agent.

         3.19. SEPARATION AND SERVICE AGREEMENTS.

         The Agent shall have received an executed copy of, and shall be
reasonably satisfied with, the separation and service agreements between the
Loan Parties and the Parent and the Parent's other Subsidiaries.

         3.20. NO LOAN PARTY IN DEFAULT. No Loan Party is in Default.

         3.21. NO ADVERSE CHANGE. Each Agent shall be reasonably satisfied that
any financial statements delivered to it fairly present the business and
financial condition of the Borrowers and their Subsidiaries, and that there has
been no material adverse change in the assets, business, financial condition, or
income of the Borrowers and their Subsidiaries since the April, 2005 financial
information delivered to the Agent.

         3.22. CERTAIN CHANGES.

               (a) No material changes in governmental regulations or policies
affecting the Loan Parties, the Agents, the Lead Arranger or any Revolving
Credit Lender involved in this transaction shall have occurred prior to the
Effective Date.

               (b) There shall not have occurred prior to the Effective Date any
disruption or material adverse change in the financial or capital markets in
general that would, in the reasonable opinion of the Administrative Agent, have
a material adverse effect on the market for loan syndications or adversely
affecting the syndication of the Revolving Credit Loans.

         3.23. BENEFIT OF CONDITIONS PRECEDENT. The conditions set forth in this
Article 3 are for the sole benefit of the Agent and each Revolving Credit Lender
and may be waived by the


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<PAGE>
Administrative Agent in whole or in part without prejudice to the Agent or any
Revolving Credit Lender.

No document shall be deemed delivered to the Agents or any Revolving Credit
Lender until received and accepted by the Administrative Agent at its offices in
Cleveland, Ohio. Under no circumstances shall this Agreement take effect until
executed and accepted by the Agents.

ARTICLE 4 - GENERAL REPRESENTATIONS AND WARRANTIES

         To induce each Revolving Credit Lender to establish the credit facility
contemplated herein and to induce the Revolving Credit Lenders to provide loans
and advances under the Revolving Credit (each of which loans shall be deemed to
have been made in reliance thereupon) the Loan Parties, in addition to all other
representations and warranties made by any Loan Party in any other Loan
Document, make those representations and warranties set forth below.

         4.1. DUE ORGANIZATION. AUTHORIZATION. NO CONFLICTS

               (a) Each Loan Party presently is in good standing as a
corporation or other entity under the laws of the State in which it is
organized, and, except as described on EXHIBIT 4.1, annexed herto, is duly
qualified and in good standing in every other State in which, by reason of the
nature or location of each Loan Parties' assets or operation of each of their
respective business, such qualification may be necessary, except where the
failure to so qualify would not have a Material Adverse Effect.

               (b) Each Loan Party's respective organizational identification
number assigned to it by the State of its incorporation and its respective
federal employer identification number, as of the Effective Date, is listed on
EXHIBIT 4.1, annexed hereto.

               (c) Each Loan Party has all requisite power and authority to
execute and deliver all Loan Documents to which that Loan Party is a party and
has retain all requisite power to perform all Liabilities.

               (d) The execution and delivery by each Loan Party of each Loan
Document to which it is a party; each Loan Party's consummation of the
transactions contemplated by such Loan Documents (including, without limitation,
the creation of Collateral Interests by that Loan Party to secure the
Liabilities); and each Loan Party's performance under those of the Loan
Documents to which it is a party:

                  (i) Have been duly authorized by all necessary action.

                  (ii) Do not contravene in any material respect any provision
         of any Requirement of Law or obligation of that Loan Party.

                  (iii) Will not result in the creation or imposition of, or the
         obligation to create or impose, any Encumbrance upon any assets of that
         Loan Party pursuant to any Requirement of Law or obligation, except
         pursuant to the Loan Documents.


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<PAGE>
                  (e) The Loan Documents have been duly executed and delivered
by each Loan Party and are the legal, valid and binding obligations of each Loan
Party, enforceable against each Loan Party in accordance with their respective
terms, except as may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws relating to or limiting creditors' rights generally
or by equitable principles relating to enforceability.

         4.2. TRADE NAMES.

               (a) EXHIBIT 4.2, annexed hereto, is a listing as of the Effective
Date, of:

                  (i) All names under which, to the knowledge of the Lead
         Borrower, any Loan Party has conducted its business in the past five
         (5) years.

                  (ii) All Persons with whom any Loan Party has consolidated or
         merged, or from whom any Loan Party has acquired in a single
         transaction or in a series of related transactions substantially all of
         such Person's assets in the past five (5) years.

         4.3. INTELLECTUAL PROPERTY.

               (a) Each Loan Party owns and possesses, or has the right to use
all material patents, industrial designs, trademarks, trade names, trade styles,
brand names, service marks, logos, copyrights, trade secrets, know-how,
confidential information, and other intellectual or proprietary property of any
third Person necessary for that Loan Party's conduct of that Loan Party's
business.

               (b) The conduct by each Loan Party of that Loan Party's business
does not, to the knowledge of the Loan Parties, presently infringe (nor will any
Loan Party conduct its business in the future so as to infringe) the patents,
industrial designs, trademarks, trade names, trade styles, brand names, service
marks, logos, copyrights, trade secrets, know-how, confidential information, or
other intellectual or proprietary property of any third Person, except where
such infringement is not reasonably likely to have a Material Adverse Effect.

         4.4. LOCATIONS.

               (a) The Collateral, and the books, records, and papers of the
Loan Parties pertaining thereto, are kept and maintained solely (i) at those
locations which are listed on EXHIBIT 4.4, annexed hereto (or as supplemented
pursuant to the terms of this Agreement), which Exhibit includes, with respect
to each such location, the name and address of the landlord on the Lease which
covers such location (or an indication that a Loan Party owns the subject
location) and of all service bureaus with which any such records are maintained
or (ii) at such other locations as to which the Lead Borrower has provided ten
(10) days prior written notice to the Administrative Agent of the intended
location of the Collateral, books, records, and papers thereat.

               (b) No tangible personal property of any Loan Party is in the
care or custody of any third party or stored or entrusted with a bailee or other
third party, except (i) as otherwise


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disclosed pursuant to, or permitted by, this Section 4.4, or (ii) for Inventory
in an amount not to exceed $1,000,000 at Cost in the aggregate at any time in
the ordinary course of business.

         4.5. ENCUMBRANCES.

               (a) The Loan Parties are the owners of the Collateral free and
clear of all Encumbrances other than any Permitted Encumbrance.

               (b) No Loan Party has possession of any property on consignment
to that Loan Party from a third party which is not a Loan Party, except (i) as
of the Effective Date, those listed on EXHIBIT 4.5(B), annexed hereto and (ii)
those as to which the Loan Parties notify the Administrative Agent in accordance
with the provisions of Section 6.3 hereof.

         4.6. INDEBTEDNESS. The Loan Parties do not have any Indebtedness other
than:

               (a) Permitted Indebtedness; and

               (b) A Loan Party's guaranty of Permitted Indebtedness of another
Loan Party.

         4.7. INSURANCE.

               (a) EXHIBIT 4.7, annexed hereto, is a schedule of all insurance
policies owned by the Loan Parties or under which any Loan Party is the named
insured as of the Effective Date. Each of such policies is in full force and
effect. To the best of such Loan Party's knowledge, neither the issuer of any
such policy nor any Loan Party is in default or violation of any such policy.

         4.8. LICENSES Each material license, distributorship, franchise, and
similar agreement issued to, or to which any Loan Party is a party is in full
force and effect. Each material license agreement to which a Loan Party is a
party as of the Effective Date is listed on EXHIBIT 4.8, annexed hereto. No
party to any such license or agreement is in default or violation thereof,
except where such default or failure is not reasonably likely to have a Material
Adverse Effect. No Loan Party has received any notice or threat of cancellation
of any such license or agreement.

         4.9. LEASES. EXHIBIT 4.9, annexed hereto, is a schedule of all
presently effective Capital Leases as of the Effective Date. (EXHIBIT 4.4
includes a list of all other presently effective Leases). Each of such Leases
and Capital Leases is in full force and effect. No Loan Party, to the best of
its knowledge, is in default or violation of any such Lease or Capital Lease,
except where such violation is not reasonably likely to have a Material Adverse
Effect. No Loan Party has received any notice or threat of cancellation of any
such Lease or Capital Lease, which cancellation (together with all other similar
cancellations) is reasonably likely to have a Material Adverse Effect.

         4.10. REQUIREMENTS OF LAW. Each Loan Party and each of its Subsidiaries
is in compliance with all Requirements of Law except where the failure of such
compliance will not


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<PAGE>
have a Material Adverse Effect. No Loan Party has received any notice of any
violation of any Requirement of Law (other than of a violation which does not
have a Material Adverse Effect), which violation has not been cured or otherwise
remedied.

         4.11. LABOR RELATIONS.

               (a) As of the Effective Date, no Loan Party is a party to any
collective bargaining or other labor contract except as listed on EXHIBIT 4.11,
annexed hereto.

               (b) There is not presently pending and, to any Loan Party's
knowledge, there is not threatened any of the following except to the extent any
of the following is not reasonably likely to have a Material Adverse Effect:

                  (i) Any strike, slowdown, picketing, work stoppage, or
         employee grievance process.

                  (ii) Except as described on EXHIBIT 4.17 annexed hereto, any
         proceeding against or affecting any Loan Party relating to the alleged
         violation of any Applicable Law pertaining to labor relations or before
         National Labor Relations Board, the Equal Employment Opportunity
         Commission, or any comparable governmental body, organizational
         activity, or other labor or employment dispute against or affecting any
         Loan Party, which, if determined adversely to that Loan Party is
         reasonably likely to have a Material Adverse Effect on that Loan Party.

                  (iii) Any lockout of any employees by any Loan Party (and no
         such action is contemplated by any Loan Party).

                  (iv) Any application for the certification of a collective
         bargaining agent.

               (c) No event has occurred or circumstance exists which could
provide the basis for any work stoppage or other labor dispute which would be
reasonably likely to have a Material Adverse Effect.

               (d) Each Loan Party:

                  (i) Has complied with all Applicable Law relating to
         employment, equal employment opportunity, nondiscrimination,
         immigration, wages, hours, benefits, collective bargaining, the payment
         of social security and similar taxes, occupational safety and health,
         and plant closing, except where such non-compliance is not reasonably
         likely to have a Material Adverse Effect.

                  (ii) Is not liable for the payment of compensation, damages,
         taxes, fines, penalties, or other amounts, however designated, for that
         Loan Party's failure to comply with any Applicable Law referenced in
         Section 4.11(d)(i) which is reasonably likely to have a Material
         Adverse Effect.


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<PAGE>
         4.12. TAXES.

               (a) With respect to the Loan Parties' federal, state, and local
tax liability and obligations:

                  (i) To the best of its knowledge, the Lead Borrower, in
         compliance with all Applicable Law, has properly filed all material
         returns due to be filed up to the date of this Agreement.

                  (ii) Except as described on EXHIBIT 4.12:

                        (A) Currently, no Loan Party has received from any
            taxing authority any request to perform any examination of or with
            respect to any Loan Party nor any other written or verbal notice in
            any way relating to any claimed failure by any Loan Party to comply
            with all Applicable Law concerning payment of any taxes or other
            amounts in the nature of taxes in excess of $500,000 in any one
            instance.

                        (B) No agreement exists which waives or extends any
            statute of limitations applicable to the right of any taxing
            authority to assert a deficiency or make any other claim for or in
            respect to federal income taxes.

                        (C) No issue has been raised in any tax examination of
            any Loan Party which reasonably could be expected to result in the
            assertion of a deficiency for any fiscal year open for examination,
            assessment, or claim by any taxing authority in excess of $500,000
            in the aggregate for all Loan Parties.

               (b) The Loan Parties have paid, as they become due and payable,
all taxes and unemployment contributions and other charges of any kind or nature
levied, assessed or claimed against any Loan Party or the Collateral by any
Person whose claim could result in an Encumbrance upon any asset of any Loan
Party or by any governmental authority except for (i) taxes, contributions and
charges which are being contested in good faith by such Loan Party, by
appropriate proceedings diligently instituted and conducted, without danger to
any material risk to the Collateral, and adequate reserves or appropriate
provision, if any, as shall be required in conformity with GAAP, shall have been
made therefor, and provided that no Encumbrance has been filed on account
thereof, and (ii) taxes, contributions, and other charges which the Loan Parties
have inadvertently not paid when due as long as (A) the aggregate amount thereof
does not exceed $500,000, and (B) no Encumbrance has been filed on account
thereof, and (C) promptly upon the date an Authorized Officer obtains knowledge
or should have obtained knowledge thereof, the Borrowers make payment of such
taxes, contributions or charges; has properly exercised any trust
responsibilities imposed upon any Loan Party by reason of withholding from
employees' pay or by reason of any Loan Parties' receipt of sales tax or other
funds for the account of any third party; has timely made all contributions and
other payments as may be required pursuant to any Employee Benefit Plan now or
hereafter established by any Loan Party; and has timely filed all tax and other
returns and other reports with each Governmental Authority to whom any Loan
Party is obligated to so file, except for such returns


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<PAGE>
or reports which the Loan Parties have inadvertently not paid when due as long
as (A) the aggregate amount of taxes, assessments or charges with respect to
such returns does not exceed $500,000, and (B) no Encumbrance has been filed on
account thereof, and (C) promptly upon the date an Authorized Officer obtains
knowledge or should have obtained knowledge thereof, the Borrowers file such
returns and/or reports and make payment of any amounts required to be paid on
account thereof.

         4.13. NO MARGIN STOCK. No Loan Party is engaged in the business of
extending credit for the purpose of purchasing or carrying any margin stock
(within the meaning of Regulations U, T, and X of the Board of Governors of the
Federal Reserve System of the United States).

         4.14. INVESTMENT AND HOLDING COMPANY STATUS. No Loan Party is (a) an
"investment company" as defined in, or subject to regulation under, the
Investment Company Act of 1940 or (b) a "holding company" as defined in, or
subject to regulation under, the Public Utility Holding Company Act of 1935.

         4.15. ERISA.

Except to the extent that such action is not reasonably likely to have a
Material Adverse Effect, neither any Loan Party nor any ERISA Affiliate has
within the past three (3) years:

                  (i) Violated or failed to be in full compliance with any Loan
         Party's Employee Benefit Plan.

                  (ii) Failed timely to file all reports and filings required by
         ERISA to be filed by any Loan Party.

                  (iii) Engaged in any nonexempt "prohibited transactions" or
         "reportable events" (respectively as described in ERISA).

                  (iv) Engaged in, or committed, any act such that a tax or
         penalty reasonably could be imposed upon any Loan Party on account
         thereof pursuant to ERISA.

                  (v) Incurred any material accumulated funding deficiency
         within the meaning of ERISA.

                  (vi) Terminated any Employee Benefit Plan such that a lien
         could be asserted against any assets of any Loan Party on account
         thereof pursuant to ERISA.

                  (vii) Failed to make any required contribution or payment to,
         or made a complete or partial withdrawal from, any Employee Benefit
         Plan which is a multiemployer plan within the meaning of Section
         4001(a) of ERISA.

         4.16. HAZARDOUS MATERIALS.


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<PAGE>
               (a) Except as set forth on EXHIBIT 4.16(A) hereto, (i) the
operations of each Loan Party are in material compliance with all Environmental
Laws; (ii) to the best of each Loan Party's knowledge, there has been no Release
at any of the properties owned or operated by any Loan Party or a predecessor in
interest, or at any disposal or treatment facility which received Hazardous
Materials generated by any Loan Party or any predecessor in interest which is
reasonably likely to have a Material Adverse Effect; (iii) no Environmental
Action has been asserted against any Loan Party or any predecessor in interest
nor does any Loan Party have knowledge or notice of any threatened or pending
Environmental Action against any Loan Party or any predecessor in interest which
is reasonably likely to have a Material Adverse Effect; (iv) no Loan Party has
knowledge of any Environmental Actions that have been asserted against any
facilities that may have received Hazardous Materials generated by any Loan
Party or any predecessor in interest which are reasonably likely to have a
Material Adverse Effect; (v) to the best of such Loan Party's knowledge, no
property now or formerly owned or operated by a Loan Party has been used as a
treatment or disposal site for any Hazardous Material; (vi) no Loan Party has
failed to report to the proper Governmental Authority any Release which is
required to be so reported by any Environmental Laws which is reasonably likely
to have a Material Adverse Effect; (vii) each Loan Party holds all licenses,
permits and approvals required under any Environmental Laws in connection with
the operation of the business carried on by it, except for such licenses,
permits and approvals as to which a Loan Party's failure to maintain or comply
with is not reasonably likely to have a Material Adverse Effect; and (viii) no
Loan Party has received any notification pursuant to any Environmental Laws that
(A) any work, repairs, construction or Capital Expenditures are required to be
made in respect as a condition of continued compliance with any Environmental
Laws, or any license, permit or approval issued pursuant thereto or (B) any
license, permit or approval referred to above is about to be reviewed, made,
subject to limitations or conditions, revoked, withdrawn or terminated, in each
case, except as is not reasonably likely to have a Material Adverse Effect.

         4.17. LITIGATION. Except as described in EXHIBIT 4.17, annexed hereto,
there is not presently pending or threatened by or against any Loan Party any
suit, action, proceeding, or investigation which, if determined adversely to any
Loan Party, would have a Material Adverse Effect. As of the Effective Date, no
Loan Party is the holder of any Commercial Tort Claim other than as described on
EXHIBIT 4.17.

         4.18. ADEQUACY OF DISCLOSURE.

               (a) All quarterly and annual financial statements furnished to
the Administrative Agent and to each Revolving Credit Lender by the Loan Parties
on a consolidated basis have been prepared in accordance with GAAP consistently
applied (provided however, that unaudited financial statements are subject to
normal year end adjustments and to the absence of footnotes). All financial
statements furnished to the Administrative Agent and to each Revolving Credit
Lender by the Loan Parties present fairly the condition of the Loan Parties at
the date(s) thereof and the results of operations and cash flows for the
period(s) covered (provided however, that unaudited financial statements are
subject to normal year end adjustments and to the absence of footnotes). There
has been no change in the Consolidated financial condition, results of


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operations, or cash flows of the Loan Parties since the date(s) of such
financial statements, other than changes which are not reasonably likely to have
a Material Adverse Effect.

               (b) No Loan Party has any material contingent obligation or
material obligation under any Lease or Capital Lease which is not noted in the
Loan Parties' annual Consolidated financial statements furnished to the
Administrative Agent and to each Revolving Credit Lender prior to the execution
of this Agreement.

               (c) No document, instrument, agreement, or paper given to the
Agents or to any Revolving Credit Lender by or on behalf of each Loan Party or
any guarantor of the Liabilities in connection with the execution of this
Agreement by the Agents and to each Revolving Credit Lender contains any untrue
statement of a material fact or omits or will omit to state a material fact
necessary in order to make the statements therein not misleading. There is no
fact known to any Loan Party which has, or which, in the foreseeable future is
reasonably likely to have a Material Adverse Effect.

         4.19. UNRESTRICTED SUBSIDIARIES. Each of the Unrestricted Subsidiaries
is inactive or in the process of being liquidated or dissolved.

         4.20. NO BANKRUPTCY FILING. No Loan Party is contemplating, or has any
knowledge of any other Person contemplating, taking any of the actions described
in Section 11.11 or 11.12 hereof. No Loan Party is contemplating the liquidation
of all or a major portion of such Loan Party's assets.

        4.21.   PATRIOT ACT     Each Borrower is in compliance, in all material
respects, with the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into
law October 26, 2001)) (the "Patriot Act").  No part of the proceeds of the
Loans will be used, directly or indirectly, for any payments to any
governmental official or employee, political party, official of a political
party, candidate for political office, or anyone else acting in an official
capacity, in order to obtain, retain or direct business or obtain any improper
advantage, in violation of the United States Foreign Corrupt Practices Act of
1977, as amended.
        4.22.   FOREIGN ASSET CONTROL REGULATIONS       Neither of the advance
of the Loans nor the use of the proceeds of any thereof will violate the
Trading With the Enemy Act (50 U.S.C. ' 1 et seq., as amended) (the "Trading
With the Enemy Act") or any of the foreign assets control regulations of the
United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended)
(the "Foreign Assets Control Regulations") or any enabling legislation or
executive order relating thereto (which for the avoidance of doubt shall
include, but shall not be limited to (a) Executive Order 13224 of September 21,
2001 Blocking Property and Prohibiting Transactions With Persons Who Commit,
Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)) (the
"Executive Order") and (b) the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001
(Public Law 107-56)). Furthermore, none of the Borrowers or their Affiliates
(a) is or will become a "blocked person" as described in the Executive Order,
the Trading With the Enemy Act or the Foreign Assets Control Regulations or
(b) engages or will engage in any dealings or transactions, or be otherwise
associated, with any such "blocked person" or in any manner violative of any
such order.

ARTICLE 5 - GENERAL COVENANTS

         5.1. PAYMENT AND PERFORMANCE OF LIABILITIES. The Loan Parties shall pay
each payment Liability when due (or when demanded, if payable on demand) and
shall promptly, punctually, and faithfully perform each other Liability.

         5.2. MAINTENANCE OF EXISTENCE

               (a) Each Loan Party shall remain in good standing as a
corporation or other entity under the laws of the state in which it is
organized, and shall hereafter remain duly qualified and in good standing in
every other state in which, by reason of the nature or location of each Loan
Parties' assets or operation of each of their respective business, such
qualification may be necessary, except where the failure to so qualify would not
have a Material Adverse Effect.

               (b) No Loan Party shall change its state of organization; any
organizational identification number assigned to that Loan Party by that state;
or that Loan Party's federal taxpayer identification number, without the prior
written consent of the Administrative Agent, which consent shall not be
unreasonably withheld.

               (c) Except where the failure to observe, maintain, or perform the
following is not reasonably likely to have a Material Adverse Effect:


                                       68
<PAGE>
                  (i) All customary formalities regarding the corporate
         existence of each Loan Party will be observed.

                  (ii) In accordance with its present practices, each Loan Party
         will accurately maintain its organizational documents separate from
         those of any Affiliate of such Loan Party and any other Person.

         5.3. TRADE NAMES.

         The Lead Borrower will provide the Administrative Agent with not less
than ten (10) days prior written notice (with reasonable particularity) of any
change to any Loan Party's name from that under which that Loan Party is
conducting its business at the execution of this Agreement and will not effect
such change unless each Loan Party is then in compliance with all provisions of
this Agreement.

         5.4. LOCATIONS.

               (a) The Collateral, and the books, records, and papers of the
Loan Parties pertaining thereto, will be kept and maintained solely (i) at those
locations which are listed on EXHIBIT 4.4, annexed hereto (or as supplemented
pursuant to the terms of this Agreement), which Exhibit includes, with respect
to each such location, the name and address of the landlord on the Lease which
covers such location (or an indication that a Loan Party owns the subject
location) and of all service bureaus with which any such records are maintained
or (ii) at such other locations as to which the Lead Borrower has provided ten
(10) days prior written notice to the Administrative Agent of the intended
location of the Collateral, books, records, and papers thereat.

               (b) No Loan Party shall remove any of the Collateral from those
locations described in Section 4.4(a) except for the following purposes:

                  (i) To accomplish sales of Inventory in the ordinary course of
         business.

                  (ii) To move Inventory or other Collateral from one such
         location to another such location.

                  (iii) To utilize such of the Collateral as is removed from
         such locations in the ordinary course of business.

               (c) No Loan Party will:

                  (i) Alter, modify, or amend any Lease in a manner which is
         reasonably likely to have a Material Adverse Effect.

                  (ii) Other than leased departments and similar arrangements
         with third parties, commit to open or close, or open or close, any
         location at which any Loan Party maintains, offers for sales, or stores
         any of the Collateral, in any fiscal year such that the


                                       69
<PAGE>
         actual number of stores of all Borrowers in the aggregate (A) exceeds
         by ten (10) the number of stores reflected on the Business Plan for
         such fiscal year, or (B) is more than ten (10) fewer than the number of
         stores reflected on the Business Plan for such fiscal year (without
         giving effect to any new stores which the Business Plan projected to be
         opened or closed, but which have not in fact been opened or closed)

               (d) No tangible personal property of any Loan Party shall
hereafter be placed under such care, custody, storage, or entrustment, except
(i) as otherwise disclosed pursuant to, or permitted by, this Section 5.5, or
(ii) for Inventory in an amount not to exceed $1,000,000 at Cost in the
aggregate at any time in the ordinary course of business.

         5.5. ENCUMBRANCES.

               (a) The Loan Parties shall remain, the owners of the Collateral
free and clear of all Encumbrances other than any Permitted Encumbrance.

               (b) No Loan Party shall have possession of any property on
consignment to that Loan Party from a third party that is not a Loan Party,
except (i) those listed on EXHIBIT 4.5(B), annexed hereto and (ii) those as to
which the Loan Parties notify the Administrative Agent in accordance with the
provisions of Section 6.3 hereof.

         5.6. INDEBTEDNESS. The Loan Parties shall not hereafter have any
Indebtedness other than:

               (a) Permitted Indebtedness; and

               (b) A Loan Party's guaranty of Permitted Indebtedness of another
Loan Party.

         5.7. INSURANCE.

               (a) The Lead Borrower shall provide the Administrative Agent with
prompt written notice of any change in the insurance policies owned by the Loan
Parties or under which any Loan Party is the named insured from those in effect
as of the Effective Date.

               (b) The Loan Parties shall have and maintain at all times
insurance covering such risks, in such amounts, containing such terms, in such
form, for such periods, and written by the companies presently providing such
insurance, or such other companies as may be selected by the Lead Borrower and
are satisfactory to the Agent (whose consent shall not be unreasonably
withheld).

               (c) All insurance carried by the Loan Parties shall provide for a
minimum of thirty (30) days' prior written notice of cancellation to the
Administrative Agent and all such insurance which covers the Collateral shall

                  (i) Include an endorsement in favor of the Collateral Agent,
         which endorsement shall provide that the insurance, to the extent of
         the Collateral Agent' interest therein, shall not be impaired or
         invalidated, in whole or in part, by reason of any


                                       70
<PAGE>
         act or neglect of any Loan Party or by the failure of any Loan Party to
         comply with any warranty or condition of the policy.

                  (ii) Not include an endorsement in favor of any other Person
         (other than those Persons intended as beneficiaries of any builder's
         risk insurance, and the holder of any Permitted Encumbrances).

               (d) The Lead Borrower shall furnish the Collateral Agent from
time to time, upon request of the Collateral Agent, with certificates or other
evidence satisfactory to the Collateral Agent regarding compliance by the Loan
Parties with the foregoing requirements.

               (e) In the event of the failure by the Loan Parties to maintain
insurance as required herein, any Agent, at its option and the Loan Parties'
expense, may obtain such insurance at the expense of the Loan Parties, provided,
however, an Agent's obtaining of such insurance shall not constitute a cure or
waiver of any Event of Default occasioned by the Loan Parties' failure to have
maintained such insurance.

         5.8. LICENSES. The Loan Parties shall (a) with respect to existing
licensors and licensees, use its best efforts to, and (b) with respect to
license agreements entered into after the Effective Date, shall, cause the
licensors and licensees to enter into such tri-party or estoppel agreements as
any Agent may reasonably request.

         5.9. REQUIREMENTS OF LAW. Each Loan Party shall and shall cause its
Subsidiaries to be in compliance with, and shall hereafter comply with and use
its assets in compliance with, all Requirements of Law except where the failure
of such compliance will not have a Material Adverse Effect.

         5.10. LAsBOR RELATIONS.

         The Lead Borrower shall provide the Administrative Agent with prompt
written notice of any additional or amended collective bargaining or other labor
contract entered into after the Effective Date.

         5.11. MAINTAIN PROPERTIES. The Loan Parties shall:

               (a) Keep the Collateral in good order and repair (ordinary
reasonable wear and tear and insured casualty excepted).

               (b) Not suffer or cause the waste or destruction of any material
part of the Collateral.

               (c) Not use any of the Collateral in violation of any policy of
insurance thereon.

               (d) Not sell, lease, or otherwise dispose of any of the
Collateral, other than the following:


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                  (i) The use of Inventory in compliance with this Agreement.

                  (ii) The disposal of Equipment which is obsolete, worn out, or
         damaged beyond repair, or no longer useful in the Loan Parties'
         businesses.

                  (iii) Permitted Dispositions.

                  (iv) The turning over to the Administrative Agent of all
         Receipts as provided herein.

                  (v) The use of the Collateral to pay Liabilities arising in
         the ordinary course.

         5.12. TAXES.

         The Loan Parties shall: pay, as they become due and payable, all taxes
and unemployment contributions and other charges of any kind or nature levied,
assessed or claimed against any Loan Party or the Collateral by any Person whose
claim could result in an Encumbrance upon any asset of any Loan Party or by any
Governmental Authority, provided, however, that (i) no such taxes, contributions
and charges are required to be paid if being contested in good faith by such
Loan Party, by appropriate proceedings diligently instituted and conducted,
without danger to any material risk to the Collateral, and adequate reserves or
appropriate provision, if any, as shall be required in conformity with GAAP,
shall have been made therefor, and provided that no Encumbrance has been filed
on account thereof, and (ii) the inadvertent failure of a Loan Party to pay any
such taxes, contributions, and other charges when due shall not constitute an
Event of Default hereunder as long as (A) the aggregate amount thereof does not
exceed $500,000, and (B) no Encumbrance has been filed on account thereof, and
(C) promptly upon the date an Authorized Officer obtains knowledge or should
have obtained knowledge thereof, the Borrowers make payment of such taxes,
contributions or charges; properly exercise any trust responsibilities imposed
upon any Loan Party by reason of withholding from employees' pay or by reason of
any Loan Parties' receipt of sales tax or other funds for the account of any
third party; timely make all contributions and other payments as may be required
pursuant to any Employee Benefit Plan now or hereafter established by any Loan
Party; and timely file all tax and other returns and other reports with each
Governmental Authority to whom any Loan Party is obligated to so file, provided
that the inadvertent failure of a Loan Party to file any such returns or reports
when due shall not constitute an Event of Default hereunder as long as (A) the
aggregate amount of taxes, assessments or charges with respect to such returns
does not exceed $500,000, and (B) no Encumbrance has been filed on account
thereof, and (C) promptly upon the date an Authorized Officer obtains knowledge
or should have obtained knowledge thereof, the Borrowers file such returns
and/or reports and make payment of any amounts required to be paid on account
thereof.

         5.13. NO MARGIN STOCK. No part of the proceeds of any borrowing
hereunder will be used at any time to purchase or carry any such margin stock or
to extend credit to others for the purpose of purchasing or carrying any such
margin stock.


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         5.14. ERISA.

         Neither any Loan Party nor any ERISA Affiliate shall ever engage in any
action of the type described in Section 4.15, if as a result thereof, such Loan
Party or ERISA Affiliate will, or could reasonably be expected to, incur
liability that could reasonably likely have a Material Adverse Effect.

         5.15. HAZARDOUS MATERIALS.

               (a) Each Loan Party shall, except where a violation or failure is
not reasonably likely to have a Material Adverse Effect: (i) keep any property
either owned or operated by it or any of its Subsidiaries free of any
Environmental Liens; (ii) comply, and cause each of its Subsidiaries to comply,
in all material respects with Environmental Laws and provide to the Collateral
Agent any documentation of such compliance which the Collateral Agent may
reasonably request; (iii) provide the Collateral Agent written notice within
five (5) days of any Release of a Hazardous Material in excess of any reportable
quantity from or onto property at any time owned or operated by it or any of its
Subsidiaries and take any remedial actions required to abate said Release; (iv)
provide the Collateral Agent with written notice within ten (10) days of the
receipt of any of the following: (A) notice that an Environmental Lien has been
filed against any property of any Loan Party or any of its Subsidiaries; (B)
commencement of any Environmental Action or notice that an Environmental Action
will be filed against any Loan Party or any of its Subsidiaries; and (C) notice
of a violation, citation or other administrative order which, to the extent that
any of the foregoing are reasonably likely to have a Material Adverse Effect and
(v) defend, indemnify and hold harmless the Agent and the Revolving Credit
Lenders and their transferees, and their respective employees, agents, officers
and directors, from and against any claims, demands, penalties, fines,
liabilities, settlements, damages, costs or expenses (including, without
limitation, attorney and consultant fees, investigation and laboratory fees,
court costs and litigation expenses) arising out of (A) the generation,
presence, disposal, Release or threatened Release of any Hazardous Materials on,
under, in, originating or emanating from any property at any time owned or
operated by any Loan Party or any of its Subsidiaries (or its predecessors in
interest or title), (B) any personal injury (including wrongful death) or
property damage (real or personal) arising out of or related to the presence or
Release of such Hazardous Materials, (C) any request for information,
investigation, lawsuit brought or threatened, settlement reached or order by a
Governmental Authority relating to the presence or Release of such Hazardous
Materials, (D) any violation of any Environmental Law and/or (E) any
Environmental Action filed against the Agent or any Revolving Credit Lender, to
the extent that any of the foregoing is reasonably likely to have a Material
Adverse Effect.

               (b) No Loan Party shall knowingly or negligently permit the use,
handling, generation, storage, treatment, Release or disposal of Hazardous
Materials at any property owned or leased by it or any of its Subsidiaries,
except in compliance with Environmental Laws and so long as such use, handling,
generation, storage, treatment, Release or disposal of Hazardous Materials is
not reasonably likely to result in a Material Adverse Effect.

         5.16. DIVIDENDS. INVESTMENTS. CORPORATE ACTION. No Loan Party shall:


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               (a) Pay any cash dividend or make any other distribution in
respect of any class of that Loan Party's capital stock, (other than dividends
payable to another Loan Party or payable solely in the capital stock of such
paying Loan Party). Notwithstanding anything to the contrary contained herein,
dividends (other than dividends payable solely in the capital stock of another
Loan Party) shall only be payable to the Parent by any other Loan Party to the
extent not otherwise in violation of the Loan Documents and in any event in an
amount not to exceed $5,000,000 (less loans and advances to the Parent made
under clause (k) of the definition of Permitted Indebtedness) in the aggregate
after the date hereof.

               (b) Own, redeem, retire, purchase, or acquire any of any Loan
Party's capital stock; provided that the Loan Parties may make cash payments for
any such purposes if:

                  (i) no Default or Event of Default shall have occurred and be
         continuing at the time of declaration or payment thereof; and

                  (ii) after giving effect to the making any such cash payment,
         the aggregate amount so expended for such purposes subsequent to the
         Effective Date does not exceed $1,500,000; and

                  (iii) after giving effect to the making any such cash payment,
         the aggregate amount so expended for such purposes in any fiscal year
         of the Borrowers does not exceed $500,000.

               (c) Invest in or purchase any stock or securities or rights to
purchase any such stock or securities, of any Person other than a Permitted
Investment, or a Permitted Acquisition.

               (d) Merge or consolidate or be merged or consolidated with or
into any other corporation or other entity, other than in connection with a
Permitted Acquisition (provided that a Loan Party is the surviving, continuing
or resulting corporation) or of one Loan Party into another Loan Party; provided
that, if no Default or Event of Default shall have occurred and be continuing or
would result therefrom, the following shall be permitted:

                  (i) The merger, consolidation or amalgamation of any
         wholly-owned Subsidiary with or into a Borrower or with or into another
         wholly-owned Subsidiary of a Borrower, so long as in any merger,
         consolidation or amalgamation involving a Borrower, the Borrower is the
         surviving, continuing or resulting corporation;

                  (ii) The liquidation or dissolution of any Unrestricted
         Subsidiary.

                  (iii) Any acquisition which is a Permitted Acquisition,
         provided that all of the applicable conditions contained in the
         definition of the term Permitted Acquisition are satisfied.

                  (iv) Notwithstanding the foregoing, the Parent may not merge
         or consolidate or be merged or consolidated with or into any other
         Person without the prior written consent of the Administrative Agent.


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               (e) Subordinate any debts or obligations owed to that Loan Party
by any third party to any other debts owed by such third party to any other
Person.

               (f) Enter into leases of property or assets not constituting
Permitted Acquisitions, unless such leases are not otherwise in violation of
this Agreement.

               (g) Organize or create any Affiliate other than in connection
with a Permitted Acquisition.

               (h) Acquire any assets other than in the ordinary course and
conduct of that Loan Party's business as conducted at the execution of this
Agreement, other than in connection with a Permitted Acquisition or as otherwise
permitted in this Agreement.

         5.17. LOANS. No Loan Party shall make any loans or advances to, nor
acquire the Indebtedness of, any Person, provided, however, the foregoing does
not prohibit any of the following:

               (a) Advance payments made to that Loan Party's suppliers in the
ordinary course;.

               (b) Advances to that Loan Party's officers, employees, and
salespersons with respect to reasonable expenses to be incurred by such
officers, employees, and salespersons for the benefit of that Loan Party, which
expenses are properly substantiated by the Person seeking such advance and
properly reimbursable by that Loan Party;

               (c) Loans and advances to employees for business-related moving
expenses, costs of replacement homes, business machines or supplies, automobiles
and other similar expenses, in each case incurred in the ordinary course of
business not to exceed (together with loans and advances under Section 5.17(d)
and investments permitted under clause (m) of the definition of Permitted
Investments) $6,000,000 in the aggregate outstanding to all employees at any one
time;

               (d) Loans and advances to that Loan Party's officers, employees,
and salespersons in connection with any employment agreements or arrangements,
or any stock options or option plans not to exceed $6,000,000 (together with
loans and advances under Section 5.17(c) and investments permitted under clause
(m) of the definition of Permitted Investments) in the aggregate outstanding to
all employees at any one time;

               (e) To the extent not permitted by the foregoing clauses, the
existing loans and advances, described on EXHIBIT 5.17(E) hereto;

               (f) Intercompany loans and advances or other Intercompany
Indebtedness (i) existing on the date hereof and described on EXHIBIT 5.17(F)
hereof, (ii) hereafter made amongst any Loan Parties within the same Borrower,
(iii) hereafter made by any Borrower to any other Borrower, (iv) hereafter made
by any Loan Party to any of its wholly owned Subsidiaries which are also Loan
Parties; and (v) hereafter made to the Parent by any other Loan Party to the


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extent any of the same constitutes Permitted Indebtedness under clause (k) of
the definition of Permitted Indebtedness or to any Loan Party by the Parent,
provided that such intercompany loans shall be evidenced by such documentation
as the Collateral Agent may require.

               (g) Loans and advances of a Person outstanding at the time such
Person becomes a Subsidiary as a result of a Permitted Acquisition, provided
that any such loans or advances were not made at the time of or in contemplation
of the acquisition of such Person by a Loan Party or any Subsidiaries.

               (h) Any other loans and advances to or for the benefit of any
Person which (i) is not itself a Loan Party, (ii) are not otherwise permitted by
the foregoing clauses, and (iii) are made after the Effective Date, which loans
and advances have been approved in advance by the Administrative Agent.

         5.18. PROTECTION OF ASSETS. The Administrative Agent, in the
Administrative Agent's reasonable, good faith discretion, and from time to time,
may discharge any tax or Encumbrance on any of the Collateral, or take any other
action which the Administrative Agent may deem reasonably necessary or desirable
to repair, insure, maintain, preserve, collect, or realize upon any of the
Collateral. The Administrative Agent shall not have any obligation to undertake
any of the foregoing and shall have no liability on account of any action so
undertaken except where there is a specific finding in a judicial proceeding (in
which the Administrative Agent has had an opportunity to be heard), from which
finding no further appeal is available, that the Administrative Agent had acted
in actual bad faith, in willful misconduct, or in a grossly negligent manner.
The Loan Parties shall pay to the Administrative Agent, on demand, or the
Administrative Agent, in its reasonable, good faith discretion, may add to the
Loan Account, all amounts paid or incurred by the Administrative Agent pursuant
to this Section 5.18.

         5.19. LINE OF BUSINESS; CONDUCT OF BUSINESS.

               (a) No Loan Party shall engage in any business other than the
business in which it is currently engaged or a business reasonably related
thereto, or any retail lease department operation.

               (b) The Loan Parties shall conduct their business substantially
in accordance with the Business Plan, or as otherwise approved by the
Administrative Agent pursuant to Section 6.10, below. The foregoing shall not
obligate the Borrowers to achieve any specific financial performance and no
financial performance covenants are intended to be imposed thereby.

         5.20. AFFILIATE TRANSACTIONS.

               (a) Except as set forth in that certain confidential side letter
from the Lead Borrower to the Administrative Agent and for loans which may be
made between Loan Parties permitted pursuant to Section 5.17, above, no Loan
Party shall make any payment, nor give any value to any Affiliate except for
leases, goods and services with such Affiliate for a price and on terms which
shall be in the ordinary course of business at prices and on terms and
conditions no


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less favorable to that Loan Party than those which would have been charged and
imposed in an arms length transaction from unrelated third parties, except (i)
sales of goods to an Affiliate for use or distribution outside of the United
States of America which complies with the any applicable legal requirements of
the Internal Revenue Code of 1986 and the Treasury Regulations, each as amended
from time to time, provided that such sales shall not exceed $500,000 in the
aggregate in any fiscal year of the Borrowers, (ii) loans, advances and other
payments to officers and directors as part of their compensation which are
entered into in the ordinary course of business and which are not otherwise
prohibited under the Loan Documents, (iii) other dividends and distributions to
officers, directors and shareholders otherwise permitted under this Agreement,
or (iv) transactions between or among the Loan Parties not prohibited hereunder
and not involving any other Affiliate.

            (b) The Loan Parties shall not (i) without the prior written consent
of the Administrative Agent, amend, modify or waive any of the provisions of the
instruments, documents or agreements described in the confidential side letter
referred to in clause (a) above, the effect of which is to increase the payments
or value to be furnished by a Loan Party to any Affiliate (other than for
ordinary increases under such instruments, documents and agreements in the
ordinary course of business, for which the Loan Parties are presently obligated
to make payment in such instrument, document or agreement as in effect on the
Effective Date) or which would cause such instruments, documents or agreements
to be at prices and on terms and conditions less favorable to that Loan Party
than those which would have been charged and imposed in an arms length
transaction from unrelated third parties, or (ii) make any payments under such
instruments, documents or agreements in advance of the date when due (other than
payments made to Affiliates to fund obligations or anticipated claims under
workers' compensation, medical plans, employee benefit plans or agreements, and
other similar plans, all in accordance with current practices).

            (c) The Borrowers shall use their best efforts to cause their
Affiliates to execute and deliver to the Agent and the Revolving Credit Lenders
such documentation as the Administrative Agent may reasonably require to
evidence the Affiliates' agreement with the provisions of this Section 5.20.

      5.21. ADDITIONAL SUBSIDIARIES. If any additional Subsidiary is formed or
acquired after the Effective Date, the Lead Borrower will notify the Collateral
Agent thereof and (a) the Loan Parties will cause such Subsidiary to become a
Borrower or Facility Guarantor hereunder, as determined by the Collateral Agent,
within three (3) Business Days after such Subsidiary is formed or acquired and
promptly take such actions to create and perfect Encumbrances on such
Subsidiary's assets to secure the Liabilities as the Collateral Agent or the
Majority Lenders shall reasonably request and (b) if any shares of capital stock
or Indebtedness of such Subsidiary are owned by or on behalf of any Loan Party,
the Loan Parties will cause such shares and promissory notes evidencing such
Indebtedness to be pledged within three (3) Business Days after such Subsidiary
is formed or acquired. Nothing contained herein shall be deemed a modification
of any other provisions of this Agreement restricting the formation or
acquisition of Subsidiaries by the Loan Parties.

      5.22. FURTHER ASSURANCES.


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            (a) No Loan Party will hereafter acquire any asset or any interest
in property (other than real property, including Leasehold Interests therein)
which is not, immediately upon such acquisition, subject to such a perfected
Collateral Interest in favor of the Collateral Agent to secure the Liabilities
(subject only to Permitted Encumbrances).

            (b) Each Loan Party shall execute and deliver to the Collateral
Agent such instruments, documents, and papers, and shall do all such things from
time to time hereafter as the Collateral Agent may reasonably request to carry
into effect the provisions and intent of this Agreement; to protect and perfect
the Collateral Agent' Collateral Interests in the Collateral; and to comply with
all applicable statutes and laws, and facilitate the collection of the
Receivables Collateral. Each Loan Party shall execute all such instruments as
may be reasonably required by the Collateral Agent with respect to the
recordation and/or perfection of the Collateral Interests created or
contemplated herein.

            (c) Each Loan Party hereby designates the Collateral Agent as and
for that Loan Party's true and lawful attorney, with full power of substitution,
to sign and file any financing statements in order to perfect or protect the
Collateral Agent' Collateral Interests in the Collateral.

            (d) This Agreement constitutes an authenticated record which
authorizes the Collateral Agent to file such financing statements as the
Collateral Agent determine as appropriate to perfect or protect the Collateral
Interests created by this Agreement.

      5.23. ADEQUACY OF DISCLOSURE.

            (a) No document, instrument, agreement, or paper hereafter given to
the Agents or to any Revolving Credit Lender by or on behalf of each Loan Party
or any guarantor of the Liabilities in connection with the execution of this
Agreement by the Agents and to each Revolving Credit Lender contains or will
contain any untrue statement of a material fact or omits or will omit to state a
material fact necessary in order to make the statements therein not misleading.

      5.24. NO RESTRICTIONS ON LIABILITIES. No Loan Party shall enter into or
directly or indirectly become subject to any agreement which prohibits or
restricts, in any manner, any Loan Party's:

            (a) Creation of, and granting of Collateral Interests in favor of
the Collateral Agent.

            (b) Incurrence of Liabilities.

      5.25. UNRESTRICTED SUBSIDIARIES. No Unrestricted Subsidiary shall, at any
time, have assets in excess of $500,000 in the aggregate.


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ARTICLE 6 - FINANCIAL REPORTING AND PERFORMANCE COVENANTS:

      6.1. MAINTAIN RECORDS. The Loan Parties shall:

            (a) At all times, keep proper books of account, in which full, true,
and accurate entries shall be made of all of the Loan Parties' financial
transactions, all in accordance with GAAP applied consistently with prior
periods to fairly reflect the Consolidated financial condition of the Loan
Parties at the close of, and its results of operations for, the periods in
question.

            (b) Timely provide the Administrative Agent with those financial
reports, statements, and schedules required by this Article 6 or otherwise, each
of which reports, statements and schedules shall be prepared, to the extent
applicable, in accordance with GAAP applied consistently with prior periods to
fairly reflect the Consolidated financial condition of the Loan Parties at the
close of, and the results of operations for, the period(s) covered therein.

            (c) At all times, keep accurate current records of the Collateral
including, without limitation, accurate current stock, cost, and sales records
of its Inventory for each Borrower, accurately and sufficiently itemizing and
describing the kinds, types, and quantities of Inventory and the cost and
selling prices thereof.

            (d) At all times, retain (i) Deloitte and Touche, LLP, or such other
nationally recognized independent certified public accountants who are
reasonably satisfactory to Schottenstein Stores Corporation (as long as it
remains in Control of the Borrowers) or (ii) or such other independent certified
public accountants who are reasonably satisfactory to Schottenstein Stores
Corporation (as long as it remains in Control of the Borrowers) and the
Administrative Agent, and instruct such accountants, subject to the terms of
such accountants' internal policies, and subject to the confidentiality
provisions of this Agreement, to fully cooperate with, and be available to, the
Administrative Agent to discuss the Loan Parties' financial performance,
financial condition, operating results, controls, and such other matters, within
the scope of the retention of such accountants, as may be raised by the
Administrative Agent.

            (e) Not change any Loan Party's fiscal year.

      6.2. ACCESS TO RECORDS.

            (a) Each Loan Party shall accord each Agent with reasonable access
during normal business hours from time to time as each Agent may require to all
properties owned by or over which any Loan Party has control. Each Agent shall
have the right, and each Loan Party will permit each Agent from time to time as
such Agent may request, to examine, inspect, copy, and make extracts from any
and all of the Loan Parties' books, records, electronically stored data, papers,
and files. Each Loan Party shall make that Loan Party's copying facilities
available to the Agent.

            (b) Each Loan Party hereby authorizes each Agent to:


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                  (i) Inspect, copy, duplicate, review, cause to be reduced to
      hard copy, run off, draw off, and otherwise use any and all computer or
      electronically stored information or data which relates to any Loan Party.
      Each Loan Party shall request full cooperation with each Agent from any
      service bureau, contractor, accountant, or other Person.

                  (ii) Verify at any time the Collateral or any portion thereof,
      including verification with Account Debtors, and/or with each Loan Party's
      computer billing companies, collection agencies, and accountants.

            (c) Any Agent from time to time may designate one or more
representatives to exercise such Agent's rights under this Section 6.2 as fully
as if such Agent were doing so, provided that the Agent shall not designate a
Person which is in a Competitive Business.

      6.3. PROMPT NOTICE TO ADMINISTRATIVE AGENT.

            (a) The Lead Borrower shall provide the Administrative Agent with
written notice promptly upon the occurrence of any of the following events,
which written notice shall be with reasonable particularity as to the facts and
circumstances in respect of which such notice is being given:

                  (i) Any change in any Loan Party's President, chief executive
      officer, chief operating officer, and chief financial officer (without
      regard to the title(s) actually given to the Persons discharging the
      duties customarily discharged by officers with those titles).

                  (ii) Any ceasing of any Loan Party's payment of the debts of
      that Loan Party generally as they mature, in the ordinary course, to its
      creditors (other than its ceasing of making of such payments on account of
      a dispute which, if adversely determined to the Loan Parties is not
      reasonably likely to have a Material Adverse Effect).

                  (iii) Any failure by any Loan Party to pay rent at any of that
      Loan Party's locations, which failure continues for more than three (3)
      days following the last day on which such rent was payable unless such
      failure is not reasonably likely to have a Material Adverse Effect.

                  (iv) Any material adverse change in the business, operations,
      or financial affairs of any Borrower.

                  (v)  The occurrence of any Default.

                  (vi) Any intention on the part of any Loan Party to discharge
      that Loan Party's present independent accountants or any withdrawal or
      resignation by such independent accountants from their acting in such
      capacity (as to which, see Subsection 6.1(d)).


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<PAGE>
                  (vii) Any litigation which, if determined adversely to any
      Loan Party, is reasonably likely to have a Material Adverse Effect.

                  (viii) Any intention of a Borrower to enter into a consignment
      arrangement or licensing or other similar agreement (whether for
      intellectual property, leased departments in stores or otherwise) with any
      other Person (other than a Loan Party).

                  (ix) Any Material Accounting Changes.

                  (x) Any event, occurrence or circumstance not specifically
      described herein which is reasonably likely to have a Material Adverse
      Effect.

                  (xi) Any Loan Party's entering into a license agreement after
      the Effective Date.

                  (xii) Any Loan Party's entering into a Capital Lease after
      the Effective Date.

            (b) The Lead Borrower shall:

                  (i) Provide the Administrative Agent, when so distributed,
      with copies of any materials distributed to all shareholders of the Lead
      Borrower (qua such shareholders).

                  (ii) Provide the Administrative Agent:

                        (A) When filed, copies of all filings with the SEC. Such
            copies may be provided in electronic format.

                        (B) When received, copies of all correspondence from the
            SEC, other than routine general communications from the SEC.

                        (C) Should any of the information on any of the Exhibits
            hereto become misleading in any material respect, the Borrower shall
            promptly advise the Administrative Agent in writing with such
            revisions or updates as may be necessary or appropriate to update or
            correct the same; provided however that no such Exhibit shall be
            deemed to have been amended, modified or superseded by any such
            correction or update, nor shall any breach of representation or
            warranty resulting from the inaccuracy or incompleteness of such
            Exhibit be deemed to have been cured or waived, unless and until the
            Administrative Agent, in its discretion shall have accepted in
            writing such revisions.

                  (iii) At the request of the Administrative Agent, from time to
      time, provide the Administrative Agent with copies of all advertising
      (including copies of all print advertising and duplicate tapes of all
      video and radio advertising).


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                  (iv) Provide the Administrative Agent, when received by any
      Loan Party, with a copy of any management letter or similar communications
      from any independent accountant of any Loan Party.

      6.4. WEEKLY REPORTS. Weekly, on Friday of each week (as of the then
immediately preceding Saturday) the Lead Borrower shall provide the
Administrative Agent with borrowing base certificates (each, a "BORROWING BASE
CERTIFICATE") (in the form of EXHIBIT 6.4 annexed hereto, as such form may be
revised from time to time by the Administrative Agent), and sales audit reports
and flash collateral reports (each in such form as may be specified from time to
time by the Collateral Agent). Such reports may be sent to the Administrative
Agent by facsimile transmission, provided that the original thereof is forwarded
to the Administrative Agent on the date of such transmission.

      6.5. MONTHLY REPORTS. Monthly, the Lead Borrower shall provide the
Administrative Agent with those financial statements and reports described in
EXHIBIT 6.5, annexed hereto, at the times set forth in such exhibit.

      6.6. QUARTERLY REPORTS. Quarterly, within forty-five (45) days following
the end of each of the Loan Parties' fiscal quarters, the Lead Borrower shall
provide the Administrative Agent with the following:

            (a) An original counterpart of a management prepared financial
statement (which shall be prepared in the same manner and using the same
assumptions as set forth in the forecasts furnished to, and approved by, the
Administrative Agent pursuant to the provisions of Section 6.10(c) hereof) for
the Loan Parties on a consolidated basis, for the fiscal quarter most recently
ended, and for the period from the beginning of the Loan Parties' then current
fiscal year through the end of the subject quarter, with comparative information
for the same period of the previous fiscal year, which statement shall include a
balance sheet, statement of operations, and cash flows and comparisons for the
corresponding quarter of the then immediately previous year, as well as to the
Loan Party's forecast.

            (b) The officer's compliance certificate described in Section 6.8.

      6.7. ANNUAL REPORTS.

            (a) Annually, within ninety (90) days following the end of the Loan
Parties' fiscal year, the Lead Borrower shall furnish the Administrative Agent
with the following:

                  (i) An original signed counterpart of the Loan Parties'
      Consolidated annual financial statement, which statement shall have been
      prepared by, and bear the unqualified opinion of, the Lead Borrower's
      independent certified public accountants (i.e. said statement shall be
      "certified" by such accountants) and shall include, at a minimum (with
      comparative information for the then prior fiscal year) a balance sheet,
      statement of operations, statement of changes in shareholders' equity, and
      cash flows.


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                  (ii) A consolidating annual financial statement for the Loan
      Parties which shall include (with comparative information for the then
      prior fiscal year) a balance sheet and statement of operations.

                  (iii) The officer's compliance certificate described in
      Section 6.8.

            (b) No later than fifteen (15) days prior to the end of each of the
Loan Parties' fiscal years, the Lead Borrower shall give written notice to such
independent certified accountants (with a copy of such notice, when sent, to the
Administrative Agent) that such annual financial statement will be delivered by
the Lead Borrower to the Administrative Agent (for subsequent distribution to
each Revolving Credit Lender), and that the Lead Borrower has been advised that
the Administrative Agent and each Revolving Credit Lender will rely thereon with
respect to the administration of, and transactions under, the credit facility
contemplated by this Agreement.

      6.8. OFFICERS' CERTIFICATES. The Lead Borrower shall cause either the Lead
Borrower's Chief Executive Officer, President, Executive Vice President, Chief
Financial Officer, Controller, or Treasurer (collectively, an "Authorized
Officer"), in each instance, to provide such Person's certificate with the
monthly, quarterly and annual financial statements to be provided pursuant to
this Agreement, which certificate shall:

            (a) Indicate that (i) with respect to the Consolidated financial
statement, the subject statement was prepared in accordance with GAAP
consistently applied, and (ii) with respect to all financial statements,
presents fairly the financial condition of the applicable Loan Parties at the
close of, and the results of the applicable Loan Parties' operations and cash
flows (where such cash flows are required to be provided) for, the period(s)
presented, subject, however to the following:

                        (A) Usual year end adjustments (this exception shall not
      be included in the certificate which accompanies such annual statement).

                        (B) Material Accounting Changes (in which event, such
      certificate shall include a schedule (in reasonable detail) of the effect
      of each such Material Accounting Change.

            (b) Indicate either that (i) no Default has occurred and is
continuing, or (ii) if such an event has occurred, its nature (in reasonable
detail) and the steps (if any) being taken or contemplated by the Loan Parties
to be taken on account thereof.

      6.9. INVENTORIES, APPRAISALS, AND AUDITS.

            (a) The Collateral Agent, at the reasonable expense of the Loan
Parties, may participate in and/or observe each scheduled physical count of
Inventory which is undertaken on behalf of any Loan Party.


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            (b) The Loan Parties, at their own expense, shall cause not less
than one (1) physical inventory of each of Borrower to be undertaken in each
twelve (12) month period during which this Agreement is in effect conducted by
such inventory takers as are reasonably satisfactory to the Collateral Agent and
following such methodology as may be reasonably satisfactory to the Collateral
Agent.

                  (i) The Lead Borrower, within forty-five (45) days following
      the completion of such inventory, shall provide the Collateral Agent with
      a reconciliation of the results of each such inventory (as well as of any
      other physical inventory undertaken by any Loan Party) and shall post such
      results to the Loan Parties' stock ledger and, as applicable to the Loan
      Parties' other financial books and records .

                  (ii) The Collateral Agent, in their reasonable, good faith
      discretion, if any Event of Default has occurred and is continuing, may
      cause such additional inventories to be taken as the Collateral Agent
      determine (each, at the expense of the Loan Parties).

            (c) The Collateral Agent may obtain appraisals of the Collateral
(copies of which, subject to the approval of the appraiser, shall be provided to
the Lead Borrower promptly upon receipt thereof), from time to time (in all
events, at the Loan Parties' expense) conducted by Hilco Appraisal Services, LLC
or such appraisers as are satisfactory to the Collateral Agent. The Collateral
Agent may conduct one (1) appraisal (in each event, at the Loan Parties'
expense) of the Collateral during any twelve (12) month period during which this
Agreement is in effect, but in their reasonable, good faith discretion, during
the occurrence and continuance of an Event of Default, may undertake additional
such appraisals (likewise at the Loan Party's expense) during such period.

            (d) The Collateral Agent may conduct one (1) commercial finance
field examinations (in each event, at the Loan Parties' expense) of the Loan
Parties' books and records during any twelve (12) month period during which this
Agreement is in effect, but in their reasonable, good faith discretion during
the occurrence and continuance of an Event of Default, may undertake additional
such audits (likewise at the Loan Party's expense) during such period.

            (e) Notwithstanding anything to the contrary herein contained, upon
the occurrence of any event or circumstance which is reasonably likely to have a
material adverse effect on the business, operations, property, assets, or
financial condition of any Borrower, the limitations set forth in clauses (c)
and (d) on the number of appraisals and commercial finance examinations which
the Agent may cause to be undertaken for such Borrower only shall be
inapplicable and the Agent may undertake as many appraisals and commercial
finance examinations of such Borrower with such frequency as the Agent may deem
reasonably appropriate and necessary (none of which shall be included in
determining the number of appraisals and commercial finance examinations the
Agent may undertake with respect to other Borrowers).

            (f) The Collateral Agent from time to time may undertake "mystery
shopping" (so-called) visits to all or any of the Loan Parties' business
premises.


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      6.10. ADDITIONAL FINANCIAL INFORMATION.

            (a) In addition to all other information required to be provided
pursuant to this Article 6, the Lead Borrower promptly shall provide the Agent
with such other and additional information concerning the Loan Parties, the
Collateral, the operation of the Loan Parties' business, and the Loan Parties'
financial condition, including original counterparts of financial reports and
statements, as any Agent may from time to time reasonably request from the Lead
Borrower.

            (b) The Lead Borrower shall, upon the Administrative Agent's
request, provide the Administrative Agent, from time to time hereafter, with
updated forecasts of the Loan Parties' anticipated performance and operating
results for the current fiscal year. Such forecasts shall be in a format
consistent with the format previously provided to the Administrative Agent.

            (c) In all events, the Lead Borrower, no sooner than ninety (90) nor
later than sixty (60) days prior to the end of each of the Loan Parties' fiscal
years, shall provide the Administrative Agent with an updated and extended
forecast which shall go out at least through the end of the then next fiscal
year and shall include a statement of operations, balance sheet, and statement
of cash flow, by month, each Consolidated and each prepared in conformity with
GAAP and consistent with the Loan Parties' then current accounting practices.

            (d) When available the "Annual Budget", as approved by the Lead
Borrowers' Board of Directors, shall be provided to the Administrative Agent.
The Annual Budget shall be subject to the approval of the Administrative Agent
(whose approval shall not be unreasonably withheld) only if the Annual Budget
varies in a material way from the Business Plan for such fiscal year.

            (e) Each Loan Party recognizes that all commercial finance
examinations, inventories, analysis, financial information, and other materials
which the Agent may obtain, develop, or receive with respect to the Loan Parties
(other than appraisals and inventories received from third parties) are
confidential to the Agent and that, except as otherwise provided herein, no Loan
Party is entitled to receipt of any of such commercial finance examinations,
inventories, analysis, financial information, and other materials, nor copies or
extracts thereof or therefrom.

      6.11. INFORMATION DELIVERED PURSUANT TO ARTICLE 6.

      All information required to be delivered pursuant to Article 6 may be
delivered by and in electronic format.

      6.12. FINANCIAL COVENANT.

            If the aggregate outstanding Revolving Credit Loans, together with
the Stated Amount of all outstanding L/Cs at any time exceeds ninety percent
(90%) of the lesser of the Revolving Credit Ceiling or the DSW Borrowing Base,
the Loan Parties shall not permit the


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fixed charge coverage ratio, tested monthly as of the last day of each month, on
a trailing twelve month basis, to be less than 1.1:1.0. Such covenant shall be
tested Such covenant shall be tested unless and until the aggregate outstanding
Revolving Credit Loans, together with the Stated Amount of all outstanding L/Cs
at any time, for ninety (90) consecutive Business Days is less than ninety
percent (90%) of the lesser of the Revolving Credit Ceiling or the DSW
Borrowing Base.

ARTICLE 7 - USE OF COLLATERAL:

      7.1. USE OF INVENTORY COLLATERAL.

            (a) No Loan Party shall engage in any of the following with respect
to its Inventory:

                  (i) Any sale other than for fair consideration in the conduct
      of the Loan Parties' business in the ordinary course.

                  (ii) Sales or other dispositions to creditors, except returns
      in the ordinary course of business.

                  (iii) Sales or other dispositions in bulk except in the
      ordinary course of business consistent with past practices.

                  (iv) Sales in breach of any provision of this Agreement.

                  (v) Sales other than in connection with Permitted
      Dispositions.

            (b) Without the prior written consent of the Collateral Agent, no
sale of Inventory shall be on consignment (other than between Loan Parties),
approval, or under any other circumstances such that, with the exception of the
Loan Parties' customary return policy applicable to the return of inventory
purchased by the Loan Parties' retail customers in the ordinary course, such
Inventory may be returned to a Loan Party without the consent of the Collateral
Agent.

      7.2. INVENTORY QUALITY. All Inventory now owned or hereafter acquired by
each Loan Party is and will be of good and merchantable quality, consistent with
past practices.

      7.3. ADJUSTMENTS AND ALLOWANCES. Each Loan Party may grant such allowances
or other adjustments to that Loan Party's Account Debtors as that Loan Party may
reasonably deem to accord with sound business practice and which are normal and
customary extensions and adjustments in the ordinary course of business,
provided, however, the authority granted the Loan Parties pursuant to this
Section 7.3 may be limited or terminated by the Administrative Agent at any time
in the Administrative Agent's reasonable, good faith discretion after the
occurrence and during the continuance of an Event of Default.

      7.4. VALIDITY OF ACCOUNTS.

            (a) Except for adjustments and disputes in the ordinary course of
business, the amount of each Account shown on the books, records, and invoices
of the Loan Parties represented as owing by each Account Debtor is the correct
amount actually owing by such Account Debtor and shall have been fully earned by
performance by the Loan Parties.


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            (b) No Loan Party has any knowledge of any impairment of the
validity or collectibility of any of the Accounts, other than returns, reserves,
unauthorized use of credit cards, bad checks, adjustments and disputes which
occur in the ordinary course of business. The Lead Borrower shall notify the
Administrative Agent of any such impairment immediately after any Loan Party
becomes aware of any such impairment.

            (c) No Loan Party shall post any bond to secure any Loan Party's
performance under any agreement to which any Loan Party is a party nor cause any
surety, guarantor, or other third party obligee to become liable to perform any
obligation of any Loan Party (other than to the Collateral Agent) in the event
of any Loan Party's failure so to perform, if, as a result of the surety,
guarantor or third party obligee's performance, such Person would obtain a
Encumbrance on any Collateral having priority to the Encumbrance of the
Collateral Agent.

      7.5. NOTIFICATION TO ACCOUNT DEBTORS. The Collateral Agent shall have the
right (after the occurrence of a Cash Control Event) to notify any of the Loan
Parties' Account Debtors to make payment directly to the Administrative Agent
and to collect all amounts due on account of the Collateral.

ARTICLE 8 - CASH MANAGEMENT. PAYMENT OF LIABILITIES:

      8.1. DEPOSITORY ACCOUNTS.

            (a) Annexed hereto as EXHIBIT 8.1 is a listing of all present DDA's,
which listing includes, with respect to each depository of the Loan Parties, the
following: (i) the name and address of that depository; (ii) the account
number(s) of the account(s) maintained with such depository; and (iii) a contact
person at such depository.

            (b) The Lead Borrower shall deliver the following to the
Administrative Agent, as a condition to the effectiveness of this Agreement:

                  (i) Notifications, executed on behalf of each Borrower, to
      each depository institution with which any DDA is maintained (other than
      any Exempt DDA and the Collection Accounts), in form satisfactory to the
      Administrative Agent of the Collateral Agent' interest in such DDA. Such
      Notifications shall be held in escrow by the Administrative Agent until
      the occurrence of a Cash Control Event at which time they may be delivered
      to the applicable depositary institutions.

                  (ii) A Collection Account Agreement with any depository
      institution at which a Collection Account is maintained, including those
      listed on EXHIBIT 8.1.

            (c) No Borrower will establish any DDA hereafter (other than an
Exempt DDA) unless, contemporaneous with such establishment, the Lead Borrower
delivers the following to the Administrative Agent:


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<PAGE>
                  (i) A notification for the depository at which such DDA is
      established if the same would have been required pursuant to Section
      8.1(b)(i) if the subject DDA were open at the execution of this Agreement.

                  (ii) A Collection Account Agreement executed on behalf of the
      depository at which such DDA is established if the same would have been
      required pursuant to Section 8.1(b)(ii) if the subject DDA were open at
      the execution of this Agreement.

      8.2. CREDIT CARD RECEIPTS.

            (a) Annexed hereto as EXHIBIT 8.2, is a Schedule which describes all
arrangements to which any Borrower is a party with respect to the payment to
that Borrower of the proceeds of credit card charges for sales by that Borrower.

            (b) The Lead Borrower shall deliver to the Administrative Agent, as
a condition to the effectiveness of this Agreement, an agreement executed on
behalf of each Borrower with each of each Borrower's credit card clearinghouses
and processors (in form satisfactory to the Administrative Agent), which
agreement provides that, during the existence of a Cash Control Event, payment
of all credit card charges submitted by that Borrower to that clearinghouse or
other processor and any other amount payable to that Borrower by such
clearinghouse or other processor shall be directed to the Administrative Agent's
Account or as otherwise designated from time to time by the Administrative
Agent. No Borrower shall change such direction or designation except upon and
with the prior written consent of the Administrative Agent and no Borrower will
enter into any agreements with a new credit card clearinghouse or processor
hereafter unless, contemporaneous with such establishment, the Lead Borrower
delivers to the Administrative Agent an agreement with such credit card
clearinghouse or processor of like terms to those required hereunder on the
Effective Date.

      8.3. THE ADMINISTRATIVE AGENT'S, COLLECTION, AND OPERATING ACCOUNTS .

            (a) The following checking accounts have been or will be established
(and are so referred to herein):

                  (i) The "ADMINISTRATIVE AGENT'S ACCOUNT(S)" (so referred to
      herein): Established by the Administrative Agent with NCB for each
      Borrower as more specifically described on EXHIBIT 8.3 hereto.

                  (ii) The "COLLECTION ACCOUNTS" (so referred to herein):
      Established by the Lead Borrower with those financial institutions
      described on EXHIBIT 8.3 hereof.

                  (iii) The "OPERATING ACCOUNTs" (so referred to herein):
      Established by each Borrower with NCB as more specifically described on
      EXHIBIT 8.3 hereto.


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            (b) The contents of each DDA and of each Collection Account
constitutes Collateral and Proceeds of Collateral. The contents of each
Administrative Agent's Account constitutes the Administrative Agent's property.

            (c) The Borrowers shall pay all fees and charges of, and maintain
such impressed balances as may be required by the depository in which any
account is opened as required hereby (even if such account is opened by and/or
is the property of the Agent).

      8.4. PROCEEDS AND COLLECTIONS .

            (a) All Receipts constitute Collateral and proceeds of Collateral.

            (b) Absent a Cash Control Event, the Borrowers may collect all
Receipts and use such Receipts in the ordinary course of business.

            (c) During a Cash Control Event, the Borrowers shall cause all
Receipts to be deposited or transferred to the Administrative Agent's Account.

            (d) Subject to this Section 8.4, upon notice from the Administrative
Agent to the Lead Borrower that a Cash Control Event has occurred:

                  (i) All Receipts:

                        (A) Shall be held in trust by the Borrowers for the
            Collateral Agent.

                        (B) Shall not be commingled with any of any Borrower's
            other funds.

                        (C) Shall be deposited and/or transferred only to a
            Collection Account or the applicable Administrative Agent's
            Accounts, and the Borrowers shall not have any authority to withdraw
            any amounts from such accounts and the Administrative Agent shall
            have no obligation to deposit such Receipts in the applicable
            Operating Account.

                  (ii) The Lead Borrower shall cause the ACH transfer or wire
      transfer to the Collection Account or the applicable Administrative
      Agent's Account (except in those instances in which such transfer is not
      within the control of the Lead Borrower or any other Borrower), no less
      frequently than daily (and whether or not there is then an outstanding
      balance in the Loan Account) of the following:

                        (A) The then contents of each DDA (other than any Exempt
            DDA), each such transfer to be net of any minimum balance, not to
            exceed $2,000.00, as may be required to be maintained in the subject
            DDA by the bank at which such DDA is maintained.


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                        (B) The proceeds of all credit card charges not
            otherwise provided for pursuant hereto.

                  (iii) In the event that, notwithstanding the provisions of
      this Section 8.4(d), any of the Borrowers receives or otherwise has
      dominion and control of any Receipts, or any proceeds or collections of
      any Collateral, such Receipts, proceeds, and collections shall be held in
      trust by that Borrower for the Agent and shall not be commingled with any
      of that Borrower's other funds or deposited in any account of any Borrower
      other than as instructed by the Administrative Agent.

                  (iv) The Borrowers shall not disburse any funds in the DDAs,
      Collection Accounts or other deposit accounts (other than Exempt DDAs and
      the Operating Accounts in the ordinary course of business consistent with
      past practices) other than in accordance with the provisions of this
      Section 8.4.

      8.5. PAYMENT OF LIABILITIES.

            (a) On each Business Day after the occurrence and during the
continuance of a Cash Control Event, the Administrative Agent shall apply the
then collected balance of each Administrative Agent's Account (net of fees
charged, and of such impressed balances as may be required by the bank at which
such Administrative Agent's Account is maintained) First, towards the SwingLine
Loans, Second, towards the unpaid balance of the Loan Account, and Third, to all
other Liabilities in such order as the Administrative Agent may determine.

            (b) The following rules shall apply to deposits and payments under
and pursuant to this Section 8.5:

                  (i) Funds shall be deemed to have been deposited to an
      Administrative Agent's Account on the Business Day on which deposited,
      provided that notice of such deposit is available to the Administrative
      Agent by 1:00PM on that Business Day.

                  (ii) Funds paid to the Administrative Agent, other than by
      deposit to an Administrative Agent's Account, shall be deemed to have been
      received on the Business Day when they are good and collected funds,
      provided that notice of such payment is available to the Administrative
      Agent by 1:00PM on that Business Day.

                  (iii) If notice of a deposit to an Administrative Agent's
      Account (Section 8.5(b)(i)) or payment (Section 8.5(b)(ii)) is not
      available to the Administrative Agent until after 1:00PM on a Business
      Day, such deposit or payment shall be deemed to have been made at 9:00AM
      on the then next Business Day.

                  (iv) All deposits to an Administrative Agent's Account and
      other payments to the Administrative Agent are subject to clearance and
      collection.

            (c) The Administrative Agent shall transfer to the Operating Account
of the applicable Borrower any surplus in the Administrative Agent's Account
remaining after the


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application towards the Liabilities referred to in Section 8.5(a), above (less
those amounts which are to be netted out, as provided therein) provided,
however, in the event that

                  (i) any Default has occurred and is continuing; and

                  (ii) one or more L/Cs and Banker's Acceptances are then
      outstanding,

then the Administrative Agent may, and at the direction of the SuperMajority
Lenders shall, establish a funded reserve of up to 105% of the aggregate Stated
Amounts of such L/C's and such Banker's Acceptances. Such funded reserve shall
either be (i) returned to the applicable Borrower provided that no Borrower is
in Default or (ii) applied towards the Liabilities in the manner set forth
herein following the occurrence of any Event of Default described in Section
11.12 or acceleration following the occurrence of any other Event of Default.

      8.6. THE OPERATING ACCOUNT.

            (a) Funds in the Operating Account of each Borrower shall be
utilized to fund disbursements made by such Borrower, including, without
limitation, from any expense accounts maintained by such Borrower.

            (b) After the occurrence and during the continuance of any Event of
Default or at any time that Average Excess Availability for any five (5)
consecutive Business Days is less than $30,000,000, NCB shall not be obligated
to permit any outgoing ACH transfers unless the amount of the proposed transfer
is fully prefunded in accordance with the requirements and practices of NCB.

ARTICLE 9 - GRANT OF SECURITY INTEREST:

      9.1. GRANT OF SECURITY INTEREST. To secure the Borrowers' prompt,
punctual, and faithful performance of all and each of the Liabilities, each
Borrower hereby grants to the Collateral Agent, for the ratable benefit of the
Revolving Credit Lenders, the Issuer, the Agents, and the Affiliates of each of
them, a continuing security interest in and to, and assigns to the Collateral
Agent, for the ratable benefit of the Revolving Credit Lenders, the following,
and each item thereof, whether now owned or now due, or in which that Borrower
has an interest, or hereafter acquired, arising, or to become due, or in which
that Borrower obtains an interest, and all products, Proceeds, substitutions,
and accessions of or to any of the following, but excluding the Excluded
Property (all of which, together with any other property in which the Collateral
Agent may in the future be granted a security interest, is referred to herein as
the "COLLATERAL"):

            (a) All Accounts.

            (b) All Inventory.

            (c) All General Intangibles.

            (d) All Equipment.


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            (e)   All Goods.

            (f)   All Farm Products.

            (g)   All Fixtures.

            (h)   All Chattel Paper.

            (i)   All Letter-of-Credit Rights.

            (j)   All Payment Intangibles.

            (k)   All Supporting Obligations.

            (l)   The Commercial Tort Claim described on EXHIBIT 4.17 hereto.

            (m) All books, records, and information relating to the Collateral
and/or to the operation of each Borrowers' business, and all rights of access to
such books, records, and information, and all property in which such books,
records, and information are stored, recorded, and maintained.

            (n) All Leasehold Interests (other than Leasehold Interests in real
property).

            (o) All Investment Property, Instruments, Documents, Deposit
Accounts, money, policies and certificates of insurance, deposits, impressed
accounts, compensating balances, cash, or other property.

            (p) All insurance proceeds, refunds, and premium rebates, including,
without limitation, proceeds of fire and credit insurance, whether any of such
proceeds, refunds, and premium rebates arise out of any of the foregoing.
(9.1(a) through 9.1(p)) or otherwise.

            (q) All liens, guaranties, rights, remedies, and privileges
pertaining to any of the foregoing (9.1(a) through 9.1(p)), including the right
of stoppage in transit.

      9.2. EXTENT AND DURATION OF SECURITY INTEREST.

            (a) The security interest created and granted herein is in addition
to, and supplemental of, any security interest previously granted by any
Borrower to the Collateral Agent (including, without limitation, under any
mortgages and deeds of trust) and shall continue in full force and effect
applicable to all Liabilities until

                  (i)  the Termination Date has occurred; and

                  (ii) all Liabilities have been paid or satisfied in full in
      cash and satisfactory arrangements with respect to L/Cs and Banker's
      Acceptances as provided in Section 19.2 hereof have been made; and


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                  (iii) the security interest created herein is specifically
      terminated in writing by duly authorized officers of the Collateral Agent
      as provided in Section 19.2(d) hereof.

            (b) It is intended that the Collateral Interests created herein
extend to and cover all assets of each Borrower, except for Excluded Property.

            (c) If a Borrower shall at any time acquire a Commercial Tort Claim,
the Lead Borrower shall promptly notify the Administrative Agent in writing of
the details thereof and the Borrowers shall take such actions as the Collateral
Agent shall request in order to grant to the Collateral Agent, for the ratable
benefit of the Revolving Credit Lenders, the Issuer, the Agents, and the
Affiliates of each of them, a perfected and first priority security interest
therein and in the Proceeds thereof.

ARTICLE 10 - COLLATERAL AGENT AS BORROWERS' ATTORNEY-IN-FACT:

      10.1. APPOINTMENT AS ATTORNEY-IN-FACT. Each Borrower hereby irrevocably
constitutes and appoints the Collateral Agent (acting through any officer of the
Collateral Agent) as that Borrower's true and lawful attorney, with full power
of substitution, following the occurrence of an Event of Default, to convert the
Collateral into cash at the sole risk, cost, and expense of that Borrower, but
for the sole benefit of the Agent and the Revolving Credit Lenders. The rights
and powers granted the Collateral Agent by this appointment include but are not
limited to the right and power to:

            (a) Prosecute, defend, compromise, or release any action relating to
the Collateral.

            (b) Sign change of address forms to change the address to which each
Borrowers' mail is to be sent to such address as the Collateral Agent shall
designate (after which copies of all such mail shall be promptly furnished to
the Lead Borrower); receive and open each Borrowers' mail; remove any
Receivables Collateral and Proceeds of Collateral therefrom and turn over the
balance of such mail either to the Lead Borrower or to any trustee in bankruptcy
or receiver of the Lead Borrower, or other legal representative of a Borrower
whom the Collateral Agent determine to be the appropriate Person to whom to so
turn over such mail.

            (c) Endorse the name of the relevant Borrower in favor of the
Collateral Agent upon any and all checks, drafts, notes, acceptances, or other
items or instruments; sign and endorse the name of the relevant Borrower on, and
receive as secured party, any of the Collateral, any invoices, schedules of
Collateral, freight or express receipts, or bills of lading, storage receipts,
warehouse receipts, or other documents of title respectively relating to the
Collateral.

            (d) Sign the name of the relevant Borrower on any notice to that
Borrowers' Account Debtors or verification of the Receivables Collateral; sign
the relevant Borrowers' name on any Proof of Claim in Bankruptcy against Account
Debtors, and on notices of lien, claims of mechanic's liens, or assignments or
releases of mechanic's liens securing the Accounts.


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            (e) Take all such action as may be necessary to obtain the payment
of any letter of credit and/or banker's acceptance of which any Borrower is a
beneficiary.

            (f) Repair, manufacture, assemble, complete, package, deliver, alter
or supply goods, if any, necessary to fulfill in whole or in part the purchase
order of any customer of each Borrower.

            (g) Use, license or transfer any or all General Intangibles of each
Borrower.

      10.2. NO OBLIGATION TO ACT. The Collateral Agent shall not be obligated to
do any of the acts or to exercise any of the powers authorized by Section 10.1
herein, but if the Collateral Agent elect to do any such act or to exercise any
of such powers, they shall not be accountable for more than they actually
receive as a result of such exercise of power, and shall not be responsible to
any Borrower for any act or omission to act except for any act or omission to
act as to which there is a final determination made in a judicial proceeding (in
which proceeding the Collateral Agent have had an opportunity to be heard) which
determination includes a specific finding that the subject act or omission to
act had been grossly negligent or in actual bad faith, or willful misconduct.

ARTICLE 11 - EVENTS OF DEFAULT:

      The occurrence of any event described in this Article 11 respectively
shall constitute an "EVENT OF DEFAULT" herein. The occurrence of any Event of
Default shall also constitute, without notice or demand, a default under all
other agreements between the Agent or any Revolving Credit Lender and any Loan
Party and instruments and papers heretofore, now, or hereafter given the Agent
or any Revolving Credit Lender by any Loan Party in connection with any of the
Loan Documents.

      11.1. FAILURE TO PAY THE REVOLVING CREDIT. The failure by any Loan Party
to pay when due any principal of, interest on, or fees in respect of, the
Revolving Credit.

      11.2. FAILURE TO MAKE OTHER PAYMENTS. The failure by any Loan Party to pay
when due (or upon demand, if payable on demand) any payment Liability other than
any payment liability on account of the principal of, or interest on, or fees in
respect of, the Revolving Credit.

      11.3. FAILURE TO PERFORM COVENANT OR LIABILITY (NO GRACE PERIOD). The
failure by any Loan Party to promptly, punctually, faithfully and timely
perform, discharge, or comply with any covenant or Liability included in any of
the following provisions hereof:

                  Section      Relates to      :
                  -----------------------------

                  5.6               Indebtedness
                  5.12              Pay taxes
                  5.16              Dividends. Investments. Other  Corporate
                                    Actions
                  5.17              Loans and Advances


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                  4.18              Affiliate Transactions
                  5.26              Parent's Line of Business
                  Article 6         Reporting Requirements (except as set
                                    forth in Section 11.4, below)
                  Article 8         Cash Management

      11.4. FINANCIAL REPORTING REQUIREMENTS. The failure by the Borrower to
promptly, punctually, faithfully and timely perform, discharge, or comply with
the financial reporting requirements included in Section 6.5, subject, however,
to the following limited number of grace periods applicable to certain of those
requirements:

REPORT / STATEMENT       REQUIRED      GRACE PERIOD      NUMBER OF GRACE
                         BY                              PERIODS
                         SECTION
Weekly Report            6.5           Two (2) Business  Twice in any twelve
                                       Days              (12) consecutive
                                                         months

      11.5. FAILURE TO PERFORM COVENANT OR LIABILITY (GRACE PERIOD). The failure
by any Loan Party, within twenty (20) days following the earlier of any
Authorized Officer's knowledge of a breach of any covenant or Liability not
described in any of Sections 11.1, 11.2, 11.3, or 11.4 or of its receipt of
written notice from the Administrative Agent of the breach of any of such
covenants or Liabilities, provided that if such failure cannot be reasonably
cured within such twenty (20) day period and the Loan Parties have diligently
proceeded, and continue to diligently proceed, to effectuate a cure of such
failure, such failure shall not be an Event of Default hereunder unless (a) such
failure is not cured within twenty (20) days after the expiration of such
initial twenty (20) day period, or (b) such failure, in the reasonable judgment
of the Collateral Agent, is reasonably likely to have a Material Adverse Effect.

      11.6. MISREPRESENTATION. The determination by the Administrative Agent
that any representation or warranty at any time made by any Loan Party to any
Agent or any Revolving Credit Lender was not true or complete in all material
respects when given.

      11.7. ACCELERATION OF OTHER DEBT. BREACH OF LEASE. The occurrence and
continuance of any event of default or other event, which with the giving of
notice, the passage of time or both, would be an event of default under any
Indebtedness of any Loan Party equal to or in excess of One Million Dollars
($1,000,000.00) to any creditor other than the Agent or any Revolving Credit
Lender, (whether or not such Indebtedness has been accelerated), or, Leases
aggregating more than five percent (5%) of all Leases of the Loan Parties
existing from time to time could be terminated due to a default by a Loan Party
thereunder (whether or not the subject creditor or lessor takes any action on
account of such occurrence).

      11.8. DEFAULT UNDER OTHER AGREEMENTS. The occurrence of any breach of any
covenant or Liability imposed by, or of any default under, any agreement between
any Agent or any Revolving Credit Lender and any Loan Party or instrument given
by any Loan Party to any Agent or any Revolving Credit Lender relating to
Indebtedness of any Loan Party in excess of


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$1,000,000 in the aggregate and the expiration, without cure, of any applicable
grace period (notwithstanding that the subject Agent or Revolving Credit Lender
may not have exercised all or any of its rights on account of such breach or
default).

      11.9. UNINSURED CASUALTY LOSS. The occurrence of any uninsured loss,
theft, damage, or destruction of or to any material portion of the Collateral.
For avoidance of doubt, the theft of credit card and other purchase information
announced by the Borrower on March 8, 2005 shall not constitute an uninsured
casualty loss or Event of Default.

      11.10. ATTACHMENT. JUDGMENT. RESTRAINT OF BUSINESS.

            (a) The entry of any judgment in excess of Two Million Five Hundred
Thousand Dollars ($2,500,000.00) against any Loan Party, which judgment (i) is
not covered by insurance (as to which the insurer has not notified the
applicable Loan Party of the insurer's reservation of rights) or (ii) is not
satisfied, stayed (if a money judgment) or appealed from (with execution or
similar process stayed) within thirty (30) days of its entry.

            (b) The entry of any order or the imposition of any other process
having the force of law, the effect of which is to restrain the conduct by any
Borrower of its business in the ordinary course and which is reasonably likely
to have a Material Adverse Effect.

      11.11. BUSINESS FAILURE. Any act by, against, or relating to any Loan
Party, or its property or assets, which act constitutes the determination, by
any Loan Party, to initiate a program of substantial or total self-liquidation;
application for, consent to, or sufferance of the appointment of a receiver,
trustee, or other Person, pursuant to court action or otherwise, over all, or
any part of any Loan Party's property; the granting of any trust mortgage or
execution of an assignment for the benefit of the creditors of any Loan Party,
or the occurrence of any other voluntary or involuntary liquidation or extension
of debt agreement for any Loan Party; the offering by or entering into by any
Loan Party of any composition, extension, or any other arrangement seeking
relief generally from or extension of the debts of any Loan Party; or the
initiation of any judicial or non-judicial proceeding or agreement by, against,
or including any Loan Party which seeks or intends to accomplish a
reorganization or arrangement with creditors; and/or the initiation by or on
behalf of any Loan Party of the liquidation or winding up of all or any part of
any Loan Party's business or operations except that any of the foregoing actions
which are commenced against a Loan Party shall not be deemed an Event of Default
hereunder as long as such action is timely contested in good faith by that Loan
Party by appropriate proceedings and is dismissed within sixty (60) days of the
institution of the foregoing.

      11.12. BANKRUPTCY. The failure by any Loan Party to generally pay the
debts of that Loan Party as they mature; adjudication of bankruptcy or
insolvency relative to any Loan Party; the entry of an order for relief or
similar order with respect to any Loan Party in any proceeding pursuant to the
Bankruptcy Code or any other federal bankruptcy law; the filing of any
complaint, application, or petition by any Loan Party initiating any matter in
which any Loan Party is or may be granted any relief from the debts of that Loan
Party pursuant to the Bankruptcy Code or any other insolvency statute or
procedure; the filing of any complaint, application, or petition against any
Loan Party initiating any matter in which that Loan Party is


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or may be granted any relief from the debts of that Loan Party pursuant to the
Bankruptcy Code or any other insolvency statute or procedure, which complaint,
application, or petition is not timely contested in good faith by that Loan
Party by appropriate proceedings or, if so contested, is not dismissed within
sixty (60) days of when filed.

      11.13. TERMINATION OF GUARANTY. The termination or attempted termination
of any Facility Guarantee by any Facility Guarantor.

      11.14. CHALLENGE TO LOAN DOCUMENTS.

            (a) Any challenge by or on behalf of any Loan Party to the validity
of any Loan Document or the applicability or enforceability of any Loan Document
strictly in accordance with the subject Loan Document's terms or which seeks to
void, avoid, limit, or otherwise adversely affect any security interest created
by or in any Loan Document or any payment made pursuant thereto.

            (b) Any determination by any court or any other judicial or
government authority that any Loan Document is not enforceable strictly in
accordance with the subject Loan Document's terms or which voids, avoids,
limits, or otherwise adversely affects any security interest created by any Loan
Document or any payment made pursuant thereto.

      11.15. CHANGE IN CONTROL. Any Change in Control.

ARTICLE 12 - RIGHTS AND REMEDIES UPON DEFAULT:

      12.1. ACCELERATION. Upon the occurrence of any Event of Default as
described in Section 11.12, all Indebtedness of the Loan Parties to the
Revolving Credit Lenders shall be immediately due and payable. Upon the
occurrence and continuance of any Event of Default other than as described in
Section 11.12, the Administrative Agent may (and on the issuance of Acceleration
Notice(s) requisite to the causing of Acceleration, the Administrative Agent
shall) declare all Indebtedness of the Borrowers to the Revolving Credit Lenders
to be immediately due and payable and the Agent may exercise all of the Agents'
Rights and Remedies as the applicable Agent from time to time thereafter
determine as appropriate.

      12.2. RIGHTS OF ENFORCEMENT. The Collateral Agent shall have all of the
rights and remedies of a secured party upon default under the UCC, in addition
to which the Collateral Agent shall have all and each of the following rights
and remedies:

            (a) To give notice to any bank at which any DDA or Collection
Account is maintained and in which Proceeds of Collateral are deposited, to turn
over such Proceeds directly to the Agent.

            (b) To give notice to any customs broker of any of the Borrowers to
follow the instructions of the Collateral Agent as provided in any written
agreement or undertaking of such broker in favor of the Collateral Agent.


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            (c) To collect the Receivables Collateral with or without the taking
of possession of any of the Collateral.

            (d) To take possession of all or any portion of the Collateral.

            (e) To sell, lease, or otherwise dispose of any or all of the
Collateral, in its then condition or following such preparation or processing as
the Collateral Agent deems advisable and with or without the taking of
possession of any of the Collateral.

            (f) To conduct one or more going out of business sales which include
the sale or other disposition of the Collateral.

            (g) To apply the Receivables Collateral or the Proceeds of the
Collateral towards (but not necessarily in complete satisfaction of) the
Liabilities.

            (h) To exercise all or any of the rights, remedies, powers,
privileges, and discretions under all or any of the Loan Documents.

      12.3. SALE OF COLLATERAL.

      After the occurrence and during the continuance of an Event of Default:

            (a) Any sale or other disposition of the Collateral may be at public
or private sale upon such terms and in such manner as the Collateral Agent deem
advisable, having due regard to compliance with any statute or regulation which
might affect, limit, or apply to the Collateral Agent' disposition of the
Collateral.

            (b) The Collateral Agent, in the exercise of the Collateral Agent'
rights and remedies upon default, may conduct one or more going out of business
sales, in the Collateral Agent' own right or by one or more agents and
contractors. Such sale(s) may be conducted upon any premises owned, leased, or
occupied by any Borrower. The Collateral Agent and any such agents or
contractors, in conjunction with any such sale, may augment the Inventory with
other goods (all of which other goods shall remain the sole property of the
Collateral Agent or such agents or contractors). Any amounts realized from the
sale of such goods which constitute augmentations to the Inventory (net of an
allocable share of the costs and expenses incurred in their disposition) shall
be the sole property of the Collateral Agent or such agents or contractors and
neither any Borrower nor any Person claiming under or in right of any Borrower
shall have any interest therein. Upon request of the Lead Borrower, the
Collateral Agent shall promptly furnish, or cause to be furnished, to the Lead
Borrower a reconciliation of the amounts received from the augmentation of the
Inventory and the allocation of costs and expenses thereto.

            (c) Unless the Collateral is perishable or threatens to decline
speedily in value, or is of a type customarily sold on a recognized market (in
which event the Collateral Agent shall provide the Lead Borrower such notice as
may be practicable under the circumstances), the Collateral Agent shall give the
Lead Borrower at least ten (10) days prior notice, by authenticated record, of
the date, time, and place of any proposed public sale, and of


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the date after which any private sale or other disposition of the Collateral may
be made. Each Borrower agrees that such written notice shall satisfy all
requirements for notice to that Borrower which are imposed under the UCC or
other applicable law with respect to the exercise of the Collateral Agent'
rights and remedies upon default.

            (d) The Agent and any Revolving Credit Lender may purchase the
Collateral, or any portion of it at any sale held under this Article.

            (e) The Collateral Agent shall deliver the proceeds of the
Collateral Agent' exercise of its rights and remedies upon default to the
Administrative Agent for application pursuant to Section 14.6 hereof.

      12.4. OCCUPATION OF BUSINESS LOCATION. In connection with the Collateral
Agent' exercise of the Collateral Agent' rights under this Article 12, the
Collateral Agent may enter upon, occupy, and use any premises owned or occupied
by each Borrower, and may exclude each Borrower from such premises or portion
thereof as may have been so entered upon, occupied, or used by the Collateral
Agent. The Collateral Agent shall not be required to remove any of the
Collateral from any such premises upon the Collateral Agent' taking possession
thereof, and may render any Collateral unusable to the Borrowers. In no event
shall the Collateral Agent be liable to any Borrower for use or occupancy by the
Collateral Agent of any premises pursuant to this Article 12, nor for any charge
(such as wages for any Borrowers' employees and utilities) incurred in
connection with the Collateral Agent' exercise of the Agent's Rights and
Remedies.

      12.5. GRANT OF NONEXCLUSIVE LICENSE. In connection with the Collateral
Agent' exercise of the Collateral Agent' rights under this Article 12, each
Borrower hereby grants to the Collateral Agent a royalty free nonexclusive
irrevocable license to use, apply, and affix any trademark, trade name, logo, or
the like in which any Borrower now or hereafter has rights, such license being
with respect to the Collateral Agent' exercise of the rights hereunder
including, without limitation, in connection with any completion of the
manufacture of Inventory or sale or other disposition of Inventory.

      12.6. ASSEMBLY OF COLLATERAL. In connection with the Collateral Agent'
exercise of the Collateral Agent' rights under this Article 12, the Collateral
Agent may require any Borrower to assemble the Collateral and make it available
to the Collateral Agent at the Borrowers' sole risk and expense at a place or
places which are reasonably convenient to both the Collateral Agent and the Lead
Borrower.

      12.7. RIGHTS AND REMEDIES. The rights, remedies, powers, privileges, and
discretions of the Agent hereunder (herein, the "AGENTS' RIGHTS AND REMEDIES")
shall be cumulative and not exclusive of any rights or remedies which it would
otherwise have. No delay or omission by the Agent in exercising or enforcing any
of the Agents' Rights and Remedies shall operate as, or constitute, a waiver
thereof. No waiver by the Agent of any Event of Default or of any default under
any other agreement shall operate as a waiver of any other default hereunder or
under any other agreement. No single or partial exercise of any of the Agents'
Rights or Remedies, and no express or implied agreement or transaction of
whatever nature entered into between the Agent


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and any Person, at any time, shall preclude the other or further exercise of the
Agents' Rights and Remedies. No waiver by any Agent of any of the Agents' Rights
and Remedies on any one occasion shall be deemed a waiver on any subsequent
occasion, nor shall it be deemed a continuing waiver. The Agents' Rights and
Remedies may be exercised at such time or times and in such order of preference
as the Agent may determine. The Agents' Rights and Remedies may be exercised
without resort or regard to any other source of satisfaction of the Liabilities.

ARTICLE 13 - REVOLVING CREDIT FUNDINGS AND DISTRIBUTIONS:

      13.1. REVOLVING CREDIT FUNDING PROCEDURES. Subject to Section 13.2:

            (a) The Administrative Agent shall advise each Revolving Credit
Lender, no later than 12:30 p.m. on a date on which any Revolving Credit Loan
(other than a SwingLine Loan) is to be made on that date. Such advice, in each
instance, may be by telephone or facsimile transmission, provided that if such
advice is by telephone, it shall be confirmed in writing. Advice of a Revolving
Credit Loan shall include the amount of and interest rate applicable to the
subject Revolving Credit Loan.

            (b) Subject to that Revolving Credit Lender's Revolving Credit
Dollar Commitment, each Revolving Credit Lender, by no later than 3:00 p.m. on
the day on which the subject Revolving Credit Loan is to be made, shall Transfer
that Revolving Credit Lender's Revolving Credit Commitment Percentage of the
subject Revolving Credit Loan to the Administrative Agent in immediately
available funds.

      13.2. SWINGLINE LOANS.

            (a) In the event that, when a Base Margin Rate Revolving Credit Loan
is requested, the aggregate unpaid balance of the SwingLine Loan is less than
the SwingLine Loan Ceiling, then the SwingLine Lender may advise the
Administrative Agent that the SwingLine Lender has determined to include up to
the amount of the requested Revolving Credit Loan as part of the SwingLine Loan.
In such event, the SwingLine Lender shall Transfer the amount of the requested
Revolving Credit Loan to the Administrative Agent.

            (b) The SwingLine Loan shall be converted to a Revolving Credit Loan
in which all Revolving Credit Lenders participate as follows:

                  (i) At any time and from time to time, but no less frequently
      than once during each five (5) Business Day period, the SwingLine Lender
      may advise the Administrative Agent that all, or any part of the SwingLine
      Loan is to be converted to a Revolving Credit Loan in which all Revolving
      Credit Lenders participate.

                  (ii) At the times set forth in Section 13.4, the then entire
      unpaid principal balance of the SwingLine Loan shall be converted to a
      Revolving Credit Loan in which all Revolving Credit Lenders participate.


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                  (iii) At the initiation of a Liquidation, the then entire
      unpaid principal balance of the SwingLine Loan shall be converted to a
      Revolving Credit Loan in which all Revolving Credit Lenders participate.

In either such event, the Administrative Agent shall advise each Revolving
Credit Lender of such conversion as if, and with the same effect as if such
conversion were the making of a Revolving Credit Loan as provided in Section
13.1.

            (c) The SwingLine Lender, in separate capacities, may also be the
Administrative Agent and a Revolving Credit Lender.

            (d) The SwingLine Lender, in its capacity as SwingLine Lender, is
not a "Revolving Credit Lender" for any of the following purposes:

                  (i) Except as otherwise specifically provided in the relevant
      Section, any distribution pursuant to Section 14.6.

                  (ii) Determination of whether the requisite Loan Commitments
      have Consented to action requiring such Consent.

      13.3. ADMINISTRATIVE AGENT'S COVERING OF FUNDINGS:

            (a) Each Revolving Credit Lender shall make available to the
Administrative Agent, as provided herein, that Revolving Credit Lender's
Revolving Credit Commitment Percentage of the following:

                  (i) Each Revolving Credit Loan, up to the maximum amount of
      that Revolving Credit Lender's Revolving Credit Dollar Commitment of the
      Revolving Credit Loans.

                  (ii) Up to the maximum amount of that Revolving Credit
      Lender's Revolving Credit Dollar Commitment of each drawing under a L/C
      and Banker's Acceptance (to the extent that such drawing under a L/C or
      Banker's Acceptance is not "covered" by a Revolving Credit Loan as
      provided herein).

            (b)   In all circumstances, the Administrative Agent may:

                  (i) Assume that each Revolving Credit Lender, subject to
      Section 13.3(a), timely shall make available to the Administrative Agent
      that Revolving Credit Lender's Revolving Credit Commitment Percentage of
      each Revolving Credit Loan, notice of which is provided pursuant to
      Section 13.1 and shall make available, to the extent not "covered" by a
      Revolving Credit Loan, that Revolving Credit Lender's Revolving Credit
      Commitment Percentage of any honoring of an L/C or a Banker's Acceptance.

                  (ii) In reliance upon such assumption, make available the
      corresponding amount to the Borrowers (but the Administrative Agent shall
      not be


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      obligated to make such amount available to the Borrowers until actual
      receipt thereof from the Revolving Credit Lenders).

                  (iii) Assume that each Revolving Credit Lender timely shall
      pay, and shall make available, to the Administrative Agent all other
      amounts which that Revolving Credit Lender is obligated to so pay and/or
      make available hereunder or under any of the Loan Documents.

            (c) In the event that, in reliance upon any of such assumptions, the
Administrative Agent makes available a Revolving Credit Lender's Revolving
Credit Commitment Percentage of one or more Revolving Credit Loans, or any other
amount to be made available hereunder or under any of the Loan Documents, which
amount a Revolving Credit Lender (a "DELINQUENT REVOLVING CREDIT LENDER") fails
to provide to the Administrative Agent within one (1) Business Day of written
notice of such failure, then:

                  (i) The amount which had been made available by the
      Administrative Agent is an "ADMINISTRATIVE AGENT'S COVER" (and is so
      referred to herein).

                  (ii) All interest paid by the Borrowers on account of the
      Revolving Credit Loan or coverage of the subject drawing of a L/C or
      Banker's Acceptance which consist of the Administrative Agent's Cover
      shall be retained by the Administrative Agent until the Administrative
      Agent's Cover, with interest, has been paid.

                  (iii) The Delinquent Revolving Credit Lender shall pay to the
      Administrative Agent, on demand, interest at a rate equal to the
      prevailing Federal Funds Effective Rate on any Administrative Agent's
      Cover in respect of that Delinquent Revolving Credit Lender.

                  (iv) The Administrative Agent shall have succeeded to all
      rights to payment to which the Delinquent Revolving Credit Lender
      otherwise would have been entitled hereunder in respect of those amounts
      paid by or in respect of the Borrowers on account of the Administrative
      Agent's Cover together with interest until it is repaid. Such payments
      shall be deemed made first towards the amounts in respect of which the
      Administrative Agent's Cover was provided and only then towards amounts in
      which the Delinquent Revolving Credit Lender is then participating. For
      purposes of distributions to be made pursuant to Section 13.4(a) (which
      relates to ordinary course distributions) or Section 14.6 (which relates
      to distributions of proceeds of a Liquidation) below, amounts shall be
      deemed distributable to a Delinquent Revolving Credit Lender (and
      consequently, to the Administrative Agent to the extent to which the
      Administrative Agent is then entitled) at the highest level of
      distribution (if applicable) at which the Delinquent Revolving Credit
      Lender would otherwise have been entitled to a distribution.

                  (v) Subject to Subsection 13.3(c)(iv), the Delinquent
      Revolving Credit Lender shall be entitled to receive any payments from the
      Borrowers to which the Delinquent Revolving Credit Lender is then
      entitled, provided however there shall be


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      deducted from such amount and retained by the Administrative Agent any
      interest to which the Administrative Agent is then entitled on account of
      Section 13.3(c)(ii), above.

            (d) A Delinquent Revolving Credit Lender shall not be relieved of
any obligation of such Delinquent Revolving Credit Lender hereunder (all and
each of which shall constitute continuing obligations on the part of any
Delinquent Revolving Credit Lender).

            (e) A Delinquent Revolving Credit Lender may cure its status as a
Delinquent Revolving Credit Lender by paying the Administrative Agent the
aggregate of the following:

                  (i) The Administrative Agent's Cover (to the extent not
      previously repaid by the Borrowers and retained by the Administrative
      Agent in accordance with Subsection 13.3(c)(iv), above) with respect to
      that Delinquent Revolving Credit Lender.

                  Plus

                  (ii) The aggregate of the amount payable under Subsection
      13.3(c)(iii), above (which relates to interest to be paid by that
      Delinquent Revolving Credit Lender).

                  Plus

                  (iii) All such costs and expenses as may be incurred by the
      Administrative Agent in the enforcement of the Administrative Agent's
      rights against such Delinquent Revolving Credit Lender.

      13.4. ORDINARY COURSE DISTRIBUTIONS. (This Section 13.4 applies unless the
provisions of Section 14.6 (which relates to distributions in the event of a
Liquidation) becomes operative).

            (a) Weekly, on each Thursday (or more frequently at the
Administrative Agent's option) the Administrative Agent and each Revolving
Credit Lender shall settle up on amounts advanced under the Revolving Credit and
payments received on account of the Revolving Credit (including, without
limitation, collected funds received in the Administrative Agent's Accounts and
not released to the Operating Accounts as provided herein).

            (b) The Administrative Agent shall distribute to the SwingLine
Lender and to each Revolving Credit Lender, such Person's respective pro-rata
share of payments of interest and fees on account of the Revolving Credit when
actually received and collected by the Administrative Agent. For purposes of
calculating interest due to a Revolving Credit Lender, that Revolving Credit
Lender shall be entitled to receive interest on the actual amount contributed by
that Revolving Credit Lender towards the principal balance of the Revolving
Credit Loans outstanding during the applicable period covered by the interest
payment made by the Borrowers. Any net principal reductions to the Revolving
Credit Loans received by the Administrative Agent in accordance with the Loan
Documents during such period shall not reduce such actual amount so contributed,
for purposes of calculation of interest due to that


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Revolving Credit Lender, until the Administrative Agent has distributed to that
Revolving Credit Lender its pro-rata share thereof.

            (c) No Revolving Credit Lender shall have any interest in, or right
to receive any part of, the Underwriting Fee, the Structuring Fee or the
Collateral Monitoring Fee to be paid by the Borrowers to the Administrative
Agent pursuant to this Agreement.

            (d) Any amount received by the Administrative Agent as reimbursement
for any cost or expense (including without limitation, reasonable attorneys'
fees) shall be distributed by the Administrative Agent to that Person which is
entitled to such reimbursement as provided in this Agreement (and if such
Person(s) is (are) the Revolving Credit Lenders, pro-rata based upon their
respective Revolving Credit Commitment Percentages at the date on which the
expense, in respect of which such reimbursement is being made, was incurred).

            (e) Each distribution pursuant to this Section 13.4 is subject to
Section 13.3(c), above.

ARTICLE 14 - ACCELERATION AND LIQUIDATION:

      14.1. ACCELERATION NOTICES

            (a) The Administrative Agent may give the Revolving Credit Lenders
an Acceleration Notice at any time following the occurrence of an Event of
Default.

            (b) The SuperMajority Lenders may give the Administrative Agent an
Acceleration Notice at any time following the occurrence of an Event of Default.
Such notice may be by multiple counterparts, provided that counterparts executed
by the requisite Revolving Credit Lenders are received by the Administrative
Agent within a period of five (5) consecutive Business Days.

      14.2. ACCELERATION Unless stayed by judicial or statutory process, the
Administrative Agent shall Accelerate the Liabilities on account of the
Revolving Credit within a commercially reasonable time following:

            (a) The Administrative Agent's giving of an Acceleration Notice to
the Revolving Credit Lenders as provided in Section 14.1(a).

            (b) The Administrative Agent's receipt of an Acceleration Notice
from the SuperMajority Lenders, in compliance with Section 14.1(b).

      14.3. INITIATION OF LIQUIDATION Unless stayed by judicial or statutory
process, a Liquidation shall be initiated by the Administrative Agent within a
commercially reasonable time following Acceleration of Liabilities on account of
the Revolving Credit.

      14.4. ACTIONS AT AND FOLLOWING INITIATION OF LIQUIDATION

            (a) At the initiation of a Liquidation:


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                  (i) The unpaid principal balance of the SwingLine Loan (if
      any) shall be converted, pursuant to Section 13.2(b)(iii), to a Revolving
      Credit Loan in which all Revolving Credit Lenders participate.

                  (ii) The Administrative Agent and the Revolving Credit Lenders
      shall "net out" each Revolving Credit Lender's respective contributions
      towards the Revolving Credit Loans, so that each Revolving Credit Lender
      holds that Revolving Credit Lender's Revolving Credit Commitment
      Percentage of the Revolving Credit Loans and advances.

            (b) Following the initiation of a Liquidation, each Revolving Credit
Lender shall contribute, towards any L/C and Banker's Acceptance thereafter
honored and not immediately reimbursed by the Borrowers, that Revolving Credit
Lender's Revolving Credit Commitment Percentage of such honoring.

      14.5. COLLATERAL AGENT' CONDUCT OF LIQUIDATION

            (a) Any Liquidation shall be conducted by the Collateral Agent,
subject to the direction of the SuperMajority Lenders.

            (b) The Collateral Agent may establish one or more Nominees to "bid
in" or otherwise acquire ownership to any Post Foreclosure Asset.

            (c) The Collateral Agent shall manage the Nominee and manage and
dispose of any Post Foreclosure Assets with a view towards the realization of
the economic benefits of the ownership of the Post Foreclosure Assets and in
such regard, the Collateral Agent and/or the Nominee may operate, repair,
manage, maintain, develop, and dispose of any Post Foreclosure Asset in such
manner as the Collateral Agent determine as appropriate under the circumstances.

            (d) The Collateral Agent may decline to undertake or to continue
taking a course of action or to execute an action plan (whether proposed by the
Collateral Agent or any Revolving Credit Lender) unless indemnified to the
Collateral Agent' satisfaction by the Revolving Credit Lenders against any and
all liability and expense which may be incurred by the Collateral Agent by
reason of taking or continuing to take that course of action or action plan.

            (e) Each Revolving Credit Lender shall execute all such instruments
and documents not inconsistent with the provisions of this Agreement as the
Collateral Agent and/or the Nominee reasonably may request with respect to the
creation and governance of any Nominee, the conduct of the Liquidation, and the
management and disposition of any Post Foreclosure Asset.

      14.6. DISTRIBUTION OF LIQUIDATION PROCEEDS:

            (a) The Collateral Agent may establish one or more reasonably funded
reserve accounts into which proceeds of the conduct of any Liquidation may be
deposited in anticipation of future expenses which may be incurred by the
Collateral Agent in the exercise of rights as a


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secured creditor of the Borrowers and prior claims which the Collateral Agent
anticipate may need to be paid.

            (b) The Collateral Agent shall distribute the net proceeds of
Liquidation to the Administrative Agent for application in accordance with the
relative priorities set forth in Section 14.7.

            (c) Each Revolving Credit Lender, on the written request of the
Collateral Agent and/or any Nominee, not more frequently than once each month,
shall reimburse the Collateral Agent and/or any Nominee, pro-rata, for any cost
or expense reasonably incurred by the Collateral Agent and/or the Nominee in the
conduct of a Liquidation, which amount is not covered out of current proceeds of
the Liquidation, which reimbursement shall be paid over to and distributed by
the Collateral Agent.

      14.7. RELATIVE PRIORITIES TO PROCEEDS OF LIQUIDATION

            (a) All distributions of proceeds of a Liquidation shall be net of
payment over to the Collateral Agent as reimbursement for all reasonable third
party costs and expenses incurred by the Collateral Agent and to Lenders'
Special Counsel and to any funded reserve established pursuant to Section
14.6(a).

            (b) Subject to the provisions of Section 14.7(c) below, the proceeds
of a Liquidation, net of those amounts described in Section 13.3(c)(iv), shall
be distributed based on the following priorities:

                  (i) To the SwingLine Lender, on account of any SwingLine loans
      not converted to Revolving Credit Loans pursuant to Section 14.4(a)(i);
      and then

                  (ii) To the Revolving Credit Lenders (other than any
      Delinquent Revolving Credit Lender), pro-rata, to the unpaid principal
      balance of the Revolving Credit; and then

                  (iii) To the Revolving Credit Lenders (other than any
      Delinquent Revolving Credit Lender), pro-rata, to accrued interest on the
      Revolving Credit; and then

                  (iv) To the Revolving Credit Lenders (other than any
      Delinquent Revolving Credit Lender), pro-rata, to those fees distributable
      hereunder to the Revolving Credit Lenders; and then

                  (v)   To the Collateral Agent, an amount equal to 105% of the
      Stated Amount of all L/Cs and Bankers' Acceptances then outstanding;

                  (vi) To any Delinquent Revolving Credit Lenders, pro-rata to
      amounts to which such Delinquent Revolving Credit Lenders otherwise would
      have been entitled pursuant to Sections 14.7(b)(ii), 14.7(b)(iii),
      14.7(b)(iv); and then

                  (vii) To any other Liabilities, including any obligations
      due on account of Hedge Agreements.


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ARTICLE 15 - THE AGENT:

      15.1. APPOINTMENT OF THE AGENT

            (a) Each Lender appoints and designates NCBC as the "Administrative
Agent" hereunder and under the Loan Documents.

            (b) Each Lender appoints and designates NCBC as the "Collateral
Agent" hereunder and under the Loan Documents.

            (c) Each Revolving Credit Lender authorizes the Agent:

                  (i) To execute those of the Loan Documents and all other
      instruments relating thereto to which any Agent is a party.

                  (ii) To take such action on behalf of the Revolving Credit
      Lenders and to exercise all such powers as are expressly delegated to such
      Agent hereunder and in the Loan Documents and all related documents,
      together with such other powers as are reasonably incident thereto.

      15.2. RESPONSIBILITIES OF AGENT

            (a) The Agent shall not have any duties or responsibilities to, or
any fiduciary relationship with, any Revolving Credit Lender except for those
expressly set forth in this Agreement.

            (b) No Agent or any of their respective Affiliates shall be
responsible to any Revolving Credit Lender for any of the following:

                  (i) Any recitals, statements, representations or
      warranties made by any Borrower or any other Person.

                  (ii) Any appraisals or other assessments of the assets of any
      Borrower or of any other Person responsible for or on account of the
      Liabilities.

                  (iii) The value, validity, effectiveness, genuineness,
      enforceability, or sufficiency of the Loan Agreement, the Loan Documents
      or any other document referred to or provided for therein.

                  (iv) Any failure by any Borrower or any other Person (other
      than the applicable Agent) to perform its respective obligations under the
      Loan Documents.

            (c) Each Agent may employ attorneys, accountants, and other
professionals and agents and attorneys-in-fact and shall not be responsible for
the negligence or misconduct of any such attorneys, accountants, and other
professionals or agents or attorneys-in-fact selected by the Agent with
reasonable care. No such attorney, accountant, other professional, agents, or


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attorney-in-fact shall be responsible for any action taken or omitted to be
taken by any other such Person.

            (d) No Agent, or any of their respective directors, officers, or
employees shall be responsible for any action taken or omitted to be taken or
omitted to be taken by any other of them in connection herewith in reliance upon
advice of its counsel nor, in any other event except for any action taken or
omitted to be taken as to which a final judicial determination has been or is
made (in a proceeding in which such Person has had an opportunity to be heard)
that such Person had acted in a grossly negligent manner, in actual bad faith,
or in willful misconduct.

            (e) No Agent shall have any responsibility in any event for more
funds than such Agent actually receives and collects.

            (f) Each Agent, in its separate capacity as a Lender, shall have the
same rights and powers hereunder as any other Lender.

      15.3. CONCERNING DISTRIBUTIONS BY THE AGENT

            (a) The Administrative Agent in its reasonable discretion based upon
any Agent's determination of the likelihood that additional payments will be
received, expenses incurred, and/or claims made by third parties to all or a
portion of such proceeds, may delay the distribution of any payment received on
account of the Liabilities.

            (b) The Administrative Agent may disburse funds prior to determining
that the sums which the Agent expects to receive have been finally and
unconditionally paid to any Agent. If and to the extent that the Administrative
Agent does disburse funds and it later becomes apparent that an Agent did not
then receive a payment in an amount equal to the sum paid out, then any
Revolving Credit Lender to whom the Administrative Agent made the funds
available, on demand from the Administrative Agent, shall refund to the
Administrative Agent the sum paid to that Person.

            (c) If, in the opinion of the Agent, the distribution of any amount
received by the Agent might involve any Agent in liability, or might be
prohibited hereby, or might be questioned by any Person, then the Administrative
Agent may refrain from making distribution until the Agent's right to make
distribution has been adjudicated by a court of competent jurisdiction.

            (d) The proceeds of any Revolving Credit Lender's exercise of any
right of, or in the nature of, set-off shall be deemed, First, to the extent
that a Revolving Credit Lender is entitled to any distribution hereunder, to
constitute such distribution and Second, shall be shared with the other
Revolving Credit Lenders as if distributed pursuant to (and shall be deemed as
distributions under) Section 14.7.

            (e) Each Revolving Credit Lender recognizes that the crediting of
the Borrowers with the "proceeds" of any transaction in which a Post Foreclosure
Asset is acquired


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is a non-cash transaction and that, in consequence, no distribution of such
"proceeds" will be made by the Administrative Agent to any Revolving Credit
Lender.

            (f) In the event that (x) a court of competent jurisdiction shall
adjudge that any amount received and distributed by the Agents is to be repaid
or disgorged or (y) those Lenders adversely affected thereby determine to effect
such repayment or disgorgement, then each Revolving Credit Lender to which any
such distribution shall have been made shall repay, to the Agents which had made
such distribution, that Revolving Credit Lender's pro-rata share of the amount
so adjudged or determined to be repaid or disgorged.

      15.4. DISPUTE RESOLUTION: Any dispute among the Revolving Credit Lenders
and/or any Agent concerning the interpretation, administration, or enforcement
of the financing arrangements contemplated by this or any other Loan Document or
the interpretation or administration of this or any other Loan Document which
cannot be resolved amicably shall be resolved in the United States District
Court for the District of Ohio, sitting in Cleveland, Ohio, or in the courts of
Cuyahoga County, Ohio, to the jurisdiction of which courts each Revolving Credit
Lender hereto hereby submits.

      15.5. DISTRIBUTIONS OF NOTICES AND OF DOCUMENTS The Administrative Agent
will forward to each Revolving Credit Lender, promptly after the Administrative
Agent's receipt thereof, a copy of each notice or other document furnished to
the Administrative Agent pursuant to this Agreement, including monthly,
quarterly, and annual financial statements received from the Lead Borrower
pursuant to Article 6 of this Agreement, other than any of the following:

            (a) Routine communications associated with requests for Revolving
Credit Loans and/or the issuance of L/Cs and Banker's Acceptances.

            (b) Routine or nonmaterial communications.

            (c) Any notice or document required by any of the Loan Documents to
be furnished directly to the Revolving Credit Lenders by the Lead Borrower.

            (d) Any notice or document of which the Administrative Agent has
knowledge that such notice or document had been forwarded to the Revolving
Credit Lenders other than by the Administrative Agent.

      15.6. CONFIDENTIAL INFORMATION

            (a) Each Revolving Credit Lender will maintain, as
confidential, all of the following:

                  (i) Proprietary approaches, techniques, and methods of
      analysis which are applied by the Agent in the administration of the
      credit facility contemplated by this Agreement.


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                  (ii) Proprietary forms and formats utilized by the Agent in
      providing reports to the Revolving Credit Lenders pursuant hereto, which
      forms or formats are not of general currency.

            (b) Nothing included herein shall prohibit the disclosure of any
such information as may be required to be provided by judicial process or by
regulatory authorities having jurisdiction over any party to this Agreement.

      15.7. RELIANCE BY AGENT Each Agent shall be entitled to rely upon any
certificate, notice or other document (including any cable, telegram, telex, or
facsimile) reasonably believed by such Agent to be genuine and correct and to
have been signed or sent by or on behalf of the proper Person or Persons, and
upon advice and statements of attorneys, accountants and other experts selected
by the Agent. As to any matters not expressly provided for in this Agreement,
any Loan Document, or in any other document referred to therein, the Agent shall
in all events be fully protected in acting, or in refraining from acting, in
accordance with the applicable Consent required by this Agreement. Instructions
given with the requisite Consent shall be binding on all Revolving Credit
Lenders.

      15.8. NON-RELIANCE ON AGENT AND OTHER REVOLVING CREDIT LENDERS

            (a) Each Revolving Credit Lender represents to all other Revolving
Credit Lenders and to each Agent that such Revolving Credit Lender:

                  (i) Independently and without reliance on any representation
      or act by any Agent or by any other Revolving Credit Lender, and based on
      such documents and information as that Revolving Credit Lender has deemed
      appropriate, has made such Revolving Credit Lender's own appraisal of the
      financial condition and affairs of the Borrowers and decision to enter
      into this Agreement.

                  (ii) Has relied upon that Revolving Credit Lender's review of
      the Loan Documents by that Revolving Credit Lender and by counsel to that
      Revolving Credit Lender as that Revolving Credit Lender deemed appropriate
      under the circumstances.

            (b) Each Revolving Credit Lender agrees that such Revolving Credit
Lender, independently and without reliance upon any Agent or any other Revolving
Credit Lender, and based upon such documents and information as such Revolving
Credit Lender shall deem appropriate at the time, will continue to make such
Revolving Credit Lender's own appraisals of the financial condition and affairs
of the Borrowers when determining whether to take or not to take any
discretionary action under this Agreement.

            (c) Each Agent, in the discharge of that Agent's duties hereunder,
shall not be required to make inquiry of, or to inspect the properties or books
of, any Person.

            (d) Except for notices, reports, and other documents and information
expressly required to be furnished to the Revolving Credit Lenders by the
Administrative Agent hereunder (as to which, see Section 15.5), no Agent shall
have any affirmative duty or


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responsibility to provide any Lender with any credit or other information
concerning any Person, which information may come into the possession of the
Agent or any Affiliate of any Agent.

            (e) Each Revolving Credit Lender, at such Revolving Credit Lender's
request, shall have reasonable access to all nonprivileged documents in the
possession of any Agent, which documents relate to the Agent's performance of
their respective duties hereunder.

      15.9. INDEMNIFICATION Without limiting the liabilities of the Borrowers
under this Agreement or any of the other Loan Documents, each Revolving Credit
Lender shall indemnify each Agent, pro-rata, for any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever (including attorneys'
reasonable fees and expenses and other out-of-pocket expenditures) which may at
any time be imposed on, incurred by, or asserted against such Agent and in any
way relating to or arising out of this Agreement or any other Loan Document or
any documents contemplated by or referred to therein or the transactions
contemplated thereby or the enforcement of any of terms hereof or thereof or of
any such other documents, provided, however, no Revolving Credit Lender shall be
liable for any of the foregoing to the extent that any of the foregoing arises
from any action taken or omitted to be taken by an Agent as to which a final
judicial determination has been or is made (in a proceeding in which such Agent
has had an opportunity to be heard) that such Agent had acted in a grossly
negligent manner, in actual bad faith, or in willful misconduct.

      15.10. RESIGNATION OF AGENT

            (a) Any Agent may resign at any time by giving 30 days prior written
notice thereof to the Revolving Credit Lenders. Upon receipt of any such notice
of resignation, the SuperMajority Lenders shall have the right to appoint a
successor to such Agent (and if no Event of Default has occurred and is
continuing, with the consent of the Lead Borrower, not to be unreasonably
withheld and, in any event, deemed given by the Lead Borrower if no written
objection is provided by the Lead Borrower to the (resigning) Agent within ten
(10) Business Days notice of such proposed appointment). If a successor Agent
shall not have been so appointed and accepted such appointment within 30 days
after the giving of notice by the resigning Agent, then the resigning Agent may
appoint a successor Agent, which shall be a financial institution having a
combined capital and surplus in excess of $100,000,000. The consent of the Lead
Borrower otherwise required by this Section 15.10(a) shall not be required if an
Event of Default has occurred and is continuing.

            (b) Upon the acceptance of any appointment as Agent hereunder by a
successor Agent, such successor shall thereupon succeed to, and become vested
with, all the rights, powers, privileges, and duties of the (resigning) Agent so
replaced, and the (resigning) Agent shall be discharged from the (resigning)
Agent's duties and obligations hereunder, other than on account of any
responsibility for any action taken or omitted to be taken by the (resigning)
Agent as to which a final judicial determination has been or is made (in a
proceeding in which the (resigning) Person has had an opportunity to be heard)
that such Person had acted in a grossly negligent manner or in bad faith, or in
willful misconduct.


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            (c) After any retiring Agent's resignation, the provisions of this
Agreement and of all other Loan Documents shall continue in effect for the
retiring Person's benefit in respect of any actions taken or omitted to be taken
by it while it was acting as Agent.

      15.11. LEAD ARRANGER, CO-SYNDICATION AGENTS AND CO-DOCUMENTATION AGENTS.

      Notwithstanding the provisions of this Agreement or any of the other Loan
Documents, none of the Lead Arranger, Co-Syndicate Agents or the
Co-Documentation Agents shall have any powers, rights, duties, responsibilities
or liabilities with respect to this Agreement and the other Loan Documents
other than confidentiality provisions contained herein.

ARTICLE 16 - ACTION BY AGENT - CONSENTS - AMENDMENTS - WAIVERS:

      16.1. ADMINISTRATION OF CREDIT FACILITIES

            (a) Except as otherwise specifically provided in this Agreement,
each Agent may take any action with respect to the credit facility contemplated
by the Loan Documents as the applicable Agent determines to be appropriate,
provided, however, no Agent is under any affirmative obligation to take any
action which it is not required by this Agreement or the Loan Documents
specifically to so take.

            (b) Except as specifically provided in the following Sections of
this Agreement, whenever a Loan Document or this Agreement provides that action
may be taken or omitted to be taken in an Agent's reasonable, good faith
discretion, the Agent shall have the sole right to take, or refrain from taking,
such action without, and notwithstanding, any vote of the Revolving Credit
Lenders:

            Actions Described in Section        Type of Consent Required
            ----------------------------  ------------------------------

            16.2                          Majority Lenders
            16.3                          SuperMajority Lenders
            16.4                          Certain Consent
            16.5                          Unanimous Consent
            16.6                          Consent of SwingLine Lender
            16.7                          Consent of the Agent

            (c) The rights granted to the Revolving Credit Lenders in those
sections referenced in Section 16.1(b) shall not otherwise limit or impair any
Agent's exercise of its reasonable, good faith discretion under the Loan
Documents.

      16.2. ACTIONS REQUIRING OR ON DIRECTION OF MAJORITY LENDERS

      Except as otherwise provided in this Agreement, the Consent or direction
of the Majority Lenders is required for any amendment, waiver, or modification
of any Loan Document.

      16.3. ACTIONS REQUIRING OR ON DIRECTION OF SUPERMAJORITY LENDERS


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         The Consent or direction of the SuperMajority Lenders is required as
follows:

               (a) The SuperMajority Lenders may direct the Administrative Agent
to permit Protective OverAdvances to be outstanding for more than 45 consecutive
Business Days or more than twice in any twelve month period (the Revolving
Credit Lenders recognizing that, except as described in this Section 16.3(a),
any loan or advance under the Revolving Credit which results in a Protective
OverAdvance may be made by the Administrative Agent in its reasonable, good
faith discretion without the Consent of the Revolving Credit Lenders, whether or
not a Default exists, and that each Revolving Credit Lender shall be bound
thereby).

               (b) The SuperMajority Lenders may direct the Administrative Agent
to suspend the Revolving Credit, if any Default is then occurring, following
which direction, and for as long as a Default is then occurring, the only
Revolving Credit Loans which may be made are the following:

                  (i) Protective OverAdvances not otherwise prohibited as
         provided in 16.3(a).

                  (ii) Revolving Credit Loans made to "cover" the honoring of
         L/C's and Banker's Acceptances.

                  (iii) Revolving Credit Loans made with Consent of the
         SuperMajority Lenders.

               (c) The SuperMajority Lenders may undertake the following if an
Event of Default has occurred and is continuing:

                  (i) Give the Administrative Agent an Acceleration Notice in
         accordance with Section 14.1(b).

                  (ii) Direct the Administrative Agent to increase the rate of
         interest to the default rate of interest as provided in, and to the
         extent permitted by, this Agreement.

         16.4. ACTION REQUIRING CERTAIN CONSENT The Consent or direction of the
following is required for the following actions:

               (a) Any forgiveness of all or any portion of any payment
Liability: All Revolving Credit Lenders whose payment Liability is being so
forgiven: (other than any Delinquent Revolving Credit Lender).

               (b) Any decrease in any interest rate or fee payable under any of
the Loan Documents (other than any fee payable to the Administrative Agent (for
which the consent of the Administrative Agent shall be required): All Revolving
Credit Lenders adversely affected thereby (other than any Delinquent Revolving
Credit Lender).


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               (c) Any postponement of the scheduled time for payment of any
amount payable under any of the Loan Documents:All Revolving Credit Lenders
adversely affected thereby (other than any Delinquent Revolving Credit Lender).

               (d) Volitional Disgorgement as described in 15.3(f): Each
Revolving Credit Lender (other than any Delinquent Revolving Credit Lender)
which is adversely affected thereby.

               (e) Increase in the SwingLine Ceiling: The consent of the
SwingLine Lender and the Majority Lenders.

         16.5. ACTIONS REQUIRING OR DIRECTED BY UNANIMOUS CONSENT None of the
following may take place except with Unanimous Consent:

               (a) Any release of a material portion of the Collateral, but such
Consent to such release is not required if any of the following conditions is
satisfied:

                  (i) Such release is otherwise required or provided for in the
         Loan Documents.

                  (ii) Such release is being made to facilitate a Liquidation.

                  (iii) No OverLoan exists immediately after giving effect to
         the application to the Loan Account of the net proceeds received on
         account of the transaction in which such release is made.

               (b) Any amendment of the Definitions of "DSW Borrowing Base", DSW
Availability" or of any definition of any component thereof, such that more
credit would be available to a Borrower, based on the same assets, as would have
been available to such Borrower immediately prior to such amendment , it being
understood, however, that:

                  (i) The foregoing shall not limit the adjustment by the
         Collateral Agent of any Reserve or the Inventory Advance Rate in the
         Collateral Agent' administration of the Revolving Credit as otherwise
         permitted by this Agreement.

                  (ii) The foregoing shall not prevent the Administrative Agent,
         in its administration of the Revolving Credit, from restoring any
         component of the DSW Borrowing Base which had been lowered by the
         Administrative Agent back to the value of such component, as stated in
         this Agreement or to an intermediate value.

               (c) Any waiver, amendment, or modification which has the effect
of increasing any Revolving Credit Dollar Commitment, Revolving Credit
Commitment Percentage, or the Revolving Credit Ceiling, except that no Consent
shall be required for any such increase which is the result of the application
of the following Sections of this Agreement:

                  (i) Section 16.10 (which relates to NonConsenting Revolving
         Credit Lenders).


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                  (ii) Section 17.1 (which relates to assignments and
         assumptions).

               (d) Any release of any Person obligated on account of the
Liabilities.

               (e) The making of any Revolving Credit Loan which, when made,
exceeds Availability and is not a Protective OverAdvance, subject, however, to
the following:

                  (i) No Consent is required in connection with the making of
         any Revolving Credit Loan to "cover" any honoring of a drawing under
         any L/C or any Banker's Acceptance.

                  (ii) Each Lender recognizes that subsequent to the making of a
         Revolving Credit Loan which does not constitute a Protective
         OverAdvance, the unpaid principal balance of the Loan Account may
         exceed the DSW Borrowing Base on account of changed circumstances
         beyond the control of the Agent (such as a drop in collateral value).

               (f) Any amendment which has the effect of modifying the
Administrative Agent's right or ability to make Protective OverAdvances.

               (g) The waiver of the obligation of the Borrowers to reduce the
unpaid principal balance of loans under the Revolving Credit to an amount so
that no OverLoan (other than a Protective OverAdvance) is outstanding.

               (h) Any amendment of this Article 16.

               (i) Any subordination of the Liabilities to any material
obligation of any Borrower, unless such subordination is otherwise required
pursuant to this or is permitted by this Agreement.

               (j) Amendment of any of the following Definitions:

                       "Majority Lender"
                       "Maturity Date"
                       "Protective OverAdvance"
                       "SuperMajority Lenders
                       "Unanimous Consent"

         16.6. ACTIONS REQUIRING SWINGLINE LENDER CONSENT No action, amendment,
or waiver of compliance with, any provision of the Loan Documents or of this
Agreement which affects the SwingLine Lender may be undertaken without the
Consent of the SwingLine Lender.

         16.7. ACTIONS REQUIRING AGENT'S CONSENT


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               (a) No action, amendment, or waiver of compliance with, any
provision of the Loan Documents or of this Agreement which affects any Agent in
its capacity as Agent may be undertaken without the written consent of such
Agent.

               (b) No action referenced herein which affects the rights, duties,
obligations, or liabilities of any Agent shall be effective without the written
consent of such Agent.

         16.8. MISCELLANEOUS ACTIONS

               (a) Notwithstanding any other provision of this Agreement, no
single Revolving Credit Lender independently may exercise any right of action or
enforcement against or with respect to any Borrower.

               (b) Each Agent shall be fully justified in failing or refusing to
take action under this Agreement or any Loan Document on behalf of any Revolving
Credit Lender unless such Agent shall first

                  (i) receive such clear, unambiguous, written instructions as
         such Agent deem appropriate; and

                  (ii) be indemnified to such Agent's satisfaction by the
         Revolving Credit Lenders against any and all liability and expense
         which may be incurred by such Agent by reason of taking or continuing
         to take any such action, unless such action had been grossly negligent,
         in willful misconduct, or in bad faith.

               (c) The Agent may establish reasonable procedures for the
providing of direction and instructions from the Revolving Credit Lenders to the
Agent, including its reliance on multiple counterparts, facsimile transmissions,
and time limits within which such direction and instructions must be received in
order to be included in a determination of whether the requisite Lenders have
provided their direction, Consent, or instructions.

         16.9. ACTIONS REQUIRING LEAD BORROWER'S CONSENT

               (a) The Lead Borrower's consent is required for any amendment of
this Agreement, except that each of the following Articles of this Agreement may
be amended without the consent of the Lead Borrower:

               Article     Title of Article
               ----------------------------
               13           Revolving Credit Fundings and Distributions

               14           Acceleration and Liquidation (other than any
                            modifications to the requisite percentage of
                            Revolving Credit Lenders which may furnish an
                            Acceleration Notice under Section 14.1(b))

               15.1         The Agent (provided that the provisions of
                            Section 15.10(a) relating to the Lead Borrower's
                            consent to a successor Agent in


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                            certain circumstances may not be amended without the
                            Lead Borrower's consent).

               16           Action By Agents - Consents - Amendments -
                            Waivers (other than as provided in Section 16.9(b))

               17           Assignments and Participations (provided that the
                            provisions of Section 17.1(a)(i) relating to the
                            Lead Borrower's consent to an assignment in certain
                            circumstances may not be amended without the Lead
                            Borrower's consent).

               (b) Subject to Section 16.9(c), the following Sections of Article
16 may not be amended without the consent of the Lead Borrower:

                Actions Described in Section  Type of Consent Required
                ------------------------------------------------------

                16.3                           SuperMajority Lenders
                16.5                           Unanimous Consent
                16.9                           Actions Requiring Lead Borrower's
                                               Consent

and further provided that no provision of any Article listed in Section 16.9(a)
that (i) obligates any of the Agents to exercise reasonable, good faith
discretion, or (ii) imposes liability on any Person for acting in a grossly
negligent manner, in actual bad faith or willful misconduct, or (iii) imposes
any confidentiality obligation under this Agreement on any Person, may be
amended without the consent of the Lead Borrower.

               (c) The Lead Borrower's consent to the amendment of those
provisions referenced in Section 16.9(b)

                  (i) Shall be deemed given unless written objection is made,
         within seven (7) Business Days following the Administrative Agent's
         giving notice to the Lead Borrower of the proposed amendment; and

                  (ii) shall not be required following the occurrence of any
         Event of Default.

         16.10. NONCONSENTING REVOLVING CREDIT LENDER

               (a) In the event that a Revolving Credit Lender (in this Section
16.10, a "NONCONSENTING REVOLVING CREDIT LENDER") does not provide its Consent
to a proposal by an Agent to take action which requires consent under this
Article 16, then one or more Revolving Credit Lenders who provided Consent to
such action may require the assignment, without recourse and in accordance with
the procedures outlined in Section 17.1, below, of the NonConsenting Revolving
Credit Lender's Loan Commitment hereunder on fifteen (15) days written notice to
the Administrative Agent and to the NonConsenting Revolving Credit Lender.


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               (b) At the end of such fifteen (15) days, and provided that the
NonConsenting Revolving Credit Lender delivers the Revolving Credit Note held by
the NonConsenting Revolving Credit Lender to the Administrative Agent (or a lost
note affidavit and indemnity reasonably acceptable to the Administrative Agent),
the Revolving Credit Lenders who have given such written notice shall Transfer
the following to the NonConsenting Revolving Credit Lender:

                  (i) Such NonConsenting Revolving Credit Lender's pro-rata
         share of the principal and interest of the Revolving Credit Loans to
         the date of such assignment. (ii) All fees distributable hereunder to
         the NonConsenting Revolving Credit Lender to the date of such
         assignment.

                  (iii) Any out-of-pocket costs and expenses for which the
         NonConsenting Revolving Credit Lender is entitled to reimbursement from
         the Borrowers.

               (c) In the event that the NonConsenting Revolving Credit Lender
fails to deliver to the Administrative Agent the Revolving Credit Note held by
the NonConsenting Revolving Credit Lender (or a lost note affidavit and
indemnity) as provided in Section 16.10(b), then:

                  (i) The amount otherwise to be Transferred to the
         NonConsenting Revolving Credit Lender shall be Transferred to the
         Administrative Agent and held by the Administrative Agent, without
         interest, to be turned over to the NonConsenting Revolving Credit
         Lender upon delivery of the Revolving Credit Note held by that
         NonConsenting Revolving Credit Lender (or a lost note affidavit and
         indemnity).

                  (ii) The Revolving Credit Note held by the NonConsenting
         Revolving Credit Lender shall have no force or effect whatsoever.

                  (iii) The NonConsenting Revolving Credit Lender shall cease to
         be a "Revolving Credit Lender".

                  (iv) The Revolving Credit Lender(s) which have Transferred the
         amount to the Administrative Agent as described above shall have
         succeeded to all rights and become subject to all of the obligations of
         the NonConsenting Revolving Credit Lender as "Revolving Credit Lender".

               (d) In the event that more than one (1) Revolving Credit Lender
wishes to require such assignment, the NonConsenting Revolving Credit Lender's
Loan Commitment hereunder shall be divided among such Revolving Credit Lenders,
pro-rata based upon their respective Revolving Credit Commitment Percentages,
with the Administrative Agent coordinating such transaction.


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               (e) The Administrative Agent shall coordinate the retirement of
the Revolving Credit Note held by the NonConsenting Revolving Credit Lender and
the issuance of Revolving Credit Notes to those Revolving Credit Lenders which
"take-out" such NonConsenting Revolving Credit Lender, provided, however, no
processing fee otherwise to be paid as provided in Section 17.2(b) shall be due
under such circumstances.

ARTICLE 17 - ASSIGNMENTS BY REVOLVING CREDIT LENDERS:

         17.1. ASSIGNMENTS AND ASSUMPTIONS:

               (a) Except as provided herein, each Revolving Credit Lender (in
this Section 17.1(a), an "ASSIGNING REVOLVING CREDIT LENDER") may assign to one
or more Eligible Assignees (in this Section 17.1(a), each an "ASSIGNEE REVOLVING
CREDIT LENDER") all or a portion of that Revolving Credit Lender's interests,
rights and obligations under this Agreement and the Loan Documents (including
all or a portion of its Revolving Credit Dollar Commitment) and the same portion
of the Revolving Credit Loans at the time owing to it, and of the Revolving
Credit Note held by the Assigning Revolving Credit Lender, provided that:

                  (i) The Administrative Agent and, subject to the provisions of
         Section 2.22(d) hereof, the Lead Borrower, shall have given its prior
         written consent to such assignment, which consent shall not be
         unreasonably withheld, but need not be given if the proposed assignment
         would result in any resulting Revolving Credit Lender's having a
         Revolving Credit Dollar Commitment of less than the "minimum hold"
         amount specified in Section 17.1(a)(iii).

                  (ii) Each such assignment shall be of a constant, and not a
         varying, percentage of all the Assigning Revolving Credit Lender's
         rights and obligations under this Agreement.

                  (iii) Following the effectiveness of such assignment, the
         Assigning Revolving Credit Lender's Revolving Credit Dollar Commitment
         (if not an assignment of all of the Assigning Revolving Credit Lender's
         Loan Commitment) shall not be less than $5,000,000.00.

         17.2. ASSIGNMENT PROCEDURES. (This Section 17.2 describes the
procedures to be followed in connection with an assignment effected pursuant to
this Article 17 and permitted by Section 17.1).

               (a) The parties to such an assignment shall execute and deliver
to the Administrative Agent, for recording in the Register, an Assignment and
Acceptance substantially in the form of EXHIBIT 17.12, annexed hereto (each, an
"ASSIGNMENT AND ACCEPTANCE").

               (b) The Assigning Revolving Credit Lender shall deliver to the
Administrative Agent, with such Assignment and Acceptance, the Revolving Credit
Note held by the subject Assigning Revolving Credit Lender and the
Administrative Agent's processing fee of $3,500.00.


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               (c) The Administrative Agent shall maintain a copy of each
Assignment and Acceptance delivered to it and a register or similar list (the
"REGISTER") for the recordation of the names and addresses of the Revolving
Credit Lenders and of the Revolving Credit Dollar Commitment and Revolving
Credit Commitment Percentage of each Revolving Credit Lender. The Register shall
be available for inspection by the Revolving Credit Lenders at any reasonable
time and from time to time upon reasonable prior notice. In the absence of
manifest error, the entries in the Register shall be conclusive and binding on
all Revolving Credit Lenders. The Administrative Agent and the Revolving Credit
Lenders may treat each Person whose name is recorded in the Register as a
"Revolving Credit Lender" hereunder for all purposes of this Agreement.

               (d) The Assigning Revolving Credit Lender and Assignee Revolving
Credit Lender, directly between themselves, shall make all appropriate
adjustments in payments for periods prior to the effective date of an Assignment
and Assumption.

         17.3. EFFECT OF ASSIGNMENT.

               (a) From and after the effective date specified in an Assignment
and Acceptance which has been executed, delivered, and recorded (which effective
date the Administrative Agent may delay by up to five (5) Business Days after
the delivery of such Assignment and Acceptance):

                  (i) The Assignee Revolving Credit Lender:

                      (A) Shall be a party to this Agreement and the Loan
         Documents (and to any amendments thereof) as fully as if the Assignee
         Revolving Credit Lender had executed each..

                      (B) Shall have the rights of a Revolving Credit Lender
         hereunder to the extent of the Revolving Credit Dollar Commitment and
         Revolving Credit Commitment Percentage assigned by such Assignment and
         Acceptance.

                  (ii) The Assigning Revolving Credit Lender shall be released
         from the Assigning Revolving Credit Lender's obligations under this
         Agreement and the Loan Documents to the extent of the Loan Commitment
         assigned by such Assignment and Acceptance.

                  (iii) The Administrative Agent shall undertake to obtain and
         distribute replacement Revolving Credit Notes to the subject Assigning
         Revolving Credit Lender and Assignee Revolving Credit Lender.

               (b) By executing and delivering an Assignment and Acceptance, the
parties thereto confirm to and agree with each other and with all parties to
this Agreement as to those matters which are set forth in the subject Assignment
and Acceptance.


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ARTICLE 18 - NOTICES:

         18.1. NOTICE ADDRESSES. All notices, demands, and other communications
made in respect of any Loan Document (other than a request for a loan or advance
or other financial accommodation under the Revolving Credit) shall be made to
the following addresses, each of which may be changed upon seven (7) days
written notice to all others given by certified mail, return receipt requested:

               If to the Administrative Agent:

                        National City Business Credit, Inc.
                        1965 E. Sixth Street
                        Cleveland, Ohio 44114
                        Attention     : Joseph Kwasny
                        Fax           : (216) 222-9555

               With a copy to:

                        Riemer & Braunstein LLP
                        Three Center Plaza
                        Boston, Massachusetts  02108
                        Attention     :  David S. Berman, Esquire
                        Fax           : (617) 880-3456

               If to the Lead Borrower
               And All Borrowers:

                        DSW Inc.
                        4150 East Fifth Avenue
                        Columbus, Ohio 43219
                        Attention     :  Douglas Probst, Chief Financial Officer
                        Fax           :  (614) 443-0972

               With a copy to:

                        Schottenstein Stores Corporation
                        1800 Moler Road
                        Columbus, Ohio 43207
                        Attention     : Irwin A. Bain, Esquire
                        Fax           : (614) 443-0972

               With a copy to:

                        Vorys, Sater, Seymour and Pease LLP
                        52 East Gay Street
                        Columbus, Ohio  43215


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                        Attention     : John B. Weimer, Esquire
                        Fax           : (614) 719-5086

         18.2. NOTICE GIVEN.

               (a) Except as otherwise specifically provided herein, notices
shall be deemed made and correspondence received, as follows (all times being
local to the place of delivery or receipt):

                  (i) By certified mail, return receipt requested: the date when
         actually received.

                  (ii) By recognized overnight express delivery: the Business
         Day following the day when sent.

                  (iii) By Hand: If delivered on a Business Day after 9:00 AM
         and no later than three (3) hours prior to the close of customary
         business hours of the recipient, when delivered. Otherwise, at the
         opening of the then next Business Day.

                  (iv) By Facsimile transmission (which must include a header on
         which the party sending such transmission is indicated): If sent on a
         Business Day after 9:00 AM and no later than three (3) hours prior to
         the close of customary business hours of the recipient, one (1) hour
         after being sent. Otherwise, at the opening of the then next Business
         Day.

         18.3. WIRE INSTRUCTIONS. NOTICE GIVEN. Subject to change in the same
manner that a notice address may be changed (as to which, see Section 18.1),
wire transfers to the Administrative Agent shall be made in accordance with the
following wire instructions:

                  National City Bank.
                  ABA Number       : 041000124
                  Account Name     : National City Business Credit, Inc.
                  Account Number   : _________
                  Reference        :DSW

ARTICLE 19 - TERM:

         19.1. TERMINATION OF REVOLVING CREDIT. The Revolving Credit shall
remain in effect (subject to suspension as provided in Section 2.6 hereof) until
the Termination Date.

         19.2. ACTIONS ON TERMINATION.

               (a) On the Termination Date, the Borrowers shall pay the
Administrative Agent (whether or not then due), in immediately available funds,
all Liabilities including, without limitation: the following:

                  (i) The entire balance of the Loan Account (including the
         unpaid principal balance of the Revolving Credit Loans, and the
         SwingLine Loan ).


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                  (ii) Any then remaining installments of the Collateral
         Monitoring Fee.

                  (iii) Any payments due on account of the indemnification
         obligations included in Section 2.11(f).

                  (iv) Any accrued and unpaid Unused Line Fee.

                  (v) All unreimbursed costs and expenses of each Agent and of
         Lenders' Special Counsel for which each Borrower is responsible.

                  (vi) All other Liabilities.

               (b) On the Termination Date, the Borrowers shall also shall make
such arrangements concerning any L/Cs and Banker's Acceptances then outstanding
as are reasonably satisfactory to the Administrative Agent.

               (c) Until such payment (Section 19.2(a)) and arrangements
concerning L/Cs and Banker's Acceptances (Section 19.2(b)), all provisions of
this Agreement, other than those included in Article 2 which place any
obligation on the Administrative Agent or any Revolving Credit Lender to make
any loans or advances or to provide any financial accommodations to any Borrower
shall remain in full force and effect until all Liabilities shall have been paid
in full.

               (d) On the Termination Date, and upon satisfaction by the Loan
Parties of the terms of Section 19.2(a) and (b), above, the Collateral Agent
shall release the Collateral Interests granted the Collateral Agent by the
Borrowers hereunder, which may be upon such conditions and indemnifications as
the Collateral Agent may reasonably require.

ARTICLE 20 - GENERAL:

         20.1. PROTECTION OF COLLATERAL. No Agent has any duty as to the
collection or protection of the Collateral beyond the safe custody of such of
the Collateral as may come into the possession of such Agent.

         20.2. PUBLICITY. Subject to the prior approval of the Lead Borrower
(which approval shall not be unreasonably withheld or delayed), the
Administrative Agent may issue a "tombstone" notice of the establishment of the
credit facility contemplated by this Agreement and may make reference to each
Borrower (and may utilize any logo or other distinctive symbol associated with
each Borrower) in connection with any advertising, promotion, or marketing
(including reference in any "case study" of the creditor facility contemplated
hereby) undertaken by the Administrative Agent.

         20.3. CONFIDENTIALITY. Each of the Agents, the Issuer, the Lead
Arranger, the Revolving Credit Lenders, the SwingLine Lender, and any Person
subject to this Section 20.3 by the terms of this Agreement (or behalf of
itself, and each of its directors, officers, and employees) agrees to maintain
the confidentiality of the Information (as defined below), except that
Information may be disclosed (a) to its and its Affiliates' directors, officers,
employees and


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agents, including accountants, legal counsel and other advisors (it being
understood that the Persons to whom such disclosure is made will be informed of
the confidential nature of such Information and instructed to keep such
Information confidential), (b) to the extent requested by any regulatory
authority, (c) to the extent required by applicable laws or regulations or by
any subpoena or similar legal process, (d) to any other party to this Agreement,
(e) in connection with the exercise of any remedies hereunder or any suit,
action or proceeding relating to this Agreement or any other Loan Document or
the enforcement of rights hereunder or thereunder, (f) to any assignee of or
Participant in, or any prospective assignee of or Participant in, any of its
rights or obligations under this Agreement and any actual or prospective
counterparty or advisors to any swap or derivative transactions relating to the
Loan Parties and the Liabilities (subject to an agreement executed for the
benefit of the Lead Borrower which contains provisions substantially the same as
those of this Section 20.3, (g) with the consent of the Loan Parties or (h) to
the extent such Information (i) becomes publicly available other than as a
result of a breach of this Section or (ii) becomes legally available to the
Agents, the Issuer, the Lead Arranger or any Revolving Credit Lender on a
nonconfidential basis from a source other than the Loan Parties. For the
purposes of this Section, the term "Information" means all information received
from the Loan Parties relating to their business, other than any such
information that is available to the Agents, the Issuer, the Lead Arranger or
any Revolving Credit Lender on a nonconfidential basis prior to disclosure by
the Loan Parties, provided that, in the case of information received from the
Loan Parties after the date hereof, such information is identified at the time
of delivery as confidential or of the type of information, such as business
plans or financial information as is customarily confidential. Any Person
required to maintain the confidentiality of Information as provided in this
Section shall be considered to have complied with its obligation to do so if
such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own
confidential information that is of a similar nature. The confidentiality
provisions contained in this Agreement shall survive the termination, assignment
or invalidation of this Agreement, or of any of the rights and obligations
contained herein or therein.

         20.4. SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon the
Borrowers and their respective representatives, successors, and assigns and
shall enure to the benefit of each Agent and each Revolving Credit Lender and
their respective successors and assigns, provided, however, no trustee or other
fiduciary appointed with respect to any Borrower shall have any rights
hereunder. In the event that any Agent or any Revolving Credit Lender assigns or
transfers its rights under this Agreement, the assignee shall thereupon succeed
to and become vested with all rights, powers, privileges, and duties of such
assignor hereunder and such assignor shall thereupon be discharged and relieved
from its duties and obligations hereunder.

         20.5. SEVERABILITY. Any determination that any provision of this
Agreement or any application thereof is invalid, illegal, or unenforceable in
any respect in any instance shall not affect the validity, legality, or
enforceability of such provision in any other instance, or the validity,
legality, or enforceability of any other provision of this Agreement.

         20.6. AMENDMENTS. COURSE OF DEALING.


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               (a) This Agreement and the other Loan Documents incorporate all
discussions and negotiations between each Borrower and each Agent and each
Revolving Credit Lender, either express or implied, concerning the matters
included herein and in such other instruments, any custom, usage, or course of
dealings to the contrary notwithstanding. No such discussions, negotiations,
custom, usage, or course of dealings shall limit, modify, or otherwise affect
the provisions hereof or thereof. No failure by any Agent or any Revolving
Credit Lender to give notice to the Lead Borrower of any Borrower's having
failed to observe and comply with any warranty or covenant included in any Loan
Document shall constitute a waiver of such warranty or covenant or the amendment
of the subject Loan Document. No change made by any Agent to the manner by which
Borrowing Base is determined shall obligate the Agent to continue to determine
Borrowing Base in that manner.

               (b) Each Borrower may undertake any action otherwise prohibited
hereby, and may omit to take any action otherwise required hereby, upon and with
the express prior written consent of the Administrative Agent. Subject to
Article 16, no consent, modification, amendment, or waiver of any provision of
any Loan Document shall be effective unless executed in writing by or on behalf
of the party to be charged with such modification, amendment, or waiver (and if
such party is the Administrative Agent then by a duly authorized officer
thereof). Any modification, amendment, or waiver provided by the Administrative
Agent shall be in reliance upon all representations and warranties theretofore
made to the Administrative Agent by or on behalf of the Borrowers (and any
guarantor, endorser, or surety of the Liabilities) and consequently may be
rescinded in the event that any of such representations or warranties was not
true and complete in all material respects when given.

         20.7. POWER OF ATTORNEY. In connection with all powers of attorney
included in this Agreement (which may be exercised only after the occurrence and
during the continuance of an Event of Default), each Borrower hereby grants unto
the Administrative Agent (acting through any of its officers) full power to do
any and all things necessary or appropriate in connection with the exercise of
such powers as fully and effectually as that Borrower might or could do, hereby
ratifying all that said attorney shall do or cause to be done by virtue of this
Agreement. No power of attorney set forth in this Agreement shall be affected by
any disability or incapacity suffered by any Borrower and each shall survive the
same. All powers conferred upon each Agent by this Agreement, being coupled with
an interest, shall be irrevocable until this Agreement is terminated by a
written instrument executed by a duly authorized officer of each Agent. The
Administrative Agent, as agent for the Borrowers under any power of attorney
included in this Agreement and the other Loan Documents, is not a fiduciary for
any Borrower, but instead, in exercising any one or more rights with respect to
such powers of attorney, may do so for the sole and exclusive benefit of the
Revolving Credit Lenders, and not for the benefit of any Borrower. The Borrowers
acknowledge and agree that the provisions of Title 20, Pennsylvania Consolidated
Statutes Section 5601 et seq., as amended (including, without limitation, Act 39
of 1999) shall not be applicable to any one or more powers of attorney contained
in any Loan Document previously, concurrently or in the future executed and
delivered by the Borrowers.


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         20.8. APPLICATION OF PROCEEDS. The proceeds of any collection, sale, or
disposition of the Collateral, or of any other payments received hereunder,
shall be applied towards the Liabilities in such order and manner as the
Administrative Agent determines in its sole reasonable, good faith discretion,
consistent, however, with Sections 14.6 and 14.7 and any other applicable
provisions of this Agreement. The Borrowers shall remain liable for any
deficiency remaining following such application.

         20.9. INCREASED COSTS. If, after the date hereof, as a result of any
change in any Requirement of Law, or change of the interpretation or application
thereof by any court or by any governmental or other authority or entity charged
with the administration thereof, whether or not having the force of law, which:

               (a) subjects any Revolving Credit Lender to any taxes or changes
the basis of taxation, or increases any existing taxes, on payments of
principal, interest or other amounts payable by any Borrower to any Agent or any
Revolving Credit Lender under this Agreement (except for taxes on any Agent or
any Revolving Credit Lender based on net income or capital imposed by the
jurisdiction in which the principal or lending offices of such Agent or that
Revolving Credit Lender are located);

               (b) imposes, modifies or deems applicable any reserve, cash
margin, special deposit or similar requirements against assets held by, or
deposits in or for the account of or loans by or any other acquisition of funds
by the relevant funding office of any Revolving Credit Lender;

               (c) imposes on any Revolving Credit Lender any other condition
with respect to any Loan Document; or

               (d) imposes on any Revolving Credit Lender a requirement to
maintain or allocate capital in relation to the Liabilities;

and the result of any of the foregoing, in such Revolving Credit Lender's
reasonable opinion, is to increase the cost to that Revolving Credit Lender of
making or maintaining any loan, advance or financial accommodation or to reduce
the income receivable by that Revolving Credit Lender in respect of any loan,
advance or financial accommodation by an amount which that Revolving Credit
Lender deems to be material, then upon written notice from the Administrative
Agent, from time to time, to the Lead Borrower (such notice to set out in
reasonable detail the facts giving rise to and a summary calculation of such
increased cost or reduced income), the Borrowers shall forthwith pay to the
Administrative Agent, for the benefit of the subject Revolving Credit Lender,
upon receipt of such notice, that amount which shall compensate the subject
Revolving Credit Lender for such additional cost or reduction in income.

         20.10. REPLACEMENT OF REVOLVING CREDIT LENDER. If (a) any Revolving
Credit Lender incurs increased costs and requests compensation under Section
2.18(d) or Section 20.9, (b) any Revolving Credit Lender is a Delinquent
Revolving Credit Lender, then the Lead Borrower may


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               (a) request such Revolving Credit Lender or Issuer to use
reasonable efforts to designate a different lending office for funding or
booking its loans hereunder or to assign its rights and obligations hereunder to
another of its offices, branches, or Affiliates, if in the judgment of such
Revolving Credit Lender or Issuer, such designation or assignment (i) would
eliminate or reduce amounts payable pursuant to Section 2.18(d) or Section 20.9
hereof, and (ii) would not subject such Revolving Credit Lender or Issuer to any
unreimbursed cost or expense, and would not otherwise be disadvantageous to such
Revolving Credit Lender or Issuer. The Lead Borrower shall pay all reasonable
costs and expenses incurred by such Revolving Credit Lender or Issuer in
connection with any such designation of assignment; and

               (b) at its sole expense and effort, upon notice to such Revolving
Credit Lender and the Administrative Agent, require such Revolving Credit Lender
to assign and delegate, without recourse (in accordance with and subject to the
restrictions contained in Article 17), all its interests, rights and obligations
under this Agreement to an assignee that shall assume such obligations (which
assignee may be another Revolving Credit Lender, if a Revolving Credit Lender
accepts such assignment), provided that (i) if such assignee is not an existing
Revolving Credit Lender, the Lead Borrower shall have received the prior written
consent of the Administrative Agent, which consent shall not unreasonably be
withheld, (ii) such Revolving Credit Lender shall have received payment of an
amount equal to the outstanding principal of its Revolving Credit Loans and
participations in unreimbursed drawings under L/Cs and Banker's Acceptances and
SwingLine Loans, accrued interest thereon, accrued fees and all other amounts
payable to it hereunder, from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or the Lead Borrower (in the case of
all other amounts) and (iii) such assignment will result in a reduction in such
compensation, payments or costs. A Revolving Credit Lender shall not be required
to make any such assignment and delegation if, prior thereto, as a result of a
waiver by such Revolving Credit Lender or otherwise, the circumstances entitling
the Lead Borrower to require such assignment and delegation cease to apply.

         20.11. COSTS AND EXPENSES OF THE AGENT AND ISSUER.

               (a) The Borrowers shall pay from time to time on demand all Costs
of Collection and all reasonable costs, expenses, and disbursements (including
reasonable attorneys' fees and expenses) which are incurred by each Agent or the
Issuer in connection with the preparation, negotiation, execution, and delivery
of this Agreement and of any other Loan Documents, and all other reasonable
costs, expenses, and disbursements which may be incurred in connection with or
in respect to the credit facility contemplated hereby or which otherwise are
incurred with respect to the Liabilities.

               (b) The Borrowers shall pay from time to time on demand all
reasonable costs and expenses (including reasonable attorneys' fees and
expenses) incurred, following the occurrence of any Event of Default, by the
Revolving Credit Lenders to Lenders' Special Counsel.

               (c) Each Borrower authorizes the Administrative Agent to pay all
such fees and expenses and in the Administrative Agent's reasonable, good faith
discretion, to add such fees and expenses to the Loan Account.


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               (d) The undertaking on the part of each Borrower in this Section
20.11 shall survive payment of the Liabilities and/or any termination, release,
or discharge executed by any Agent in favor of any Borrower, other than a
termination, release, or discharge which makes specific reference to this
Section 20.11.

         20.12. COPIES AND FACSIMILES. Each Loan Document and all documents and
papers which relates thereto which have been or may be hereinafter furnished any
Agent or any Revolving Credit Lender may be reproduced by that Revolving Credit
Lender or by any Agent by any photographic, microfilm, xerographic, digital
imaging, or other process, and such Person making such reproduction may destroy
any document so reproduced. Any such reproduction shall be admissible in
evidence as the original itself in any judicial or administrative proceeding
(whether or not the original is in existence and whether or not such
reproduction was made in the regular course of business). Any facsimile which
bears proof of transmission shall be binding on the party which or on whose
behalf such transmission was initiated and likewise shall be so admissible in
evidence as if the original of such facsimile had been delivered to the party
which or on whose behalf such transmission was received.

         20.13. OHIO LAW. This Agreement and all rights and obligations
hereunder, including matters of construction, validity, and performance, shall
be governed by the law of State of Ohio.

         20.14. CONSENT TO JURISDICTION.

               (a) Each Borrower agrees that any legal action, proceeding, case,
or controversy against any Borrower with respect to any Loan Document may be
brought in the courts of Franklin County, Ohio or in the United States District
Court, District of Ohio, sitting in Columbus, Ohio, as the Administrative Agent
may elect in the Administrative Agent's sole reasonable, good faith discretion.
By execution and delivery of this Agreement, each Borrower, for itself and in
respect of its property, accepts, submits, and consents generally and
unconditionally, to the jurisdiction of the aforesaid courts.

               (b) Each Borrower WAIVES any objection based on forum non
conveniens and any objection to venue of any action or proceeding instituted
under any of the Loan Documents and consents to the granting of such legal or
equitable remedy as is deemed appropriate by the Court.

               (c) Nothing herein shall affect the right of any Agent to bring
legal actions or proceedings in any other competent jurisdiction.

               (d) Each Borrower agrees that any action commenced by any
Borrower asserting any claim arising under or in connection with this Agreement
or any other Loan Document shall be brought solely in the courts of Franklin
County, Ohio or in the United States District Court, District of Ohio, sitting
in Columbus, Ohio, and that such Courts shall have exclusive jurisdiction with
respect to any such action.

         20.15. INDEMNIFICATION. Each Borrower shall indemnify, defend, and hold
each Agent, the Issuer, and each Revolving Credit Lender and any Participant and
any of their


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respective employees, officers, agents, Subsidiaries, and Affiliates (each, an
"INDEMNIFIED PERSON") harmless of and from any claim brought or threatened
against any Indemnified Person by any Borrower, any guarantor or endorser of the
Liabilities, or any other Person (as well as from reasonable attorneys' fees,
expenses, and disbursements in connection therewith) on account of the
relationship of the Borrowers or of any guarantor or endorser of the
Liabilities, including all costs, expenses, liabilities, and damages as may be
suffered by any Indemnified Person in connection with (x) the Collateral; (y)
the occurrence of any Event of Default; or (z) the exercise of any rights or
remedies under any of the Loan Documents (each of claims which may be defended,
compromised, settled, or pursued by the Indemnified Person with counsel of the
Lender's selection, but at the expense of the Borrowers) other than any claim as
to which a final determination is made in a judicial proceeding (in which the
Agent and any other Indemnified Person has had an opportunity to be heard),
which determination includes a specific finding that the Indemnified Person
seeking indemnification had acted in a grossly negligent manner or in actual bad
faith or in willful misconduct. This indemnification shall survive payment of
the Liabilities and/or any termination, release, or discharge executed by any
Agent in favor of the Borrowers, other than a termination, release, or discharge
duly executed on behalf of the Agent which makes specific reference to this
Section 20.15.

         20.16. RULES OF CONSTRUCTION. The following rules of construction shall
be applied in the interpretation, construction, and enforcement of this
Agreement and of the other Loan Documents:

               (a) Unless otherwise specifically provided for herein (and then
only to the extent so provided), interest and any fee or charge which is stated
as a per annum percentage shall be calculated based on a 360 day year and actual
days elapsed with respect to LIBOR Loans and on a 365/366 day year and actual
days elapsed with respect to Base Margin Loans.

               (b) Words in the singular include the plural and words in the
plural include the singular.

               (c) Unless otherwise specifically provided for herein or in a
specific Loan Document (and then only to the extent so provided), as between the
parties hereto or to any Loan Document, the definitions of the following terms,
as included in the UCC, are deemed to be as follows for purposes of the
performance of obligations arising under or in respect of any Loan Document:

                  (i) "Authenticate" means "signed".

                  (ii) "Record" means written information in a tangible form.

               (d) Titles, headings (indicated by being underlined or shown in
SMALL CAPITALS) and any Table of Contents are solely for convenience of
reference; do not constitute a part of the instrument in which included; and do
not affect such instrument's meaning, construction, or effect.

               (e) The words "includes" and "including" are not limiting.


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               (f) Text which follows the words "including, without limitation"
(or similar words) is illustrative and not limitational.

               (g) Text which is shown in italics (except for parenthesized
italicized text), shown in BOLD, shown IN ALL CAPITAL LETTERS, or in any
combination of the foregoing, shall be deemed to be conspicuous.

               (h) The words "may not" are prohibitive and not permissive.

               (i) Any reference to a Person's "knowledge" (or words of similar
import) are to such Person's knowledge assuming that such Person has undertaken
reasonable and diligent investigation with respect to the subject of such
"knowledge" (whether or not such investigation has actually been undertaken).

               (j) Terms which are defined in one section of any Loan Document
are used with such definition throughout the instrument in which so defined.

               (k) The term "Dollars" and the symbol "$" each refers to United
States Dollars.

               (l) Unless limited by reference to a particular Section or
provision, any reference to "herein", "hereof", or "within" is to the entire
Loan Document in which such reference is made.

               (m) References to "this Agreement" or to any other Loan Document
is to the subject instrument as amended to the date on which application of such
reference is being made.

               (n) Except as otherwise specifically provided, all references to
time are to Cleveland, Ohio time.

               (o) In the determination of any notice, grace, or other period of
time prescribed or allowed hereunder:

                  (i) Unless otherwise provided (A) the day of the act, event,
         or default from which the designated period of time begins to run shall
         not be included and the last day of the period so computed shall be
         included unless such last day is not a Business Day, in which event the
         last day of the relevant period shall be the then next Business Day and
         (B) the period so computed shall end at 5:00 PM on the relevant
         Business Day.

                  (ii) The word "from" means "from and including".

                  (iii) The words "to" and "until" each mean "to, but
         excluding".

                  (iv) The word "through" means "to and including".

               (p) The Loan Documents shall be construed and interpreted in a
harmonious manner and in keeping with the intentions set forth in Section 20.17
hereof, provided, however,


                                      130
<PAGE>
in the event of any inconsistency between the provisions of this Agreement and
any other Loan Document, the provisions of this Agreement shall govern and
control.

         20.17. AGENT'S CONSENT. Unless otherwise explicitly provided herein,
any Agent's consent to any action of any Borrower which is prohibited unless
such consent is given may be given or refused by such Agent in its sole
reasonable, good faith discretion and without reference to Section 2.16 hereof.

         20.18. PARTICIPATIONS: Each Revolving Credit Lender may sell
participations to one or more financial institutions (each, a "PARTICIPANT") in
that Revolving Credit Lender's interests herein provided that no such
participation shall include any provision which accords that Participant with
any rights, vis a vis any Agent, with respect to any requirement herein for
approval by a requisite number or proportion of the Revolving Credit Lenders. No
such sale of a participation shall relieve a Revolving Credit Lender from that
Revolving Credit Lender's obligations hereunder nor obligate any Agent to any
Person other than a Revolving Credit Lender.

         20.19. RIGHT OF SET-OFF. Any and all deposits or other sums at any time
credited by or due to any Borrower from any Agent or any Revolving Credit Lender
or any Participant or from any Affiliate of any of the foregoing, and any cash,
securities, instruments or other property of any Borrower in the possession of
any of the foregoing (other than in Exempt DDA accounts), whether for
safekeeping or otherwise (regardless of the reason such Person had received the
same) shall at all times constitute security for all Liabilities and for any and
all obligations of each Borrower to such Agent and such Revolving Credit Lender
or any Participant or such Affiliate, and (a) after the occurrence and during
the continuance of an Event of Default, or (b) after the service of process upon
any Agent or any Revolving Credit Lender or any Participant seeking to attach,
by trustee, mesne, or other process, any funds of any Loan Party on deposit
with, or assets of any Loan Party in the possession of, such Agent or that
Revolving Credit or such Participant, in excess of Five Hundred Thousand Dollars
($500,000.00), may be applied or set off against the Liabilities and against
such obligations at any time, whether or not such are then due and whether or
not other collateral is then available to the Agent or that Revolving Credit
Lender.

         20.20. PLEDGES TO FEDERAL RESERVE BANKS: Nothing included in this
Agreement shall prevent or limit any Revolving Credit Lender, to the extent that
such Revolving Credit Lender is subject to any of the twelve Federal Reserve
Banks organized under Section4 of the Federal Reserve Act (12 U.S.C. Section341)
from pledging all or any portion of that Lender's interest and rights under this
Agreement, provided, however, neither such pledge nor the enforcement thereof
shall release the pledging Revolving Credit Lender from any of its obligations
hereunder or under any of the Loan Documents.

         20.21. MAXIMUM INTEREST RATE. Regardless of any provision of any Loan
Document, neither any Agent nor any Revolving Credit Lender shall be entitled to
contract for, charge, receive, collect, or apply as interest on any Liability,
any amount in excess of the maximum rate imposed by Applicable Law. Any payment
which is made which, if treated as interest on a


                                      131
<PAGE>
Liability would result in such interest's exceeding such maximum rate shall be
held, to the extent of such excess, as additional collateral for the Liabilities
as if such excess were "Collateral."

         20.22. WAIVERS.

               (a) Each Borrower (and all guarantors, endorsers, and sureties of
the Liabilities) make each of the waivers included in Section 20.22(b), below,
knowingly, voluntarily, and intentionally, and understands that each Agent and
each Revolving Credit Lender, in establishing the facilities contemplated hereby
and in providing loans and other financial accommodations to or for the account
of the Borrowers as provided herein, whether not or in the future, is relying on
such waivers.

               (b) EACH BORROWER, AND EACH SUCH GUARANTOR, ENDORSER, AND SURETY
RESPECTIVELY WAIVES THE FOLLOWING:

                  (i) Except as otherwise specifically required hereby, notice
         of non-payment, demand, presentment, protest and all forms of demand
         and notice, both with respect to the Liabilities and the Collateral.

                  (ii) Except as otherwise specifically required hereby, the
         right to notice and/or hearing prior to any Agent's exercising of the
         Agent's rights upon default.

                  (iii) THE RIGHT TO A JURY IN ANY TRIAL OF ANY CASE OR
         CONTROVERSY IN WHICH ANY AGENT OR ANY REVOLVING CREDIT LENDER IS OR
         BECOMES A PARTY (WHETHER SUCH CASE OR CONTROVERSY IS INITIATED BY OR
         AGAINST ANY AGENT OR ANY REVOLVING CREDIT LENDER OR IN WHICH ANY AGENT
         OR ANY REVOLVING CREDIT LENDER IS JOINED AS A PARTY LITIGANT), WHICH
         CASE OR CONTROVERSY ARISES OUT OF OR IS IN RESPECT OF, ANY RELATIONSHIP
         AMONGST OR BETWEEN ANY BORROWER OR ANY OTHER PERSON AND EACH AGENT AND
         EACH REVOLVING CREDIT LENDER LIKEWISE WAIVES THE RIGHT TO A JURY IN ANY
         TRIAL OF ANY SUCH CASE OR CONTROVERSY).

                  (iv) Any defense, counterclaim, set-off, recoupment, or other
         basis on which the amount of any Liability, as stated on the books and
         records of any Agent, could be reduced or claimed to be paid otherwise
         than in accordance with the tenor of and written terms of such
         Liability.

                  (v) Any claim to consequential, special, or punitive damages.

         20.23. ADDITIONAL WAIVERS.

               (a) The Liabilities are the joint and several obligations of each
Loan Party. To the fullest extent permitted by applicable law, the obligations
of each Loan Party hereunder shall not be affected by (i) the failure of any
Agent or any Revolving Credit Lender to assert any claim


                                      132
<PAGE>
or demand or to enforce or exercise any right or remedy against any other Loan
Party under the provisions of this Agreement, any other Loan Document or
otherwise, (ii) any rescission, waiver, amendment or modification of, or any
release from any of the terms or provisions of, this Agreement, any other Loan
Document, or any other agreement, including with respect to any other Borrower
of the Liabilities, or (iii) the failure to perfect any security interest in, or
the release of, any of the security held by or on behalf of the Collateral Agent
or any Revolving Credit Lender.

               (b) The obligations of each Loan Party hereunder shall not be
subject to any reduction, limitation, impairment or termination for any reason
(other than the indefeasible payment in full in cash of the Liabilities),
including any claim of waiver, release, surrender, alteration or compromise of
any of the Liabilities, and shall not be subject to any defense or set-off,
counterclaim, recoupment or termination whatsoever by reason of the invalidity,
illegality or unenforceability of the Liabilities or otherwise. Without limiting
the generality of the foregoing, the obligations of each Loan Party hereunder
shall not be discharged or impaired or otherwise affected by the failure of any
Agent or any Revolving Credit Lender to assert any claim or demand or to enforce
any remedy under this Agreement, any other Loan Document or any other agreement,
by any waiver or modification of any provision of any thereof, by any default,
failure or delay, willful or otherwise, in the performance of the Liabilities,
or by any other act or omission that may or might in any manner or to any extent
vary the risk of any Loan Party or that would otherwise operate as a discharge
of any Loan Party as a matter of law or equity (other than the indefeasible
payment in full in cash of all the Liabilities).

               (c) To the fullest extent permitted by applicable law, each Loan
Party waives any defense based on or arising out of any defense of any other
Loan Party or the unenforceability of the Liabilities or any part thereof from
any cause, or the cessation from any cause of the liability of any other Loan
Party, other than the indefeasible payment in full in cash of all the
Liabilities. Each Agent and the Revolving Credit Lenders may, at their election,
foreclose on any security held by one or more of them by one or more judicial or
nonjudicial sales, accept an assignment of any such security in lieu of
foreclosure, compromise or adjust any part of the Liabilities, make any other
accommodation with any other Loan Party, or exercise any other right or remedy
available to them against any other Loan Party, without affecting or impairing
in any way the liability of any Loan Party hereunder except to the extent that
all the Liabilities have been indefeasibly paid in full in cash. Pursuant to
applicable law, each Loan Party waives any defense arising out of any such
election even though such election operates, pursuant to applicable law, to
impair or to extinguish any right of reimbursement or subrogation or other right
or remedy of such Loan Party against any other Loan Party, as the case may be,
or any security.

               (d) Upon payment by any Loan Party of any Liabilities, all rights
of such Loan Party against any other Loan Party arising as a result thereof by
way of right of subrogation, contribution, reimbursement, indemnity or otherwise
shall in all respects be subordinate and junior in right of payment to the prior
indefeasible payment in full in cash of all the Liabilities, as more
particularly set forth in an Indemnity, Subrogation and Contribution Agreement
to be entered into amongst the Loan Parties. In addition, any indebtedness of
any


                                      133
<PAGE>
Loan Party now or hereafter held by any other Loan Party is hereby subordinated
in right of payment to the prior payment in full of the Liabilities. None of the
Loan Parties will demand, sue for, or otherwise attempt to collect any such
indebtedness. If any amount shall erroneously be paid to any Loan Party on
account of (a) such subrogation, contribution, reimbursement, indemnity or
similar right or (b) any such indebtedness of any Loan Party, such amount shall
be held in trust for the benefit of the Agent and the Revolving Credit Lenders
and shall forthwith be paid to the Administrative Agent to be credited against
the payment of the Liabilities, whether matured or unmatured, in accordance with
the terms of the Loan Documents.

        20.24.  PATRIOT ACT NOTICES

        Each Lender hereby notifies the Borrowers that pursuant to the
requirements of the Patriot Act, it is required to obtain, verify and record
information that identifies the Borrowers, which information includes the name
and address of each Borrower and other information that will allow such Lender
to identify such Borrower in accordance with the Patriot Act.

                     [REMAINDER OF PAGE INTENTIONALLY BLANK]


                                      134
<PAGE>
         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their respective authorized officers as a sealed instrument as
of the day and year first above written.

                                       DSW INC.
                                       (" LEAD BORROWER")


                                       By:
                                          --------------------------------
                                       Name: James A. McGrady
                                       Title: Vice President

                                       "OTHER BORROWERS":

                                       DSW SHOE WAREHOUSE, INC.


                                       By:
                                          --------------------------------
                                       Name: James A. McGrady
                                       Title: Chief Financial Officer


                                      135
<PAGE>
                                       NATIONAL CITY BUSINESS CREDIT, INC.
                                       (ADMINISTRATIVE AGENT, COLLATERAL AGENT,
                                       SWINGLINE LENDER AND REVOLVING CREDIT
                                       LENDER)

                                       By:
                                          ---------------------------------
                                       Name: Joseph L. Kwasny
                                       Title: Director


                                      136
<PAGE>
                                       NATIONAL CITY BANK
                                       (ISSUERAND LEAD ARRANGER)

                                       By:
                                          ---------------------------------
                                       Name:
                                             ------------------------------
                                       Title:
                                              -----------------------------


                                      137
<PAGE>
                                       THE CIT GROUP/BUSINESS CREDIT, INC.
                                       (CO-SYNDICATION AGENT AND REVOLVING
                                       CREDIT LENDER)


                                       By:
                                          ---------------------------------
                                       Name:-------------------------------
                                       Title: -----------------------------


                                      138
<PAGE>
                                       BANK OF AMERICA, N.A. (CO-SYNDICATION
                                       AGENT AND REVOLVING CREDIT LENDER)


                                        By:
                                           ---------------------------------
                                       Name:
                                            ---------------------------------
                                       Title:
                                             -------------------------------


                                      139
<PAGE>
                                       GENERAL ELECTRIC CAPITAL
                                       CORPORATION (CO-DOCUMENTATION AGENT
                                       AND REVOLVING CREDIT LENDER)


                                       By:
                                          ---------------------------------
                                       Name:
                                            --------------------------------
                                       Title:
                                             ------------------------------


                                      140
<PAGE>
                                       WELLS FARGO RETAIL FINANCE LLC (CO-
                                       DOCUMENTATION AGENT AND REVOLVING CREDIT
                                       LENDER)


                                       By:
                                          ---------------------------------
                                       Name:
                                            --------------------------------
                                       Title:
                                             ------------------------------


                                      141
<PAGE>
                                       LASALLE BANK NATIONAL ASSOCIATION
                                       (REVOLVING CREDIT LENDER)

                                       By:
                                          ---------------------------------
                                       Name:
                                            --------------------------------
                                       Title:
                                             ------------------------------


                                      142
<PAGE>
                                       HSBC BUSINESS CREDIT (USA) INC.
                                       (REVOLVING CREDIT LENDER)

                                       By:
                                          ---------------------------------
                                       Name:
                                            -------------------------------
                                       Title:
                                             ------------------------------


                                      143



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.12.5
<SEQUENCE>7
<FILENAME>x06593a4exv10w12w5.txt
<DESCRIPTION>EX-10.12.5: FORM OF AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT
<TEXT>
<PAGE>
                                                                 Exhibit 10.12.5


              AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT
                        VALUE CITY DEPARTMENT STORES LLC
                                THE LEAD BORROWER
                                      FOR:

                        VALUE CITY DEPARTMENT STORES LLC
                           GRAMEX RETAIL STORES, INC.
                             FILENE'S BASEMENT, INC.
                          VALUE CITY OF MICHIGAN, INC.
                               GB RETAILERS, INC.
                          RETAIL VENTURES JEWELRY, INC.

                                  THE BORROWERS

                       NATIONAL CITY BUSINESS CREDIT, INC.
               ADMINISTRATIVE AGENT AND COLLATERAL AGENT FOR
               THE REVOLVING CREDIT LENDERS REFERENCED HEREIN

                               NATIONAL CITY BANK
                           AS LETTER OF CREDIT ISSUER

                       THE CIT GROUP/BUSINESS CREDIT, INC.
                              BANK OF AMERICA, N.A.
                            AS CO-SYNDICATION AGENTS

                      GENERAL ELECTRIC CAPITAL CORPORATION
                       WELLS FARGO RETAIL FINANCE II, LLC
                           AS CO-DOCUMENTATION AGENTS

                               NATIONAL CITY BANK
                                AS LEAD ARRANGER
<PAGE>
                                TABLE OF CONTENTS


<TABLE>
<S>                                                                                <C>
ARTICLE 1 - DEFINITIONS:


Article 2 - The Revolving Credit:

  2.1.   Establishment of  Revolving Credit..................................
  2.2.   Advances in Excess of Borrowing Base (OverLoans)....................
  2.3.   Risks of Value of Collateral........................................
  2.4.   Commitment to Make Revolving Credit Loans and Support Letters of
         Credit..............................................................
  2.5.   Revolving Credit Loan Requests......................................
  2.6.   Suspension of Revolving Credit......................................
  2.7.   Making of Revolving Credit Loans....................................
  2.8.   SwingLine Loans.....................................................
  2.9.   The Loan Account....................................................
  2.10.  The Revolving Credit Notes..........................................
  2.11.  Payment of The Loan Account.........................................
  2.12.  Interest on Revolving Credit Loans..................................
  2.13.  Underwriting Fee; Collateral Monitoring Fee.........................
  2.14.  Unused Line Fee.....................................................
  2.15.  Concerning Fees.....................................................
  2.16.  Agent's and Revolving Credit Lenders' Discretion....................
  2.17.  Procedures For Issuance of L/Cs and Banker's Acceptances............
  2.18.  Fees For L/Cs and Banker's Acceptances..............................
  2.19.  Concerning L/C's and Banker's Acceptances...........................
  2.20.  Changed Circumstances...............................................
  2.21.  Designation of Lead Borrower as Borrowers' Agent....................
  2.22.  Revolving Credit Lenders' Commitments...............................
  2.23.  Payments............................................................

Article 3 - Conditions Precedent:

  3.1.   Corporate Due Diligence.............................................
  3.2.   Opinions............................................................
  3.3.   Additional Documents................................................
  3.4.   Officers' Certificates..............................................
  3.5.   Representations and Warranties......................................
  3.6.   Minimum Day One Availability........................................
  3.7.   Senior Non-convertible facility; Intercreditor Agreement............
  3.8.   DSW Initial public offering.........................................
  3.9.   Repayment of Existing Indebtedness..................................
  3.10.  Consents............................................................
  3.11.  Appraisals and Commercial Finance Examinations......................
  3.12.  Financial Information...............................................
  3.13.  Material Agreements.................................................
  3.14.  Litigation..........................................................
  3.15.  Perfection of Encumbrances..........................................
  3.16.  All Fees and Expenses Paid..........................................
  3.17.  Cash Management.....................................................
</TABLE>



                                       i
<PAGE>

<TABLE>
<S>                                                                                <C>
  3.18.  Insurance...........................................................
  3.19.  No Loan Party in Default............................................
  3.20.  No Adverse Change...................................................
  3.21.  Certain Changes.....................................................
  3.22.  Benefit of Conditions Precedent.....................................

Article 4 - General Representations and Warranties:

  4.1.   Due Organization. Authorization. No Conflicts.......................
  4.2.   Trade Names.........................................................
  4.3.   Intellectual Property...............................................
  4.4.   Locations...........................................................
  4.5.   Encumbrances........................................................
  4.6.   Indebtedness........................................................
  4.7.   Insurance...........................................................
  4.8.   Licenses............................................................
  4.9.   Leases..............................................................
  4.10.  Requirements of Law.................................................
  4.11.  Labor Relations.....................................................
  4.12.  Taxes...............................................................
  4.13.  No Margin Stock.....................................................
  4.14.  Investment and Holding Company Status...............................
  4.15.  ERISA...............................................................
  4.16.  Hazardous Materials.................................................
  4.17.  Litigation..........................................................
  4.18.  Adequacy of Disclosure..............................................
  4.19.  Unrestricted Subsidiaries...........................................
  4.20.  No Bankruptcy Filing................................................

Article 5 - GENERAL COVENANTS:

  5.1.   Payment and Performance of Liabilities..............................
  5.2.   Due Organization. Authorization. No Conflicts.......................
  5.3.   Trade Names.........................................................
  5.4.   Locations...........................................................
  5.5.   Encumbrances........................................................
  5.6.   Indebtedness........................................................
  5.7.   Insurance...........................................................
  5.8.   Licenses............................................................
  5.9.   Requirements of Law.................................................
  5.10.  Labor Relations.....................................................
  5.11.  Maintain Properties.................................................
  5.12.  Taxes...............................................................
  5.13.  No Margin Stock.....................................................
  5.14.  ERISA...............................................................
  5.15.  Hazardous Materials.................................................
  5.16.  Dividends. Investments. Corporate Action............................
  5.17.  Loans...............................................................
  5.18.  Protection of Assets................................................
</TABLE>



                                       ii
<PAGE>

<TABLE>
<S>                                                                                <C>
  5.19.  Line of Business; Conduct of Business...............................
  5.20.  Affiliate Transactions..............................................
  5.21.  Additional Subsidiaries.............................................
  5.22.  Further Assurances..................................................
  5.23.  Adequacy of Disclosure..............................................
  5.24.  No Restrictions on Liabilities......................................
  5.25.  Restrictions on Payment of Senior Non-Convertible Facility..........
  5.26.  Unrestricted Subsidiaries...........................................
  5.27.  Parent's Line of Business...........................................

Article 6 - Financial Reporting and Performance Covenants:

  6.1.   Maintain Records....................................................
  6.2.   Access to Records...................................................
  6.3.   Prompt Notice to Administrative Agent...............................
  6.4.   Weekly Reports......................................................
  6.5.   Monthly Reports.....................................................
  6.6.   Quarterly Reports...................................................
  6.7.   Annual Reports......................................................
  6.8.   Officers' Certificates..............................................
  6.9.   Inventories, Appraisals, and Audits.................................
  6.10.  Additional Financial Information....................................
  6.11.  Information Delivered Pursuant to Article 6.........................

Article 7 - USE OF COLLATERAL:

  7.1.   Use of  Inventory Collateral........................................
  7.2.   Inventory Quality...................................................
  7.3.   Adjustments and Allowances..........................................
  7.4.   Validity of Accounts................................................
  7.5.   Notification to Account Debtors.....................................

Article 8 - CASH MANAGEMENT. PAYMENT OF LIABILITIES:

  8.1.   Depository Accounts.................................................
  8.2.   Credit Card Receipts................................................
  8.3.   The Administrative Agent's, Collection, and Operating Accounts .....
  8.4.   Proceeds and Collections ...........................................
  8.5.   Payment of Liabilities..............................................
  8.6.   The Operating Account...............................................

Article 9 - GRANT OF SECURITY INTEREST:

  9.1.   Grant of Security Interest..........................................
  9.2.   Extent and Duration of Security Interest............................

Article 10 - COLLATERAL AGENT AS BORROWERS' ATTORNEY-IN-FACT:

  10.1.  Appointment as Attorney-In-Fact.....................................
  10.2.  No Obligation to Act................................................

Article 11 - Events of Default:

  11.1.  Failure to Pay the Revolving Credit.................................
</TABLE>



                                      iii
<PAGE>
<TABLE>


<S>                                                                                <C>
  11.2.  Failure To Make Other Payments......................................
  11.3.  Failure to Perform Covenant or Liability (No Grace Period)..........
  11.4.  Financial Reporting Requirements....................................
  11.5.  Failure to Perform Covenant or Liability (Grace Period).............
  11.6.  Misrepresentation...................................................
  11.7.  Acceleration of Other Debt. Breach of Lease.........................
  11.8.  Default Under Other Agreements......................................
  11.9.  Uninsured Casualty Loss.............................................
  11.10. Attachment. Judgment. Restraint of Business.........................
  11.11. Business Failure....................................................
  11.12. Bankruptcy..........................................................
  11.13. Termination of Guaranty.............................................
  11.14. Challenge to Loan Documents.........................................
  11.15. Change in Control...................................................

Article 12 - RIGHTS AND REMEDIES UPON DEFAULT:

  12.1.  Acceleration........................................................
  12.2.  Rights of Enforcement...............................................
  12.3.  Sale of Collateral..................................................
  12.4.  Occupation of Business Location.....................................
  12.5.  Grant of Nonexclusive License.......................................
  12.6.  Assembly of Collateral..............................................
  12.7.  Rights and Remedies.................................................

Article 13 - REVOLVING CREDIT FUNDINGS AND DISTRIBUTIONS:

  13.1.  Revolving Credit Funding Procedures.................................
  13.2.  SwingLine Loans.....................................................
  13.3.  Administrative Agent's Covering of Fundings.........................
  13.4.  Ordinary Course Distributions.......................................

Article 14 - ACCELERATION AND LIQUIDATION:

  14.1.  Acceleration Notices................................................
  14.2.  Acceleration........................................................
  14.3.  Initiation of Liquidation...........................................
  14.4.  Actions At and  Following Initiation of Liquidation.................
  14.5.  Collateral Agent's Conduct of Liquidation...........................
  14.6.  Distribution of Liquidation Proceeds................................
  14.7.  Relative Priorities To Proceeds of Liquidation......................

Article 15 - THE AGENT:

  15.1.  Appointment of The Agent............................................
  15.2.  Responsibilities of Agent...........................................
  15.3.  Concerning Distributions By the Agent...............................
  15.4.  Dispute Resolution..................................................
  15.5.  Distributions of Notices and of Documents...........................
  15.6.  Confidential Information............................................
  15.7.  Reliance by Agent...................................................
  15.8.  Non-Reliance on Agent and Other Revolving Credit Lenders............
</TABLE>


                                       iv
<PAGE>
<TABLE>


<S>                                                                                <C>
  15.9.  Indemnification.....................................................
  15.10. Resignation of Agent................................................
  15.11. Lead Arranger.......................................................

Article 16 - ACTION BY AGENT - CONSENTS - AMENDMENTS - WAIVERS:

  16.1.  Administration of Credit Facilities.................................
  16.2.  Actions Requiring or On Direction of Majority Lenders...............
  16.3.  Actions Requiring or On Direction of SuperMajority Lenders..........
  16.4.  Action Requiring Certain Consent....................................
  16.5.  Actions Requiring or Directed By Unanimous Consent..................
  16.6.  Actions Requiring SwingLine Lender Consent..........................
  16.7.  Actions Requiring Agent's Consent...................................
  16.8.  Miscellaneous Actions...............................................
  16.9.  Actions Requiring Lead Borrower's Consent...........................
  16.10. NonConsenting Revolving Credit Lender...............................

Article 17 - ASSIGNMENTS BY REVOLVING CREDIT LENDERS:

  17.1.  Assignments and Assumptions.........................................
  17.2.  Assignment Procedures...............................................
  17.3.  Effect of Assignment................................................

Article 18 - NOTICES:

  18.1.  Notice Addresses....................................................
  18.2.  Notice Given........................................................
  18.3.  Wire Instructions. Notice Given.....................................

Article 19 - TERM:

  19.1.  Termination of Revolving Credit.....................................
  19.2.  Actions On Termination..............................................

Article 20 - GENERAL:

  20.1.  Protection of Collateral............................................
  20.2.  Publicity...........................................................
  20.3.  Confidentiality.....................................................
  20.4.  Successors and Assigns..............................................
  20.5.  Severability........................................................
  20.6.  Amendments.  Course of Dealing......................................
  20.7.  Power of Attorney...................................................
  20.8.  Application of Proceeds.............................................
  20.9.  Increased Costs.....................................................
  20.10. Replacement of Revolving Credit Lender..............................
  20.11. Costs and Expenses of the Agent and Issuer..........................
  20.12. Copies and Facsimiles...............................................
  20.13. Ohio Law............................................................
  20.14. Consent to Jurisdiction.............................................
  20.15. Indemnification.....................................................
  20.16. Rules of Construction...............................................
  20.17. Agent's Consent.....................................................
</TABLE>


                                       v
<PAGE>
<TABLE>

<S>                                                                                <C>
  20.18. Participations......................................................
  20.19. Right of Set-Off....................................................
  20.20. Pledges To Federal Reserve Banks....................................
  20.21. Maximum Interest Rate...............................................
  20.22. Waivers.............................................................
  20.23. Additional Waivers..................................................
  20.24. Existing Loan Agreement Amended and Restated........................
</TABLE>



                                       vi
<PAGE>
                                    EXHIBITS

<TABLE>
<S>               <C>   <C>
      1.1         :     Existing L/Cs and Banker's Acceptances
      1.3         :     Intercompany Notes
      1.4         :     Exempt DDA
      1.5         :     Unrestricted Subsidiaries
      1.6         :     Existing Investments
      1.7         :     Permitted Dispositions
      2.5         :     Form of Loan Request
      2.8(c)      :     SwingLine Note
      2.10        :     Revolving Credit Note
      2.22        :     Revolving Credit Lenders' Commitments
      3.3         :     Additional Documents
      4.1         :     Corporate Information
      4.2         :     Trade Names
      4.4         :     Locations, Leases, and Landlords
      4.5(a)      :     Encumbrances
      4.5(b)      :     Consigned Property
      4.6         :     Indebtedness
      4.7         :     Insurance Policies
      4.8         :     Licenses
      4.9         :     Capital Leases
      4.11        :     Labor Contracts
                  :     Taxes
      4.16        :     Hazardous Materials
      4.17        :     Litigation
      5.17(e)     :     Existing Loans
      5.17(f)     :     Intercompany Loans
      6.4         :     Borrowing Base Certificate
      6.5         :     Monthly Financial Reporting Requirements
      8.1         :     DDA's.
                  :     Credit Card Arrangements
      8.3         :     Administrative Agent's Accounts; Collection
                        Account Banks; Operating Accounts
      17.2        :     Assignment / Assumption
</TABLE>


                                      vii
<PAGE>
AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

                                                                   June 28, 2005

      THIS AGREEMENT is made between

            National City Business Credit, Inc., an Ohio corporation with
      offices at 1965 E. Sixth Street, Cleveland, Ohio 44114, as administrative
      agent (in such capacity, herein the "ADMINISTRATIVE AGENT"), for the
      ratable benefit of the "REVOLVING CREDIT LENDERS", who are, at present,
      those financial institutions identified on the signature pages of this
      Agreement and who in the future are those Persons (if any) who become
      "Revolving Credit Lenders" in accordance with the provisions hereof;

            National City Business Credit, Inc., as Collateral Agent (in
      such capacity, herein the "COLLATERAL AGENT"), for the ratable
      benefit of the Revolving Credit Lenders,

            and

            The Revolving Credit Lenders;

            and

            Value City Department Stores LLC (in such capacity, the "LEAD
      BORROWER"), an Ohio limited liability company with its principal executive
      offices at 3241 Westerville Road, Columbus, Ohio 43224-3751, as agent for
      the following (individually, a "BORROWER" and collectively, the
      "BORROWERS"):

            Said Value City Department Stores LLC; and

            Gramex Retail Stores, Inc. ("GRAMEX"), a Delaware corporation
            with its principal executive offices at 3241 Westerville Road,
            Columbus, Ohio 43224; and

            Filene's Basement, Inc. ("FILENE'S"), a Delaware corporation
            with its principal executive offices at 3241 Westerville
            Road,  Columbus, Ohio  43224-3751; and

            Value City of Michigan, Inc. ("VC MICHIGAN"), a Michigan
            corporation with its principal executive offices at 36901
            Warren Road, Westland, Michigan 48185; and

            GB Retailers, Inc. ("GBR"), a Delaware corporation with its
            principal executive offices at 3241 Westerville Road,
            Columbus, Ohio 43224; and

            Retail Ventures Jewelry, Inc. ("JEWELRY"), an Ohio corporation
            with its principal executive offices at 3241 Westerville Road,
            Columbus, Ohio 43224

in consideration of the mutual covenants contained herein and benefits to
be derived herefrom,


                                       1
<PAGE>
                                   WITNESSETH:

      WHEREAS, the Lead Borrower and certain other affiliated Persons have
entered into a Loan and Security Agreement dated as of June 11, 2002 with the
Administrative Agent, the Revolving Credit Lenders party thereto and National
City Business Credit, Inc. and Fleet Retail Group, Inc., as collateral agents
for the Revolving Credit Lenders (as amended and in effect through the Effective
Date, the "EXISTING LOAN AGREEMENT"); and

      WHEREAS, in connection with an initial public offering of the capital
stock of DSW, the Revolving Credit Lenders have agreed to release DSW and DSW
Shoe from their respective obligations under the Existing Loan Agreement and to
otherwise amend the provisions of the Existing Loan Agreement; and

      WHEREAS, the Borrowers, the Revolving Credit Lenders and the Agent desire
to amend and restate the Existing Loan Agreement as provided herein.

      NOW THEREFORE, it is hereby agreed that the Existing Loan Agreement is
hereby amended and restated as follows:

ARTICLE 1 - DEFINITIONS:

      As used herein, the following terms have the following meanings or are
defined in the section of this Agreement so indicated:

      "ACCELERATION":   The making of demand or declaration that any
            Indebtedness, not otherwise due and payable,  is due and
            payable. Derivations of the word "Acceleration" (such as
            "Accelerate") are used with like meaning in this Agreement.

      "ACCELERATION NOTICE":  Written notice as follows:

                  (a)   From the Administrative Agent to the Revolving
            Credit Lenders, as provided in Section 14.1(a).

                  (b)   From the SuperMajority Lenders to the
            Administrative Agent, as provided in Section 14.1(b).

      "ACCOUNT DEBTOR": Has the meaning given that term in the UCC.

      "ACCOUNTS": Include, without limitation, "accounts" as defined in the UCC,
            and also all: accounts, accounts receivable, receivables, and rights
            to payment (whether or not earned by performance) for: property that
            has been or is to be sold, leased, licensed, assigned, or otherwise
            disposed of; services rendered or to be rendered; a policy of
            insurance issued or to be issued; a secondary obligation incurred or
            to be incurred; arising out of the use of a credit or charge card or
            information contained on or used with that card; winnings in a
            lottery or other game of chance; and also all Inventory which gave
            rise thereto, and all rights associated with such Inventory,
            including the right of stoppage in transit; all reclaimed,


                                       2
<PAGE>
            returned, rejected or repossessed Inventory (if any) the sale of
            which gave rise to any Account.

      "ACH": Automated clearing house.

      "ACQUISITION": The purchase or acquisition of all or substantially all of
            the assets of any Person, the purchase of a controlling equity
            interest in any Person, or the merger or consolidation of any Person
            with any other Person, in any transaction or group of transactions
            which are part of a common plan.

      "ADMINISTRATIVE AGENT": NCBC, or its successors or assigns, in its
            capacity as administrative agent for the Revolving Credit
            Lenders hereunder.

      "ADMINISTRATIVE AGENT'S ACCOUNT":         Is defined in Section 8.3.

      "ADMINISTRATIVE AGENT'S  COVER":    Is defined in Section 13.3(c)(i).

      "AFFILIATE":      The following:

                  (a) With respect to any Person, any other Person that directly
            or, alone or with a group of related Persons whose interests taken
            as a whole, indirectly through one of more intermediaries, Controls,
            is Controlled by, or is under common Control with, such Person.
            Notwithstanding anything to the contrary herein contained, in no
            event shall the Agent, the Issuer, or any Revolving Credit Lender be
            considered an "Affiliate" of a Loan Party.

                  (b) Any Person: which is a parent, brother-sister or
            Subsidiary, of a Borrower; whose enterprise's tax returns or
            financial statements are consolidated with those of a Borrower;
            which is a member of the same controlled group of corporations
            (within the meaning of Section 1563(a)(1), (2) and (3) of the
            Internal Revenue Code of 1986, as amended from time to time) of
            which any Borrower is a member; or Controls or is Controlled by any
            Borrower.

                  (c) With respect to the Loan Parties, without limiting the
            provisions of clauses (a) and (b) hereof, "Affiliate" includes
            Schottenstein Stores Corporation.

      "AGENT": Collectively, the Administrative Agent and the Collateral Agent.

      "AGENT'S RIGHTS AND REMEDIES": Is defined in Section 12.7.

      "APPLICABLE LAW": As to any Person: (i) All statutes, rules, regulations,
            orders, or other requirements having the force of law and (ii) all
            court orders and injunctions, arbitrator's decisions, and/or similar
            rulings, in each instance ((i) and (ii)) of or by any federal,
            state, municipal, and other governmental authority, or court,
            tribunal, panel, or other body which has or claims jurisdiction over
            such Person, or any property of such Person, or of any other Person
            for whose conduct such Person would be responsible.


                                       3
<PAGE>
       "APPLICABLE MARGIN":   The following percentages for Base Margin
            Loans and LIBOR Loans based upon the following criteria:

<TABLE>
<CAPTION>
LEVEL       EXCESS AVAILABILITY          APPLICABLE       APPLICABLE MARGIN
                                         MARGIN FOR       FOR LIBOR LOANS
                                         BASE MARGIN
                                         LOANS
-----       -------------------          ----------       -----------------
<S>         <C>                          <C>              <C>
1           Greater than $160,000,000    0%               1.50%
2           Greater than $100,000,000,   0%               1.75%
            but less than or equal to
            $160,000,000
3           Greater than $60,000,000,    0.25%            2.00%
            but less than or equal to
            $100,000,000
4           Less than or equal to        0.50%            2.25%
            $60,000,000
</TABLE>

            The Applicable Margin shall initially be established at Level 2.
            Thereafter, the Applicable Margin shall be adjusted quarterly on the
            first day of each calendar quarter, commencing January 1, 2006,
            based upon the Average Excess Availability during the prior quarter,
            provided that in no event shall the Applicable Margin be established
            at Level 1 during the first six (6) months subsequent to the
            Effective Date. Upon the occurrence and during the continuance of a
            Specified Event of Default, the Applicable Margin may, at the option
            of the Agent, be immediately increased to the percentages set forth
            in Level 4 (even if the Excess Availability requirements for another
            Level have been met) and interest shall be determined in the manner
            set forth in Section 2.12(g).

      "APPRAISED INVENTORY LIQUIDATION VALUE": The product of (a) the Cost of
            Eligible Inventory (net of Inventory Reserves) multiplied by (b)
            that percentage, determined from the then most recent appraisal of
            each Division's Inventory undertaken initially at the Lead
            Borrower's request, and subsequently at the request of the
            Collateral Agent, to reflect the appraiser's estimate of the net
            recovery on such Division's Inventory in the event of an in-store
            liquidation of that Inventory.

      "APPRAISED INVENTORY PERCENTAGE":     87.5%.

      "ASSIGNING REVOLVING CREDIT LENDER":  Is defined in Section 17.1(a).


                                       4
<PAGE>
      "ASSIGNMENT AND ACCEPTANCE": Is defined in Section 17.2.

      "AUTHORIZED OFFICER": Is defined in Section 6.8.

      "AVAILABILITY":   Gross Availability Minus the Excess Availability
            Reserve.

      "AVAILABILITY RESERVES": Without duplication, such reserves as the
            Collateral Agent from time to time determines in the Collateral
            Agent's reasonable, good faith discretion as being appropriate to
            reflect the impediments to the Collateral Agent's ability to realize
            upon the Collateral. The Collateral Agent shall furnish the Lead
            Borrower with written notice two (2) Business Days prior to imposing
            or changing any Availability Reserve (unless a Specified Event of
            Default then exists and is continuing, in which event no prior
            notice shall be required). Without limiting the generality of the
            foregoing, Availability Reserves may include (but are not limited
            to) reserves based on the following:

                  (i)   rent (but only if a landlord's waiver, acceptable to the
                        Collateral Agent, has not been received by the
                        Collateral Agent).

                  (ii)  Customer Credit Liabilities.

                  (iii) taxes and other governmental charges, including, ad
                        valorem, personal property, and such other taxes which
                        are reasonably likely to have priority over the
                        Collateral Interests of the Collateral Agent in the
                        Collateral.

                  (iv)  L/C Landing Costs.

                  (v)   Hedge Agreements.

      Without limiting the rights of the Collateral Agent to establish or modify
      Availability Reserves, the initial Availability Reserves on the Effective
      Date shall be the following:

                  (a)   gift certificates and merchandise credits (in an
                        amount equal to fifty percent (50%) of the
                        outstanding gift certificates and merchandise
                        credits reflected in the Borrowers' financial
                        statements (which amount shall be updated no less
                        frequently than every thirty (30) days and which
                        financial statements will be maintained
                        consistently with past practices)).

                  (b)   landlord lien reserve equal to two months' rent for all
                        stores located in Pennsylvania and Virginia.

                  (c)   layaway deposits (in an amount equal to one hundred
                        percent (100%) of the outstanding layaway deposits
                        reflected in the Borrowers' financial statements (which
                        amount shall be updated no less frequently than every
                        thirty (30) days and which financial statements will be
                        maintained consistently with past practices)).


                                       5
<PAGE>
                  (d)   Hedge Agreements.

      "AVERAGE EXCESS AVAILABILITY": For any period, the sum of Excess
            Availability for each day comprising such period divided by the
            number of days in such period.

      "BANKER'S ACCEPTANCE": A time draft or bill of exchange relating to a
            documentary letter of credit which has been accepted by the Issuer.
            Without limitation, Existing Banker's Acceptances shall be deemed to
            be Banker's Acceptances issued under this Agreement and shall be
            entitled to all of the benefits hereof.

      "BANKER'S ACCEPTANCE FEES": The fees payable in respect of Banker's
            Acceptances pursuant to Section 2.18.

      "BANKRUPTCY CODE": Title 11, U.S.C., as amended from time to time.

      "BASE": For any day, a rate per annum equal to the higher of (a) the rate
            of interest which is established from time to time by NCB at its
            principal office in Cleveland, Ohio as its "prime rate" in effect,
            such rate to be adjusted automatically, without notice, as of the
            opening of business on the effective date of any change in such rate
            (it being agreed that (i) such rate is not necessarily the lowest
            rate of interest then available from NCB on fluctuating rate loans,
            and (ii) such rate may be established by NCB by public announcement
            or otherwise), and (b) the Federal Funds Effective Rate in effect on
            such day plus one-half of one percent (0.50%) per annum.

      "BASE MARGIN LOAN": Each Revolving Credit Loan while bearing interest at
            the Base Margin Rate.

      "BASE MARGIN RATE": That per annum rate which is the aggregate of the Base
            plus the Applicable Margin for Base Margin Loans.

      "BORROWER" and "BORROWERS": Is defined in the Preamble.

      "BORROWING BASE": The aggregate of the following with respect to all
            Borrowers:

                  (a) The face amount of Eligible Credit Card Receivables
            multiplied by the Credit Card Advance Rate.

                        Plus

                  (b) The lesser of (a) the Cost of Eligible Inventory (net of
            Inventory Reserves) multiplied by the Inventory Advance Rate or (b)
            the Appraised Inventory Percentage of the Appraised Inventory
            Liquidation Value.

      "BORROWING BASE CERTIFICATE": Is defined in Section 6.4.

      "BUSINESS DAY": Any day other than (a) a Saturday or Sunday; (b) any day
            on which banks in Cleveland, Ohio, generally are not open to the
            general public for the purpose of conducting commercial banking
            business; (c) a day on which the


                                       6
<PAGE>
            principal office of the Administrative Agent is not open to the
            general public to conduct business; or (d) when used in connection
            with a LIBOR Loan, any day on which banks are not open for dealings
            in dollar deposits in the London interbank market.

      "BUSINESS PLAN": The business plan for the Loan Parties fiscal years 2005
            through and including 2010 dated April 19, 2005, as set forth in
            that certain confidential side letter from the Lead Borrower to the
            Administrative Agent.

      "CAPITAL EXPENDITURES": The expenditure of funds or the incurrence
            of liabilities which may be capitalized in accordance with
            GAAP.

      "CAPITAL LEASE": Any lease which may be capitalized in accordance with
            GAAP.

      "CASH CONTROL EVENT": Either (i) an Event of Default has occurred and is
            continuing, or (ii) the Average Excess Availability for any five (5)
            consecutive Business Days is less than Forty-Five Million Dollars
            ($45,000,000). For purposes hereof, the occurrence of a Cash Control
            Event shall be deemed continuing notwithstanding that Average Excess
            Availability may thereafter exceed the amount set forth in the
            preceding sentence unless and until Average Excess Availability
            exceeds such amounts for ninety (90) consecutive Business Days, in
            which case a Cash Control Event shall no longer be deemed to be
            continuing for purposes hereof; provided that a Cash Control Event
            shall be deemed continuing (even if Average Excess Availability
            exceeds the required amounts for ninety (90) consecutive Business
            Days) if a Cash Control Event has occurred and been discontinued on
            one (1) occasion during the preceding twelve month period.

      "CCM": Cerberus Partners, L.P., a Delaware limited partnership with its
            principal office at 450 Park Avenue, New York, New York 10022.

      "CCM  TERM LOAN FACILITIES": The term loan facilities entered into among
            the Borrowers and CCM, as agent, pursuant to a Financing Agreement
            dated June 11, 2002, in the aggregate principal amount of
            $100,000,000.00, as amended and in effect.

      "CHANGE IN CONTROL": The occurrence of any of the following:

                  (a) The acquisition, by any group of Persons (within the
            meaning of the Securities Exchange Act of 1934, as amended) or by
            any Person (other than by (x) a Person Controlled by Schottenstein
            Stores Corporation, or (y) one or more Family Trusts) of beneficial
            ownership (within the meaning of Rule 13d-3 of the Securities and
            Exchange Commission) of 25% or more of the issued and outstanding
            capital stock of the Parent having the right, under ordinary
            circumstances, to vote for the election of directors of the Parent,
            excluding from the foregoing any acquisition pursuant to warrants
            issued under the exercise of conversion rights under the Senior
            Non-Convertible Facility.


                                       7
<PAGE>
                  (b) Other than as a result of the exercise by CCM of board
            representation rights under the Senior Non-Convertible Facility,
            more than thirty percent (30%) of the Persons who were directors of
            the Parent on the first day of any period consisting of twelve (12)
            consecutive calendar months (the first of which twelve (12) month
            periods commencing with the first day of May, 2005), cease to be
            directors of the Parent for any reason, other than death,
            disability, or replacement (in the ordinary course of business and
            not as a result of any change in the equity ownership of the Parent)
            by other Persons nominated by the nominating committee of the board
            of directors of the Parent.

                  (c) The failure of the Parent to own, directly or indirectly,
            95% of the capital stock of each of the other Loan Parties.

                  (d) The failure of Schottenstein Stores Corporation or one or
            more Family Trusts to possess, directly or indirectly, the power to
            cause the direction of the management and policies of the Parent and
            the Borrowers.

      "CHATTEL PAPER": Has the meaning given that term in the UCC.

      "CLASS A COMMON SHARES" has the meaning set forth for such term in the
            Articles of Incorporation of DSW as in effect on the Effective Date.

      "CLASS B COMMON SHARES" has the meaning set forth for such term in the
            Articles of Incorporation of DSW as in effect on the Effective Date.

      "CLOSING DATE": June 11, 2002.

      "COLLATERAL": Is defined in Section 9.1.

      "COLLATERAL AGENT": NCBC, or its successors or assigns, in its capacity as
            Collateral Agent for the Revolving Credit Lenders hereunder.

      "COLLATERAL INTEREST": Any interest in property to secure an obligation,
            including, without limitation, a security interest, mortgage, and
            deed of trust.

      "COLLATERAL MONITORING FEE": Is defined in Section 2.13.

      "COLLECTION ACCOUNT": Any DDA into which the proceeds of Collateral are
            transferred and concentrated, including, without limitation,
            transfers from other DDAs, credit card processors, checks, and
            accounts receivables. The Collection Accounts as of the Effective
            Date are set forth on EXHIBIT 8.3 hereto.

      "COLLECTION ACCOUNT AGREEMENT": An agreement, in form satisfactory to the
            Collateral Agent, which agreement recognizes the Collateral Agent's
            Collateral Interest in the contents of the DDA which is the subject
            of such agreement and agrees that, after and during the continuance
            of a Cash Control Event, such contents shall be transferred only to
            the Administrative Agent's Account or as otherwise instructed by the
            Administrative Agent.


                                       8
<PAGE>
      "COMMERCIAL TORT CLAIM": Has the meaning given that term in the UCC.

      "COMPETITIVE BUSINESS": Any business or enterprise consisting of any of
            the following:

                  (a)   Operation of off-price discount department stores.

                  (b)   Operation of retail furniture stores and related
            accessories.

                  (c)   Operation of designer and name brand shoe stores.

                  (d)   Operation of licensed shoe departments.

                  (e)   Furniture manufacturing.

                  (f)   Bedding manufacturing.

      "CONSENT": Actual consent given by the Revolving Credit Lender from whom
            such consent is sought; or the passage of seven (7) Business Days
            from receipt of written notice to a Revolving Credit Lender from the
            Agent of a proposed course of action to be followed by the Agent
            without such Revolving Credit Lender's giving the Agent written
            notice of that Revolving Credit Lender's objection to such course of
            action, provided that the Agent may rely on such passage of time as
            consent by a Revolving Credit Lender only if such written notice
            states that consent will be deemed effective if no objection is
            received within such time period.

      "CONSOLIDATED": When used to modify a financial term, test, statement, or
            report, refers to the application or preparation of such term, test,
            statement or report (as applicable) based upon the consolidation, in
            accordance with GAAP, of the financial condition or operating
            results of the Parent and its Subsidiaries.

      "CONTROL": The possession, direct or indirect, of the power to cause the
            direction of the management and policies of a Person whether through
            the ownership of voting securities, by contract or otherwise. A
            Person shall be deemed to have control of another Person if it is a
            "beneficial owner" (as such term is defined in Rule 13d-3 and Rule
            13d-5 of the Securities Exchange Act of 1934, as amended) or a
            member of a "group" that is the beneficial owner, directly or
            indirectly, of 20% or more of the voting stock or equity interest in
            such Person. The terms "Controlled" and "Controlling" as used herein
            are intended to have the same meaning as "Control."

      "COST": The lower of cost or market, determined in each case in accordance
            with GAAP.

      "COSTS OF COLLECTION": Includes, without limitation, all reasonable
            attorneys' fees and reasonable out-of-pocket expenses incurred by
            the Agent's and Issuer's attorneys, and all reasonable out-of-pocket
            costs incurred by the Agent and the Issuer in the administration of
            the Liabilities and/or the Loan Documents, including, without
            limitation, reasonable costs and expenses associated with travel on
            behalf of the Agent and Issuer, where such costs and expenses are
            related to or


                                       9
<PAGE>
            in respect of the Agent's and Issuer's: administration and
            management of the Liabilities; negotiation, documentation, and
            amendment of any Loan Document; or efforts to preserve, protect,
            collect, or enforce the Collateral, the Liabilities, and/or the
            Agent's Rights and Remedies and/or any of the rights and remedies of
            the Agent and Issuer against or in respect of any guarantor or other
            Person liable in respect of the Liabilities (whether or not suit is
            instituted in connection with such efforts). "Costs of Collection"
            also includes the reasonable fees and expenses of Lenders' Special
            Counsel. The Costs of Collection are Liabilities, and at the
            Administrative Agent's option may bear interest at the then
            effective Base Margin Rate after such time as they have been added
            to the Loan Account.

      "CREDIT CARD ADVANCE RATE": 85%

      "CUSTOMER CREDIT LIABILITY": Gift certificates, customer deposits,
            merchandise credits, layaway obligations, frequent shopping
            programs, and similar liabilities of any Borrower to its retail
            customers and prospective customers.

      "DDA": Any checking or other demand daily depository account maintained by
            any Borrower other than any Exempt DDA.

      "DEFAULT": Any occurrence, circumstance, or state of facts with respect to
            a Borrower which (a) is an Event of Default; or (b) would become an
            Event of Default if any requisite notice were given and/or any
            requisite period of time were to run and such occurrence,
            circumstance, or state of facts were not cured within any applicable
            grace period.

      "DELINQUENT REVOLVING CREDIT LENDER": Is defined in Section 13.3(c).

      "DEPOSIT ACCOUNT": Has the meaning given that term in the UCC and also
            includes all demand, time, savings, passbook, or similar accounts
            maintained with a bank.

      "DIVISION(S)": The various business segments of the Borrowers, such being
            the Filene's Business and the Value City Business.

      "DOCUMENTS": Has the meaning given that term in the UCC.

      "DOCUMENTS OF TITLE": Has the meaning given that term in the UCC.

      "DSW": DSW Inc., an Ohio corporation with its principal executive offices
            at 4150 East Fifth Avenue, Columbus, Ohio 43219.

      "DSW COMMON STOCK" means the Capital Stock of DSW consisting of Class A
            Common Shares and Class B Common Shares.

      "DSW SHOE": DSW Shoe Warehouse, Inc., a Missouri corporation with its
            principal executive offices at 4150 East Fifth Avenue, Columbus,
            Ohio 43219.


                                       10
<PAGE>
      "EFFECTIVE DATE": The date upon which the conditions precedent set forth
            in Article 3 hereof have been satisfied or waived and the first
            Revolving Credit Loans are to be made and L/Cs to be issued
            hereunder.

      "ELIGIBLE ASSIGNEE": A bank, insurance company, or company engaged in the
            business of making commercial loans having a combined capital and
            surplus in excess of $500,000,000 or any domestic Affiliate of any
            Revolving Credit Lender, or any Person to whom a Revolving Credit
            Lender assigns its rights and obligations under this Agreement as
            part of a programmed assignment and transfer of such Revolving
            Credit Lender's rights in and to a material portion of such
            Revolving Credit Lender's portfolio of asset based credit
            facilities. In no event shall an "Eligible Assignee" include a
            Person who is engaged in a Competitive Business with any Loan Party,
            and as long as Schottenstein Stores Corporation remains in Control
            of the Borrowers, an "Eligible Assignee" shall in no event include a
            Person which is engaged in a Competitive Business or a Related
            Business with Schottenstein Stores Corporation.

      "ELIGIBLE CREDIT CARD RECEIVABLES": Accounts due on a non-recourse basis
            from major or private label credit card processors, which have been
            outstanding for less than five (5) Business Days.

      "ELIGIBLE INVENTORY": Such of the Borrowers' Inventory, inclusive of
            Eligible L/C Inventory, at such locations, and of such types,
            character, qualities and quantities, as the Collateral Agent in its
            reasonable, good faith discretion from time to time determines to be
            acceptable for borrowing, as to which Inventory, the Collateral
            Agent has a perfected security interest which is prior and superior
            to all security interests, claims, and Encumbrances. Without
            limiting the foregoing, Inventory acquired in a Permitted
            Acquisition (other than a Permitted Acquisition involving the merger
            of one or more Loan Parties) shall not be deemed Eligible Inventory
            unless the Collateral Agent otherwise agrees.

      "ELIGIBLE L/C INVENTORY": Without duplication of other Eligible Inventory,
            Inventory not yet delivered to the Borrowers, the purchase of which
            is supported by a documentary L/C or Banker's Acceptance then having
            an initial expiry of sixty (60) or less days, provided that

                  (a) Such Inventory is of such types, character, qualities and
            quantities (net of Inventory Reserves) as the Collateral Agent in
            its reasonable, good faith discretion from time to time determines
            to be eligible for borrowing and it would otherwise constitute
            Eligible Inventory; and

                  (b) The documentary L/C supporting such purchase names the
            Collateral Agent as consignee of the subject Inventory or the
            Collateral Agent has control over the documents which evidence
            ownership of the subject Inventory (such as by the providing to the
            Collateral Agent of a customs brokers agreement in form reasonably
            satisfactory to the Collateral Agent).


                                       11
<PAGE>
      "EMPLOYEE BENEFIT PLAN": An employee pension benefit plan that is covered
            by Title IV of ERISA or is subject to the minimum finding standards
            under Section 412 of the Internal Revenue Code of 1986, as amended
            from time to time, and as to which a Borrower or any ERISA Affiliate
            may have any liability.

      "ENCUMBRANCE": Each of the following:

                  (a) A Collateral Interest or agreement to create or grant a
            Collateral Interest; a security interest; the interest of a lessor
            under a Capital Lease; conditional sale or other title retention
            agreement; sale of accounts receivable or chattel paper; or other
            arrangement pursuant to which any Person is entitled to any
            preference or priority with respect to the property or assets of
            another Person or the income or profits of such other Person; each
            of the foregoing whether consensual or non-consensual and whether
            arising by way of agreement, operation of law, legal process or
            otherwise.

                  (b) The filing of any financing statement under the UCC or
            comparable law of any jurisdiction, unless such financing statement
            is terminated promptly upon any Loan Party's knowledge thereof.

      "END DATE": The date upon which all of the following conditions are met:
            (a) all payment Liabilities described in Section 19.2(a) have been
            paid in full (b) satisfactory arrangements with respect to L/Cs and
            Banker's Acceptances have been made in accordance with the
            provisions of Section 19.2(b), and (c) all obligations of any
            Revolving Credit Lender to make loans and advances and to provide
            other financial accommodations to the Borrowers hereunder shall have
            been irrevocably terminated.

      "ENVIRONMENTAL ACTIONS": Any complaint, summons, citation, notice,
            directive, order, claim, litigation, investigation, judicial or
            administrative proceeding, judgment, letter or other communication
            from any Person or Governmental Authority involving violations of
            Environmental Laws or Releases of Hazardous Materials (i) from any
            assets, properties or businesses owned or operated by any Loan Party
            or any of its Subsidiaries or any predecessor in interest; or (ii)
            onto any facilities which received Hazardous Materials generated by
            any Loan Party or any of its Subsidiaries or any predecessor in
            interest.

      "ENVIRONMENTAL LAWS": The Comprehensive Environmental Response,
            Compensation and Liability Act (42 U.S.C.Section 9601, et seq.), the
            Hazardous Materials Transportation Act (49 U.S.C.Section 1801, et
            seq.), the Resource Conservation and Recovery Act (42 U.S.C.Section
            6901, et seq.), the Federal Clean Water Act (33 U.S.C.Section 1251
            et seq.), the Clean Air Act (42 U.S.C.Section 7401 et seq.), the
            Toxic Substances Control Act (15 U.S.C.Section 2601 et seq.) and the
            Occupational Safety and Health Act (29 U.S.C.Section 651 et seq.),
            as such laws may be amended or otherwise modified from time to time,
            and any other present or future federal, state, local or foreign
            statute, ordinance, rule, regulation, order, judgment, decree,
            permit, license or other binding determination of any Governmental
            Authority imposing liability or establishing standards of conduct


                                       12
<PAGE>
            for protection of the environment or other government restrictions
            relating to the protection of the environment or the Release,
            deposit or migration of any Hazardous Materials into the
            environment.

      "ENVIRONMENTAL LIABILITIES AND COSTS": All liabilities, monetary
            obligations, remedial actions, losses, damages, punitive damages,
            consequential damages, treble damages, reasonable costs and expenses
            (including all reasonable fees, disbursements and expenses of
            counsel, experts and consultants and costs of investigations and
            feasibility studies), fines, penalties, sanctions and interest
            incurred as a result of any claim or demand by any Governmental
            Authority or any third party, and which relate to any environmental
            condition or a Release of Hazardous Materials from or onto (i) any
            property presently or formerly owned by any Loan Party or any of its
            Subsidiaries or (ii) any facility which received Hazardous Materials
            generated by any Loan Party or any of its Subsidiaries.

      "ENVIRONMENTAL LIEN": Any Lien in favor of any Governmental Authority for
            Environmental Liabilities and Costs.

      "EQUIPMENT": Includes, without limitation, "equipment" as defined in the
            UCC, and also all furniture, store fixtures, motor vehicles, rolling
            stock, machinery, office equipment, plant equipment, tools, dies,
            molds, and other goods, property, and assets which are used and/or
            were purchased for use in the operation or furtherance of a
            Borrowers' business, and any and all accessions or additions
            thereto, and substitutions therefor.

      "ERISA": The Employee Retirement Income Security Act of 1974, as amended.

      "ERISA AFFILIATE": Any Person which is under common control with a
            Borrower within the meaning of Section 4001 of ERISA or is part of a
            group which includes any Borrower and which would be treated as a
            single employer under Section 414 of the Internal Revenue Code of
            1986, as amended from time to time.

      "EUROCURRENCY RESERVE PERCENTAGE": For any Interest Period with respect to
            a LIBOR Loan, as of any date of determination, the aggregate of the
            then stated maximum reserve percentages (including any marginal,
            special, emergency or supplemental reserves), expressed as a
            decimal, applicable to such Interest Period (if more than one such
            percentage is applicable, the daily average of such percentages for
            those days in such Interest Period during which any such percentages
            shall be so applicable) by the Board of Governors of the Federal
            Reserve System, any successor thereto, or any other banking
            authority, domestic or foreign, to which the Administrative Agent or
            any Revolving Credit Lender may be subject in respect of
            eurocurrency funding (currently referred to as "Eurocurrency
            Liabilities" in Regulation D of the Federal Reserve Board) or in
            respect of any other category of liabilities including deposits by
            reference to which the rate of interest on LIBOR Loans is determined
            or any category or extension of credit or other assets that include
            LIBOR Loans, as defined in such regulations. For purposes hereof,
            such reserve requirements shall include, without limitation, those
            imposed under Regulation D of the Federal Reserve Board and


                                       13
<PAGE>
            the LIBOR Loans shall be deemed to constitute Eurocurrency
            Liabilities subject to reserve requirements without benefit of
            credits for proration, exceptions or offsets which may be available
            to any Revolving Credit Lender under Regulation D.

      "EVENTS OF DEFAULT": Is defined in Article 11. An "Event of Default" shall
            be deemed to have occurred and to be continuing unless and until
            that Event of Default has been duly waived by the Administrative
            Agent in writing or cured to the satisfaction of the Administrative
            Agent.

      "EXCESS AVAILABILITY": As of any date of determination, Gross Availability
            less all then held checks, accounts payable which are beyond
            customary payment terms consistent with past practice (other than
            accounts payable which are being disputed in good faith and for
            which the Borrowers have adequate reserves), and overdrafts (other
            than daylight overdrafts, as defined in the Federal Reserve Daylight
            Credit Policies in effect from time to time).

      "EXCESS AVAILABILITY RESERVE": $27,500,000.

      "EXCLUDED PROPERTY": Shall mean the following:

                  (a) the Equipment that is subject to a "purchase money
            security interest", as such term is now or hereafter defined in the
            UCC, which (x) constitutes a Permitted Encumbrance under this
            Agreement and (y) prohibits the creation by a Loan Party of a junior
            security interest therein, unless the holder thereof has consented
            to the creation of such a junior security interest; or

                  (b) any General Intangibles, other than Payment Intangibles,
            if and only to the extent that (i) in the case of any such General
            Intangible, (x) any contract evidencing such General Intangible
            contains a valid and effective contractual restriction or limitation
            which prohibits the grant or creation of a security interest
            therein, or (y) a valid and effective restriction or limitation
            imposed by applicable law, regulation, rule, order or other
            directive of any governmental body, agency or authority, or the
            order of any court of competent jurisdiction, prohibits the grant or
            creation of a security interest in such General Intangible, or (ii)
            in the case of any such General Intangible, such General Intangible
            would be subject to loss or forfeiture upon the grant or creation of
            a security interest therein by reason of (x) a valid and effective
            contractual restriction or limitation contained in any contract
            evidencing such General Intangible, or (y) a valid and effective
            restriction or limitation imposed by applicable law, regulation,
            rule, order or other directive of any governmental body, agency or
            authority, or the order of any court of competent jurisdiction; or

                  (c) Inventory or other property held pursuant to consignment
            (other than between Loan Parties) arrangements in which a Borrower
            is the consignee to the extent that the consignor has properly
            perfected its interest therein; or

                  (d)   all motor vehicles owned by any Loan Party;


                                       14
<PAGE>
                  (e)   any Exempt DDA; or

                  (f)   all capital stock of DSW, DSW Shoe or any
            Subsidiary of either of the foregoing,

      provided that the Proceeds realized from any of the foregoing shall not be
      deemed Excluded Property but shall constitute Collateral.

      "EXEMPT DDA": Those depository accounts described on EXHIBIT 1.4 hereto,
            and, in addition, any depository account maintained by any Borrower,
            the only contents of which may be transfers from the Operating
            Account and actually used solely (i) for petty cash purposes; (ii)
            for payroll; (iii) for charitable contributions; or (iv) for
            medical, pension, benefits, VEBA, employees, taxes, stock options
            and like special purpose accounts.

      "EXISTING BANKER'S ACCEPTANCES": Those Banker's Acceptances described on
            EXHIBIT 1.1 hereto which have been issued by NCB under the
            Borrowers' existing credit facility with, among others, NCB.

      "EXISTING L/CS": Those letters of credit described on EXHIBIT 1.1 hereto
            which have been issued by NCB under the Borrowers' Existing Loan
            Agreement with, among others, NCB.

      "EXISTING LOAN AGREEMENT": Is defined in the Recitals.

      "FACILITY GUARANTEE": The Amended and Restated Guaranty executed by the
            Facility Guarantors in favor of the Agent, the Issuer and the
            Revolving Credit Lenders.

      "FACILITY GUARANTORS": The Parent, each Borrower, and all other
            Subsidiaries of the Parent now existing or hereafter created, other
            than DSW, DSW Shoe, any direct or indirect Subsidiary of DSW or DSW
            Shoe, and the Unrestricted Subsidiaries.

      "FACILITY GUARANTORS COLLATERAL DOCUMENTS": All security agreements,
            mortgages, pledge agreements, deeds of trust, and other instruments,
            documents or agreements executed and delivered by any Facility
            Guarantor to secure the Facility Guarantee.

      "FAMILY TRUST": One or more trusts established for the benefit of any of
            Jay L. Schottenstein, Susan S. Diamond, Ann S. Deshe, Lori
            Schottenstein, Geraldine Schottenstein, any of their respective
            spouses, children or lineal descendants, or any Person Controlled by
            any such trust or trusts.

      "FARM PRODUCTS": Has the meaning given that term in the UCC.

      "FEDERAL FUNDS EFFECTIVE RATE": For any day, the rate per annum (rounded
            upwards, if necessary, to the nearest 1/100th of 1%) equal to the
            weighted average of the rates on overnight federal funds
            transactions with members of the Federal Reserve System arranged by
            federal funds brokers on such day, as published by the


                                       15
<PAGE>
            Federal Reserve Bank of New York on the Business Day next succeeding
            such day, provided that (i) if the day for which such rate is to be
            determined is not a Business Day, the Federal Funds Effective Rate
            for such day shall be such rate on such transactions on the
            immediately preceding Business Day as so published on the next
            succeeding Business Day, and (ii) if such rate is not so published
            for any Business Day, the Federal Funds Effective Rate for such day
            shall be the average of quotations for such day on such transactions
            received by the Administrative Agent from three federal funds
            brokers of recognized standing selected by the Administrative Agent.

      "FEE LETTER": That letter dated March 10, 2005 and styled "Fee Letter"
            between the Lead Borrower and the Administrative Agent, as such
            letter may from time to time be amended.

      "FILENE'S": Has the meaning given that term in the Preamble hereto.

      "FILENE'S AVAILABILITY": The lesser of:

                  (a)   the result of the following:

                        (i)   The lesser of

                              (A)   The Revolving Credit Ceiling

                                       or

                              (B)   The Filene's Borrowing Base

                        Minus

                        (ii)  The aggregate unpaid balance of the Loan Account
                              attributable to Revolving Credit Loans made to
                              Filene's.

                        Minus

                        (iii) The aggregate undrawn Stated Amount of all then
                              outstanding L/Cs and Banker's Acceptances issued
                              for the account of Filene's.

                        Minus

                        (iv)  The aggregate of the Availability Reserves
                              attributable to Filene's.

                        or

                  (b)   Availability.

      "FILENE'S BORROWING BASE": The aggregate of the following:


                                       16
<PAGE>
                  (a) The face amount of Eligible Credit Card Receivables of
            Filene's multiplied by the Credit Card Advance Rate.

                        Plus

                  (b) The lesser of (a) the Cost of Eligible Inventory (net of
            Inventory Reserves) of Filene's multiplied by the Inventory Advance
            Rate or (b) the Appraised Inventory Percentage of the Appraised
            Inventory Liquidation Value of the Inventory of Filene's.

      "FILENE'S BUSINESS": The businesses operated by Filene's Basement, Inc.

      "FISCAL": When followed by "month", "quarter" or "year", the relevant
            fiscal period based on the Borrowers' fiscal year and accounting
            conventions.

      "FIXTURES": Has the meaning given that term in the UCC.

      "GAAP": Generally accepted accounting principles in effect from time to
            time in the United States, applied on a consistent basis, provided
            that "GAAP" shall mean generally accepted accounting principles
            consistent with those used in the preparation of the financial
            statements described herein.

      "GBR": Has the meaning given that term in the Preamble hereto.

      "GENERAL INTANGIBLES": Includes, without limitation, "general intangibles"
            as defined in the UCC; and also all: rights to payment for credit
            extended; deposits (other than DDAs); amounts due to any Borrower;
            credit memoranda in favor of any Borrower; warranty claims; tax
            refunds and abatements; insurance refunds and premium rebates; all
            means and vehicles of investment or hedging, including, without
            limitation, options, warrants, and futures contracts; records;
            customer lists; telephone numbers; goodwill; causes of action;
            judgments; payments under any settlement or other agreement;
            literary rights; rights to performance; royalties; license and/or
            franchise fees; rights of admission; licenses; franchises; license
            agreements, including all rights of any Borrower to enforce same;
            permits, certificates of convenience and necessity, and similar
            rights granted by any governmental authority; patents, patent
            applications, patents pending, and other intellectual property;
            internet addresses and domain names; developmental ideas and
            concepts; proprietary processes; blueprints, drawings, designs,
            diagrams, plans, reports, and charts; catalogs; manuals; technical
            data; computer software programs (including the source and object
            codes therefor), computer records, computer software, rights of
            access to computer record service bureaus, service bureau computer
            contracts, and computer data; tapes, disks, semi-conductors chips
            and printouts; trade secrets rights, copyrights, mask work rights
            and interests, and derivative works and interests; user, technical
            reference, and other manuals and materials; trade names, trademarks,
            service marks, and all goodwill relating thereto; applications for
            registration of the foregoing; and all other general intangible
            property of any Borrower in the nature of intellectual property;
            proposals; cost estimates, and reproductions on paper, or otherwise,
            of any and all


                                       17
<PAGE>
            concepts or ideas, and any matter related to, or connected with, the
            design, development, manufacture, sale, marketing, leasing, or use
            of any or all property produced, sold, or leased, by any Borrower or
            credit extended or services performed, by any Borrower, whether
            intended for an individual customer or the general business of any
            Borrower, or used or useful in connection with research by any
            Borrower.

      "GOODS": Has the meaning given that term in the UCC, and also includes all
            things movable when a security interest therein attaches and also
            all computer programs embedded in goods and any supporting
            information provided in connection with a transaction relating to
            the program if (i) the program is associated with the goods in such
            manner that it customarily is considered part of the goods or (ii)
            by becoming the owner of the goods, a Person acquires a right to use
            the program in connection with the goods.

      "GOVERNMENTAL AUTHORITY": Any nation or government, any federal, state,
            city, town, municipality, county, local or other political
            subdivision thereof or thereto and any department, commission,
            board, bureau, instrumentality, agency or other entity exercising
            executive, legislative, judicial, taxing, regulatory or
            administrative powers or functions of or pertaining to government.

      "GRAMEX": Has the meaning given that term in the Preamble hereto.

      "GROSS AVAILABILITY": The result of the following in the aggregate with
            respect to all Borrowers:

                        (i)   The lesser of

                              (A)   The Revolving Credit Ceiling

                                       or

                              (B)   The Borrowing Base

                        Minus

                        (ii)  The aggregate unpaid balance of the Loan
                              Account.

                        Minus

                        (iii) The aggregate undrawn Stated Amount of all then
                              outstanding L/Cs and Banker's Acceptances.

                        Minus

                        (v)   The aggregate of the Availability Reserves.

      "HAZARDOUS MATERIALS": (a) Any element, compound or chemical that is
            defined, listed or otherwise classified as a contaminant, pollutant,
            toxic pollutant, toxic or


                                       18
<PAGE>
            hazardous substance, extremely hazardous substance or chemical,
            hazardous waste, special waste, or solid waste under Environmental
            Laws or that is reasonably likely to cause immediately, or at some
            reasonably foreseeable future time, harm to or have an adverse
            effect on, the environment or risk to human health or safety,
            including, without limitation, any pollutant, contaminant, waste,
            hazardous waste, toxic substance or dangerous good which is defined
            or identified in any Environmental Law and which is present in the
            environment in such quantity or state that it contravenes any
            Environmental Law; (b) petroleum and its refined products; (c)
            polychlorinated biphenyls; (d) any substance exhibiting a hazardous
            waste characteristic, including, without limitation, corrosivity,
            ignitability, toxicity or reactivity as well as any radioactive or
            explosive materials; and (e) any raw materials, building components
            (including, without limitation, asbestos-containing materials) and
            manufactured products containing hazardous substances listed or
            classified as such under Environmental Laws.

      "HEDGEAGREEMENTS": All obligations of any Person in respect of interest
            rate swap agreements, currency swap agreements and other similar
            agreements designed to hedge against fluctuations in interest rates
            or foreign exchange rates.

      "INDEBTEDNESS": Without duplication, all obligations, contingent and
            otherwise, that in accordance with GAAP should be classified upon
            the balance sheet of any Borrower and/or the consolidated balance
            sheet of the Parent as liabilities, other than trade payables,
            deferred rent, or accrued expenses incurred in the ordinary course
            of business or to which reference should be made by footnotes
            thereto, including in any event and whether or not so classified:

                  (a) All obligations in respect of money borrowed (including
            any indebtedness which is non-recourse to the credit of such Person
            but which is secured by an Encumbrance on any asset of such Person)
            whether or not evidenced by a promissory note, bond, debenture or
            other written obligation to pay money.

                  (b) All obligations evidenced by bonds, notes, debentures or
            other similar instruments.

                  (c) All obligations in connection with Hedge Agreements.

                  (d) All obligations in connection with any letter of credit or
            acceptance transaction (including, without limitation, the face
            amount of all letters of credit and acceptances issued for the
            account of such Person or reimbursement on account of which such
            Person would be obligated).

                  (e) All obligations in connection with the sale or discount of
            accounts receivable or chattel paper of such Person.

                  (f) All obligations on account of deposits or advances other
            than deferred rent incurred in the ordinary course of business.


                                       19
<PAGE>
                  (g) All obligations as lessee under Capital Leases; and

                  (h) All obligations in connection with any sale and leaseback
            transaction.

                          "Indebtedness" also includes:

                        (x) Indebtedness of others secured by an Encumbrance on
                  any asset of such Person, whether or not such Indebtedness is
                  assumed by such Person.

                        (y) Any guaranty, endorsement, suretyship or other
                  undertaking pursuant to which that Person may be liable in
                  respect of Indebtedness of any third party; and

                        (z) The Indebtedness of a partnership or joint venture
                  for which such Person is liable as a general partner or joint
                  venturer.

      "INDEMNIFIED PERSON": Is defined in Section 20.15.

      "INFORMATION": Is defined in Section 20.3.

      "INSTRUMENTS": Has the meaning given that term in the UCC.

      "INTERCOMPANY NOTES": The promissory notes and other evidences of
            Indebtedness among the Loan Parties outstanding from time to time.
            The Intercompany Notes outstanding as of the Effective Date are set
            forth on EXHIBIT 1.3 hereto.

      "INTERCREDITOR AGREEMENT": The Amended and Restated Intercreditor and Lien
            Subordination Agreement dated as of the Effective Date entered into
            among the Agent, on behalf of the Revolving Credit Lenders, and CCM,
            as agent under the Senior Non-Convertible Facility.

      "INTEREST PAYMENT DATE": With reference to:

                  Each LIBOR Loan: The last day of the Interest Period relating
            thereto (and on the last day of the third month for any such loan
            which has a six month Interest Period); the Termination Date; and
            the End Date.

                  Each Base Margin Loan: The first day of each [August,
            November, February and May]; the Termination Date; and the End
            Date.

      "INTEREST PERIOD": The following:

                  (a) With respect to each LIBOR Loan: Subject to Subsection
            (c), below, the period commencing on the date of the making or
            continuation of, or conversion to, the subject LIBOR Loan and ending
            one, two, three, or six months thereafter, as the Lead Borrower may
            elect by notice (pursuant to Section 2.5) to the Administrative
            Agent


                                       20
<PAGE>
                  (b) With respect to each Base Margin Loan: Subject to
            Subsection (c), below, the period commencing on the date of the
            making or continuation of or conversion to such Base Margin Loan and
            ending on that date (i) as of which the subject Base Margin Loan is
            converted to a LIBOR Loan, as the Lead Borrower may elect by notice
            (pursuant to Section 2.5) to the Administrative Agent, or (ii) on
            which the subject Base Margin Loan is paid by the Borrowers.

                  (c) The setting of Interest Periods is in all instances
            subject to the following:

                        (i) Any Interest Period for a Base Margin Loan which
                  would otherwise end on a day which is not a Business Day shall
                  be extended to the next succeeding Business Day.

                        (ii) Any Interest Period for a LIBOR Loan which would
                  otherwise end on a day that is not a Business Day shall be
                  extended to the next succeeding Business Day, unless that
                  succeeding Business Day is in the next calendar month, in
                  which event such Interest Period shall end on the last
                  Business Day of the month during which the Interest Period
                  ends.

                        (iii) Subject to Subsection (iv), below, any Interest
                  Period applicable to a LIBOR Loan, which Interest Period
                  begins on a day for which there is no numerically
                  corresponding day in the calendar month during which such
                  Interest Period ends, shall end on the last Business Day of
                  the month during which that Interest Period ends.

                        (iv) Any Interest Period which would otherwise end after
                  the Termination Date shall end on the Termination Date.

                        (v) The number of Interest Periods in effect at any one
                  time is subject to Section 2.12(e) hereof.

      "INVENTORY": Includes, without limitation, "inventory" as defined in the
            UCC and also all: (a) Goods which are leased by a Person as lessor;
            are held by a Person for sale or lease or to be furnished under a
            contract of service; are furnished by a Person under a contract of
            service; or consist of raw materials, work in process, or materials
            used or consumed in a business; (b) Goods of said description in
            transit; (c) Goods of said description which are returned,
            repossessed and rejected; (d) packaging, advertising, and shipping
            materials related to any of the foregoing; (e) all names, marks, and
            General Intangibles affixed or to be affixed or associated thereto;
            and (f) Documents and Documents of Title which represent any of the
            foregoing.

      "INVENTORY ADVANCE RATE": As to any Borrower, the following percentages of
            the Cost of Eligible Inventory of such Borrower specified below for
            the periods indicated:


                                       21
<PAGE>
<TABLE>
<CAPTION>
Borrower                    Period                        Inventory Advance Rate
--------                    ------                        ----------------------
<S>                         <C>                           <C>
Filene's Basement, Inc.     December 15 through           68%
                            August 31 of each year

                            September 1 through           78%
                            December 14 of each year

All other Borrowers         December 15 through           67%
                            October 31 of each year

                            November 1 through            78%
                            December 14 of each year
</TABLE>

      Any Inventory Advance Rate may be increased by the Collateral Agent from
      time to time in its sole discretion by an amount not to exceed two percent
      (2%) from the rates set forth above. Without limiting the generality of
      the Collateral Agent's discretion, the increase of an Inventory Advance
      Rate by the Collateral Agent shall not obligate the Collateral Agent to
      maintain such increased Inventory Advance Rate for any specific period of
      time and the Collateral Agent may reduce the Inventory Advance Rate (but
      not below the levels set forth in the above table) at any time in their
      sole discretion. The increase of the Inventory Advance Rate by the
      Collateral Agent on any one occasion shall not obligate them to increase
      the Inventory Advance Rate on any other occasion.

      "INVENTORY RESERVES": Without duplication, such Reserves as may be
            established from time to time by the Collateral Agent in the
            Collateral Agent's reasonable, good faith discretion with respect to
            the determination of the saleability, at retail, of the Eligible
            Inventory or which reflect such other factors as affect the market
            value of the Eligible Inventory. The Collateral Agent shall furnish
            the Lead Borrower with notice two (2) Business Days prior to
            imposing or changing any Inventory Reserve (unless a Specified Event
            of Default then exists and is continuing, in which event no prior
            notice shall be required). Without limiting the rights of the
            Collateral Agent to establish or modify Inventory Reserves, the
            initial Inventory Reserves on the Effective Date shall be the
            following:

                  (a)   shrinkage;

                  (b)   consigned Inventory; and

                  (b)   damaged Goods.

      "INVESTMENT PROPERTY": Has the meaning given that term in the UCC.

      "IPO" means the proposed initial public offering of Class A Common Shares
            of DSW under the Securities Act, completed substantially as
            described in DSW's Form S-1 Registration Statement, as filed with
            the SEC on March 14, 2005, as amended from time to time, which
            offering shall be completed as a primary offering by DSW.


                                       22
<PAGE>
      "IPO EFFECTIVE DATE" means the date on which the IPO is consummated in
           accordance with the terms of the Underwriting Agreement in the form
           attached to the Form S-1 Registration Statement as filed with the
           SEC on March 14, 2005, as amended from time to time.

      "IPO PRICE" means the price at which each Class A Common Share is offered
           to the public in a Qualifying IPO as set forth on the cover page to
           the prospectus in such IPO.

      "ISSUER": The issuer of any L/C or Banker's Acceptance. The Issuer shall
            be NCB or such other Revolving Credit Lender (or Affiliate of a
            Revolving Credit Lender) as the Lead Borrower (with the consent of
            the Administrative Agent, which consent shall not be unreasonably
            withheld) may select.

      "JEWELRY": Retail Ventures Jewelry, Inc., an Ohio corporation.

      "L/C":Any letter of credit issued pursuant to this Agreement. Without
            limitation, Existing L/Cs shall be deemed to be L/Cs issued under
            this Agreement and shall be entitled to all of the benefits hereof.

      "L/C LANDING COSTS": To the extent not included in the Stated Amount of
           an L/C or a Banker's Acceptance, customs, duty, freight, and other
           out-of-pocket costs and expenses which will be expended to "land"
           the Inventory, the purchase of which is supported by such L/C or
           Banker's Acceptance.

      "L/C FEES": The fees payable in respect of L/Cs pursuant to Section 2.18.

      "LEAD ARRANGER":  NCB.

      "LEAD BORROWER":  Defined in the Preamble.

      "LEASE": Any lease or other agreement, no matter how styled or structured,
            pursuant to which a Borrower is entitled to the use or occupancy of
            any space.

      "LEASEHOLD INTEREST": Any interest of a Borrower as lessee under any
            Lease.

      "LENDERS' SPECIAL COUNSEL": A single counsel, selected by the Majority
            Lenders following the occurrence of an Event of Default, to
            represent the interests of the Revolving Credit Lenders in
            connection with the enforcement, attempted enforcement, or
            preservation of any rights and remedies under this, or any other
            Loan Document, as well as in connection with any "workout",
            forbearance, or restructuring of the credit facility contemplated
            hereby.

      "LETTER-OF-CREDIT RIGHT": Has the meaning given that term in UCC and also
            refers to any right to payment or performance under an L/C, whether
            or not the beneficiary has demanded or is at the time entitled to
            demand payment or performance.

      "LIABILITIES": Includes, without limitation, the following:


                                       23
<PAGE>
                  (a) All and each of the following, arising under this
            Agreement or under any of the other Loan Documents, whether now
            existing or hereafter arising:

                        (i) Any and all direct and indirect liabilities, debts,
                  and obligations of each Borrower to the Agent or any Revolving
                  Credit Lender, each of every kind, nature, and description.

                        (ii) Each obligation to repay any loan, advance,
                  indebtedness, note, obligation, overdraft, or amount now or
                  hereafter owing by any Borrower to the Agent or any Revolving
                  Credit Lender (including all future advances whether or not
                  made pursuant to a commitment by the Agent or any Revolving
                  Credit Lender), whether or not any of such are liquidated,
                  unliquidated, primary, secondary, secured, unsecured, direct,
                  indirect, absolute, contingent, or of any other type, nature,
                  or description, or by reason of any cause of action which the
                  Agent or any Revolving Credit Lender may hold against any
                  Borrower.

                        (iii) All notes and other obligations of each Borrower
                  now or hereafter assigned to or held by the Agent or any
                  Revolving Credit Lender, each of every kind, nature, and
                  description.

                        (iv) All interest, fees, and charges and other amounts
                  which may be charged by the Agent or any Revolving Credit
                  Lender to any Borrower and/or which may be due from any
                  Borrower to the Agent or any Revolving Credit Lender from time
                  to time.

                        (v) All reasonable costs and expenses incurred or paid
                  by the Agent or any Revolving Credit Lender in respect of any
                  agreement between any Borrower and the Agent or any Revolving
                  Credit Lender or instrument furnished by any Borrower to the
                  Agent or any Revolving Credit Lender (including, without
                  limitation, Costs of Collection, reasonable attorneys' fees,
                  and all court and litigation costs and expenses).

                        (vi) Any and all covenants of each Borrower to or with
                  the Agent or any Revolving Credit Lender and any and all
                  obligations of each Borrower to act or to refrain from acting
                  in accordance with any agreement between that Borrower and the
                  Agent or any Revolving Credit Lender or instrument furnished
                  by that Borrower to the Agent or any Revolving Credit Lender.

                        (vii) Each of the foregoing as if each reference to the
                  "the Agent or any Revolving Credit Lender" were to each
                  Affiliate of the Agent.

                  (b) Any and all direct or indirect liabilities, debts, and
            obligations of each Borrower to the Agent or any Affiliate of the
            Agent, each of every kind, nature, and description owing on account
            of any service or accommodation provided to, or for the account of
            any Borrower pursuant to this or any other


                                       24
<PAGE>
            Loan Document, including cash management services, Hedge Agreements,
            and the issuances of L/C's and Banker's Acceptances.

      "LIBOR BUSINESS DAY": Any day which is both a Business Day and a day on
            which the London interbank market in which NCB participates is open
            for dealings in United States Dollar deposits.

      "LIBOR LOAN": Any Revolving Credit Loan which bears interest at a LIBOR
            Rate.

      "LIBOR MARGIN": The Applicable Margin for LIBOR Loans.

      "LIBOR OFFER RATE": For any Interest Period for LIBOR Loans, the quotient
            (rounded upwards, if necessary, to the next 1/100 of 1%) of : (x)
            the per annum rate of interest determined by the Administrative
            Agent in accordance with its usual procedures (which determination
            shall be conclusive absent manifest error) as of approximately 11:00
            a.m. (London time) two LIBOR Business Days prior to the beginning of
            such Interest Period pertaining to such LIBOR Loan, as provided by
            Bloomberg's or Reuters (or any other similar company or service that
            provides rate quotations comparable to those currently provided by
            such companies as the rate in the London interbank market) as the
            rate in the London interbank market for deposits in U.S. Dollars in
            immediately available funds with a maturity comparable to such
            Interest Period divided by (y) a number equal to 1.00 minus the
            Eurocurrency Reserve Percentage. In the event that such rate
            quotation is not available for any reason, then the rate (for
            purposes of clause (x) hereof) shall be the rate, determined by the
            Administrative Agent as of approximately 11:00 a.m. (London time)
            two LIBOR Business Days prior to the beginning of such Interest
            Period pertaining to such LIBOR Loan, to be the average (rounded
            upwards, if necessary, to the next 1/100 of 1%) of the per annum
            rates at which deposits in U.S. Dollars in immediately available
            funds in an amount comparable to NCBC's Revolving Credit Commitment
            Percentage of such LIBOR Loan and with a maturity comparable to such
            Interest Period are offered to the prime banks by leading banks in
            the London interbank market. The LIBOR Offer Rate shall be adjusted
            automatically on and as of the effective date of any change in the
            Eurocurrency Reserve Percentage.

      "LIBOR RATE": That per annum rate which is the aggregate of the LIBOR
            Offer Rate plus the LIBOR Margin.

      "LIQUIDATION": The exercise, by the Collateral Agent, of those rights
            accorded to the Collateral Agent under the Loan Documents as a
            creditor of the Borrowers following and on account of the occurrence
            and continuance of an Event of Default looking towards the
            realization on the Collateral. Derivations of the word "Liquidation"
            (such as "Liquidate") are used with like meaning in this Agreement.

      "LOAN ACCOUNT":   Is defined in Section 2.9.


                                       25
<PAGE>
      "LOAN COMMITMENT": With respect to each Revolving Credit Lender, that
            respective Revolving Credit Lender's Revolving Credit Dollar
            Commitment.

      "LOAN DOCUMENTS": This Agreement, the Facility Guarantee, the Facility
            Guarantors Collateral Documents, the Intercreditor Agreement, and
            each other instrument or document from time to time executed and/or
            delivered in connection with the arrangements contemplated hereby or
            in connection with any transaction with the Agent or any Affiliate
            of the Agent related to this Agreement, including, without
            limitation, any transaction which arises out of any cash management,
            depository, investment, banker's acceptance, letter of credit,
            interest rate protection, Hedge Agreement, or other services
            provided by the Agent or any Affiliate of the Agent, as each may be
            amended from time to time.

      "LOAN PARTY OR LOAN PARTIES": Collectively, the Borrowers and the Facility
            Guarantors.

      "MAJORITY LENDERS": (a) If there are two or fewer Revolving Credit Lenders
            who are not Delinquent Revolving Credit Lenders: All Revolving
            Credit Lenders who are not Delinquent Revolving Credit Lenders.

                  (b) If there are three or more Revolving Credit Lenders who
            are not Delinquent Revolving Credit Lenders: Revolving Credit
            Lenders (other than Delinquent Revolving Credit Lenders) holding at
            least 51% of the Revolving Credit Commitment Percentages of the
            Revolving Credit Dollar Commitments of Revolving Credit Lenders who
            are not Delinquent Revolving Credit Lenders.

      "MATERIAL ACCOUNTING CHANGE": Any change in GAAP applicable to accounting
            periods subsequent to the Parent's fiscal year most recently
            completed prior to the execution of this Agreement, which change has
            a material effect on the Parent's Consolidated financial condition
            or operating results, as reflected on financial statements and
            reports prepared by or for the Parent and its Subsidiaries, when
            compared with such condition or results as if such change had not
            taken place.

      "MATERIAL ADVERSE EFFECT": A material adverse effect on (a) the business,
            operations, property, assets, or financial condition of (i) the Loan
            Parties taken as a whole, or (ii) the Value City Business taken as a
            whole, or (b) the validity or enforceability of this Agreement or
            any of the other Loan Documents or any of the material rights or
            remedies of the Agent or the Revolving Credit Lenders hereunder or
            thereunder.

      "MATURITY DATE":  The earlier of (a) June 28, 2009, or (b) the day
            which is 91 days prior to the maturity date under the Senior
            Non-Convertible Facility.

      "NCB": National City Bank, a national banking association.

      "NCBC": National City Business Credit, Inc., an Ohio corporation.


                                       26
<PAGE>
      "NOMINEE": A business entity (such as a corporation or limited
            partnership) formed by the Collateral Agent to own or manage any
            Post Foreclosure Asset.

      "NON-CONVERTIBLE SENIOR COLLATERAL": All assets of the Loan Parties other
            than Accounts (excluding any right to payment arising from any
            license by a Borrower or any other Loan Party of any intellectual
            property and excluding any insurance proceeds of any real estate or
            Equipment); Inventory; Chattel Paper, Instruments, and Documents
            related to any Accounts or Inventory; Payment Intangibles (including
            tax refunds, but excluding any Payment Intangibles that are proceeds
            of the Non-Convertible Senior Collateral); marketable securities;
            licenses related to department store concessions and the fees
            associated therewith; all Intercompany Notes of the Borrowers and
            Loan Parties other than those described in the Intercreditor
            Agreement; Collection Accounts, DDAs, and credit card proceeds of
            the Borrowers; books and records of the Borrowers and the Loan
            Parties relating to any of the foregoing; and all products and
            Proceeds of the foregoing, including, without limitation, proceeds
            of insurance policies to the extent such proceeds relate to any of
            the foregoing.

      "OPERATING ACCOUNT": Is defined in Section 8.3.

      "OVERLOAN": A loan, advance, or providing of credit support (such as the
            issuance of any L/C) to the extent that, immediately after its
            having been made, Availability, Filene's Availability or VC
            Availability, as applicable, is less than zero.

      "PARENT": Retail Ventures, Inc., an Ohio corporation.

      "PARTICIPANT": Is defined in Section 20.18, hereof.

      "PAYMENT INTANGIBLE": As defined in the UCC and also any general
            intangible under which the Account Debtor's primary obligation is a
            monetary obligation.

      "PERMITTED ACQUISITION": (i) Any Acquisition the cash consideration for
            which is less than $3,000,000 in the aggregate in any fiscal year of
            the Parent and its Subsidiaries and which satisfies the conditions
            set forth in clauses (f), (g), (h), and (i) below, and (ii) any
            other Acquisition in which each of the following conditions are
            satisfied:

                  (a) No Default or Event of Default then exists or would arise
            from the consummation of such Acquisition.

                  (b) Such Acquisition shall have been approved by the Board of
            Directors of the Person (or similar governing body if such Person is
            not a corporation) which is the subject of such Acquisition and such
            Person shall not have announced that it will oppose such Acquisition
            or shall not have commenced any action which alleges that such
            Acquisition will violate applicable law.

                  (c) The Lead Borrower shall have furnished the Collateral
            Agent with ten (10) days prior notice of such intended Acquisition
            and shall have furnished


                                       27
<PAGE>
            the Collateral Agent with a current draft of the acquisition
            agreement and other acquisition documents, a summary of any due
            diligence undertaken by the Parent and/or the Borrowers in
            connection with such Acquisition, appropriate financial statements
            of the Person which is the subject of such Acquisition, pro forma
            projected financial statements for the twelve month period following
            such Acquisition after giving effect to such Acquisition (including
            balance sheets, cash flows and income statements by month for the
            acquired Person, individually, and on a consolidated basis with all
            Loan Parties), and such other information as the Collateral Agent
            may reasonably require, each of which shall be reasonably
            satisfactory to the Collateral Agent.

                  (d) The structure of the Acquisition shall be acceptable to
            the Collateral Agent in its reasonable judgment. If an Acquisition
            of capital stock or other equity interests, after consummation of
            such Acquisition, the Parent or a Borrower shall own directly or
            indirectly a majority of the equity interests in the Person being
            acquired and shall control a majority of any voting interests,
            and/or shall otherwise Control the Person being acquired.

                  (e) The Collateral Agent shall have received (i) the results
            of appraisals of the assets (or the assets of the Person) to be
            acquired in such Acquisition and of a commercial finance examination
            of the Person which is (or whose assets are) being acquired, and
            (ii) such other due diligence as the Collateral Agent may reasonably
            require, all of the results of the foregoing to be reasonably
            satisfactory to the Collateral Agent.

                  (f) Any assets acquired shall be utilized in, and if the
            Acquisition involves a merger, consolidation or stock acquisition,
            the Person which is the subject of such Acquisition shall be engaged
            in, only those businesses permitted under Section 5.19, below.

                  (g) If the Person which is the subject of such Acquisition is
            a Subsidiary of the Parent or a Borrower, such Subsidiary shall have
            executed such documents as may be necessary to be joined as a
            "Borrower" or "Facility Guarantor" hereunder , as determined by the
            Collateral Agent, and the Collateral Agent shall have received a
            first priority security and mortgage interest (subject to Permitted
            Encumbrances) in such Subsidiary's capital stock, inventory,
            accounts, equipment, real estate, leaseholds, and other property of
            the same nature as constitutes Collateral under this Agreement in
            order to secure the Liabilities.

                  (h) The total consideration paid for all Acquisitions (whether
            in cash, tangible property, notes or other property (other than
            capital stock of the Parent)) after the Effective Date, shall not
            exceed in the aggregate the sum of $20,000,000.

                  (i) Excess Availability immediately prior to such Acquisition,
            immediately after giving effect thereto, and projected Excess
            Availability on a pro forma projected basis for the twelve months
            immediately following such Acquisition, shall not be less than
            $70,000,000.


                                       28
<PAGE>
      "PERMITTED DISPOSITION": Shall mean any of the following:

                  (a) Licenses of intellectual property or licensed or leased
            departments of a Loan Party or any of its Subsidiaries in the
            ordinary course of business or to any other Loan Party;

                  (b) Leases or subleases of Leases, to the extent at any point
            in time such Lease or subleases have anticipated minimum fixed
            annual rental payments of not more than $3,000,000 in the aggregate;

                  (c) Sales, assignments, transfers, conveyances or other
            dispositions of any or all of the property specified in EXHIBIT 1.7
            hereof; provided that in connection with a sale or similar
            disposition of any such property, if a Loan Party receives a note or
            similar obligations as all or part of the consideration therefor,
            such Loan Party shall secure such note or obligation with a mortgage
            or similar Lien on such property and pledge such note or other
            obligation to the Collateral Agent as security for the Liabilities
            pursuant to the terms of the Loan Documents;

                  (d) Sales of Inventory and Equipment in connection with store
            closures permitted in accordance with the provisions of Section
            5.4(c) hereof, provided that all sales of Inventory in connection
            with store closings (1) after the occurrence and during the
            continuance of an Event of Default, or (2) consisting of more than
            fifteen (15) retail stores at the same time, shall be in accordance
            with liquidation agreements and with liquidators reasonably
            acceptable to the Collateral Agent;

                  (e) the sale, lease or transfer of any property to the Parent
            or to any Loan Party;

                  (f) as long as no Event of Default then exists or would arise
            therefrom, the dividend, distribution or other transfer of the
            capital stock of DSW owned by the Parent to the stockholders of the
            Parent;

                  (g) as long as no Event of Default then exists or would arise
            therefrom, the sale or other transfer of the capital stock of DSW
            owned by the Parent in order to pay taxes of the Parent and its
            Subsidiaries then due (or resulting from such sale) or to pay the
            Indebtedness owed by the Parent to the Lead Borrower pursuant to the
            promissory note date January 1, 2005, made by the Parent payable to
            the order of the Lead Borrower in the principal amount of
            $240,000,000 (the "RVI Note"), with such payments to be applied by
            the Lead Borrower first, to the payment of amounts owed under the
            Senior Non-Convertible Facility, and then, after all such amounts
            under the Senior Non-Convertible Facility have been paid in full, to
            the payment of the Liabilities hereunder; and

                  (h) (i) the sale of any property, land or building (including
            any related receivables or other intangible assets) to DSW, DSW Shoe
            or any Person which is not a Subsidiary of the Parent, or (ii) in
            addition to the transfers


                                       29
<PAGE>
            described in clauses (f) and (g) of this definition, the sale of the
            entire capital stock (or other equity interests) and Indebtedness of
            any Subsidiary owned by a Loan Party to any Person which is not a
            Subsidiary of a Borrower, or (iii) the consummation of any other
            asset sale with a Person who is not a Subsidiary of a Borrower,
            provided that, in each case ((i)-(iii)):

                  A.    the consideration for such transaction represents fair
                        value, and at least 90% of such consideration consists
                        of cash, provided that in connection with a sale or
                        similar disposition of any such Property, if a Loan
                        Party receives a note or similar obligations as all or
                        part of the consideration therefor, such Loan Party
                        shall secure such note or obligation with a mortgage or
                        similar Lien on such Property and pledge such note or
                        other obligation to the Collateral Agent as security for
                        the Liabilities pursuant to the terms of the Loan
                        Documents;

                  B.    the aggregate consideration for all such transactions
                        completed in any fiscal year does not exceed $500,000,

                  C.    the aggregate consideration for all such transactions
                        completed after the Effective Date does not exceed
                        $1,500,000, and

                  D.    other than in connection with a transaction, the
                        aggregate consideration for which is equal to an amount
                        less than $500,000, at least five (5) Business Days
                        prior to the date of completion of such transaction such
                        Loan Party shall have delivered to the Agent an
                        officer's certificate executed on behalf of such Loan
                        Party by an Authorized Officer of such Loan Party, which
                        certificate shall contain a description of the proposed
                        transaction, the date such transaction is scheduled to
                        be consummated, the estimated purchase price or other
                        consideration for such transaction, financial
                        information pertaining to compliance with the preceding
                        clause (A), and which shall (if requested by the Agent)
                        include a certified copy of the draft or definitive
                        documentation pertaining thereto.

      "PERMITTED ENCUMBRANCES": Shall mean any of the following:

                  (a) Encumbrances for taxes not yet delinquent or which are
            being contested in good faith by appropriate proceedings, provided
            that adequate reserves with respect thereto are maintained on the
            books of the Borrowers in accordance with GAAP, and provided further
            that, no notice of tax lien has been filed with respect thereto;

                  (b) Encumbrances in respect of property or assets imposed by
            law in the ordinary course of business, such as carrier's,
            warehousemen's, mechanics', materialmen's, repairmen's, landlord's
            or similar Encumbrances arising in the ordinary course of business
            which (i) are not overdue in accordance with customary business
            practices and consistent with the applicable Loan Party's prior


                                       30
<PAGE>
            practices, and do not in the aggregate materially detract from the
            value of such property or assets or materially impair the use
            thereof in the operation of the business of the Loan Parties, or
            (ii) are being contested in good faith by a Loan Party, by
            appropriate proceedings diligently instituted and conducted and
            without danger of any material risk to the Collateral and adequate
            reserves or other appropriate provision, if any, as shall be
            required in conformity with GAAP shall have been made therefor;

                  (c) Encumbrances, pledges or deposits in connection with
            workers' compensation, unemployment insurance and other types of
            social security;

                  (d) Deposits to secure the performance of tenders, bids,
            sales, trade and government contracts, leases, statutory
            obligations, surety, appeal, and supersedeas bonds, warranty,
            advance payment, customs, performance and return-of-money bonds and
            other obligations of a like nature in the ordinary course of
            business (exclusive of obligations in respect of the payment of
            borrowed money) whether pursuant to statutory requirements, common
            law or consensual arrangements;

                  (e) Easements, rights of way, leases, zoning or deed
            restrictions, licenses, covenants, building, restrictions, minor
            defects or irregularities in title and other similar real estate
            encumbrances incurred in the ordinary course of business that in the
            aggregate do not materially interfere with the conduct of the
            business of the Loan Parties; defects and irregularities in titles,
            survey exceptions, encumbrances, easements or reservations of others
            for rights-of-way, roads, pipelines, railroad crossings, services,
            utilities or other similar purposes; outstanding mineral rights or
            reservations (including rights with respect to the removal of
            material resource) which do not materially diminish the value of the
            surface estate, assuming usage of such surface estate similar to
            that being carried on by any Loan Party as of the effective date;

                  (f) Any interest or title of a lessor under any lease entered
            into by any Loan Party in the ordinary course of business not in
            violation of the Loan Documents;

                  (g) Any interest or title of any lessee under any leases or
            subleases of real property of a Loan Party not in violation of the
            requirements of the Loan Documents, provided that all such
            Encumbrances do not in the aggregate materially detract from the
            value of such Loan Party's property or materially impair the use
            thereof in the operation of such Loan Party's business;

                  (h) Encumbrances arising from financing statements regarding
            property subject to Capital Leases not in violation of the
            requirements of the Loan Documents, provided that such Encumbrances
            are only in respect of the property subject to, and secure only, the
            respective lease;

                  (i) Rights of consignors of goods to a Loan Party as
            consignee;


                                       31
<PAGE>
                  (j) Encumbrances arising from judgments, decrees or
            attachments in existence less than 30 days after the entry thereof,
            with respect to which execution has been stayed and with respect to
            which payment in full above any applicable deductible is covered by
            insurance or a bond, or in circumstances not constituting an Event
            of Default under Section 11.10(a);

                  (k) Encumbrances created by this Agreement or the other Loan
            Documents;

                  (l) Encumbrances (i) listed on EXHIBIT 4.5(A), annexed hereto,
            or (ii) arising out of the refinancing, extension, renewal or
            refunding of any Indebtedness secured by any such Encumbrances,
            provided that the principal amount of such Indebtedness is not
            increased and such Indebtedness is not secured by any additional
            assets;

                  (m) Encumbrances which are placed upon Equipment or
            improvements to real property (including the associated real
            property) used in the ordinary course of business of a Loan Party or
            any Subsidiary (other than DSW, DSW Shoe and their Subsidiaries) (i)
            at the time of (or within 90 days after) the acquisition of such
            Equipment or the completion of such improvements by such Loan Party
            or any such Subsidiary (other than DSW, DSW Shoe and their
            Subsidiaries) to secure Indebtedness incurred to pay or finance all
            or a portion of the purchase price or other cost thereof, provided
            that the Encumbrance on the Equipment so acquired or the real
            property so improved does not encumber any other asset of such Loan
            Party or any such Subsidiary; or (ii) are existing on Equipment or
            real property at the time acquired by a Loan Party or any Subsidiary
            or on assets of a Person at the time such Person first becomes a
            Subsidiary of the Borrower; provided that (A) any such Encumbrances
            were not created at the time of or in contemplation of the
            acquisition of such assets or Person by a Loan Party or any
            Subsidiaries; (B) in the case of any such acquisition of a Person,
            any such Encumbrance attaches only to the Equipment or real estate,
            as applicable, of such Person; and (C) in the case of any such
            acquisition of Equipment or real estate by a Loan Party or any
            Subsidiary, any such Encumbrance attaches only to the property and
            assets so acquired and not to any other property or assets of such
            Loan Party or any such Subsidiary; provided that the Encumbrances
            outstanding from time to time under this clause (m) shall not secure
            any Indebtedness other than Permitted Indebtedness described in
            clause (c) of such definition;

                  (n) Encumbrances securing Indebtedness assumed in connection
            with, or continuing to exist after, but not incurred in connection
            with, or contemplation of, a Permitted Acquisition, which
            Encumbrances were in effect prior to the consummation of the
            Permitted Acquisition, provided that such Encumbrances may not
            extend to any Accounts, Inventory, or General Intangibles of the
            Loan Parties or of the Person so acquired;

                  (o) An Encumbrance granted by any Loan Party in connection
            with the Senior Non-Convertible Facility; and


                                       32

<PAGE>
                  (p) An Encumbrance granted by the Parent in favor of the Lead
            Borrower on the capital stock of DSW and Filene's.

      The inclusion of the foregoing as "Permitted Encumbrances" shall not limit
      or impair the right of the Collateral Agent to impose Reserves on account
      thereof in accordance with the provisions of this Agreement.

      "PERMITTED INDEBTEDNESS": Shall mean any of the following:

                  (a) Indebtedness incurred under this Agreement and the other
            Loan Documents including any Indebtedness on account of the
            Revolving Credit.

                  (b) Any Indebtedness incurred under the Senior
            Non-Convertible Facility.

                  (c) Indebtedness on account of Equipment or improvements to
            real property acquired in compliance with the requirements of
            subparagraph (m) of the definition of Permitted Encumbrances, the
            incurrence of which would not otherwise be prohibited by this
            Agreement; provided that such Indebtedness shall not exceed
            $10,000,000 in the aggregate at any time outstanding for all Loan
            Parties and, with respect to the Parent only, shall not exceed
            $5,000,000 in the aggregate outstanding at any time;

                  (d) (i) Indebtedness consisting of all obligations of a Loan
            Party or any Subsidiary (other than DSW, DSW Shoe and their
            Subsidiaries) as lessee under Capital Leases, and

                      (ii) Indebtedness consisting of all obligations of a
            Loan Party or any Subsidiary (other than DSW, DSW Shoe and their
            Subsidiaries) under any lease (i) which is accounted for by the
            lessee as an operating lease and (ii) under which the lessee is
            intended to be the "owner" of the leased property for Federal income
            tax purposes;

            provided that (A) at the time of any incurrence thereof after the
            date hereof, and after giving effect thereto, no Event of Default
            shall have occurred and be continuing or would result therefrom; and
            (B) the aggregate outstanding principal amount (using the
            obligations in lieu of principal amount, in the case of any Capital
            Lease, or present value, based on the implicit interest rate, in
            lieu of principal amount, in the case of any lease described above
            in part (ii)) of Indebtedness permitted by this clause (d) shall not
            exceed $10,000,000 in the aggregate principal amount outstanding at
            any time for all Loan Parties and, with respect to the Parent only,
            shall not exceed $5,000,000 in the aggregate principal amount
            outstanding at any time.

                  (e) Indebtedness of the Loan Parties and any Subsidiary (other
            than DSW, DSW Shoe and their Subsidiaries) under Hedge Agreements
            other than for speculative purposes with any Revolving Credit Lender
            or an Affiliate of a Revolving Credit Lender to which the agent
            under the Senior Non-Convertible


                                       33
<PAGE>
            Facility has consented in accordance with agreements evidencing the
            Senior Non-Convertible Facility.

                  (f) The Indebtedness listed on EXHIBIT 4.6, annexed
            hereto;

                  (g) Indebtedness to sellers in connection with Permitted
            Acquisitions;

                  (h) Intercompany indebtedness between and among the Loan
            Parties (other than the Parent) pursuant to loans and advances
            permitted in accordance with Subsection 5.17(f), below, and
            intercompany Indebtedness due to the Parent by any other Loan Party
            to the extent permitted hereunder;

                  (i) Indebtedness with respect to indemnities, warranties,
            statutory obligations, and surety, appeal and supersedeas bonds
            incurred in the ordinary course of business;

                  (j) Indebtedness in respect of overdraft protections and
            otherwise in connection with deposit accounts;

                  (k) Indebtedness arising out of the refinancing, extension,
            renewal or refunding of any Indebtedness permitted under this
            Agreement, provided that the principal amount of such Indebtedness
            is not increased from the amount outstanding at the time of such
            refinancing;

                  (l) Indebtedness owed by the Parent to any of the other Loan
            Parties in an amount not to exceed $5,000,000 (less amounts paid
            under Section 5.16(a) hereof) in the aggregate at any time
            outstanding; and

                  (m) Intercompany Indebtedness between and among the Loan
            Parties, as evidenced by the Intercompany Notes.

      "PERMITTED INVESTMENTS": Shall mean each of the following:

                  (a) direct obligations of, or obligations the principal of and
            interest on which are unconditionally guaranteed by, the United
            States of America (or by any agency thereof to the extent such
            obligations are backed by the full faith and credit of the United
            States of America), in each case maturing not more than one year
            from the date of acquisition thereof;

                  (b) investments in commercial paper maturing not more than one
            year from the date of acquisition thereof and having, at such date
            of acquisition, the highest credit rating obtainable from Standard &
            Poors or from Moody's Investment Services, Inc.;

                  (c) investments in certificates of deposit, banker's
            acceptances and time deposits maturing not more than one year from
            the date of acquisition thereof issued or guaranteed by or placed
            with, and money market deposit accounts issued or offered by, any
            domestic office of any financial institution organized under the
            laws of the United States of America or any State thereof that


                                       34
<PAGE>
            has a combined capital and surplus and undivided profits of not less
            than $500,000,000;

                  (d) fully collateralized repurchase agreements with a term of
            not more than 30 days for securities described in clause (a) above
            (without regard to the limitation on maturity contained in such
            clause) and entered into with a financial institution satisfying the
            criteria described in clause (c) above;

                  (e) marketable direct obligations issued by any state of the
            United States of America or any political subdivision of any such
            state or any public instrumentality thereof maturing within one year
            from the date of acquisition thereof and, at the time of
            acquisition, having one of the two highest ratings obtainable from
            either Standard & Poors or from Moody's Investment Services, Inc.;

                  (f) investments in money market funds, substantially all the
            assets of which are comprised of securities of the types described
            in clauses (a) through (e) above;

                  (g) investments acquired by a Loan Party or any of its
            Subsidiaries (i) in exchange for any other investment held by such
            Loan Party or any such Subsidiary in connection with or as a result
            of a bankruptcy, workout, reorganization or recapitalization of the
            issuer of such other investment, or (ii) as a result of a
            foreclosure by such Loan Party or any of its Subsidiaries with
            respect to any secured investment or other transfer of title with
            respect to any secured investment in default;

                  (h) investments by a Loan Party in the capital of any
            wholly-owned Subsidiary of such Loan Party, including without
            limitation, any Permitted Acquisitions, provided that such Loan
            Party has complied with the provisions of Section 5.21 hereof with
            respect to such Subsidiary;

                  (i) to the extent not permitted by the foregoing clauses,
            existing investments in any Subsidiaries (and any increases thereof
            attributable to increases in retained earnings);

                  (j) to the extent not permitted by the foregoing clauses,
            the existing investments described on EXHIBIT 1.6 hereto;

                  (k) investments of a Loan Party and any Subsidiary in Hedge
            Agreements other than for speculative purposes, to which the agent
            under the Senior Non-Convertible Facility has consented in
            accordance with agreements evidencing the Senior Non-Convertible
            Facility;

                  (l) investments of any Person which are outstanding at the
            time such Person becomes a Subsidiary of a Loan Party as a result of
            a Permitted Acquisition, but not any increase in the amount thereof
            unless otherwise permitted by this Agreement;


                                       35
<PAGE>
                  (m) any other investments (whether in the form of cash or
            contribution of property, and if in the form of a contribution of
            property, such property shall be valued for purposes of this clause
            at the fair value thereof) in any corporation, partnership, limited
            liability company, joint venture or other business entity, which is
            not itself a Subsidiary of the Parent or a Borrower or owned or
            Controlled by any director, officer or employee of the Parent or a
            Borrower or any of its Subsidiaries, not otherwise permitted by the
            foregoing clauses, made after the Effective Date, shall be permitted
            to be incurred if (i) no Event of Default shall have occurred and be
            continuing, or would result therefrom, and (ii) the aggregate
            cumulative amount of such investments (together with any loans and
            advances permitted under Sections 5.6 and 5.17) does not exceed
            $6,000,000; and

                  (n) investments by the Parent in the capital stock of DSW
            existing on the Effective Date and increases thereof due to
            retained earnings;

            provided that, except for Excluded Property and loans to officers
            and directors, all such Permitted Investments are subject to a
            perfected Encumbrance in favor of the Collateral Agent.

      "PERSON": Any natural person, and any corporation, limited liability
            company, trust, partnership, joint venture, or other enterprise
            or entity.

      "POST FORECLOSURE ASSET": All or any part of the Collateral, ownership of
            which is acquired by the Collateral Agent or a Nominee on account of
            the "bidding in" at a disposition as part of a Liquidation or by
            reason of a "deed in lieu" type of transaction.

      "PROTECTIVE OVERADVANCES": Revolving Credit Loans which are OverLoans, but
            as to which each of the following conditions is satisfied: (a) when
            aggregated with all other Revolving Credit Loans, SwingLine Loans,
            Protective OverAdvances and the Stated Amount of L/Cs and Banker's
            Acceptances, the Revolving Credit Ceiling is not exceeded; and (b)
            when aggregated with all other Protective OverAdvances, such
            Revolving Credit Loans do not aggregate more than $13,750,000; (c)
            such Protective OverAdvances shall not remain outstanding for more
            than forty-five (45) days in any period of one hundred eighty (180)
            consecutive days, and (d) such Revolving Credit Loans are made or
            undertaken in the Administrative Agent's reasonable, good faith
            discretion (or as directed by the Collateral Agent) to protect and
            preserve the interests of the Revolving Credit Lenders. Overadvances
            on account of circumstances beyond the control of the Agent (such as
            a drop in collateral value) shall not be deemed "Protective
            Overadvances" and shall not be subject to the limitations contained
            herein.

      "PROCEEDS": Includes, without limitation, "Proceeds" as defined in the
            UCC.

      "QUALIFYING IPO": means an IPO that satisfies each of the following
            conditions:


                                       36
<PAGE>
                  (a) Not more than 40% of the value (as of the IPO Effective
            Date calculated by reference to the IPO Price) of all issued and
            outstanding DSW Common Stock shall be sold in connection with the
            IPO;

                  (b) Immediately following the IPO and the application of the
            net cash proceeds thereof, DSW Common Stock having not less than 60%
            of the value (as of the IPO Effective Date calculated by reference
            to the IPO Price) of all issued and outstanding DSW Common Stock,
            shall be held (directly or indirectly) by Parent, free and clear of
            all Encumbrances, other than (i) Encumbrances in favor of the agent
            under the Senior Non-Convertible Facility, and (ii) Encumbrances
            permitted by clause (p) of the definition of Permitted Encumbrances;

                  (c) The sale price of the Class A Common Shares sold in the
            IPO shall reflect the fair market value of such Class A Common
            Shares on the IPO Effective Date;

                  (d) The Net Cash Proceeds from the IPO shall be sufficient to
            repay in full in cash all obligations outstanding under the CCM Term
            Loan Facilities; and

                  (e) The IPO Effective Date shall be on or prior to December
            31, 2005.

      "RECEIPTS": All cash, cash equivalents, money, checks, credit card
            slips, receipts and other Proceeds from any sale of the
            Collateral.

      "RECEIVABLES COLLATERAL": That portion of the Collateral which consists of
            Accounts, Payment Intangibles, Chattel Paper, Instruments, Documents
            of Title, Documents, Investment Property, Payment Intangibles,
            Letter-of-Credit Rights, bankers' acceptances, and all other rights
            to payment.

      "RELATED BUSINESS": Any business or enterprise consisting of any
            of the following:

                  (a) asset maximization services; or

                  (b) asset valuation services.

      "RELEASE": Any spilling, leaking, pumping, pouring, emitting, emptying,
            discharging, injecting, escaping, leaching, seeping, migrating,
            dumping or disposing of any Hazardous Material (including the
            abandonment or discarding of barrels, containers and other closed
            receptacles containing any Hazardous Material) into the indoor or
            outdoor environment, including, without limitation, the movement of
            Hazardous Materials through or in the ambient air, soil, surface or
            ground water, or property, which is in violation of any
            Environmental Laws.

      "REGISTER": Is defined in Section 17.2(c).

      "REQUIREMENTS OF LAW":  As to any Person:

                  (a) Applicable Law.

                  (b) That Person's organizational documents.


                                       37
<PAGE>
                  (c) That Person's by-laws and/or other instruments which deal
            with corporate or similar governance, as applicable.

      "RESERVES": The following: Availability Reserves and Inventory Reserves.

      "REVOLVING CREDIT": Is defined in Section 2.1.

      "REVOLVING CREDIT CEILING": $275,000,000.00.

      "REVOLVING CREDIT DOLLAR COMMITMENT": As set forth on EXHIBIT 2.22,
            annexed hereto (as such amounts may change in accordance with the
            provisions of this Agreement).

      "REVOLVING CREDIT LENDERS": Each Revolving Credit Lender to which
            reference is made in the Preamble of this Agreement and any other
            Person who becomes a "Revolving Credit Lender" in accordance with
            the provisions of this Agreement.

      "REVOLVING CREDIT LOANS": Loans made under the Revolving Credit, except
            that where the term "Revolving Credit Loan" is used with reference
            to available interest rates applicable to the loans under the
            Revolving Credit, it refers to so much of the unpaid principal
            balance of the Loan Account as bears the same rate of interest for
            the same Interest Period. (See Section 2.12(d)).

      "REVOLVING CREDIT NOTE": Is defined in Section 2.10.

      "REVOLVING CREDIT COMMITMENT PERCENTAGE": As set forth on EXHIBIT 2.22,
            annexed hereto (as such amounts may change in accordance with the
            provisions of this Agreement).

      "RVI  NOTE": Has the meaning set forth in clause (g) of the definition of
            Permitted Dispositions.

      "SEC": The Securities and Exchange Commission.

      "SENIOR NON-CONVERTIBLE FACILITY": The credit facility set forth in the
            Senior Subordinated Convertible Loan Agreement dated as of March 15,
            2000, amended from time to time prior to the Effective Date and as
            amended and restated June 11, 2002, in the present principal amount
            of $75,000,000.00, and as most recently amended and restated on the
            Effective Date.

       "SPECIFIED EVENT OF DEFAULT": An Event of Default arising under
            any of the following sections of this Agreement:

                  (a) SECTION 11.1.

                  (b) SECTION 11.2.

                  (c) SECTION 11.3 (with respect to Sections 5.16, 5.17, 5.20,
            and Article 8 only).


                                       38
<PAGE>
                  (d) SECTION 11.5 (with respect to a breach of Sections
            4.5, and 5.26 only).

                  (e) SECTION 11.6.

                  (f) SECTION 11.11.

                  (g) SECTION 11.12.

                  (h) SECTION 11.15.

      "STATED AMOUNT": The maximum amount for which an L/C or Banker's
            Acceptance may be honored.

      "SUBSIDIARY": Any corporation, association, partnership, limited liability
            company, trust, or other business entity of which the designated
            parent shall at any time own directly or indirectly through a
            Subsidiary or Subsidiaries at least a majority (by number of votes
            or Controlling interests) of the outstanding voting interests.

      "SUPERMAJORITY LENDERS": Revolving Credit Lenders (other than Delinquent
            Revolving Credit Lenders) holding 66-2/3% or more of the Revolving
            Credit Commitment Percentages (calculated without regard to any
            Revolving Credit Commitment Percentage of any Delinquent Revolving
            Credit Lender).

      "SUPPORTING OBLIGATION": Has the meaning given that term in the UCC and
            also refers to a Letter-of-Credit Right or secondary obligation
            which supports the payment or performance of an Account, Chattel
            Paper, a Document, a General Intangible, an Instrument, or
            Investment Property.

      "SWINGLINE": The facility pursuant to which the SwingLine Lender may
            advance Revolving Credit Loans aggregating up to the SwingLine Loan
            Ceiling.

      "SWINGLINE LENDER": NCBC.

      "SWINGLINE LOAN CEILING": $25,000,000.00 (subject to increase as
            provided in Section 16.4(e)).

      "SWINGLINE LOANS": Defined in Section 2.8.

      "TERMINATION DATE": The earliest of (a) the Maturity Date; or (b) the date
            of the occurrence of any event described in Section , below; or (c)
            the date designated as the Termination Date in the Administrative
            Agent's notice to the Lead Borrower setting the Termination Date on
            account of the occurrence of any Event of Default other than as
            described in Section , below; or (d) that date designated as the
            Termination Date, thirty (30) days irrevocable written notice of
            which is provided by the Lead Borrower to the Administrative Agent.

      "TRANSFER": Wire transfer pursuant to the wire transfer system maintained
            by the Board of Governors of the Federal Reserve Board, or as
            otherwise may be agreed to


                                       39
<PAGE>
            from time to time by the Administrative Agent making such Transfer
            and the subject Revolving Credit Lender. Wire instructions may be
            changed in the same manner that Notice Addresses may be changed
            (Section 18.1), except that no change of the wire instructions for
            Transfers to any Revolving Credit Lender shall be effective without
            the consent of the Administrative Agent.

      "UCC": The Uniform Commercial Code as in effect from time to time in the
            State of Ohio.

      "UNANIMOUS CONSENT": Consent of Revolving Credit Lenders (other than
            Delinquent Revolving Credit Lenders) holding 100% of the Loan
            Commitments (other than Loan Commitments held by a Delinquent
            Revolving Credit Lender).

      "UNDERWRITING FEE": Is defined in Section 2.13.

      "UNRESTRICTED SUBSIDIARY": Those Subsidiaries of the Lead Borrower
            described on EXHIBIT 1.5 hereto.

      "UNUSED LINE FEE": As defined in Section 2.14.

      "VALUE CITY BUSINESS": The Borrowers' business other than the Filene's
            Business.

      "VALUE CITY ENTITIES": VCDS LLC, Gramex, VC Michigan, GBR and
            Jewelry.

      "VC AVAILABILITY": The lesser of:

                  (a) the result of the following:

                        (i)   The lesser of

                              (A) The Revolving Credit Ceiling

                                       or

                              (B) The VC Borrowing Base

                        Minus

                        (ii)  The aggregate unpaid balance of the Loan Account
                              attributable to Revolving Credit Loans made to the
                              Value City Entities.

                        Minus

                        (iii) The aggregate undrawn Stated Amount of all then
                              outstanding L/Cs and Banker's Acceptances issued
                              for the account of the Value City Entities.

                        Minus


                                       40
<PAGE>
                        (iv)  The aggregate of the Availability Reserves
                              attributable to the Value City Entities.

                        or

                  (b) Availability.

      "VC BORROWING BASE": The aggregate of the following:

                  (a) The face amount of Eligible Credit Card Receivables
            of the Value City Entities multiplied by the Credit Card Advance
            Rate.

                        Plus

                  (b) The lesser of (a) the Cost of Eligible Inventory (net of
            Inventory Reserves) of the Value City Entities multiplied by the
            Inventory Advance Rate or (b) the Appraised Inventory Percentage of
            the Appraised Inventory Liquidation Value of the Inventory of the
            Value City Entities.

      "VC MICHIGAN": Has the meaning given that term in the Preamble hereto.

      "VCDS LLC": Value City Department Stores LLC, an Ohio limited liability
            company.

ARTICLE 2 - THE REVOLVING CREDIT:

      2.1.  ESTABLISHMENT OF  REVOLVING CREDIT.

            (a) The Revolving Credit Lenders hereby establish a revolving line
of credit (the "REVOLVING CREDIT") in the Borrowers' favor pursuant to which
each Revolving Credit Lender, subject to, and in accordance with, this
Agreement, acting through the Administrative Agent, shall make loans and
advances and otherwise provide financial accommodations to and for the account
of the Borrowers as provided herein.

            (b) Loans, advances, and financial accommodations under the
Revolving Credit shall be made (i) with respect to Filene's, with reference to
the Filene's Borrowing Base and shall be subject to Filene's Availability, and
(ii) with respect to the Value City Entities, with reference to the VC Borrowing
Base and shall be subject to VC Availability, and (iv) with respect to all
Borrowers, with reference to Availability. The Borrowing Base, the Filene's
Borrowing Base, the VC Borrowing Base, Availability, Filene's Availability and
VC Availability shall be determined by the Administrative Agent by reference to
Borrowing Base Certificates furnished as provided in Section 6.4, below, and
shall be subject to the following:

                        (A) Such determination shall take into account such
            Reserves as the Administrative Agent may determine as being
            applicable thereto.

                        (B) The Cost of Eligible Inventory will be determined in
            a manner consistent with current tracking practices of the Borrowers
            as in effect on the date hereof and as previously disclosed to the
            Administrative Agent, based on the Borrowers' stock ledgers
            inventory.


                                       41
<PAGE>
            (c) The commitment of each Revolving Credit Lender to provide such
loans, advances, and financial accommodations is subject to Section 2.22.

            (d) The proceeds of borrowings under the Revolving Credit shall be
used for the Borrowers' working capital and general corporate purposes
(including, intercompany loans), all solely to the extent permitted by this
Agreement. No proceeds of a borrowing under the Revolving Credit may be used,
nor shall any be requested, with a view towards the accumulation of any general
fund or funded reserve of the Borrowers other than in the ordinary course of the
Borrowers' business and consistent with the provisions of this Agreement.

      2.2.  ADVANCES IN EXCESS OF BORROWING BASE (OVERLOANS).

            (a) Except as provided in Section 16.3(a), no Revolving Credit
Lender has any obligation to any Borrower to make any loan or advance, or
otherwise to provide any credit to or for the benefit of any Borrower where the
result of such loan, advance, or credit is an OverLoan.

            (b) The Revolving Credit Lenders' obligations, among themselves, are
subject to (among other provisions of this Agreement) Section 13.3(a) (which
relates to each Revolving Credit Lender's making amounts available to the
Administrative Agent) and (which relates to Protective OverAdvances).

            (c) The Revolving Credit Lenders' providing of an OverLoan on any
one occasion does not affect the obligations of each Borrower hereunder
(including each Borrower's obligation to immediately repay any amount which
otherwise constitutes an OverLoan) nor obligate the Revolving Credit Lenders to
do so on any other occasion.

      2.3. RISKS OF VALUE OF COLLATERAL. The Agent's reference to a given asset
in connection with the making of loans, credits, and advances and the providing
of financial accommodations under the Revolving Credit and/or the monitoring of
compliance with the provisions hereof shall not be deemed a determination by the
Agent or any Revolving Credit Lender relative to the actual value of the asset
in question. All risks concerning the value of the Collateral are and remain
upon the Borrowers. All Collateral secures the prompt, punctual, and faithful
performance of the Liabilities whether or not relied upon by the Administrative
Agent in connection with the making of loans, credits, and advances and the
providing of financial accommodations under the Revolving Credit.

      2.4. COMMITMENT TO MAKE REVOLVING CREDIT LOANS AND SUPPORT LETTERS OF
CREDIT. Subject to the provisions of this Agreement, the Revolving Credit
Lenders shall make a loan or advance under the Revolving Credit and the
Administrative Agent shall endeavor to have an L/C or Banker's Acceptance issued
for the account of one or more of the Loan Parties, in each instance if duly and
timely requested by the Lead Borrower as provided herein provided that:

            (a) No OverLoan is then outstanding and none will result therefrom.

            (b) No Borrower is then in Default and none will thereby become in
Default.


                                       42
<PAGE>
            (c) Notwithstanding anything to the contrary contained in this
Agreement, L/C's and Bankers Acceptances issued for the account of the Parent
shall be limited to those L/Cs required to support the workman's compensation
obligations of the Parent and its Subsidiaries (other than DSW, DSW Shoe and
their Subsidiaries) and for no other purpose.

      2.5.  REVOLVING CREDIT LOAN REQUESTS.

            (a) Requests for loans and advances under the Revolving Credit or
for the continuance or conversion of an interest rate applicable to a Revolving
Credit Loan may be requested by the Lead Borrower in accordance with the
provisions of Sections 2.5(b) through and including 2.5(d) hereof, by written or
telephonic notice (in the case of telephonic notice, promptly confirmed in
writing if so requested by the Administrative Agent). Such notice of borrowing
shall be substantially in the form of EXHIBIT 2.5 hereto, signed by the Lead
Borrower and transmitted to the Administrative Agent by telecopier. Each such
notice shall be irrevocable and shall specify (i) the proposed Borrower (i.e.
Filene's or one of the Value City Entities, as applicable), (ii) the amount of
the proposed borrowing and the date thereof (which shall be a Business Day) and
(iii) whether the borrowing then being requested is to be a borrowing of Base
Margin Loans or LIBOR Loans and, if LIBOR Loans, the Interest Period with
respect thereto. If no election is made as to the type of Loan or no election of
Interest Period is specified in any such notice for a borrowing of LIBOR Loans,
such notice shall be deemed a request for borrowing of Base Margin Loans. The
Administrative Agent may rely on any telephonic request for a borrowing to the
same extent that the Administrative Agent may rely on a written request. The
Borrowers shall bear all risks related to the giving of borrowing requests
telephonically.

            (b) Subject to the provisions of this Agreement, the Lead Borrower
may, on behalf of any Borrower, request a Revolving Credit Loan and elect an
interest rate and Interest Period to be applicable to that Revolving Credit Loan
by giving notice to the Administrative Agent by no later than the following:

                  (i) If such Revolving Credit Loan is to be or is to be
      converted to a Base Margin Loan: By 2:00 p.m. on the Business Day on which
      the subject Revolving Credit Loan is to be made or is to be so converted
      (provided that if notice is furnished after 12:00 noon on any Business
      Day, the Revolving Credit Loan so requested shall be deemed a request for
      a SwingLine Loan). Base Margin Loans requested by the Lead Borrower, other
      than those resulting from the conversion of a LIBOR Loan, shall not be
      less than $250,000 and in increments of $10,000 in excess of such minimum.

                  (ii) If such Revolving Credit Loan is to be, or is to be
      continued as, or converted to, a LIBOR Loan: By 2:00 p.m. three (3) LIBOR
      Business Days before the commencement of any new Interest Period or the
      end of the then applicable Interest Period. LIBOR Loans and conversions to
      LIBOR Loans shall each be not less than $3,000,000 and in increments of
      $1,000,000 in excess of such minimum.

                  (iii) Any LIBOR Loan which matures while any Borrower is in
      Default shall be converted, at the option of the Administrative Agent, to
      a Base Margin Loan notwithstanding any notice from the Lead Borrower that
      such Loan is to be continued as a LIBOR Loan.


                                       43
<PAGE>
                  (iv) LIBOR Loans may not be converted or continued as LIBOR
      Loans at any time other than the end of the Interest Period applicable
      thereto unless the Borrowers shall pay, upon demand, any amounts due
      pursuant to Section 2.11(f) hereof.

            (c) Any request for a Revolving Credit Loan or for the continuance
or conversion of an interest rate applicable to a Revolving Credit Loan which is
made after the applicable deadline therefor, as set forth above, shall be deemed
to have been made at the opening of business on the then next Business Day or
LIBOR Business Day, as applicable.

            (d) The Lead Borrower may, on behalf of any Loan Party, request that
the Administrative Agent cause the issuance by the Issuer of L/Cs or Banker's
Acceptances for the account of the Borrowers as provided in Section 2.17.
Notwithstanding anything to the contrary contained in this Agreement, L/C's and
Bankers Acceptances issued for the account of the Parent shall be limited to
those L/Cs required to support the workman's compensation obligations of the
Parent and its Subsidiaries (other than DSW, DSW Shoe and their Subsidiaries)
and for no other purpose.

            (e) The Administrative Agent may rely on any request for a loan or
advance, or other financial accommodation under the Revolving Credit which the
Administrative Agent, in good faith, believes to have been made by a Person duly
authorized to act on behalf of the Lead Borrower and may decline to make any
such requested loan or advance, or issuance, or to provide any such financial
accommodation pending the Administrative Agent's being furnished with such
documentation concerning that Person's authority to act as may be satisfactory
to the Administrative Agent.

            (f) A request by the Lead Borrower for loan or advance, or other
financial accommodation under the Revolving Credit shall be irrevocable and
shall constitute certification by each Borrower that as of the date of such
request, each of the following is true and correct:

                  (i) There has been no material adverse change in the
      Borrowers' financial condition from the most recent financial information
      furnished the Agent or any Revolving Credit Lender pursuant to this
      Agreement.

                  (ii) Each representation which is made herein or in any of the
      Loan Documents is then true and complete in all material respects as of
      and as if made on the date of such request except to the extent that any
      of the same relates expressly to a different date.

                  (iii) Unless accompanied by a written certificate of the Lead
      Borrower's President or its Chief Financial Officer describing (in
      reasonable detail) the facts and circumstances of any Default then
      existing and the steps (if any) being taken to remedy such condition, that
      no Default has occurred and is continuing.

      2.6.  SUSPENSION OF REVOLVING CREDIT.  If, at any time or from time to
time, any Borrower is in Default:

            (a) The Administrative Agent may, and at the direction of the
SuperMajority Lenders shall, suspend the Revolving Credit immediately, in which
event, neither the


                                       44
<PAGE>
Administrative Agent nor any Revolving Credit Lender shall be obligated, during
such suspension, to make any loans or advance to any Borrower, or to provide any
financial accommodation hereunder or to seek the issuance of any L/C or of any
Banker's Acceptance for the account of any Loan Party. Nothing contained herein
shall limit the right of the Administrative Agent to make Protective
OverAdvances or the obligation of the Revolving Credit Lenders with respect to
SwingLine Loans, Protective OverAdvances, L/Cs and Banker's Acceptances during
such suspension period.

            (b) The Administrative Agent may, and at the direction of the
SuperMajority Lenders shall, suspend the right of the Lead Borrower to request
any LIBOR Loan or to convert any Base Margin Loan to a LIBOR Loan.

      2.7.  MAKING OF REVOLVING CREDIT LOANS.

            (a) A loan or advance under the Revolving Credit shall be made by
the transfer of the proceeds of such loan or advance to the Operating Account of
the applicable Division. The proceeds of any Revolving Credit Loan shall be made
available before 3:00 p.m. on the date requested in accordance with Section 2.5
hereof.

            (b) A loan or advance shall be deemed to have been made under the
Revolving Credit (and the Borrowers shall be indebted to the Administrative
Agent and the Revolving Credit Lenders for the amount thereof immediately) at
the following:

                  (i) The Administrative Agent's initiation of the transfer of
      the proceeds of such loan or advance in accordance with the Lead
      Borrower's instructions (if such loan or advance is of funds requested by
      the Lead Borrower).

                  (ii) The charging of the amount of such loan to the Loan
      Account (in all other circumstances).

            (c) Absent gross negligence, bad faith or willful misconduct, there
shall not be any recourse to or liability of the Administrative Agent or any
Revolving Credit Lender, on account of:

                  (i)   Any delay in the making of any loan or advance
      requested under the Revolving Credit.

                  (ii) Any delay by any bank or other depository institution in
      treating the proceeds of any such loan or advance as collected funds.

                  (iii) Any delay in the receipt, and/or any loss, of funds
      which constitute a loan or advance under the Revolving Credit, the wire
      transfer of which was properly initiated by the Administrative Agent in
      accordance with wire instructions provided to the Administrative Agent by
      the Lead Borrower.

      2.8.  SWINGLINE LOANS.

            (a) For ease of administration, Base Margin Loans may be made by the
SwingLine Lender (in the aggregate, the "SWINGLINE LOANS") in accordance with
the procedures


                                       45
<PAGE>
set forth in this Agreement for the making of loans and advances under the
Revolving Credit. The aggregate unpaid principal balance of the SwingLine Loans
shall not, as to all Borrowers, at any one time be in excess of the lesser of
(i) as to all Borrowers, the SwingLine Loan Ceiling, or (ii) as to any Division,
Filene's Availability, or VC Availability, as applicable. The SwingLine Lender
shall not make a SwingLine Loan if the SwingLine Lender has received notice from
the Administrative Agent that the Administrative Agent has suspended, or the
Administrative Agent has received written notice from the SuperMajority Lenders
instructing the Administrative Agent to suspend, the Revolving Credit in
accordance with the terms hereof. Absent such notification, the SwingLine Lender
(x) shall not otherwise be required to determine whether the conditions
precedent to such SwingLine Loan have been satisfied or whether the requested
borrowing would cause Availability, Filene's Availability or VC Availability, as
applicable, to be exceeded, and (y) shall be entitled in all cases to have each
Revolving Credit Lender make Revolving Credit Loans in settlement of such
SwingLine Loans in accordance with the provisions of Section 13.2 hereof.

            (b) The aggregate unpaid principal balance of SwingLine Loans shall
bear interest at the rate applicable to Base Margin Loans (or a money market
based rate quoted by the Agent and accepted by the Lead Borrower) and shall be
repayable as a loan under the Revolving Credit.

            (c) The Borrowers' obligation to repay SwingLine Loans shall be
evidenced by a Note in the form of EXHIBIT 2.8(C), annexed hereto, executed by
the Borrowers, and payable to the SwingLine Lender. Neither the original nor a
copy of that Note shall be required, however, to establish or prove any
Liability. Upon receipt of an affidavit of an officer of, and a customary
indemnity from, a SwingLine Lender as to the loss, theft, destruction or
mutilation of the SwingLine Note, the Borrowers will issue in lieu thereof a
replacement SwingLine Note in the same principal amount thereof and of like
tenor.

            (d) For all purposes of this Loan Agreement, the SwingLine Loans and
the Borrowers' obligations to the SwingLine Lender constitute Revolving Credit
Loans and are secured as "Liabilities".

            (e) SwingLine Loans shall be subject to periodic settlement with the
Revolving Credit Lenders as provided in this Agreement.

      2.9.  THE LOAN ACCOUNT.

            (a) An account ("LOAN ACCOUNT") shall be opened on the books of the
Administrative Agent in which a record shall be kept of all loans and advances
made under the Revolving Credit (including, without limitation, Swingline
Loans). The Loan Account shall also contain separate entries for loans and
advances made to each Division.

            (b) The Administrative Agent shall also keep a record (either in the
Loan Account or elsewhere, as the Administrative Agent may from time to time
elect) of all interest, fees, service charges, costs, expenses, and other debits
owed to the Agent and each Revolving Credit Lender on account of the Liabilities
from each Borrower and from each Division and of all credits against such
amounts so owed.


                                       46
<PAGE>
            (c) All credits against the Liabilities shall be conditional upon
final payment to the Administrative Agent for the account of the Agent or
Revolving Credit Lender entitled thereto of the items giving rise to such
credits. The amount of any item credited against the Liabilities which is
charged back against the Agent or any Revolving Credit Lender or is disgorged
for any reason or is not so paid shall be a Liability and shall be added to the
Loan Account, whether or not the item so charged back or not so paid is
returned.

            (d) Except as otherwise provided herein, all fees, service charges,
costs, and expenses for which any Borrower is obligated hereunder are payable on
demand.

            (e) The Administrative Agent, without the request of the Lead
Borrower, may advance under the Revolving Credit any interest, fee, service
charge, or other payment to which the Agent or any Revolving Credit Lender is
entitled from any Borrower pursuant hereto and may charge the same to the Loan
Account notwithstanding that an OverLoan may result thereby; provided that the
Administrative Agent shall not charge the Loan Account for any third-party
expenses incurred by the Agent (such as fees for attorneys, appraisers and
commercial finance examinations) without first having furnished the Lead
Borrower with a copy of the invoice therefor two (2) Business Days prior to the
date that the Loan Account is to be so charged.. Any such advance shall be
deemed a Base Margin Loan. Such action on the part of the Administrative Agent
shall not constitute a waiver of the Administrative Agent's rights and each
Borrower's obligations under Section 2.11(b). Any amount which is added to the
principal balance of the Loan Account as provided in this Section shall bear
interest at the interest rate then and thereafter applicable to Base Margin
Loans. The Administrative Agent shall promptly furnish the Lead Borrower with a
detailed statement itemizing any amounts so charged to the Loan Account.

            (f) Any statement rendered by the Administrative Agent or any
Revolving Credit Lender to the Lead Borrower concerning the Liabilities shall be
considered correct and accepted by each Borrower and shall, absent manifest
error, be conclusively binding upon each Borrower unless the Lead Borrower
provides the Administrative Agent with written objection thereto within twenty
(20) days from the receipt by the Lead Borrower of such statement, which written
objection shall indicate, with particularity, the reason for such objection. The
Loan Account and the Administrative Agent's books and records concerning the
loan arrangement contemplated herein and the Liabilities shall be prima facie
evidence and proof of the items described therein.

      2.10. THE REVOLVING CREDIT NOTES. The Borrowers' obligation to repay loans
and advances under the Revolving Credit, with interest as provided herein, shall
be evidenced by Notes (each, a "REVOLVING CREDIT NOTE") in the form of EXHIBIT
2.10, annexed hereto, executed by each Borrower, one payable to each Revolving
Credit Lender. Neither the original nor a copy of any Revolving Credit Note
shall be required, however, to establish or prove any Liability. Upon receipt of
an affidavit of an officer of, and a customary indemnity from, a Revolving
Credit Lender as to the loss, theft, destruction or mutilation of the Revolving
Credit Note, the Borrowers will issue in lieu thereof a replacement Revolving
Credit Note in the same principal amount thereof and of like tenor.

      2.11. PAYMENT OF THE LOAN ACCOUNT.


                                       47
<PAGE>
            (a) The Borrowers may repay all or any portion of the principal
balance of the Loan Account from time to time until the Termination Date.

            (b) Each Borrower, without notice or demand from the Administrative
Agent or any Revolving Credit Lender, shall immediately pay the Administrative
Agent that amount, from time to time, which is necessary so that there is no
OverLoan outstanding.

            (c) Subject to Section 8.4, during the continuance of a Cash Control
Event, the Borrowers shall repay the Revolving Credit:

                  (i) subject to the terms of the Intercreditor Agreement, in an
      amount equal to the proceeds realized from the sale, refinancing, or other
      disposition of, or realization upon, any Collateral; and

                  (ii)  in accordance with the provisions of Article 8 hereof.

All amounts prepaid under this Section 2.11 may be reborrowed under the
Revolving Credit, subject to and in accordance with, the terms of this
Agreement.

            (d) The Borrowers shall repay the then entire unpaid balance of the
Loan Account and all other Liabilities on the Termination Date.

            (e) The Administrative Agent shall endeavor to cause the application
of payments (if any), pursuant to Sections 2.11(a) and 2.11(b) against LIBOR
Loans then outstanding in such manner as results in the least cost to the
Borrowers, but shall not have any affirmative obligation to do so nor liability
on account of the Administrative Agent's failure to have done so. In no event
shall action or inaction taken by the Administrative Agent excuse any Borrower
from any indemnification obligation under Section 2.11(f).

            (f) The Borrowers shall indemnify the Administrative Agent and each
Revolving Credit Lender and hold the Administrative Agent and each Revolving
Credit Lender harmless from and against any loss, cost or expense (including
loss of anticipated profits and amounts payable by the Administrative Agent or
such Revolving Credit Lender on account of "breakage fees" (so-called)) which
the Administrative Agent or such Revolving Credit Lender may sustain or incur
(including, without limitation, by virtue of acceleration after the occurrence
of any Event of Default) as a consequence of the following:

                  (i) Failure by any Borrower to pay any of the principal amount
      of or any interest on any LIBOR Loan as and when due and payable,
      including any such loss or expense arising from interest or fees payable
      by such Revolving Credit Lender in order to maintain its LIBOR Loans.

                  (ii) Failure by any Borrower to make a borrowing or conversion
      after the Lead Borrower has given (or is deemed to have given) a request
      for a Revolving Credit Loan or a request to convert a Revolving Credit
      Loan from one applicable interest rate to another.


                                       48
<PAGE>
                  (iii) The making of any payment on a LIBOR Loan or the making
      of any conversion of any such Loan to a Base Margin Loan on a day that is
      not the last day of the applicable Interest Period with respect thereto.

            (g) Upon at least two (2) Business Days' prior written notice to the
Administrative Agent, the Borrowers may at any time in whole permanently
terminate, or from time to time in part permanently reduce, the Revolving Credit
Dollar Commitments. Each such reduction shall be in the principal amount of
$5,000,000 or any integral multiple thereof. Each such reduction or termination
shall (i) be applied ratably to the Revolving Credit Dollar Commitments of each
Revolving Credit Lender and (ii) be irrevocable when given. At the effective
time of each such termination, the Borrowers shall pay to the Administrative
Agent for application as provided herein any amount by which the unpaid balance
of the Loan Account and aggregate undrawn Stated Amount of all then outstanding
L/Cs and Banker's Acceptances outstanding on such date exceeds the amount to
which the Revolving Credit Dollar Commitments are so reduced. Any such reduction
or termination of the Revolving Credit Dollar Commitments may not be reinstated.

      2.12. INTEREST ON REVOLVING CREDIT LOANS.

            (a) Each Revolving Credit Loan shall bear interest at the Base
Margin Rate unless timely notice is given (as provided in Section 2.5) that the
subject Revolving Credit Loan (or a portion thereof) is, or is to be converted
to, a LIBOR Loan.

            (b) Each Revolving Credit Loan which consists of a LIBOR Loan shall
bear interest at the applicable LIBOR Rate.

            (c) Subject to, and in accordance with, the provisions of this
Agreement, the Lead Borrower may cause all or a part of the unpaid principal
balance of the Loan Account to bear interest at the Base Margin Rate or the
LIBOR Rate as specified from time to time by the Lead Borrower by notice to the
Administrative Agent.

            (d) For ease of reference and administration, each part of the Loan
Account which bears interest at the same rate of interest and for the same
Interest Period is referred to herein as if it were a separate "Revolving Credit
Loan".

            (e) The Lead Borrower shall not select, renew, or convert any
interest rate for a Revolving Credit Loan such that, in addition to interest at
the Base Margin Rate, there are more than ten (10) Interest Periods for LIBOR
Loans in the aggregate for all Borrowers applicable to the Revolving Credit
Loans at any one time.

            (f) The Borrowers shall pay accrued and unpaid interest on each
Revolving Credit Loan to its Division in arrears as follows:

                  (i)   On the applicable Interest Payment Date for that
      Revolving Credit Loan.

                  (ii)  On the Termination Date and on the End Date.


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<PAGE>
                  (iii) Following the occurrence of any Event of Default, with
      such frequency as may be determined by the Administrative Agent.

            (g) Following the occurrence of any Event of Default (and whether or
not the Agent exercises its rights on account thereof), all Revolving Credit
Loans shall bear interest, at the option of the Administrative Agent or at the
instruction of the SuperMajority Lenders, at a rate which is the aggregate of
the applicable rate (including the Applicable Margin) for Base Margin Loans
and/or LIBOR Loans, as applicable, plus two percent (2%) per annum.

      2.13. UNDERWRITING FEE; COLLATERAL MONITORING FEE. In addition to any
other fee or expense to be paid by the Borrowers on account of the Revolving
Credit, the Borrowers shall pay the Administrative Agent the "UNDERWRITING FEE",
THE "STRUCTURING FEE" and the "COLLATERAL MONITORING FEE" at the times and in
the amounts as set forth the Fee Letter.

      2.14. UNUSED LINE FEE. In addition to any other fee to be paid by the
Borrowers on account of the Revolving Credit, the Borrowers shall pay the
Administrative Agent, for the account of the Revolving Credit Lenders, the
"UNUSED LINE FEE" (so referred to herein) of 0.25% per annum of the average
difference, during the month just ended (or relevant period with respect to the
payment being made on the Termination Date) between the Revolving Credit Ceiling
and the aggregate of the unpaid principal balance of the Loan Account and the
undrawn Stated Amount of L/Cs and Banker's Acceptances outstanding during the
relevant period. The Unused Line Fee shall be paid in arrears, on the first day
of each month after the execution of this Agreement and on the Termination Date.

      2.15. CONCERNING FEES. The Borrowers shall not be entitled to any credit,
rebate or repayment of any fee earned by the Administrative Agent or any
Revolving Credit Lender pursuant to this Agreement or any Loan Document
notwithstanding any termination of this Agreement or suspension or termination
of the Administrative Agent's and any Revolving Credit Lender's respective
obligation to make loans and advances hereunder.

      2.16. AGENT'S AND REVOLVING CREDIT LENDERS' DISCRETION.

            (a) Each reference in the Loan Documents to the exercise of
reasonable, good faith discretion or the like by the Agent or any Revolving
Credit Lender shall be to such Person's exercise of its judgment, in good faith,
based upon such information of which that Person then has actual knowledge.

            (b) The burden of establishing the failure of the Agent or any
Revolving Credit Lender to have acted in a reasonable manner in such Person's
exercise of such discretion shall be the Borrowers'.

      2.17. PROCEDURES FOR ISSUANCE OF L/CS AND BANKER'S ACCEPTANCES.

            (a) The Lead Borrower may request, either directly or, as provided
in Section 2.21(a), through Retail Ventures Imports, Inc., that an Issuer cause
the issuance of L/Cs or Banker's Acceptances for the account of any Loan Party.
Requests for L/Cs and Banker's Acceptances shall be given by the Lead Borrower
to the Administrative Agent and the Issuer not later than 2:00 p.m. three (3)
Business Days prior to the specified date for the issuance of the


                                       50
<PAGE>
requested L/C or Banker's Acceptance. Requests for L/Cs and Banker's Acceptances
may be requested by the Lead Borrower by written or telephonic notice (in the
case of telephonic notice, promptly confirmed in writing if so requested by the
Administrative Agent or the Issuer). Each such notice shall be irrevocable and
shall specify with respect to each L/C and Banker's Acceptance requested (i) the
Borrower which is to be the account party for whose benefit the L/C or Banker's
Acceptance is being issued, (ii) the face amount of the proposed L/C or Banker's
Acceptance, which shall be denominated in dollars and the intended date of
issuance thereof (which shall be a Business Day), (iii) the beneficiary, and
(iv) the terms (including the anticipated expiry date) of the L/C or Banker's
Acceptance. The Administrative Agent and the Issuer may rely on any telephonic
request for the issuance of a L/C or Banker's Acceptance to the same extent that
the Administrative Agent and the Issuer may rely on a written request. The
Borrowers shall bear all risks related to the giving of requests for the
issuance of L/Cs or Banker's Acceptances telephonically. Notwithstanding
anything to the contrary contained in this Agreement, (i) L/C's and Bankers
Acceptances issued for the account of the Parent shall be limited to those L/Cs
required to support the workman's compensation obligations of the Parent and its
Subsidiaries (other than DSW, DSW Shoe and their Subsidiaries) and for no other
purpose, and (ii) no L/C or Banker's Acceptance shall be issued by any Issuer
which is not also the Administrative Agent unless such Issuer shall have
received notice from the Administrative Agent that the conditions to such
issuance have been met. Any Issuer shall notify the Administrative Agent in
writing on each Business Day of all L/Cs or Bankers Acceptances issued on the
prior Business Day by such Issuer.

            (b) The Administrative Agent and/or the applicable Issuer will,
subject to the terms of this Agreement, issue any L/C or Banker's Acceptance so
requested by the Lead Borrower from and including the Effective Date until the
thirtieth (30th) Business Day prior to the Maturity Date, provided that, at the
time that the request is made, the Revolving Credit has not been suspended as
provided in Section 2.6 and if so issued:

                  (i)  The aggregate Stated Amount of all L/Cs and Banker's
      Acceptances then outstanding, does not exceed $75,000,000;

                  (ii) The expiry of the L/C or Banker's Acceptance is not later
      than the earlier of thirty (30) days prior to the Maturity Date or the
      following:

                        (A) As to standby L/Cs: one (1) year from initial
            issuance (or in the case of renewal or extension thereof, one year
            after such renewal or extension), provided that each standby L/C
            may, upon the request of the Lead Borrower, include a provision
            whereby, subject to the approval of the Issuer, such standby L/C may
            be renewed for additional consecutive periods of twelve (12) months
            or less (but not beyond the date that is thirty Business Days prior
            to the Maturity Date) unless the Issuer notifies the beneficiary
            thereof at least 30 days prior to the then applicable expiration
            date that such L/C will not be renewed.

                        (B) As to documentary L/Cs: ninety (90) days from
            issuance.

                        (C) As to Banker's Acceptances: ninety (90) days from
            issuance.


                                       51
<PAGE>
                  (iii) If, notwithstanding the foregoing, the Administrative
      Agent causes the issuance of an L/C or Banker's Acceptance, the expiry of
      which is later than the Maturity Date, it shall be 105% cash
      collateralized at its issuance; and

                  (iv) An OverLoan will not result from the issuance of the
      subject L/C or Banker's Acceptance.

            (c) Concurrently with requesting the issuance of a L/C or a Banker's
Acceptance, the applicable Borrower shall execute and deliver to the Issuer in
respect of such requested L/C or Banker's Acceptance a reimbursement or similar
agreement in the Issuer's then standard form of application for and
reimbursement agreement with respect to letters of credit and banker's
acceptances; provided however that in the event of any conflict between the
provisions of such reimbursement agreement and this Agreement, the provisions of
this Agreement shall govern.

            (d) Absent gross negligence, bad faith or willful misconduct, there
shall not be any recourse to, nor liability of, the Administrative Agent or any
Revolving Credit Lender on account of

                  (i)   Any delay or refusal by an Issuer to issue an L/C or
      a Banker's Acceptance;

                  (ii) Any action or inaction of an Issuer on account of or in
      respect to, any L/C or any Banker's Acceptance.

            (e) Immediately upon the issuance of any L/C or any Banker's
Acceptance by the Issuer (or the amendment of a L/C or Banker's Acceptance
increasing the amount thereof), and without any further action on the part of
the Issuer, the Issuer shall be deemed to have sold to each Revolving Credit
Lender, and each such Revolving Credit Lender shall be deemed unconditionally
and irrevocably to have purchased from the Issuer, without recourse or warranty,
an undivided interest and participation, to the extent of such Revolving Credit
Lender's Revolving Credit Commitment Percentage, in such L/C and Banker's
Acceptance, each drawing thereunder and the obligations of the Borrowers under
this Agreement and the other Loan Documents with respect thereto. In
consideration thereof, each Revolving Credit Lender hereby absolutely and
unconditionally agrees to pay to the Administrative Agent for the account of the
Issuer its Revolving Credit Commitment Percentage of each disbursement made by
the Issuer with respect to a L/C or Banker's Acceptance which is not reimbursed
by the Borrowers. Each Revolving Credit Lender acknowledges and agrees that its
obligations hereunder are absolute and unconditional and shall not be effected
by any event or circumstance whatsoever, including the existence of a Default or
the suspension of the Revolving Credit. Any action taken or omitted by the
Issuer under or in connection with a L/C or Banker's Acceptance, if taken or
omitted in the absence of gross negligence, actual bad faith, or willful
misconduct, shall not create for the Issuer any resulting liability to any
Revolving Credit Lender.

            (f) The Borrowers shall reimburse the Issuer for the amount of any
honoring of a drawing under an L/C or Banker's Acceptance on the same day on
which such honoring takes place in immediately available funds in U.S. dollars.
The Administrative Agent, without the request of any Borrower, may advance under
the Revolving Credit (and charge to the Loan


                                       52
<PAGE>
Account) the amount of any honoring of any L/C or Banker's Acceptance and other
amount for which any Borrower, the Issuer, or the Revolving Credit Lenders
become obligated on account of, or in respect to, any L/C or Banker's
Acceptance. Such advance shall be a Base Margin Loan and shall be made whether
or not any Borrower is in Default or such advance would result in an OverLoan.
Such action shall not constitute a waiver of the Administrative Agent's rights
under Section 2.11(b) hereof.

      2.18. FEES FOR L/CS AND BANKER'S ACCEPTANCES.

            (a) The applicable Borrowers shall pay the Administrative Agent, for
the account of the Revolving Credit Lenders, on the first day of each calendar
month, in arrears, a fee (each, an "L/C Fee") equal to the following per annum
percentages of the average Stated Amount of the following categories of L/Cs
outstanding during the subject month for such Borrowers' Division:

                  (i)   As to standby L/Cs:  the Applicable Margin for LIBOR
      Loans.

                  (ii)  As to documentary L/Cs: the Applicable Margin for
      LIBOR Loans minus 0.50%.

                  (iii) After the occurrence and during the continuance of an
      Event of Default, at the option of the Administrative Agent (or at the
      instruction of the SuperMajority Lenders), the L/C Fee shall be increased
      for any L/Cs which from time to time are not cash collateralized in the
      amounts required in accordance with the provisions of this Agreement by an
      amount equal to two percent (2%) per annum.

            (b) The applicable Borrowers shall pay the Administrative Agent, for
the account of the Revolving Credit Lenders, on the first day of each month, in
arrears, a fee (each, a "BANKER'S ACCEPTANCE FEE") equal to the Applicable
Margin for LIBOR Loans minus 0.50% of the average Stated Amount of the Banker's
Acceptances outstanding during the subject month for such Borrowers' Division.
After the occurrence and during the continuance of an Event of Default, at the
option of the Administrative Agent (or at the instruction of the SuperMajority
Lenders), the Banker's Acceptance Fee shall be increased for any Banker's
Acceptances which from time to time are not cash collateralized in the amounts
required in accordance with the provisions of this Agreement by an amount equal
to two percent (2%) per annum.

            (c) In addition to the fees to be paid as provided in Subsections
2.18(a) and 2.18(b), above, the Borrowers shall pay to the Administrative Agent
(or to the Issuer, if so requested by Administrative Agent), on demand, all
issuance, processing, negotiation, amendment, and administrative fees and other
amounts charged by the Issuer on account of, or in respect to, any L/C or
Banker's Acceptance issued for its Division.

            (d)   If any change in Applicable Law shall either:

                  (i) impose, modify or deem applicable any reserve, special
      deposit or similar requirements against letters of credit heretofore or
      hereafter issued by any Issuer or with respect to which any Revolving
      Credit Lender or any Issuer has an obligation to lend to fund drawings
      under any L/C or any Banker's Acceptance; or


                                       53
<PAGE>
                  (ii)  impose on any Issuer any other condition or
      requirements relating to any such letters of credit or banker's
      acceptance;

and the result of any event referred to in Section 2.18(d)(i) or 2.18(d)(ii),
above, shall be to increase the cost to any Revolving Credit Lender or to any
Issuer of issuing or maintaining any L/C or Banker's Acceptance (which increase
in cost shall be the result of such Issuer's reasonable allocation among that
Revolving Credit Lender's or Issuer's letter of credit customers of the
aggregate of such cost increases resulting from such events), then, upon demand
by the Administrative Agent and delivery by the Administrative Agent to the Lead
Borrower of a certificate of an officer of the subject Revolving Credit Lender
or the subject Issuer describing such change in law, executive order,
regulation, directive, or interpretation thereof, its effect on such Revolving
Credit Lender or such Issuer, and the basis for determining such increased costs
and their allocation, the Borrowers shall immediately pay to the Administrative
Agent, from time to time as specified by the Administrative Agent, such amounts
as shall be sufficient to compensate the subject Revolving Credit Lender or the
subject Issuer for such increased cost. Any Revolving Credit Lender's or any
Issuer's determination of costs incurred under Section 2.18(d)(i) or
2.18(d)(ii), above, and the allocation, if any, of such costs among the
Borrowers and other letter of credit customers of such Revolving Credit Lender
or such Issuer, if done in good faith and made on an equitable basis and in
accordance with such officer's certificate, shall, absent manifest error, be
presumed to be accurate.

      2.19. CONCERNING L/C'S AND BANKER'S ACCEPTANCES.

            (a) None of the Issuer, the Issuer's correspondents, any Revolving
Credit Lender, the Administrative Agent, or any advising, negotiating, or paying
bank with respect to any L/C or Banker's Acceptance shall be responsible in any
way for:

                  (i) The performance by any beneficiary under any L/C or
      Banker's Acceptance of that beneficiary's obligations to any Borrower.

                  (ii) The form, sufficiency, correctness, genuineness,
      authority of any Person signing; falsification; or the legal effect of;
      any documents called for under any L/C or Banker's Acceptance if (with
      respect to the foregoing) such documents on their face appear to be in
      order.

            (b) The Issuer may honor, as complying with the terms of any L/C or
any Banker's Acceptance and of any drawing thereunder, any drafts or other
documents otherwise in order, but signed or issued by an administrator,
executor, conservator, trustee in bankruptcy, debtor in possession, assignee for
the benefit of creditors, liquidator, receiver, or other legal representative of
the party authorized under such L/C or Banker's Acceptance to draw or issue such
drafts or other documents.

            (c) The Issuer may reject any drafts and documents presented under
any L/C or any Banker's Acceptance which are discrepant in any manner,
notwithstanding any prior course of dealing by the Issuer in honoring drafts
under L/Cs or Banker's Acceptances.

            (d) Unless otherwise agreed to, in the particular instance, each
Borrower hereby authorizes any Issuer to:


                                       54
<PAGE>
                  (i)   Select an advising bank, if any.

                  (ii)  Select a paying bank, if any.

                  (iii) Select a negotiating bank.

            (e) All directions, correspondence, and funds transfers relating to
any L/C or any Banker's Acceptance are at the risk of the Borrowers. The Issuer
shall have discharged the Issuer's obligations under any L/C or Banker's
Acceptance which, or the drawing under which, includes payment instructions, by
the initiation of the method of payment called for in, and in accordance with,
such instructions (or by any other commercially reasonable and comparable
method). None of the Administrative Agent, any Revolving Credit Lender, or the
Issuer shall have any responsibility for any inaccuracy, interruption, error, or
delay in transmission or delivery by post, telegraph or cable, or for any
inaccuracy of translation.

            (f) The Administrative Agent's, each Revolving Credit Lender's, and
the Issuer's rights, powers, privileges and immunities specified in or arising
under this Agreement are in addition to any heretofore or at any time hereafter
otherwise created or arising, whether by statute or rule of law or contract.

            (g) Except to the extent otherwise expressly provided hereunder or
agreed to in writing by the Issuer and the Lead Borrower, documentary L/Cs will
be governed by the Uniform Customs and Practice for Documentary Credits,
International Chamber of Commerce, Publication No. 500, and standby L/Cs will be
governed by International Standby Practices ISP98 (adopted by the International
Chamber of Commerce on April 6, 1998) and any respective subsequent revisions
thereof.

            (h) The obligations of the Borrowers under this Agreement with
respect to L/Cs and Banker's Acceptances are absolute, unconditional, and
irrevocable and shall be performed strictly in accordance with the terms hereof
under all circumstances, whatsoever including, without limitation, the
following:

                  (i) Any lack of validity or enforceability or restriction,
      restraint, or stay in the enforcement of this Agreement, any L/C, any
      Banker's Acceptance, or any other agreement or instrument relating
      thereto.

                  (ii) Any Borrower's consent to any amendment or waiver of, or
      consent to the departure from, any L/C or any Banker's Acceptance.

                  (iii) The existence of any claim, set-off, defense, or other
      right which any Borrower may have at any time against the beneficiary of
      any L/C or Banker's Acceptance.

                  (iv) Any good faith honoring of a drawing under any L/C or
      Banker's Acceptance, which drawing possibly could have been dishonored
      based upon a strict construction of the terms of the L/C or Banker's
      Acceptance.

      2.20. CHANGED CIRCUMSTANCES.


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<PAGE>
            (a) The Administrative Agent may advise the Lead Borrower that the
Administrative Agent has made the good faith determination (which determination
shall be final and conclusive) of any of the following:

                  (i)   Adequate and fair means do not exist for ascertaining
      the rate for LIBOR Loans.

                  (ii) The continuation of or conversion of any Revolving Credit
      Loan to a LIBOR Loan has been made impracticable or unlawful by the
      occurrence of a contingency that materially and adversely affects the
      applicable market or the compliance by the Administrative Agent or any
      Revolving Credit Lender in good faith with any Applicable Law.

                  (iii) The indices on which the interest rates for LIBOR Loans
      are based shall no longer represent the effective cost to the
      Administrative Agent or any Revolving Credit Lender for U.S. dollar
      deposits in the interbank market for deposits in which it regularly
      participates.

            (b) In the event that the Administrative Agent advises the Lead
Borrower of an occurrence described in Section 2.20(a), then, until the
Administrative Agent notifies the Lead Borrower that the circumstances giving
rise to such notice no longer apply:

                  (i) The obligation of the Administrative Agent or each
      Revolving Credit Lender to make loans of the type affected by such changed
      circumstances or to permit the Lead Borrower to select the affected
      interest rate as otherwise applicable to any Revolving Credit Loans shall
      be suspended.

                  (ii) Any notice which the Lead Borrower had given the
      Administrative Agent with respect to any LIBOR Loan, the time for action
      with respect to which has not occurred prior to the Administrative Agent's
      having given notice pursuant to Section 2.20(a), shall be deemed at the
      option of the Administrative Agent to not having been given.

      2.21. DESIGNATION OF LEAD BORROWER AS BORROWERS' AGENT.

            (a) Each Borrower hereby irrevocably designates and appoints the
Lead Borrower as that Borrower's agent to obtain loans and advances under the
Revolving Credit, the proceeds of which shall be available to each Borrower for
those uses as those set forth in Section 2.1(d) and to request the issuance of
L/Cs and Banker's Acceptances for such Borrower. The Value City Entities and
Filene's further irrevocably designate and appoint Retail Ventures Imports, Inc.
as their agent to request the issuance of L/Cs and Banker's Acceptances for such
Borrower (to the extent that the Lead Borrower does not make such request). As
the disclosed principal for its agent, each Borrower shall be obligated to the
Agent and each Revolving Credit Lender on account of loans and advances so made
to, and L/Cs and Banker's Acceptances so issued for, its Division under the
Revolving Credit as if made directly by the Revolving Credit Lenders to that
Borrower, notwithstanding the manner by which such loans and advances are
recorded on the books and records of the Lead Borrower and of any Borrower.


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<PAGE>
            (b) Each Borrower recognizes that credit available to it under the
Revolving Credit is in excess of and on better terms than it otherwise could
obtain on and for its own account and that one of the reasons therefor it is
joining in the credit facility contemplated herein with all other Borrowers.
Consequently, each Borrower hereby assumes and agrees to fully, faithfully, and
punctually discharge all Liabilities of all of the Borrowers and hereby
guarantees the payment and performance of all Liabilities of all other
Borrowers. In any action or proceeding with respect to any Borrower involving
any Applicable Law, including, without limitation, state or federal bankruptcy,
insolvency, reorganization or other law affecting the rights of creditors
generally, if the obligations of such Borrower as a guarantor hereunder would
otherwise be held or determined to be void, invalid or unenforceable, or
subordinated to the claims of any other creditors, on account of the amount of
its liability hereunder, then, notwithstanding any other provision hereof to the
contrary, the amount of such liability shall, without any further action by such
Borrower, any Lender, the Agent or any other Person, be automatically limited
and reduced to the highest amount which is valid and enforceable and not
subordinated to the claims of other creditors as determined in such action or
proceeding after taking into account such Borrower's right of indemnification
and contribution from each other Borrower under Section 20.23(d) hereof.

            (c) The proceeds of each loan and advance provided under the
Revolving Credit which is requested by the Lead Borrower shall be deposited into
the Operating Account of the applicable Division. Neither the Administrative
Agent nor any Revolving Credit Lender shall have any obligation to see to the
application of such proceeds.

      2.22. REVOLVING CREDIT LENDERS' COMMITMENTS.

            (a) Subject to Section 17.1 (which provides for assignments and
assumptions of commitments), each Revolving Credit Lender's "REVOLVING CREDIT
COMMITMENT PERCENTAGE", and "REVOLVING CREDIT DOLLAR COMMITMENT" (respectively
so referred to herein) is set forth on EXHIBIT 2.22, annexed hereto.

            (b) The obligations of each Revolving Credit Lender are several and
not joint. No Revolving Credit Lender shall have any obligation to make any loan
under the Revolving Credit in excess of either of the following:

                  (i) That Revolving Credit Lender's Revolving Credit Commitment
      Percentage of the subject loan or advance or of Availability, Filene's
      Availability or VC Availability, as applicable.

                  (ii) Any loan which, when aggregated with all other loans made
      by that Revolving Credit Lender under the Revolving Credit and then
      outstanding, exceed that Revolving Credit Lender's Revolving Credit Dollar
      Commitment.

            (c) No Revolving Credit Lender shall have any liability to the
Borrowers on account of the failure of any other Revolving Credit Lender to
provide any loan or advance under the Revolving Credit nor any obligation to
make up any shortfall which may be created by such failure.


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<PAGE>
            (d) The Revolving Credit Dollar Commitments, Revolving Credit
Commitment Percentages, and identities of the Revolving Credit Lenders may be
changed, from time to time by the reallocation or assignment of Revolving Credit
Dollar Commitments and Revolving Credit Commitment Percentages among the
Revolving Credit Lenders or with other Persons who determine to become
"Revolving Credit Lenders", provided, however unless an Event of Default has
occurred and is continuing (in which event, no consent of any Borrower is
required) any assignment to a Person (other than to another Lender or to any
domestic Affiliate of any Lender) shall be subject to the prior consent of the
Lead Borrower (not to be unreasonably withheld or delayed), which consent will
be deemed given unless the Lead Borrower provides the Administrative Agent with
written objection, not more than five (5) Business Days after the Administrative
Agent shall have given the Lead Borrower written notice of a proposed
assignment), provided that the Lead Borrower's consent shall in no event be
required with respect to the following: (i) an assignment to another Revolving
Credit Lender; or (ii) an assignment to a transferee of a Revolving Credit
Lender's rights in and to a material portion of such Revolving Credit Lender's
portfolio of asset based credit facilities.

            (e) Upon written notice given the Lead Borrower from time to time by
the Administrative Agent, of any assignment or allocation referenced in Section
2.22(d):

                  (i) Each Borrower shall execute one or more replacement
      Revolving Credit Notes to reflect such changed Revolving Credit Dollar
      Commitments, Revolving Credit Commitment Percentages, and identities and
      shall deliver such replacement Revolving Credit Notes to the
      Administrative Agent (which promptly thereafter shall deliver to the Lead
      Borrower the Revolving Credit Notes so replaced) provided however, in the
      event that a Revolving Credit Note is to be exchanged following its
      acceleration or the entry of an order for relief under the Bankruptcy Code
      with respect to any Borrower, the Administrative Agent, in lieu of causing
      the Borrowers to execute one or more new Revolving Credit Notes, may issue
      the Administrative Agent's certificate confirming the resulting Revolving
      Credit Dollar Commitments and Revolving Credit Commitment Percentages.

                  (ii) Such change shall be effective from the effective date
      specified in such written notice and any Person added as a Revolving
      Credit Lender shall have all rights and privileges of a Revolving Credit
      Lender hereunder thereafter as if such Person had been a signatory to this
      Agreement and any other Loan Document to which a Revolving Credit Lender
      is a signatory and any Person removed as a Revolving Credit Lender shall
      be relieved of any obligations or responsibilities of a Revolving Credit
      Lender hereunder thereafter.

      2.23. PAYMENTS.

            (a) The Borrowers shall make each payment required to be made by it
hereunder or under any other Loan Document (whether of principal, interest, fees
or reimbursement of drawings under L/Cs, Banker's Acceptances, or otherwise)
prior to 2:00 p.m. on the date when due, in immediately available funds, without
setoff or counterclaim. Any amounts received after such time on any date may, in
the reasonable, good faith discretion of the Administrative Agent, be deemed to
have been received on the next succeeding Business Day for purposes of
calculating interest thereon. All such payments shall be made to the
Administrative


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<PAGE>
Agent at its offices at 1965 East Sixth Street, Cleveland, Ohio (or such other
address as to which the Lead Borrower shall have been advised by the
Administrative Agent), except payments to be made directly to the Issuer as
expressly provided herein. If any payment under any Loan Document shall be due
on a day that is not a Business Day, except with respect to LIBOR Loans, the
date for payment shall be extended to the next succeeding Business Day, and, in
the case of any payment accruing interest, interest thereon shall be payable for
the period of such extension. All payments under each Loan Document shall be
made in dollars.

            (b) If and to the extent that any payment owed by the Borrowers to
the Administrative Agent, any Revolving Credit Lender or the Issuer is not made
when due, each Borrower authorizes the Administrative Agent, the Revolving
Credit Lenders and the Issuer, as the case may be, to charge from time to time
against any or all of the deposit accounts of the Borrowers any amount so due.
Notice of such charge shall be given promptly to the Lead Borrower.

ARTICLE 3 - CONDITIONS PRECEDENT:

      As a condition to the effectiveness of this Agreement, the establishment
of the Revolving Credit, and the making of the first loan under the Revolving
Credit, each of the documents respectively described in Sections 3.1 through and
including 3.4, (each in form and substance satisfactory to the Administrative
Agent) shall have been delivered to the Administrative Agent, and the conditions
respectively described in Sections 3.5 through and including 3.21, shall have
been satisfied:

      3.1.  CORPORATE DUE DILIGENCE.

            (a) Certificates of corporate good standing or full force and
effect, as applicable, for each Loan Party, respectively issued by the Secretary
of State for the state in which that Loan Party is incorporated.

            (b) Certificates of due qualification, in good standing, issued by
the Secretary(ies) of State of each State for each Borrower reasonably required
by the Administrative Agent.

            (c) Certificates of each Loan Party's Secretary of the due adoption,
continued effectiveness, and setting forth the texts of, each corporate
resolution adopted in connection with the establishment of the loan arrangement
contemplated by the Loan Documents and attesting to the true signatures of each
Person authorized as a signatory to any of the Loan Documents.

      3.2.  OPINIONS.  Opinions of counsel to the Loan Parties in form and
substance satisfactory to the Administrative Agent.

      3.3.  ADDITIONAL DOCUMENTS.  Such additional instruments and documents
as the Agent or its counsel may reasonably require or request including,
without limitation, the documents described on EXHIBIT 3.3 hereto.


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<PAGE>
      3.4.  OFFICERS' CERTIFICATES.  Certificates executed by the Chief
Executive Officer and the Chief Financial Officer of the Lead Borrower in
form and substance satisfactory to the Administrative Agent.

      3.5. REPRESENTATIONS AND WARRANTIES. Each of the representations made by
or on behalf of each Loan Party in this Agreement or in any of the other Loan
Documents or in any other report, statement, document, or paper provided by or
on behalf of each Loan Party shall be true and complete as of the date as of
which such representation or warranty was made.

      3.6. MINIMUM DAY ONE AVAILABILITY. After giving effect to the first
funding under the Revolving Credit, any charges to the Loan Account made in
connection with the establishment of the credit facility contemplated hereby,
L/Cs and Banker's Acceptances to be issued at, or immediately subsequent to,
such establishment, Excess Availability shall not be less than $90,000,000.00.

      3.7. SENIOR NON-CONVERTIBLE FACILITY; INTERCREDITOR AGREEMENT. The Senior
Non-Convertible Facility shall be fully funded on the Effective Date. All
documentation entered into with respect to the Senior Non-Convertible Facility
shall be satisfactory to the Lead Arranger, in its sole reasonable, good faith
discretion. The Agent shall have entered into the Intercreditor Agreement on
terms reasonably satisfactory to the Lead Arranger.

      3.8.  DSW INITIAL PUBLIC OFFERING.

      A Qualifying IPO of the Class A Common Shares of DSW shall have been
consummated and proceeds sufficient to repay in full all Indebtedness
outstanding under the CCM Term Loan Facilities shall have been received and
applied to such Indebtedness pursuant to Section 3.9 below, all of which shall
be satisfactory in form and substance to the Agent.

      3.9. REPAYMENT OF EXISTING INDEBTEDNESS. The Administrative Agent shall
have received a payoff letter from CCM as agent under the CCM Term Loan
Facilities as well as a tender of releases and discharges of all collateral
security for the CCM Term Loan Facilities, each in form and substance
satisfactory to the Administrative Agent. Such Indebtedness shall be repaid on
the Effective Date.

      3.10. CONSENTS.  All necessary consents and approvals to the
transactions contemplated hereby shall have been obtained and shall be
satisfactory to the Administrative Agent.

      3.11. APPRAISALS AND COMMERCIAL FINANCE EXAMINATIONS. The Collateral Agent
shall have received (a) appraisals of the Borrowers' Inventory by a third party
appraiser acceptable to the Collateral Agent, and (b) a commercial finance
examination with respect to the Lead Borrower and its Subsidiaries, including a
review of the Borrowers' books and records, each in form and substance
satisfactory to the Collateral Agent.

      3.12. FINANCIAL INFORMATION.

      The Administrative Agent shall have received such financial information
and projections as the Agent may reasonably request, including, without
limitation, monthly financial projections


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<PAGE>
of the Borrowers for the subsequent three fiscal years and annual financial
projections of the Borrowers through the Maturity Date. All such financial
information shall be reasonably satisfactory to the Agent and shall reflect the
Borrowers' ability to perform their obligations hereunder.

      3.13. MATERIAL AGREEMENTS. The consummation of the transactions
contemplated hereby shall not (a) violate any applicable law, statute, rule or
regulation or (b) conflict with, or result in a default or event of default
under, any material agreement of any Loan Party. There shall not have occurred
any default of any material contract or agreement of any Loan Party. The Agent
shall be satisfied with the corporate structure and organizational documents of
the Borrowers and the Parent.

      3.14. LITIGATION.  There shall not be pending any litigation or other
proceeding, the result of which could reasonably be expected to have a
Material Adverse Effect.

      3.15. PERFECTION OF ENCUMBRANCES.

            (a) The Collateral Agent shall have received results of searches or
other evidence reasonably satisfactory to the Collateral Agent (in each case
dated as of a date reasonably satisfactory to the Collateral Agent) indicating
the absence of Encumbrances, except for Permitted Encumbrances, on the assets of
the Loan Parties, except for which termination statements and releases
reasonably satisfactory to the Collateral Agent are being tendered concurrently
with such extension of credit.

            (b) The Collateral Agent shall have received all documents and
instruments, including Uniform Commercial Code financing statements, required by
law or reasonably requested by the Collateral Agent to be filed, registered or
recorded to create or perfect the first priority Encumbrances intended to be
created under the Loan Documents (subject to Permitted Encumbrances having
priority over the Encumbrance of the Collateral Agent pursuant to operation of
law) and all such documents and instruments shall have been so filed (or
provision made therefor), registered or recorded to the satisfaction of the
Collateral Agent.

      3.16. ALL FEES AND EXPENSES PAID. All fees due at or immediately after the
first funding under the Revolving Credit and all costs and expenses incurred by
the Agent and the Lead Arranger in connection with the establishment of the
credit facility contemplated hereby (including the fees and expenses of counsel
to the Agent and the Lead Arranger) shall have been paid in full.

      3.17. CASH MANAGEMENT.  The Loan Parties shall have established cash
management systems reasonably acceptable to the Agent, including, without
limitation, compliance with the provisions of Sections 8.1(b), 8.2(b), and
8.3(a).

      3.18. INSURANCE. The Agent shall be reasonably satisfied with the
insurance maintained by the Loan Parties and the Agent shall have received an
endorsement to such insurance policies naming the Agent as loss payee and/or
additional insured and otherwise satisfactory in form and substance to the
Agent.

      3.19. NO LOAN PARTY IN DEFAULT.  No Loan Party is in Default.


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<PAGE>
      3.20. NO ADVERSE CHANGE. The Agent shall be reasonably satisfied that any
financial statements delivered to it fairly present the business and financial
condition of the Borrowers and their Subsidiaries, and that there has been no
material adverse change in the assets, business, financial condition, or income
of the Borrowers and their Subsidiaries since the April, 2005 financial
information delivered to the Agent.

      3.21. CERTAIN CHANGES.

            (a) No material changes in governmental regulations or policies
affecting the Loan Parties, the Agent, the Lead Arranger or any Revolving Credit
Lender involved in this transaction shall have occurred prior to the Effective
Date.

            (b) There shall not have occurred prior to the Efective Date any
disruption or material adverse change in the financial or capital markets in
general that would, in the reasonable opinion of the Administrative Agent, have
a material adverse effect on the market for loan syndications or adversely
affecting the syndication of the Revolving Credit Loans.

      3.22. BENEFIT OF CONDITIONS PRECEDENT. The conditions set forth in this
Article 3 are for the sole benefit of the Agent and each Revolving Credit Lender
and may be waived by the Administrative Agent in whole or in part without
prejudice to the Agent or any Revolving Credit Lender.

No document shall be deemed delivered to the Agent or any Revolving Credit
Lender until received and accepted by the Administrative Agent at its offices in
Cleveland, Ohio. Under no circumstances shall this Agreement take effect until
executed and accepted by the Agent.

ARTICLE 4 - GENERAL REPRESENTATIONS AND WARRANTIES:

      To induce each Revolving Credit Lender to establish the credit facility
contemplated herein and to induce the Revolving Credit Lenders to provide loans
and advances under the Revolving Credit (each of which loans shall be deemed to
have been made in reliance thereupon) the Loan Parties, in addition to all other
representations and warranties made by any Loan Party in any other Loan
Document, make those representations and warranties set forth below.

      4.1.  DUE ORGANIZATION. AUTHORIZATION. NO CONFLICTS.

            (a) Each Loan Party presently is in good standing as a corporation
or other entity under the laws of the state in which it is organized, and,
except as described on EXHIBIT 4.1, annexed hereto, is duly qualified and in
good standing in every other state in which, by reason of the nature or location
of each Loan Parties' assets or operation of each of their respective business,
such qualification may be necessary, except where the failure to so qualify
would not have a Material Adverse Effect.

            (b) Each Loan Party's respective organizational identification
number assigned to it by the state of its incorporation and its respective
federal employer identification number, as of the Effective Date, is listed on
EXHIBIT 4.1, annexed hereto.


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            (c) Each Loan Party has all requisite power and authority to execute
and deliver all Loan Documents to which that Loan Party is a party and has all
requisite power to perform all Liabilities.

            (d) The execution and delivery by each Loan Party of each Loan
Document to which it is a party; each Loan Party's consummation of the
transactions contemplated by such Loan Documents (including, without limitation,
the creation of Collateral Interests by that Loan Party to secure the
Liabilities); and each Loan Party's performance under those of the Loan
Documents to which it is a party:

                  (i)   Have been duly authorized by all necessary action.

                  (ii) Do not contravene in any material respect any provision
      of any Requirement of Law or obligation of that Loan Party.

                  (iii) Will not result in the creation or imposition of, or the
      obligation to create or impose, any Encumbrance upon any assets of that
      Loan Party pursuant to any Requirement of Law or obligation, except
      pursuant to the Loan Documents.

            (e) The Loan Documents have been duly executed and delivered by each
Loan Party and are the legal, valid and binding obligations of each Loan Party,
enforceable against each Loan Party in accordance with their respective terms,
except as may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws relating to or limiting creditors' rights generally or by
equitable principles relating to enforceability.

      4.2.  TRADE NAMES.

            (a)   EXHIBIT 4.2, annexed hereto, is a listing as of the
Effective Date, of:

                  (i) All names under which, to the knowledge of the Lead
      Borrower, any Loan Party has conducted its business in the past five (5)
      years.

                  (ii) All Persons with whom any Loan Party has consolidated or
      merged, or from whom any Loan Party has acquired in a single transaction
      or in a series of related transactions substantially all of such Person's
      assets in the past five (5) years.

      4.3.  INTELLECTUAL PROPERTY.

            (a) Each Loan Party owns and possesses, or has the right to use all
material patents, industrial designs, trademarks, trade names, trade styles,
brand names, service marks, logos, copyrights, trade secrets, know-how,
confidential information, and other intellectual or proprietary property of any
third Person necessary for that Loan Party's conduct of that Loan Party's
business.

            (b) The conduct by each Loan Party of that Loan Party's business
does not, to the knowledge of the Loan Parties, presently infringe (nor will any
Loan Party conduct its business in the future so as to infringe) the patents,
industrial designs, trademarks, trade names, trade styles, brand names, service
marks, logos, copyrights, trade secrets, know-how,


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<PAGE>
confidential information, or other intellectual or proprietary property of any
third Person, except where such infringement is not reasonably likely to have a
Material Adverse Effect.

      4.4.  LOCATIONS.

            (a) The Collateral, and the books, records, and papers of the Loan
Parties pertaining thereto, are kept and maintained solely (i) at those
locations which are listed on EXHIBIT 4.4, annexed hereto (or as supplemented
pursuant to the terms of this Agreement), which Exhibit includes, with respect
to each such location, the name and address of the landlord on the Lease which
covers such location (or an indication that a Loan Party owns the subject
location) and of all service bureaus with which any such records are maintained
or (ii) at such other locations as to which the Lead Borrower has provided ten
(10) days prior written notice to the Administrative Agent of the intended
location of the Collateral, books, records, and papers thereat.

            (b) No tangible personal property of any Loan Party is in the care
or custody of any third party or stored or entrusted with a bailee or other
third party, except (i) as otherwise disclosed pursuant to, or permitted by,
this Section 4.4, or (ii) for Inventory in an amount not to exceed $1,000,000 at
Cost in the aggregate at any time in the ordinary course of business.

      4.5.  ENCUMBRANCES.

            (a) The Loan Parties are the owners of the Collateral free and clear
of all Encumbrances other than any Permitted Encumbrance.

            (b) No Loan Party has possession of any property on consignment to
that Loan Party from a third party that is not a Loan Party except (i) as of the
Effective Date, those listed on EXHIBIT 4.5(B), annexed hereto and (ii) those as
to which the Loan Parties notify the Administrative Agent in accordance with the
provisions of Section 6.3 hereof.

      4.6.  INDEBTEDNESS.   The Loan Parties do not have any Indebtedness
other than:

            (a)   Permitted Indebtedness; and

            (b)   A Loan Party's guaranty of Permitted Indebtedness of
another Loan Party.

      4.7.  INSURANCE.

            EXHIBIT 4.7, annexed hereto, is a schedule of all insurance policies
owned by the Loan Parties or under which any Loan Party is the named insured as
of the Effective Date. Each of such policies is in full force and effect. To the
best of such Loan Party's knowledge, neither the issuer of any such policy nor
any Loan Party is in default or violation of any such policy.

      4.8. LICENSES. Each material license, distributorship, franchise, and
similar agreement issued to, or to which any Loan Party is a party is in full
force and effect. Each material license agreement to which a Loan Party is a
party as of the Effective Date is listed on EXHIBIT 4.8, annexed hereto. No
party to any such license or agreement is in default or violation thereof,
except where such default or failure is not reasonably likely to have a Material


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<PAGE>
Adverse Effect. No Loan Party has received any notice or threat of cancellation
of any such license or agreement.

      4.9. LEASES. EXHIBIT 4.9, annexed hereto, is a schedule of all presently
effective Capital Leases as of the Effective Date. (EXHIBIT 4.4 includes a list
of all other presently effective Leases). Each of such Leases and Capital Leases
is in full force and effect. No Loan Party, to the best of its knowledge, is in
default or violation of any such Lease or Capital Lease, except where such
violation is not reasonably likely to have a Material Adverse Effect. No Loan
Party has received any notice or threat of cancellation of any such Lease or
Capital Lease, which cancellation (together with all other similar
cancellations) is reasonably likely to have a Material Adverse Effect.

      4.10. REQUIREMENTS OF LAW. Each Loan Party and each of its Subsidiaries is
in compliance with all Requirements of Law except where the failure of such
compliance will not have a Material Adverse Effect. No Loan Party has received
any notice of any violation of any Requirement of Law (other than of a violation
which does not have a Material Adverse Effect), which violation has not been
cured or otherwise remedied.

      4.11. LABOR RELATIONS.

            (a) As of the Effective Date, no Loan Party is a party to any
collective bargaining or other labor contract except as listed on EXHIBIT 4.11,
annexed hereto.

            (b) There is not presently pending and, to any Loan Party's
knowledge, there is not threatened any of the following except to the extent any
of the following is not reasonably likely to have a Material Adverse Effect:

                  (i)   Any strike, slowdown, picketing, work stoppage, or
      employee grievance process.

                  (ii) Except as described on EXHIBIT 4.17 annexed hereto, any
      proceeding against or affecting any Loan Party relating to the alleged
      violation of any Applicable Law pertaining to labor relations or before
      National Labor Relations Board, the Equal Employment Opportunity
      Commission, or any comparable governmental body, organizational activity,
      or other labor or employment dispute against or affecting any Loan Party,
      which, if determined adversely to that Loan Party is reasonably likely to
      have a Material Adverse Effect on that Loan Party.

                  (iii) Any lockout of any employees by any Loan Party (and no
      such action is contemplated by any Loan Party).

                  (iv)  Any application for the certification of a collective
      bargaining agent.

            (c) No event has occurred or circumstance exists which could provide
the basis for any work stoppage or other labor dispute which would be reasonably
likely to have a Material Adverse Effect.

            (d)   Each Loan Party:


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<PAGE>
                  (i) Has complied with all Applicable Law relating to
      employment, equal employment opportunity, nondiscrimination, immigration,
      wages, hours, benefits, collective bargaining, the payment of social
      security and similar taxes, occupational safety and health, and plant
      closing, except where such non-compliance is not reasonably likely to have
      a Material Adverse Effect.

                  (ii) Is not liable for the payment of compensation, damages,
      taxes, fines, penalties, or other amounts, however designated, for that
      Loan Party's failure to comply with any Applicable Law referenced in
      Section 4.11(d)(i) which is reasonably likely to have a Material Adverse
      Effect.

      4.12. TAXES.

            (a)   With respect to the Loan Parties' federal, state, and local
tax liability and obligations:

                  (i) To the best of its knowledge, the Lead Borrower, in
      compliance with all Applicable Law, has properly filed all material
      returns due to be filed up to the date of this Agreement.

                  (ii)  Except as described on EXHIBIT :

                        (A) Currently, no Loan Party has received from any
            taxing authority any request to perform any examination of or with
            respect to any Loan Party nor any other written or verbal notice in
            any way relating to any claimed failure by any Loan Party to comply
            with all Applicable Law concerning payment of any taxes or other
            amounts in the nature of taxes in excess of $500,000 in any one
            instance.

                        (B) No agreement exists which waives or extends any
            statute of limitations applicable to the right of any taxing
            authority to assert a deficiency or make any other claim for or in
            respect to federal income taxes.

                        (C) No issue has been raised in any tax examination of
            any Loan Party which reasonably could be expected to result in the
            assertion of a deficiency for any fiscal year open for examination,
            assessment, or claim by any taxing authority in excess of $500,000
            in the aggregate for all Loan Parties.

            (b) The Loan Parties have paid, as they become due and payable, all
taxes and unemployment contributions and other charges of any kind or nature
levied, assessed or claimed against any Loan Party or the Collateral by any
Person whose claim could result in an Encumbrance upon any asset of any Loan
Party or by any governmental authority except for (i) taxes, contributions and
charges which are being contested in good faith by such Loan Party, by
appropriate proceedings diligently instituted and conducted, without danger to
any material risk to the Collateral, and adequate reserves or appropriate
provision, if any, as shall be required in conformity with GAAP, shall have been
made therefor, and provided that no Encumbrance has been filed on account
thereof, and (ii) taxes, contributions, and other charges which the Loan Parties
have inadvertently not paid when due as long as (A) the aggregate amount thereof
does


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not exceed $500,000, and (B) no Encumbrance has been filed on account thereof,
and (C) promptly upon the date an Authorized Officer obtains knowledge or should
have obtained knowledge thereof, the Borrowers make payment of such taxes,
contributions or charges; has properly exercised any trust responsibilities
imposed upon any Loan Party by reason of withholding from employees' pay or by
reason of any Loan Parties' receipt of sales tax or other funds for the account
of any third party; has timely made all contributions and other payments as may
be required pursuant to any Employee Benefit Plan now or hereafter established
by any Loan Party; and has timely filed all tax and other returns and other
reports with each Governmental Authority to whom any Loan Party is obligated to
so file, except for such returns or reports which the Loan Parties have
inadvertently not paid when due as long as (A) the aggregate amount of taxes,
assessments or charges with respect to such returns does not exceed $500,000,
and (B) no Encumbrance has been filed on account thereof, and (C) promptly upon
the date an Authorized Officer obtains knowledge or should have obtained
knowledge thereof, the Borrowers file such returns and/or reports and make
payment of any amounts required to be paid on account thereof.

      4.13. NO MARGIN STOCK. No Loan Party is engaged in the business of
extending credit for the purpose of purchasing or carrying any margin stock
(within the meaning of Regulations U, T, and X of the Board of Governors of the
Federal Reserve System of the United States).

      4.14. INVESTMENT AND HOLDING COMPANY STATUS. No Loan Party is (a) an
"investment company" as defined in, or subject to regulation under, the
Investment Company Act of 1940 or (b) a "holding company" as defined in, or
subject to regulation under, the Public Utility Holding Company Act of 1935.

      4.15. ERISA.  Except to the extent that such action is not reasonably
likely to have a Material Adverse Effect, neither any Loan Party nor any
ERISA Affiliate has within the past three (3) years:

                  (i) Violated or failed to be in full compliance with any Loan
      Party's Employee Benefit Plan.

                  (ii) Failed timely to file all reports and filings required by
      ERISA to be filed by any Loan Party.

                  (iii) Engaged in any nonexempt "prohibited transactions" or
      "reportable events" (respectively as described in ERISA).

                  (iv) Engaged in, or committed, any act such that a tax or
      penalty reasonably could be imposed upon any Loan Party on account thereof
      pursuant to ERISA.

                  (v)   Incurred any material accumulated funding deficiency
      within the meaning of ERISA.

                  (vi) Terminated any Employee Benefit Plan such that a lien
      could be asserted against any assets of any Loan Party on account thereof
      pursuant to ERISA.


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<PAGE>
                  (vii) Failed to make any required contribution or payment to,
      or made a complete or partial withdrawal from, any Employee Benefit Plan
      which is a multiemployer plan within the meaning of Section 4001(a) of
      ERISA.

      4.16. HAZARDOUS MATERIALS. Except as set forth on EXHIBIT 4.16 hereto, (i)
the operations of each Loan Party are in material compliance with all
Environmental Laws; (ii) to the best of each Loan Party's knowledge, there has
been no Release at any of the properties owned or operated by any Loan Party or
a predecessor in interest, or at any disposal or treatment facility which
received Hazardous Materials generated by any Loan Party or any predecessor in
interest which is reasonably likely to have a Material Adverse Effect; (iii) no
Environmental Action has been asserted against any Loan Party or any predecessor
in interest nor does any Loan Party have knowledge or notice of any threatened
or pending Environmental Action against any Loan Party or any predecessor in
interest which is reasonably likely to have a Material Adverse Effect; (iv) no
Loan Party has knowledge of any Environmental Actions that have been asserted
against any facilities that may have received Hazardous Materials generated by
any Loan Party or any predecessor in interest which are reasonably likely to
have a Material Adverse Effect; (v) to the best of such Loan Party's knowledge,
no property now or formerly owned or operated by a Loan Party has been used as a
treatment or disposal site for any Hazardous Material; (vi) no Loan Party has
failed to report to the proper Governmental Authority any Release which is
required to be so reported by any Environmental Laws which is reasonably likely
to have a Material Adverse Effect; (vii) each Loan Party holds all licenses,
permits and approvals required under any Environmental Laws in connection with
the operation of the business carried on by it, except for such licenses,
permits and approvals as to which a Loan Party's failure to maintain or comply
with is not reasonably likely to have a Material Adverse Effect; and (viii) no
Loan Party has received any notification pursuant to any Environmental Laws that
(A) any work, repairs, construction or Capital Expenditures are required to be
made in respect as a condition of continued compliance with any Environmental
Laws, or any license, permit or approval issued pursuant thereto or (B) any
license, permit or approval referred to above is about to be reviewed, made,
subject to limitations or conditions, revoked, withdrawn or terminated, in each
case, except as is not reasonably likely to have a Material Adverse Effect.

      4.17. LITIGATION. Except as described in EXHIBIT 4.17, annexed hereto,
there is not presently pending or threatened by or against any Loan Party any
suit, action, proceeding, or investigation which, if determined adversely to any
Loan Party, would have a Material Adverse Effect. As of the Effective Date, no
Loan Party is the holder of any Commercial Tort Claim other than as described on
EXHIBIT 4.17.

      4.18. ADEQUACY OF DISCLOSURE.

            (a) All quarterly and annual financial statements furnished to the
Administrative Agent and to each Revolving Credit Lender by the Loan Parties on
a consolidated basis have been prepared in accordance with GAAP consistently
applied (provided however, that unaudited financial statements are subject to
normal year end adjustments and to the absence of footnotes). All financial
statements furnished to the Administrative Agent and to each Revolving Credit
Lender by the Loan Parties present fairly the condition of the Loan Parties at
the date(s) thereof and the results of operations and cash flows for the
period(s) covered (provided however, that unaudited financial statements are
subject to normal year end adjustments and to the absence of footnotes). There
has been no change in the Consolidated financial condition, results of


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operations, or cash flows of the Loan Parties since the date(s) of such
financial statements, other than changes which are not reasonably likely to have
a Material Adverse Effect.

            (b) No Loan Party has any material contingent obligation or material
obligation under any Lease or Capital Lease which is not noted in the Loan
Parties' annual Consolidated financial statements furnished to the
Administrative Agent and to each Revolving Credit Lender prior to the execution
of this Agreement.

            (c) No document, instrument, agreement, or paper given to the Agent
or to any Revolving Credit Lender by or on behalf of each Loan Party or any
guarantor of the Liabilities in connection with the execution of this Agreement
by the Agent and to each Revolving Credit Lender contains any untrue statement
of a material fact or omits or will omit to state a material fact necessary in
order to make the statements therein not misleading. There is no fact known to
any Loan Party which has, or which, in the foreseeable future is reasonably
likely to have a Material Adverse Effect.

      4.19. UNRESTRICTED SUBSIDIARIES.  Each of the Unrestricted Subsidiaries
is inactive or in the process of being liquidated or dissolved.

      4.20. NO BANKRUPTCY FILING.   No Loan Party is contemplating, or has
any knowledge of any other Person contemplating, taking any of the actions
described in Section 11.11 or 11.12 hereof.  No Loan Party is contemplating
the liquidation of all or a major portion of such Loan Party's assets.

      4.21. PATRIOT ACT

      Each Borrower is in compliance, in all material respects, with the USA
PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001))
(the "Patriot Act"). No part of the proceeds of the Loans will be used, directly
or indirectly, for any payments to any governmental official or employee,
political party, official of a political party, candidate for political office,
or anyone else acting in an official capacity, in order to obtain, retain or
direct business or obtain any improper advantage, in violation of the United
States Foreign Corrupt Practices Act of 1977, as amended.

      4.22. FOREIGN ASSET CONTROL REGULATIONS Neither of the advance of the
Loans nor the use of the proceeds of any thereof will violate the Trading With
the Enemy Act (50 U.S.C. Section 1 et seq., as amended) (the "Trading With the
Enemy Act") or any of the foreign assets control regulations of the United
States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) (the
"Foreign Assets Control Regulations") or any enabling legislation or executive
order relating thereto (which for the avoidance of doubt shall include, but
shall not be limited to (a) Executive Order 13224 of September 21, 2001 Blocking
Property and Prohibiting Transactions With Persons Who Commit, Threaten to
Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)) (the "Executive Order")
and (b) the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56)).
Furthermore, none of the Borrowers or their Affiliates (a) is or will become a
"blocked person" as described in the Executive Order, the Trading With the Enemy
Act or the Foreign Assets Control Regulations or (b) engages or will engage in
any dealings or transactions,


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<PAGE>
or be otherwise associated, with any such "blocked person" or in any manner
violative of any such order.

ARTICLE 5 - GENERAL COVENANTS:

      5.1.  PAYMENT AND PERFORMANCE OF LIABILITIES.  The Loan Parties shall
pay each payment Liability when due (or when demanded, if payable on demand)
and shall promptly, punctually, and faithfully perform each other Liability.

      5.2.  DUE ORGANIZATION. AUTHORIZATION. NO CONFLICTS.

            (a) Each Loan Party shall remain in good standing as a corporation
or other entity under the laws of the state in which it is organized, and shall
hereafter remain duly qualified and in good standing in every other state in
which, by reason of the nature or location of each Loan Parties' assets or
operation of each of their respective business, such qualification may be
necessary, except where the failure to so qualify would not have a Material
Adverse Effect.

            (b) No Loan Party shall change its state of organization; any
organizational identification number assigned to that Loan Party by that state;
or that Loan Party's federal taxpayer identification number, without the prior
written consent of the Administrative Agent, which consent shall not be
unreasonably withheld.

            (c) Except where the failure to observe, maintain, or perform the
following is not reasonably likely to have a Material Adverse Effect:

                  (i) All customary formalities regarding the corporate
      existence of each Loan Party will be observed.

                  (ii) In accordance with its present practices, each Loan Party
      will accurately maintain its organizational documents separate from those
      of any Affiliate of such Loan Party and any other Person.

      5.3.  TRADE NAMES.

            The Lead Borrower will provide the Administrative Agent with not
less than ten (10) days prior written notice (with reasonable particularity) of
any change to any Loan Party's name from that under which that Loan Party is
conducting its business at the execution of this Agreement and will not effect
such change unless each Loan Party is then in compliance with all provisions of
this Agreement.

      5.4.  LOCATIONS.

            (a) The Collateral, and the books, records, and papers of the Loan
Parties pertaining thereto, will be kept and maintained solely (i) at those
locations which are listed on Exhibit 4.4, annexed hereto (or as supplemented
pursuant to the terms of this Agreement), which Exhibit includes, with respect
to each such location, the name and address of the landlord on the Lease which
covers such location (or an indication that a Loan Party owns the subject
location) and of all service bureaus with which any such records are maintained
or (ii) at such other


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locations as to which the Lead Borrower has provided ten (10) days prior written
notice to the Administrative Agent of the intended location of the Collateral,
books, records, and papers thereat.

            (b) No Loan Party shall remove any of the Collateral from those
locations described in Section 4.4(a) except for the following purposes:

                  (i)   To accomplish sales of Inventory in the ordinary
      course of business.

                  (ii) To move Inventory or other Collateral from one such
      location to another such location.

                  (iii) To utilize such of the Collateral as is removed from
      such locations in the ordinary course of business.

            (c)   No Loan Party will:

                  (i) Alter, modify, or amend any Lease in a manner which is
      reasonably likely to have a Material Adverse Effect.

                  (ii) Other than leased departments and similar arrangements
      with third parties, commit to open or close, or open or close, any
      location at which any Loan Party maintains, offers for sales, or stores
      any of the Collateral, in any fiscal year such that the actual number of
      stores of all Borrowers in the aggregate (A) exceeds by ten (10) the
      number of stores reflected on the Business Plan for such fiscal year, or
      (B) is more than ten (10) fewer than the number of stores reflected on the
      Business Plan for such fiscal year (without giving effect to any new
      stores which the Business Plan projected to be opened or closed, but which
      have not in fact been opened or closed)

            (d) No tangible personal property of any Loan Party shall hereafter
be placed under such care, custody, storage, or entrustment, except (i) as
otherwise disclosed pursuant to, or permitted by, this Section 5.5, or (ii) for
Inventory in an amount not to exceed $1,000,000 at Cost in the aggregate at any
time in the ordinary course of business.

      5.5.  ENCUMBRANCES.

            (a) The Loan Parties shall remain, the owners of the Collateral free
and clear of all Encumbrances other than any Permitted Encumbrance.

            (b) No Loan Party shall have possession of any property on
consignment to that Loan Party from a third party that is not a Loan Party
except (i) those listed on EXHIBIT 4.5(B), annexed hereto and (ii) those as to
which the Loan Parties notify the Administrative Agent in accordance with the
provisions of Section 6.3 hereof.

      5.6.  INDEBTEDNESS.   The Loan Parties shall not hereafter have any
Indebtedness other than:

            (a)   Permitted Indebtedness; and


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            (b)   A Loan Party's guaranty of Permitted Indebtedness of
another Loan Party.

      5.7.  INSURANCE.

            (a) The Lead Borrower shall provide the Administrative Agent with
prompt written notice of any change in the insurance policies owned by the Loan
Parties or under which any Loan Party is the named insured from those in effect
as of the Closing Date.

            (b) The Loan Parties shall have and maintain at all times insurance
covering such risks, in such amounts, containing such terms, in such form, for
such periods, and written by the companies presently providing such insurance,
or such other companies as may be selected by the Lead Borrower and are
satisfactory to the Agent (whose consent shall not be unreasonably withheld).

            (c) All insurance carried by the Loan Parties shall provide for a
minimum of thirty (30) days' prior written notice of cancellation to the
Administrative Agent and all such insurance which covers the Collateral shall

                  (i) Include an endorsement in favor of the Collateral Agent,
      which endorsement shall provide that the insurance, to the extent of the
      Collateral Agent's interest therein, shall not be impaired or invalidated,
      in whole or in part, by reason of any act or neglect of any Loan Party or
      by the failure of any Loan Party to comply with any warranty or condition
      of the policy.

                  (ii) Not include an endorsement in favor of any other Person
      (other than the agents for the holders of the Senior Non-Convertible
      Facility, those Persons intended as beneficiaries of any builder's risk
      insurance, and the holder of any Permitted Encumbrances).

            (d) The Lead Borrower shall furnish the Collateral Agent from time
to time, upon request of the Collateral Agent, with certificates or other
evidence satisfactory to the Collateral Agent regarding compliance by the Loan
Parties with the foregoing requirements.

            (e) In the event of the failure by the Loan Parties to maintain
insurance as required herein, the Agent, at its option and the Loan Parties'
expense, may obtain such insurance at the expense of the Loan Parties, provided,
however, the Agent's obtaining of such insurance shall not constitute a cure or
waiver of any Event of Default occasioned by the Loan Parties' failure to have
maintained such insurance.

      5.8. LICENSES. The Loan Parties shall (a) with respect to existing
licensors and licensees, use its best efforts to, and (b) with respect to
license agreements entered into after the Effective Date, shall, cause the
licensors and licensees to enter into such tri-party or estoppel agreements as
the Agent may reasonably request.

      5.9. REQUIREMENTS OF LAW. Each Loan Party shall and shall cause its
Subsidiaries to be in compliance with, and shall hereafter comply with and use
its assets in compliance with, all Requirements of Law except where the failure
of such compliance will not have a Material Adverse Effect.


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      5.10. LABOR RELATIONS.

            The Lead Borrower shall provide the Administrative Agent with prompt
written notice of any additional or amended collective bargaining or other labor
contract entered into after the Effective Date.

      5.11. MAINTAIN PROPERTIES.  The Loan Parties shall:

            (a) Keep the Collateral in good order and repair (ordinary
reasonable wear and tear and insured casualty excepted).

            (b)   Not suffer or cause the waste or destruction of any
material part of the Collateral.

            (c)   Not use any of the Collateral in violation of any policy of
insurance thereon.

            (d)   Not sell, lease, or otherwise dispose of any of the
Collateral, other than the following:

                  (i)   The use of Inventory in compliance with this
      Agreement.

                  (ii) The disposal of Equipment which is obsolete, worn out, or
      damaged beyond repair, or no longer useful in the Loan Parties'
      businesses.

                  (iii) Permitted Dispositions.

                  (iv)  The turning over to the Administrative Agent of all
      Receipts as provided herein.

                  (v)   The use of the Collateral to pay Liabilities arising
      in the ordinary course.

      5.12. TAXES.

            The Loan Parties shall: pay, as they become due and payable, all
taxes and unemployment contributions and other charges of any kind or nature
levied, assessed or claimed against any Loan Party or the Collateral by any
Person whose claim could result in an Encumbrance upon any asset of any Loan
Party or by any governmental authority, provided, however, that (i) no such
taxes, contributions and charges are required to be paid if being contested in
good faith by such Loan Party, by appropriate proceedings diligently instituted
and conducted, without danger to any material risk to the Collateral, and
adequate reserves or appropriate provision, if any, as shall be required in
conformity with GAAP, shall have been made therefor, and provided that no
Encumbrance has been filed on account thereof, and (ii) the inadvertent failure
of a Loan Party to pay any such taxes, contributions, and other charges when due
shall not constitute an Event of Default hereunder as long as (A) the aggregate
amount thereof does not exceed $500,000, and (B) no Encumbrance has been filed
on account thereof, and (C) promptly upon the date an Authorized Officer obtains
knowledge or should have obtained knowledge thereof, the Borrowers make payment
of such taxes, contributions or


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<PAGE>
charges; properly exercise any trust responsibilities imposed upon any Loan
Party by reason of withholding from employees' pay or by reason of any Loan
Parties' receipt of sales tax or other funds for the account of any third party;
timely make all contributions and other payments as may be required pursuant to
any Employee Benefit Plan now or hereafter established by any Loan Party; and
timely file all tax and other returns and other reports with each Governmental
Authority to whom any Loan Party is obligated to so file, provided that the
inadvertent failure of a Loan Party to file any such returns or reports when due
shall not constitute an Event of Default hereunder as long as (A) the aggregate
amount of taxes, assessments or charges with respect to such returns does not
exceed $500,000, and (B) no Encumbrance has been filed on account thereof, and
(C) promptly upon the date an Authorized Officer obtains knowledge or should
have obtained knowledge thereof, the Borrowers file such returns and/or reports
and make payment of any amounts required to be paid on account thereof.

      5.13. NO MARGIN STOCK.  No part of the proceeds of any borrowing
hereunder will be used at any time to purchase or carry any such margin stock
or to extend credit to others for the purpose of purchasing or carrying any
such margin stock.

      5.14. ERISA.

            Neither any Loan Party nor any ERISA Affiliate shall ever engage in
any action of the type described in Section 4.15, if as a result thereof, such
Loan Party or ERISA Affiliate will, or could reasonably be expected to, incur
liability that could reasonably likely have a Material Adverse Effect.

      5.15. HAZARDOUS MATERIALS.

            (a) Each Loan Party shall, except where a violation or failure is
not reasonably likely to have a Material Adverse Effect: (i) keep any property
either owned or operated by it or any of its Subsidiaries free of any
Environmental Liens; (ii) comply, and cause each of its Subsidiaries to comply,
in all material respects with Environmental Laws and provide to the Collateral
Agent any documentation of such compliance which the Collateral Agent may
reasonably request; (iii) provide the Collateral Agent written notice within
five (5) days of any Release of a Hazardous Material in excess of any reportable
quantity from or onto property at any time owned or operated by it or any of its
Subsidiaries and take any remedial actions required to abate said Release; (iv)
provide the Collateral Agent with written notice within ten (10) days of the
receipt of any of the following: (A) notice that an Environmental Lien has been
filed against any property of any Loan Party or any of its Subsidiaries; (B)
commencement of any Environmental Action or notice that an Environmental Action
will be filed against any Loan Party or any of its Subsidiaries; and (C) notice
of a violation, citation or other administrative order which, to the extent that
any of the foregoing are reasonably likely to have a Material Adverse Effect and
(v) defend, indemnify and hold harmless the Agent and the Revolving Credit
Lenders and their transferees, and their respective employees, agents, officers
and directors, from and against any claims, demands, penalties, fines,
liabilities, settlements, damages, costs or expenses (including, without
limitation, attorney and consultant fees, investigation and laboratory fees,
court costs and litigation expenses) arising out of (A) the generation,
presence, disposal, Release or threatened Release of any Hazardous Materials on,
under, in, originating or emanating from any property at any time owned or
operated by any Loan Party or any of its Subsidiaries (or its predecessors in
interest or title), (B) any personal injury (including wrongful


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<PAGE>
death) or property damage (real or personal) arising out of or related to the
presence or Release of such Hazardous Materials, (C) any request for
information, investigation, lawsuit brought or threatened, settlement reached or
order by a Governmental Authority relating to the presence or Release of such
Hazardous Materials, (D) any violation of any Environmental Law and/or (E) any
Environmental Action filed against the Agent or any Revolving Credit Lender, to
the extent that any of the foregoing is reasonably likely to have a Material
Adverse Effect.

            (b) No Loan Party shall knowingly or negligently permit the use,
handling, generation, storage, treatment, Release or disposal of Hazardous
Materials at any property owned or leased by it or any of its Subsidiaries,
except in compliance with Environmental Laws and so long as such use, handling,
generation, storage, treatment, Release or disposal of Hazardous Materials is
not reasonably likely to result in a Material Adverse Effect.

      5.16. DIVIDENDS. INVESTMENTS. CORPORATE ACTION.   No Loan Party shall:

            (a) Pay any cash dividend or make any other distribution in respect
of any class of that Loan Party's capital stock (other than dividends payable to
another Loan Party or payable solely in the capital stock of such paying Loan
Party). Notwithstanding anything to the contrary contained herein, dividends
(other than dividends payable solely in the capital stock of another Loan Party)
shall only be payable to the Parent by any other Loan Party to the extent not
otherwise in violation of the Loan Documents and in any event in an amount not
to exceed $5,000,000 (less loans and advances to the Parent made under clause
(l) of the definition of Permitted Indebtedness) in the aggregate after the date
hereof.

            (b) Own, redeem, retire, purchase, or acquire any of any Loan
Party's capital stock; provided that the Loan Parties may make cash payments for
any such purposes if:

                  (i)   no Default or Event of Default shall have occurred
      and be continuing at the time of declaration or payment thereof; and

                  (ii) after giving effect to the making any such cash payment,
      the aggregate amount so expended for such purposes subsequent to the
      Closing Date does not exceed $1,500,000; and

                  (iii) after giving effect to the making any such cash payment,
      the aggregate amount so expended for such purposes in any fiscal year of
      the Borrowers does not exceed $500,000.

            (c) Invest in or purchase any stock or securities or rights to
purchase any such stock or securities, of any Person other than a Permitted
Investment, or a Permitted Acquisition.

            (d) Merge or consolidate or be merged or consolidated with or into
any other corporation or other entity, other than in connection with a Permitted
Acquisition (provided that a Loan Party is the surviving, continuing or
resulting corporation) or of one Loan Party into another Loan Party; provided
that, if no Default or Event of Default shall have occurred and be continuing or
would result therefrom, the following shall be permitted:


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<PAGE>
                  (i) With the prior written consent of the agent under the
      Senior Non-Convertible Facility, the merger, consolidation or amalgamation
      of any wholly-owned Subsidiary with or into a Borrower or with or into
      another wholly-owned Subsidiary of a Borrower, so long as in any merger,
      consolidation or amalgamation involving a Borrower, the Borrower is the
      surviving, continuing or resulting corporation;

                  (ii)  The liquidation or dissolution of any Unrestricted
      Subsidiary.

                  (iii) Any acquisition which is a Permitted Acquisition,
      provided that all of the applicable conditions contained in the definition
      of the term Permitted Acquisition are satisfied.

      Notwithstanding the foregoing, the Parent may not merge or consolidate or
      be merged or consolidated with or into any other Person without the prior
      written consent of the Administrative Agent.

            (e) Subordinate any debts or obligations owed to that Loan Party by
any third party to any other debts owed by such third party to any other Person.

            (f) Enter into leases of property or assets not constituting
Permitted Acquisitions, unless such leases are not otherwise in violation of
this Agreement.

            (g) Organize or create any Affiliate other than in connection with a
Permitted Acquisition or in compliance with the provisions of Section 5.21
hereof with respect to such Subsidiary.

            (h) Acquire any assets other than in the ordinary course and conduct
of that Loan Party's business as conducted at the execution of this Agreement,
other than in connection with a Permitted Acquisition or as otherwise permitted
in this Agreement.

      5.17. LOANS.  No Loan Party shall make any loans or advances to, nor
acquire the Indebtedness of, any Person, provided, however, the foregoing
does not prohibit any of the following:

            (a)   Advance payments made to that Loan Party's suppliers in the
ordinary course;.

            (b) Advances to that Loan Party's officers, employees, and
salespersons with respect to reasonable expenses to be incurred by such
officers, employees, and salespersons for the benefit of that Loan Party, which
expenses are properly substantiated by the Person seeking such advance and
properly reimbursable by that Loan Party;

            (c) Loans and advances to employees for business-related moving
expenses, costs of replacement homes, business machines or supplies, automobiles
and other similar expenses, in each case incurred in the ordinary course of
business not to exceed (together with loans and advances under Section 5.17(d)
and investments permitted under clause (m) of the definition of Permitted
Investments) $6,000,000 in the aggregate outstanding to all employees at any one
time;


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<PAGE>
            (d) Loans and advances to that Loan Party's officers, employees, and
salespersons in connection with any employment agreements or arrangements, or
any stock options or option plans not to exceed $6,000,000 (together with loans
and advances under Section 5.17(c) and investments permitted under clause (m) of
the definition of Permitted Investments) in the aggregate outstanding to all
employees at any one time;

            (e)   To the extent not permitted by the foregoing clauses, the
existing loans and advances, described on EXHIBIT 5.17(E) hereto;

            (f) Intercompany loans and advances or other intercompany
Indebtedness (i) existing on the date hereof and described on EXHIBIT 5.17(F)
hereof, (ii) hereafter made among any Loan Parties within the same Division,
(iii) hereafter made by any Borrower to any other Borrower, (iv) hereafter made
by any Loan Party to any of its wholly owned Subsidiaries which are also Loan
Parties; and (v) hereafter made to the Parent by any other Loan Party to the
extent any of the same constitutes Permitted Indebtedness under clause (l) of
the definition of Permitted Indebtedness or to any Loan Party by the Parent,
provided that (x) such intercompany loans shall be evidenced by such
documentation as the Collateral Agent may require, and (y) after the occurrence
of a Cash Control Event, no such intercompany loans may be made under clause
(iii) hereof unless there is no VC Availability or Filene's Availability, as
applicable, immediately prior to the making of such loan to the Division to whom
such loan is being made.

            (g) Loans and advances of a Person outstanding at the time such
Person becomes a Subsidiary as a result of a Permitted Acquisition, provided
that any such loans or advances were not made at the time of or in contemplation
of the acquisition of such Person by a Loan Party or any Subsidiaries.

            (h) Any other loans and advances to or for the benefit of any Person
which (i) is not itself a Loan Party, (ii) are not otherwise permitted by the
foregoing clauses, and (iii) are made after the Effective Date, which loans and
advances have been approved in advance by the Administrative Agent.

      5.18. PROTECTION OF ASSETS. The Administrative Agent, in the
Administrative Agent's reasonable, good faith discretion, and from time to time,
may discharge any tax or Encumbrance on any of the Collateral, or take any other
action which the Administrative Agent may deem reasonably necessary or desirable
to repair, insure, maintain, preserve, collect, or realize upon any of the
Collateral. The Administrative Agent shall not have any obligation to undertake
any of the foregoing and shall have no liability on account of any action so
undertaken except where there is a specific finding in a judicial proceeding (in
which the Administrative Agent has had an opportunity to be heard), from which
finding no further appeal is available, that the Administrative Agent had acted
in actual bad faith, in willful misconduct, or in a grossly negligent manner.
The Loan Parties shall pay to the Administrative Agent, on demand, or the
Administrative Agent, in its reasonable, good faith discretion, may add to the
Loan Account, all amounts paid or incurred by the Administrative Agent pursuant
to this Section 5.18.

      5.19. LINE OF BUSINESS; CONDUCT OF BUSINESS.


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            (a) No Loan Party shall engage in any business other than the
business in which it is currently engaged or a business reasonably related
thereto, or any retail lease department operation.

            (b) The Loan Parties shall conduct their business substantially in
accordance with the Business Plan, or as otherwise approved by the
Administrative Agent pursuant to Section 6.10, below. The foregoing shall not
obligate the Borrowers to achieve any specific financial performance and no
financial performance covenants are intended to be imposed thereby.

      5.20. AFFILIATE TRANSACTIONS.

            (a) Except as set forth in that certain confidential side letter
from the Lead Borrower to the Administrative Agent and for loans which may be
made between Loan Parties permitted pursuant to Section 5.17, above, no Loan
Party shall make any payment, nor give any value to any Affiliate except for
leases, goods and services with such Affiliate for a price and on terms which
shall be in the ordinary course of business at prices and on terms and
conditions no less favorable to that Loan Party than those which would have been
charged and imposed in an arms length transaction from unrelated third parties,
except (i) sales of goods to an Affiliate for use or distribution outside of the
United States of America which complies with the any applicable legal
requirements of the Internal Revenue Code of 1986 and the Treasury Regulations,
each as amended from time to time, provided that such sales shall not exceed
$500,000 in the aggregate in any fiscal year of the Borrowers, (ii) loans,
advances and other payments to officers and directors as part of their
compensation which are entered into in the ordinary course of business and which
are not otherwise prohibited under the Loan Documents, (iii) other dividends and
distributions to officers, directors and shareholders otherwise permitted under
this Agreement, or (iv) transactions between or among the Loan Parties not
prohibited hereunder and not involving any other Affiliate.

            (b) The Loan Parties shall not (i) without the prior written consent
of the Administrative Agent, amend, modify or waive any of the provisions of the
instruments, documents or agreements described in the confidential side letter
referred to in clause (a) above, the effect of which is to increase the payments
or value to be furnished by a Loan Party to any Affiliate (other than for
ordinary increases under such instruments, documents and agreements in the
ordinary course of business, for which the Loan Parties are presently obligated
to make payment in such instrument, document or agreement as in effect on the
Effective Date) or which would cause such instruments, documents or agreements
to be at prices and on terms and conditions less favorable to that Loan Party
than those which would have been charged and imposed in an arms length
transaction from unrelated third parties, or (ii) make any payments under such
instruments, documents or agreements in advance of the date when due (other than
payments made to Affiliates to fund obligations or anticipated claims under
workers' compensation, medical plans, employee benefit plans or agreements, and
other similar plans, all in accordance with current practices).

            (c) The Borrowers shall use their best efforts to cause their
Affiliates to execute and deliver to the Agent and the Revolving Credit Lenders
such documentation as the Administrative Agent may reasonably require to
evidence the Affiliates' agreement with the provisions of this Section 5.20.


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      5.21. ADDITIONAL SUBSIDIARIES. If any additional Subsidiary (other than of
DSW, DSW Shoe and their Subsidiaries) is formed or acquired after the Effective
Date, the Lead Borrower will notify the Collateral Agent thereof and (a) the
Loan Parties will cause such Subsidiary to become a Borrower or Facility
Guarantor hereunder, as determined by the Collateral Agent, within three (3)
Business Days after such Subsidiary is formed or acquired and promptly take such
actions to create and perfect Encumbrances on such Subsidiary's assets to secure
the Liabilities as the Collateral Agent or the Majority Lenders shall reasonably
request and (b) if any shares of capital stock or Indebtedness of such
Subsidiary are owned by or on behalf of any Loan Party, the Loan Parties will
cause such shares and promissory notes evidencing such Indebtedness to be
pledged within three (3) Business Days after such Subsidiary is formed or
acquired. Nothing contained herein shall be deemed a modification of any other
provisions of this Agreement restricting the formation or acquisition of
Subsidiaries by the Loan Parties.

      5.22. FURTHER ASSURANCES.

            (a) No Loan Party will hereafter acquire any asset or any interest
in property (other than Leasehold Interests not required to be pledged under the
Senior Non-Convertible Facility) which is not, immediately upon such
acquisition, subject to such a perfected Collateral Interest in favor of the
Collateral Agent to secure the Liabilities (subject only to Permitted
Encumbrances).

            (b) Each Loan Party shall execute and deliver to the Collateral
Agent such instruments, documents, and papers, and shall do all such things from
time to time hereafter as the Collateral Agent may reasonably request to carry
into effect the provisions and intent of this Agreement; to protect and perfect
the Collateral Agent's Collateral Interests in the Collateral; and to comply
with all applicable statutes and laws, and facilitate the collection of the
Receivables Collateral. Each Loan Party shall execute all such instruments as
may be reasonably required by the Collateral Agent with respect to the
recordation and/or perfection of the Collateral Interests created or
contemplated herein.

            (c) Each Loan Party hereby designates the Collateral Agent as and
for that Loan Party's true and lawful attorney, with full power of substitution,
to sign and file any financing statements in order to perfect or protect the
Collateral Agent's Collateral Interests in the Collateral.

            (d) This Agreement constitutes an authenticated record which
authorizes the Collateral Agent to file such financing statements as the
Collateral Agent determine as appropriate to perfect or protect the Collateral
Interests created by this Agreement.

      5.23. ADEQUACY OF DISCLOSURE.

            No document, instrument, agreement, or paper hereafter given to the
Agent or to any Revolving Credit Lender by or on behalf of each Loan Party or
any guarantor of the Liabilities in connection with the execution of this
Agreement by the Agent and to each Revolving Credit Lender contains or will
contain any untrue statement of a material fact or omits or will omit to state a
material fact necessary in order to make the statements therein not misleading.


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      5.24. NO RESTRICTIONS ON LIABILITIES.  No Loan Party shall enter into
or directly or indirectly become subject to any agreement which prohibits or
restricts, in any manner, any Loan Party's:

            (a)   Creation of, and granting of Collateral Interests in favor
of the Collateral Agent.

            (b)   Incurrence of Liabilities.

      5.25. RESTRICTIONS ON PAYMENT OF SENIOR NON-CONVERTIBLE FACILITY.

            (a)   The Senior Non-Convertible Facility may be paid only as
follows:

                  (i) Except as permitted pursuant to clauses (i)(B) and (ii)(B)
      hereof, interest and fees on the Senior Non-Convertible Facility may be
      paid in cash in the ordinary course in accordance with the terms of the
      documents evidencing the Senior Non-Convertible Facility as long as (A) no
      Specified Event of Default has occurred and is continuing, and (B) Average
      Excess Availability for the thirty (30) day period prior to the making of
      such payment is equal to or greater than Thirty-Five Million Dollars
      ($35,000,000.00), plus the amount of the proposed payment, and Excess
      Availability immediately after giving effect to such payment is equal to
      or greater than Thirty-Five Million Dollars ($35,000,000.00). If such
      Excess Availability requirements are not satisfied, no interest or fee
      payments may be made on the Senior Non-Convertible Facility in cash (i.e.
      partial payments of interest or fees on the Senior Non-Convertible
      Facility in cash shall not be permitted);

                  (ii) Subject to the terms of the Intercreditor Agreement,
      principal on the Senior Non-Convertible Facility may be paid only as
      follows:

                        (A)   From the net cash proceeds of the
            Non-Convertible Senior Collateral; or

                        (B) So long as no Event of Default then exists or would
            arise therefrom, from payments made on account of the RVI Note in
            accordance with the provisions of clause (g) of the definition of
            Permitted Dispositions; or

                        (C) Upon satisfaction of each of the following
            conditions and only to the extent that the following conditions are
            not breached as a result of such payment:

                              (I) The Borrowers shall have achieved at least 85%
                  of Consolidated EBITDA set forth in the most receipt forecasts
                  furnished pursuant to Section 5.10(b) hereof for the twelve
                  months ending on the last day of the month immediately
                  preceding such payment; and

                              (II) After giving effect to such payment, Excess
                  Availability shall be at least $90,000,000, as determined by
                  the Collateral Agent; and


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                              (III) After giving effect to such payment, pro
                  forma projected Excess Availability for each of the ninety
                  (90) days subsequent to the date of such payment must be at
                  least $90,000,000, as determined by the Collateral Agent;

                              (IV) Prior to, at the time of, and after giving
                  effect to such payment, no Specified Event of Default then
                  exists; or

                        (D) On the scheduled maturity date of the Senior
            Non-Convertible Facility (but not any accelerated maturity date).

            (b) The Loan Parties shall not hereafter effect or permit any
changes in or amendment to (i) the terms relating to the repayment of the Senior
Non-Convertible Facility, or (ii) except as provided in the Intercreditor
Agreement, any of the instruments, documents or agreements evidencing the Senior
Non-Convertible Facility. If, notwithstanding the foregoing, CCM, as agent under
the Senior Non-Convertible Facility, hereafter imposes any additional or more
restrictive covenants (financial or otherwise) or events of default with respect
to the Senior Non-Convertible Facility (including by amendment or an existing
covenant or event of default, by waiver, consent or otherwise) than is imposed
on the Effective Date under this Agreement or any Loan Party grants to CCM, as
agent under the Senior Non-Convertible Facility, a new covenant or event of
default that is not contained in this Agreement as of the Effective Date, the
Lead Borrower shall promptly notify, and furnish a copy thereof to the
Administrative Agent.

      5.26. UNRESTRICTED SUBSIDIARIES.No Unrestricted Subsidiary shall, at
any time, have assets in excess of $500,000 in the aggregate.

      5.27. PARENT'S LINE OF BUSINESS. The Parent shall not engage in any
business, and shall not own any property or assets, other than acquiring and
owning (a) the capital stock of any other Loan Party, DSW or the Unrestricted
Subsidiaries, and (b) any investments permitted to be made by the Parent
hereunder, and (c) otherwise incidental to the operation of the business of a
holding company.

ARTICLE 6 - FINANCIAL REPORTING AND PERFORMANCE COVENANTS:

      6.1.  MAINTAIN RECORDS.   The Loan Parties shall:

            (a) At all times, keep proper books of account, in which full, true,
and accurate entries shall be made of all of the Loan Parties' financial
transactions, all in accordance with GAAP applied consistently with prior
periods to fairly reflect the Consolidated financial condition of the Loan
Parties at the close of, and its results of operations for, the periods in
question.

            (b) Timely provide the Administrative Agent with those financial
reports, statements, and schedules required by this Article 6 or otherwise, each
of which reports, statements and schedules shall be prepared, to the extent
applicable, in accordance with GAAP applied consistently with prior periods to
fairly reflect the Consolidated financial condition of the Loan Parties at the
close of, and the results of operations for, the period(s) covered therein.


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            (c) At all times, keep accurate current records of the Collateral
including, without limitation, accurate current stock, cost, and sales records
of its Inventory for each Division, accurately and sufficiently itemizing and
describing the kinds, types, and quantities of Inventory and the cost and
selling prices thereof.

            (d) At all times, retain (i) Deloitte and Touche, LLP, or such other
nationally recognized independent certified public accountants who are
reasonably satisfactory to Schottenstein Stores Corporation (as long as it
remains in Control of the Borrowers) or (ii) or such other independent certified
public accountants who are reasonably satisfactory to Schottenstein Stores
Corporation (as long as it remains in Control of the Borrowers) and the
Administrative Agent, and instruct such accountants, subject to the terms of
such accountants' internal policies, and subject to the confidentiality
provisions of this Agreement, to fully cooperate with, and be available to, the
Administrative Agent to discuss the Loan Parties' financial performance,
financial condition, operating results, controls, and such other matters, within
the scope of the retention of such accountants, as may be raised by the
Administrative Agent.

            (e)   Not change any Loan Party's fiscal year.

      6.2.  ACCESS TO RECORDS.

            (a) Each Loan Party shall accord the Agent with reasonable access
during normal business hours from time to time as each Agent may require to all
properties owned by or over which any Loan Party has control. The Agent shall
have the right, and each Loan Party will permit the Agent from time to time as
the Agent may request, to examine, inspect, copy, and make extracts from any and
all of the Loan Parties' books, records, electronically stored data, papers, and
files. Each Loan Party shall make that Loan Party's copying facilities available
to the Agent.

            (b)   Each Loan Party hereby authorizes the Agent to:

                  (i) Inspect, copy, duplicate, review, cause to be reduced to
      hard copy, run off, draw off, and otherwise use any and all computer or
      electronically stored information or data which relates to any Loan Party.
      Each Loan Party shall request full cooperation with the Agent from any
      service bureau, contractor, accountant, or other Person.

                  (ii) Verify at any time the Collateral or any portion thereof,
      including verification with Account Debtors, and/or with each Loan Party's
      computer billing companies, collection agencies, and accountants.

            (c) The Agent from time to time may designate one or more
representatives to exercise the Agent's rights under this Section 6.2 as fully
as if the Agent were doing so, provided that the Agent shall not designate a
Person which is in a Competitive Business.

      6.3.  PROMPT NOTICE TO ADMINISTRATIVE AGENT.


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            (a) The Lead Borrower shall provide the Administrative Agent with
written notice promptly upon the occurrence of any of the following events,
which written notice shall be with reasonable particularity as to the facts and
circumstances in respect of which such notice is being given:

                  (i) Any change in any Loan Party's President, chief executive
      officer, chief operating officer, and chief financial officer (without
      regard to the title(s) actually given to the Persons discharging the
      duties customarily discharged by officers with those titles).

                  (ii) Any ceasing of any Loan Party's payment of the debts of
      that Loan Party generally as they mature, in the ordinary course, to its
      creditors (other than its ceasing of making of such payments on account of
      a dispute which, if adversely determined to the Loan Parties is not
      reasonably likely to have a Material Adverse Effect).

                  (iii) Any failure by any Loan Party to pay rent at any of that
      Loan Party's locations, which failure continues for more than three (3)
      days following the last day on which such rent was payable unless such
      failure is not reasonably likely to have a Material Adverse Effect.

                  (iv) Any material adverse change in the business, operations,
      or financial affairs of any Borrower.

                  (v)   The occurrence of any Default.

                  (vi) Any intention on the part of any Loan Party to discharge
      that Loan Party's present independent accountants or any withdrawal or
      resignation by such independent accountants from their acting in such
      capacity (as to which, see Subsection 6.1(d)).

                  (vii) Any litigation which, if determined adversely to any
      Loan Party, is reasonably likely to have a Material Adverse Effect.

                  (viii) Any intention of a Borrower to enter into a consignment
      arrangement or licensing or other similar agreement (whether for
      intellectual property, leased departments in stores or otherwise) with any
      other Person (other than a Loan Party).

                  (ix)  Any Material Accounting Changes.

                  (x) Any event, occurrence or circumstance not specifically
      described herein which is reasonably likely to have a Material Adverse
      Effect.

                  (xi) Any Loan Party's entering into a license agreement after
      the Effective Date.

                  (xii) Any Loan Party's entering into a Capital Lease after
      the Effective Date.


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<PAGE>
            (b)   The Lead Borrower shall:

                  (i) Provide the Administrative Agent, when so distributed,
      with copies of any materials distributed to all shareholders of the Lead
      Borrower (qua such shareholders).

                  (ii)  Provide the Administrative Agent:

                        (A) When filed, copies of all filings with the SEC. Such
            copies may be provided in electronic format.

                        (B) When received, copies of all correspondence from the
            SEC, other than routine general communications from the SEC.

                        (C) Should any of the information on any of the Exhibits
            hereto become misleading in any material respect, the Borrower shall
            promptly advise the Administrative Agent in writing with such
            revisions or updates as may be necessary or appropriate to update or
            correct the same; provided however that no such Exhibit shall be
            deemed to have been amended, modified or superseded by any such
            correction or update, nor shall any breach of representation or
            warranty resulting from the inaccuracy or incompleteness of such
            Exhibit be deemed to have been cured or waived, unless and until the
            Administrative Agent, in its discretion shall have accepted in
            writing such revisions.

                  (iii) At the request of the Administrative Agent, from time to
      time, provide the Administrative Agent with copies of all advertising
      (including copies of all print advertising and duplicate tapes of all
      video and radio advertising).

                  (iv) Provide the Administrative Agent, when received by any
      Loan Party, with a copy of any management letter or similar communications
      from any independent accountant of any Loan Party.

      6.4. WEEKLY REPORTS. Weekly, on Friday of each week (as of the then
immediately preceding Saturday) the Lead Borrower shall provide the
Administrative Agent with borrowing base certificates (each, a "BORROWING BASE
CERTIFICATE") in the form of EXHIBIT 6.4 annexed hereto (as such form may be
revised from time to time by the Administrative Agent), prepared separately for
each Division and combined for all Borrowers, and sales audit reports and flash
collateral reports (each in such form as may be specified from time to time by
the Collateral Agent) prepared separately for each Division and combined for all
Borrowers. Such reports may be sent to the Administrative Agent by facsimile
transmission, provided that the original thereof is forwarded to the
Administrative Agent on the date of such transmission.

      6.5.  MONTHLY REPORTS.   Monthly, the Lead Borrower shall provide the
Administrative Agent with those financial statements and reports described in
EXHIBIT 6.5, annexed hereto, at the times set forth in such exhibit.


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      6.6.  QUARTERLY REPORTS.  Quarterly, within forty-five (45) days
following the end of each of the Loan Parties' fiscal quarters, the Lead
Borrower shall provide the Administrative Agent with the following:

            (a) An original counterpart of a management prepared financial
statement (which shall be prepared in the same manner and using the same
assumptions as set forth in the forecasts furnished to, and approved by, the
Administrative Agent pursuant to the provisions of Section 6.10(c) hereof) for
(i) the Loan Parties on a consolidated basis, (ii) the Filene's Business, and
(iii) the Value City Business, in each case for the fiscal quarter most recently
ended, and for the period from the beginning of the Loan Parties' then current
fiscal year through the end of the subject quarter, with comparative information
for the same period of the previous fiscal year, which statement shall include a
balance sheet, statement of operations, and cash flows and comparisons for the
corresponding quarter of the then immediately previous year, as well as to the
Loan Party's forecast.

            (b)   The officer's compliance certificate described in Section
6.8.

      6.7.  ANNUAL REPORTS.

            (a) Annually, within ninety (90) days following the end of the Loan
Parties' fiscal year, the Lead Borrower shall furnish the Administrative Agent
with the following:

                  (i) An original signed counterpart of the Loan Parties'
      Consolidated annual financial statement, which statement shall have been
      prepared by, and bear the unqualified opinion of, the Lead Borrower's
      independent certified public accountants (i.e. said statement shall be
      "certified" by such accountants) and shall include, at a minimum (with
      comparative information for the then prior fiscal year) a balance sheet,
      statement of operations, statement of changes in shareholders' equity, and
      cash flows.

                  (ii) A consolidating annual financial statement for (i) the
      Filene's Business, and (ii) the Value City Business which shall include
      (with comparative information for the then prior fiscal year) a balance
      sheet and statement of operations.

                  (iii) The officer's compliance certificate described in
      Section 6.8.

            (b) No later than fifteen (15) days prior to the end of each of the
Loan Parties' fiscal years, the Lead Borrower shall give written notice to such
independent certified accountants (with a copy of such notice, when sent, to the
Administrative Agent) that such annual financial statement will be delivered by
the Lead Borrower to the Administrative Agent (for subsequent distribution to
each Revolving Credit Lender), and that the Lead Borrower has been advised that
the Administrative Agent and each Revolving Credit Lender will rely thereon with
respect to the administration of, and transactions under, the credit facility
contemplated by this Agreement.

      6.8. OFFICERS' CERTIFICATES. The Lead Borrower shall cause either the Lead
Borrower's Chief Executive Officer, President, Executive Vice President, Chief
Financial Officer, Controller, or Treasurer (collectively, an "AUTHORIZED
OFFICER"), in each instance, to


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provide such Person's certificate with the monthly, quarterly and annual
financial statements to be provided pursuant to this Agreement, which
certificate shall:

            (a) Indicate that (i) with respect to the Consolidated financial
statement, the subject statement was prepared in accordance with GAAP
consistently applied, and (ii) with respect to all financial statements,
presents fairly the financial condition of the applicable Loan Parties at the
close of, and the results of the applicable Loan Parties' operations and cash
flows (where such cash flows are required to be provided) for, the period(s)
presented, subject, however to the following:

                        (A) Usual year end adjustments (this exception shall not
      be included in the certificate which accompanies such annual statement).

                        (B) Material Accounting Changes (in which event, such
      certificate shall include a schedule (in reasonable detail) of the effect
      of each such Material Accounting Change.

            (b) Indicate either that (i) no Default has occurred and is
continuing, or (ii) if such an event has occurred, its nature (in reasonable
detail) and the steps (if any) being taken or contemplated by the Loan Parties
to be taken on account thereof.

      6.9.  INVENTORIES, APPRAISALS, AND AUDITS.

            (a) The Collateral Agent, at the reasonable expense of the Loan
Parties, may participate in and/or observe each scheduled physical count of
Inventory which is undertaken on behalf of any Loan Party.

            (b) The Loan Parties, at their own expense, shall cause not less
than one (1) physical inventory of each of Division to be undertaken in each
twelve (12) month period during which this Agreement is in effect conducted by
such inventory takers as are reasonably satisfactory to the Collateral Agent and
following such methodology as may be reasonably satisfactory to the Collateral
Agent.

                  (i) The Lead Borrower, within forty-five (45) days following
      the completion of such inventory, shall provide the Collateral Agent with
      a reconciliation of the results of each such inventory (as well as of any
      other physical inventory undertaken by any Loan Party) and shall post such
      results to the Loan Parties' stock ledger and, as applicable to the Loan
      Parties' other financial books and records .

                  (ii) The Collateral Agent, in their reasonable, good faith
      discretion, if any Event of Default has occurred and is continuing, may
      cause such additional inventories to be taken as the Collateral Agent
      determine (each, at the expense of the Loan Parties).

            (c) The Collateral Agent may obtain appraisals of the Collateral
(copies of which, subject to the approval of the appraiser, shall be provided to
the Lead Borrower promptly upon receipt thereof), from time to time (in all
events, at the Loan Parties' expense) conducted by Hilco Appraisal Services, LLC
or such appraisers as are satisfactory to the Collateral Agent.


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<PAGE>
The Collateral Agent may conduct up to two (2) appraisals (in each event, at the
Loan Parties' expense) of the Collateral during any twelve (12) month period
during which this Agreement is in effect, but in their reasonable, good faith
discretion, during the occurrence and continuance of an Event of Default, may
undertake additional such appraisals (likewise at the Loan Party's expense)
during such period.

            (d) The Collateral Agent may conduct up to two (2) commercial
finance field examinations (in each event, at the Loan Parties' expense) of the
Loan Parties' books and records during any twelve (12) month period during which
this Agreement is in effect, but in their reasonable, good faith discretion
during the occurrence and continuance of an Event of Default, may undertake
additional such audits (likewise at the Loan Party's expense) during such
period.

            (e) Notwithstanding anything to the contrary herein contained, upon
the occurrence of any event or circumstance which is reasonably likely to have a
material adverse effect on the business, operations, property, assets, or
financial condition of any Division, the limitations set forth in clauses (c)
and (d) on the number of appraisals and commercial finance examinations which
the Agent may cause to be undertaken for such Division only shall be
inapplicable and the Agent may undertake as many appraisals and commercial
finance examinations of such Division with such frequency as the Agent may deem
reasonably appropriate and necessary (none of which shall be included in
determining the number of appraisals and commercial finance examinations the
Agent may undertake with respect to other Divisions).

            (f) Pursuant to the terms of the Intercreditor Agreement, CCM, as
agent under the Senior Non-Convertible Facility, may require the Collateral
Agent to undertake appraisals of the Collateral by appraisers selected in
accordance with the provisions of Section 6.9(c) hereof. Any such appraisals
undertaken by the Collateral Agent at the requirement of CCM shall not reduce
the number of appraisals permitted to be undertaken by the Collateral Agent
under Section 6.9(c) hereof. To the extent that the results of any such
appraisal reflect a reduction in the Appraised Inventory Liquidation Value, the
Collateral Agent may in their reasonable, good faith discretion reduce the
Inventory Advance Rates in a manner consistent with the reduced Appraised
Inventory Liquidation Value. In no event shall such Inventory Advance Rates be
subject to increase as a result of such appraisals, provided that nothing
contained herein shall impair the right of the Collateral Agent to increase the
Inventory Advance Rate as set forth in the definition of such term..

            (g) The Collateral Agent from time to time may undertake "mystery
shopping" (so-called) visits to all or any of the Loan Parties' business
premises.

      6.10. ADDITIONAL FINANCIAL INFORMATION.

            (a) In addition to all other information required to be provided
pursuant to this Article 6, the Lead Borrower promptly shall provide the Agent
with such other and additional information concerning the Loan Parties, the
Collateral, the operation of the Loan Parties' business, and the Loan Parties'
financial condition, including original counterparts of financial reports and
statements, as the Agent may from time to time reasonably request from the Lead
Borrower.


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<PAGE>
            (b) The Lead Borrower shall, upon the Administrative Agent's
request, provide the Administrative Agent, from time to time hereafter, with
updated forecasts of the Loan Parties' anticipated performance and operating
results for the current fiscal year. Such forecasts shall be in a format
consistent with the format previously provided to the Administrative Agent.

            (c) In all events, the Lead Borrower, no sooner than ninety (90) nor
later than sixty (60) days prior to the end of each of the Loan Parties' fiscal
years, shall provide the Administrative Agent with an updated and extended
forecast which shall go out at least through the end of the then next fiscal
year and shall include a statement of operations, balance sheet, and statement
of cash flow, by month, each Consolidated (with consolidating schedules by
Division) and each prepared in conformity with GAAP and consistent with the Loan
Parties' then current accounting practices.

            (d) When available the "Annual Budget", as approved by the Lead
Borrowers' Board of Directors, shall be provided to the Administrative Agent.
The Annual Budget shall be subject to the approval of the Administrative Agent
(whose approval shall not be unreasonably withheld) only if the Annual Budget
varies in a material way from the Business Plan for such fiscal year.

            (e) Each Loan Party recognizes that all commercial finance
examinations, inventories, analysis, financial information, and other materials
which the Agent may obtain, develop, or receive with respect to the Loan Parties
(other than appraisals and inventories received from third parties) are
confidential to the Agent and that, except as otherwise provided herein, no Loan
Party is entitled to receipt of any of such commercial finance examinations,
inventories, analysis, financial information, and other materials, nor copies or
extracts thereof or therefrom.

      6.11. INFORMATION DELIVERED PURSUANT TO ARTICLE 6.

      All information required to be delivered pursuant to Article 6 may be
delivered by and in electronic format.

ARTICLE 7 - USE OF COLLATERAL:

      7.1.  USE OF  INVENTORY COLLATERAL.

            (a) No Loan Party shall engage in any of the following with respect
to its Inventory:

                  (i) Any sale other than for fair consideration in the conduct
      of the Loan Parties' business in the ordinary course.

                  (ii) Sales or other dispositions to creditors, except returns
      in the ordinary course of business.

                  (iii) Sales or other dispositions in bulk except in the
      ordinary course of business consistent with past practices.


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<PAGE>
                  (iv) Sales in breach of any provision of this Agreement.

                  (v) Sales other than in connection with Permitted
      Dispositions.

            (b) Without the prior written consent of the Collateral Agent, no
sale of Inventory shall be on consignment (other than between Loan Parties),
approval, or under any other circumstances such that, with the exception of the
Loan Parties' customary return policy applicable to the return of inventory
purchased by the Loan Parties' retail customers in the ordinary course, such
Inventory may be returned to a Loan Party without the consent of the Collateral
Agent.

      7.2. INVENTORY QUALITY. All Inventory now owned or hereafter acquired by
each Loan Party is and will be of good and merchantable quality, consistent with
past practices.

      7.3. ADJUSTMENTS AND ALLOWANCES. Each Loan Party may grant such allowances
or other adjustments to that Loan Party's Account Debtors as that Loan Party may
reasonably deem to accord with sound business practice and which are normal and
customary extensions and adjustments in the ordinary course of business,
provided, however, the authority granted the Loan Parties pursuant to this
Section 7.3 may be limited or terminated by the Administrative Agent at any time
in the Administrative Agent's reasonable, good faith discretion after the
occurrence and during the continuance of an Event of Default.

      7.4.  VALIDITY OF ACCOUNTS.

            (a) Except for adjustments and disputes in the ordinary course of
business, the amount of each Account shown on the books, records, and invoices
of the Loan Parties represented as owing by each Account Debtor is the correct
amount actually owing by such Account Debtor and shall have been fully earned by
performance by the Loan Parties.

            (b) No Loan Party has any knowledge of any impairment of the
validity or collectibility of any of the Accounts, other than returns, reserves,
unauthorized use of credit cards, bad checks, adjustments and disputes which
occur in the ordinary course of business. The Lead Borrower shall notify the
Administrative Agent of any such impairment immediately after any Loan Party
becomes aware of any such impairment.

            (c) No Loan Party shall post any bond to secure any Loan Party's
performance under any agreement to which any Loan Party is a party nor cause any
surety, guarantor, or other third party obligee to become liable to perform any
obligation of any Loan Party (other than to the Collateral Agent) in the event
of any Loan Party's failure so to perform, if, as a result of the surety,
guarantor or third party obligee's performance, such Person would obtain a
Encumbrance on any Collateral having priority to the Encumbrance of the
Collateral Agent.

      7.5. NOTIFICATION TO ACCOUNT DEBTORS. The Collateral Agent shall have the
right (after the occurrence of a Cash Control Event) to notify any of the Loan
Parties' Account Debtors to make payment directly to the Administrative Agent
and to collect all amounts due on account of the Collateral.


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<PAGE>
ARTICLE 8 - CASH MANAGEMENT. PAYMENT OF LIABILITIES:

      8.1.  DEPOSITORY ACCOUNTS.

            (a) Annexed hereto as EXHIBIT 8.1 is a listing of all present DDA's,
which listing includes, with respect to each depository of the Loan Parties, the
following: (i) the name and address of that depository; (ii) the account
number(s) of the account(s) maintained with such depository; and (iii) a contact
person at such depository.

            (b) The Lead Borrower shall deliver the following to the
Administrative Agent, as a condition to the effectiveness of this Agreement:

                  (i) Notifications, executed on behalf of each Borrower, to
      each depository institution with which any DDA is maintained (other than
      any Exempt DDA and the Collection Accounts), in form satisfactory to the
      Administrative Agent of the Collateral Agent's interest in such DDA. Such
      Notifications shall be held in escrow by the Administrative Agent until
      the occurrence of a Cash Control Event at which time they may be delivered
      to the applicable depositary institutions.

                  (ii) A Collection Account Agreement with any depository
      institution at which a Collection Account is maintained, including those
      listed on EXHIBIT 8.1.

            (c) No Borrower will establish any DDA hereafter (other than an
Exempt DDA) unless, contemporaneous with such establishment, the Lead Borrower
delivers the following to the Administrative Agent:

                  (i) A notification for the depository at which such DDA is
      established if the same would have been required pursuant to Section
      8.1(b)(i) if the subject DDA were open at the execution of this Agreement.

                  (ii) A Collection Account Agreement executed on behalf of the
      depository at which such DDA is established if the same would have been
      required pursuant to Section 8.1(b)(ii) if the subject DDA were open at
      the execution of this Agreement.

      8.2.  CREDIT CARD RECEIPTS.

            (a) Annexed hereto as EXHIBIT 8.2 is a Schedule which describes all
arrangements to which any Borrower is a party with respect to the payment to
that Borrower of the proceeds of credit card charges for sales by that Borrower.

            (b) The Lead Borrower shall deliver to the Administrative Agent, as
a condition to the effectiveness of this Agreement, an agreement executed on
behalf of each Borrower with each of each Borrower's credit card clearinghouses
and processors (in form satisfactory to the Administrative Agent), which
agreement provides that, during the existence of a Cash Control Event, payment
of all credit card charges submitted by that Borrower to that clearinghouse or
other processor and any other amount payable to that Borrower by such
clearinghouse or other processor shall be directed to the Administrative Agent's
Account or as otherwise designated from time to time by the Administrative
Agent. No Borrower shall change


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<PAGE>
such direction or designation except upon and with the prior written consent of
the Administrative Agent and no Borrower will enter into any agreements with a
new credit card clearinghouse or processor hereafter unless, contemporaneous
with such establishment, the Lead Borrower delivers to the Administrative Agent
an agreement with such credit card clearinghouse or processor of like terms to
those required hereunder on the Closing Date.

      8.3.  THE ADMINISTRATIVE AGENT'S, COLLECTION, AND OPERATING ACCOUNTS.

            (a) The following checking accounts have been or will be established
(and are so referred to herein):

                  (i) The "ADMINISTRATIVE AGENT'S ACCOUNT(S)" (so referred to
      herein): Established by the Administrative Agent with NCB for each
      Division as more specifically described on EXHIBIT 8.3 hereto.

                  (ii) The "COLLECTION ACCOUNTS" (so referred to herein):
      Established by the Lead Borrower with those financial institutions
      described on EXHIBIT 8.3 hereof.

                  (iii) The "OPERATING ACCOUNTS" (so referred to herein):
      Established by each Division with NCB as more specifically described on
      EXHIBIT 8.3 hereto.

            (b) The contents of each DDA and of each Collection Account
constitutes Collateral and Proceeds of Collateral. The contents of each
Administrative Agent's Account constitutes the Administrative Agent's property.

            (c) The Borrowers shall pay all fees and charges of, and maintain
such impressed balances as may be required by the depository in which any
account is opened as required hereby (even if such account is opened by and/or
is the property of the Agent).

      8.4.  PROCEEDS AND COLLECTIONS.

            (a)   All Receipts constitute Collateral and proceeds of
Collateral.

            (b) Absent a Cash Control Event, the Borrowers may collect all
Receipts and use such Receipts in the ordinary course of business.

            (c) During a Cash Control Event, the Borrowers for each Division
shall cause all Receipts to be deposited or transferred to the Administrative
Agent's Account for such Division.

            (d) Subject to this Section 8.4, upon notice from the Administrative
Agent to the Lead Borrower that a Cash Control Event has occurred:

                  (i)   All Receipts:

                        (A) Shall be held in trust by the Borrowers for the
            Collateral Agent.


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<PAGE>
                        (B) Shall not be commingled with any of any Borrower's
            other funds.

                        (C) Shall be deposited and/or transferred only to a
            Collection Account or the applicable Administrative Agent's
            Accounts, and the Borrowers shall not have any authority to withdraw
            any amounts from such accounts and the Administrative Agent shall
            have no obligation to deposit such Receipts in the applicable
            Operating Account.

                  (ii) The Lead Borrower shall cause the ACH transfer or wire
      transfer to the Collection Account or the applicable Administrative
      Agent's Account (except in those instances in which such transfer is not
      within the control of the Lead Borrower or any other Borrower), no less
      frequently than daily (and whether or not there is then an outstanding
      balance in the Loan Account) of the following:

                        (A) The then contents of each DDA (other than any Exempt
            DDA), each such transfer to be net of any minimum balance, not to
            exceed $2,000.00, as may be required to be maintained in the subject
            DDA by the bank at which such DDA is maintained.

                        (B) The proceeds of all credit card charges not
            otherwise provided for pursuant hereto.

                  (iii) In the event that, notwithstanding the provisions of
      this Section 8.4(d), any of the Borrowers receives or otherwise has
      dominion and control of any Receipts, or any proceeds or collections of
      any Collateral, such Receipts, proceeds, and collections shall be held in
      trust by that Borrower for the Agent and shall not be commingled with any
      of that Borrower's other funds or deposited in any account of any Borrower
      other than as instructed by the Administrative Agent.

                  (iv) The Borrowers shall not disburse any funds in the DDAs,
      Collection Accounts or other deposit accounts (other than Exempt DDAs and
      the Operating Accounts in the ordinary course of business consistent with
      past practices) other than in accordance with the provisions of this
      Section 8.4.

      8.5.  PAYMENT OF LIABILITIES.

            (a) On each Business Day after the occurrence and during the
continuance of a Cash Control Event, the Administrative Agent shall apply the
then collected balance of each Administrative Agent's Account (net of fees
charged, and of such impressed balances as may be required by the bank at which
such Administrative Agent's Account is maintained) First, towards the SwingLine
Loans of the applicable Division, Second, towards the unpaid balance of the Loan
Account for such Division, and Third, to all other Liabilities in such order as
the Administrative Agent may determine.

            (b) The following rules shall apply to deposits and payments under
and pursuant to this Section 8.5:


                                       92
<PAGE>
                  (i) Funds shall be deemed to have been deposited to an
      Administrative Agent's Account on the Business Day on which deposited,
      provided that notice of such deposit is available to the Administrative
      Agent by 1:00PM on that Business Day.

                  (ii) Funds paid to the Administrative Agent, other than by
      deposit to an Administrative Agent's Account, shall be deemed to have been
      received on the Business Day when they are good and collected funds,
      provided that notice of such payment is available to the Administrative
      Agent by 1:00PM on that Business Day.

                  (iii) If notice of a deposit to an Administrative Agent's
      Account (Section 8.5(b)(i)) or payment (Section 8.5(b)(ii)) is not
      available to the Administrative Agent until after 1:00PM on a Business
      Day, such deposit or payment shall be deemed to have been made at 9:00AM
      on the then next Business Day.

                  (iv) All deposits to an Administrative Agent's Account and
      other payments to the Administrative Agent are subject to clearance and
      collection.

            (c) The Administrative Agent shall transfer to the Operating Account
of the applicable Division any surplus in the Administrative Agent's Account for
such Division remaining after the application towards the Liabilities referred
to in Section 8.5(a), above (less those amounts which are to be netted out, as
provided therein) provided, however, in the event that

                  (i)   any Default has occurred and is continuing; and

                  (ii)  one or more L/Cs and Banker's Acceptances are then
      outstanding,

then the Administrative Agent may, and at the direction of the SuperMajority
Lenders shall, establish a funded reserve of up to 105% of the aggregate Stated
Amounts of such L/C's and such Banker's Acceptances. Such funded reserve shall
either be (i) returned to the applicable Borrower provided that no Borrower is
in Default or (ii) applied towards the Liabilities in the manner set forth
herein following the occurrence of any Event of Default described in Section or
acceleration following the occurrence of any other Event of Default.

      8.6.  THE OPERATING ACCOUNT.

            (a) Except as otherwise specifically provided in, or permitted by,
this Agreement, funds in the Operating Account of each Division shall be
utilized to fund disbursements made by such Division, including, without
limitation, from any expense accounts maintained by such Division, provided that
funds in the Operating Account for the Filene's Business may be distributed to
the Lead Borrower in the ordinary course to the extent necessary in order that
the Lead Borrower may pay the expenses of the Filene's Business consistent with
the parties' prior practices.

            (b) After the occurrence and during the continuance of any Event of
Default or at any time that Average Excess Availability for any five (5)
consecutive Business Days is less than $48,000,000.00, NCB shall not be
obligated to permit any outgoing ACH transfers


                                       93
<PAGE>
unless the amount of the proposed transfer is fully prefunded in accordance with
the requirements and practices of NCB.

ARTICLE 9 - GRANT OF SECURITY INTEREST:

      9.1. GRANT OF SECURITY INTEREST. To secure the Borrowers' prompt,
punctual, and faithful performance of all and each of the Liabilities, each
Borrower hereby grants to the Collateral Agent, for the ratable benefit of the
Revolving Credit Lenders, the Issuer, the Agent, and the Affiliates of each of
them, a continuing security interest in and to, and assigns to the Collateral
Agent, for the ratable benefit of the Revolving Credit Lenders, the following,
and each item thereof, whether now owned or now due, or in which that Borrower
has an interest, or hereafter acquired, arising, or to become due, or in which
that Borrower obtains an interest, and all products, Proceeds, substitutions,
and accessions of or to any of the following, but excluding the Excluded
Property (all of which, together with any other property in which the Collateral
Agent may in the future be granted a security interest, is referred to herein as
the "COLLATERAL"):

            (a) All Accounts.

            (b) All Inventory.

            (c) All General Intangibles.

            (d) All Equipment.

            (e) All Goods.

            (f) All Farm Products.

            (g) All Fixtures.

            (h) All Chattel Paper.

            (i) All Letter-of-Credit Rights.

            (j) All Payment Intangibles.

            (k) All Supporting Obligations.

            (l) The Commercial Tort Claim described on EXHIBIT 4.17 hereto.

            (m) All books, records, and information relating to the Collateral
and/or to the operation of each Borrowers' business, and all rights of access to
such books, records, and information, and all property in which such books,
records, and information are stored, recorded, and maintained.

            (n) All Leasehold Interests (other than Leasehold Interests not
required to be pledged under the Senior Non-Convertible Facility).


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<PAGE>
            (o) All Investment Property, Instruments, Documents, Deposit
Accounts, money, policies and certificates of insurance, deposits, impressed
accounts, compensating balances, cash, or other property.

            (p) All insurance proceeds, refunds, and premium rebates, including,
without limitation, proceeds of fire and credit insurance, whether any of such
proceeds, refunds, and premium rebates arise out of any of the foregoing. (9.1
through 9.1(o)) or otherwise.

            (q) All liens, guaranties, rights, remedies, and privileges
pertaining to any of the foregoing (9.1 through 9.1(p)), including the right of
stoppage in transit.

      9.2.  EXTENT AND DURATION OF SECURITY INTEREST.

            (a) The security interest created and granted herein is in addition
to, and supplemental of, any security interest previously granted by any
Borrower to the Collateral Agent (including, without limitation, under any
mortgages and deeds of trust) and shall continue in full force and effect
applicable to all Liabilities until

                  (i) the Termination Date has occurred; and

                  (ii) all Liabilities have been paid or satisfied in full in
      cash and satisfactory arrangements with respect to L/Cs and Banker's
      Acceptances as provided in Section 19.2 hereof have been made; and

                  (iii) the security interest created herein is specifically
      terminated in writing by duly authorized officers of the Collateral Agent
      as provided in Section 19.2(d) hereof.

            (b) It is intended that the Collateral Interests created herein
extend to and cover all assets of each Borrower, except for Excluded Property.

            (c) If a Borrower shall at any time acquire a Commercial Tort Claim,
the Lead Borrower shall promptly notify the Administrative Agent in writing of
the details thereof and the Borrowers shall take such actions as the Collateral
Agent shall request in order to grant to the Collateral Agent, for the ratable
benefit of the Revolving Credit Lenders, the Issuer, the Agent, and the
Affiliates of each of them, a perfected and first priority security interest
therein and in the Proceeds thereof.

ARTICLE 10 - COLLATERAL AGENT AS BORROWERS' ATTORNEY-IN-FACT:

      10.1. APPOINTMENT AS ATTORNEY-IN-FACT. Each Borrower hereby irrevocably
constitutes and appoints the Collateral Agent (acting through any officer of the
Collateral Agent) as that Borrower's true and lawful attorney, with full power
of substitution, following the occurrence of an Event of Default, to convert the
Collateral into cash at the sole risk, cost, and expense of that Borrower, but
for the sole benefit of the Agent and the Revolving Credit Lenders. The rights
and powers granted the Collateral Agent by this appointment include but are not
limited to the right and power to:


                                       95
<PAGE>
            (a) Prosecute, defend, compromise, or release any action relating to
the Collateral.

            (b) Sign change of address forms to change the address to which each
Borrowers' mail is to be sent to such address as the Collateral Agent shall
designate (after which copies of all such mail shall be promptly furnished to
the Lead Borrower); receive and open each Borrowers' mail; remove any
Receivables Collateral and Proceeds of Collateral therefrom and turn over the
balance of such mail either to the Lead Borrower or to any trustee in bankruptcy
or receiver of the Lead Borrower, or other legal representative of a Borrower
whom the Collateral Agent determine to be the appropriate Person to whom to so
turn over such mail.

            (c) Endorse the name of the relevant Borrower in favor of the
Collateral Agent upon any and all checks, drafts, notes, acceptances, or other
items or instruments; sign and endorse the name of the relevant Borrower on, and
receive as secured party, any of the Collateral, any invoices, schedules of
Collateral, freight or express receipts, or bills of lading, storage receipts,
warehouse receipts, or other documents of title respectively relating to the
Collateral.

            (d) Sign the name of the relevant Borrower on any notice to that
Borrowers' Account Debtors or verification of the Receivables Collateral; sign
the relevant Borrowers' name on any Proof of Claim in Bankruptcy against Account
Debtors, and on notices of lien, claims of mechanic's liens, or assignments or
releases of mechanic's liens securing the Accounts.

            (e) Take all such action as may be necessary to obtain the payment
of any letter of credit and/or banker's acceptance of which any Borrower is a
beneficiary.

            (f) Repair, manufacture, assemble, complete, package, deliver, alter
or supply goods, if any, necessary to fulfill in whole or in part the purchase
order of any customer of each Borrower.

            (g) Use, license or transfer any or all General Intangibles of each
Borrower.

      10.2. NO OBLIGATION TO ACT. The Collateral Agent shall not be obligated to
do any of the acts or to exercise any of the powers authorized by Section 10.1
herein, but if the Collateral Agent elect to do any such act or to exercise any
of such powers, they shall not be accountable for more than they actually
receive as a result of such exercise of power, and shall not be responsible to
any Borrower for any act or omission to act except for any act or omission to
act as to which there is a final determination made in a judicial proceeding (in
which proceeding the Collateral Agent have had an opportunity to be heard) which
determination includes a specific finding that the subject act or omission to
act had been grossly negligent or in actual bad faith, or willful misconduct.

ARTICLE 11 - EVENTS OF DEFAULT:

      The occurrence of any event described in this Article 11 respectively
shall constitute an "EVENT OF DEFAULT" herein. The occurrence of any Event of
Default shall also constitute, without notice or demand, a default under all
other agreements between the Agent or any Revolving Credit Lender and any Loan
Party and instruments and papers heretofore, now, or hereafter given


                                       96
<PAGE>
the Agent or any Revolving Credit Lender by any Loan Party in connection with
any of the Loan Documents.

      11.1. FAILURE TO PAY THE REVOLVING CREDIT.  The failure by any Loan
Party to pay when due any principal of, interest on, or fees in respect
of, the Revolving Credit.

      11.2. FAILURE TO MAKE OTHER PAYMENTS. The failure by any Loan Party to pay
when due (or upon demand, if payable on demand) any payment Liability other than
any payment liability on account of the principal of, or interest on, or fees in
respect of, the Revolving Credit.

      11.3. FAILURE TO PERFORM COVENANT OR LIABILITY (NO GRACE PERIOD). The
failure by any Loan Party to promptly, punctually, faithfully and timely
perform, discharge, or comply with any covenant or Liability included in any of
the following provisions hereof:

<TABLE>
<CAPTION>
                  Section           Relates to:
                  -------           -----------
<S>                                 <C>
                  5.6               Indebtedness
                  5.12              Pay taxes
                  5.16              Dividends. Investments. Other Corporate Actions
                  5.17              Loans and Advances
                  5.18              Affiliate Transactions
                  5.26              Parent's Line of Business
                  Article 6         Reporting Requirements (except as set forth in Section 11.4, below)
                  Article 8         Cash Management
</TABLE>

      11.4. FINANCIAL REPORTING REQUIREMENTS. The failure by the Borrower to
promptly, punctually, faithfully and timely perform, discharge, or comply with
the financial reporting requirements included in Section 6.4, subject, however,
to the following limited number of grace periods applicable to certain of those
requirements:

<TABLE>
<CAPTION>
REPORT / STATEMENT      REQUIRED BY    GRACE PERIOD       NUMBER OF GRACE
                        SECTION                           PERIODS
------------------      -----------    ------------       ---------------
<S>                     <C>            <C>                <C>
Weekly Report           5.4            Two (2) Business   Twice in any twelve
                                       Days               (12) consecutive months
</TABLE>

      11.5. FAILURE TO PERFORM COVENANT OR LIABILITY (GRACE PERIOD). The failure
by any Loan Party, within twenty (20) days following the earlier of any
Authorized Officer's knowledge of a breach of any covenant or Liability not
described in any of Sections 11.1, 11.2, 11.3, or 11.4 or of its receipt of
written notice from the Administrative Agent of the breach of any of such
covenants or Liabilities, provided that if such failure cannot be reasonably
cured within such twenty (20) day period and the Loan Parties have diligently
proceeded, and continue to diligently proceed, to effectuate a cure of such
failure, such failure shall not be an Event of Default hereunder unless (a) such
failure is not cured within twenty (20) days after the expiration


                                       97
<PAGE>
of such initial twenty (20) day period, or (b) such failure, in the reasonable
judgment of the Collateral Agent, is reasonably likely to have a Material
Adverse Effect.

      11.6. MISREPRESENTATION. The determination by the Administrative Agent
that any representation or warranty at any time made by any Loan Party to the
Agent or any Revolving Credit Lender was not true or complete in all material
respects when given.

      11.7. ACCELERATION OF OTHER DEBT. BREACH OF LEASE. The occurrence and
continuance of any event of default or other event, which with the giving of
notice, the passage of time or both, would be an event of default under (i) the
Senior Non-Convertible Facility, or (ii) any other Indebtedness of any Loan
Party equal to or in excess of One Million Dollars ($1,000,000.00) to any
creditor other than the Agent or any Revolving Credit Lender, (whether or not
such Indebtedness has been accelerated), or, Leases aggregating more than five
percent (5%) of all Leases of the Loan Parties existing from time to time could
be terminated due to a default by a Loan Party thereunder (whether or not the
subject creditor or lessor takes any action on account of such occurrence).

      11.8. DEFAULT UNDER OTHER AGREEMENTS. The occurrence of any breach of any
covenant or Liability imposed by, or of any default under, any agreement between
the Agent or any Revolving Credit Lender and any Loan Party or instrument given
by any Loan Party to the Agent or any Revolving Credit Lender relating to
Indebtedness of any Loan Party in excess of $1,000,000 in the aggregate and the
expiration, without cure, of any applicable grace period (notwithstanding that
the Agent or Revolving Credit Lender may not have exercised all or any of its
rights on account of such breach or default).

      11.9. UNINSURED CASUALTY LOSS. The occurrence of any uninsured loss,
theft, damage, or destruction of or to any material portion of the Collateral.

      11.10. ATTACHMENT. JUDGMENT. RESTRAINT OF BUSINESS.

            (a) The entry of any judgment in excess of Two Million Five Hundred
Thousand Dollars ($2,500,000.00) against any Loan Party, which judgment (i) is
not covered by insurance (as to which the insurer has not notified the
applicable Loan Party of the insurer's reservation of rights) or (ii) is not
satisfied, stayed (if a money judgment) or appealed from (with execution or
similar process stayed) within thirty (30) days of its entry.

            (b) The entry of any order or the imposition of any other process
having the force of law, the effect of which is to restrain the conduct by any
Borrower of its business in the ordinary course and which is reasonably likely
to have a Material Adverse Effect.

      11.11. BUSINESS FAILURE. Any act by, against, or relating to any Loan
Party, or its property or assets, which act constitutes the determination, by
any Loan Party, to initiate a program of substantial or total self-liquidation;
application for, consent to, or sufferance of the appointment of a receiver,
trustee, or other Person, pursuant to court action or otherwise, over all, or
any part of any Loan Party's property; the granting of any trust mortgage or
execution of an assignment for the benefit of the creditors of any Loan Party,
or the occurrence of any other voluntary or involuntary liquidation or extension
of debt agreement for any Loan Party; the offering by or entering into by any
Loan Party of any composition, extension, or any other


                                       98
<PAGE>
arrangement seeking relief generally from or extension of the debts of any Loan
Party; or the initiation of any judicial or non-judicial proceeding or agreement
by, against, or including any Loan Party which seeks or intends to accomplish a
reorganization or arrangement with creditors; and/or the initiation by or on
behalf of any Loan Party of the liquidation or winding up of all or any part of
any Loan Party's business or operations except that any of the foregoing actions
which are commenced against a Loan Party shall not be deemed an Event of Default
hereunder as long as such action is timely contested in good faith by that Loan
Party by appropriate proceedings and is dismissed within sixty (60) days of the
institution of the foregoing.

      11.12. BANKRUPTCY. The failure by any Loan Party to generally pay the
debts of that Loan Party as they mature; adjudication of bankruptcy or
insolvency relative to any Loan Party; the entry of an order for relief or
similar order with respect to any Loan Party in any proceeding pursuant to the
Bankruptcy Code or any other federal bankruptcy law; the filing of any
complaint, application, or petition by any Loan Party initiating any matter in
which any Loan Party is or may be granted any relief from the debts of that Loan
Party pursuant to the Bankruptcy Code or any other insolvency statute or
procedure; the filing of any complaint, application, or petition against any
Loan Party initiating any matter in which that Loan Party is or may be granted
any relief from the debts of that Loan Party pursuant to the Bankruptcy Code or
any other insolvency statute or procedure, which complaint, application, or
petition is not timely contested in good faith by that Loan Party by appropriate
proceedings or, if so contested, is not dismissed within sixty (60) days of when
filed.

      11.13. TERMINATION OF GUARANTY. The termination or attempted termination
of any Facility Guarantee by any Facility Guarantor.

      11.14. CHALLENGE TO LOAN DOCUMENTS.

            (a) Any challenge by or on behalf of any Loan Party to the validity
of any Loan Document or the applicability or enforceability of any Loan Document
strictly in accordance with the subject Loan Document's terms or which seeks to
void, avoid, limit, or otherwise adversely affect any security interest created
by or in any Loan Document or any payment made pursuant thereto.

            (b) Any determination by any court or any other judicial or
government authority that any Loan Document is not enforceable strictly in
accordance with the subject Loan Document's terms or which voids, avoids,
limits, or otherwise adversely affects any security interest created by any Loan
Document or any payment made pursuant thereto.

      11.15. CHANGE IN CONTROL. Any Change in Control.

ARTICLE 12 - RIGHTS AND REMEDIES UPON DEFAULT:

      12.1. ACCELERATION. Upon the occurrence of any Event of Default as
described in Section , all Indebtedness of the Loan Parties to the Revolving
Credit Lenders shall be immediately due and payable. Upon the occurrence and
continuance of any Event of Default other than as described in Section , the
Administrative Agent may (and on the issuance of Acceleration Notice(s)
requisite to the causing of Acceleration, the Administrative Agent shall)
declare all Indebtedness of the Borrowers to the Revolving Credit Lenders to be
immediately due


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and payable and the Agent may exercise all of the Agent's Rights and Remedies as
the Agent from time to time thereafter determine as appropriate.

      12.2. RIGHTS OF ENFORCEMENT. Subject to the terms of the Intercreditor
Agreement, the Collateral Agent shall have all of the rights and remedies of a
secured party upon default under the UCC, in addition to which the Collateral
Agent shall have all and each of the following rights and remedies:

            (a) To give notice to any bank at which any DDA or Collection
Account is maintained and in which Proceeds of Collateral are deposited, to turn
over such Proceeds directly to the Agent.

            (b) To give notice to any customs broker of any of the Borrowers to
follow the instructions of the Collateral Agent as provided in any written
agreement or undertaking of such broker in favor of the Collateral Agent.

            (c) To collect the Receivables Collateral with or without the taking
of possession of any of the Collateral.

            (d) To take possession of all or any portion of the Collateral.

            (e) To sell, lease, or otherwise dispose of any or all of the
Collateral, in its then condition or following such preparation or processing as
the Collateral Agent deems advisable and with or without the taking of
possession of any of the Collateral.

            (f) To conduct one or more going out of business sales which include
the sale or other disposition of the Collateral.

            (g) To apply the Receivables Collateral or the Proceeds of the
Collateral towards (but not necessarily in complete satisfaction of) the
Liabilities.

            (h) To exercise all or any of the rights, remedies, powers,
privileges, and discretions under all or any of the Loan Documents.

      12.3. SALE OF COLLATERAL.

      After the occurrence and during the continuance of an Event of Default:

            (a) Any sale or other disposition of the Collateral may be at public
or private sale upon such terms and in such manner as the Collateral Agent deem
advisable, having due regard to compliance with any statute or regulation which
might affect, limit, or apply to the Collateral Agent' disposition of the
Collateral.

            (b) The Collateral Agent, in the exercise of the Collateral Agent's
rights and remedies upon default, may conduct one or more going out of business
sales, in the Collateral Agent's own right or by one or more agents and
contractors. Such sale(s) may be conducted upon any premises owned, leased, or
occupied by any Borrower. The Collateral Agent and any such agents or
contractors, in conjunction with any such sale, may augment the Inventory with
other goods (all of which other goods shall remain the sole property of the
Collateral Agent or


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such agents or contractors). Any amounts realized from the sale of such goods
which constitute augmentations to the Inventory (net of an allocable share of
the costs and expenses incurred in their disposition) shall be the sole property
of the Collateral Agent or such agents or contractors and neither any Borrower
nor any Person claiming under or in right of any Borrower shall have any
interest therein. Upon request of the Lead Borrower, the Collateral Agent shall
promptly furnish, or cause to be furnished, to the Lead Borrower a
reconciliation of the amounts received from the augmentation of the Inventory
and the allocation of costs and expenses thereto.

            (c) Unless the Collateral is perishable or threatens to decline
speedily in value, or is of a type customarily sold on a recognized market (in
which event the Collateral Agent shall provide the Lead Borrower such notice as
may be practicable under the circumstances), the Collateral Agent shall give the
Lead Borrower at least ten (10) days prior notice, by authenticated record, of
the date, time, and place of any proposed public sale, and of the date after
which any private sale or other disposition of the Collateral may be made. Each
Borrower agrees that such written notice shall satisfy all requirements for
notice to that Borrower which are imposed under the UCC or other applicable law
with respect to the exercise of the Collateral Agent's rights and remedies upon
default.

            (d) The Agent and any Revolving Credit Lender may purchase the
Collateral, or any portion of it at any sale held under this Article.

            (e) The Collateral Agent shall deliver the proceeds of the
Collateral Agent' exercise of its rights and remedies upon default to the
Administrative Agent for application pursuant to Section 14.6 hereof.

      12.4. OCCUPATION OF BUSINESS LOCATION. In connection with the Collateral
Agent's exercise of the Collateral Agent's rights under this Article 12, the
Collateral Agent may enter upon, occupy, and use any premises owned or occupied
by each Borrower, and may exclude each Borrower from such premises or portion
thereof as may have been so entered upon, occupied, or used by the Collateral
Agent. The Collateral Agent shall not be required to remove any of the
Collateral from any such premises upon the Collateral Agent's taking possession
thereof, and may render any Collateral unusable to the Borrowers. In no event
shall the Collateral Agent be liable to any Borrower for use or occupancy by the
Collateral Agent of any premises pursuant to this Article 12, nor for any charge
(such as wages for any Borrowers' employees and utilities) incurred in
connection with the Collateral Agent's exercise of the Agent's Rights and
Remedies.

      12.5. GRANT OF NONEXCLUSIVE LICENSE. In connection with the Collateral
Agent's exercise of the Collateral Agent's rights under this Article 12, each
Borrower hereby grants to the Collateral Agent a royalty free nonexclusive
irrevocable license to use, apply, and affix any trademark, trade name, logo, or
the like in which any Borrower now or hereafter has rights, such license being
with respect to the Collateral Agent's exercise of the rights hereunder
including, without limitation, in connection with any completion of the
manufacture of Inventory or sale or other disposition of Inventory.

      12.6. ASSEMBLY OF COLLATERAL. In connection with the Collateral Agent's
exercise of the Collateral Agent's rights under this Article 12, the Collateral
Agent may require any Borrower to assemble the Collateral and make it available
to the Collateral Agent at the


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Borrowers' sole risk and expense at a place or places which are reasonably
convenient to both the Collateral Agent and the Lead Borrower.

      12.7. RIGHTS AND REMEDIES. The rights, remedies, powers, privileges, and
discretions of the Agent hereunder (herein, the "AGENT'S RIGHTS AND REMEDIES")
shall be cumulative and not exclusive of any rights or remedies which it would
otherwise have. No delay or omission by the Agent in exercising or enforcing any
of the Agent's Rights and Remedies shall operate as, or constitute, a waiver
thereof. No waiver by the Agent of any Event of Default or of any default under
any other agreement shall operate as a waiver of any other default hereunder or
under any other agreement. No single or partial exercise of any of the Agent's
Rights or Remedies, and no express or implied agreement or transaction of
whatever nature entered into between the Agent and any Person, at any time,
shall preclude the other or further exercise of the Agent's Rights and Remedies.
No waiver by the Agent of any of the Agent's Rights and Remedies on any one
occasion shall be deemed a waiver on any subsequent occasion, nor shall it be
deemed a continuing waiver. The Agent's Rights and Remedies may be exercised at
such time or times and in such order of preference as the Agent may determine.
The Agent's Rights and Remedies may be exercised without resort or regard to any
other source of satisfaction of the Liabilities.

ARTICLE 13 - REVOLVING CREDIT FUNDINGS AND DISTRIBUTIONS:

      13.1. REVOLVING CREDIT FUNDING PROCEDURES.  Subject to Section 13.2:

            (a) The Administrative Agent shall advise each Revolving Credit
Lender, no later than 12:30 p.m. on a date on which any Revolving Credit Loan
(other than a SwingLine Loan) is to be made on that date. Such advice, in each
instance, may be by telephone or facsimile transmission, provided that if such
advice is by telephone, it shall be confirmed in writing. Advice of a Revolving
Credit Loan shall include the amount of and interest rate applicable to the
subject Revolving Credit Loan.

            (b) Subject to that Revolving Credit Lender's Revolving Credit
Dollar Commitment, each Revolving Credit Lender, by no later than 3:00 p.m. on
the day on which the subject Revolving Credit Loan is to be made, shall Transfer
that Revolving Credit Lender's Revolving Credit Commitment Percentage of the
subject Revolving Credit Loan to the Administrative Agent in immediately
available funds.

      13.2. SWINGLINE LOANS.

            (a) In the event that, when a Base Margin Rate Revolving Credit Loan
is requested, the aggregate unpaid balance of the SwingLine Loan is less than
the SwingLine Loan Ceiling, then the SwingLine Lender may advise the
Administrative Agent that the SwingLine Lender has determined to include up to
the amount of the requested Revolving Credit Loan as part of the SwingLine Loan.
In such event, the SwingLine Lender shall Transfer the amount of the requested
Revolving Credit Loan to the Administrative Agent.

            (b) The SwingLine Loan shall be converted to a Revolving Credit Loan
in which all Revolving Credit Lenders participate as follows:


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                  (i) At any time and from time to time, but no less frequently
      than once during each five (5) Business Day period, the SwingLine Lender
      may advise the Administrative Agent that all, or any part of the SwingLine
      Loan is to be converted to a Revolving Credit Loan in which all Revolving
      Credit Lenders participate.

                  (ii) At the times set forth in Section 13.4, the then entire
      unpaid principal balance of the SwingLine Loan shall be converted to a
      Revolving Credit Loan in which all Revolving Credit Lenders participate.

                  (iii) At the initiation of a Liquidation, the then entire
      unpaid principal balance of the SwingLine Loan shall be converted to a
      Revolving Credit Loan in which all Revolving Credit Lenders participate.

In either such event, the Administrative Agent shall advise each Revolving
Credit Lender of such conversion as if, and with the same effect as if such
conversion were the making of a Revolving Credit Loan as provided in Section
9.1.

            (c) The SwingLine Lender, in separate capacities, may also be the
Administrative Agent and a Revolving Credit Lender.

            (d) The SwingLine Lender, in its capacity as SwingLine Lender, is
not a "Revolving Credit Lender" for any of the following purposes:

                  (i) Except as otherwise specifically provided in the relevant
      Section, any distribution pursuant to Section 14.6.

                  (ii) Determination of whether the requisite Loan Commitments
      have Consented to action requiring such Consent.

      13.3. ADMINISTRATIVE AGENT'S COVERING OF FUNDINGS.

            (a) Each Revolving Credit Lender shall make available to the
Administrative Agent, as provided herein, that Revolving Credit Lender's
Revolving Credit Commitment Percentage of the following:

                  (i) Each Revolving Credit Loan, up to the maximum amount of
      that Revolving Credit Lender's Revolving Credit Dollar Commitment of the
      Revolving Credit Loans.

                  (ii) Up to the maximum amount of that Revolving Credit
      Lender's Revolving Credit Dollar Commitment of each drawing under a L/C
      and Banker's Acceptance (to the extent that such drawing under a L/C or
      Banker's Acceptance is not "covered" by a Revolving Credit Loan as
      provided herein).

            (b)   In all circumstances, the Administrative Agent may:

                  (i) Assume that each Revolving Credit Lender, subject to
      Section 13.3(a), timely shall make available to the Administrative Agent
      that Revolving Credit Lender's Revolving Credit Commitment Percentage of
      each Revolving Credit Loan,


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      notice of which is provided pursuant to Section 9.1 and shall make
      available, to the extent not "covered" by a Revolving Credit Loan, that
      Revolving Credit Lender's Revolving Credit Commitment Percentage of any
      honoring of an L/C or a Banker's Acceptance.

                  (ii) In reliance upon such assumption, make available the
      corresponding amount to the Borrowers (but the Administrative Agent shall
      not be obligated to make such amount available to the Borrowers until
      actual receipt thereof from the Revolving Credit Lenders).

                  (iii) Assume that each Revolving Credit Lender timely shall
      pay, and shall make available, to the Administrative Agent all other
      amounts which that Revolving Credit Lender is obligated to so pay and/or
      make available hereunder or under any of the Loan Documents.

            (c) In the event that, in reliance upon any of such assumptions, the
Administrative Agent makes available a Revolving Credit Lender's Revolving
Credit Commitment Percentage of one or more Revolving Credit Loans, or any other
amount to be made available hereunder or under any of the Loan Documents, which
amount a Revolving Credit Lender (a "DELINQUENT REVOLVING CREDIT LENDER") fails
to provide to the Administrative Agent within one (1) Business Day of written
notice of such failure, then:

                  (i) The amount which had been made available by the
      Administrative Agent is an "ADMINISTRATIVE AGENT'S COVER" (and is so
      referred to herein).

                  (ii) All interest paid by the Borrowers on account of the
      Revolving Credit Loan or coverage of the subject drawing of a L/C or
      Banker's Acceptance which consist of the Administrative Agent's Cover
      shall be retained by the Administrative Agent until the Administrative
      Agent's Cover, with interest, has been paid.

                  (iii) The Delinquent Revolving Credit Lender shall pay to the
      Administrative Agent, on demand, interest at a rate equal to the
      prevailing Federal Funds Effective Rate on any Administrative Agent's
      Cover in respect of that Delinquent Revolving Credit Lender.

                  (iv) The Administrative Agent shall have succeeded to all
      rights to payment to which the Delinquent Revolving Credit Lender
      otherwise would have been entitled hereunder in respect of those amounts
      paid by or in respect of the Borrowers on account of the Administrative
      Agent's Cover together with interest until it is repaid. Such payments
      shall be deemed made first towards the amounts in respect of which the
      Administrative Agent's Cover was provided and only then towards amounts in
      which the Delinquent Revolving Credit Lender is then participating. For
      purposes of distributions to be made pursuant to Section 13.4(a) (which
      relates to ordinary course distributions) or Section 14.6 (which relates
      to distributions of proceeds of a Liquidation) below, amounts shall be
      deemed distributable to a Delinquent Revolving Credit Lender (and
      consequently, to the Administrative Agent to the extent to which the
      Administrative Agent is then entitled) at the highest level of
      distribution (if applicable) at which the Delinquent Revolving Credit
      Lender would otherwise have been entitled to a distribution.


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                  (v) Subject to Subsection 13.3(c)(iv), the Delinquent
      Revolving Credit Lender shall be entitled to receive any payments from the
      Borrowers to which the Delinquent Revolving Credit Lender is then
      entitled, provided however there shall be deducted from such amount and
      retained by the Administrative Agent any interest to which the
      Administrative Agent is then entitled on account of Section 13.3(c)(ii),
      above.

            (d) A Delinquent Revolving Credit Lender shall not be relieved of
any obligation of such Delinquent Revolving Credit Lender hereunder (all and
each of which shall constitute continuing obligations on the part of any
Delinquent Revolving Credit Lender).

            (e) A Delinquent Revolving Credit Lender may cure its status as a
Delinquent Revolving Credit Lender by paying the Administrative Agent the
aggregate of the following:

                  (i) The Administrative Agent's Cover (to the extent not
      previously repaid by the Borrowers and retained by the Administrative
      Agent in accordance with Subsection 13.3(c)(iv), above) with respect to
      that Delinquent Revolving Credit Lender.

                  Plus

                  (ii) The aggregate of the amount payable under Subsection
      13.3(c)(iii), above (which relates to interest to be paid by that
      Delinquent Revolving Credit Lender).

                  Plus

                  (iii) All such costs and expenses as may be incurred by the
      Administrative Agent in the enforcement of the Administrative Agent's
      rights against such Delinquent Revolving Credit Lender.

      13.4. ORDINARY COURSE DISTRIBUTIONS.  (This Section 13.4 applies
unless the provisions of Section 14.6 (which relates to distributions in
the event of a Liquidation) becomes operative).

            (a) Weekly, on each Thursday (or more frequently at the
Administrative Agent's option) the Administrative Agent and each Revolving
Credit Lender shall settle up on amounts advanced under the Revolving Credit and
payments received on account of the Revolving Credit (including, without
limitation, collected funds received in the Administrative Agent's Accounts and
not released to the Operating Accounts as provided herein).

            (b) The Administrative Agent shall distribute to the SwingLine
Lender and to each Revolving Credit Lender, such Person's respective pro-rata
share of payments of interest and fees on account of the Revolving Credit when
actually received and collected by the Administrative Agent. For purposes of
calculating interest due to a Revolving Credit Lender, that Revolving Credit
Lender shall be entitled to receive interest on the actual amount contributed by
that Revolving Credit Lender towards the principal balance of the Revolving
Credit Loans outstanding during the applicable period covered by the interest
payment made by the Borrowers. Any net principal reductions to the Revolving
Credit Loans received by the Administrative Agent in accordance with the Loan
Documents during such period shall not reduce such actual amount so contributed,
for purposes of calculation of interest due to that


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Revolving Credit Lender, until the Administrative Agent has distributed to that
Revolving Credit Lender its pro-rata share thereof.

            (c) No Revolving Credit Lender shall have any interest in, or right
to receive any part of, the Underwriting Fee, the Structuring Fee or the
Collateral Monitoring Fee to be paid by the Borrowers to the Administrative
Agent pursuant to this Agreement.

            (d) Any amount received by the Administrative Agent as reimbursement
for any cost or expense (including without limitation, reasonable attorneys'
fees) shall be distributed by the Administrative Agent to that Person which is
entitled to such reimbursement as provided in this Agreement (and if such
Person(s) is (are) the Revolving Credit Lenders, pro-rata based upon their
respective Revolving Credit Commitment Percentages at the date on which the
expense, in respect of which such reimbursement is being made, was incurred).

            (e) Each distribution pursuant to this Section 13.4 is subject to
Section 13.3(c), above.

ARTICLE 14 - ACCELERATION AND LIQUIDATION:

      14.1. ACCELERATION NOTICES.

            (a) The Administrative Agent may give the Revolving Credit Lenders
an Acceleration Notice at any time following the occurrence of an Event of
Default.

            (b) The SuperMajority Lenders may give the Administrative Agent an
Acceleration Notice at any time following the occurrence of an Event of Default.
Such notice may be by multiple counterparts, provided that counterparts executed
by the requisite Revolving Credit Lenders are received by the Administrative
Agent within a period of five (5) consecutive Business Days.

      14.2. ACCELERATION. Unless stayed by judicial or statutory process, the
Administrative Agent shall Accelerate the Liabilities on account of the
Revolving Credit within a commercially reasonable time following:

            (a) The Administrative Agent's giving of an Acceleration Notice to
the Revolving Credit Lenders as provided in Section 14.1(a).

            (b) The Administrative Agent's receipt of an Acceleration Notice
from the SuperMajority Lenders, in compliance with Section 14.1(b) .

      14.3. INITIATION OF LIQUIDATION. Unless stayed by judicial or statutory
process, a Liquidation shall be initiated by the Administrative Agent within a
commercially reasonable time following Acceleration of Liabilities on account of
the Revolving Credit.

      14.4. ACTIONS AT AND FOLLOWING INITIATION OF LIQUIDATION.

            (a)   At the initiation of a Liquidation:


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                  (i) The unpaid principal balance of the SwingLine Loan (if
      any) shall be converted, pursuant to Section 13.2(b)(iii), to a Revolving
      Credit Loan in which all Revolving Credit Lenders participate.

                  (ii) The Administrative Agent and the Revolving Credit Lenders
      shall "net out" each Revolving Credit Lender's respective contributions
      towards the Revolving Credit Loans, so that each Revolving Credit Lender
      holds that Revolving Credit Lender's Revolving Credit Commitment
      Percentage of the Revolving Credit Loans and advances.

            (b) Following the initiation of a Liquidation, each Revolving Credit
Lender shall contribute, towards any L/C and Banker's Acceptance thereafter
honored and not immediately reimbursed by the Borrowers, that Revolving Credit
Lender's Revolving Credit Commitment Percentage of such honoring.

      14.5. COLLATERAL AGENT'S CONDUCT OF LIQUIDATION.

            (a) Any Liquidation shall be conducted by the Collateral Agent,
subject to the direction of the SuperMajority Lenders.

            (b) The Collateral Agent may establish one or more Nominees to "bid
in" or otherwise acquire ownership to any Post Foreclosure Asset.

            (c) The Collateral Agent shall manage the Nominee and manage and
dispose of any Post Foreclosure Assets with a view towards the realization of
the economic benefits of the ownership of the Post Foreclosure Assets and in
such regard, the Collateral Agent and/or the Nominee may operate, repair,
manage, maintain, develop, and dispose of any Post Foreclosure Asset in such
manner as the Collateral Agent determine as appropriate under the circumstances.

            (d) The Collateral Agent may decline to undertake or to continue
taking a course of action or to execute an action plan (whether proposed by the
Collateral Agent or any Revolving Credit Lender) unless indemnified to the
Collateral Agent's satisfaction by the Revolving Credit Lenders against any and
all liability and expense which may be incurred by the Collateral Agent by
reason of taking or continuing to take that course of action or action plan.

            (e) Each Revolving Credit Lender shall execute all such instruments
and documents not inconsistent with the provisions of this Agreement as the
Collateral Agent and/or the Nominee reasonably may request with respect to the
creation and governance of any Nominee, the conduct of the Liquidation, and the
management and disposition of any Post Foreclosure Asset.

      14.6. DISTRIBUTION OF LIQUIDATION PROCEEDS.

            (a) The Collateral Agent may establish one or more reasonably funded
reserve accounts into which proceeds of the conduct of any Liquidation may be
deposited in anticipation of future expenses which may be incurred by the
Collateral Agent in the exercise of rights as a secured creditor of the
Borrowers and prior claims which the Collateral Agent anticipate may need to be
paid.


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            (b) The Collateral Agent shall distribute the net proceeds of
Liquidation to the Administrative Agent for application in accordance with the
relative priorities set forth in Section 14.7, but subject to the terms of the
Intercreditor Agreement.

            (c) Each Revolving Credit Lender, on the written request of the
Collateral Agent and/or any Nominee, not more frequently than once each month,
shall reimburse the Collateral Agent and/or any Nominee, pro-rata, for any cost
or expense reasonably incurred by the Collateral Agent and/or the Nominee in the
conduct of a Liquidation, which amount is not covered out of current proceeds of
the Liquidation, which reimbursement shall be paid over to and distributed by
the Collateral Agent.

      14.7. RELATIVE PRIORITIES TO PROCEEDS OF LIQUIDATION.

            (a) All distributions of proceeds of a Liquidation shall be net of
payment over to the Collateral Agent as reimbursement for all reasonable third
party costs and expenses incurred by the Collateral Agent and to Lenders'
Special Counsel and to any funded reserve established pursuant to Section
14.6(a).

            (b) Subject to the terms of the Intercreditor Agreement and the
provisions of Section 14.7(c) below, the proceeds of a Liquidation, net of those
amounts described in Section 13.3(c)(iv), shall be distributed based on the
following priorities:

                  (i) To the SwingLine Lender, on account of any SwingLine loans
      not converted to Revolving Credit Loans pursuant to Section 14.4(a)(i);
      and then

                  (ii) To the Revolving Credit Lenders (other than any
      Delinquent Revolving Credit Lender), pro-rata, to the unpaid principal
      balance of the Revolving Credit; and then

                  (iii) To the Revolving Credit Lenders (other than any
      Delinquent Revolving Credit Lender), pro-rata, to accrued interest on the
      Revolving Credit; and then

                  (iv) To the Revolving Credit Lenders (other than any
      Delinquent Revolving Credit Lender), pro-rata, to those fees distributable
      hereunder to the Revolving Credit Lenders; and then

                  (v) To the Collateral Agent, an amount equal to 105% of the
      Stated Amount of all L/Cs and Bankers' Acceptances then outstanding; and
      then

                  (vi) To any Delinquent Revolving Credit Lenders, pro-rata to
      amounts to which such Delinquent Revolving Credit Lenders otherwise would
      have been entitled pursuant to Sections 14.7(b)(ii), 14.7(b)(iii),
      14.7(b)(iv); and then

                  (vii) To any other Liabilities, including any obligations due
      on account of Hedge Agreements.

            (c) Notwithstanding anything to the contrary herein contained, all
proceeds received from the Collateral of a Division shall first be applied to
the Revolving Credit Loans,


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L/Cs, Banker's Acceptances, interest, fees and other Liabilities of such
Division before application to any other Liabilities.

ARTICLE 15 - THE AGENT:

      15.1. APPOINTMENT OF THE AGENT.

            (a) Each Lender appoints and designates NCBC as the "Administrative
Agent" hereunder and under the Loan Documents.

            (b) Each Lender appoints and designates NCBC as the "Collateral
Agent" hereunder and under the Loan Documents.

            (c)   Each Revolving Credit Lender authorizes the Agent:

                  (i) To execute those of the Loan Documents and all other
      instruments relating thereto to which the Agent is a party.

                  (ii) To take such action on behalf of the Revolving Credit
      Lenders and to exercise all such powers as are expressly delegated to the
      Agent hereunder and in the Loan Documents and all related documents,
      together with such other powers as are reasonably incident thereto.

      15.2. RESPONSIBILITIES OF AGENT.

            (a) The Agent shall not have any duties or responsibilities to, or
any fiduciary relationship with, any Revolving Credit Lender except for those
expressly set forth in this Agreement.

            (b)   Neither the Agent nor any of its Affiliates shall be
responsible to any Revolving Credit Lender for any of the following:

                  (i)   Any recitals, statements, representations or
      warranties made by any Borrower or any other Person.

                  (ii) Any appraisals or other assessments of the assets of any
      Borrower or of any other Person responsible for or on account of the
      Liabilities.

                  (iii) The value, validity, effectiveness, genuineness,
      enforceability, or sufficiency of the Loan Agreement, the Loan Documents
      or any other document referred to or provided for therein.

                  (iv) Any failure by any Borrower or any other Person (other
      than the Agent) to perform its respective obligations under the Loan
      Documents.

            (c) The Agent may employ attorneys, accountants, and other
professionals and agents and attorneys-in-fact and shall not be responsible for
the negligence or misconduct of any such attorneys, accountants, and other
professionals or agents or


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attorneys-in-fact selected by the Agent with reasonable care. No such attorney,
accountant, other professional, agents, or attorney-in-fact shall be responsible
for any action taken or omitted to be taken by any other such Person.

            (d) Neither the Agent, nor any of its directors, officers, or
employees shall be responsible for any action taken or omitted to be taken or
omitted to be taken by any other of them in connection herewith in reliance upon
advice of its counsel nor, in any other event except for any action taken or
omitted to be taken as to which a final judicial determination has been or is
made (in a proceeding in which such Person has had an opportunity to be heard)
that such Person had acted in a grossly negligent manner, in actual bad faith,
or in willful misconduct.

            (e) The Agent shall not have any responsibility in any event for
more funds than the Agent actually receives and collects.

            (f) The Agent, in its separate capacity as a Lender, shall have the
same rights and powers hereunder as any other Lender.

      15.3. CONCERNING DISTRIBUTIONS BY THE AGENT.

            (a) The Administrative Agent in its reasonable discretion based upon
the Agent's determination of the likelihood that additional payments will be
received, expenses incurred, and/or claims made by third parties to all or a
portion of such proceeds, may delay the distribution of any payment received on
account of the Liabilities.

            (b) The Administrative Agent may disburse funds prior to determining
that the sums which the Agent expects to receive have been finally and
unconditionally paid to the Agent. If and to the extent that the Administrative
Agent does disburse funds and it later becomes apparent that the Agent did not
then receive a payment in an amount equal to the sum paid out, then any
Revolving Credit Lender to whom the Administrative Agent made the funds
available, on demand from the Administrative Agent, shall refund to the
Administrative Agent the sum paid to that Person.

            (c) If, in the opinion of the Agent, the distribution of any amount
received by the Agent might involve the Agent in liability, or might be
prohibited hereby, or might be questioned by any Person, then the Administrative
Agent may refrain from making distribution until the Agent's right to make
distribution has been adjudicated by a court of competent jurisdiction.

            (d) The proceeds of any Revolving Credit Lender's exercise of any
right of, or in the nature of, set-off shall be deemed, First, to the extent
that a Revolving Credit Lender is entitled to any distribution hereunder, to
constitute such distribution and Second, shall be shared with the other
Revolving Credit Lenders as if distributed pursuant to (and shall be deemed as
distributions under) Section 14.7.

            (e) Each Revolving Credit Lender recognizes that the crediting of
the Borrowers with the "proceeds" of any transaction in which a Post Foreclosure
Asset is acquired is a non-cash transaction and that, in consequence, no
distribution of such "proceeds" will be made by the Administrative Agent to any
Revolving Credit Lender.


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<PAGE>
            (f) In the event that (x) a court of competent jurisdiction shall
adjudge that any amount received and distributed by the Agent is to be repaid or
disgorged or (y) those Lenders adversely affected thereby determine to effect
such repayment or disgorgement, then each Revolving Credit Lender to which any
such distribution shall have been made shall repay, to the Agent which had made
such distribution, that Revolving Credit Lender's pro-rata share of the amount
so adjudged or determined to be repaid or disgorged.

      15.4. DISPUTE RESOLUTION. Any dispute among the Revolving Credit Lenders
and/or the Agent concerning the interpretation, administration, or enforcement
of the financing arrangements contemplated by this or any other Loan Document or
the interpretation or administration of this or any other Loan Document which
cannot be resolved amicably shall be resolved in the United States District
Court for the District of Ohio, sitting in Cleveland, Ohio, or in the courts of
Cuyahoga County, Ohio, to the jurisdiction of which courts each Revolving Credit
Lender hereto hereby submits.

      15.5. DISTRIBUTIONS OF NOTICES AND OF DOCUMENTS. The Administrative Agent
will forward to each Revolving Credit Lender, promptly after the Administrative
Agent's receipt thereof, a copy of each notice or other document furnished to
the Administrative Agent pursuant to this Agreement, including monthly,
quarterly, and annual financial statements received from the Lead Borrower
pursuant to Article 6 of this Agreement, other than any of the following:

            (a) Routine communications associated with requests for Revolving
Credit Loans and/or the issuance of L/Cs and Banker's Acceptances.

            (b) Routine or nonmaterial communications.

            (c) Any notice or document required by any of the Loan Documents to
be furnished directly to the Revolving Credit Lenders by the Lead Borrower.

            (d) Any notice or document of which the Administrative Agent has
knowledge that such notice or document had been forwarded to the Revolving
Credit Lenders other than by the Administrative Agent.

      15.6. CONFIDENTIAL INFORMATION.

            (a) Each Revolving Credit Lender will maintain, as confidential in
accordance with the provisions of Section 20.3 hereof, all of the following:

                  (i) Proprietary approaches, techniques, and methods of
      analysis which are applied by the Agent in the administration of the
      credit facility contemplated by this Agreement.

                  (ii) Proprietary forms and formats utilized by the Agent in
      providing reports to the Revolving Credit Lenders pursuant hereto, which
      forms or formats are not of general currency.

            (b) Nothing included herein shall prohibit the disclosure of any
such information as may be required to be provided by judicial process or by
regulatory authorities having jurisdiction over any party to this Agreement.


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<PAGE>
      15.7. RELIANCE BY AGENT. The Agent shall be entitled to rely upon any
certificate, notice or other document (including any cable, telegram, telex, or
facsimile) reasonably believed by the Agent to be genuine and correct and to
have been signed or sent by or on behalf of the proper Person or Persons, and
upon advice and statements of attorneys, accountants and other experts selected
by the Agent. As to any matters not expressly provided for in this Agreement,
any Loan Document, or in any other document referred to therein, the Agent shall
in all events be fully protected in acting, or in refraining from acting, in
accordance with the applicable Consent required by this Agreement. Instructions
given with the requisite Consent shall be binding on all Revolving Credit
Lenders.

      15.8. NON-RELIANCE ON AGENT AND OTHER REVOLVING CREDIT LENDERS.

            (a) Each Revolving Credit Lender represents to all other Revolving
Credit Lenders and to the Agent that such Revolving Credit Lender:

                  (i) Independently and without reliance on any representation
      or act by the Agent or by any other Revolving Credit Lender, and based on
      such documents and information as that Revolving Credit Lender has deemed
      appropriate, has made such Revolving Credit Lender's own appraisal of the
      financial condition and affairs of the Borrowers and decision to enter
      into this Agreement.

                  (ii) Has relied upon that Revolving Credit Lender's review of
      the Loan Documents by that Revolving Credit Lender and by counsel to that
      Revolving Credit Lender as that Revolving Credit Lender deemed appropriate
      under the circumstances.

            (b) Each Revolving Credit Lender agrees that such Revolving Credit
Lender, independently and without reliance upon the Agent or any other Revolving
Credit Lender, and based upon such documents and information as such Revolving
Credit Lender shall deem appropriate at the time, will continue to make such
Revolving Credit Lender's own appraisals of the financial condition and affairs
of the Borrowers when determining whether to take or not to take any
discretionary action under this Agreement.

            (c) The Agent, in the discharge of the Agent's duties hereunder,
shall not be required to make inquiry of, or to inspect the properties or books
of, any Person.

            (d) Except for notices, reports, and other documents and information
expressly required to be furnished to the Revolving Credit Lenders by the
Administrative Agent hereunder (as to which, see Section 15.5), the Agent shall
have no affirmative duty or responsibility to provide any Lender with any credit
or other information concerning any Person, which information may come into the
possession of the Agent or any Affiliate of the Agent.

            (e) Each Revolving Credit Lender, at such Revolving Credit Lender's
request, shall have reasonable access to all nonprivileged documents in the
possession of the Agent, which documents relate to the Agent's performance of
its respective duties hereunder.

      15.9. INDEMNIFICATION. Without limiting the liabilities of the Borrowers
under this Agreement or any of the other Loan Documents, each Revolving Credit
Lender shall indemnify the Agent, pro-rata, for any and all liabilities,
obligations, losses, damages, penalties, actions,


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<PAGE>
judgments, suits, costs, expenses or disbursements of any kind or nature
whatsoever (including attorneys' reasonable fees and expenses and other
out-of-pocket expenditures) which may at any time be imposed on, incurred by, or
asserted against the Agent and in any way relating to or arising out of this
Agreement or any other Loan Document or any documents contemplated by or
referred to therein or the transactions contemplated thereby or the enforcement
of any of terms hereof or thereof or of any such other documents, provided,
however, no Revolving Credit Lender shall be liable for any of the foregoing to
the extent that any of the foregoing arises from any action taken or omitted to
be taken by the Agent as to which a final judicial determination has been or is
made (in a proceeding in which the Agent has had an opportunity to be heard)
that the Agent had acted in a grossly negligent manner, in actual bad faith, or
in willful misconduct.

      15.10.      RESIGNATION OF AGENT.

            (a) The Agent may resign at any time by giving 30 days prior written
notice thereof to the Revolving Credit Lenders. Upon receipt of any such notice
of resignation, the SuperMajority Lenders shall have the right to appoint a
successor to the Agent (and if no Event of Default has occurred and is
continuing, with the consent of the Lead Borrower, not to be unreasonably
withheld and, in any event, deemed given by the Lead Borrower if no written
objection is provided by the Lead Borrower to the (resigning) Agent within ten
(10) Business Days notice of such proposed appointment). If a successor Agent
shall not have been so appointed and accepted such appointment within 30 days
after the giving of notice by the resigning Agent, then the resigning Agent may
appoint a successor Agent, which shall be a financial institution having a
combined capital and surplus in excess of $500,000,000. The consent of the Lead
Borrower otherwise required by this Section 15.10(a) shall not be required if an
Event of Default has occurred and is continuing.

            (b) Upon the acceptance of any appointment as Agent hereunder by a
successor Agent, such successor shall thereupon succeed to, and become vested
with, all the rights, powers, privileges, and duties of the (resigning) Agent so
replaced, and the (resigning) Agent shall be discharged from the (resigning)
Agent's duties and obligations hereunder, other than on account of any
responsibility for any action taken or omitted to be taken by the (resigning)
Agent as to which a final judicial determination has been or is made (in a
proceeding in which the (resigning) Person has had an opportunity to be heard)
that such Person had acted in a grossly negligent manner or in bad faith, or in
willful misconduct.

            (c) After any retiring Agent's resignation, the provisions of this
Agreement and of all other Loan Documents shall continue in effect for the
retiring Person's benefit in respect of any actions taken or omitted to be taken
by it while it was acting as Agent.

      15.11. LEAD ARRANGER, CO-SYNDICATION AGENTS AND CO-DOCUMENTATION AGENTS.

      Notwithstanding the provisions of this Agreement or any of the other Loan
Documents, none of the Lead Arranger, the Co-Syndication Agents or the
Co-Documentation Agents shall have any powers, rights, duties, responsibilities
or liabilities with respect to this Agreement and the other Loan Documents other
than confidentiality provisions contained herein.


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<PAGE>
ARTICLE 16 - ACTION BY AGENT - CONSENTS - AMENDMENTS - WAIVERS:

      16.1. ADMINISTRATION OF CREDIT FACILITIES.

            (a) Except as otherwise specifically provided in this Agreement, the
Agent may take any action with respect to the credit facility contemplated by
the Loan Documents as the Agent determines to be appropriate, provided, however,
the Agent is under no affirmative obligation to take any action which it is not
required by this Agreement or the Loan Documents specifically to so take.

            (b) Except as specifically provided in the following Sections of
this Agreement, whenever a Loan Document or this Agreement provides that action
may be taken or omitted to be taken in the Agent's reasonable, good faith
discretion, the Agent shall have the sole right to take, or refrain from taking,
such action without, and notwithstanding, any vote of the Revolving Credit
Lenders:

<TABLE>
<CAPTION>
            Actions Described in Section Required        Type of Consent
            -------------------------------------        ---------------
<S>                                                      <C>
            16.2                                         Majority Lenders
            16.3                                         SuperMajority Lenders
            16.4                                         Certain Consent
            16.5                                         Unanimous Consent
            16.6                                         Consent of SwingLine Lender
            16.7                                         Consent of the Agent
</TABLE>

            (c) The rights granted to the Revolving Credit Lenders in those
sections referenced in Section 16.1(b) shall not otherwise limit or impair the
Agent's exercise of its reasonable, good faith discretion under the Loan
Documents.

      16.2. ACTIONS REQUIRING OR ON DIRECTION OF MAJORITY LENDERS.

      Except as otherwise provided in this Agreement, the Consent or direction
of the Majority Lenders is required for any amendment, waiver, or modification
of any Loan Document.

      16.3. ACTIONS REQUIRING OR ON DIRECTION OF SUPERMAJORITY LENDERS.

      The Consent or direction of the SuperMajority Lenders is required as
follows:

            (a) The SuperMajority Lenders may direct the Administrative Agent to
permit Protective OverAdvances to be outstanding for more than 45 consecutive
Business Days or more than twice in any twelve month period (the Revolving
Credit Lenders recognizing that, except as described in this Section , any loan
or advance under the Revolving Credit which results in a Protective OverAdvance
may be made by the Administrative Agent in its reasonable, good faith discretion
without the Consent of the Revolving Credit Lenders, whether or not a Default
exists, and that each Revolving Credit Lender shall be bound thereby).

            (b) The SuperMajority Lenders may direct the Administrative Agent to
suspend the Revolving Credit, if any Default is then occurring, following which
direction, and


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<PAGE>
for as long as a Default is then occurring, the only Revolving Credit Loans
which may be made are the following:

                  (i) Protective OverAdvances not otherwise prohibited as
      provided in .

                  (ii) Revolving Credit Loans made to "cover" the honoring of
      L/C's and Banker's Acceptances.

                  (iii) Revolving Credit Loans made with Consent of the
      SuperMajority Lenders.

            (c) The SuperMajority Lenders may undertake the following if an
Event of Default has occurred and is continuing:

                  (i) Give the Administrative Agent an Acceleration Notice in
      accordance with Section 14.1(b).

                  (ii) Direct the Administrative Agent to increase the rate of
      interest to the default rate of interest as provided in, and to the extent
      permitted by, this Agreement.

      16.4. ACTION REQUIRING CERTAIN CONSENT.  The Consent or direction of
the following is required for the following actions:

            (a) Any forgiveness of all or any portion of any payment Liability:
All Revolving Credit Lenders whose payment Liability is being so forgiven:
(other than any Delinquent Revolving Credit Lender).

            (b) Any decrease in any interest rate or fee payable under any of
the Loan Documents (other than any fee payable to the Administrative Agent (for
which the consent of the Administrative Agent shall be required): All Revolving
Credit Lenders adversely affected thereby (other than any Delinquent Revolving
Credit Lender).

            (c) Any postponement of the scheduled time for payment of any amount
payable under any of the Loan Documents: All Revolving Credit Lenders adversely
affected thereby (other than any Delinquent Revolving Credit Lender).

            (d) Volitional Disgorgement as described in 15.3(f): Each Revolving
Credit Lender (other than any Delinquent Revolving Credit Lender) which is
adversely affected thereby.

            (e) Increase in the SwingLine Ceiling: The consent of the SwingLine
Lender and the Majority Lenders.

      16.5. ACTIONS REQUIRING OR DIRECTED BY UNANIMOUS CONSENT.  None of
the following may take place except with Unanimous Consent:

            (a) Any release of a material portion of the Collateral, but such
Consent to such release is not required if any of the following conditions is
satisfied:


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<PAGE>
                  (i) Such release is otherwise required or provided for in the
      Loan Documents.

                  (ii) Such release is being made to facilitate a Liquidation.

                  (iii) No OverLoan exists immediately after giving effect to
      the application to the Loan Account of the net proceeds received on
      account of the transaction in which such release is made.

            (b) Any amendment of the Definitions of "Borrowing Base", "Filene's
Borrowing Base", "VC Borrowing Base", "Excess Availability Reserve",
"Availability", "Filene's Availability" or "VC Availability" or of any
Definition of any component thereof, such that more credit would be available to
a Borrower, based on the same assets, as would have been available to such
Borrower immediately prior to such amendment , it being understood, however,
that:

                  (i) The foregoing shall not limit the adjustment by the
      Collateral Agent of any Reserve (other than the Excess Availability
      Reserve) or the Inventory Advance Rate in the Collateral Agent's
      administration of the Revolving Credit as otherwise permitted by this
      Agreement.

                  (ii) The foregoing shall not prevent the Administrative Agent,
      in its administration of the Revolving Credit, from restoring any
      component of the Borrowing Base, Filene's Borrowing Base, or VC Borrowing
      Base which had been lowered by the Administrative Agent back to the value
      of such component, as stated in this Agreement or to an intermediate
      value.

            (c) Any waiver, amendment, or modification which has the effect of
increasing any Revolving Credit Dollar Commitment, Revolving Credit Commitment
Percentage, or the Revolving Credit Ceiling, except that no Consent shall be
required for any such increase which is the result of the application of the
following Sections of this Agreement:

                  (i) Section 16.10 (which relates to NonConsenting Revolving
      Credit Lenders).

                  (ii) Section 17.1 (which relates to assignments and
      assumptions).

            (d) Any release of any Person obligated on account of the
Liabilities.

            (e) The making of any Revolving Credit Loan which, when made,
exceeds Availability and is not a Protective OverAdvance, subject, however, to
the following:

                  (i) No Consent is required in connection with the making of
      any Revolving Credit Loan to "cover" any honoring of a drawing under any
      L/C or any Banker's Acceptance.

                  (ii) Each Lender recognizes that subsequent to the making of a
      Revolving Credit Loan which does not constitute a Protective OverAdvance,
      the unpaid principal balance of the Loan Account may exceed Borrowing Base
      on account of


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<PAGE>
      changed circumstances beyond the control of the Agent (such as a drop in
      collateral value).

            (f) Any amendment which has the effect of modifying the
Administrative Agent's right or ability to make Protective OverAdvances.

            (g) The waiver of the obligation of the Borrowers to reduce the
unpaid principal balance of loans under the Revolving Credit to an amount so
that no OverLoan (other than a Protective OverAdvance) is outstanding.

            (h) Any amendment of this Article 16.

            (i) Any subordination of the Liabilities to any material obligation
of any Borrower, unless such subordination is otherwise required pursuant to
this or is permitted by this Agreement.

            (j) Amendment of any of the following Definitions:

                        "Majority Lender"
                        "Maturity Date"
                        "Protective OverAdvance"
                        "SuperMajority Lenders
                        "Unanimous Consent"

      16.6. ACTIONS REQUIRING SWINGLINE LENDER CONSENT. No action, amendment, or
waiver of compliance with, any provision of the Loan Documents or of this
Agreement which affects the SwingLine Lender may be undertaken without the
Consent of the SwingLine Lender.

      16.7. ACTIONS REQUIRING AGENT'S CONSENT.

      No action referenced herein which modifies the rights, duties, and
obligations of the Agent shall be effective without the written consent of the
Agent.

      16.8. MISCELLANEOUS ACTIONS.

            (a) Notwithstanding any other provision of this Agreement, no single
Revolving Credit Lender independently may exercise any right of action or
enforcement against or with respect to any Borrower.

            (b) The Agent shall be fully justified in failing or refusing to
take action under this Agreement or any Loan Document on behalf of any Revolving
Credit Lender unless the Agent shall first

                  (i) receive such clear, unambiguous, written instructions as
      the Agent deem appropriate; and

                  (ii) be indemnified to the Agent's satisfaction by the
      Revolving Credit Lenders against any and all liability and expense which
      may be incurred by the Agent by


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<PAGE>
      reason of taking or continuing to take any such action, unless such action
      had been grossly negligent, in willful misconduct, or in bad faith.

            (c) The Agent may establish reasonable procedures for the providing
of direction and instructions from the Revolving Credit Lenders to the Agent,
including its reliance on multiple counterparts, facsimile transmissions, and
time limits within which such direction and instructions must be received in
order to be included in a determination of whether the requisite Lenders have
provided their direction, Consent, or instructions.

      16.9. ACTIONS REQUIRING LEAD BORROWER'S CONSENT.

            (a) The Lead Borrower's consent is required for any amendment of
this Agreement, except that each of the following Articles of this Agreement may
be amended without the consent of the Lead Borrower:

<TABLE>
<CAPTION>
            Article     Title of Article
            -------     ----------------
<S>                     <C>
            13          Revolving Credit Fundings and Distributions

            14          Acceleration and Liquidation (other than any
                        modifications to the requisite percentage of Revolving
                        Credit Lenders which may furnish an Acceleration Notice
                        under Section 14.1(b))

            15.1        The Agent (provided that the provisions of Section
                        15.10(a) relating to the Lead Borrower's consent to a
                        successor Agent in certain circumstances may not be
                        amended without the Lead Borrower's consent).

            16          Action By Agent - Consents - Amendments - Waivers
                        (other than as provided in Section 16.9(b))

            17          Assignments and Participations (provided that the
                        provisions of Section 17.1(a)(i) relating to the Lead
                        Borrower's consent to an assignment in certain
                        circumstances may not be amended without the Lead
                        Borrower's consent).
</TABLE>

            (b) Subject to Section 16.9(c), the following Sections of Article 16
may not be amended without the consent of the Lead Borrower:

<TABLE>
<CAPTION>
            Actions Described in Section        Type of Consent Required
            ----------------------------        ------------------------
<S>                                             <C>
            16.3                                SuperMajority Lenders
            16.5                                Unanimous Consent
            16.9                                Actions Requiring Lead Borrower's Consent
</TABLE>

and further provided that no provision of any Article listed in Section 16.9(a)
that (i) obligates the Agent to exercise reasonable, good faith discretion, or
(ii) imposes liability on any Person for acting in a grossly negligent manner,
in actual bad faith or willful misconduct, or (iii) imposes


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<PAGE>
any confidentiality obligation under this Agreement on any Person, may be
amended without the consent of the Lead Borrower.

            (c) The Lead Borrower's consent to the amendment of those provisions
referenced in Section 16.9(b)

                  (i) Shall be deemed given unless written objection is made,
      within seven (7) Business Days following the Administrative Agent's giving
      notice to the Lead Borrower of the proposed amendment; and

                  (ii) shall not be required following the occurrence of any
      Event of Default.

      16.10. NONCONSENTING REVOLVING CREDIT LENDER.

            (a) In the event that a Revolving Credit Lender (in this Section
16.10, a "NONCONSENTING REVOLVING CREDIT LENDER") does not provide its Consent
to a proposal by the Agent to take action which requires consent under this
Article 16, then one or more Revolving Credit Lenders who provided Consent to
such action may require the assignment, without recourse and in accordance with
the procedures outlined in Section 17.1, below, of the NonConsenting Revolving
Credit Lender's Loan Commitment hereunder on fifteen (15) days written notice to
the Administrative Agent and to the NonConsenting Revolving Credit Lender.

            (b) At the end of such fifteen (15) days, and provided that the
NonConsenting Revolving Credit Lender delivers the Revolving Credit Note held by
the NonConsenting Revolving Credit Lender to the Administrative Agent (or a lost
note affidavit and indemnity reasonably acceptable to the Administrative Agent),
the Revolving Credit Lenders who have given such written notice shall Transfer
the following to the NonConsenting Revolving Credit Lender:

                  (i) Such NonConsenting Revolving Credit Lender's pro-rata
      share of the principal and interest of the Revolving Credit Loans to the
      date of such assignment.

                  (ii) All fees distributable hereunder to the NonConsenting
      Revolving Credit Lender to the date of such assignment.

                  (iii) Any out-of-pocket costs and expenses for which the
      NonConsenting Revolving Credit Lender is entitled to reimbursement from
      the Borrowers.

            (c) In the event that the NonConsenting Revolving Credit Lender
fails to deliver to the Administrative Agent the Revolving Credit Note held by
the NonConsenting Revolving Credit Lender (or a lost note affidavit and
indemnity) as provided in Section 16.10(b), then:

                  (i) The amount otherwise to be Transferred to the
      NonConsenting Revolving Credit Lender shall be Transferred to the
      Administrative Agent and held by the Administrative Agent, without
      interest, to be turned over to the NonConsenting


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<PAGE>
      Revolving Credit Lender upon delivery of the Revolving Credit Note held by
      that NonConsenting Revolving Credit Lender (or a lost note affidavit and
      indemnity).

                  (ii) The Revolving Credit Note held by the NonConsenting
      Revolving Credit Lender shall have no force or effect whatsoever.

                  (iii) The NonConsenting Revolving Credit Lender shall cease to
      be a "Revolving Credit Lender".

                  (iv) The Revolving Credit Lender(s) which have Transferred the
      amount to the Administrative Agent as described above shall have succeeded
      to all rights and become subject to all of the obligations of the
      NonConsenting Revolving Credit Lender as "Revolving Credit Lender".

            (d) In the event that more than one (1) Revolving Credit Lender
wishes to require such assignment, the NonConsenting Revolving Credit Lender's
Loan Commitment hereunder shall be divided among such Revolving Credit Lenders,
pro-rata based upon their respective Revolving Credit Commitment Percentages,
with the Administrative Agent coordinating such transaction.

            (e) The Administrative Agent shall coordinate the retirement of the
Revolving Credit Note held by the NonConsenting Revolving Credit Lender and the
issuance of Revolving Credit Notes to those Revolving Credit Lenders which
"take-out" such NonConsenting Revolving Credit Lender, provided, however, no
processing fee otherwise to be paid as provided in Section 17.2(b) shall be due
under such circumstances.

ARTICLE 17 - ASSIGNMENTS BY REVOLVING CREDIT LENDERS:

      17.1. ASSIGNMENTS AND ASSUMPTIONS.

            (a) Except as provided herein, each Revolving Credit Lender (in this
Section 17.1(a), an "ASSIGNING REVOLVING CREDIT LENDER") may assign to one or
more Eligible Assignees (in this Section 17.1(a), each an "ASSIGNEE REVOLVING
CREDIT LENDER") all or a portion of that Revolving Credit Lender's interests,
rights and obligations under this Agreement and the Loan Documents (including
all or a portion of its Revolving Credit Dollar Commitment) and the same portion
of the Revolving Credit Loans at the time owing to it, and of the Revolving
Credit Note held by the Assigning Revolving Credit Lender, provided that:

                  (i) The Administrative Agent and, subject to the provisions of
      Section 2.22(d) hereof, the Lead Borrower, shall have given its prior
      written consent to such assignment, which consent shall not be
      unreasonably withheld, but need not be given if the proposed assignment
      would result in any resulting Revolving Credit Lender's having a Revolving
      Credit Dollar Commitment of less than the "minimum hold" amount specified
      in Section 17.1(a)(iii).

                  (ii) Each such assignment shall be of a constant, and not a
      varying, percentage of all the Assigning Revolving Credit Lender's rights
      and obligations under this Agreement.


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<PAGE>
                  (iii) Following the effectiveness of such assignment, the
      Assigning Revolving Credit Lender's Revolving Credit Dollar Commitment (if
      not an assignment of all of the Assigning Revolving Credit Lender's Loan
      Commitment) shall not be less than $5,000,000.00.

      17.2. ASSIGNMENT PROCEDURES.  (This Section 17.2 describes the
procedures to be followed in connection with an assignment effected
pursuant to this Article 17 and permitted by Section 17.1).

            (a) The parties to such an assignment shall execute and deliver to
the Administrative Agent, for recording in the Register, an Assignment and
Acceptance substantially in the form of EXHIBIT 17.2, annexed hereto (each, an
"ASSIGNMENT AND ACCEPTANCE").

            (b) The Assigning Revolving Credit Lender shall deliver to the
Administrative Agent, with such Assignment and Acceptance, the Revolving Credit
Note held by the subject Assigning Revolving Credit Lender and the
Administrative Agent's processing fee of $3,500.00.

            (c) The Administrative Agent shall maintain a copy of each
Assignment and Acceptance delivered to it and a register or similar list (the
"REGISTER") for the recordation of the names and addresses of the Revolving
Credit Lenders and of the Revolving Credit Dollar Commitment and Revolving
Credit Commitment Percentage of each Revolving Credit Lender. The Register shall
be available for inspection by the Revolving Credit Lenders at any reasonable
time and from time to time upon reasonable prior notice. In the absence of
manifest error, the entries in the Register shall be conclusive and binding on
all Revolving Credit Lenders. The Administrative Agent and the Revolving Credit
Lenders may treat each Person whose name is recorded in the Register as a
"Revolving Credit Lender" hereunder for all purposes of this Agreement.

            (d) The Assigning Revolving Credit Lender and Assignee Revolving
Credit Lender, directly between themselves, shall make all appropriate
adjustments in payments for periods prior to the effective date of an Assignment
and Assumption.

      17.3. EFFECT OF ASSIGNMENT.

            (a) From and after the effective date specified in an Assignment and
Acceptance which has been executed, delivered, and recorded (which effective
date the Administrative Agent may delay by up to five (5) Business Days after
the delivery of such Assignment and Acceptance):

                  (i)   The Assignee Revolving Credit Lender:

                        (A) Shall be a party to this Agreement and the Loan
            Documents (and to any amendments thereof) as fully as if the
            Assignee Revolving Credit Lender had executed each..

                        (B) Shall have the rights of a Revolving Credit Lender
            hereunder to the extent of the Revolving Credit Dollar Commitment
            and


                                      121
<PAGE>
            Revolving Credit Commitment Percentage assigned by such Assignment
            and Acceptance.

                  (ii) The Assigning Revolving Credit Lender shall be released
      from the Assigning Revolving Credit Lender's obligations under this
      Agreement and the Loan Documents to the extent of the Loan Commitment
      assigned by such Assignment and Acceptance.

                  (iii) The Administrative Agent shall undertake to obtain and
      distribute replacement Revolving Credit Notes to the subject Assigning
      Revolving Credit Lender and Assignee Revolving Credit Lender.

            (b) By executing and delivering an Assignment and Acceptance, the
parties thereto confirm to and agree with each other and with all parties to
this Agreement as to those matters which are set forth in the subject Assignment
and Acceptance.

ARTICLE 18 - NOTICES:

      18.1. NOTICE ADDRESSES. All notices, demands, and other communications
made in respect of any Loan Document (other than a request for a loan or advance
or other financial accommodation under the Revolving Credit) shall be made to
the following addresses, each of which may be changed upon seven (7) days
written notice to all others given by certified mail, return receipt requested:

            If to the Administrative Agent:

                  National City Business Credit, Inc.
                  1965 E. Sixth Street
                  Cleveland, Ohio 44114
                  Attention   : Joseph Kwasny
                  Fax         : (216) 222-9555

            With a copy to:

                  Riemer & Braunstein LLP
                  Three Center Plaza
                  Boston, Massachusetts  02108
                  Attention   :  David S. Berman, Esquire
                  Fax         : (617) 880-3456

            If to the Lead Borrower
            And All Borrowers:

                  Value City Department Stores LLC
                  3241 Westerville Road
                  Columbus, Ohio 43224
                  Attention   :   James. A. McGrady
                  Fax         :    (614) 473-2721


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            With a copy to:

                  Schottenstein Stores Corporation
                  1800 Moler Road
                  Columbus, Ohio 43207
                  Attention   : Irwin A. Bain, Esquire
                  Fax         : (614) 443-0972

            With a copy to:

                  Vorys, Sater, Seymour and Pease LLP
                  52 East Gay Street
                  Columbus, Ohio  43215
                  Attention   :John B. Weimer, Esquire
                              Fax         : (614) 719-5086

      18.2. NOTICE GIVEN.

            (a) Except as otherwise specifically provided herein, notices shall
be deemed made and correspondence received, as follows (all times being local to
the place of delivery or receipt):

                  (i) By certified mail, return receipt requested: the date when
      actually received.

                  (ii) By recognized overnight express delivery: the Business
      Day following the day when sent.

                  (iii) By Hand: If delivered on a Business Day after 9:00 AM
      and no later than three (3) hours prior to the close of customary business
      hours of the recipient, when delivered. Otherwise, at the opening of the
      then next Business Day.

                  (iv) By Facsimile transmission (which must include a header on
      which the party sending such transmission is indicated): If sent on a
      Business Day after 9:00 AM and no later than three (3) hours prior to the
      close of customary business hours of the recipient, one (1) hour after
      being sent. Otherwise, at the opening of the then next Business Day.

      18.3. WIRE INSTRUCTIONS. NOTICE GIVEN. Subject to change in the same
manner that a notice address may be changed (as to which, see Section 18.1),
wire transfers to the Administrative Agent shall be made in accordance with the
following wire instructions:

            National City Bank.
            ABA Number        : 041000124
            Account Name      : National City Business Credit, Inc.
            Account Number    : 3790116
            Reference         : Value City


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ARTICLE 19 - TERM:

      19.1. TERMINATION OF REVOLVING CREDIT.  The Revolving Credit shall
remain in effect (subject to suspension as provided in Section 2.6 hereof)
until the Termination Date.

      19.2. ACTIONS ON TERMINATION.

            (a) On the Termination Date, the Borrowers shall pay the
Administrative Agent (whether or not then due), in immediately available funds,
all Liabilities including, without limitation: the following:

                  (i) The entire balance of the Loan Account (including the
      unpaid principal balance of the Revolving Credit Loans, and the SwingLine
      Loan ).

                  (ii)  Any then remaining installments of the Collateral
      Monitoring Fee.

                  (iii) Any payments due on account of the indemnification
      obligations included in Section 2.11(f).

                  (iv)  Any accrued and unpaid Unused Line Fee.

                  (v) All unreimbursed costs and expenses of the Agent and of
      Lenders' Special Counsel for which each Borrower is responsible.

                  (vi)  All other Liabilities.

            (b) On the Termination Date, the Borrowers shall also shall make
such arrangements concerning any L/Cs and Banker's Acceptances then outstanding
as are reasonably satisfactory to the Administrative Agent.

            (c) Until such payment (Section 19.2(a)) and arrangements concerning
L/Cs and Banker's Acceptances (Section 19.2(b)), all provisions of this
Agreement, other than those included in Article 2 which place any obligation on
the Administrative Agent or any Revolving Credit Lender to make any loans or
advances or to provide any financial accommodations to any Borrower shall remain
in full force and effect until all Liabilities shall have been paid in full.

            (d) On the Termination Date, and upon satisfaction by the Loan
Parties of the terms of Section 19.2(a) and (b), above, the Collateral Agent
shall release the Collateral Interests granted the Collateral Agent by the
Borrowers hereunder, which may be upon such conditions and indemnifications as
the Collateral Agent may reasonably require.

ARTICLE 20 - GENERAL:

      20.1. PROTECTION OF COLLATERAL. The Agent has no duty as to the collection
or protection of the Collateral beyond the safe custody of such of the
Collateral as may come into the possession of the Agent.

      20.2. PUBLICITY. Subject to the prior approval of the Lead Borrower (which
approval shall not be unreasonably withheld or delayed), the Administrative
Agent may issue a


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"tombstone" notice of the establishment of the credit facility contemplated by
this Agreement and may make reference to each Borrower (and may utilize any logo
or other distinctive symbol associated with each Borrower) in connection with
any advertising, promotion, or marketing (including reference in any "case
study" of the creditor facility contemplated hereby) undertaken by the
Administrative Agent.

      20.3. CONFIDENTIALITY. Each of the Agent, the Issuer, the Lead Arranger,
the Revolving Credit Lenders, the SwingLine Lender, and any Person subject to
this Section 20.3 by the terms of this Agreement (or behalf of itself, and each
of its directors, officers, and employees) agrees to maintain the
confidentiality of the Information (as defined below), except that Information
may be disclosed (a) to its and its Affiliates' directors, officers, employees
and agents, including accountants, legal counsel and other advisors (it being
understood that the Persons to whom such disclosure is made will be informed of
the confidential nature of such Information and instructed to keep such
Information confidential), (b) to the extent requested by any regulatory
authority, (c) to the extent required by applicable laws or regulations or by
any subpoena or similar legal process, (d) to any other party to this Agreement,
(e) in connection with the exercise of any remedies hereunder or any suit,
action or proceeding relating to this Agreement or any other Loan Document or
the enforcement of rights hereunder or thereunder, (f) to any assignee of or
Participant in, or any prospective assignee of or Participant in, any of its
rights or obligations under this Agreement and any actual or prospective
counterparty or advisors to any swap or derivative transactions relating to the
Loan Parties and the Liabilities (subject to an agreement executed for the
benefit of the Lead Borrower which contains provisions substantially the same as
those of this Section 20.3, (g) with the consent of the Loan Parties or (h) to
the extent such Information (i) becomes publicly available other than as a
result of a breach of this Section or (ii) becomes legally available to the
Agent, the Issuer, the Lead Arranger or any Revolving Credit Lender on a
nonconfidential basis from a source other than the Loan Parties. For the
purposes of this Section, the term "Information" means all information received
from the Loan Parties relating to their business, other than any such
information that is available to the Agent, the Issuer, the Lead Arranger or any
Revolving Credit Lender on a nonconfidential basis prior to disclosure by the
Loan Parties, provided that, in the case of information received from the Loan
Parties after the date hereof, such information is identified at the time of
delivery as confidential or of the type of information, such as business plans
or financial information as is customarily confidential. Any Person required to
maintain the confidentiality of Information as provided in this Section shall be
considered to have complied with its obligation to do so if such Person has
exercised the same degree of care to maintain the confidentiality of such
Information as such Person would accord to its own confidential information that
is of a similar nature. The confidentiality provisions contained in this
Agreement shall survive the termination, assignment or invalidation of this
Agreement, or of any of the rights and obligations contained herein or therein.

      20.4. SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon the
Borrowers and their respective representatives, successors, and assigns and
shall enure to the benefit of the Agent and each Revolving Credit Lender and
their respective successors and assigns, provided, however, no trustee or other
fiduciary appointed with respect to any Borrower shall have any rights
hereunder. In the event that the Agent or any Revolving Credit Lender assigns or
transfers its rights under this Agreement, the assignee shall thereupon succeed
to and become vested with


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all rights, powers, privileges, and duties of such assignor hereunder and such
assignor shall thereupon be discharged and relieved from its duties and
obligations hereunder.

      20.5. SEVERABILITY. Any determination that any provision of this Agreement
or any application thereof is invalid, illegal, or unenforceable in any respect
in any instance shall not affect the validity, legality, or enforceability of
such provision in any other instance, or the validity, legality, or
enforceability of any other provision of this Agreement.

      20.6. AMENDMENTS.  COURSE OF DEALING.

            (a) This Agreement and the other Loan Documents incorporate all
discussions and negotiations between each Borrower and the Agent and each
Revolving Credit Lender, either express or implied, concerning the matters
included herein and in such other instruments, any custom, usage, or course of
dealings to the contrary notwithstanding. No such discussions, negotiations,
custom, usage, or course of dealings shall limit, modify, or otherwise affect
the provisions hereof or thereof. No failure by the Agent or any Revolving
Credit Lender to give notice to the Lead Borrower of any Borrower's having
failed to observe and comply with any warranty or covenant included in any Loan
Document shall constitute a waiver of such warranty or covenant or the amendment
of the subject Loan Document. No change made by the Agent to the manner by which
Borrowing Base is determined shall obligate the Agent to continue to determine
Borrowing Base in that manner.

            (b) Each Borrower may undertake any action otherwise prohibited
hereby, and may omit to take any action otherwise required hereby, upon and with
the express prior written consent of the Administrative Agent. Subject to
Article 16, no consent, modification, amendment, or waiver of any provision of
any Loan Document shall be effective unless executed in writing by or on behalf
of the party to be charged with such modification, amendment, or waiver (and if
such party is the Administrative Agent then by a duly authorized officer
thereof). Any modification, amendment, or waiver provided by the Administrative
Agent shall be in reliance upon all representations and warranties theretofore
made to the Administrative Agent by or on behalf of the Borrowers (and any
guarantor, endorser, or surety of the Liabilities) and consequently may be
rescinded in the event that any of such representations or warranties was not
true and complete in all material respects when given.

      20.7. POWER OF ATTORNEY. In connection with all powers of attorney
included in this Agreement (which may be exercised only after the occurrence and
during the continuance of an Event of Default), each Borrower hereby grants unto
the Administrative Agent (acting through any of its officers) full power to do
any and all things necessary or appropriate in connection with the exercise of
such powers as fully and effectually as that Borrower might or could do, hereby
ratifying all that said attorney shall do or cause to be done by virtue of this
Agreement. No power of attorney set forth in this Agreement shall be affected by
any disability or incapacity suffered by any Borrower and each shall survive the
same. All powers conferred upon the Agent by this Agreement, being coupled with
an interest, shall be irrevocable until this Agreement is terminated by a
written instrument executed by a duly authorized officer of the Agent. The
Administrative Agent, as agent for the Borrowers under any power of attorney
included in this Agreement and the other Loan Documents, is not a fiduciary for
any Borrower, but instead, in exercising any one or more rights with respect to
such powers of attorney, may do so for the sole and exclusive benefit of the
Revolving Credit Lenders, and not for the benefit of any Borrower.


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<PAGE>
The Borrowers acknowledge and agree that the provisions of Title 20,
Pennsylvania Consolidated Statutes Section 5601 et seq., as amended (including,
without limitation, Act 39 of 1999) shall not be applicable to any one or more
powers of attorney contained in any Loan Document previously, concurrently or in
the future executed and delivered by the Borrowers.

      20.8. APPLICATION OF PROCEEDS. The proceeds of any collection, sale, or
disposition of the Collateral, or of any other payments received hereunder,
shall be applied towards the Liabilities in such order and manner as the
Administrative Agent determines in its sole reasonable, good faith discretion,
consistent, however, with Sections 14.6 and 14.7 and any other applicable
provisions of this Agreement. The Borrowers shall remain liable for any
deficiency remaining following such application.

      20.9. INCREASED COSTS. If, after the date hereof, as a result of any
change in any Requirement of Law, or change of the interpretation or application
thereof by any court or by any governmental or other authority or entity charged
with the administration thereof, whether or not having the force of law, which:

            (a) subjects any Revolving Credit Lender to any taxes or changes the
basis of taxation, or increases any existing taxes, on payments of principal,
interest or other amounts payable by any Borrower to the Agent or any Revolving
Credit Lender under this Agreement (except for taxes on the Agent or any
Revolving Credit Lender based on net income or capital imposed by the
jurisdiction in which the principal or lending offices of the Agent or that
Revolving Credit Lender are located);

            (b) imposes, modifies or deems applicable any reserve, cash margin,
special deposit or similar requirements against assets held by, or deposits in
or for the account of or loans by or any other acquisition of funds by the
relevant funding office of any Revolving Credit Lender;

            (c) imposes on any Revolving Credit Lender any other condition with
respect to any Loan Document; or

            (d) imposes on any Revolving Credit Lender a requirement to maintain
or allocate capital in relation to the Liabilities;

and the result of any of the foregoing, in such Revolving Credit Lender's
reasonable opinion, is to increase the cost to that Revolving Credit Lender of
making or maintaining any loan, advance or financial accommodation or to reduce
the income receivable by that Revolving Credit Lender in respect of any loan,
advance or financial accommodation by an amount which that Revolving Credit
Lender deems to be material, then upon written notice from the Administrative
Agent, from time to time, to the Lead Borrower (such notice to set out in
reasonable detail the facts giving rise to and a summary calculation of such
increased cost or reduced income), the Borrowers shall forthwith pay to the
Administrative Agent, for the benefit of the subject Revolving Credit Lender,
upon receipt of such notice, that amount which shall compensate the subject
Revolving Credit Lender for such additional cost or reduction in income.

      20.10. REPLACEMENT OF REVOLVING CREDIT LENDER. If (a) any Revolving Credit
Lender incurs increased costs and requests compensation under Section 2.18(d) or
Section 20.9,


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<PAGE>
(b) any Revolving Credit Lender is a Delinquent Revolving Credit Lender, then
the Lead Borrower may

            (a) request such Revolving Credit Lender or Issuer to use reasonable
efforts to designate a different lending office for funding or booking its loans
hereunder or to assign its rights and obligations hereunder to another of its
offices, branches, or Affiliates, if in the judgment of such Revolving Credit
Lender or Issuer, such designation or assignment (i) would eliminate or reduce
amounts payable pursuant to Section 2.18(d) or Section 20.9 hereof, and (ii)
would not subject such Revolving Credit Lender or Issuer to any unreimbursed
cost or expense, and would not otherwise be disadvantageous to such Revolving
Credit Lender or Issuer. The Lead Borrower shall pay all reasonable costs and
expenses incurred by such Revolving Credit Lender or Issuer in connection with
any such designation of assignment; and

            (b) at its sole expense and effort, upon notice to such Revolving
Credit Lender and the Administrative Agent, require such Revolving Credit Lender
to assign and delegate, without recourse (in accordance with and subject to the
restrictions contained in Article 17), all its interests, rights and obligations
under this Agreement to an assignee that shall assume such obligations (which
assignee may be another Revolving Credit Lender, if a Revolving Credit Lender
accepts such assignment), provided that (i) if such assignee is not an existing
Revolving Credit Lender, the Lead Borrower shall have received the prior written
consent of the Administrative Agent, which consent shall not unreasonably be
withheld, (ii) such Revolving Credit Lender shall have received payment of an
amount equal to the outstanding principal of its Revolving Credit Loans and
participations in unreimbursed drawings under L/Cs and Banker's Acceptances and
SwingLine Loans, accrued interest thereon, accrued fees and all other amounts
payable to it hereunder, from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or the Lead Borrower (in the case of
all other amounts) and (iii) such assignment will result in a reduction in such
compensation, payments or costs. A Revolving Credit Lender shall not be required
to make any such assignment and delegation if, prior thereto, as a result of a
waiver by such Revolving Credit Lender or otherwise, the circumstances entitling
the Lead Borrower to require such assignment and delegation cease to apply.

      20.11. COSTS AND EXPENSES OF THE AGENT AND ISSUER.

            (a) The Borrowers shall pay from time to time on demand all Costs of
Collection and all reasonable costs, expenses, and disbursements (including
reasonable attorneys' fees and expenses) which are incurred by the Agent or the
Issuer in connection with the preparation, negotiation, execution, and delivery
of this Agreement and of any other Loan Documents, and all other reasonable
costs, expenses, and disbursements which may be incurred in connection with or
in respect to the credit facility contemplated hereby or which otherwise are
incurred with respect to the Liabilities.

            (b) The Borrowers shall pay from time to time on demand all
reasonable costs and expenses (including reasonable attorneys' fees and
expenses) incurred, following the occurrence of any Event of Default, by the
Revolving Credit Lenders to Lenders' Special Counsel.


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<PAGE>
            (c) Each Borrower authorizes the Administrative Agent to pay all
such fees and expenses and in the Administrative Agent's reasonable, good faith
discretion, to add such fees and expenses to the Loan Account.

            (d) The undertaking on the part of each Borrower in this Section
20.11 shall survive payment of the Liabilities and/or any termination, release,
or discharge executed by the Agent in favor of any Borrower, other than a
termination, release, or discharge which makes specific reference to this
Section 20.11.

      20.12. COPIES AND FACSIMILES. Each Loan Document and all documents and
papers which relates thereto which have been or may be hereinafter furnished the
Agent or any Revolving Credit Lender may be reproduced by that Revolving Credit
Lender or by the Agent by any photographic, microfilm, xerographic, digital
imaging, or other process, and such Person making such reproduction may destroy
any document so reproduced. Any such reproduction shall be admissible in
evidence as the original itself in any judicial or administrative proceeding
(whether or not the original is in existence and whether or not such
reproduction was made in the regular course of business). Any facsimile which
bears proof of transmission shall be binding on the party which or on whose
behalf such transmission was initiated and likewise shall be so admissible in
evidence as if the original of such facsimile had been delivered to the party
which or on whose behalf such transmission was received.

      20.13. OHIO LAW.  This Agreement and all rights and obligations hereunder,
including matters of construction, validity, and performance, shall be governed
by the law of State of Ohio.

      20.14. CONSENT TO JURISDICTION.

            (a) Each Borrower agrees that any legal action, proceeding, case, or
controversy against any Borrower with respect to any Loan Document may be
brought in the courts of Franklin County, Ohio or in the United States District
Court, District of Ohio, sitting in Columbus, Ohio, as the Administrative Agent
may elect in the Administrative Agent's sole reasonable, good faith discretion.
By execution and delivery of this Agreement, each Borrower, for itself and in
respect of its property, accepts, submits, and consents generally and
unconditionally, to the jurisdiction of the aforesaid courts.

            (b) Each Borrower WAIVES any objection based on forum non conveniens
and any objection to venue of any action or proceeding instituted under any of
the Loan Documents and consents to the granting of such legal or equitable
remedy as is deemed appropriate by the Court.

            (c) Nothing herein shall affect the right of the Agent to bring
legal actions or proceedings in any other competent jurisdiction.

            (d) Each Borrower agrees that any action commenced by any Borrower
asserting any claim arising under or in connection with this Agreement or any
other Loan Document shall be brought solely in the courts of Franklin County,
Ohio or in the United States District Court, District of Ohio, sitting in
Columbus, Ohio, and that such Courts shall have exclusive jurisdiction with
respect to any such action.


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<PAGE>
      20.15. INDEMNIFICATION. Each Borrower shall indemnify, defend, and hold
the Agent, the Issuer, and each Revolving Credit Lender and any Participant and
any of their respective employees, officers, agents, Subsidiaries, and
Affiliates (each, an "INDEMNIFIED PERSON") harmless of and from any claim
brought or threatened against any Indemnified Person by any Borrower, any
guarantor or endorser of the Liabilities, or any other Person (as well as from
reasonable attorneys' fees, expenses, and disbursements in connection therewith)
on account of the relationship of the Borrowers or of any guarantor or endorser
of the Liabilities, including all costs, expenses, liabilities, and damages as
may be suffered by any Indemnified Person in connection with (x) the Collateral;
(y) the occurrence of any Event of Default; or (z) the exercise of any rights or
remedies under any of the Loan Documents (each of claims which may be defended,
compromised, settled, or pursued by the Indemnified Person with counsel of the
Lender's selection, but at the expense of the Borrowers) other than any claim as
to which a final determination is made in a judicial proceeding (in which the
Agent and any other Indemnified Person has had an opportunity to be heard),
which determination includes a specific finding that the Indemnified Person
seeking indemnification had acted in a grossly negligent manner or in actual bad
faith or in willful misconduct. This indemnification shall survive payment of
the Liabilities and/or any termination, release, or discharge executed by the
Agent in favor of the Borrowers, other than a termination, release, or discharge
duly executed on behalf of the Agent which makes specific reference to this
Section 20.15.

      20.16. RULES OF CONSTRUCTION.  The following rules of construction shall
be applied in the interpretation, construction, and enforcement of this
Agreement and of the other Loan Documents:

            (a) Unless otherwise specifically provided for herein (and then only
to the extent so provided), interest and any fee or charge which is stated as a
per annum percentage shall be calculated based on a 360 day year and actual days
elapsed for LIBOR Loans and based on a 365/366 day year and actual days elapsed
for Base Margin Loans.

            (b)   Words in the singular include the plural and words in the
plural include the singular.

            (c) Unless otherwise specifically provided for herein or in a
specific Loan Document (and then only to the extent so provided), as between the
parties hereto or to any Loan Document, the definitions of the following terms,
as included in the UCC, are deemed to be as follows for purposes of the
performance of obligations arising under or in respect of any Loan Document:

                  (i)   "Authenticate" means "signed".

                  (ii)  "Record" means written information in a tangible form.

            (d) Titles, headings (indicated by being underlined or shown in
SMALL CAPITALS) and any Table of Contents are solely for convenience of
reference; do not constitute a part of the instrument in which included; and do
not affect such instrument's meaning, construction, or effect.

            (e)   The words "includes" and "including" are not limiting.


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            (f) Text which follows the words "including, without limitation" (or
similar words) is illustrative and not limitational.

            (g) Text which is shown in italics (except for parenthesized
italicized text), shown in BOLD, shown IN ALL CAPITAL LETTERS, or in any
combination of the foregoing, shall be deemed to be conspicuous.

            (h)   The words "may not" are prohibitive and not permissive.

            (i) Any reference to a Person's "knowledge" (or words of similar
import) are to such Person's knowledge assuming that such Person has undertaken
reasonable and diligent investigation with respect to the subject of such
"knowledge" (whether or not such investigation has actually been undertaken).

            (j) Terms which are defined in one section of any Loan Document are
used with such definition throughout the instrument in which so defined.

            (k)   The term "Dollars" and the symbol "$" each refers to United
States Dollars.

            (l) Unless limited by reference to a particular Section or
provision, any reference to "herein", "hereof", or "within" is to the entire
Loan Document in which such reference is made.

            (m) References to "this Agreement" or to any other Loan Document is
to the subject instrument as amended to the date on which application of such
reference is being made.

            (n)   Except as otherwise specifically provided, all references
to time are to Cleveland, Ohio time.

            (o) In the determination of any notice, grace, or other period of
time prescribed or allowed hereunder:

                  (i) Unless otherwise provided (A) the day of the act, event,
      or default from which the designated period of time begins to run shall
      not be included and the last day of the period so computed shall be
      included unless such last day is not a Business Day, in which event the
      last day of the relevant period shall be the then next Business Day and
      (B) the period so computed shall end at 5:00 PM on the relevant Business
      Day.

                  (ii)  The word "from" means "from and including".

                  (iii) The words "to" and "until" each mean "to, but
      excluding".

                  (iv)  The word "through" means "to and including".

            (p) The Loan Documents shall be construed and interpreted in a
harmonious manner and in keeping with the intentions set forth in Section 20.17
hereof, provided, however, in the event of any inconsistency between the
provisions of this Agreement and any other Loan Document, the provisions of this
Agreement shall govern and control.


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<PAGE>
      20.17. AGENT'S CONSENT. Unless otherwise explicitly provided herein, the
Agent's or any Revolving Credit Lender's consent to any action of any Borrower
which is prohibited unless such consent is given may be given or refused by the
Agent or such Revolving Credit Lender in its sole reasonable, good faith
discretion and without reference to Section 2.16 hereof.

      20.18. PARTICIPATIONS. Each Revolving Credit Lender may sell
participations to one or more financial institutions (each, a "PARTICIPANT") in
that Revolving Credit Lender's interests herein provided that no such
participation shall include any provision which accords that Participant with
any rights, vis a vis the Agent, with respect to any requirement herein for
approval by a requisite number or proportion of the Revolving Credit Lenders. No
such sale of a participation shall relieve a Revolving Credit Lender from that
Revolving Credit Lender's obligations hereunder nor obligate the Agent to any
Person other than a Revolving Credit Lender.

      20.19. RIGHT OF SET-OFF. Any and all deposits or other sums at any time
credited by or due to any Borrower from the Agent or any Revolving Credit Lender
or any Participant or from any Affiliate of any of the foregoing, and any cash,
securities, instruments or other property of any Borrower in the possession of
any of the foregoing (other than in Exempt DDA accounts), whether for
safekeeping or otherwise (regardless of the reason such Person had received the
same) shall at all times constitute security for all Liabilities and for any and
all obligations of each Borrower to the Agent and such Revolving Credit Lender
or any Participant or such Affiliate, and (a) after the occurrence and during
the continuance of an Event of Default, or (b) after the service of process upon
the Agent or any Revolving Credit Lender or any Participant seeking to attach,
by trustee, mesne, or other process, any funds of any Loan Party on deposit
with, or assets of any Loan Party in the possession of, the Agent or that
Revolving Credit or such Participant, in excess of Five Hundred Thousand Dollars
($500,000.00), may be applied or set off against the Liabilities and against
such obligations at any time, whether or not such are then due and whether or
not other collateral is then available to the Agent or that Revolving Credit
Lender.

      20.20. PLEDGES TO FEDERAL RESERVE BANKS. Nothing included in this
Agreement shall prevent or limit any Revolving Credit Lender, to the extent that
such Revolving Credit Lender is subject to any of the twelve Federal Reserve
Banks organized under Section 4 of the Federal Reserve Act (12 U.S.C. Section
341) from pledging all or any portion of that Lender's interest and rights under
this Agreement, provided, however, neither such pledge nor the enforcement
thereof shall release the pledging Revolving Credit Lender from any of its
obligations hereunder or under any of the Loan Documents.

      20.21. MAXIMUM INTEREST RATE. Regardless of any provision of any Loan
Document, neither the Agent nor any Revolving Credit Lender shall be entitled to
contract for, charge, receive, collect, or apply as interest on any Liability,
any amount in excess of the maximum rate imposed by Applicable Law. Any payment
which is made which, if treated as interest on a Liability would result in such
interest's exceeding such maximum rate shall be held, to the extent of such
excess, as additional collateral for the Liabilities as if such excess were
"Collateral."

      20.22. WAIVERS.


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<PAGE>
            (a) Each Borrower (and all guarantors, endorsers, and sureties of
the Liabilities) make each of the waivers included in Section 20.22(b), below,
knowingly, voluntarily, and intentionally, and understands that the Agent and
each Revolving Credit Lender, in establishing the facilities contemplated hereby
and in providing loans and other financial accommodations to or for the account
of the Borrowers as provided herein, whether not or in the future, is relying on
such waivers.

            (b)   EACH BORROWER, AND EACH SUCH GUARANTOR, ENDORSER, AND
SURETY RESPECTIVELY WAIVES THE FOLLOWING:

                  (i) Except as otherwise specifically required hereby, notice
      of non-payment, demand, presentment, protest and all forms of demand and
      notice, both with respect to the Liabilities and the Collateral.

                  (ii) Except as otherwise specifically required hereby, the
      right to notice and/or hearing prior to the Agent's exercising of the
      Agent's rights upon default.

                  (iii) THE RIGHT TO A JURY IN ANY TRIAL OF ANY CASE OR
      CONTROVERSY IN WHICH THE AGENT OR ANY REVOLVING CREDIT LENDER IS OR
      BECOMES A PARTY (WHETHER SUCH CASE OR CONTROVERSY IS INITIATED BY OR
      AGAINST THE AGENT OR ANY REVOLVING CREDIT LENDER OR IN WHICH THE AGENT OR
      ANY REVOLVING CREDIT LENDER IS JOINED AS A PARTY LITIGANT), WHICH CASE OR
      CONTROVERSY ARISES OUT OF OR IS IN RESPECT OF, ANY RELATIONSHIP AMONG OR
      BETWEEN ANY BORROWER OR ANY OTHER PERSON AND THE AGENT AND EACH REVOLVING
      CREDIT LENDER LIKEWISE WAIVES THE RIGHT TO A JURY IN ANY TRIAL OF ANY SUCH
      CASE OR CONTROVERSY).

                  (iv) Any defense, counterclaim, set-off, recoupment, or other
      basis on which the amount of any Liability, as stated on the books and
      records of the Agent, could be reduced or claimed to be paid otherwise
      than in accordance with the tenor of and written terms of such Liability.

                  (v)   Any claim to consequential, special, or punitive
      damages.

      20.23. ADDITIONAL WAIVERS.

            (a) The Liabilities are the joint and several obligations of each
Loan Party. To the fullest extent permitted by applicable law, the obligations
of each Loan Party hereunder shall not be affected by (i) the failure of the
Agent or any Revolving Credit Lender to assert any claim or demand or to enforce
or exercise any right or remedy against any other Loan Party under the
provisions of this Agreement, any other Loan Document or otherwise, (ii) any
rescission, waiver, amendment or modification of, or any release from any of the
terms or provisions of, this Agreement, any other Loan Document, or any other
agreement, including with respect to any other Borrower of the Liabilities, or
(iii) the failure to perfect any security interest in, or the release of, any of
the security held by or on behalf of the Collateral Agent or any Revolving
Credit Lender.


                                      133
<PAGE>
            (b) The obligations of each Loan Party hereunder shall not be
subject to any reduction, limitation, impairment or termination for any reason
(other than the indefeasible payment in full in cash of the Liabilities),
including any claim of waiver, release, surrender, alteration or compromise of
any of the Liabilities, and shall not be subject to any defense or set-off,
counterclaim, recoupment or termination whatsoever by reason of the invalidity,
illegality or unenforceability of the Liabilities or otherwise. Without limiting
the generality of the foregoing, the obligations of each Loan Party hereunder
shall not be discharged or impaired or otherwise affected by the failure of the
Agent or any Revolving Credit Lender to assert any claim or demand or to enforce
any remedy under this Agreement, any other Loan Document or any other agreement,
by any waiver or modification of any provision of any thereof, by any default,
failure or delay, willful or otherwise, in the performance of the Liabilities,
or by any other act or omission that may or might in any manner or to any extent
vary the risk of any Loan Party or that would otherwise operate as a discharge
of any Loan Party as a matter of law or equity (other than the indefeasible
payment in full in cash of all the Liabilities).

            (c) To the fullest extent permitted by applicable law, each Loan
Party waives any defense based on or arising out of any defense of any other
Loan Party or the unenforceability of the Liabilities or any part thereof from
any cause, or the cessation from any cause of the liability of any other Loan
Party, other than the indefeasible payment in full in cash of all the
Liabilities. The Agent and the Revolving Credit Lenders may, at their election,
foreclose on any security held by one or more of them by one or more judicial or
nonjudicial sales, accept an assignment of any such security in lieu of
foreclosure, compromise or adjust any part of the Liabilities, make any other
accommodation with any other Loan Party, or exercise any other right or remedy
available to them against any other Loan Party, without affecting or impairing
in any way the liability of any Loan Party hereunder except to the extent that
all the Liabilities have been indefeasibly paid in full in cash. Pursuant to
applicable law, each Loan Party waives any defense arising out of any such
election even though such election operates, pursuant to applicable law, to
impair or to extinguish any right of reimbursement or subrogation or other right
or remedy of such Loan Party against any other Loan Party, as the case may be,
or any security.

            (d) Upon payment by any Loan Party of any Liabilities, all rights of
such Loan Party against any other Loan Party arising as a result thereof by way
of right of subrogation, contribution, reimbursement, indemnity or otherwise
shall in all respects be subordinate and junior in right of payment to the prior
indefeasible payment in full in cash of all the Liabilities, as more
particularly set forth in an Indemnity, Subrogation and Contribution Agreement
to be entered into among the Loan Parties. In addition, any indebtedness of any
Loan Party now or hereafter held by any other Loan Party is hereby subordinated
in right of payment to the prior payment in full of the Liabilities. None of the
Loan Parties will demand, sue for, or otherwise attempt to collect any such
indebtedness. If any amount shall erroneously be paid to any Loan Party on
account of (a) such subrogation, contribution, reimbursement, indemnity or
similar right or (b) any such indebtedness of any Loan Party, such amount shall
be held in trust for the benefit of the Agent and the Revolving Credit Lenders
and shall forthwith be paid to the Administrative Agent to be credited against
the payment of the Liabilities, whether matured or unmatured, in accordance with
the terms of the Loan Documents.

      20.24. PATRIOT ACT NOTICES


                                      134
<PAGE>
      Each Lender hereby notifies the Borrowers that pursuant to the
requirements of the Patriot Act, it is required to obtain, verify and record
information that identifies the Borrowers, which information includes the name
and address of each Borrower and other information that will allow such Lender
to identify such Borrower in accordance with the Patriot Act.

      20.25. EXISTING LOAN AGREEMENT AMENDED AND RESTATED. This Agreement shall
amend and restate the Existing Loan Agreement in its entirety. On the Effective
Date, the rights and obligations of the parties under the Existing Loan
Agreement shall be subsumed within and be governed by this Agreement; provided,
however, that, except as specifically provided herein, each of the "Revolving
Credit Loans" (as such term is defined in the Existing Loan Agreement)
outstanding under the Existing Loan Agreement on the Effective Date shall, for
purposes of this Agreement, be included as Revolving Credit Loans hereunder and
each of the "L/Cs" and "Bankers Acceptances" (as such terms are defined in the
Existing Loan Agreement) outstanding under the Existing Loan Agreement on the
Effective Date shall, for purposes of this Agreement, be included as L/Cs and
Bankers Acceptances hereunder.

                   [REMAINDER OF PAGE INTENTIONALLY BLANK]


                                      135
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their respective authorized officers as a sealed instrument as
of the day and year first above written.


                                    VALUE CITY DEPARTMENT STORES LLC
                                    ("LEAD BORROWER")


                                    By:________________________________
                                    Name: James A. McGrady
                                    Title: Vice President


                                    "OTHER BORROWERS":

                                    GRAMEX RETAIL STORES, INC.


                                    By:________________________________
                                    Name: James A. McGrady
                                    Title: Chief Financial Officer


                                    FILENE'S BASEMENT, INC.


                                    By:________________________________
                                    Name: James A. McGrady
                                    Title: Chief Financial Officer


                                    VALUE CITY OF MICHIGAN, INC.


                                    By:________________________________
                                    Name: James A. McGrady
                                    Title: Chief Financial Officer


                                    GB RETAILERS, INC.


                                    By:________________________________
                                    Name: James A. McGrady
                                    Title: Chief Financial Officer


                                    RETAIL VENTURES JEWELRY, INC.


                                    By:________________________________
                                    Name: James A. McGrady
                                    Title: Chief Financial Officer


                                     VCDS-1
<PAGE>
                                    NATIONAL CITY BUSINESS CREDIT, INC.
                                    (ADMINISTRATIVE AGENT, COLLATERAL AGENT
                                    AND REVOLVING CREDIT LENDER)


                                    By:_________________________________
                                    Name: Joseph L. Kwasny
                                    Title: Director


                                     VCDS-2
<PAGE>
                                    NATIONAL CITY BANK
                                    (ISSUER AND LEAD ARRANGER)


                                    By:_________________________________
                                    Name: ______________________________
                                    Title: _______________________________


                                     VCDS-3
<PAGE>
                                    FLEET RETAIL GROUP, LLC (f/k/a Fleet
                                    Retail Group, Inc.) (CO-SYNDICATION AGENT
                                    AND REVOLVING CREDIT LENDER)



                                    By:_________________________________
                                    Name: ______________________________
                                    Title: _______________________________



                                     VCDS-4
<PAGE>
                                    WELLS FARGO RETAIL FINANCE II, LLC
                                    (CO-DOCUMENTATION AGENT AND REVOLVING
                                    CREDIT LENDER)



                                    By:_________________________________
                                    Name:________________________________
                                    Title:________________________________



                                     VCDS-5
<PAGE>
                                    THE CIT GROUP/BUSINESS CREDIT, INC.
                                    (CO-SYNDICATION AGENT AND REVOLVING
                                    CREDIT LENDER)



                                    By:_________________________________
                                    Name:_______________________________
                                    Title:________________________________



                                     VCDS-6
<PAGE>
                                    GENERAL ELECTRIC CAPITAL CORPORATION
                                    (CO-DOCUMENTATION AGENT AND REVOLVING
                                    CREDIT LENDER)


                                    By:_________________________________
                                    Name:_______________________________
                                    Title:________________________________



                                     VCDS-7
<PAGE>
                                    LASALLE BANK NATIONAL ASSOCIATION
                                    (REVOLVING CREDIT LENDER)

                                    By:_________________________________
                                    Name:_______________________________
                                    Title:________________________________



                                     VCDS-8
<PAGE>
                                    WACHOVIA CAPITAL FINANCE CORPORATION
                                    (CENTRAL) (REVOLVING CREDIT LENDER)


                                    By:_________________________________
                                    Name:_______________________________
                                    Title:________________________________



                                     VCDS-9
<PAGE>
                                    HSBC BUSINESS CREDIT (USA) INC.
                                    (REVOLVING CREDIT LENDER)

                                    By:_________________________________
                                    Name:_______________________________
                                    Title:________________________________



                                    VCDS-10


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.13.4
<SEQUENCE>8
<FILENAME>x06593a4exv10w13w4.txt
<DESCRIPTION>EX-10.13.4: FORM OF FOURTH AMENDMENT TO FINANCING AGREEMENT
<TEXT>
<PAGE>

                                                                 EXHIBIT 10.13.4

                                FOURTH AMENDMENT
                             TO FINANCING AGREEMENT

            FOURTH AMENDMENT, dated as of June __, 2005 (this "Amendment"), by
and among Value City Department Stores LLC, an Ohio limited liability company
("Value City" or "VCDS"), DSW, Inc., an Ohio corporation (formerly known as
Shonac Corporation ("DSW"), DSW Shoe Warehouse, Inc., a Missouri corporation
("DSWSW"), Gramex Retail Stores, Inc., a Delaware corporation ("Gramex"),
Filene's Basement, Inc., a Delaware corporation ("Filene's"), GB Retailers, Inc.
a Delaware corporation ("GB"), Value City of Michigan, Inc., a Michigan
corporation ("VC Michigan", and together with Value City, DSW, DSWSW, Gramex,
Filene's and GB, each a "Borrower" and collectively, the "Borrowers"), J.S.
Overland Delivery, Inc. ("Overland"), Value City Department Stores Services,
Inc. ("Services"), Retail Ventures, Inc., an Ohio corporation (the "Parent"),
Retail Ventures Jewelry, Inc., an Ohio corporation ("RV Jewelry"), Retail
Ventures Services, Inc., an Ohio corporation ("RV Services"), and Retail
Ventures Imports, Inc. (formerly known as VC Acquisition, Inc.), an Ohio
corporation ("Imports", and together with Overland, Services, the Parent, RV
Jewelry and RV Services, each a "Guarantor" and collectively, the "Guarantors",
and together with the Borrowers, each a "Loan Party", and collectively, the
"Loan Parties"), the lenders currently party to the Financing Agreement (as
defined below) (each a "Lender" and collectively, the "Lenders") and Cerberus
Partners, L.P., a limited partnership formed under the laws of the State of
Delaware ("CPLP"), as agent for the Lenders (in such capacity, together with its
successors and assigns in such capacity, the "Agent").

                                    RECITALS

            WHEREAS, the Loan Parties and certain of their affiliates, the
Lenders and the Agent are parties to that certain Financing Agreement dated as
of June 11, 2002, as amended by the First Amendment to Financing Agreement,
dated as of October 7, 2003, by the Second Amendment to Financing Agreement,
dated as of July 29, 2004 and by the Third Amendment to Financing Agreement,
dated as of December 29, 2004 (as amended, supplemented, restated or otherwise
modified through the date hereof, the "Financing Agreement");

            WHEREAS, the Loan Parties have advised the Agent that DSW intends to
consummate an IPO (as hereinafter defined), subject to the consent of the Agent
and the Lenders;

            WHEREAS, the Loan Parties have requested that the Agent and the
Lenders (i) consent to the consummation of the IPO, and (ii) make certain
related amendments to the Financing Agreement;

            WHEREAS, subject to the terms and conditions contained herein, the
Lenders have agreed to (i) consent to the IPO, provided that among other things,
the IPO is a Qualifying IPO (as hereinafter defined), and (ii) modify and amend
certain provisions of the Financing Agreement as provided herein, provided that
among other things, the Loan Parties execute and deliver this Amendment.

            NOW THEREFORE, in consideration of the mutual agreements, provisions
and covenants contained herein, the parties hereto hereby agree as follows:

<PAGE>

            1. Definitions. All capitalized terms used herein and not otherwise
defined herein are used herein as defined in the Financing Agreement.

            2. Amendments to Financing Agreement.

                  (a) New Definitions. (i) The following new definitions are
hereby added to Section 1.01 of the Financing Agreement (in appropriate
alphabetical order) to read in their entirety as follows:

            "Class A Common Shares" has the meaning set forth for such term in
            the Articles of Organization of DSW.

            "Class B Common Shares" has the meaning set forth for such term in
            the Articles of Organization of DSW.

            "DSW Common Stock" means the Capital Stock of DSW consisting of
            Class A Common Shares and Class B Common Shares.

            "DSW Note" means (a) the promissory note dated March 10, 2005, made
            by DSW to the order of the Parent, in the original principal amount
            of $165,000,000, and (b) the promissory note dated May 27, 2005,
            made by DSW to the order of the Parent in the original principal
            amount of $25,000,000.

            "DSWSW Guarantee" means the guarantee, dated as of March 10, 2005,
            made by DSWSW in favor of the Parent, guaranteeing the obligations
            of DSW under the DSW Note.

            "Extension Fee" has the meaning specified therefor in Section
            2.06(c).

            "Extension Option" has the meaning specified therefor in Section
            2.03(d).

            "Extension Option Deadline" has the meaning specified therefor in
            Section 2.03(d).

            "Fourth Amendment" means the Fourth Amendment to this Agreement,
            dated as of June __, 2005, by and among the Borrowers, the
            Guarantors, the Lenders and the Agent.

            "Fourth Amendment Effective Date" has the meaning specified therefor
            in Section 4 of the Fourth Amendment.

            "IPO" means the proposed initial public offering of Class A Common
            Shares of DSW under the Securities Act, completed substantially as
            described in DSW's Form S-1 Registration Statement, as filed with
            the SEC on June 15, 2005, as amended

                                      -2-
<PAGE>

            from time to time, which offering shall be completed as a primary
            offering by DSW.

            "IPO Effective Date" means the date on which the IPO is consummated
            in accordance with the terms set forth in (i) Section 3 of the
            Fourth Amendment, and (ii) the Form S-1 Registration Statement, as
            filed with the SEC on June 15, 2005, as amended from time to time.

            "IPO Price" means the price at which each Class A Common Share is
            offered to the public in a Qualifying IPO as set forth on the cover
            page to the prospectus in such IPO.

            "Qualifying IPO" means an IPO that satisfies each of the following
            conditions:

            (a)   Not more than 45% of the value (as of the IPO Effective Date
                  calculated by reference to the IPO Price) of all issued and
                  outstanding DSW Common Stock shall be sold in connection with
                  the IPO;

            (b)   Immediately following the IPO and the application of the Net
                  Cash Proceeds thereof, DSW Common Stock having not less than
                  55% of the value (as of the IPO Effective Date calculated by
                  reference to the IPO Price) of all issued and outstanding DSW
                  Common Stock shall be held (directly or indirectly) by Parent,
                  free and clear of all Liens, other than (i) Liens in favor of
                  the Convertible Loan Agent, and (ii) Liens granted by the
                  Parent in favor of Value City solely with respect to the DSW
                  Common Stock owned by the Parent and solely to secure the
                  Parent's obligations to Value City under the RVI Note, subject
                  to the terms of the RVI Note and the RVI Pledge;

            (c)   The sale price of the Class A Common Shares sold in the IPO
                  shall reflect the fair market value of such Class A Common
                  Shares on the IPO Effective Date;

            (d)   The Net Cash Proceeds from the IPO shall be sufficient to
                  repay (i) in full in cash all Obligations outstanding under
                  this Agreement, and (ii) $25,000,000 in cash of the
                  obligations outstanding under the Convertible Loan Agreement;
                  and

            (e)   The IPO Effective Date shall occur on or prior to December 31,
                  2005.

                                      -3-
<PAGE>

            "RVI Note" means the promissory note, dated January 1, 2005, as
            amended and restated as of the IPO Effective Date, satisfactory in
            form and substance to the Agent, made by Parent to the order of
            Value City, in the original principal amount of $240,000,000.

            "RVI Pledge" means the pledge agreement, dated January 1, 2005. as
            amended and restated as of the IPO Effective Date, satisfactory in
            form and substance to the Agent, made by the Parent in favor of
            Value City, securing the obligations of the Parent under the RVI
            Note.

                  (i) The definition of each of the following terms is hereby
deleted in its entirety and the following substituted in its stead:

            "Convertible Loan Agreement" means the Senior Convertible Loan
            Agreement dated as of June 11, 2002, among the Loan Parties, the
            Convertible Loan Agent and the Convertible Loan Lenders, as amended
            and restated by the Second Amended and Restated Senior Loan
            Agreement, dated as of the date hereof, and effective upon the
            Effective Date specified therein.

            "Final Maturity Date" means the earlier to occur of (a) June 11,
            2006 (or such later date to which the Term Loan Maturity Date may be
            extended under Section 2.03(d) hereof), or (b) the date on which any
            Loan shall become due and payable in accordance with the terms of
            this Agreement and the other Loan Documents.

            (c) Extension of Final Maturity Date. Section 2.03 of the Financing
Agreement is hereby amended by adding a new clause (d) thereto to read in its
entirety as follows:

            (d) The Borrowers shall have the option to extend the date specified
            in clause (a) of the definition of the term "Final Maturity Date"
            from June 11, 2006 to June 11, 2007 (the "Extension Option"),
            subject to the satisfaction, by not later than 5:00 p.m., New York
            City time, on July 31, 2005 (the "Extension Option Deadline"), of
            each of the following extension conditions:

                        (i) The Administrative Borrower shall have delivered
            written notice to the Agent, in form and substance satisfactory to
            the Agent, on or prior to the Extension Option Deadline of the
            election by the Borrowers to exercise the Extension Option;

                        (ii) The Borrowers shall have paid to the Agent, in
            immediately available funds, the Extension Fee described in Section
            2.06(c) on the date the Extension Option is exercised.

                                      -4-
<PAGE>

                        (iii) As of the date the Extension Option is exercised
            (A) the representations and warranties contained in Article V of
            this Agreement and in each other Loan Document, certificate or other
            writing delivered to the Agent or any Lender pursuant hereto or
            thereto on or prior to such date are true and correct on and as of
            the date the Extension Option is exercised as though made on and as
            of such date, and (B) no Default or Event of Default shall have
            occurred and be continuing.

                        (iv) On the date the Extension Option is exercised, the
            Agent shall have received (A) an opinion of Simpson Thacher &
            Bartlett LLP, counsel to the Loan Parties (or such other counsel as
            shall be reasonably acceptable to the Agent) in the form
            substantially similar to Exhibit D-1 to the Convertible Loan
            Agreement (as amended and restated by the Second Amended and
            Restated Senior Loan Agreement, dated as of the date hereof) with
            respect to the Loan Documents, and (B) a certificate of an
            Authorized Officer of the Administrative Borrower certifying that
            each of the conditions set forth in this Section 2.03(d) have been
            satisfied on or prior to the Extension Option Deadline.

            (b) Mandatory Prepayments. Section 2.05(b)(iii) of the Financing
Agreement is hereby amended and restated to read in its entirety as follows:

            (iii) Upon the issuance or incurrence by any Loan Party or any of
            its Subsidiaries of any Indebtedness (other than Permitted
            Indebtedness), or the sale or issuance by any Loan Party or any of
            its Subsidiaries of any shares of its Capital Stock (other than
            pursuant to stock option plans for employees, officers and
            directors), and subject to the terms of the Intercreditor Agreement,
            the Borrowers shall prepay the outstanding amount of the Loans in an
            amount equal to 100% of the Net Cash Proceeds received by such
            Person in connection therewith; provided, however, that, following
            the Fourth Amendment Effective Date and subject to the conditions
            specified in Section 3 of the Fourth Amendment, in the case of the
            IPO, the Loan Parties shall apply the Net Cash Proceeds of the IPO
            in accordance with the terms set forth in Section 3(d)(i) and
            3(d)(ii) of the Fourth Amendment prior to making the prepayments
            required pursuant to this subsection (iii); provided, that Value
            City pays in full all Obligations outstanding under this Agreement
            and $25,000,000 of the obligations outstanding under the Convertible
            Loan Agreement, in each case, on the IPO Effective Date. The
            provisions of this subsection (iii) shall not be deemed to be
            implied consent to any such issuance, incurrence or sale otherwise
            prohibited by the terms and conditions of this Agreement.

                                      -5-
<PAGE>

            (d) Section 2.06 of the Financing Agreement is hereby amended by
adding a new clause (c) thereto to read in its entirety as follows:

            (c) Term Loan Extension Fee. As a condition to exercising the
            Extension Option pursuant to Section 2.03(d), the Borrowers shall
            pay to the Agent, for the account of the Lenders in accordance with
            their Pro Rata Shares, an extension fee (the "Extension Fee") in an
            amount equal to 3.00% of the outstanding principal balance of the
            Loans on the date the Extension Option is exercised.

                  (b) Events of Default. Section 9.01 of the Financing Agreement
is hereby amended by adding a new clause (q) thereto to read in its entirety as
follows:

            (q) the failure of the holder of the DSW Note, the DSWSW Guarantee,
            the RVI Note or the RVI Pledge to comply in any respect with any
            subordination provision or any other intercreditor provision
            contained therein;

            3. Consent to IPO. The Agent and the Lenders hereby consent, as of
the Fourth Amendment Effective Date, to the consummation of the IPO; provided
that:

            (a)   The Borrowers have paid on or before the IPO Effective Date,
                  all fees, costs, expenses and taxes then payable pursuant to
                  the Financing Agreement;

            (b)   The IPO shall constitute a Qualifying IPO;

            (c)   On the IPO Effective Date, the Net Cash Proceeds of the IPO
                  shall be immediately applied (i) by DSW to repay to Parent in
                  full the obligations outstanding under the DSW Note, (ii) by
                  Parent to repay to Value City a portion of the obligations
                  outstanding under the RVI Note, and (iii) by Value City to
                  repay in full (x) all Obligations outstanding under the
                  Financing Agreement and (y) $25,000,000 of the obligations
                  outstanding under the Convertible Loan Agreement, in each
                  case, in immediately available funds;

            (d)   the Second Amended and Restated Senior Loan Agreement, dated
                  as of June __, 2005, among the Loan Parties, the lenders party
                  thereto and the Agent, shall have become effective in
                  accordance with its terms and shall be in full force and
                  effect, and each of the conditions precedent to the
                  effectiveness thereof shall have been (or contemporaneously
                  with the IPO shall be) satisfied or waived, as determined by
                  the Agent in its sole discretion, exercised reasonably;

                                      -6-
<PAGE>

            (e)   The IPO shall be consummated in accordance with all
                  requirements of Applicable Law and on terms and conditions
                  reasonably satisfactory to Agent, (it being acknowledged that
                  the terms of the IPO set forth in the Form S1 filed with the
                  SEC on June 15, 2005 (without giving effect to any subsequent
                  amendments thereto) are satisfactory to the Agent) and all
                  consents, authorizations and approvals of, and filings and
                  registrations with, and all other actions in respect of, any
                  Governmental Authority or other Person required in connection
                  with the IPO shall have been obtained and shall be in full
                  force and effect; and

            (f)   The Agent shall have received, immediately prior to the
                  consummation of the IPO, a certificate of an Authorized
                  Officer of each Loan Party, in form and substance satisfactory
                  to the Agent, certifying that each of the conditions set forth
                  in this Section 3 has been, or concurrently with the
                  consummation of the IPO will be, satisfied.

            4. Termination. Following payment by Value City in full of all of
the Obligations outstanding under the Financing Agreement, the Financing
Agreement shall be terminated (other than with respect to the provisions thereof
that expressly survive the termination thereof) and all liens and security
interests securing the Obligations shall be irrevocably released and discharged
and the Loan Parties are hereby authorized to file UCC-3 termination statements
and such other documents, instruments and releases with respect to any
mortgages, liens, encumbrances or other security interests on any property of
the Loan Parties to reflect such termination, release and discharge. Upon
satisfaction of each of the conditions set forth in Sections 3 and 5 hereof, the
Agent (at the expense of the Parent) hereby agrees (A) to execute and deliver to
the Loan Parties such instruments and documents in form and substance reasonably
satisfactory to the Parent and the Agent, which are reasonably requested by the
Parent, for the purpose of effecting the intent of this Section 4 including,
without limitation, to release of record any and all Liens and security
interests with respect to the Collateral and to terminate any and all control
agreements, lockbox agreements, landlord's or similar waivers and like
documents, except to the extent such agreements, waivers and like documents
secure the obligations of the Loan Parties to other lenders, in which case, such
agreements, waivers and like documents shall be amended to the extent agreed
between the Agent and the Loan Parties solely to reflect the termination of the
Financing Agreement and the repayment of the Obligations thereunder, (B) to
return to the Loan Parties (or at the direction of the Loan Parties deliver to
the agent under the Second Amended and Restated Senior Loan Agreement, which
direction is hereby given with respect to each Loan Party other than DSW and
DSWSW) all certificates, stock powers, pledged promissory notes and other
physical collateral provided by the Loan Parties to, and held by, the Agent
pursuant to the Loan Documents, and (C) to return to the Parent any certificate
representing the Capital Stock of DSW or DSWSW (together with any applicable
stock powers) held by the Agent prior to the IPO.

                                      -7-
<PAGE>

            5. Conditions to Effectiveness. This Amendment shall become
effective upon satisfaction or waiver in full of the following conditions
precedent (the date on which such conditions are satisfied, the "Fourth
Amendment Effective Date"):

                  (a) Both before and immediately after giving effect to this
Amendment, (i) the representations and warranties contained in this Amendment
and Article V of the Financing Agreement shall be correct on and as of the date
of this Amendment as though made on and as of such date (except where such
representations and warranties relate to an earlier date in which case such
representations and warranties shall be true and correct as of such earlier
date); and (ii) no Default or Event of Default shall have occurred and be
continuing on the date of this Amendment or result from this Amendment becoming
effective in accordance with its terms.

                  (b) The Agent shall have received, on or before the Fourth
Amendment Effective Date, each of the following documents, in form and substance
satisfactory to the Agent and dated the Fourth Amendment Effective Date (unless
otherwise specified herein or in such document), and all conditions precedent to
the effectiveness of such documents (where applicable) shall have been satisfied
or waived:

                  (i) this Amendment, duly executed by the Loan Parties, the
Lenders and the Agent;

                  (ii) a certificate of an Authorized Officer of each Loan
Party, certifying the names and true signatures of the representatives of such
Person authorized to sign each Loan Document to which such Person is or will be
a party and the other documents to be executed and delivered by such Person in
connection herewith and therewith, together with evidence of the incumbency of
such Authorized Officers; and

                  (iii) a copy of the resolutions of each Loan Party, certified
as of the date hereof by an Authorized Officer thereof, authorizing (A) the
transactions contemplated hereby, and (B) the execution, delivery and
performance by such Person of each Loan Document to which such Person is or will
be a party, included as amended hereby or by the documents contemplated hereby,
and the execution and delivery of the other documents to be delivered by such
Person in connection herewith and therewith, and (C) the IPO, and each of the
documents contemplated thereby.

            6. Loan Parties' Representations and Warranties. Each Loan Party
represents and warrants to the Agent and the Lenders as follows:

                  (a) Such Loan Party (i) is duly organized, validly existing
and in good standing under the laws of the state of its organization and (ii)
has all requisite power, authority and legal right to execute, deliver and
perform this Amendment and to perform the Financing Agreement, as amended
hereby.

                  (b) The execution, delivery and performance by such Loan Party
of this Amendment and the performance by such Loan Party of the Financing
Agreement, as amended hereby and the consummation of the IPO (i) have been duly
authorized by all necessary action, (ii) do not and will not violate or create a
default under such Loan Party's organizational

                                      -8-
<PAGE>

documents, any applicable law or any contractual restriction binding on or
otherwise affecting such Loan Party or any of such Loan Party's properties
(including, without limitation, any Leases) except where such violation of
default is not reasonably likely to have a Material Adverse Effect, and (iii)
except as provided in the Loan Documents, do not and will not result in or
require the creation of any Lien, upon or with respect to such Loan Party's
property.

                  (c) No authorization or approval or other action by, and no
notice to or filing with, any Governmental Authority is required in connection
with the due execution, delivery and performance by such Loan Party of this
Amendment or the performance by such Loan Party of the Financing Agreement, as
amended hereby, except to the extent that the failure to obtain the same would
not have a Material Adverse Effect.

                  (d) This Amendment and the Financing Agreement, as amended
hereby, constitute the legal, valid and binding obligations of such Loan Party,
as the case may be, enforceable against such Loan Party, in accordance with
their terms except to the extent the enforceability thereof may be limited by
any applicable bankruptcy, insolvency, moratorium or similar laws from time to
time in effect affecting generally the enforcement of creditors' rights and
remedies and by general principles of equity.

                  (e) Both before and immediately after giving effect to this
Amendment, (i) the representations and warranties contained in Article V of the
Financing Agreement are correct on and as of the date hereof as though made on
and as of the date hereof (except to the extent such representations and
warranties expressly relate to an earlier date, in which case such
representations and warranties shall be true and correct as of such earlier
date), and (ii) no Default or Event of Default has occurred and is continuing on
and as of the date hereof.

            7. Continued Effectiveness of Financing Agreement. Each Loan Party
hereby (a) confirms and agrees that the Financing Agreement and each other Loan
Document to which it is a party is, and shall continue to be, in full force and
effect and is hereby ratified and confirmed in all respects except that on and
after June __, 2005, all references in any such Loan Document to "the Financing
Agreement", the "Agreement", "hereto", "hereof", "hereunder", "thereto",
"thereof", "thereunder" or words of like import referring to the Financing
Agreement shall mean the Financing Agreement as amended by this Amendment, (b)
confirms and agrees that to the extent that any such Loan Document purports to
assign or pledge to the Agent, for the ratable benefit of the Lenders, or to
grant to the Agent, for the ratable benefit of the Lenders a security interest
in or Lien on, any Collateral as security for the Obligations of the Loan
Parties, or any of their respective Subsidiaries from time to time existing in
respect of the Financing Agreement and the Loan Documents, such pledge,
assignment and/or grant of the security interest or Lien is hereby ratified and
confirmed in all respects, and (c) confirms and agrees that no amendment of any
terms or provisions of the Financing Agreement or the amendments granted
hereunder shall relieve any Loan Party from complying with such terms and
provisions other than as expressly amended hereby or from complying with any
other term or provision thereof or herein.

            8. Reaffirmation by Guarantors. Each Guarantor hereby (a) consents
to the transactions contemplated by the Amendment; (b) acknowledges and
reaffirms its obligations owing to the Agent and the Lenders under any Loan
Documents to which it is a party; and (c) agrees that each of the Loan Documents
to which it is a party is and shall remain in full force and

                                      -9-
<PAGE>

effect. Although each of the Guarantors has been informed of the matters set
forth herein and has acknowledged and agreed to same, it understands that
neither the Agent nor any Lender has any obligation to inform it of such matters
in the future or to seek its acknowledgment or agreement to future amendments,
and nothing herein shall create such a duty.

            9. Miscellaneous.

                  (a) This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which shall be deemed to be an original but all of which taken together shall
constitute one and the same agreement. Delivery of an executed counterpart of
this Amendment by telefacsimile shall be equally as effective as delivery of an
original executed counterpart of this Amendment.

                  (b) Section and paragraph headings herein are included for
convenience of reference only and shall not constitute a part of this Amendment
for any other purpose.

                  (c) This Amendment shall be governed by, and construed in
accordance with, the laws of the State of New York. Each of the parties to this
Amendment hereby irrevocably waives all rights to trial by jury in any action,
proceeding or counterclaim arising out of or relating to this Amendment.

                  (d) This Amendment is a Loan Document executed pursuant to the
Financing Agreement and shall be construed, administered and interpreted in
accordance with the terms thereof.

            10. JURY TRIAL WAIVER. THE PARTIES HERETO HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT THAT THEY MAY HAVE TO TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION, OR IN
ANY LEGAL PROCEEDING, DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF THIS
AMENDMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AMENDMENT (WHETHER BASED ON
CONTRACT, TORT, OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT, OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Amendment, to be
executed by their respective officers thereunto duly authorized as of the day
and year first above written.

BORROWERS:                      VALUE CITY DEPARTMENT STORES LLC,
                                an Ohio limited liability company

                                By:_______________________________
                                   Name: James A. McGrady
                                   Title: Vice President

                                DSW, INC.,
                                an Ohio corporation

                                By:________________________________
                                   Name: James A. McGrady
                                   Title: Chief Financial Officer

                                DSW SHOE WAREHOUSE, INC.,
                                a Missouri corporation

                                By:________________________________
                                   Name: James A. McGrady
                                   Title: Chief Financial Officer

                                GRAMEX RETAIL STORES, INC.,
                                a Delaware corporation

                                By:________________________________
                                   Name: James A. McGrady
                                   Title: Chief Financial Officer

<PAGE>

                                FILENE'S BASEMENT, INC.,
                                a Delaware corporation

                                By:_______________________________
                                   Name: James A. McGrady
                                   Title: Chief Financial Officer

                                VALUE CITY OF MICHIGAN, INC.,
                                a Michigan corporation

                                By:______________________________
                                   Name: James A. McGrady
                                   Title: Chief Financial Officer

                                GB RETAILERS, INC.,
                                a Delaware corporation

                                By:______________________________
                                   Name: James A. McGrady
                                   Title: Chief Financial Officer

GUARANTORS:                     J.S. OVERLAND DELIVERY, INC.
                                a Delaware corporation

                                By:______________________________
                                   Name: James A. McGrady
                                   Title: Chief Financial Officer

                                VALUE CITY DEPARTMENT STORES
                                SERVICES, INC.
                                a Delaware corporation

                                By:______________________________
                                   Name: James A. McGrady
                                   Title: Chief Financial Officer

<PAGE>

                                RETAIL VENTURES, INC.
                                an Ohio corporation

                                By:_______________________________
                                   Name: James A. McGrady
                                   Title: Chief Financial Officer

                                RETAIL VENTURES JEWELRY, INC.
                                an Ohio corporation

                                By:_______________________________
                                   Name: James A. McGrady
                                   Title: Chief Financial Officer

                                RETAIL VENTURES SERVICES, INC.
                                an Ohio corporation

                                By:_________________________________
                                   Name: James A. McGrady
                                   Title: Chief Financial Officer

                                RETAIL VENTURES IMPORTS, INC.
                                (formerly known as VC Acquisition, Inc.),
                                an Ohio corporation

                                By:__________________________________
                                   Name: James A. McGrady
                                   Title: Chief Financial Officer

<PAGE>

                                AGENT AND LENDER:

                                CERBERUS PARTNERS, L.P.,
                                a Delaware limited partnership, on behalf
                                of itself and its affiliate assigns

                                By:  CERBERUS ASSOCIATES, L.L.C.

                                By:__________________________________
                                   Name:
                                   Title:

                                LENDER:

                                SCHOTTENSTEIN STORES CORPORATION
                                a Delaware limited partnership

                                By:___________________________________
                                   Name:
                                   Title:

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.14.4
<SEQUENCE>9
<FILENAME>x06593a4exv10w14w4.txt
<DESCRIPTION>EX-10.14.4: FORM OF SECOND AMENDED AND RESTATED SENIOR LOAN AGREEMENT
<TEXT>
<PAGE>

                                                                 EXHIBIT 10.14.4

                                   $50,000,000

                           SECOND AMENDED AND RESTATED
                              SENIOR LOAN AGREEMENT

                            DATED AS OF JUNE __, 2005

                                  BY AND AMONG

                        VALUE CITY DEPARTMENT STORES LLC

                                  AS BORROWER,

                              RETAIL VENTURES, INC.
                           GRAMEX RETAIL STORES, INC.,
                            FILENE'S BASEMENT, INC.,
                               GB RETAILERS, INC.,
                          VALUE CITY OF MICHIGAN, INC.,
                          J.S. OVERLAND DELIVERY, INC.
                   VALUE CITY DEPARTMENT STORES SERVICES, INC.
                         RETAIL VENTURES JEWELRY, INC.,
                       RETAIL VENTURES SERVICES, INC., AND
                          RETAIL VENTURES IMPORTS, INC.

                                 AS GUARANTORS,

                   THE LENDERS FROM TIME TO TIME PARTY HERETO,

                                   AS LENDERS,

                                       AND

                             CERBERUS PARTNERS, L.P.

                                    AS AGENT

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                    Page
                                                                                                                    ----
<S>                                                                                                                 <C>
ARTICLE I DEFINITIONS; CERTAIN TERMS...........................................................................       1

         SECTION 1.01          DEFINITIONS.....................................................................       2
         SECTION 1.02          TERMS GENERALLY.................................................................      25
         SECTION 1.03          ACCOUNTING AND OTHER TERMS......................................................      25
         SECTION 1.04          TIME REFERENCES.................................................................      25

ARTICLE II THE LOAN............................................................................................      26

         SECTION 2.01          THE LOAN........................................................................      26
         SECTION 2.02          NOTES; REPAYMENT OF LOAN........................................................      26
         SECTION 2.03          INTEREST........................................................................      27
         SECTION 2.04          PREPAYMENT OF LOAN..............................................................      27
         SECTION 2.05          TAXES...........................................................................      28

ARTICLE III FEES, PAYMENTS AND OTHER COMPENSATION..............................................................      30

         SECTION 3.01          AUDIT AND COLLATERAL MONITORING FEES............................................      30
         SECTION 3.02          PAYMENTS; COMPUTATIONS AND STATEMENTS...........................................      30
         SECTION 3.03          SHARING OF PAYMENTS, ETC........................................................      31
         SECTION 3.04          APPORTIONMENT OF PAYMENTS.......................................................      31
         SECTION 3.05          INCREASED COSTS AND REDUCED RETURN..............................................      32

ARTICLE IV CONDITIONS TO EFFECTIVENESS; consent to ipo.........................................................      34

         SECTION 4.01          CONDITIONS PRECEDENT TO EFFECTIVENESS...........................................      34
         SECTION 4.02          CONSENT TO IPO..................................................................      37
         SECTION 4.03          RELEASE OF DSW AND DSWSW........................................................      38

ARTICLE V REPRESENTATIONS AND WARRANTIES.......................................................................      38

         SECTION 5.01          REPRESENTATIONS AND WARRANTIES..................................................      38

ARTICLE VI COVENANTS OF THE LOAN PARTIES.......................................................................      49

         SECTION 6.01          AFFIRMATIVE COVENANTS...........................................................      49
         SECTION 6.02          NEGATIVE COVENANTS..............................................................      54

ARTICLE VII REPORTING REQUIREMENTS.............................................................................      64

         SECTION 7.01          MAINTAIN RECORDS................................................................      64
         SECTION 7.02          ACCESS TO RECORDS...............................................................      65
         SECTION 7.03          PROMPT NOTICE TO ADMINISTRATIVE AGENT...........................................      65
         SECTION 7.04          WEEKLY REPORTS..................................................................      66
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                                                 <C>
         SECTION 7.05          MONTHLY REPORTS.................................................................      66
         SECTION 7.06          QUARTERLY REPORTS...............................................................      66
         SECTION 7.07          ANNUAL REPORTS..................................................................      67
         SECTION 7.08          OFFICER'S CERTIFICATES..........................................................      67
         SECTION 7.09          INVENTORY, APPRAISALS AND AUDITS................................................      68
         SECTION 7.10          ADDITIONAL FINANCIAL INFORMATION................................................      68
         SECTION 7.11          FORMAT OF INFORMATION...........................................................      69

ARTICLE VIII USE OF COLLATERAL.................................................................................      69

         SECTION 8.01          USE OF INVENTORY CONTROL........................................................      69
         SECTION 8.02          INVENTORY QUALITY...............................................................      70
         SECTION 8.03          ADJUSTMENTS AND ALLOWANCES......................................................      70
         SECTION 8.04          VALIDITY OF ACCOUNTS............................................................      70
         SECTION 8.05          NOTIFICATION TO ACCOUNT DEBTORS.................................................      70
         SECTION 8.06          APPOINTMENT AS ATTORNEY-IN-FACT.................................................      70
         SECTION 8.07          NO OBLIGATION TO ACT............................................................      71

ARTICLE IX EVENTS OF DEFAULT...................................................................................      72

         SECTION 9.01          EVENTS OF DEFAULT...............................................................      72

ARTICLE X AGENT................................................................................................      76

         SECTION 10.01         APPOINTMENT.....................................................................      76
         SECTION 10.02         NATURE OF DUTIES................................................................      77
         SECTION 10.03         RIGHTS; EXCULPATION, ETC........................................................      77
         SECTION 10.04         RELIANCE........................................................................      78
         SECTION 10.05         INDEMNIFICATION.................................................................      78
         SECTION 10.06         AGENT INDIVIDUALLY..............................................................      78
         SECTION 10.07         SUCCESSOR AGENT.................................................................      79
         SECTION 10.08         COLLATERAL MATTERS..............................................................      79
         SECTION 10.09         AGENCY FOR PERFECTION...........................................................      80

ARTICLE XI GUARANTY............................................................................................      81

         SECTION 11.01         GUARANTY........................................................................      81
         SECTION 11.02         GUARANTY ABSOLUTE...............................................................      81
         SECTION 11.03         WAIVER..........................................................................      82
         SECTION 11.04         CONTINUING GUARANTY; ASSIGNMENTS................................................      82
         SECTION 11.05         SUBROGATION.....................................................................      82

ARTICLE XII MISCELLANEOUS......................................................................................      83

         SECTION 12.01         NOTICES, ETC....................................................................      83
         SECTION 12.02         AMENDMENTS, ETC.................................................................      84
         SECTION 12.03         NO WAIVER; REMEDIES, ETC........................................................      84
         SECTION 12.04         EXPENSES; TAXES; ATTORNEYS' FEES................................................      85
</TABLE>

                                      -ii-
<PAGE>

<TABLE>
<S>                                                                                                                 <C>
         SECTION 12.05         RIGHT OF SET-OFF................................................................      86
         SECTION 12.06         SEVERABILITY....................................................................      86
         SECTION 12.07         ASSIGNMENTS AND PARTICIPATIONS..................................................      86
         SECTION 12.08         COUNTERPARTS....................................................................      89
         SECTION 12.09         GOVERNING LAW...................................................................      89
         SECTION 12.10         CONSENT TO JURISDICTION; SERVICE OF PROCESS AND VENUE...........................      89
         SECTION 12.11         WAIVER OF JURY TRIAL, ETC.......................................................      90
         SECTION 12.12         CONSENT BY THE AGENT AND LENDERS................................................      90
         SECTION 12.13         NO PARTY DEEMED DRAFTER.........................................................      90
         SECTION 12.14         REINSTATEMENT; CERTAIN PAYMENTS.................................................      90
         SECTION 12.15         INDEMNIFICATION.................................................................      91
         SECTION 12.16         [INTENTIONALLY OMITTED.]........................................................      92
         SECTION 12.17         RECORDS.........................................................................      92
         SECTION 12.18         BINDING EFFECT..................................................................      92
         SECTION 12.19         MAXIMUM INTEREST................................................................      92
         SECTION 12.20         CONFIDENTIALITY.................................................................      93
         SECTION 12.21         INTEGRATION.....................................................................      94

ARTICLE XIII ISSUANCE OF EQUITY INTERESTS TO LENDERS...........................................................      94

         SECTION 13.01         AUTHORIZATION AND ISSUANCE OF WARRANTS..........................................      94
         SECTION 13.02         SECURITIES ACT MATTERS..........................................................      94
         SECTION 13.03         CERTAIN TAXES...................................................................      96
         SECTION 13.04         CANCELLATION AND ISSUANCE.......................................................      96

ARTICLE XIV TRANSACTIONS WITH AFFILIATES.......................................................................      96

         SECTION 14.01         TRANSACTION APPROVAL............................................................      96
         SECTION 14.02         BUYOUT OPTION...................................................................      97
         SECTION 14.03         CPLP TRANSACTION................................................................      98

ARTICLE XV REAFFIRMATION AND CONSENT...........................................................................      98

         SECTION 15.01         REAFFIRMATION AND CONFIRMATION..................................................      98

</TABLE>

                                     -iii-
<PAGE>

                       SECOND AMENDED AND RESTATED SENIOR
                                 LOAN AGREEMENT

            Second Amended and Restated Senior Loan Agreement, dated as of June
__, 2005 (the "Agreement"), among Value City Department Stores LLC, an Ohio
limited liability company (the "Borrower"), Retail Ventures, Inc., an Ohio
corporation (the "Parent"), Gramex Retail Stores, Inc., a Delaware corporation
("Gramex"), Filene's Basement, Inc., a Delaware corporation ("Filene's"), GB
Retailers, Inc., a Delaware corporation ("GB"), Value City of Michigan, Inc., a
Michigan corporation ("VC Michigan"), J.S. Overland Delivery, Inc., a Delaware
corporation ("Overland"), Value City Department Stores Services, Inc.
("Services"), Retail Ventures Jewelry, Inc., an Ohio corporation ("RV Jewelry"),
Retail Ventures Services, Inc., a Delaware corporation ("RV Services"), Retail
Ventures Imports, Inc. (formerly known as VC Acquisition, Inc.), an Ohio
corporation ("Imports", and together with Parent, Gramex, Filene's, GB, VC
Michigan, Overland, Services, RV Jewelry and RV Services, each a "Guarantor",
and collectively, the "Guarantors"), the lenders from time to time party hereto
(each a "Lender" and collectively, the "Lenders"), and Cerberus Partners, L.P.,
a Delaware limited partnership ("CPLP"), as agent for itself and the other
Lenders (in such capacity, together with its successors, if any, the "Agent").

                                    RECITALS

            WHEREAS, the Borrower, the Guarantors and certain of their
affiliates, the Lenders and the Agent are parties to the Amended and Restated
Senior Convertible Loan Agreement, dated as of June 11, 2002 (as amended by (a)
Amendment No. 1 to Amended and Restated Senior Convertible Loan Agreement, dated
June 11, 2002, (b) Amendment No. 2 to Amended and Restated Senior Convertible
Loan Agreement, dated October 7, 2003, and (c) Amendment No. 3 to the Amended
and Restated Senior Convertible Loan Agreement, dated December 29, 2004, the
"Original Agreement");

            WHEREAS, the Borrower, the Guarantors and certain of their
affiliates have undergone certain corporation reorganizations;

            WHEREAS, the parties hereto have agreed to remove the conversion
feature contained under the Original Agreement and issue to the Lenders
warrants, the exercise price of which may be paid with the Loan (as hereinafter
defined) on all the same terms as if the Loan (as defined in the Original
Agreement) were converted;

            WHEREAS, the Borrower, the Guarantors, the Lenders and the Agent
desire to amend and restate the Original Agreement, effective upon the Effective
Date (as hereinafter defined).

            NOW, THEREFORE, in consideration of the premises and the covenants
and agreements contained herein, the parties hereto hereby agree as follows:

                                   ARTICLE I

                           DEFINITIONS; CERTAIN TERMS

<PAGE>

            Section 1.01 Definitions. As used in this Agreement, the following
terms shall have the respective meanings indicated below, such meanings to be
applicable equally to both the singular and plural forms of such terms:

            "Account Debtor" means each debtor, customer or obligor in any way
obligated on or in connection with any Accounts Receivable.

            "Accounts Receivable" means, with respect to any Person, any and all
rights of such Person to payment for goods sold and/or services rendered,
including accounts, general intangibles and any and all such rights evidenced by
chattel paper, instruments or documents, whether due or to become due and
whether or not earned by performance, and whether now or hereafter acquired or
arising in the future, and any proceeds arising therefrom or relating thereto.

            "Action" has the meaning specified therefor in Section 12.12.

            "Acquisition" means the purchase or acquisition of all or
substantially all of the assets of any Person, the purchase of a controlling
equity interest in any Person, or the merger or consolidation of any Person with
any other Person, in any transaction or group of transactions which are part of
a common plan.

            "Affiliate" means (i) with respect to any Person, any other Person
that directly or, alone or with a group of related Persons whose interests taken
as a whole, indirectly through one or more intermediaries, Controls, is
Controlled by, or is under common Control with, such Person; (ii) any Person
which is a parent, brother-sister or Subsidiary of a Key Loan Party, whose
enterprise's tax returns or financial statements are consolidated with those of
a Key Loan Party, which is a member of the same controlled group of corporations
(within the meaning of Section 1563(a)(1), (2) and (3) of the Internal Revenue
Code or 1986, as amended from time to time) of which any Key Loan Party is a
member, or Controls or is Controlled by any Key Loan Party; and (iii) with
respect to the Loan Parties, without limiting the provisions of clauses (i) and
(ii) hereof, "Affiliate" includes SSC, DSW and DSWSW. Notwithstanding anything
to the contrary contained herein, in no event shall the Agent or any Lender be
considered an "Affiliate" of a Loan Party as a result of being party to this
Agreement or the transactions contemplated hereby

            "Agent" has the meaning specified therefor in the preamble hereto.

            "Agent Advances" has the meaning specified therefor in section
10.08(a).

            "Agent's Account" means an account at a bank designated by the Agent
from time to time as the account into which the Loan Parties shall make certain
payments to the Agent for the benefit of the Agent and the Lenders under this
Agreement and the other Loan Documents.

            "Agreement" means this Second Amended and Restated Senior Loan
Agreement, including all amendments, modifications and supplements and any
exhibits or schedules to any of the foregoing, and shall refer to the Agreement
as the same may be in effect at the time such reference becomes operative.

            "Applicable Law" means, as to any Person, (i) all statutes, rules,
regulations, orders or other requirements having the force of law, and (ii) all
court orders and injunctions, arbitrator's

                                      -2-
<PAGE>

decisions and/or similar rulings, in each instance ((i) and (ii)) of or by any
Federal, state, municipal or other governmental authority, or court, tribunal,
panel or other body which has or claims jurisdiction over such Person, or any
property of such Person, or of any other Person for whose conduct such Person
would be responsible.

            "Approved Existing Transaction" has the meaning specified therefor
in Section 14.01.

            "Assignment and Acceptance" means an assignment and acceptance
entered into by an assigning Lender and an assignee, and accepted by the Agent,
in accordance with Section 12.07 hereof and substantially in the form of Exhibit
I to the Original Agreement or such other form acceptable to the Agent.

            "Authorized Officer" means, with respect to any Person, the chief
executive officer, chief financial officer, president, executive vice president,
controller or treasurer of such Person.

            "Bankruptcy Code" means the United States Bankruptcy Code (11 U.S.C.
Section 101, et seq.), as amended from time to time, and any successor statute.

            "Board" means the Board of Governors of the Federal Reserve System
of the United States.

            "Board of Directors" means the board of directors of the Parent.

            "Borrower" has the meaning specified therefor in the preamble
hereto.

            "Borrowing Base Certificate" has the meaning set forth in the
Revolving Credit Facility as in effect from time to time.

            "Business Day" means any day other than (i) a Saturday or Sunday,
(ii) any day on which banks in New York City generally are not open to the
general public for the purpose of conducting commercial banking business, or
(iii) a day on which the principal office of the Agent is not open to the
general public to conduct business.

            "Business Plan" means the business plan for the Loan Parties for the
fiscal years 2005 through and including 2006, in form and substance reasonably
satisfactory to the Agent and the Lenders and delivered to the Agent prior to
the Effective Date.

            "Buyout Exercise Notice" has the meaning specified therefor in
Section 14.02(a).

            "Buyout Option" has the meaning specified therefor in Section
14.02(a).

            "Buyout Securities" has the meaning specified therefor in Section
14.02(c).

            "Capital Guideline" means any law, rule, regulation, policy,
guideline or directive (whether or not having the force of law and whether or
not the failure to comply therewith would be unlawful) of any central bank or
Governmental Authority (i) regarding capital adequacy, capital ratios, capital
requirements, the calculation of a bank's capital or similar matters, or (ii)

                                      -3-
<PAGE>

affecting the amount of capital required to be obtained or maintained by any
Lender, any Person controlling any Lender or the manner in which any Lender, any
Person controlling any Lender, allocates capital to any of its contingent
liabilities (including letters of credit), advances, acceptances, commitments,
assets or liabilities.

            "Capital Stock" means (i) with respect to any Person that is a
corporation, any and all shares, interests, participations or other equivalents
(however designated and whether or not voting) of corporate stock; and (ii) with
respect to any Person that is not a corporation, any and all partnership,
membership or other equity interests of such Person.

            "Capitalized Lease" means, with respect to any Person, any lease of
real or personal property by such Person as lessee which is (i) required under
GAAP to be capitalized on the balance sheet of such Person; or (ii) a
transaction of a type commonly known as a "synthetic lease" (i.e. a lease
transaction that is treated as an operating lease for accounting purposes but
with respect to which payments of rent are intended to be treated as payments of
principal and interest on a loan for Federal income tax purposes).

            "Capitalized Lease Obligations" means, with respect to any Person,
obligations of such Person and its Subsidiaries under Capitalized Leases, and,
for purposes hereof, the amount of any such obligation shall be the capitalized
amount thereof determined in accordance with GAAP.

            "Change in Control" means the occurrence of any of the following:
(i) the acquisition, by any person or group (other than (A) a Person controlled
by SSC or (B) one or more Family Trusts) (within the meaning of Section 13(d)(3)
of the Exchange Act) of beneficial ownership (within the meaning of Rule 13d-3
of the Exchange Act) of 25% or more of the issued and outstanding capital stock
of the Parent having the right, under ordinary circumstances, to vote for the
election of directors of the Parent, excluding from the foregoing any
acquisition pursuant to the issuance of the Warrants or the Conversion Warrants
or the exercise of such Warrants or Conversion Warrants by the holder thereof to
acquire Warrant Stock; (ii) more than thirty percent (30%) of the Persons who
were directors of the Parent on the first day of any period consisting of twelve
(12) consecutive calendar months (the first of which twelve (12) month periods
commencing with the first day of August 2003), cease to be directors of the
Parent, for any reason other than death, disability, or replacement (in the
ordinary course of business and not as a result of any change in the equity
ownership of the Parent) by other Persons nominated by a nominating committee of
the Board of Directors of the Parent; (iii) the failure of the Parent to own,
directly or indirectly, 95% of the capital stock of each of the other Loan
Parties; or (iv) the failure of SSC to possess or one or more Family Trusts to
possess, directly or indirectly, the power to cause the direction of the
management and policies of the Parent.

            "Class A Common Shares" has the meaning set forth for such term in
the Articles of Organization of DSW as in effect on the Effective Date.

            "Class B Common Shares" has the meaning set forth for such term in
the Articles of Organization of DSW as in effect on the Effective Date.

            "Collateral" means all of the property and assets and all interests
therein and proceeds thereof now owned or hereafter acquired by any Loan Party
upon which a Lien is

                                      -4-
<PAGE>

granted or purported to be granted by such Loan Party as security for all or any
part of the Obligations.

            "Common Stock" means the common stock, no par value, of the Parent.

            "Competitive Business" means any business or enterprise consisting
of (i) operation of off-price discount department stores; (ii) operation of
retail furniture stores and related accessories; (iii) operation of designer and
name-brand shoe stores; (iv) operation of licensed shoe departments; (v)
furniture manufacturing; or (vi) bedding manufacturing.

            "Contingent Obligation" means, with respect to any Person, any
obligation of such Person guaranteeing or intended to guarantee any Indebtedness
("primary obligations") of any other Person (the "primary obligor") in any
manner, whether directly or indirectly, including, without limitation, (i) the
direct or indirect guaranty, endorsement (other than for collection or deposit
in the ordinary course of business), co-making, discounting with recourse or
sale with recourse by such Person of the obligation of a primary obligor; (ii)
the obligation to make take-or-pay or similar payments, if required, regardless
of nonperformance by any other party or parties to an agreement (other than such
agreements to purchase goods in the ordinary course of business); (iii) any
obligation of such Person, whether or not contingent, (A) to purchase any such
primary obligation or any property constituting direct or indirect security
therefor, (B) (other than such agreements to purchase goods in the ordinary
course of business) to advance or supply funds (1) for the purchase or payment
of any such primary obligation or (2) to maintain working capital or equity
capital of the primary obligor or otherwise to maintain the net worth or
solvency of the primary obligor, (C) to purchase property, assets, securities or
services primarily for the purpose of assuring the owner of any such primary
obligation of the ability of the primary obligor to make payment of such primary
obligation or (D) otherwise to assure or hold harmless the holder of such
primary obligation against loss in respect thereof (other than such agreements
to purchase goods in the ordinary course of business); provided, however, that
the term "Contingent Obligation" shall not include (1) any product warranties or
(2) obligations, warranties and indemnities not relating to Indebtedness which
have been made or undertaken, in each case, extended in the ordinary course of
business.

            "Control", "Controls", "Controlled by", or "under common Control
with" means the possession, direct or indirect of the power to cause the
direction of the management and policies of a Person whether through the
ownership of voting securities, by contract or otherwise. A Person shall be
deemed to have control of another Person if it is a "beneficial owner" (as such
term is defined in Rule 13d-3 and Rule 13-d-5 under the Exchange Act) or a
member of a "group" that is the beneficial owner, directly or indirectly, of 20%
or more of the voting stock of or equity interest in such Person.

            "Control Agreement" means the Collection Account Agreements (as
defined in the Revolving Credit Facility) made by a Loan Party and the financial
institutions maintaining Collection Accounts (as defined in the Revolving Credit
Facility) in favor of the Revolving Credit Facility Agent for the benefit of the
Lenders (among others) securing the Obligations (and the obligations owing to
certain other lenders).

                                      -5-
<PAGE>

            "Conversion Warrantholders" means the Lenders party hereto on the
Effective Date, and any subsequent holders of the Conversion Warrants.

            "Conversion Warrants" means any of the warrants issued to the
Conversion Warrantholders on the Effective Date pursuant to the terms hereof,
substantially in the form of Exhibit A-1 hereto.

            "CPLP" has the meaning specified therefore in the preamble hereto.

            "Current Market Price" means, on any date specified herein, the
average of the daily Market Price during the ten consecutive trading days before
such date, except that, if on any such date the shares of Common Stock or Class
A Common Shares, as applicable, are not listed or admitted for trading on any
national securities exchange or quoted in the over-the-counter market, the
Current Market Price shall be the Market Price on such date.

            "Default" means an event which, with the giving of notice or the
lapse of time or both, would constitute an Event of Default.

            "Disposition" means any transaction, or series of related
transactions, pursuant to which any Person or any of its Subsidiaries sells,
assigns, transfers or otherwise disposes of any property or assets (whether now
owned or hereafter acquired) to any other Person, in each case, whether or not
the consideration therefor consists of cash, securities or other assets owned by
the acquiring Person, excluding any sales of Inventory in the ordinary course of
business on ordinary business terms.

            "Division(s)" means the various business segments of the Key Loan
Parties, being the Filene's Business and the Value City Business.

            "Dollar," "Dollars" and the symbol "$" each means lawful money of
the United States of America.

            "DSW" means DSW Inc. (formerly known as Shonac Corporation), an Ohio
corporation.

            "DSW Common Stock" means the Capital Stock of DSW consisting of
Class A Common Shares and Class B Common Shares.

            "DSW Note" means (a) the promissory note dated March 10, 2005, made
by DSW to the order of the Parent, in the original principal amount of
$165,000,000 and (b) the promissory note dated May 27, 2005, made by DSW to the
order of the Parent in the original principal amount of $25,000,000.

            "DSW Registration Rights Agreement" means the registration rights
agreement, substantially in the form of Exhibit E-2 hereto, by and among DSW,
the Warrantholders and the Conversion Warrantholders with respect to the matters
covered thereby.

            "DSWSW" means DSW Shoe Warehouse, Inc. (formerly known as DSW,
Inc.), an Ohio corporation.

                                      -6-
<PAGE>

            "DSWSW Guarantee" means the guarantee, dated as of March 10, 2005,
made by DSWSW in favor of the Parent, guaranteeing the obligations of DSW under
the DSW Note.

            "Effective Date" means the date, on or before December 31, 2005, on
which all of the conditions precedent set forth in Section 4.01 are satisfied or
waived.

            "Eligible Assignee" means any Federal, state or foreign banking
institution, or any private entity or commercial institution primarily engaged
in the business of making commercial loans, and shall in no event include a
Person that is engaged in a Competitive Business with any Loan Party, and as
long as SSC remains in Control of the Key Loan Parties, an "Eligible Assignee"
shall in no event include a Person which is engaged in a Competitive Business or
a Related Business with SSC.

            "Employee Benefit Plan" means an employee benefit pension benefit
plan that is covered by Title IV of ERISA or is subject to the minimum funding
standards under Section 412 of the Internal Revenue Code of 1986, as amended
from time to time, and as to which a Key Loan Party or any ERISA Affiliate may
have any liability.

            "Environmental Actions" means any complaint, summons, citation,
notice, directive, order, claim, litigation, investigation, judicial or
administrative proceeding, judgment, letter, or other communication from any
Person or Governmental Authority involving violations of Environmental Laws or
Releases of Hazardous Materials (i) from any assets, properties or businesses
owned or operated by any Loan Party or any of its Subsidiaries or any
predecessor in interest; or (ii) onto any facilities which received Hazardous
Materials generated by any Loan Party or any of its Subsidiaries or any
predecessor in interest.

            "Environmental Laws" means the Comprehensive Environmental Response,
Compensation and Liability Act (42 U.S.C. Section 9601, et seq.), the Hazardous
Materials Transportation Act (49 U.S.C. Section 1801, et seq.), the Resource
Conservation and Recovery Act (42 U.S.C. Section 6901, et seq.), the Federal
Clean Water Act (33 U.S.C. Section 1251 et seq.), the Clean Air Act (42 U.S.C.
Section 7401 et seq.), the Toxic Substances Control Act (15 U.S.C. Section 2601
et seq.) and the Occupational Safety and Health Act (29 U.S.C. Section 651 et
seq.), as such laws may be amended or otherwise modified from time to time, and
any other present or future Federal, state, local or foreign statute, ordinance,
rule, regulation, order, judgment, decree, permit, license or other binding
determination of any Governmental Authority imposing liability or establishing
standards of conduct for protection of the environment or other government
restrictions relating to the protection of the environment or the Release,
deposit, or migration of any Hazardous Materials into the environment.

            "Environmental Liabilities and Costs" means all liabilities,
monetary obligations, Remedial Actions, losses, damages, punitive damages,
consequential damages, treble damages, reasonable costs, and expenses (including
all reasonable fees, disbursements and expenses of counsel, experts, and
consultants and costs of investigations and feasibility studies), fines,
penalties, sanctions and interest incurred as a result of any claim or demand by
any Governmental Authority or any third party, and which relate to any
environmental condition or a Release of Hazardous Materials from or onto (i) any
property presently or formerly owned by

                                      -7-
<PAGE>

any Loan Party or any of its Subsidiaries; or (ii) any facility which received
Hazardous Materials generated by any Loan Party or any of its Subsidiaries.

            "Environmental Lien" means any Lien in favor of any Governmental
Authority for Environmental Liabilities and Costs.

            "Equipment" means, without limitation, "equipment" as defined in the
UCC, and also all furniture, store fixtures, motor vehicles, rolling stock,
machinery, office equipment, plant equipment, tools, dies, molds, and other
goods, property, and assets which are used and/or were purchased for use in the
operation or furtherance of a Loan Party's business, and any and all accessions
or additions thereto, and substitutions therefor.

            "ERISA" means the Employee Retirement Income Security Act of 1974,
as amended from time to time.

            "ERISA Affiliate" means any Person which is under common control
with a Key Loan Party within the meaning of Section 4001 of ERISA or is part of
a group which includes any Key Loan Party and which would be treated as a single
employer under Section 414 of the Internal Revenue Code of 1986, as amended from
time to time.

            "Event of Default" means any of the events set forth in Section
9.01. An "Event of Default" shall be deemed to have occurred and to be
continuing unless and until that Event of Default has been duly waived by the
Agent or cured to the satisfaction of the Agent.

            "Excess Availability" has the meaning specified in the Revolving
Credit Facility.

            "Excess Availability Reserve" has the meaning specified in the
Revolving Credit Facility.

            "Exchange Act" means the Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder, as amended,
modified, succeeded or replaced from time to time.

            "Fairness Committee" has the meaning specified therefor in Section
14.02(b).

            "Family Trust" means one or more trusts established for the benefit
of any of Jay L. Schottenstein, Susan S. Diamond, Ann S. Deshe, Lori
Schottenstein, Geraldine Schottenstein, any of their respective spouses,
children or lineal descendants, or any Person controlled by any such trust or
trusts.

            "Federal Funds Rate" means, for any period, a fluctuating interest
rate per annum equal to, for each day during such period, the weighted average
of the rates on overnight Federal funds transactions with members of the Federal
Reserve System arranged by Federal funds brokers, as published on the next
succeeding Business Day by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day which is a Business Day, the average of the
quotations for such day on such transactions received by the Agent from three
Federal funds brokers of recognized standing selected by it.

                                      -8-
<PAGE>

            "Filene's Business" means the businesses operated by Filene's.

            "Final Maturity Date" means June 10, 2009, or such earlier date on
which the Loan shall become due and payable in accordance with the terms of this
Agreement and the other Loan Documents.

            "Financial Statements" means (i) the audited consolidated balance
sheet of the Parent and its Subsidiaries for the Fiscal Year ended January 29,
2005, and the related consolidated statement of operations, shareholders' equity
and cash flows for the Fiscal Year then ended; and (ii) the unaudited
consolidated balance sheet of the Parent and its Subsidiaries for the three
months ended April 30, 2005, and the related consolidated statement of
operations, shareholder's equity and cash flows for the three months then ended.

            "Fiscal Year" means the fiscal year of the Parent and its
Subsidiaries ending on the Saturday nearest January 31st of each year.

            "GAAP" means generally accepted accounting principles in effect from
time to time in the United States, applied on a consistent basis; provided, that
for the purpose of Article VII hereof and the definitions used therein, "GAAP"
shall mean generally accepted accounting principles in effect on the date hereof
and consistent with those used in the preparation of the Financial Statements;
provided, further, that if there occurs after the date of this Agreement any
change in GAAP that affects in any respect the calculation of any covenant
contained in Article VII hereof, the Agent and the Borrower shall negotiate in
good faith amendments to the provisions of this Agreement that relate to the
calculation of such covenant with the intent of having the respective positions
of the Lenders and the Borrower after such change in GAAP conform as nearly as
possible to their respective positions as of the date of this Agreement.

            "Governmental Authority" means any nation or government, any
Federal, state, city, town, municipality, county, local or other political
subdivision thereof or thereto and any department, commission, board, bureau,
instrumentality, agency or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government.

            "Guaranteed Obligations" has the meaning specified therefor in
Section 11.01.

            "Guarantor" means the Parent and each Subsidiary of the Parent, now
existing or hereafter created or acquired (other than the Borrower and the
Unrestricted Subsidiaries). For the avoidance of doubt, it is hereby agreed that
none of DSW, DSWSW or any of their respective Subsidiaries shall be a
"Guarantor" hereunder.

            "Guaranty" means (i) the Guaranty of each Guarantor party hereto
contained in Article XI hereof; and (ii) each Guaranty, made by any other
Guarantor in favor of the Agent for the benefit of the Lenders, pursuant to
Section 6.01(a) or otherwise, which Guaranty shall be reasonably satisfactory,
in form and substance to the Agent and the Lenders.

            "Hazardous Material" means (i) any element, compound or chemical
that is defined, listed or otherwise classified as a contaminant, pollutant,
toxic pollutant, toxic or hazardous substance, extremely hazardous substance or
chemical, hazardous waste, special

                                      -9-
<PAGE>

waste, or solid waste under Environmental Laws or that is reasonably likely to
cause immediately, or at some reasonably foreseeable future time, harm to or
have an adverse effect on, the environment or risk to human health or safety,
including, without limitation, any pollutant, contaminant, waste, hazardous
waste, toxic substance or dangerous good which is defined or identified in any
Environmental Law and which is present in the environment in such quantity or
state that it contravenes any Environmental Law; (ii) petroleum and its refined
products; (iii) polychlorinated biphenyls; (iv) any substance exhibiting a
hazardous waste characteristic, including, without limitation, corrosivity,
ignitability, toxicity or reactivity as well as any radioactive or explosive
materials; and (v) any raw materials, building components (including, without
limitation, asbestos-containing materials) and manufactured products containing
hazardous substances listed or classified as such under Environmental Laws.

            "Hedging Agreement" means any interest rate, foreign currency,
commodity or equity swap, collar, cap, floor or forward rate agreement, or other
agreement or arrangement designed to protect against fluctuations in interest
rates or currency, commodity or equity values (including, without limitation,
any option with respect to any of the foregoing and any combination of the
foregoing agreements or arrangements), and any confirmation executed in
connection with any such agreement or arrangement.

            "Highest Lawful Rate" means, with respect to the Agent or any
Lender, the maximum non-usurious interest rate, if any, that at any time or from
time to time may be contracted for, taken, reserved, charged or received on the
Obligations under laws applicable to the Agent or such Lender which are
currently in effect or, to the extent allowed by law, under such Applicable Laws
which may hereafter be in effect and which allow a higher maximum non-usurious
interest rate than Applicable Laws now allow.

            "Indebtedness" means, without duplication, all obligations,
including Contingent Obligations, that in accordance with GAAP should be
classified upon the balance sheet of any Key Loan Party and/or the consolidated
balance sheet of the Parent as liabilities, other than trade payables, deferred
rent, or accrued expenses incurred in the ordinary course of business or to
which reference should be made by footnotes thereto, including, in any event and
whether or not so classified, (i) all obligations in respect of money borrowed
(including any indebtedness which is non-recourse to the credit of such Person
but which is secured by a Lien on any asset of such Person) whether or not
evidenced by a promissory note, bond, debenture or other written obligation to
pay money; (ii) all obligations evidenced by bonds, notes, debentures or other
similar instruments; (iii) all obligations in connection with Hedging
Agreements; (iv) all obligations in connection with any letter of credit or
acceptance transaction (including, without limitation, the face amount of all
letters of credit and acceptances issued for the account of such Person or
reimbursement on account of which such Person would be obligated); (v) all
obligations in connection with the sale or discount of accounts receivable or
chattel paper of such Person; (vi) all obligations on account of deposits or
advances other than deferred rent incurred in the ordinary course of business;
(vii) all obligations as lessee under Capitalized Leases; and (viii) all
obligations in connection with any sale and leaseback transaction.
"Indebtedness" also includes: (x) Indebtedness of others secured by a Lien on
any asset of such Person, whether or not such Indebtedness is assumed by such
Person; (y) any guaranty, endorsement, suretyship or other undertaking pursuant
to which that Person may be liable in respect of Indebtedness of any

                                      -10-
<PAGE>

third party; and (z) the Indebtedness of a partnership or joint venture for
which such Person is liable as a general partner or joint venturer.

            "Indemnified Matters" has the meaning specified therefor in Section
12.15.

            "Indemnitees" has the meaning specified therefor in Section 12.15.

            "Initial DSW Stock Exercise Amount" means that number of Class A
Common Shares obtained by dividing the outstanding principal amount of the Loan
by the IPO Price.

            "Insolvency Proceeding" means any proceeding commenced by or against
any Person under any provision of the Bankruptcy Code or under any other
bankruptcy or insolvency law, assignments for the benefit of creditors, formal
or informal moratoria, compositions, or extensions generally with creditors, or
proceedings seeking reorganization, arrangement, or other similar relief.

            "Intercreditor Agreement" means the Amended and Restated
Intercreditor and Lien Subordination Agreement, substantially in the form of
Exhibit B, as amended or otherwise modified from time to time in accordance with
its terms, by and between the Agent, on behalf of itself and the Lenders and the
Revolving Credit Facility Agent, on behalf of itself and the Revolving Facility
Lenders and acknowledged and agreed by the Borrower and the Guarantors.

            "Internal Revenue Code" means the Internal Revenue Code of 1986, as
amended from time to time, (or any successor statute thereto) and the
regulations thereunder.

            "Inventory" means, with respect to any Person, all goods and
merchandise of such Person, including, without limitation, all raw materials,
work-in-process, packaging, supplies, materials and finished goods of every
nature used or usable in connection with the shipping, storing, advertising or
sale of such goods and merchandise, whether now owned or hereafter acquired, and
all such other property the sale or other disposition of which would give rise
to Accounts Receivable or cash.

            "IPO" means the proposed initial public offering of Class A Common
Shares of DSW under the Securities Act, completed substantially as described in
DSW's Form S-1 Registration Statement, as filed with the SEC on June 15, 2005,
as amended from time to time, which offering shall be completed as a primary
offering by DSW.

            "IPO Effective Date" means the date on which the IPO is consummated
in accordance with the terms set forth in (i) Section 4.02 hereof, and (ii) the
Form S-1 Registration Statement as filed with the SEC on June 15, 2005 as
amended from time to time.

            "IPO Price" means the price at which each Class A Common Share is
offered to the public in a Qualifying IPO as set forth on the cover page to the
prospectus in such IPO.

            "Key Loan Parties" means, collectively, the Borrower, the Parent,
Gramex, Filene's, GB, VC Michigan and RV Jewelry.

                                      -11-
<PAGE>

            "Landlord's Agreement" means a landlord's agreement consenting to
the recording of the Mortgages, in form and substance satisfactory to the Agent,
made by the fee owner (or ground or prime lessee with the consent of the fee
owner) of the real property secured by a Mortgage in favor of the Agent (or the
Agent's representative) for the benefit of the Lenders (among others) and
delivered to the Agent pursuant to Sections 4.01(d) and 6.01(a) and (i) or
pursuant to the Original Agreement.

            "Lease" means any lease of real property to which any Loan Party or
any of its Subsidiaries is a party as lessor or lessee.

            "Leasehold Mortgage Status Report" means a monthly report that
reflects the Loan Parties' efforts to obtain leasehold Mortgages on
substantially all Leases of the Loan Parties, such report to contain sufficient
detail to enable the Agent to evaluate the status of the Loan Parties' efforts
on a property-by-property basis.

            "Lenders" means the financial institutions listed on the signature
pages hereof, and each assignee that shall become a party hereto pursuant to
Section 12.07.

            "Lender's Account" means, with respect to each Lender, an account at
a bank designated by each Lender from time to time into which the Loan Parties
shall make certain payments to such Lender under this Agreement.

            "Lien" means any mortgage, deed of trust, pledge, lien (statutory or
otherwise), security interest, charge or other encumbrance or security or
preferential arrangement of any nature, including, without limitation, any
conditional sale or title retention arrangement, any Capitalized Lease and any
assignment, deposit arrangement or financing lease intended as, or having the
effect of, security.

            "Loan" means the loan made by Lenders to the Borrower pursuant to
Article II hereof.

            "Loan Document" means this Agreement, any Guaranty, any Security
Agreement, any Pledge Agreement, any Mortgage, any Landlord's Agreement, any
Control Agreement, the Intercreditor Agreement and any other agreement,
instrument or other document executed and delivered pursuant hereto or thereto
or otherwise evidencing or securing any Loan or any other Obligation and at any
time a Lender is a holder of (i) the Warrants, the Warrants, the Registration
Rights Agreement, and the DSW Registration Rights Agreement, and/or (ii), the
Convertible Warrants, the Convertible Warrants, the Registration Rights
Agreement and the DSW Registration Rights Agreement.

            "Loan Party" means the Borrower or any Guarantor.

            "Market Price" means, on any date specified herein, the amount per
share of the Common Stock or Class A Common Shares, as applicable, equal to (i)
the last reported sale price of such Common Stock or Class A Common Shares, as
applicable, regular way, on such date or, in case no such sale takes place on
such date, the average of the closing bid and asked prices thereof regular way
on such date, in either case as officially reported on the principal national
securities exchange on which such Common Stock or Class A Common Shares, as
applicable, is

                                      -12-
<PAGE>

then listed or admitted for trading, (ii) if such Common Stock or Class A Common
Shares, as applicable, is not then listed or admitted for trading on any
national securities exchange but is designated as a national market system
security by the NASD, the last reported trading price of the Common Stock or
Class A Common Shares, as applicable, on such date, (iii) if there shall have
been no trading on such date or if the Common Stock or Class A Common Shares, as
applicable, is not so designated, the average of the closing bid and asked
prices of the Common Stock or Class A Common Shares, as applicable, on such date
as shown by the NASD automated quotation system, (iv) if trading in such Common
Stock or Class A Common Shares, as applicable, is quoted in the over-the-counter
market, the average of the closing bid and asked prices of the Common Stock or
Class A Common Shares, as applicable, on such date as shown on the OTC Bulletin
Board, or (v) if such Common Stock or Class A Common Shares, as applicable, is
not then listed or admitted for trading on any national exchange or quoted in
the over-the-counter market, the fair value thereof (as of a date which is
within 20 days of the date as of which the determination is to be made)
determined in good faith by a committee of the Parent's Board of Directors
consisting of directors who are not Affiliates of the Parent or SSC; provided,
however, that at the request of CPLP, the Market Price shall be determined in
good faith by an independent investment banking firm selected by the Parent, SSC
and CPLP or, if that selection cannot be made within 10 days, by an independent
investment banking firm selected by the American Arbitration Association in
accordance with its rules, and provided, further, that the Borrower shall pay
all of the reasonable fees and expenses of any third parties incurred in
connection with determining the Market Price.

            "Material Accounting Change" means any change in GAAP applicable to
accounting periods subsequent to the Parent's fiscal year most recently
completed prior to the execution of this Agreement, which change has a material
effect on the Parent's Consolidated financial condition or operating results, as
reflected on financial statements and reports prepared by or for the Parent and
its Subsidiaries, when compared with such condition or results as if such change
had not taken place.

            "Material Adverse Effect" means a material adverse effect on (i) the
business, operations, property, assets or financial condition of (x) the Loan
Parties taken as a whole or (y) the Value City Business taken as a whole or (ii)
the validity or enforceability of this Agreement or any of the other Loan
Documents or any of the material rights or remedies of the Agent or the Lenders
hereunder or thereunder.

            "Material Contract" means, with respect to any Person, (i) each
contract or agreement (other than Leases, intercompany agreements benefit and
pension plans, stock option plans and labor and employment contracts) to which
such Person or any of its Subsidiaries is a party involving aggregate
consideration payable to or by such Person or such Subsidiary of $1,000,000 or
more annually (other than purchase orders in the ordinary course of the business
of such Person or such Subsidiary and other than contracts that by their terms
may be terminated by such Person or Subsidiary in the ordinary course of its
business upon less than 60 days' notice without penalty or premium) and (ii) all
other contracts or agreements material to the business, operations, condition
(financial or otherwise), performance, prospects or properties of such Person or
such Subsidiary.

            "Moody's" means Moody's Investors Service, Inc. and any successor
thereto.

                                      -13-
<PAGE>

            "Mortgage" means a mortgage (including, without limitation, a
leasehold mortgage, deed of trust or deed to secure debt), in form and substance
satisfactory to the Agent, made by a Loan Party in favor of the Agent for the
benefit of the Lenders (among others), securing the Obligations and the
obligations owing to certain other lenders, and delivered to the Agent pursuant
to Section 4.01(d), Section 6.01(a), Section 6.01(i) or otherwise, including
under the Original Agreement.

            "Multiemployer Plan" means a "multiemployer plan" as defined in
Section 4001(a)(3) of ERISA to which any Loan Party or any of its ERISA
Affiliates has contributed to, or has been obligated to contribute, at any time
during the preceding six (6) years.

            "Note" means a promissory note of the Borrower, substantially in the
form of Exhibit A to the Original Agreement, made payable to the order of each
Lender requesting a Note, and evidencing the Indebtedness resulting from the
making by such Lender of its Pro Rata Share of the Loan.

            "Notice of Election" has the meaning specified therefore in Section
2.03(c).

            "Notification Date" has the meaning specified therefor in Section
14.01.

            "Objection Date" has the meaning specified therefor in Section
14.01.

            "Objection Notice" has the meaning specified therefor in Section
14.01.

            "Obligations" means all present and future indebtedness,
obligations, and liabilities of each Loan Party to the Agent and the Lenders
under the Loan Documents, whether or not the right of payment in respect of such
claim is reduced to judgment, liquidated, unliquidated, fixed, contingent,
matured, disputed, undisputed, legal, equitable, secured, unsecured, and whether
or not such claim is discharged, stayed or otherwise affected by any proceeding
referred to in Section 9.01. Without limiting the generality of the foregoing,
the Obligations of each Loan Party under the Loan Documents include (i) the
obligation to pay principal, interest, including any PIK Interest, charges,
expenses, fees, attorneys' fees and disbursements, indemnities and other amounts
payable by such Person under the Loan Documents; and (ii) the obligation of such
Person to reimburse any amount in respect of any of the foregoing that the Agent
may elect in accordance with the terms thereof to pay or advance on behalf of
such Person.

            "Old Notes" has the meaning specified in Section 2.01.

            "Original Agreement" has the meaning specified therefore in the
preamble.

            "Other Taxes" has the meaning specified therefor in Section 2.05.

            "Parent" has the meaning specified therefor in the preamble.

            "Participant Register" has the meaning specified therefor in Section
12.07(b)(v).

                                      -14-
<PAGE>

            "Payment Office" means the Agent's office located at 299 Park
Avenue, New York, New York, 10171, or at such other office or offices of the
Agent as may be designated in writing from time to time by the Agent to the
Borrower.

            "PBGC" means the Pension Benefit Guaranty Corporation or any
successor thereto.

            "Permitted Acquisition" means (i) any Acquisition the cash
consideration for which is less than $3,000,000 in the aggregate in any fiscal
year of the Parent and its Subsidiaries and which satisfies the conditions set
forth in clauses (f), (g), (h) and (i) below; (ii) an Acquisition in which each
of the following conditions are satisfied: (a) no Default or Event of Default
then exists or would arise from the consummation of such Acquisition; (b) such
Acquisition shall have been approved by the Board of Directors of the Person (or
similar governing body if such Person is not a corporation) which is the subject
of such Acquisition and such Person shall not have announced that it will oppose
such Acquisition or shall not have commenced any action which alleges that such
Acquisition will violate Applicable Law; (c) the Borrower shall have furnished
the Agent with ten (10) days' prior notice of such intended Acquisition and
shall have furnished the Agent with a current draft of the Acquisition agreement
and other Acquisition documents, a summary of any due diligence undertaken by
the Parent and/or the Key Loan Parties in connection with such Acquisition,
appropriate financial statements of the Person which is the subject of such
Acquisition, pro forma projected financial statements for the twelve (12) month
period following such Acquisition after giving effect to such Acquisition
(including balance sheets, cash flows and income statements by month for the
acquired Person, individually, and on a consolidated basis with all Loan
Parties), and such other information as the Agent may reasonably require, each
of which shall be reasonably satisfactory to the Agent; (d) the structure of the
Acquisition shall be acceptable to the Agent in its reasonable judgment; if an
Acquisition of capital stock or other equity interests, after consummation of
such Acquisition, a Key Loan Party shall own directly or indirectly a majority
of the equity interests in the Person being acquired and shall Control a
majority of any voting interests, and/or shall otherwise Control the governance
of the Person being acquired; (e) the Agent shall have received (i) the results
of appraisals of the assets (or the assets of the Person) to be acquired in such
Acquisition and of a commercial finance examination of the Person that is (or
whose assets are) being acquired, and (ii) such other due diligence as the Agent
may reasonably require, all of the results of the foregoing to be reasonably
satisfactory to the Agent; (f) any assets acquired shall be utilized only in,
and if the Acquisition involves a merger, consolidation or stock acquisition,
the Person which is the subject of such Acquisition shall be engaged only in, a
Permitted Business; (g) if the Person which is the subject of such Acquisition
will be maintained as a Subsidiary of a Key Loan Party, such Subsidiary shall
have executed such documents as may be necessary to be joined as a "Guarantor"
hereunder, and the Agent shall have received subject to the terms of the
Intercreditor Agreement a first priority security and mortgage interest (subject
to Permitted Liens) in such Subsidiary's capital stock, inventory, accounts,
equipment, real estate, leaseholds, and other property of the same nature as
constitutes Collateral under this Agreement in order to secure the Obligations;
(h) the total consideration paid for all Acquisitions (whether in cash, tangible
property, notes or other property (other than capital stock of the Parent))
after June 11, 2002, shall not exceed in the aggregate the sum of $20,000,000;
and (i) Excess Availability immediately prior to such Acquisition, immediately
after giving effect thereto, and projected Excess Availability on a pro forma
projected basis for

                                      -15-
<PAGE>

the twelve (12) months immediately following such Acquisition, shall not be less
than $70,000,000.

            "Permitted Business" means the business of owning and operating a
chain of retail department stores selling clothing apparel, housewares, home
furnishings, toys, sporting goods, jewelry, shoes, health and beauty care items
or any of the foregoing, and engaging in certain related licensing and other
retail and wholesale businesses reasonably related thereto, including, but not
limited to, any retail lease department operation.

            "Permitted Disposition" means any of the following: (i) licenses of
intellectual property or licensed or leased departments of a Loan Party or any
of its Subsidiaries in the ordinary course of business or to any other Loan
Party (other than the Parent); (ii) Leases or subleases of Leases, to the extent
at any point in time such Leases or subleases have, in the aggregate,
anticipated minimum fixed annual rental payments of not more than $3,000,000;
(iii) sales, assignments, transfers, conveyances or other dispositions of any or
all of the Property specified in Schedule 6.02(c) hereof; provided that in
connection with a sale or similar disposition of any such Property, if a Loan
Party receives a note or similar obligation as all or part of the consideration
therefor, such Loan Party shall secure such note or obligation with a Mortgage
or similar Lien on such Property and pledge such note or other obligation to the
Agent as security for the Obligations pursuant to the terms of the Loan
Documents; (iv) sales of Inventory and Equipment in connection with store
closures permitted in accordance with the provisions of Section 6.02(c)(vii)
hereof, provided that all sales of Inventory in connection with store closings
(x) after the occurrence and during the continuance of an Event of Default or
(y) consisting of more than fifteen (15) retail stores at the same time, shall
be in accordance with liquidation agreements and with liquidators reasonably
acceptable to the Agent; and (v) (x) the sale of any property, land or building
(including any related receivables or other intangible assets) to any Person
which is not a Subsidiary of the Parent, DSW or DSWSW, or (y) the sale of the
entire Capital Stock (or other equity interests) and Indebtedness of any
Subsidiary owned by a Loan Party to any Person which is not a Subsidiary of the
Parent, DSW or DSWSW, or (z) the consummation of any other asset sale with a
Person who is not a Subsidiary of the Parent, provided that: (A) the
consideration for such transaction represents fair value, and at least 90% of
such consideration consists of cash, provided that in connection with a sale or
similar disposition of any such Property, if a Loan Party receives a note or
similar obligations as all or part of the consideration therefor, such Loan
Party shall secure such note or obligation with a Mortgage or similar Lien on
such property and pledge such note or other obligation to the Agent as security
for the Obligations pursuant to the terms of the Loan Documents; (B) the
aggregate consideration for all such transactions completed in any fiscal year
does not exceed $500,000; (C) the aggregate consideration for all such
transactions completed after June 11, 2002 does not exceed $1,500,000; and (D)
other than in connection with a transaction, the aggregate consideration for
which is equal to an amount less than $500,000, at least five (5) Business Days
prior to the date of completion of such transaction such Loan Party shall have
delivered to the Agent an officer's certificate executed on behalf of such Loan
Party by an Authorized Officer of such Loan Party, which certificate shall
contain a description of the proposed transaction, the date such transaction is
scheduled to be consummated, the estimated purchase price or other consideration
for such transaction, financial information pertaining to compliance with the
preceding clause (A), and which shall (if requested by the Agent) include a
certified copy of the draft or definitive documentation pertaining thereto.

                                      -16-
<PAGE>

            "Permitted DSW Stock Sale" means a sale by the Parent of Capital
Stock of DSW generating Net Cash Proceeds at the time of such sale in an amount
sufficient to pay all Obligations hereunder in full.

            "Permitted Indebtedness" means any of the following: (i)
Indebtedness incurred under this Agreement and the other Loan Documents; (ii)
any Indebtedness incurred under the Revolving Credit Facility; (iii)
Indebtedness on account of Equipment or improvements to real property acquired
in compliance with the requirements of subparagraph (xiii) of the definition of
Permitted Liens, the incurrence of which would not otherwise be prohibited by
this Agreement; provided, that such Indebtedness shall not exceed $10,000,000 in
the aggregate principal amount at any time outstanding for all Loan Parties and,
with respect to the Parent only, shall not exceed $5,000,000 in the aggregate
principal amount outstanding at any time; (iv) (a) Indebtedness consisting of
all obligations of a Loan Party or any Subsidiary as lessee under Capitalized
Leases, and (b) Indebtedness consisting of all obligations of a Loan Party or
any Subsidiary under any lease (x) that is accounted for by the lessee as an
operating lease and (y) under which the lessee is intended to be the "owner" of
the leased property for Federal income tax purposes; provided, that (A) at the
time of any incurrence thereof after the date hereof, and after giving effect
thereto, no Event of Default shall have occurred and be continuing or would
result therefrom, and (B) the aggregate outstanding principal amount (using the
obligations in lieu of principal amount, in the case of any Capitalized Lease,
or present value, based on the implicit interest rate, in lieu of principal
amount, in the case of any lease described above in part (b)) of Indebtedness
permitted by this clause (iv) shall not exceed $10,000,000 in the aggregate at
any time outstanding for all Loan Parties and, with respect to the Parent only,
shall not exceed $5,000,000 in the aggregate outstanding at any time; (v)
Indebtedness of the Loan Parties and any Subsidiary under the Hedging Agreements
with any Revolving Credit Lender or an Affiliate of a Revolving Credit Lender;
provided that (1) such agreement is non-speculative in nature, and (2) the Loan
Parties have received the written consent of the Agent (which consent shall not
be unreasonably withheld) prior to entering into such agreement; (vi) the
Indebtedness listed on Schedule 6.02(b), annexed hereto; (vii) Indebtedness to
sellers in connection with Permitted Acquisitions; (viii) intercompany
Indebtedness between and among the Loan Parties (other than the Parent) pursuant
to loans and advances permitted in accordance with Subsection 6.02(e)(F), below,
and intercompany Indebtedness due to the Parent by any other Loan Party to the
extent permitted hereunder; (ix) Indebtedness to creditors of the former
Filene's incurred in connection with the acquisition of Filene's, such
Indebtedness not to exceed $6,000,000; (x) Indebtedness with respect to
indemnities, warranties, statutory obligations, and surety, appeal and
supersedeas bonds incurred in the ordinary course of business; (xi) Indebtedness
in respect of overdraft protections and otherwise in connection with deposit
accounts; (xii) Indebtedness arising out of the refinancing, extension, renewal
or refunding of any Indebtedness permitted under this Agreement, provided that
the principal amount of such Indebtedness is not increased from the amount
outstanding at the time of such refinancing; (xiii) Indebtedness owed by the
Parent to any of the other Loan Parties in an amount not to exceed $5,000,000
(less amounts paid under Section 6.02(g) hereof) in the aggregate at any time
outstanding; and (xiv) Indebtedness owing by the Parent to the Borrower pursuant
to the RVI Note, provided that such Indebtedness is subject to the subordination
provisions contained therein as in effect on the Effective Date.

            "Permitted Investments" means each of the following: (i) direct
obligations of, or obligations the principal of and interest on which are
unconditionally guaranteed by, the United

                                      -17-
<PAGE>

States of America (or by any agency thereof to the extent such obligations are
backed by the full faith and credit of the United States of America), in each
case maturing not more than one year from the date of acquisition thereof; (ii)
investments in commercial paper maturing not more than one year from the date of
acquisition thereof and having, at such date of acquisition, the highest credit
rating obtainable from Standard & Poor's or from Moody's; (iii) investments in
certificates of deposit, banker's acceptances and time deposits maturing not
more than one year from the date of acquisition thereof issued or guaranteed by
or placed with, and money market deposit accounts issued or offered by, any
domestic office of any financial institution organized under the laws of the
United States of America or any State thereof that has a combined capital and
surplus and undivided profits of not less than $500,000,000; (iv) fully
collateralized repurchase agreements with a term of not more than 30 days for
securities described in clause (i) above (without regard to the limitation on
maturity contained in such clause) and entered into with a financial institution
satisfying the criteria described in clause (iii) above; (v) marketable direct
obligations issued by any state of the United States of America or any political
subdivision of any such state or any public instrumentality thereof maturing
within one year from the date of acquisition thereof and, at the time of
acquisition, having one of the two highest ratings obtainable from either
Standard & Poor's or from Moody's; (vi) investments in money market funds,
substantially all the assets of which are comprised of securities of the types
described in clauses (i) through (vi) above; (vii) investments acquired by a
Loan Party or any of its Subsidiaries (x) in exchange for any other investment
held by such Loan Party or any such Subsidiary in connection with or as a result
of a bankruptcy, workout, reorganization or recapitalization of the issuer of
such other investment, or (y) as a result of a foreclosure by such Loan Party or
any of its Subsidiaries with respect to any secured investment or other transfer
of title with respect to any secured investment in default; (viii) investments
by a Loan Party in the capital of any wholly-owned Subsidiary of such Loan
Party, including without limitation, any Permitted Acquisitions, provided that
the provisions of Section 6.01(a) hereof have been complied with respect to such
Subsidiary; (ix) investments by the Parent in the Capital Stock of DSW; (x) to
the extent not permitted by the foregoing clauses, existing investments in any
Subsidiaries (and any increases thereof attributable to increases in retained
earnings); (xi) to the extent not permitted by the foregoing clauses, the
existing investments described on Schedule 6.02(e) hereto; (xii) investments of
a Loan Party and any Subsidiary in Hedging Agreements permitted by clause (v) of
the definition of Permitted Indebtedness; (xiii) investments of any Person which
are outstanding at the time such Person becomes a Subsidiary of a Loan Party as
a result of a Permitted Acquisition, but not any increase in the amount thereof
unless otherwise permitted by this Agreement; (xiv) investments by Value City in
the Parent pursuant to the RVI Note, and investments by the Borrower pursuant to
the DSW Note and the DSWSW Guarantee, provided, that in each case, such
investment is subject to the subordination terms contained therein as in effect
on the Effective Date; and (xv) any other investments (whether in the form of
cash or contribution of property, and if in the form of a contribution of
property, such property shall be valued for purposes of this clause at the fair
value thereof) in any corporation, partnership, limited liability company, joint
venture or other business entity, which is not itself a Subsidiary of a Key Loan
Party or owned or Controlled by any director, officer or employee of a Key Loan
Party or any of its Subsidiaries, not otherwise permitted by the foregoing
clauses, made after June 11, 2002, shall be permitted to be incurred if (a) no
Event of Default shall have occurred and be continuing, or would result
therefrom, and (b) the aggregate cumulative amount of such investments (together
with any loans and advances permitted under Sections

                                      -18-
<PAGE>

6.02(e)(vi)(D) and (E)) does not exceed $6,000,000, provided, that except for
loans to officers and directors, all such Permitted Investments are subject to a
perfected first priority Lien in favor of the Agent (subject to the terms of the
Intercreditor Agreement).

            "Permitted Liens" means any of the following: (i) Liens for taxes
not yet delinquent or which are being contested in good faith by appropriate
proceedings, provided that adequate reserves with respect thereto are maintained
on the books of a Loan Party in accordance with GAAP, and provided further that,
no notice of tax lien has been filed with respect thereto; (ii) Liens in respect
of property or assets imposed by law in the ordinary course of business, such as
carrier's, warehousemen's, mechanics', materialmen's, repairmen's, landlord's or
similar Liens arising in the ordinary course of business which (x) are not
overdue in accordance with customary business practices and consistent with the
applicable Loan Party's prior practices, and do not in the aggregate materially
detract from the value of such property or assets or materially impair the use
thereof in the operation of the business of the Loan Parties, or (y) are being
contested in good faith by a Loan Party, by appropriate proceedings diligently
instituted and conducted and without danger of any material risk to the
Collateral and adequate reserves or other appropriate provision, if any, as
shall be required in conformity with GAAP shall have been made therefor; (iii)
Liens, pledges or deposits in connection with workers' compensation,
unemployment insurance and other types of social security; (iv) deposits to
secure the performance of tenders, bids, sales, trade and government contracts,
leases, statutory obligations, surety, appeal, and supersedeas bonds, warranty,
advance payment, customs, performance and return-of-money bonds and other
obligations of a like nature in the ordinary course of business (exclusive of
obligations in respect of the payment of borrowed money) whether pursuant to
statutory requirements, common law or consensual arrangements; (v) easements,
rights of way, leases, zoning or deed restrictions, licenses, covenants,
building restrictions, minor defects or irregularities in title and other
similar real estate encumbrances incurred in the ordinary course of business
that in the aggregate do not materially interfere with the conduct of the
business of the Loan Parties; defects and irregularities in titles, survey
exceptions, encumbrances, easements or reservations of others for rights-of-way,
roads, pipelines, railroad crossings, services, utilities or other similar
purposes; outstanding mineral rights or reservations (including rights with
respect to the removal of material resource) which do not materially diminish
the value of the surface estate, assuming usage of such surface estate similar
to that being carried on by any Loan Party as of the Effective Date; (vi) any
interest or title of a lessor under any lease entered into by any Loan Party in
the ordinary course of business not in violation of the Loan Documents; (vii)
any interest or title of any lessee under any leases or subleases of real
property of a Loan Party not in violation of the requirements of the Loan
Documents, provided that all such Liens do not in the aggregate materially
detract from the value of such Loan Party's property or materially impair the
use thereof in the operation of such Loan Party's business; (viii) Liens arising
from financing statements regarding property subject to Capitalized Leases not
in violation of the requirements of the Loan Documents, provided that such Liens
are only in respect of the property subject to, and secure only, the respective
lease; (ix) rights of consignors of goods to a Loan Party as consignee; (x)
Liens arising from judgments, decrees or attachments in existence less than 30
days after the entry thereof, with respect to which execution has been stayed
and with respect to which payment in full above any applicable deductible is
covered by insurance or a bond, or in circumstances not constituting an Event of
Default under Section 9.01(j)(i); (xi) Liens created by this Agreement or the
other Loan Documents; (xii) Liens (x) listed on Schedule 6.02(a), annexed
hereto, or (y) arising out of the refinancing, extension, renewal or refunding
of any Indebtedness

                                      -19-
<PAGE>

secured by any such Lien, provided that the principal amount of such
Indebtedness is not increased and such Indebtedness is not secured by any
additional assets; (xiii) Liens which are placed upon Equipment or improvements
to real property (including the associated real property) used in the ordinary
course of business of a Loan Party or any Subsidiary (x) at the time of (or
within 90 days after) the acquisition of such Equipment or the completion of
such improvements by such Loan Party or any such Subsidiary to secure
Indebtedness incurred to pay or finance all or a portion of the purchase price
or other cost thereof, provided that the Lien on the Equipment so acquired or
the real property so improved does not encumber any other asset of such Loan
Party or any such Subsidiary; or (y) are existing on Equipment or real property
at the time acquired by a Loan Party or any Subsidiary or on assets of a Person
at the time such Person first becomes a Subsidiary of a Loan Party; provided,
that (A) any such Lien was not created at the time of or in contemplation of the
acquisition of such assets or Person by a Loan Party or any Subsidiaries, (B) in
the case of any such acquisition of a Person, any such Lien attaches only to the
Equipment or real estate, as applicable, of such Person, and (C) in the case of
any such acquisition of Equipment or real estate by a Loan Party or any
Subsidiary, any such Lien attaches only to the property and assets so acquired
and not to any other property or assets of such Loan Party or any such
Subsidiary; provided, that the Liens outstanding from time to time under this
clause (xiii) shall not secure any Indebtedness other than Permitted
Indebtedness described in clause (iii) of such definition; (xiv) Liens securing
Indebtedness assumed in connection with, or continuing to exist after, but not
incurred in connection with, or contemplation of, a Permitted Acquisition, which
Liens were in effect prior to the consummation of the Permitted Acquisition;
provided, that such Liens may not extend to any Collateral of the Loan Parties,
or the Inventory, Accounts Receivable or General Intangibles of the Person so
acquired; (xv) a Lien granted by any Loan Party in connection with the Revolving
Credit Facility; (xvi) Liens granted by the Parent in favor of the Borrower
solely with respect to the DSW Common Stock owned by the Parent to secure the
Parent's obligations to the Borrower under the RVI Note, subject to the terms of
the RVI Note and the RVI Pledge as in effect on the Effective Date.
Notwithstanding anything to the contrary contained herein, no Lien shall be
permitted to exist on the DSW Common Stock held by the Parent, other than Liens
in favor of the Agent and Liens in favor of the Borrower to the extent permitted
by clause (xvi) of the definition of Permitted Liens.

            "Person" shall have the meaning given to such term as defined in
Section 13(d)(3) of the Securities Exchange Act.

            "PIK Interest" means, as at any date of determination, the amount of
all interest accrued with respect to the Loan that has been paid-in-kind by
being added to the outstanding principal balance thereof on a monthly basis in
accordance with Section 2.03.

            "Pledge Agreement" means a Pledge and Security Agreement (including
any amendments or joinders thereto) made by a Loan Party in favor of the Agent
for the benefit of the Lenders, whether delivered pursuant to the Original
Agreement and reaffirmed pursuant to Section 15.01(b) of this Agreement or
delivered pursuant to Section 6.01(a) of this Agreement, and, in each case,
securing the Obligations and delivered to the Agent.

            "Post-Default Rate" means a rate of interest per annum equal to the
rate of interest otherwise in effect from time to time pursuant to the terms of
this Agreement plus 3%.

                                      -20-
<PAGE>

            "Pro Rata Share" means the percentage obtained by dividing (i) the
aggregate unpaid principal amount of such Lender's portion of the Loan, by (ii)
the aggregate unpaid principal amount of the Loan.

            "Property" means any right or interest in or to property of any kind
whatsoever, whether real, personal or mixed and whether tangible or intangible.

            "Qualifying IPO" means an IPO that satisfies each of the following
conditions:

                  (a) Not more than 45% of the value (as of the IPO Effective
Date calculated by reference to the IPO Price) of all issued and outstanding DSW
Common Stock shall be sold in connection with the IPO;

                  (b) Immediately following the IPO and the application of the
Net Cash Proceeds thereof, DSW Common Stock having not less than 55% of the
value (as of the IPO Effective Date calculated by reference to the IPO Price) of
all issued and outstanding DSW Common Stock shall be held (directly or
indirectly) by Parent, free and clear of all Liens, other than (i) Liens in
favor of the Agent, and (ii) Liens permitted by clause (xvi) of the definition
of Permitted Liens;

                  (c) The sale price of the Class A Common Shares sold in the
IPO shall reflect the fair market value of such Class A Common Shares on the IPO
Effective Date;

                  (d) The Net Cash Proceeds from the IPO shall be sufficient to
repay (i) in full in cash all obligations outstanding under the Term Loan
Agreement and (ii) in cash, $25,000,000 of the principal amount of the Old Notes
under the Original Agreement; and

                  (e) The IPO Effective Date shall be on or prior to December
31, 2005.

            "Reference Bank" means JPMorgan Chase Bank, its successors or any
other commercial bank designated by the Agent to the Borrower from time to time.

            "Reference Rate" means the rate of interest publicly announced by
the Reference Bank in New York, New York from time to time as its reference
rate, base rate or prime rate. The reference rate, base rate or prime rate is
determined from time to time by the Reference Bank as a means of pricing some
loans to its borrowers and neither is tied to any external rate of interest or
index nor necessarily reflects the lowest rate of interest actually charged by
the Reference Bank to any particular class or category of customers. Each change
in the Reference Rate shall be effective from and including the date such change
is publicly announced as being effective.

            "Referral Notice" has the meaning specified therefor in Section
14.02(b).

            "Referred SSC Transaction" has the meaning specified therefor in
Section 14.02(b).

            "Register" has the meaning specified therefor in Section
12.07(b)(ii).

                                      -21-
<PAGE>

            "Registered Loan" has the meaning specified therefor in Section
12.07(b)(ii).

            "Registered Note" has the meaning specified therefor in Section
2.02(c).

            "Registration Rights Agreement" means the Second Amended and
Restated Registration Rights Agreement, substantially in the form of Exhibit E-1
hereto, by and between the Parent, the Conversion Warrantholders and the
Warrantholders with respect to the matters covered thereby.

            "Regulation T", "Regulation U" and "Regulation X" mean,
respectively, Regulations T, U and X of the Board or any successor, as the same
may be amended or supplemented from time to time.

            "Related Business" means any business or enterprise consisting of
asset maximization services or asset valuation services.

            "Release" means any spilling, leaking, pumping, pouring, emitting,
emptying, discharging, injecting, escaping, leaching, seeping, migrating,
dumping or disposing of any Hazardous Material (including the abandonment or
discarding of barrels, containers and other closed receptacles containing any
Hazardous Material) into the indoor or outdoor environment, including, without
limitation, the movement of Hazardous Materials through or in the ambient air,
soil, surface or ground water, or property which is in violation of any
Environmental Laws.

            "Remedial Action" means all actions taken to (i) clean up, remove,
remediate, contain, treat, monitor, assess, evaluate or in any other way address
Hazardous Materials in the indoor or outdoor environment; (ii) prevent or
minimize a Release or threatened Release of Hazardous Materials so they do not
migrate or endanger or threaten to endanger public health or welfare or the
indoor or outdoor environment; (iii) perform pre-remedial studies and
investigations and post-remedial operation and maintenance activities; or (iv)
perform any other actions authorized by 42 U.S.C. Section 9601.

            "Reportable Event" means an event described in Section 4043 of ERISA
(other than an event not subject to the provision for 30-day notice to the PBGC
under the regulations promulgated under such Section).

            "Required Lenders" means CPLP and any of its affiliates to whom it
assigns all or any portion of its rights and obligations under this Agreement or
any of the Loan Documents.

            "Revolving Credit Facility" means the $275,000,000 working capital
facility, dated as of June __, 2005, as amended, restated, supplemented or
otherwise modified from time to time, among the Loan Parties, the Revolving
Credit Facility Agent and the Revolving Credit Facility Lenders.

            "Revolving Credit Facility Agent" means National City Business
Credit, Inc. ("NCBC"), as Administrative Agent and as Collateral Agent for the
Revolving Credit Facility Lenders, and each of its respective successors and
assigns.

                                      -22-
<PAGE>

            "Revolving Credit Facility Documents" means any agreement,
instrument or other document executed and delivered pursuant to the Revolving
Credit Facility or otherwise securing or evidencing any loan or obligation
thereunder.

            "Revolving Credit Facility Lenders" means the financial institutions
party to the Revolving Credit Facility.

            "RVI Note" means the promissory note, dated January 1, 2005, as
amended by the First Amendment to Promissory Note and First Amendment to Stock
Pledge Agreement dated as of the Effective Date, substantially in the form of
Exhibit C-1 hereto, made by the Parent to the order of the Borrower, in the
original principal amount of $240,000,000.

            "RVI Pledge" means the pledge agreement, dated as of January 1,
2005, as amended by the First Amendment to Promissory Note and First Amendment
to Stock Pledge Agreement dated as of the Effective Date, substantially in the
form of Exhibit C-2 hereto, securing the obligations under the RVI Note.

            "SEC" means the Securities and Exchange Commission or any other
similar or successor agency of the Federal government administering the
Securities Act.

            "Securities Act" means the Securities Act of 1933, as amended, or
any similar Federal statute, and the rules and regulations of the SEC
thereunder, all as the same shall be in effect from time to time.

            "Security Agreement" means a Security Agreement (including any
amendments or joinders thereto) made by a Loan Party in favor of the Agent for
the benefit of the Lenders, whether delivered pursuant to the Original Agreement
and reaffirmed pursuant to Section 15.01(b) of this Agreement, or delivered
pursuant to Section 6.01(a) of this Agreement, in each case, securing the
Obligations and delivered to the Agent.

            "Solvent" means, with respect to any Person on a particular date,
that on such date (i) the fair value of the property of such Person is not less
than the total amount of the liabilities of such Person; (ii) the present fair
saleable value of the assets of such Person is not less than the amount that
will be required to pay the probable liability of such Person on its existing
debts as they become absolute and matured; (iii) such Person is able to realize
upon its assets and pay its debts and other liabilities, Contingent Obligations
and other commitments as they mature in the normal course of business; (iv) such
Person does not intend to, and does not believe that it will, incur debts or
liabilities beyond such Person's ability to pay as such debts and liabilities
mature; and (v) such Person is not engaged in business or a transaction, and is
not about to engage in business or a transaction, for which such Person's
property would constitute unreasonably small capital. The determination of
whether a Person is Solvent shall take into account all such Person's properties
and liabilities regardless of whether, or the amount at which, any such property
or liability is included on a balance sheet of such Person prepared in
accordance with GAAP, including properties such as contingent contribution or
subrogation rights, business prospects, distribution channels and goodwill. The
determination of the sum of a Person's properties at a fair valuation or the
present fair saleable value of a Person's properties shall be made on a going
concern basis unless, at the time of such determination, the liquidation of the

                                      -23-
<PAGE>

business in which such properties are used or useful is in process or is
demonstrably imminent. In computing the amount of contingent or unrealized
properties or contingent or unliquidated liabilities at any time, such
properties and liabilities will be computed at the amounts which, in light of
all the facts and circumstances existing at such time, represent the amount that
reasonably can be expected to become realized properties or matured liabilities,
as the case may be. In computing the amount that would be required to pay a
person's probable liability on its existing debts as they become absolute and
matured, reasonable valuation techniques, including a present value analysis,
shall be applied using such rates over such periods as are appropriate under the
circumstances, and it is understood that, in appropriate circumstances, the
present value of Contingent Liabilities may be zero.

            "Standard & Poor's" means Standard & Poor's Ratings Services, a
division of The McGraw-Hill Companies, Inc. and any successor thereto.

            "SSC" means Schottenstein Stores Corporation.

            "SSC Transaction" has the meaning specified therefor in Section
14.01.

            "Subsidiary" means, with respect to any Person at any date, any
corporation, limited or general partnership, limited liability company, trust,
estate, association, joint venture or other business entity (i) the accounts of
which would be consolidated with those of such Person in such Person's
consolidated financial statements if such financial statements were prepared in
accordance with GAAP or (ii) of which more than 50% of (A) the outstanding
Capital Stock having (in the absence of contingencies) ordinary voting power to
elect a majority of the board of directors or other managing body of such
Person, (B) in the case of a partnership or limited liability company, the
interest in the capital or profits of such partnership or limited liability
company or (C) in the case of a trust, estate, association, joint venture or
other entity, the beneficial interest in such trust, estate, association or
other entity business is, at the time of determination, owned or controlled
directly or indirectly through one or more intermediaries, by such Person;
provided, however, that notwithstanding anything to the contrary contained
herein, following the Effective Date, none of DSW, DSWSW or any of their
respective Subsidiaries shall be, or be deemed to be "Subsidiaries" of any Loan
Party for purposes of this Agreement or any other Loan Document.

            "Taxes" has the meaning set forth in Section 2.05.

            "Term Loan Agreement" means the Financing Agreement dated as of June
11, 2002, as amended, restated, supplemented or otherwise modified from time to
time, among the Loan Parties, the lenders party thereto and CPLP as agent for
the lenders, which Financing Agreement shall be paid in full and terminated on
the Effective Date.

            "Uniform Commercial Code" has the meaning specified therefor in
Section 1.03.

            "Unrestricted Subsidiary" has the meaning specified therefor in
Section 5.01(kk).

            "Value City Business" means the Key Loan Parties' business other
than the Filene's Business.

                                      -24-
<PAGE>

            "Warrantholders" means the holders of the Warrants.

            "Warrants" means the warrants dated as of September 26, 2002, and
amended and restated as of the Effective Date, substantially in the form of
Exhibit A-1 hereto, issued by the Parent in favor of the Warrantholders.

            "Warrant Stock" means the shares of Common Stock of the Parent
and/or the Class A Common Shares of DSW issuable upon the exercise of the
Warrants and/or the Conversion Warrants.

            Section 1.02 Terms Generally. The definitions of terms herein shall
apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine,
feminine and neuter forms. The words "include", "includes" and "including" shall
be deemed to be followed by the phrase "without limitation". The word "will"
shall be construed to have the same meaning and effect as the word "shall".
Unless the context requires otherwise, (a) any definition of or reference to any
agreement, instrument or other document herein shall be construed as referring
to such agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference
herein to any Person shall be construed to include such Person's successors and
assigns, (c) the words "herein", "hereof" and "hereunder", and words of similar
import, shall be construed to refer to this Agreement in its entirety and not to
any particular provision hereof, (d) all references herein to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, this Agreement and (e) the words
"asset" and "property" shall be construed to have the same meaning and effect
and to refer to any and all tangible and intangible assets and properties,
including cash, securities, accounts and contract rights. References in this
Agreement to "determination" by the Agent include good faith estimates by the
Agent (in the case of quantitative determinations) and good faith beliefs by the
Agent (in the case of qualitative determinations).

            Section 1.03 Accounting and Other Terms. Unless otherwise expressly
provided herein, each accounting term used herein shall have the meaning given
it under GAAP applied on a basis consistent with those used in preparing the
Financial Statements.

            Section 1.04 Time References. Unless otherwise indicated herein, all
references to time of day refer to Eastern Standard Time or Eastern daylight
saving time, as in effect in New York City on such day. For purposes of the
computation of a period of time from a specified date to a later specified date,
the word "from" means "from and including" and the words "to" and "until" each
means "to but excluding"; provided, however, that with respect to a computation
of fees or interest payable to the Agent or any Lender, such period shall in any
event consist of at least one full day.

                                      -25-
<PAGE>

                                   ARTICLE II

                                    THE LOAN

            Section 2.01 The Loan. (a) The Lenders have made a Loan (as defined
in the Original Agreement) to the Borrower under the Original Agreement, of
which $50,000,000 of the original principal amount remains outstanding on the
Effective Date (immediately prior to the effectiveness of this Agreement but
after giving effect to the payment described in clause (d)(ii) of the definition
of the term "Qualifying IPO"). The Borrower acknowledges and agrees that upon
the effectiveness of this Agreement, the aggregate principal amount of such Loan
shall automatically and immediately be deemed to constitute the "Loan" to the
Borrower by the Lenders under this Agreement. It is the intention of the parties
hereto that this Agreement and the consolidation and substitution of the Notes
for the existing "Notes" referred to in the Original Agreement (the "Old Notes")
shall not in any way constitute (i) a forgiveness of the indebtedness of the
Borrower under the Old Note, (ii) a release of the Borrower from such
obligations, or (iii) a novation of the Old Notes.

                  (b) Any principal amount of the Loan which is prepaid or
repaid may not be reborrowed.

            Section 2.02 Notes; Repayment of Loan.

                  (a) The obligations of the Borrower to repay the Loan and
interest thereon shall, upon the request of any Lender, be evidenced by Notes,
duly executed on behalf of the Borrower, and delivered to and made payable to
the order of each such Lender requesting a Note in a principal amount equal to
such Lender's Pro Rata Share of the Loan as set forth on Schedule 1.01A.

                  (b) The Borrower shall repay the principal amount of the Loan
(including all PIK Interest added thereto) on the Final Maturity Date together
with all such other amounts as may be necessary to pay in full, in cash, all
Obligations to the Lenders.

                  (c) The Loan may not be evidenced by promissory notes other
than a Note which is a Registered Note. Upon the registration of the Loan, any
promissory note (other than a Registered Note) evidencing the same shall be null
and void and shall be returned to the Borrower. The Borrower agrees, at the
request of the Agent, to execute and deliver to each Lender, a promissory note
in registered form (a "Registered Note") to evidence such Registered Loan and
registered as provided in Section 12.07. Once recorded in the Register, the Loan
evidenced by such Note may not be removed from the Register so long as it
remains outstanding and a Registered Note may not be exchanged for a promissory
note that is not a Registered Note.

                  (d) Upon the delivery by a Conversion Warrantholder to the
Borrower of a Note or a portion of a Note as payment of the Purchase Price (as
such term is defined in the Conversion Warrant) under the Conversion Warrant, in
addition to satisfying each of its obligations under the Conversion Warrant with
respect to the exercise thereof, the Borrower shall pay to such Conversion
Warrantholder all accrued and unpaid interest (including all accrued and unpaid
PIK interest thereon) and fees (if any) on the principal amount of the Note so
delivered as

                                      -26-
<PAGE>

payment of such Purchase Price.

            Section 2.03 Interest. (a) Rate. Pursuant to the Original Agreement,
the Loan has borne interest on the principal amount thereof from time to time
outstanding, from July 11, 2002, and, pursuant to this Agreement, shall continue
to bear interest on the principal amount thereof from time to time outstanding,
until such principal amount becomes due, at an interest rate per annum equal to
10%.

                  (b) Default Interest. To the extent permitted by law, upon the
occurrence and during the continuance of an Event of Default, the principal of,
and all accrued and unpaid interest on, the Loan and all fees, indemnities or
any other Obligations of the Loan Parties under this Agreement and the other
Loan Documents, shall bear interest, from the date such Event of Default
occurred until the date such Event of Default is cured or waived in writing in
accordance herewith, at a rate per annum equal at all times to the Post-Default
Rate.

                  (c) Interest Payment. Interest on the Loan shall be payable
quarterly in arrears, on the last day of January, April, July and October in
each year (commencing, as to this Agreement, on July 31, 2005, which payment
shall include unpaid interest accrued under the Original Agreement through the
Effective Date) and on the Final Maturity Date (whether upon demand, by
acceleration or otherwise), at the option of the Borrower, either (i) entirely
in cash, or (ii) in a combination of cash and PIK Interest (the amount of any
such PIK Interest shall be accrued and added to the outstanding principal amount
of the Loan quarterly in arrears and shall be payable at Final Maturity),
provided, however, that at least 50% of the interest payable at any time shall
be paid in cash. The Borrower shall give the Agent and each of the Lenders prior
telephonic notice (immediately confirmed in writing in substantially the form of
Exhibit C to the Original Agreement (a "Notice of Election")) not later than two
(2) Business Days prior to any date on which a payment of interest is required
pursuant to this Section 2.03(c), specifying the amount of interest to be paid
in cash and the amount to be paid in PIK Interest. Such Notice of Election shall
be irrevocable. Notwithstanding anything to the contrary contained herein,
interest at the Post-Default Rate shall be payable in cash on demand.

                  (d) General. All interest shall be computed on the basis of a
year of 360 days for the actual number of days, including the first day but
excluding the last day, elapsed.

            Section 2.04 Prepayment of Loan.

                  (a) (i) Optional Prepayment. Prior to June 10, 2007, the
Borrower shall not have any right to prepay the Loan. After June 10, 2007, and
subject in all respects to the limitations contained in the Revolving Credit
Facility and the Intercreditor Agreement as in effect on the Effective Date, the
Borrower may, upon at least 30, but not more than 60 Business Days' written
notice to the Agent (such notice being irrevocable), stating the proposed date
and aggregate principal amount of the prepayment, and if such notice is given,
the Borrower shall, prepay the Loan, in whole or in part, together with accrued
interest to the date of such prepayment on the principal amount prepaid and any
amounts owing in connection therewith; provided, however, that each partial
prepayment shall be in an aggregate principal amount not less than $5,000,000 or
an integral multiple of $1,000,000 in excess thereof. Any portion of the

                                      -27-
<PAGE>

Loan that is prepaid may not be reborrowed, in whole or in part.

                        (ii) Mandatory Prepayment. Immediately upon the
occurrence of a Permitted DSW Stock Sale pursuant to Section 6.02(c), the
Borrower shall prepay the outstanding principal amount of the Loan and all other
Obligations then outstanding hereunder in full in cash. Nothing contained in
this subsection (ii) shall permit the Parent to dispose of any DSW Common Stock
or shall permit any Loan Party or any of its Subsidiaries to make a Disposition
of any property other than in accordance with Section 6.02(c).

                  (b) Interest and Fees. Any prepayment made pursuant to this
Section 2.04 shall be accompanied by accrued interest on the principal amount
being prepaid to the date of prepayment, and if such prepayment would reduce the
amount of the outstanding Loan to zero, such prepayment shall be accompanied by
the payment of all fees accrued to such date pursuant to the terms of this
Agreement.

                  (c) Cumulative Prepayments. Except as otherwise expressly
provided in this Section 2.04, payments with respect to any subsection of this
Section 2.04 are in addition to payments made or required to be made under any
other provision of this Agreement.

            Section 2.05 Taxes. (a) All payments made by any Loan Party
hereunder or under any other Loan Document shall be made without set-off,
counterclaim, deduction or other defense. All such payments shall be made free
and clear of and without deduction for any present or future income, franchise,
sales, use, excise, stamp or other taxes, levies, imposts, deductions, charges,
fees, withholdings, restrictions or conditions of any nature now or hereafter
imposed, levied, collected, withheld or assessed by any jurisdiction (whether
pursuant to Federal, state, local or foreign law) or by any political
subdivision or taxing authority thereof or therein, and all interest, penalties
or additional amounts, excluding taxes on the net income of any Lender or the
Agent imposed by the jurisdiction in which such Lender or such Agent is
organized or any political subdivision thereof or taxing authority thereof or
any jurisdiction in which such Person's principal office is located or any
political subdivision thereof or taxing authority thereof (such nonexcluded
taxes, levies, imposts, deductions, charges, fees, withholdings, restrictions,
conditions, interest, penalties and additional amounts being hereinafter
collectively referred to as "Taxes"). If any Loan Party shall be required to
deduct or to withhold any Taxes from or in respect of any amount payable
hereunder or under any other Loan Document:

                        (i) the amount so payable shall be increased so that
after making all required deductions and withholdings (including Taxes on
amounts payable pursuant to this sentence) the Lenders or the Agent, as the case
may be, receive an amount equal to the sum they would have received had no such
deduction or withholding been made;

                        (ii) such Loan Party shall make such deduction or
withholding;

                        (iii) such Loan Party shall pay the full amount deducted
or withheld to the relevant taxation authority in accordance with Applicable
Law; and

                        (iv) whenever any Taxes are payable by any Loan Party,
as promptly as possible thereafter, such Loan Party shall send the Lenders and
the Agent an official receipt (or, if an official receipt is not available, such
other documentation as shall be satisfactory

                                      -28-
<PAGE>

to the Lenders or the Agent, as the case may be) evidencing payment of the
amount or amounts so deducted or withheld. In addition, each Loan Party agrees
to pay any present or future taxes, charges or similar levies which arise from
any payment made hereunder or from the execution, delivery, performance,
recordation or filing of, or otherwise with respect to, this Agreement or any
other Loan Document other than the foregoing excluded taxes (hereinafter
referred to as "Other Taxes").

                  (b) The Loan Parties hereby jointly and severally agree to
indemnify and hold the Lenders and the Agent harmless from and against Taxes or
Other Taxes (including, without limitation, any Taxes or Other Taxes imposed by
any jurisdiction on amounts payable under this Section 2.05) paid by any Lender
or the Agent and any liability (including penalties, interest and expenses for
nonpayment, late payment or otherwise) arising therefrom or with respect
thereto, whether or not such Taxes or Other Taxes were correctly or legally
asserted. Such indemnification shall be paid within 10 days from the date on
which any the Agent, on behalf of the Lenders, makes written demand therefor,
which demand shall identify in reasonable detail the nature and amount of such
Taxes or Other Taxes.

                  (c) Each Lender that is organized in a jurisdiction outside
the United States hereby agrees that it shall, no later than the Effective Date
or, in the case of a Lender which becomes a party hereto pursuant to Section
12.07 hereof after the Effective Date, the date upon which such Lender becomes a
party hereto (and from time to time thereafter upon the reasonable request of
the Borrower or the Agent, but only if such Lender is legally able to do so),
deliver to the Borrower and the Agent either (i) two accurate, complete and
signed copies of either (x) U.S. Internal Revenue Service Form W-8ECI or
successor form, or (y) U.S. Internal Revenue Service Form W-8BEN or successor
form, in each case, indicating that such Lender is on the date of delivery
thereof entitled to receive payments of interest hereunder free from, or subject
to a reduced rate of, withholding of United States Federal income tax or (ii) in
the case of such a Lender that is entitled to claim exemption from withholding
of United States Federal income tax under Section 871(h) or Section 881(c) of
the Internal Revenue Code, (x) a certificate to the effect that such Lender is
(A) not a "bank" within the meaning of Section 881(c)(3)(A) of the Internal
Revenue Code, (B) not a "10 percent shareholder" of the Borrower within the
meaning of Section 881(c)(3)(B) of the Internal Revenue Code and (C) not a
controller foreign corporation receiving interest from a related person within
the meaning of Section 881(c)(3)(C) of the Internal Revenue Code and (y) two
accurate, complete and signed copies of U.S. Internal Revenue Service Form
W-8BEN or successor form.

                  (d) If any Loan Party fails to perform any of its obligations
under this Section 2.05, the Loan Parties shall indemnify the Lenders and the
Agent for any taxes, interest or penalties that may become payable as a result
of any such failure. The obligations of the Loan Parties under this Section 2.05
shall survive the termination of this Agreement and the payment of the Loan and
all other amounts payable hereunder.

                                      -29-
<PAGE>

                                  ARTICLE III

                      FEES, PAYMENTS AND OTHER COMPENSATION

            Section 3.01 Audit and Collateral Monitoring Fees. The Key Loan
Parties acknowledge that representatives of the Agent may visit any or all of
the Loan Parties and/or conduct audits, inspections and valuations of any or all
of the Loan Parties in accordance with the terms and conditions set forth in
Sections 7.02 and 7.09. The Borrower agrees to pay the costs and expenses of
such visits, audits, inspections and valuations, whether conducted by the Agent
itself or by third-party representatives of the Agent.

            Section 3.02 Payments; Computations and Statements. (a) The Borrower
will make each payment under this Agreement not later than 12:00 noon (New York
City time) on the day when due, in lawful money of the United States of America
and in immediately available funds, in the manner set forth in clause (b) below.
All payments received after 12:00 noon (New York City time) on any Business Day
will be credited on the next succeeding Business Day. All payments shall be made
by the Borrower without set-off, counterclaim, deduction or other defense to the
Agent and the Lenders. Whenever any payment to be made under any such Loan
Document shall be stated to be due on a day other than a Business Day, such
payment shall be made on the next succeeding Business Day and such extension of
time shall in such case be included in the computation of interest or fees, as
the case may be. All computations of fees shall be made by the Agent on the
basis of a year of 360 days for the actual number of days (including the first
day but excluding the last day) occurring in the period for which such fees are
payable. Each determination by the Agent of an interest payment amount or fees
hereunder shall be rebuttably presumed to be accurate, in the absence of
manifest error.

                  (b) (i) Other than during the continuance of an Event of
Default, the Borrower shall make each payment relating to the payment of
principal and interest in respect of the Loan directly to the Lender's Account
of each Lender to whom payment is required to be made, in like funds and in
accordance with each Lender's Pro Rata Share of such payment. The Borrower shall
make all other payments under this Agreement to the Agent's Account for
distribution to the Lenders in accordance with clause (iii) below.

                        (ii) Upon the occurrence and during the continuance of
an Event of Default, the Borrower shall make all payments under this Agreement
to the Agent's Account for distribution to the Lenders in accordance with clause
(iii) below.

                        (iii) Upon the receipt of any payment under this
Agreement, the Agent will promptly (and in any case, not later than five (5)
Business Days) thereafter, cause to be distributed to the Lenders to whom
payment is required to be made, (A) in the case of payments relating to
principal and interest, in like funds in accordance with their Pro Rata Shares,
and (B) in the case of the payment of any other amount payable to any Lender, in
like funds; provided, however, that this clause shall not apply to any payment
made under this Agreement that is solely for the account of the Agent.

                  (c) The Agent shall provide the Borrower, promptly after the
end of each calendar month, a summary statement (in the form from time to time
used by the Agent) of

                                      -30-
<PAGE>

the amounts and dates of all payments on account of the Loan to the Borrower
during such month, the amount of interest accrued on the Loan to the Borrower
during such month, the amount of PIK Interest added to the principal of the Loan
during such month, and the amount and nature of any other fees, commissions,
expenses and other Obligations incurred during such month. All entries on any
such statement shall be presumed to be correct and, thirty (30) days after the
same is sent, shall be rebuttably presumed to be accurate, absent manifest
error. For purposes of such statement, the Agent shall have the right to
conclude, absent evidence to the contrary (i) that no payments have been made by
the Borrower and no requests for payments have been made to the Borrower by any
Lender other than in accordance with this Agreement, and (ii) all payments of
principal and interest required to be made directly to any Lender's Account have
been made pursuant to the terms of this Agreement.

            Section 3.03 Sharing of Payments, Etc. Except as provided in
Sections 2.02 and 3.02(b) hereof, if any Lender shall obtain any payment
(whether voluntary, involuntary, through the exercise of any right of set-off,
or otherwise) on account of any Obligation in excess of its ratable share of
payments on account of similar obligations obtained by all the Lenders, such
Lender shall forthwith purchase from the other Lenders such participations in
such similar obligations held by them as shall be necessary to cause such
purchasing Lender to share the excess payment ratably with each of them;
provided, however, that if all or any portion of such excess payment is
thereafter recovered from such purchasing Lender, such purchase from each Lender
shall be rescinded and such Lender shall repay to the purchasing Lender the
purchase price to the extent of such recovery together with an amount equal to
such Lender's ratable share (according to the proportion of (i) the amount of
such Lender's required repayment to (ii) the total amount so recovered from the
purchasing Lender of any interest or other amount paid by the purchasing Lender
in respect of the total amount so recovered). The Borrower agrees that any
Lender so purchasing a participation from another Lender pursuant to this
Section 3.03 may, to the fullest extent permitted by law, exercise all of its
rights (including the Lender's right of set-off) with respect to such
participation as fully as if such Lender were the direct creditor of the
Borrower in the amount of such participation.

            Section 3.04 Apportionment of Payments. Subject to Section 2.02
hereof and to any written agreement among the Agent and/or the Lenders:

                  (a) All payments of principal, interest and PIK Interest in
respect of the outstanding portion of the Loan, all payments of fees and all
other payments in respect of any other Obligations, shall be allocated by the
Agent among such of the Lenders as are entitled thereto, in proportion to their
respective Pro Rata Shares or otherwise as provided herein or, in respect of
payments not made on account of the Loan, as designated by the Person making
payment when the payment is made.

                  (b) After the occurrence and during the continuance of an
Event of Default, the Agent may apply all payments in respect of any Obligations
and all proceeds of the Collateral, subject to the provisions of this Agreement,
(i) first, ratably to pay the Obligations in respect of any fees, expense
reimbursements, indemnities and other amounts then due to the Agent until paid
in full; (ii) second, ratably to pay the Obligations in respect of any fees and
indemnities then due to the Lenders until paid in full; (iii) third, ratably to
pay interest due in respect of the Loan until paid in full; (iv) fourth, ratably
to pay PIK Interest due in respect of the

                                      -31-
<PAGE>

Loan until paid in full; (v) fifth, ratably to pay the principal of the Loan
until paid in full; and (viii) sixth, to the ratable payment of all other
Obligations then due and payable.

                  (c) In each instance, so long as no Event of Default has
occurred and is continuing, Section 3.04(b) shall not be deemed to apply to any
payment by the Borrower specified by the Borrower to the Agent to be for the
prepayment of all or part of the principal of the Loan in accordance with the
terms and conditions of Section 2.04.

                  (d) For purposes of Section 3.04(b), "paid in full" with
respect to interest shall include interest accrued after the commencement of any
Insolvency Proceeding irrespective of whether a claim for such interest is
allowable in such Insolvency Proceeding.

                  (e) In the event of a direct conflict between the priority
provisions of this Section 3.04 and other provisions contained in any other Loan
Document, it is the intention of the parties hereto that both such priority
provisions in such documents shall be read together and construed, to the
fullest extent possible, to be in concert with each other. In the event of any
actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms
and provisions of this Section 3.04 shall control and govern.

            Section 3.05 Increased Costs and Reduced Return. (a) If any Lender
or the Agent shall have determined that the adoption or implementation of, or
any change in, any law, rule, treaty or regulation, or any policy, guideline or
directive of, or any change in, the interpretation or administration thereof by,
any court, central bank or other administrative or Governmental Authority, or
compliance by any Lender or the Agent or any Person controlling any such Lender
or the Agent with any directive of, or guideline from, any central bank or other
Governmental Authority or the introduction of, or change in, any accounting
principles applicable to any Lender or the Agent or any Person controlling any
such Lender or the Agent (in each case, whether or not having the force of law),
shall (i) subject any Lender or the Agent, or any Person controlling any such
Lender or the Agent to any tax, duty or other charge with respect to this
Agreement or any Loan made by such Lender or the Agent, or change the basis of
taxation of payments to any Lender or the Agent or any Person controlling any
such Lender or the Agent of any amounts payable hereunder (except for taxes on
the overall net income of any Lender or the Agent or any Person controlling any
such Lender or the Agent), (ii) impose, modify or deem applicable any reserve,
special deposit or similar requirement against any Loan, or against assets of or
held by, or deposits with or for the account of, or credit extended by, any
Lender or the Agent or any Person controlling any such Lender or the Agent or
(iii) impose on any Lender or the Agent or any Person controlling any such
Lender or the Agent or any other condition regarding this Agreement or any Loan,
and the result of any event referred to in clauses (i), (ii) or (iii) above
shall be to increase the cost to any Lender or the Agent of making any Loan, or
agreeing to make any Loan, or to reduce any amount received or receivable by any
Lender or the Agent hereunder, then, within ten (10) days after demand and
receipt of a detailed calculation and statement of cause by the Agent, on behalf
of the affected Lenders, the Borrower shall pay to the Agent, for the benefit of
the affected Lenders, such additional amounts as will compensate such Lenders
for such increased costs or reductions in amount.

                  (b) If any Lender or the Agent shall have determined that any
Capital Guideline or the adoption or implementation of, or any change in, any
Capital Guideline by the

                                      -32-
<PAGE>

Governmental Authority charged with the interpretation or administration
thereof, or compliance by any Lender or the Agent or any Person controlling such
Lender or the Agent with any Capital Guideline or with any request or directive
of any such Governmental Authority with respect to any Capital Guideline, or the
implementation of, or any change in, any applicable accounting principles (in
each case, whether or not having the force of law), either (i) affects or would
affect the amount of capital required or expected to be maintained by any Lender
or the Agent or any Person controlling such Lender or the Agent, and any Lender
or the Agent determines that the amount of such capital is increased as a direct
or indirect consequence of any Loan made or maintained, or any guaranty or
participation with respect thereto, any Lender's or the Agent's or any such
other controlling Person's other obligations hereunder; or (ii) has or would
have the effect of reducing the rate of return on any Lender's or the Agent's
any such other controlling Person's capital to a level below that which such
Lender or the Agent or such controlling Person could have achieved but for such
circumstances as a consequence of any Loan made or maintained, or any guaranty
or participation with respect thereto or any agreement to make Loan, or such
Lender's or the Agent's or such other controlling Person's other obligations
hereunder (in each case, taking into consideration, such Lender's, Agent's or
other controlling Person's policies with respect to capital adequacy), then,
within ten (10) days after demand and receipt of a detailed calculation and
statement of cause by the Agent, on behalf of the affected Lenders, the Borrower
shall pay to the Agent, for the benefit of such affected Lenders, from time to
time such additional amounts as will compensate such Lenders for such cost of
maintaining such increased capital or such reduction in the rate of return on
such Lender's or the Agent's or such other controlling Person's capital.

                  (c) All amounts payable under this Section 3.05 shall bear
interest from the date that is ten (10) days after the date of demand by any
Lender or the Agent until payment in full to such Lender or the Agent at the
Reference Rate. A certificate of the Agent, on behalf of the affected Lenders,
claiming compensation under this Section 3.05, specifying the event herein above
described and the nature of such event shall be submitted by the Agent, on
behalf of the affected Lenders, to the Borrower, setting forth the additional
amount due and an explanation of the calculation thereof, and the Agent's
reasons for invoking the provisions of this Section 3.05, and shall be
rebuttably presumed to be correct, absent manifest error.

                  (d) If any Lender incurs increased costs and requests
compensation under this Section 3.05, then the Borrower may (i) request such
Lender use reasonable efforts to designate a different lending office for
booking its loans hereunder or to assign its rights and obligations hereunder to
another of its offices, branches, or Affiliates, if in the judgment of such
Lender, such designation or assignment (A) would eliminate or reduce amounts
payable pursuant to Section 3.05 hereof, and (B) would not subject such Lender
to any unreimbursed cost or expense, and would not otherwise be disadvantageous
to such Lender. The Borrower shall pay all reasonable costs and expenses
incurred by such Lender in connection with any such designation of assignment;
and (ii) at its sole expense and effort, upon notice to such Lender and the
Agent, require such Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in Section 12.07), all
its interests, rights and obligations under this Agreement to an assignee that
shall assume such obligations (which assignee may be another Lender, if a Lender
accepts such assignment), provided that (A) if such assignee is not an existing
Lender, the Borrower shall have received the prior written consent of the Agent,
which consent shall not unreasonably be withheld, (B) such Lender shall have
received payment of an

                                      -33-
<PAGE>

amount equal to the outstanding principal of its Pro Rata Share of the Loan,
accrued interest thereon, accrued fees and all other amounts payable to it
hereunder, from the assignee (to the extent of such outstanding principal and
accrued interest and fees) or the Borrower (in the case of all other amounts,
which shall be paid to the Agent for distribution to such Lender) and (C) such
assignment will result in a reduction in such compensation, payments or costs. A
Lender shall not be required to make any such assignment and delegation if,
prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Borrower to require such assignment and delegation
cease to apply.

                                   ARTICLE IV

                   CONDITIONS TO EFFECTIVENESS; CONSENT TO IPO

            Section 4.01 Conditions Precedent to Effectiveness. This Agreement
shall become effective as of the Business Day (the "Effective Date") when each
of the following conditions precedent shall have been satisfied (or waived) in a
manner satisfactory to the Agent:

                  (a) Payment of Fees, Etc. The Borrower shall have paid to the
Agent and the Lenders on or before the date of this Agreement, in immediately
available funds, all fees, costs, expenses and taxes (including, without
limitation, fees, costs, expenses and taxes incurred in connection with the IPO)
then payable pursuant to the Original Agreement and pursuant to this Agreement.

                  (b) Representations and Warranties; No Event of Default. The
following statements shall be true and correct: (i) the representations and
warranties contained in Article V and in each other Loan Document, certificate
or other writing delivered to the Agent or any Lender pursuant hereto or thereto
on or prior to the Effective Date are true and correct on and as of the
Effective Date as though made on and as of such date; and (ii) no Default or
Event of Default shall have occurred and be continuing on the Effective Date or
would result from this Agreement or the other Loan Documents becoming effective
in accordance with its or their respective terms.

                  (c) Legality. Amending and restating this Agreement and
maintaining of the Loan shall not contravene any law, rule or regulation
applicable to the Agent or any Lender.

                  (d) Delivery of Documents. The Agent shall have received on or
before the Effective Date, the following, each in form and substance reasonably
satisfactory to the Agent and the Lenders, and, unless indicated otherwise,
dated the Effective Date, and all conditions precedent to the effectiveness of
such documents (where applicable) shall have been satisfied or waived:

                        (i) the Warrants, issued in favor of each Warrantholder
and duly executed by the Parent (which shall be exchanged for the existing
Warrants held by each such Warrantholder);

                        (ii) the Conversion Warrants, issued in favor of each
Conversion Warrantholder and duly executed by the Parent;

                                      -34-
<PAGE>

                        (iii) the Registration Rights Agreement, duly executed
by the Parent, the Warrantholders and the Conversion Warrantholders;

                        (iv) the DSW Registration Rights Agreement, duly
executed by DSW, the Warrantholders and the Conversion Warrantholders;

                        (v) to the extent not already held by the Agent, the
original stock certificates or other certificated securities or instruments
representing all of the Capital Stock of such Loan Parties' Subsidiaries, the
Capital Stock of DSW held by the Parent following the IPO and all intercompany
promissory notes of such Loan Parties (including the RVI Note and the DSW Note),
accompanied by undated stock powers executed in blank and other proper
instruments of transfer;

                        (vi) to the extent required, amendments to Control
Agreements, duly executed by each of the parties thereto;

                        (vii) Intercreditor Agreement, duly executed by the
Agent and the Revolving Credit Agent, and acknowledged by the Loan Parties;

                        (viii) opinions of Simpson Thacher & Bartlett LLP and
the General Counsel of the Loan Parties and DSW, dated as of the Effective Date,
substantially in the form of Exhibit E-1 and Exhibit E-2 respectively;

                        (ix) copies of the Revolving Credit Facility Documents,
the RVI Note and the RVI Pledge, in each case, duly executed by each of the
parties thereto, reasonably satisfactory in form and substance to the Agent, and
certified as true and correct copies thereof by an Authorized Officer of the
Parent;

                        (x) a copy of the resolutions of each Loan Party and
DSW, certified by an Authorized Officer thereof, authorizing (A) the
transactions contemplated by the Loan Documents to which such Person is or will
be a party, (B) the execution, delivery and performance by such Person of each
Loan Document to which such Person is or will be a party and the execution and
delivery of the other documents to be delivered by such Person in connection
herewith and therewith, and (C) the IPO and the transactions contemplated
thereby;

                        (xi) a certificate of the appropriate official(s) of the
state of organization and each state of foreign qualification of each Loan
Party, DSW and DSWSW, certifying as to the subsistence in good standing of, and
the payment of taxes by, such Person in such states;

                        (xii) a true and complete copy of the charter,
certificate of formation, certificate of limited partnership or other publicly
filed organizational document of each Loan Party, DSW and DSWSW, certified as of
a recent date not more than thirty (30) days prior to the Effective Date (except
as otherwise agreed by the Agent) by an appropriate official of the state of
organization of such Person, which shall set forth the same complete name of
such Person as is set forth herein and the organizational number, if an
organizational number is issued in such jurisdiction, and Federal employee
identification number as of the Effective Date of such Person;

                                      -35-
<PAGE>

                        (xiii) a copy of the by-laws, limited liability company
agreement, operating agreement, agreement of limited partnership or other
organizational document of each Loan Party, DSW and DSWSW, together with all
amendments thereto, certified as of the Effective Date by an Authorized Officer
of such Person;

                        (xiv) a certificate of an Authorized Officer of each
Loan Party and DSW, certifying the names and true signatures of the
representatives of such Person authorized to sign each Loan Document to which
such Person is or will be a party and the other documents to be executed and
delivered by such Person in connection herewith and therewith, together with
evidence of the incumbency of such Authorized Officers;

                        (xv) a certificate of an Authorized Officer of the
Parent certifying that each of the Material Contracts remains in full force and
effect in all material respects and that none of the Loan Parties has breached
or defaulted on, or is reasonably likely to breach or default on, any of its
obligations under such agreements in any material respect, as a result of the
IPO or otherwise;

                        (xvi) certificate of the chief financial officer of each
Loan Party, certifying as to the Solvency of the Loan Parties taken as a whole,
both before and after giving effect to the IPO and the transactions contemplated
hereby and thereby, which certificate shall be satisfactory in form and
substance to the Agent;

                        (xvii) a certificate of an Authorized Officer of each
Loan Party, certifying as to the matters set forth in subsection (b) of this
Section 4.01 and the satisfaction of each of the conditions set forth in Section
4.02 hereof;

                        (xviii) evidence of the insurance coverage required by
Section 6.01 and the terms of each Security Agreement and each Mortgage and such
other insurance coverage with respect to the business and operations of the Loan
Parties as the Agent may reasonably request, in each case, where requested by
the Agent, with such endorsements as to the named insureds or loss payees
thereunder as the Agent may reasonably request and providing that such policy
may be terminated or canceled (by the insurer or the insured thereunder) only
upon thirty (30) days' prior written notice to the Agent and each such named
insured or loss payee, together with evidence of the payment of all premiums due
in respect thereof for such period as the Agent may request;

                        (xix) release documents, duly executed by the Revolving
Credit Agents, accompanied by appropriate UCC financing statement amendments, in
form and substance satisfactory to the Agent, evidencing the release of the Lien
granted in favor of the Revolving Credit Agents with respect to the Capital
Stock of DSW;

                        (xx) a copy of the Business Plan, certified as true and
correct by an Authorized Officer of the Borrower; and

                        (xxi) such other agreements, instruments, approvals,
opinions and other documents, each satisfactory to the Agent in form and
substance, as the Agent deems, in its reasonable business judgment, to be
necessary hereunder.

                                      -36-
<PAGE>

                  (e) Material Adverse Effect. The Agent shall have determined,
in its sole judgment (acting reasonably), that no event or development shall
have occurred since January 29, 2005 which could reasonably be expected to have
a Material Adverse Effect.

                  (f) Approvals. All consents, authorizations and approvals of,
and filings and registrations with, and all other actions in respect of, any
Governmental Authority or other Person (i) required in connection with amending
this Agreement or the maintaining of the Loan, or (ii) materially required in
connection with the conduct of the Loan Parties' business, shall have been
obtained and shall be in full force and effect.

                  (g) Warrant Stock. DSW shall have reserved, out of its
authorized and unissued Class A Shares, solely for the purpose of permitting the
Parent to comply with its obligations under the Warrants and the Conversion
Warrants, _____ Class A Shares issuable upon the exercise of the Warrants or the
Conversion Warrants to provide for the issuance of the Warrant Stock in
accordance with the terms of the Warrants and the Conversion Warrants. The
Common Stock and, following, the IPO, the Class A Common Shares shall have been
listed on the New York Stock Exchange.

                  (h) Senior Indebtedness. The Obligations under this Agreement
and the other Loan Documents rank at least pari passu in right of payment to all
existing and future senior Indebtedness and senior to all other Indebtedness of
each Loan Party.

                  (i) Consummation of IPO. The IPO shall have been consummated
in accordance with each of the conditions set forth in Section 4.02 below, as
determined by the Agent in its sole discretion, exercised reasonably.

            Section 4.02 Consent to IPO. The Agent and the Lenders hereby
consent to the consummation of the IPO; provided that each of the following
conditions has been satisfied or waived:

                  (a) The IPO shall constitute a Qualifying IPO;

                  (b) On the IPO Effective Date, the Net Cash Proceeds of the
IPO shall be immediately applied (i) by DSW to repay to Parent in full the
obligations outstanding under the DSW Note, (ii) by Parent to repay to the
Borrower a portion of the obligations outstanding under the RVI Note, and (iii)
by the Borrower to repay in full (x) all Obligations (as defined in the Term
Loan Agreement) outstanding under the Term Loan Agreement and (y) $25,000,000 of
the principal amount of the Old Notes under the Original Agreement, in each
case, in immediately available funds;

                  (c) Following prepayment by the Borrower in full of all of the
Obligations (as defined in the Term Loan Agreement) outstanding under the Term
Loan Agreement, the Term Loan Agreement shall be terminated (other than with
respect to the provisions thereof that expressly survive the termination
thereof);

                  (d) Each of the conditions precedent to the effectiveness of
(i) this Agreement set forth in Section 4.01 hereof shall be satisfied or
waived, as determined by the Agent in its sole discretion, exercised reasonably,
and (ii) the amendment of the Revolving Loan

                                      -37-
<PAGE>

Documents shall be satisfied to the satisfaction of the Agent and the agents and
the lenders thereunder;

                  (e) The IPO shall be consummated in accordance with all
requirements of Applicable Law and on terms and conditions reasonably
satisfactory to Agent, (it being acknowledged that the terms of the IPO set
forth in the Form S-1 filed with the SEC on June 15, 2005 (without giving effect
to any subsequent amendments thereto), are satisfactory to the Agent) and all
consents, authorizations and approvals of, and filings and registrations with,
and all other actions in respect of, any Governmental Authority or other Person
required in connection with the IPO shall have been obtained and shall be in
full force and effect; and

                  (f) The Agent shall have received, immediately prior to the
consummation of the IPO, a certificate of an Authorized Officer of each Loan
Party, in form and substance satisfactory to the Agent, certifying that each of
the conditions set forth in this Section 4.02 has been, or concurrently with the
consummation of the IPO will be, satisfied.

            Section 4.03 Release of DSW and DSWSW. Following the satisfaction
(or waiver) of each of the conditions set forth in Sections 4.01 and 4.02
hereof, DSW and DSWSW shall be released and discharged from any liability under
the Original Agreement and each of the other Loan Documents to which it is a
party pursuant to the Original Agreement, other than liabilities under such Loan
Documents that expressly survive the termination thereof and all liens and
security interests granted by DSW and DSWSW to secure the Obligations shall be
released and discharged and the Parent, DSW and DSWSW are hereby authorized, in
the Agent's name, to file UCC-3 termination statements and such other documents,
instruments and releases with respect to any mortgages, liens, encumbrances or
other security interests on any property of DSW and DSWSW to evidence the
release provided by this Section 4.03. Upon satisfaction of each of the
conditions set forth in Sections 4.01 and 4.02 hereof, the Agent (at the expense
of the Parent) hereby agrees (A) to execute and deliver to the Parent, DSW and
DSWSW such instruments and documents in form and substance reasonably
satisfactory to the Parent and the Agent, which are reasonably requested by the
Parent, for the purpose of effecting the intent of this Section 4.03 including,
without limitation, to release of record any and all liens and security
interests and collateral and to terminate with respect to DSW and DSWSW any and
all control agreements, lockbox agreements, landlord's or similar waivers and
like documents (B) to return to DSW and DSWSW all certificates of and stock
powers with respect to DSWSW, pledged promissory notes of DSW and DSWSW and
other physical collateral provided by DSW and DSWSW to, and held by, the Agent
pursuant to the Loan Documents, and (C) to return to the Parent any certificate
representing the Capital Stock of DSW permitted to be sold pursuant to the IPO
(together with any applicable stock power). This release does not and shall not
affect (a) any of the obligations or liabilities of the other Loan Parties under
this Agreement, the Original Agreement or any other Loan Document, or (b) any of
the obligations of DSW under any of the Loan Documents to which it is a party
under this Agreement.

                                   ARTICLE V

                         REPRESENTATIONS AND WARRANTIES

            Section 5.01 Representations and Warranties. Each Loan Party hereby

                                      -38-
<PAGE>

represents and warrants to the Agent and the Lenders as follows:

                  (a) Organization; Good Standing, Etc. Each of the Loan
Parties, DSW and DSWSW (i) is a corporation, limited liability company or
limited partnership duly organized, validly existing and in good standing under
the laws of the state or jurisdiction of its organization; (ii) has all
requisite power and authority to conduct its business as now conducted and as
presently contemplated and, to execute and deliver each Loan Document to which
it is a party, and to consummate the transactions contemplated thereby; and
(iii) is duly qualified to do business and is in good standing in each
jurisdiction in which the character of the properties owned or leased by it or
in which the transaction of its business makes such qualification necessary,
except where the failure to so qualify is not reasonably likely to have a
Material Adverse Effect.

                  (b) Authorization, Etc. The execution, delivery and
performance by each Loan Party and DSW of each Loan Document to which it is or
will be a party (i) have been duly authorized by all necessary action; (ii) do
not and will not contravene in any material respect its charter or by-laws, its
limited liability company or operating agreement or its certificate of
partnership or partnership agreement, as applicable, or any Applicable Law or
any contractual restriction binding on or otherwise affecting it or any of its
properties; (iii) do not and will not result in or require the creation of any
Lien upon or with respect to any of its properties; and (iv) do not and will not
result in any default, noncompliance, suspension, revocation, impairment,
forfeiture or nonrenewal of any material permit, license, authorization or
approval applicable to its operations or any of its properties.

                  (c) Governmental Approvals. No authorization or approval or
other action by, and no notice to or filing with, any Governmental Authority is
required in connection with (i) the due execution, delivery and performance by
any Loan Party or DSW of any Loan Document to which it is or will be a party, or
(ii) in connection with the IPO.

                  (d) Enforceability of Loan Documents. This Agreement is, and
each other Loan Document to which any Loan Party or DSW is or will be a party,
when delivered hereunder, will be, a legal, valid and binding obligation of such
Person, enforceable against such Person in accordance with its terms, except as
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or other similar laws relating to or limiting creditors' rights generally or by
equitable principles relating to enforceability.

                  (e) Capitalization; Subsidiaries. On the Effective Date, after
giving effect to the transactions contemplated hereby to occur on the Effective
Date, the authorized Capital Stock of the Parent and DSW and the issued and
outstanding Capital Stock of the Parent and DSW are as set forth on Schedule
5.01(e)(i). All of the issued and outstanding shares of Capital Stock of the
Parent and DSW have been validly issued and are fully paid and nonassessable,
and the holders thereof are not entitled to any preemptive, first refusal or
other similar rights. With respect to the Parent, there are no securities or
instruments containing anti-dilution or similar provisions that will be
triggered by the issuance of the Warrant Stock, except for anti-dilution
provisions which have been validly waived on or prior to the date hereof in
respect of the issuance of the Warrant Stock. The Warrant Stock has been duly
authorized and reserved (or in the case of the DSW Common Stock, has been
issued) for issuance upon the

                                      -39-
<PAGE>

exercise of the Warrants and the Conversion Warrants, and upon such exercise,
will be validly issued, fully paid and non-assessable, free from all taxes,
liens and charges with respect to the issue thereof, and will not be subject to
preemptive rights or other similar rights of stockholders of the Parent, DSW or
any other Person.

                        (i) Except as described on Schedule 5.01(e)(i), as of
the Effective Date, there are no outstanding debt or equity securities of the
Parent, DSW or any of their respective Subsidiaries and no outstanding
obligations of the Parent, DSW or any of their respective Subsidiaries
convertible into or exchangeable for, or warrants, options or other rights for
the purchase or acquisition from the Parent, DSW or any of their respective
Subsidiaries, or other obligations of the Parent, DSW or any of their respective
Subsidiaries to issue, directly or indirectly, any shares of Capital Stock of
the Parent, DSW or any of their respective Subsidiaries.

                        (ii) Schedule 5.01(e)(ii) is a complete and correct
description of the name, jurisdiction of incorporation and ownership of the
outstanding Capital Stock of each of the Subsidiaries of the Parent and DSW in
existence on the Effective Date. All of the issued and outstanding shares of
Capital Stock of the Subsidiaries of the Parent have been validly issued and are
fully paid and nonassessable, and the holders thereof are not entitled to any
preemptive, first refusal or other similar rights. Except as indicated on such
Schedule, all such Capital Stock is owned by the Parent, DSW or one or more of
their respective wholly-owned Subsidiaries, free and clear of all Liens other
than in the case of the DSW Common Stock held by the Parent, Liens permitted
pursuant to clause (xvi) of the definition of Permitted Liens, and in the case
of the Capital Stock of Subsidiaries of DSW, such Liens as may exist from time
to time.

                  (f) Litigation; Commercial Tort Claims. Except as set forth in
Schedule 5.01(f), (i) there is no pending or, to the best knowledge of any Loan
Party, threatened action, suit or proceeding affecting any Loan Party, DSW or
DSWSW before any court or other Governmental Authority or any arbitrator that
(A) if adversely determined, could have a Material Adverse Effect, (B) relates
to this Agreement or any other Loan Document or any transaction contemplated
hereby or thereby and (ii) as of the Effective Date, none of the Loan Parties
holds any commercial tort claims in respect of which a claim has been filed in a
court of law or a written notice by an attorney has been given to a potential
defendant, or (C) relates to the IPO or any transaction contemplated thereby.

                  (g) Financial Condition.

                        (i) All financial statements furnished to the Agent and
to each Lender by the Loan Parties on a consolidated basis have been prepared in
accordance with GAAP consistently applied (provided, however, that unaudited
financial statements are subject to normal year-end adjustments and to the
absence of footnotes). All financial statements furnished to the Agent and to
each Lender by the Loan Parties present fairly the condition of the Loan Parties
at the date(s) thereof and the results of operations and cash flows (to the
extent cash flows are required to be prepared) for the period(s) covered
(provided, however, that unaudited financial statements are subject to normal
year end adjustments and to the absence of footnotes). There has been no change
in the consolidated financial condition, results of operations, or cash flows of
the Loan Parties since the date(s) of such financial statements, other than
changes in the

                                      -40-
<PAGE>

ordinary course of business, which changes have not been materially adverse,
either singularly or in the aggregate.

                        (ii) No Loan Party has any material Contingent
Obligations or material obligation under any Lease or Capitalized Lease which is
not noted in the Loan Parties' Consolidated financial statements furnished to
the Agent and to each Lender prior to the execution of this Agreement.

                        (iii) The prospectus and the registration statement
filed with the SEC in connection with the IPO (A) conform in all material
respects to the requirements of the Securities Act and (B) do not include any
untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading.

                  (h) Compliance with Law, Etc. None of DSW, DSWSW or any Loan
Party is, or as a result of the consummation of the transactions contemplated by
the IPO, will be, in violation or has received notice of any violation of its
organizational documents, any law, rule, regulation, judgment or order of any
Governmental Authority applicable to it or any of its property or assets, or any
material term of any agreement or instrument (including, without limitation, any
Material Contract) binding on or otherwise affecting it or any of its
properties, except where such violation is not reasonably likely to have a
Material Adverse Effect and no default or event of default has occurred and is
continuing.

                  (i) ERISA. Except to the extent that such action is not
reasonably likely to have a Material Adverse Effect, none of DSW, DSWSW, any
Loan Party or any of their respective ERISA Affiliates has within the past three
(3) years, or as a result of the consummation of the transactions contemplated
by the IPO, will have:

                        (i) violated or failed to be in full compliance with any
Loan Party's Employee Benefit Plan;

                        (ii) failed timely to file all reports and filings
required by ERISA to be filed by any Loan Party;

                        (iii) engaged in any nonexempt "prohibited transactions"
or "reportable events" (respectively as described in ERISA);

                        (iv) engaged in, or committed, any act such that a tax
or penalty reasonably could be imposed upon any Loan Party on account thereof
pursuant to ERISA;

                        (v) incurred any material accumulated funding deficiency
within the meaning of ERISA;

                        (vi) terminated any Employee Benefit Plan such that a
Lien could be asserted against any assets of any Loan Party on account thereof
pursuant to ERISA; or

                                      -41-
<PAGE>

                        (vii) failed to make any required contribution or
payment to, or made a complete or partial withdrawal from, any Employee Benefit
Plan which is a multiemployer plan within the meaning of Section 4001(a) of
ERISA.

                  (j) Taxes, Etc.

                        (i) To the best knowledge of the Loan Parties, all
Federal and all material state and local tax returns and other reports required
by Applicable Law to be filed by any Loan Party have been filed, or extensions
have been obtained, and all taxes, assessments and other governmental charges
imposed upon any Loan Party or any property of any Loan Party and which have
become due and payable on or prior to the date hereof have been paid, except to
the extent contested in good faith by proper proceedings which stay the
imposition of any penalty, fine or Lien resulting from the non-payment thereof
and with respect to which adequate reserves have been set aside for the payment
thereof on the Financial Statements in accordance with GAAP.

                        (ii) Except as described on Schedule 5.01(j):

                              (A) currently no Loan Party has received from any
taxing authority any request to perform any examination of or with respect to
any Loan Party nor any other written or verbal notice in any way relating to any
claimed failure by any Loan Party to comply with all Applicable Law concerning
payment of any taxes or other amounts in the nature of taxes in excess of
$500,000 in any one instance;

                              (B) no agreement exists which waives or extends
any statute of limitations applicable to the right of any taxing authority to
assert a deficiency or make any other claim for or in respect to Federal income
taxes; and

                              (C) no issue has been raised in any tax
examination of any Loan Party which reasonably could be expected to result in
the assertion of a deficiency for any fiscal year open for examination,
assessment, or claim by any taxing authority in excess of $500,000 in the
aggregate for all Loan Parties.

                        (iii) No material Federal, state or local tax liability
will be imposed upon any Loan Party as a result of the IPO, or the transactions
contemplated thereby.

                  (k) Regulations T, U and X. No Loan Party is or will be
engaged in the business of extending credit for the purpose of purchasing or
carrying margin stock (within the meaning of Regulation T, U or X), and no
proceeds of the Loan have been or will be used to purchase or carry any margin
stock or to extend credit to others for the purpose of purchasing or carrying
any margin stock.

                  (l) Nature of Business. No Loan Party is engaged in any
business other than a Permitted Business.

                  (m) Adverse Agreements, Etc. To the best of such Loan Party's
knowledge, no Loan Party is a party to any agreement or instrument, or subject
to any charter, limited liability company agreement, partnership agreement or
other corporate, partnership or

                                      -42-
<PAGE>

limited liability company restriction or any judgment, order, regulation, ruling
or other requirement of a court or other Governmental Authority, which is
reasonably likely to have a Material Adverse Effect.

                  (n) Permits, Etc. Each Loan Party has, and is in compliance
with, all permits, licenses, authorizations, approvals, entitlements and
accreditations required for such Person lawfully to own, lease, manage or
operate, or to acquire, each business currently owned, leased, managed or
operated, or to be acquired, by such Person except where failure to so have or
to so comply is not reasonably likely to have a Material Adverse Effect. No
condition exists or event has occurred or as a result of the IPO, will occur,
which, in itself or with the giving of notice or lapse of time or both, would
result in the suspension, revocation, impairment, forfeiture or non-renewal of
any such permit, license, authorization, approval, entitlement or accreditation,
and there is no claim that any of the foregoing are not in full force and
effect.

                  (o) Properties. (i) Each Loan Party has, and following the
IPO, will have, good and marketable title to, valid leasehold interests in, or
valid licenses to use, all property and assets material to its business, free
and clear of all Liens, except Permitted Liens. All such properties and assets
are in good working order and condition, ordinary wear and tear excepted. No
Loan Party has possession of any property on consignment to that Loan Party from
a third party that is not a Loan Party, except as listed on Schedule 5.01(o)(i),
and those as to which the Loan Parties notify the Agent in accordance with the
provisions of Section 7.03.

                        (ii) Schedule 5.01(o)(ii) sets forth a complete and
accurate list, as of the Effective Date, of the location, by state and street
address, of all real property owned or leased by each Loan Party and the name
and address of the landlord with respect thereto. As of the Effective Date, each
Loan Party has valid leasehold interests in the Leases described on Schedule
5.01(o)(ii) to which it is a party. Except as otherwise indicated on Schedule
5.01(o)(ii), there are no Leases for which any Affiliate of any Loan Party is
the lessor. Each such Lease is and following the IPO will be, valid and
enforceable in accordance with its terms in all material respects and is in full
force and effect. No consent or approval of any landlord or other third party in
connection with any material Lease is necessary for any Loan Party to enter into
and execute the Loan Documents to which it is a party, except as set forth on
Schedule 5.01(o)(ii) or to consummate the transactions contemplated by the IPO.
No Loan Party and to the best knowledge of any Loan Party, no other party to any
material Lease is or will be, as a result of the transactions contemplated by
the IPO, in material default of its obligations thereunder, and no Loan Party
(or any other party to any such Lease) has at any time delivered or received any
notice of default which remains uncured under any material Lease and, as of the
Effective Date, no event has occurred or will occur as a result of the IPO
which, with the giving of notice or the passage of time or both, would
constitute a material default under any material Lease.

                  (p) Full Disclosure. Each Loan Party has disclosed to the
Agent all agreements, instruments and corporate or other restrictions to which
it is subject, and all other matters known to it, that, individually or in the
aggregate, is reasonably likely to result in a Material Adverse Effect. None of
the documents, instruments, agreements, other reports, financial statements,
certificates or other information furnished by or on behalf of any Loan Party to
the Agent in connection with the negotiation of this Agreement or delivered
hereunder (as modified or supplemented by other information so furnished)
contains any material misstatement

                                      -43-
<PAGE>

of fact or omits to state any material fact necessary to make the statements
therein, in the light of the circumstances under which it was made, not
misleading; provided, that, with respect to projected financial information,
each Loan Party represents only that such information was prepared in good faith
based upon assumptions believed to be reasonable at the time. There is no
contingent liability or fact that is reasonably likely to have a Material
Adverse Effect which has not been set forth in a footnote included in the
Financial Statements or a Schedule hereto.

                  (q) Leases. Schedule 5.01(q), annexed hereto, sets forth as of
the Effective Date a schedule of all presently effective Capitalized Leases.
(Schedule 5.01(o)(ii) includes a list of all other presently effective Leases).
Each of such Leases and Capitalized Leases is or will be, as a result of the
consummation of the IPO, in full force and effect. No Loan Party, to the best of
its knowledge, is or will be, as a result of the consummation of the IPO, in
default or violation of any such Leases or Capitalized Leases, except where such
violation is not reasonably likely to have a Material Adverse Effect. No Loan
Party has received any notice or threat of cancellation of any such Lease or
Capitalized Lease, which cancellation (together with all other similar
cancellations) is reasonably likely to have a Material Adverse Effect. Without
limiting the foregoing, no default or violation shall arise under any Lease
solely as a result of the assignment and transfer of such Lease in connection
with the IPO, except where such default or violation is not reasonably likely to
have a Material Adverse Effect.

                  (r) Environmental Matters. Except as set forth on Schedule
5.01(r), (i) the operations of each Loan Party are in material compliance with
all Environmental Laws; (ii) to the best of each Loan Party's knowledge, there
has been no Release at any of the properties owned or operated by any Loan Party
or a predecessor in interest, or at any disposal or treatment facility which
received Hazardous Materials generated by any Loan Party or any predecessor in
interest which is reasonably likely to have a Material Adverse Effect; (iii) no
Environmental Action has been asserted against any Loan Party or any predecessor
in interest nor does any Loan Party have knowledge or notice of any threatened
or pending Environmental Action against any Loan Party or any predecessor in
interest which is reasonably likely to have a Material Adverse Effect; (iv) no
Loan Party has knowledge of any Environmental Actions that have been asserted
against any facilities that may have received Hazardous Materials generated by
any Loan Party or any predecessor in interest which are reasonably likely to
have a Material Adverse Effect; (v) to the best of each Loan Party's knowledge,
no property now or formerly owned or operated by a Loan Party has been used as a
treatment or disposal site for any Hazardous Material; (vi) no Loan Party has
failed to report to the proper Governmental Authority any Release which is
required to be so reported by any Environmental Laws which is reasonably likely
to have a Material Adverse Effect; (vii) each Loan Party holds all licenses,
permits and approvals required under any Environmental Laws in connection with
the operation of the business carried on by it, except for such licenses,
permits and approvals as to which a Loan Party's failure to maintain or comply
with is not reasonably likely to have a Material Adverse Effect; and (viii) no
Loan Party has received any notification pursuant to any Environmental Laws that
(A) any work, repairs, construction or capital expenditures are required to be
made as a condition of continued compliance with any Environmental Laws, or any
license, permit or approval issued pursuant thereto or (B) any license, permit
or approval referred to above is about to be reviewed, made, subject to
limitations or conditions, revoked, withdrawn or terminated, in each case,
except as is not reasonably likely to have a Material Adverse Effect.

                                      -44-
<PAGE>

                  (s) Insurance. Schedule 5.01(s) sets forth a list of all
insurance maintained by each Loan Party or under which any Loan Party is the
named insured on the Effective Date. Each of such policies is in full force and
effect and meets each of the requirements set forth in Section 6.01(e). To the
best of such Loan Party's knowledge, neither the issuer of any such policy nor
any Loan Party is in default or violation of such policy.

                  (t) [Intentionally Omitted]

                  (u) Solvency. After giving effect to the transactions
contemplated by this Agreement and the IPO and before and after giving effect to
each Loan and the IPO, each Loan Party is, and the Loan Parties on a
consolidated basis are, Solvent.

                  (v) Location of Bank Accounts. Schedule 5.01(v) sets forth a
complete and accurate list as of the Effective Date of all deposit, checking and
other bank accounts, all securities and other accounts maintained with any
broker dealer and all other similar accounts maintained by each Loan Party,
together with a description thereof (i.e., the bank or broker dealer at which
such deposit or other account is maintained, the account number and a contact
person at such bank or broker dealer).

                  (w) Intellectual Property. Except as set forth on Schedule
5.01(w), each Loan Party both before and after giving effect to the IPO owns or
licenses or otherwise has the right to use all material licenses, permits,
patents, patent applications, trademarks, trademark applications, service marks,
tradenames, copyrights, copyright applications, franchises, authorizations,
non-governmental licenses and permits and other intellectual property rights
that are necessary for the operation of its business, without infringement upon
or conflict with the rights of any other Person with respect thereto, except for
such infringements and conflicts which, individually or in the aggregate, are
not reasonably likely to have a Material Adverse Effect. Set forth on Schedule
5.01(w) is a complete and accurate list as of the Effective Date of all such
material licenses, permits, patents, patent applications, trademarks, trademark
applications, service marks, tradenames, copyrights, copyright applications,
franchises, authorizations, non-governmental licenses and permits and other
intellectual property rights of each Loan Party. To the best knowledge of each
Loan Party, both before and after giving effect to the IPO, no slogan or other
advertising device, product, process, method, substance, part or other material
now employed, or now contemplated to be employed, by any Loan Party infringes
upon or conflicts with any rights owned by any other Person, and no claim or
litigation regarding any of the foregoing is pending or threatened, except for
such infringements and conflicts which are not reasonably likely to have a
Material Adverse Effect. To the best knowledge of each Loan Party, both before
and after giving effect to the IPO, no patent, invention, device, application,
principle or any statute, law, rule, regulation, standard or code is pending or
proposed, which is reasonably likely to have a Material Adverse Effect.

                  (x) Material Contracts and Licenses. Schedule 5.01(x) sets
forth a complete and accurate list as of the Effective Date of all Material
Contracts and all material licenses of each Loan Party, showing the parties and
subject matter thereof. Each such Material Contract and license both before and
after giving effect to the IPO (i) is in full force and effect and is binding
upon and enforceable against each Loan Party that is a party thereto and, to the
best knowledge of such Loan Party, all other parties thereto in accordance with
its terms, and (ii)

                                      -45-
<PAGE>

is not in default due to or has not been violated by, the action of any Loan
Party or, to the best knowledge of any Loan Party, any other party thereto,
except where such default is not reasonably likely to have a Material Adverse
Effect. Without limiting the foregoing, no default or violation shall arise
under any such license or agreement solely as a result of the assignment and
transfer of such license or agreement in connection with the IPO. No Loan Party
has received any notice or threat of cancellation of any such Material Contract
or license which cancellation (together with all similar cancellations) is
reasonably likely to have a Material Adverse Effect.

                  (y) Holding Company and Investment Company Acts. None of the
Loan Parties is (i) a "holding company" or a "subsidiary company" of a "holding
company" or an "affiliate" of a "holding company", as such terms are defined in
the Public Utility Holding Company Act of 1935, as amended; or (ii) an
"investment company" or an "affiliated person" or "promoter" of, or "principal
underwriter" of or for, an "investment company", as such terms are defined in
the Investment Company Act of 1940, as amended.

                  (z) Labor Relations.

                        (i) As of the Effective Date, no Loan Party has been,
and none is presently a party to any collective bargaining or other labor
contract except as listed on Schedule 5.01(z), annexed hereto.

                        (ii) There is not presently pending and, to any Loan
Party's knowledge, there is not threatened any of the following, except to the
extent any of the following is not reasonably likely to have a Material Adverse
Effect:

                              (A) any strike, slowdown, picketing, work
stoppage, or employee grievance process;

                              (B) any proceeding against or affecting any Loan
Party relating to the alleged violation of any Applicable Law pertaining to
labor relations or before the National Labor Relations Board, the Equal
Employment Opportunity Commission, or any comparable governmental body,
organizational activity, or other labor or employment dispute against or
affecting any Loan Party, which, if determined adversely to that Loan Party, is
reasonably likely to have a Material Adverse Effect on that Loan Party;

                              (C) any lockout of any employees by any Loan Party
(and no such action is contemplated by any Loan Party); or

                              (D) any application for the certification of a
collective bargaining agent.

                        (iii) No event has occurred or circumstance exists which
could provide the basis for any work stoppage or other labor dispute that would
be reasonably likely to have a Material Adverse Effect.

                        (iv) Each Loan Party:

                                      -46-
<PAGE>

                              (A) has complied in all material respects with all
Applicable Law relating to employment, equal employment opportunity,
nondiscrimination, immigration, wages, hours, benefits, collective bargaining,
the payment of social security and similar taxes, occupational safety and
health, and plant closing; and

                              (B) is not liable for the payment of compensation,
damages, taxes, fines, penalties, or other amounts, however designated, for that
Loan Party's failure to comply with any Applicable Law referenced in Section
5.01(z)(iv)(A) which is reasonably likely to have a Material Adverse Effect.

                  (aa) No Bankruptcy Filing. No Loan Party is contemplating
either an Insolvency Proceeding or the liquidation of all or a major portion of
such Loan Party's assets or property, and no Loan Party has any knowledge of any
Person contemplating an Insolvency Proceeding against it.

                  (bb) Separate Existence. Except where the failure to observe,
maintain or perform the following is not reasonably likely to have a Material
Adverse Effect, all customary formalities regarding the corporate existence of
each Loan Party will be observed.

                  (cc) Name; Jurisdiction of Organization; Organizational ID
Number; Chief Place of Business; Chief Executive Office; FEIN. Schedule 5.01(cc)
sets forth a complete and accurate list as of the Effective Date of (i) the
exact legal name of each Loan Party; (ii) the jurisdiction of organization of
each Loan Party; (iii) the organizational identification number of each Loan
Party as of the Effective Date (or indicates that such Loan Party has no
organizational identification number); (iv) each place of business of each Loan
Party; (v) the chief executive office of each Loan Party; and (vi) the Federal
employer identification number of each Loan Party as of the Effective Date.

                  (dd) Tradenames. Schedule 5.01(dd) hereto sets forth a
complete and accurate list as of the Effective Date of (i) all names under
which, to the knowledge of the Borrower, any Loan Party has conducted its
business in the past five (5) years; and (ii) all Persons with whom any Loan
Party has consolidated or merged, or from whom any Loan Party has acquired in a
single transaction or in a series of related transactions substantially all of
such Person's assets in the past five (5) years.

                  (ee) Location of Collateral. Except as permitted by Section
6.02(r), there is no location at which any Loan Party has any Collateral or the
books, records and papers of the Loan Parties pertaining thereto other than (i)
those locations listed on Schedule 5.01(ee) and (ii) at such other locations as
to which the Borrower has provided ten (10) days prior written notice to the
Agent of the intended location of the Collateral, books, records and papers
thereat. Schedule 5.01(ee) hereto contains a true, correct and complete list, as
of the Effective Date, of the legal names and addresses of each warehouse at
which Collateral of each Loan Party is stored and/or the name and address of the
landlord on the Lease which covers such location and of all service bureaus with
which such records are maintained. None of the receipts received by any Loan
Party from any warehouse states that the goods covered thereby are to be
delivered to bearer or to the order of a named Person or to a named Person and
such named Person's assigns. No tangible personal property of any Loan Party is
in the care or custody of any third party or

                                      -47-
<PAGE>

stored or entrusted with a bailee or other third party, except (x) as otherwise
disclosed pursuant to, or permitted by this Section, or (y) for Inventory in an
amount not to exceed $1,000,000 at Cost (as defined in the Revolving Credit
Facility) in the aggregate at any time in the ordinary course of business.

                  (ff) Security Interests. Each Security Agreement creates in
favor of the Agent, for the benefit of the Lenders, a legal, valid and
enforceable security interest in the Collateral secured thereby. Upon the filing
of the UCC financing statements described in the Original Agreement and the
amendments thereto, and the recording of the Collateral Assignments for Security
referred to in each Security Agreement entered into pursuant to the Original
Agreement in the United States Patent and Trademark Office and the United States
Copyright Office, as applicable, such security interests in and Liens on the
Collateral granted thereby were perfected security interests to the extent such
security interests may be perfected by such filings, and no further recordings
or filings were or will be required in connection with the creation of, the
continued perfection of or the enforcement of such security interests and Liens,
other than (i) the filing of continuation statements in accordance with
Applicable Law, (ii) the recording of the Collateral Assignments for Security
pursuant to each Security Agreement in the United States Patent and Trademark
Office and the United States Copyright Office, as applicable, with respect to
after-acquired U.S. patent and trademark applications and registrations and U.S.
copyrights, (iii) the recordation of appropriate evidence of the security
interest in the appropriate foreign registry with respect to all foreign
intellectual property, and (iv) control agreements for deposit accounts, liens
on titles and similar items. Subject to Permitted Liens, such security interests
in, and Liens on the Collateral are and shall continue to be first-priority
security interests; provided, however, that any security interest in and Lien on
Collateral that is Revolving Lender Primary Collateral (as defined in the
Intercreditor Agreement) are and shall continue to be perfected, second-priority
Liens and security interests (subject only to Permitted Liens and the prior Lien
on and security interest in favor of the Revolving Credit Facility Agent for the
benefit of the Revolving Credit Facility Lenders).

                  (gg) Liens in Favor of Agent. Other than the Excluded Property
(as defined in the Security Agreement), no Loan Party is the owner of, nor has
any interest in, any property or asset which is not subject to a Lien in favor
of the Agent (subject only to Permitted Liens) to secure the Obligations.

                  (hh) Schedules. All of the information which is required to be
scheduled to this Agreement is set forth on the Schedules attached hereto, is
correct and accurate in all material respects and does not omit to state any
information material thereto.

                  (ii) Representations and Warranties in Documents; No Default.
All representations and warranties set forth in this Agreement and the other
Loan Documents are true and correct in all material respects at the time as of
which such representations were made and on the Effective Date (except where
such representations and warranties relate to an earlier date in which case such
representations and warranties shall be true and correct as of such earlier
date). No Event of Default has occurred and is continuing or will occur as a
result of the IPO or otherwise, and no condition exists, or will exist as a
result of the IPO, which constitutes a Default or an Event of Default.

                                      -48-
<PAGE>

                  (jj) Indebtedness. The Loan Parties do not have any
Indebtedness other than (i) Permitted Indebtedness, and (ii) a Loan Party's
guaranties of Permitted Indebtedness.

                  (kk) Unrestricted Subsidiaries. Each Subsidiary of the Parent
that is not a party to this Agreement is set forth on Schedule 5.01(kk) (each,
an "Unrestricted Subsidiary"). Each Unrestricted Subsidiary is inactive or in
the process of being liquidated or dissolved and the Unrestricted Subsidiaries
do not, in the aggregate, have assets in excess of $500,000.

                  (ll) Voting Requirements. No vote of the holders of any class
or series of the Parent's or DSW's Capital Stock or other securities of the
Parent or DSW is necessary under Applicable Law or stock exchange (or similar
self-regulatory organization) regulations to approve the issuance of the
Warrants, the Conversion Warrants or the Warrant Stock.

                  (mm) Consummation of IPO. On the IPO Effective Date, the IPO
will have been consummated in accordance with each of the conditions set forth
in Section 4.02 hereof.

                                   ARTICLE VI

                          COVENANTS OF THE LOAN PARTIES

            Section 6.01 Affirmative Covenants. So long as any principal or
interest on the Loan or any other Obligation (whether or not due) shall remain
unpaid, each Loan Party shall, from and after the Effective Date:

                  (a) Additional Guaranties and Collateral Security. Cause (i)
each Subsidiary of any Loan Party not in existence on the Effective Date, or any
Unrestricted Subsidiary that at any time fails to meet the requirements for an
Unrestricted Subsidiary, to execute and deliver to the Agent promptly and in any
event within three (3) Business Days after the formation, acquisition or change
in status thereof (A) a Guaranty guaranteeing the Obligations, (B) a Security
Agreement, (C) if such Subsidiary has any Subsidiaries, a Pledge Agreement
together with (x) certificates evidencing all of the Capital Stock of any Person
owned by such Subsidiary, (y) undated stock powers executed in blank with
signature guaranteed, and (z) such opinion of counsel and such approving
certificate of such Subsidiary as the Agent may reasonably request in respect of
complying with any legend on any such certificate or any other matter relating
to such shares, (D) one or more Mortgages creating on any real property having a
book value in excess of $1,000,000, or leased property having an annual minimum
fixed rent in excess of $750,000 (if the lease term (including extensions) is
less than five years) or $250,000 (if the lease term (including extensions) is
equal to or greater than five years) of such Subsidiary a perfected, Lien on
such real property subject only to Permitted Liens, a Title Insurance Policy
covering such owned real property, a current ALTA survey thereof and a
surveyor's certificate, each in form and substance satisfactory to the Agent,
together with such other agreements, instruments and documents as the Agent may
reasonably require whether comparable to the documents required under Section
6.01(i) or otherwise (it being understood that the Loan Parties shall use their
reasonable best efforts (which shall not include the payment of additional sums
(other than incidental expenses)) to obtain such Mortgage and other documents) ,
and (E) such

                                      -49-
<PAGE>

other agreements, instruments, approvals, legal opinions or other documents
reasonably requested by the Agent in order to create, perfect, establish the
first priority of or otherwise protect any Lien purported to be covered by any
such Security Agreement, Pledge Agreement or Mortgage or otherwise to effect the
intent that such Subsidiary shall become bound by all of the terms, covenants
and agreements contained in the Loan Documents and that all property and assets
of such Subsidiary shall become Collateral for the Obligations; and (ii) each
owner of the Capital Stock of any such Subsidiary to execute and deliver
promptly and in any event within three (3) Business Days after the formation or
acquisition of such Subsidiary a Pledge Agreement, together with (A)
certificates evidencing all of the Capital Stock of such Subsidiary, (B) undated
stock powers or other appropriate instruments of assignment executed in blank
with signature guaranteed, (C) such opinion of counsel and such approving
certificate of such Subsidiary as the Agent may reasonably request in respect of
complying with any legend on any such certificate or any other matter relating
to such shares and (D) such other agreements, instruments, approvals, legal
opinions or other documents requested by the Agent; provided, however, that
nothing contained herein shall be deemed a modification of any other provisions
of this Agreement restricting the formation or Acquisition of Subsidiaries by
the Loan Parties, or the requirements applicable to Unrestricted Subsidiaries.

                  (b) Compliance with Laws, Etc. Comply, and cause each of its
Subsidiaries to comply, and use its assets in compliance with all Applicable
Laws, rules, regulations and orders (including, without limitation, all
Environmental Laws) except where the failure of such compliance will not have a
Material Adverse Effect. Without limiting the foregoing such compliance shall
include (i) paying before the same become delinquent all taxes, assessments and
governmental charges or levies imposed upon it or upon its income or profits or
upon any of its properties, and (ii) paying all lawful claims, making all
required withholdings, and filing all required reports and returns with
Governmental Authorities which if unpaid, not withheld or unfiled might become a
Lien or charge upon any of its properties, except (x) to the extent contested in
good faith by proper proceedings which stay the imposition of any penalty, fine
or Lien resulting from the non-payment thereof and with respect to which
adequate reserves have been set aside for the payment thereof in accordance with
GAAP, or (y) for the inadvertent failure of a Loan Party to pay such lawful
claims, make such withholdings or file such returns or reports so long as (A)
the aggregate amount thereof does not exceed $500,000, (B) no Lien has been
filed on account thereof and (C) promptly upon the date an Authorized Officer
obtains knowledge or should have obtained knowledge thereof, the Loan Parties
pay such claims, make such withholdings or file such returns or reports.

                  (c) Preservation of Existence, Etc. Maintain and preserve, and
cause each of its Subsidiaries to maintain and preserve, its existence, rights
and privileges, and become or remain, and cause each of its Subsidiaries to
become or remain, duly qualified and in good standing in each jurisdiction in
which the character of the properties owned or leased by it or in which the
transaction of its business makes such qualification necessary except where the
failure to so qualify would not have a Material Adverse Effect.

                  (d) Maintenance of Properties and Leases, Etc. (i)Maintain and
preserve, and cause each of its Subsidiaries to maintain and preserve the
Collateral in good working order and condition (ordinary wear and tear and
insured casualty excepted); and

                                      -50-
<PAGE>

                        (ii) comply, and cause each of its Subsidiaries to
comply, in all material respects, at all times with the provisions of all Leases
to which it is a party as lessee or under which it occupies property, so as to
prevent any loss or forfeiture thereof or thereunder.

                  (e) Maintenance of Insurance. Maintain, and cause each of its
Subsidiaries to maintain, insurance (including, without limitation,
comprehensive general liability, hazard, rent and business interruption
insurance) with responsible and reputable insurance companies or associations
(which shall include the companies presently providing such insurance, or such
other companies as may be selected by the Borrower with the consent of the
Agent, whose consent shall not be unreasonably withheld) with respect to its
properties (including all real properties leased or owned by it) and business,
in such amounts, in such form, for such periods and covering such risks as is
required by any Governmental Authority having jurisdiction with respect thereto
or as is carried generally in accordance with sound business practice by
companies in similar businesses similarly situated and in any event in amount,
adequacy and scope reasonably satisfactory to the Agent. All policies covering
the Collateral are to be made payable to the Agent for the benefit of the
Lenders, as its interests may appear, in case of loss, under a standard
non-contributory "lender" or "secured party" clause and shall provide that the
insurance, to the extent of the Agent's interest therein, shall not be impaired
or invalidated, in whole or in part, by reason of any act or neglect of any Loan
Party or by the failure of any Loan Party to comply with any warranty or
condition of the policy and are to contain such other provisions as the Agent
may reasonably require to fully protect the Lenders' interest in the Collateral
and to obtain any payments to be made under such policies. Such policy shall not
include an endorsement in favor of any other Person (other than the Revolving
Credit Agent, the holder of any Permitted Liens and those Persons intended as
beneficiaries of any builder's risk insurance). All certificates of insurance
are to be delivered to the Agent and the policies are to be premium prepaid or
with customary payment terms (which shall be complied with in a timely fashion
by such Loan Parties), with the loss payable and additional insured endorsement
in favor of the Agent and such other Persons as the Agent may designate from
time to time, and shall provide for not less than thirty (30) days' prior
written notice to the Agent of the exercise of any right of cancellation. The
Key Loan Parties shall furnish the Agent with certificates or other evidence
satisfactory to the Agent regarding compliance by the Loan Parties with the
foregoing requirements. If any Loan Party or any of its Subsidiaries fails to
maintain such insurance, the Agent may arrange for such insurance, but at the
Key Loan Parties' expense and without any responsibility on the Agent's part for
obtaining the insurance, the solvency of the insurance companies, the adequacy
of the coverage, or the collection of claims; provided, however, that the
Agent's obtaining such insurance shall not constitute a waiver of any Event of
Default occasioned by the Loan Parties' failure to have maintained such
insurance. Upon the occurrence and during the continuance of an Event of Default
and subject to the terms of the Intercreditor Agreement, the Agent shall have
the sole right, in the name of the Lenders, any Loan Party or any of its
Subsidiaries, to file claims under any insurance policies, to receive, receipt
and give acquittance for any payments that may be payable thereunder, and to
execute any and all endorsements, receipts, releases, assignments, reassignments
or other documents that may be necessary to effect the collection, compromise or
settlement of any claims under any such insurance policies. The Borrower shall
provide the Agent with prompt written notice of any change in the insurance
policies owned by the Loan Parties, or under which any Loan Party is the named
insured, from those in effect as of the Effective Date.

                                      -51-
<PAGE>

                  (f) Obtaining of Permits, Etc. Obtain, maintain and preserve,
and cause each of its Subsidiaries to obtain, maintain and preserve, and take,
and cause each of its Subsidiaries to take, all necessary action to timely
renew, all permits, licenses, authorizations, approvals, entitlements and
accreditations which are necessary or useful in the proper conduct of its
business, except where the failure to do so is not reasonably likely to have a
Material Adverse Effect.

                  (g) Environmental. Except where a violation or failure is not
reasonably likely to have a Material Adverse Effect, (i) keep any material
property either owned or operated by it or any of its Subsidiaries free of any
Environmental Liens; (ii) comply, and cause each of its Subsidiaries to comply,
in all material respects with Environmental Laws and provide to the Agent any
documentation of such compliance which the Agent may reasonably request; (iii)
provide the Agent with written notice within five (5) days of any Release of a
Hazardous Material in excess of any reportable quantity from or onto property at
any time owned or operated by it or any of its Subsidiaries and take any
Remedial Actions required to abate said Release; (iv) provide the Agent with
written notice within ten (10) days of the receipt of any of the following: (A)
notice that a material Environmental Lien has been filed against any property of
any Loan Party or any of its Subsidiaries; (B) commencement of any Environmental
Action or notice that an Environmental Action will be filed against any Loan
Party or any of its Subsidiaries which is reasonably likely to have a Material
Adverse Effect; and (C) notice of a violation, citation or other administrative
order to the extent that any of the foregoing are reasonably likely to have a
Material Adverse Effect; and (v) defend, indemnify and hold harmless the Agent
and the Lenders and their transferees, and their respective employees, agents,
officers and directors, from and against any claims, demands, penalties, fines,
liabilities, settlements, damages, costs or expenses (including, without
limitation, attorney and consultant fees, investigation and laboratory fees,
court costs and litigation expenses) arising out of (A) the generation,
presence, disposal, Release or threatened Release of any Hazardous Materials on,
under, in, originating or emanating from any property at any time owned or
operated by any Loan Party or any of its Subsidiaries (or its predecessors in
interest or title), (B) any personal injury (including wrongful death) or
property damage (real or personal) arising out of or related to the presence or
Release of such Hazardous Materials, (C) any request for information,
investigation, lawsuit brought or threatened, settlement reached or order by a
Governmental Authority relating to the presence or Release of such Hazardous
Materials, (D) any violation of any Environmental Law and/or (E) any
Environmental Action filed against the Agent or any Lender to the extent that
any of the foregoing is reasonably likely to have a Material Adverse Effect.

                  (h) Further Assurances. Take such action and execute,
acknowledge and deliver, and cause each of its Subsidiaries to take such action
and execute, acknowledge and deliver, at its sole cost and expense, such
agreements, instruments or other documents as the Agent may reasonably require
from time to time in order (i) to carry out more effectively the purposes of
this Agreement and the other Loan Documents, (ii) to subject to valid and
perfected first priority Liens (subject to Permitted Liens) any of the
Collateral of any Loan Party and its Subsidiaries, (iii) to establish and
maintain the validity and effectiveness of any of the Loan Documents and the
validity, perfection and priority of the Liens intended to be created thereby,
and (iv) to better assure, convey, grant, assign, transfer and confirm unto the
Agent and each Lender the rights now or hereafter intended to be granted to it
under this Agreement or any other

                                      -52-
<PAGE>

Loan Document. In furtherance of the foregoing, to the maximum extent permitted
by Applicable Law, each Loan Party (x) authorizes the Agent to execute any such
agreements, instruments or other documents deemed reasonably necessary by the
Agent in connection with this Agreement in such Loan Party's name and to file
such agreements, instruments or other documents in any appropriate filing
office, (y) authorizes the Agent to file any financing statement required
hereunder or under any other Loan Document, and any continuation statement or
amendment with respect thereto, in any appropriate filing office without the
signature of such Loan Party, and (z) ratifies the filing of any financing
statement, and any continuation statement or amendment with respect thereto,
filed without the signature of such Loan Party prior to the date hereof.

                  (i) After Acquired Real Property. Upon the acquisition by it
or any of its Subsidiaries after the date hereof of any interest (whether fee or
leasehold) in any real property (wherever located) (each such interest being an
"After Acquired Property") (x) with a Current Value (as defined below) in excess
of $1,000,000 in the case of a fee interest, or (y) requiring, in the case of a
leasehold interest, the payment of annual minimum fixed rent exceeding in the
aggregate $750,000 (if the Lease term (including extensions) is less than five
years) or $250,000 (if the Lease term (including extensions) is equal to or
greater than five years), immediately so notify the Agent, setting forth with
specificity a description of the interest acquired, the location of the real
property, any structures or improvements thereon and either an appraisal or such
Loan Party's good-faith estimate of the current value of such real property (for
purposes of this Section, the "Current Value"). The Agent shall notify such Loan
Party whether it intends to require a Mortgage and the other documents referred
to below or in the case of leasehold, a leasehold Mortgage or Landlord's
Agreement (pursuant to Section 6.01(i) hereof). Upon receipt of such notice
requesting a Mortgage, the Person which has acquired such After Acquired
Property shall promptly furnish to the Agent the following, each in form and
substance satisfactory to the Agent: (i) a Mortgage with respect to such real
property and related assets located at the After Acquired Property, each duly
executed by such Person and in recordable form; (ii) evidence of the recording
of the Mortgage referred to in clause (i) above in such office or offices as may
be necessary or, in the reasonable good faith opinion of the Agent, desirable to
create and perfect a valid and enforceable first priority lien on the property
purported to be covered thereby or to otherwise protect the rights of the Agent
and the Lenders thereunder; (iii) in the case of a fee interest, a title
insurance policy, a survey of such real property, certified to the Agent and to
the issuer of the Title Insurance Policy by a licensed professional surveyor
reasonably satisfactory to the Agent and a Phase I Environmental Site Assessment
with respect to such real property, certified to the Agent by a company
reasonably satisfactory to the Agent; (iv) in the case of a leasehold interest,
a certified copy of the lease between the landlord and such Person with respect
to such real property in which such Person has a leasehold interest, and the
certificate of occupancy with respect thereto; (v) in the case of a leasehold
interest, an attornment and nondisturbance agreement between the landlord (and
any fee mortgagee) with respect to such real property and the Agent; and (vi)
such other documents or instruments (including, without limitation, guarantees
and opinions of counsel) as the Agent may reasonably require, provided, however,
that nothing contained herein shall be deemed a modification of any other
provisions of this Agreement restricting Acquisitions or investments by the Loan
Parties. The Key Loan Parties shall pay all reasonable fees and expenses,
including reasonable attorneys' fees and expenses, and all title insurance
charges and premiums, in connection with each Loan Party's obligations under
this Section 6.01(i).

                                      -53-
<PAGE>

                  (j) Conduct of Business. Conduct their business substantially
in accordance with the Business Plan, or as otherwise approved by the Agent
pursuant to Section 7.10 hereof. The foregoing shall not obligate the Loan
Parties to achieve any specific financial performance and no financial covenants
are intended to be imposed thereby.

                  (k) Maintenance of Listing. Maintain and cause to be quoted at
all times, the Common Stock of the Parent and the Class A Common Shares of DSW
on a national securities exchange registered under the Exchange Act (a "National
Securities Exchange") or the NASDAQ Stock Market;

                  (l) SEC. Maintain, at all times, the Parent's and DSW's status
as reporting company under the Exchange Act, and make timely filings thereunder;

                  (m) Leasehold Mortgages. Each of the Loan Parties shall use
their reasonable best efforts to obtain leasehold Mortgages on substantially all
Leases of the Loan Parties it being understood that reasonable best efforts
shall require a bona fide request be made in writing to the appropriate parties
with a copy to the Agent (or in lieu thereof, a short memorandum describing a
telephone request made in respect thereof, which memorandum shall include the
date of the conversation and the name of the person with whom the Loan Party
spoke) with appropriate follow-up as reasonably required by the Agent, which in
each case shall be included in the Leasehold Mortgage Status Report; provided,
that no Loan Parties shall be required to pay any money (other than incidental
expenses), agree to amended Lease terms (unless such amendments are immaterial
in the reasonable judgment of the Key Loan Parties), or commence any legal
action.

                  (n) Board of Director Observer Rights. At all times that CPLP
(and/or one or more of its Affiliates or related funds) is at such time a
Warrantholder holding not less than 50% of the Warrants and/or Conversion
Warrants held by CPLP on the Effective Date, the Parent shall allow two
representatives designated by CPLP to attend all meetings, including telephonic
meetings, of the Parent's Board of Directors in a non-voting capacity. The
Parent will give such representatives written notice of each meeting of its
Board of Directors in advance and at the same time and in the same manner as
notice is given to the directors. Such representatives shall also be provided
with all written materials and other information (including minutes of meetings)
given to directors in connection with such meetings at the same time such
materials and information are given to the directors. If the Parent proposes to
take any action by written consent in lieu of a meeting of its Board of
Directors, the Parent shall give written notice thereof to such representatives
promptly following the effective date of such consent describing in reasonable
detail the nature and substance of such action. In the event the Parent
establishes separate committees of the Board of Directors, the right to
representatives granted hereunder shall extend to meetings of such committees.

            Section 6.02 Negative Covenants. So long as any principal of or
interest on the Loan, or any other Obligation (whether or not due) shall remain
unpaid, each Loan Party shall not:

                  (a) Liens, Etc. (i) Create, incur, assume or suffer to exist,
or permit any of its Subsidiaries to create, incur, assume or suffer to exist,
any Lien upon or with respect to

                                      -54-
<PAGE>

any of its properties (including, without limitation, the Capital Stock of DSW
held by the Parent), whether now owned or hereafter acquired; file or suffer to
exist under the Uniform Commercial Code or any similar law or statute of any
jurisdiction, a financing statement (or the equivalent thereof) that names it or
any of its Subsidiaries as debtor; sign or suffer to exist any security
agreement authorizing any secured party thereunder to file such financing
statement (or the equivalent thereof); sell any of its property or assets
subject to an understanding or agreement, contingent or otherwise, to repurchase
such property or assets (including sales of accounts receivable) with recourse
to it or any of its Subsidiaries or assign or otherwise transfer, or permit any
of its Subsidiaries to assign or otherwise transfer, any account or other right
to receive income; other than, as to all of the above, Permitted Liens, or (ii)
have possession of any property on consignment to that Loan Party from a third
party that is not a Loan Party, except as of the Effective Date as set forth on
Schedule 5.01(o)(i), and after the Effective Date, those as to which the Loan
Parties have notified the Agent, in accordance with Section 7.03.

                  (b) Indebtedness. Create, incur, assume, guarantee or suffer
to exist, or otherwise become or remain liable with respect to, or permit any of
its Subsidiaries to create, incur, assume, guarantee or suffer to exist or
otherwise become or remain liable with respect to, any Indebtedness other than
(i) Permitted Indebtedness and (ii) guaranties of Permitted Indebtedness of
another Loan Party.

                  (c) Fundamental Changes; Dispositions. (i) Wind-up, liquidate
or dissolve, or permit any of its Subsidiaries to wind-up, liquidate or
dissolve; (ii) merge, consolidate or amalgamate with any Person, or permit any
of its Subsidiaries to merge, consolidate or amalgamate with any Person; (iii)
purchase or otherwise acquire, whether in one transaction or a series of related
transactions, all or substantially all of the assets of any Person (or any
division thereof), or permit any of its Subsidiaries to do any of the foregoing;
(iv) suffer or cause, or permit any of its Subsidiaries to suffer or cause the
waste or destruction of any material part of the Collateral; (v) use or permit
any of its Subsidiaries to use, any of the Collateral in violation of any policy
of insurance thereon; (vi) sell, lease, sublease, convey, transfer or otherwise
dispose of, or permit any of its Subsidiaries to sell, lease, sublease, convey,
transfer or otherwise dispose of any of the Collateral; and (vii) other than
leased departments and similar arrangements with third parties, commit to open
or close any location at which any Loan Party maintains, offers for sale, or
stores any of the Collateral, in any fiscal year such that the actual number of
stores of all Key Loan Parties in the aggregate (x) exceeds by ten (10) the
number of stores reflected on the Business Plan for such fiscal year, or (y) is
more than ten (10) fewer than the number of stores reflected on the Business
Plan for such fiscal year (without giving effect to any new stores which the
Business Plan projected to be opened or closed, but which have not in fact been
opened or closed); provided, however, that each of the following shall be
permitted:

                        (A) if no Default or Event of Default shall have
occurred and be continuing or would result therefrom, with the prior written
consent of the Agent (which consent shall not be unreasonably withheld) any
wholly-owned Subsidiary may merge, consolidate or amalgamate with or into the
Borrower or with or into another wholly-owned Subsidiary of the Parent, so long
as in any merger, consolidation or amalgamation involving the Borrower, the
Borrower is the surviving, continuing or resulting corporation. Notwithstanding
the foregoing, the Parent may not merge or consolidate or be merged or
consolidated with or into

                                      -55-
<PAGE>

any other Person without the prior written consent of the Agent;

                        (B) if no Default or Event of Default shall have
occurred and be continuing or would result therefrom, any Loan Party may
liquidate or dissolve any Unrestricted Subsidiary;

                        (C) if no Default or Event of Default shall have
occurred and be continuing or would result therefrom, any Loan Party may engage
in any Acquisition which is a Permitted Acquisition, provided that all of the
conditions contained in the definition of the term Permitted Acquisition are
satisfied;

                        (D) any Loan Party may engage in (1) the use or sale of
Inventory (including, without limitation, in leased departments) in compliance
with this Agreement; (2) the disposal of Equipment which is obsolete, worn out,
or damaged beyond repair, or no longer useful in the Loan Parties' businesses;
(3) Permitted Dispositions; (4) the turning over to the Agent of certain
Collateral as provided herein, or to the Revolving Credit Agent of all Receipts
(as defined in the Revolving Credit Facility) as provided in the Revolving
Credit Facility; and (5) the use of the Collateral to pay obligations arising in
the ordinary course; and

                        (E) in the event of an exercise of the Conversion
Warrants or Warrants for Class A Common Shares of DSW (but not for Common Stock
of the Parent), the Parent may sell, in exchange for cash, up to that number of
Class A Common Shares of DSW as shall provide Net Cash Proceeds to the Parent
equal to the sum of (x) the Tax liability, if any, actually incurred by the
Parent as a result of the exercise of the Conversion Warrants or the Warrants,
less (y) the Net Cash Proceeds (if any) received by the Parent upon such
exercise of the Conversion Warrants or the Warrants; provided that (1) no
Default or Event of Default shall have occurred and be continuing at the time of
such sale, (2) the average closing sale price of the Class A Common Shares on
the New York Stock Exchange (or other exchange on which such shares are listed)
for the 30 days prior to such sale, times the number of Class A Common Shares
owned (or which could be received by the Parent in exchange for its Class B
Common Shares) by the Parent after giving effect to such sale would be equal to
at least two times the outstanding principal amount of the Loan (including all
PIK Interest added thereto) at such time, and (3) after giving effect to such
sale, the Parent shall own a number of Class A Common Shares (or Class B Common
Shares exchangeable into Class A Common Shares) sufficient to permit the
exercise in full, for Class A Common Shares, of the Conversion Warrants and
Warrants held by the Warrantholders and Conversion Warrantholders thereof at
such time.

            Notwithstanding anything to the contrary contained herein, no Loan
Party shall have any right to sell, lease, convey, transfer or otherwise dispose
of any of the Capital Stock of DSW, other than pursuant to (w) the IPO, subject
to the conditions set forth in Section 4.02 hereof, (x) Clause (E) of this
Section 6.02(c), (y) the transfer of Warrant Stock to the Warrantholders and the
Conversion Warrantholders upon the exercise of the Warrants and the Conversion
Warrants and (z) a Permitted DSW Stock Sale provided that the Net Cash Proceeds
thereof are sufficient to repay and are actually and immediately used to repay
the Obligations in full in cash in accordance with Section 2.04(a)(ii).

                                      -56-
<PAGE>

                  (d) Line of Business. Engage in any business other than the
business in which it is currently engaged or a business reasonably related
thereto, or any retail lease department operation.

                  (e) Loans; Advances; Investments, Etc. (i) Make or commit or
agree to make any loan, advance guarantee of obligations, other extension of
credit or capital contributions to, or hold or invest in or commit or agree to
hold or invest in, or purchase or otherwise acquire any shares of the Capital
Stock, bonds, notes, debentures or other securities of, or make or commit or
agree to make any other investment in, any other Person; (ii) purchase or own
any futures contract or otherwise become liable for the purchase or sale of
currency or other commodities at a future date in the nature of a futures
contract; (iii) subordinate any debts or obligations owed to that Loan Party by
any third party (but not by another Loan Party) to any other debts owed by such
third party to any other Person; (iv) enter into leases of property or assets
not constituting Permitted Acquisitions, unless such leases are not otherwise in
violation of this Agreement; (v) organize or create any Affiliate other than in
connection with a Permitted Acquisition; or (vi) acquire any assets other than
in the ordinary course and conduct of that Loan Party's business as conducted at
the execution of this Agreement, other than in connection with a Permitted
Acquisition, or as otherwise permitted in this Agreement, or permit any of its
Subsidiaries to do any of the foregoing, except for:

                              (A) Permitted Investments and investments directly
related to Permitted Acquisitions;

                              (B) advance payments made to that Loan Party's
suppliers in the ordinary course;

                              (C) advances to that Loan Party's officers,
employees, and salespersons with respect to reasonable expenses to be incurred
by such officers, employees, and salespersons for the benefit of that Loan
Party, which expenses are properly substantiated by the Person seeking such
advance and properly reimbursable by that Loan Party;

                              (D) loans and advances to employees for
business-related moving expenses, costs of replacement homes, business machines
or supplies, automobiles and other similar expenses, in each case incurred in
the ordinary course of business not to exceed (together with loans and advances
under Section 6.02(e)(E) and investments permitted under clause (xiii) of the
definition of Permitted Investment) $6,000,000 in the aggregate outstanding to
all employees at any one time;

                              (E) loans and advances to that Loan Party's
officers, employees, and salespersons in connection with any employment
agreements or arrangements, or any stock options or option plans not to exceed
$6,000,000 (together with loans and advances under Section 6.02(e)(D) and
investments permitted under clause (xiii) of the definition of Permitted
Investments) in the aggregate outstanding to all employees at any one time;

                              (F) intercompany loans and advances (1) existing
on the date hereof and described on Schedule 6.02(e)(vi)(F) hereof, (2)
hereafter made amongst any Loan Parties pursuant to the terms of the Revolving
Credit Facility, (3) hereafter made to the

                                      -57-
<PAGE>

Parent by any other Loan Party to the extent any of the same constitutes
Permitted Indebtedness under clause (viii) of the definition of Permitted
Indebtedness, and (4) to any Loan Party by the Parent;

                              (G) loans and advances of a Person outstanding at
the time such Person becomes a Subsidiary as a result of a Permitted
Acquisition, provided, that any such loans or advances were not made at the time
of or in contemplation of the acquisition of such Person by a Loan Party or any
Subsidiaries;

                              (H) to the extent not permitted by the foregoing
clauses, the existing loans and advances described on Schedule 6.02(e)(vi)(H)
hereto;

                              (I) any other loans and advances to or for the
benefit of any Person which (1) is not itself a Loan Party, (2) are not
otherwise permitted by the foregoing clauses, and (3) are made after the
Effective Date, which loans and advances have been approved in advance by the
Agent.

                  (f) Capitalized Lease Obligations. Create, incur or suffer to
exist, or permit any of its Subsidiaries to create, incur or suffer to exist,
any Capitalized Lease Obligations which would cause the aggregate amount of all
obligations under Capitalized Leases entered into after June 11, 2002 owing by
all Loan Parties and their Subsidiaries in any Fiscal Year to exceed the amount
set forth in clause (iv) of the definition of Permitted Indebtedness.

                  (g) Restricted Payments.

                        (i) Pay any cash dividend or other distribution, in
respect of any class of such Loan Party's or any of its Subsidiaries' Capital
Stock, other than dividends payable to another Loan Party or payable solely in
the Capital Stock of such paying Loan Party;

                        (ii) make any repurchase, redemption, retirement,
defeasance, sinking fund or similar payment, purchase or other acquisition for
value, direct or indirect, of any Capital Stock of any Loan Party or any direct
or indirect parent of any Loan Party, now or hereafter outstanding; provided
that the Loan Parties may make cash payments for any such purposes if:

                              (A) no Default or Event of Default shall have
occurred and be continuing at the time of declaration or payment thereof;

                              (B) after giving effect to the making of any such
cash payment, the aggregate amount so expended for such purposes subsequent to
June 11, 2002 does not exceed $1,500,000; and

                              (C) after giving effect to the making of any such
cash payment, the aggregate amount so expended for such purposes in any Fiscal
Year of the Key Loan Parties does not exceed $500,000.

            Notwithstanding anything to the contrary contained herein, dividends
(other than dividends payable solely in capital stock of another Loan Party)
shall be payable to the Parent by

                                      -58-
<PAGE>

any other Loan Party only to the extent not otherwise in violation of the Loan
Documents and in any event, not to exceed $5,000,000 (less loans and advances to
the Parent made under clause (viii) of the definition of Permitted Indebtedness)
in the aggregate after June 11, 2002.

                  (h) Federal Reserve Regulations. Permit any Loan or the
proceeds of any Loan under this Agreement to be used for any purpose that would
cause such Loan to be a margin loan under the provisions of Regulation T, U or X
of the Board.

                  (i) Transactions with Affiliates. (i) Except as set forth in
that certain confidential side letter from the Borrower to the Agent and for
loans which may be made between Loan Parties permitted pursuant to Section
6.02(e) above, make any payment, nor give any value to any Affiliate except for
leases, goods and services with such Affiliate for a price and on terms which
shall be in the ordinary course of business at prices and on terms and
conditions no less favorable to that Loan Party than those which would have been
charged and imposed in an arm's-length transaction from unrelated third parties,
except (A) sales of goods to an Affiliate for use or distribution outside of the
United States of America which complies with the any applicable legal
requirements of the Internal Revenue Code of 1986 and the Treasury Regulations,
each as amended from time to time, provided, that such sales shall not exceed
$500,000 in the aggregate in any Fiscal Year of the Parent, (B) loans, advances
and other payments to officers and directors as part of their compensation which
are entered into in the ordinary course of business and which are not otherwise
prohibited under the Loan Documents, (C) other dividends and distributions to
officers, directors and shareholders otherwise permitted under this Agreement,
or (D) transactions between or among the Loan Parties not prohibited hereunder
and not involving any other Affiliate; (ii) (A) without prior written consent of
the Agent, amend, modify or waive any of the provisions of the instruments,
documents or agreements described in the confidential side letter referred to in
clause (i) above, the effect of which is to increase the payments or value to be
furnished by a Loan Party to any Affiliate (other than for ordinary increases
under such instruments, documents and agreements in the ordinary course of
business, for which the Loan Parties are presently obligated to make payment in
such instrument, document or agreement as in effect on the Effective Date) or
which would cause such instruments, documents or agreements to be at prices and
on terms and conditions no less favorable to that Loan Party than those which
would have been charged and imposed in an arm's-length transaction from
unrelated third parties, or (B) make any payments under such instruments,
documents or agreements in advance of the date when due other than payments made
to Affiliates to fund obligations or anticipated claims under medical claims,
employee benefit plans or agreements, and other similar plans, all in accordance
with current practice; and (iii) fail to use its best efforts to cause its
Affiliates to execute and deliver to the Agent and the Lenders such
documentation as the Agent may reasonably require to evidence the Affiliates'
agreement with the provisions of this Section 6.02(i), provided, however, that
notwithstanding anything to the contrary contained in this Section 6.02(i), no
Loan Party may (x) engage in any SSC Transaction or CPLP Transaction except in
accordance with the terms of Article XIV, or (y) make any payment to, provide
any value to, or enter into any transaction with, DSW or DSWSW, except (1) those
transactions set forth on Schedule 6.02(i) hereto, and (2) transactions for
leases, goods and services provided to or by DSW or DSWSW for a price and on
terms which shall be in the ordinary course of business at prices and on terms
and conditions no less favorable to that Loan Party than those which would have
been charged and imposed in an arm's-length transaction from unrelated third
parties.

                                      -59-
<PAGE>

                  (j) Limitations on Dividends and Other Payment Restrictions
Affecting Subsidiaries and Restrictions on Obligations. Create or otherwise
cause, incur, assume, suffer or permit to exist or become effective any
consensual encumbrance or restriction of any kind on the ability of (i) any Loan
Party to create or grant liens in favor of the Agent or to incur Obligations or
(ii) any Subsidiary of any Loan Party (A) to pay dividends or to make any other
distribution on any shares of Capital Stock of such Subsidiary owned by any Loan
Party or any of its Subsidiaries, (B) to pay or prepay or to subordinate any
Indebtedness owed to any Loan Party or any of its Subsidiaries, (C) to make
loans or advances to any Loan Party or any of its Subsidiaries or (D) to
transfer any of its property or assets to any Loan Party or any of its
Subsidiaries, or permit any of its Subsidiaries to do any of the foregoing;
provided, however, that nothing in any of clauses (A) through (D) of this
Section 6.02(j) shall prohibit or restrict compliance with:

                              (1) this Agreement and the other Loan Documents or
the Revolving Credit Facility Documents;

                              (2) any agreements in effect on the date of this
Agreement and described on Schedule 6.02(j);

                              (3) any Applicable Law, rule or regulation
(including, without limitation, applicable currency control laws and applicable
state corporate statutes restricting the payment of dividends in certain
circumstances);

                              (4) in the case of clause (D) any agreement
setting forth customary restrictions on the subletting, assignment or transfer
of any property or asset that is a lease, license, conveyance or contract of
similar property or assets; or

                              (5) in the case of clause (D), any agreement,
instrument or other document evidencing a Permitted Lien from restricting on
customary terms the transfer of any property or assets subject thereto.

                  (k) Limitation on Issuance of Capital Stock. Issue or sell or
enter into any agreement or arrangement for the issuance and sale of, or permit
any of its Subsidiaries to issue or sell or enter into any agreement or
arrangement for the issuance and sale of, any shares of its Capital Stock, any
securities convertible into or exchangeable for its Capital Stock or any
warrants, provided, that (i) Parent may issue since the Effective Date (as
defined in the Original Agreement) (A) the Warrant Stock, and (B) the Warrants
and the Conversion Warrants, and (ii) the Parent may issue (A) up to 5,000,000
shares of Common Stock (and following June 11, 2007, up to an additional
5,000,000 shares of Common Stock) that are issued to Persons other than
Affiliates of the Parent, including (1) shares of Common Stock or options
exercisable therefor, issued or to be issued under the Parent's 2000 Stock
Option Plan as in effect on June 11, 2002 or under any other employee stock
option or purchase plan or plans, or pursuant to compensatory or incentive
agreements, for officers, employees or consultants of the Parent or any of its
Subsidiaries , in each case adopted or assumed after such date by the Parent's
Board of Directors; provided in each case that the exercise or purchase price
for any such share shall not be less than 95% of the fair market value
(determined in good faith by the Parent's Board of Directors) of the Common
Stock on the date of the grant, and such additional number of shares as may
become

                                      -60-
<PAGE>

issuable pursuant to the terms of any such plans by reason of adjustments
required pursuant to antidilution provisions applicable to such securities in
order to reflect any subdivision or combination of Common Stock, by
reclassification or otherwise, or any dividend on Common Stock payable in Common
Stock, (2) shares of restricted stock issued by the Parent to executive officers
of the Parent, and (3) shares of Common Stock issued by the Parent as charitable
gifts, and (B) up to an additional 2,153,000 shares of Common Stock issued
pursuant to options that are granted to executive officers of the Parent or its
Subsidiaries under the Parent's 2000 Stock Option Plan as in effect on June 11,
2002, at an exercise price of no less than $4.50 per share and such additional
number of shares as may become issuable pursuant to the terms of any such
options under the terms of such plan by reason of adjustments required pursuant
to antidilution provisions applicable to such securities in order to reflect any
subdivision or combination of Common Stock, by reclassification or otherwise, or
any dividend on Common Stock payable in Common Stock; and provided, that all
options that are issued and expire unexercised because the vesting requirements
thereof are not satisfied shall not be included in the issued shares pursuant to
this clause (B).

                  (l) Modifications of Indebtedness, Organizational Documents
and Certain Other Agreements, Etc. (i) Amend, modify or otherwise change (or
permit the amendment, modification or other change) in any manner of any of the
provisions of any of its or its Subsidiaries' Indebtedness or of any instrument
or agreement (including, without limitation, any purchase agreement, indenture,
loan agreement or security agreement) relating to any such Indebtedness if such
amendment, modification or change (A) would shorten the final maturity or
average life to maturity of, or require any payment to be made earlier than the
date originally scheduled on, such Indebtedness, or would increase the interest
rate applicable to such Indebtedness unless (x) Excess Availability, both
immediately prior to, immediately after giving effect to and on a pro forma
projected basis for the 12 months immediately following such amendment,
modification or change, is at least $100 million, or (y) the total amount of
such Indebtedness so amended, modified or changed since the Effective Date
(together with the amounts permitted under clause (ii) hereof), does not exceed
$500,000 in any Fiscal Year of the Borrower; (B) would change the subordination
provision, if any, of such Indebtedness, or (C) would otherwise be adverse to
the Lenders in any respect; (ii) except for the Obligations and except as
otherwise explicitly permitted herein, make any voluntary or optional payment,
prepayment, redemption, defeasance, sinking fund payment or other acquisition
for value of any of its or its Subsidiaries' Indebtedness (including, without
limitation, by way of depositing money or securities with the trustee therefor
before the date required for the purpose of paying any portion of such
Indebtedness when due), or refund, refinance, replace or exchange any other
Indebtedness for any such Indebtedness (except to the extent such Indebtedness
is otherwise expressly permitted by the definition of "Permitted Indebtedness"),
or make any payment, prepayment, redemption, defeasance, sinking fund payment or
repurchase of any outstanding Indebtedness as a result of any asset sale, change
of control, issuance and sale of debt or equity securities or similar event, or
give any notice with respect to any of the foregoing unless (x) Excess
Availability, both immediately prior to, immediately after giving effect to and
on a pro forma projected basis for the 12 months immediately following such
event is at least [$100] million, or (y) the total amount of such Indebtedness
so paid since June 11, 2002 (together with the amounts permitted under clause
(i)(A) hereof), does not exceed $500,000 in any Fiscal Year of the Parent; (iii)
except as permitted by Section 6.02(c), amend, modify or otherwise change its
name, jurisdiction of organization, organizational identification number or
FEIN; (iv) amend,

                                      -61-
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modify or otherwise change its certificate of incorporation or bylaws (or other
similar organizational documents), including, without limitation, by the filing
or modification of any certificate of designation, or any agreement or
arrangement entered into by it, with respect to any of its Capital Stock
(including any shareholders' agreement), or enter into any new agreement with
respect to any of its Capital Stock, except any such amendments, modifications
or changes or any such new agreements or arrangements pursuant to this clause
(iv) that either individually or in the aggregate, could not have a Material
Adverse Effect; (v) amend, modify, waive or otherwise change (or permit the
amendment, modification, waiver or other change in any manner) of any provisions
in the Revolving Credit Facility Documents relating to (A) Availability, Excess
Availability, Excess Availability Reserve, Gross Availability or the Borrowing
Base (as each is defined in the Revolving Credit Facility) which amendment has
or could have the effect of increasing Availability, Excess Availability, Gross
Availability or the Borrowing Base or decreasing the Availability Reserve, (B)
the Credit Card Advance Rate, the Inventory Advance Rate, the Appraised
Inventory Percentage or the Appraised Inventory Liquidation Value (as each is
defined in the Revolving Credit Facility), in each case, to an amount in excess
of the rates set forth in the Revolving Credit Facility as in effect on the date
hereof, (C) the definition of Cash Control Event and the related provisions
contained in Article VII of the Revolving Credit Agreement or (D) any covenants
or Events of Default contained in the Revolving Credit Agreement, if such
amendments imposes any additional or more restrictive representations, covenants
(financial or otherwise) or events of default than is contained in the Revolving
Credit Agreements in effect on the date hereof, and, if, notwithstanding the
foregoing, such amendment is made, the Borrower shall promptly notify, and
furnish a copy thereof to the Agent; (vi) agree to any material amendment or
other material change to or waiver of any of its rights under any Material
Contract without the consent of the Agent (which consent shall not be
unreasonably withheld); or (vii) alter, modify or amend any Lease in a manner
which is reasonably likely to have a Material Adverse Effect.

                  (m) Investment Company Act of 1940. Engage in any business,
enter into any transaction, use any securities or take any other action or
permit any of its Subsidiaries to do any of the foregoing, that would cause it
or any of its Subsidiaries to become subject to the registration requirements of
the Investment Company Act of 1940, as amended, by virtue of being an
"investment company" or a company "controlled" by an "investment company" not
entitled to an exemption within the meaning of such Act.

                  (n) Properties. Other than in the ordinary course of business,
permit any property to become a fixture with respect to real property or to
become an accession with respect to other personal property with respect to
which real or personal property the Agent does not have a valid and perfected
first priority Lien.

                  (o) ERISA. Do or permit any ERISA Affiliate to do any of the
following, if as a result thereof, such Loan Party or ERISA Affiliate will, or
could reasonably be expected to, incur liability that is reasonably likely to
have a Material Adverse Effect:

                        (i) violate or fail to be in full compliance with any
Loan Party's Employee Benefit Plan;

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                        (ii) fail timely to file all reports and filings
required by ERISA to be filed by any Loan Party;

                        (iii) engage in any nonexempt "prohibited transactions"
or "reportable events" (respectively as described in ERISA);

                        (iv) engage in, or commit any act such that a tax or
penalty reasonably could be imposed upon any Loan Party on account thereof
pursuant to ERISA;

                        (v) incur any material accumulated funding deficiency
within the meaning of ERISA;

                        (vi) terminate any Employee Benefit Plan such that a
Lien could be asserted against any assets of any Loan Party on account thereof
pursuant to ERISA; or

                        (vii) fail to make any required contribution or payment
to, or make a complete or partial withdrawal from, any Employee Benefit Plan
which is a multiemployer plan within the meaning of Section 4001(a) of ERISA.

                  (p) Environmental. Knowingly or negligently permit the use,
handling, generation, storage, treatment, Release or disposal of Hazardous
Materials at any property owned or leased by it or any of its Subsidiaries,
except in compliance with Environmental Laws and so long as such use, handling,
generation, storage, treatment, Release or disposal of Hazardous Materials is
not reasonably likely to result in a Material Adverse Effect.

                  (q) Excess Availability Reserve. Permit the Excess
Availability Reserve at any time to be less than the sum of $27,500,000.

                  (r) Location of Collateral. (i) Remove any Collateral from
locations described in Schedule 5.01(ee) except for the following purposes:

                              (A) to accomplish sales of Inventory in the
ordinary course of business;

                              (B) to move Inventory or other Collateral from one
such location to another such location; or

                              (C) to utilize such of the Collateral as is
removed from such locations in the ordinary course of business.

                        (ii) place any tangible personal property of any Loan
Party in the care or custody of any third party, or store or entrust any such
personal property with a bailee or other third party, except (A) as otherwise
disclosed to the Agent pursuant to Section 5.01(ee), or permitted by this
Section 6.02(r), or (B) for Inventory in an amount not to exceed $1,000,000 at
[Cost (as defined in the Revolving Credit Facility)] in the aggregate at any
time in the ordinary course of business;

                  (s) Unrestricted Subsidiaries . Permit any Unrestricted
Subsidiary at

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<PAGE>

any time to carry on any business activity or have any assets in excess of
$500,000 in the aggregate.

                  (t) Intellectual Property. Conduct its business so as to
infringe the patents, industrial designs, trademarks, trade names, trade styles,
brand names, service marks, logos, copyrights, trade secrets, know-how,
confidential information, or other intellectual or proprietary property of any
third Person, except where such infringement is not reasonably likely to have a
Material Adverse Effect.

                  (u) Parent's Line of Business. The Parent shall not engage in
any business, and shall not own any property or assets, other than acquiring and
owning (a) the capital stock of any other Loan Party, DSW or the Unrestricted
Subsidiaries, and (b) any investments permitted to be made by the Parent
hereunder, and (c) otherwise incidental to the operation of the business of a
holding company. In addition, notwithstanding anything to the contrary contained
herein, L/C's and Bankers Acceptances (each as defined in the Revolving Credit
Facility) issued for the account of the Parent shall be limited to those L/Cs
required to support the workman's compensation obligations of the Parent and its
Subsidiaries and for no other purpose.

                                   ARTICLE VII

                             REPORTING REQUIREMENTS

            Section 7.01 Maintain Records. The Loan Parties shall:

                  (a) At all times, keep proper books of account, in which full,
true, and accurate entries shall be made of all of the Loan Parties' financial
transactions, all in accordance with GAAP applied consistently with prior
periods to fairly reflect the consolidated financial condition of the Loan
Parties at the close of, and its results of operations for, the periods in
question.

                  (b) Timely provide the Agent with those financial reports,
statements, and schedules required by this Article VII or otherwise, each of
which reports, statements and schedules shall be prepared, to the extent
applicable, in accordance with GAAP applied consistently with prior periods to
fairly reflect the Consolidated financial condition of the Loan Parties at the
close of, and the results of operations for, the period(s) covered therein.

                  (c) At all times, keep accurate current records of the
Collateral including, without limitation, accurate current stock, cost, and
sales records of its Inventory for each Division, accurately and sufficiently
itemizing and describing the kinds, types, and quantities of Inventory and the
cost and selling prices thereof.

                  (d) At all times, retain (i) Deloitte and Touche, LLP, or such
other nationally recognized independent certified public accountants who are
reasonably satisfactory to SSC (as long as it remains in Control of the Key Loan
Parties) and the Agent, and instruct such accountants, subject to the terms of
such accountants' internal policies, and subject to the confidentiality
provisions of this Agreement, to fully cooperate with, and be available to, the
Agent to discuss the Loan Parties' financial performance, financial condition,
operating results,

                                      -64-
<PAGE>

controls, and such other matters, within the scope of the retention of such
accountants, as may be raised by the Agent.

                  (e) Not change any Loan Party's Fiscal Year.

            Section 7.02 Access to Records.

                  (a) Each Loan Party shall accord the Agent with reasonable
access during normal business hours from time to time as the Agent may require
to all properties owned by or over which any Loan Party has control. The Agent
shall have the right, and each Loan Party will permit the Agent from time to
time as the Agent may request, to examine, inspect, copy, and make extracts from
any and all of the Loan Parties' books, records, electronically stored data,
papers, and files. Each Loan Party shall make that Loan Party's copying
facilities available to the Agent.

                  (b) Each Loan Party hereby authorizes the Agent to (i)
inspect, copy, duplicate, review, cause to be reduced to hard copy, run off,
draw off, and otherwise use any and all computer or electronically stored
information or data which relates to any Loan Party. Each Loan Party shall
request full cooperation with the Agent from any service bureau, contractor,
accountant, or other Person; and (ii) verify at any time the Collateral or any
portion thereof, including verification with Account Debtors, and/or with each
Loan Party's computer billing companies, collection agencies, and accountants.

                  (c) The Agent from time to time may designate one or more
representatives to exercise the Agent's rights under this Section 7.02 as fully
as if the Agent were doing so; provided, that the Agent shall not designate a
Person which is in a Competitive Business.

            Section 7.03 Prompt Notice to Administrative Agent.

                  (a) The Borrower shall provide the Agent with written notice
promptly upon the occurrence of any of the following events, which written
notice shall be with reasonable particularity as to the facts and circumstances
in respect of which such notice is being given (i) any change in any Loan
Party's president, chief executive officer, chief operating officer, and chief
financial officer (without regard to the title(s) actually given to the Persons
discharging the duties customarily discharged by officers with those titles);
(ii) any ceasing of any Loan Party's payment of the debts of that Loan Party
generally as they mature, in the ordinary course, to its creditors (other than
its ceasing of making of such payments on account of a dispute which, if
adversely determined to the Loan Parties is not reasonably likely to have

                                      -65-
<PAGE>

a Material Adverse Effect); (iii) any failure by any Loan Party to pay rent at
any of that Loan Party's locations, which failure continues for more than three
(3) days following the last day on which such rent was payable unless such
failure is not reasonably likely to have a Material Adverse Effect; (iv) any
material adverse change in the business, operations, or financial affairs of the
Borrower; (v) the occurrence of any Default; (vi) any intention on the part of
any Loan Party to discharge that Loan Party's present independent accountants or
any withdrawal or resignation by such independent accountants from their acting
in such capacity (as to which, see Section 7.01(d)); (vii) any litigation which,
if determined adversely to any Loan Party, is reasonably likely to have a
Material Adverse Effect; (viii) any intention of a Key Loan Party to enter into
a consignment arrangement or licensing or other similar agreement (whether for
intellectual property, leased departments in stores or otherwise) with any other
Person (other than a Loan Party); (ix) any additional or amended collective
bargaining or other labor contract entered into after the Effective Date; (x)
any Material Accounting Changes; (xi) any material adverse change relating to
the type, quantity or quality of the Collateral or the Lien granted thereon;
(xii) any event, occurrence or circumstance not specifically described herein
that is reasonably likely to have a Material Adverse Effect; (xiii) any Loan
Party's entering into a license agreement after the Effective Date; (xiv) any
Loan Party's entering into a Capitalized Lease after the Effective Date; and
(xv) any Loan Party's entering into a Lease after the Effective Date.

                  (b) The Borrower shall (i) provide the Agent, when so
distributed, with copies of any materials distributed to the shareholders of the
Borrower; (ii) provide the Agent (A) when filed, copies of all filings with the
SEC. Such copies may be provided in electronic format; (B) when received, copies
of all correspondence from the SEC, other than routine general communications
from the SEC; and (C) should any of the information on any of the Schedules
hereto become misleading in any material respect, promptly advise the Agent in
writing with such revisions or updates as may be necessary or appropriate to
update or correct the same; provided, however, that no such Schedule shall be
deemed to have been amended, modified or superseded by any such correction or
update, nor shall any breach of any representation or warranty resulting from
the inaccuracy or incompleteness of such Schedule be deemed to have been cured
or waived, unless and until the Agent, in its discretion shall have accepted in
writing such revisions; (iii) at the request of Agent, from time to time,
provide the Agent with copies of all advertising (including copies of all print
advertising and duplicate tapes of all video and radio advertising); and
(iv)provide the Agent, when received by and Loan Party, with a copy of any
management letter or similar communications from any independent accountant of
any Loan Party.

            Section 7.04 Weekly Reports. Weekly, on Friday of each week (as of
the then immediately preceding Saturday) the Borrower shall provide the Agent
with Borrowing Base Certificates (in the form of Exhibit 6.4 to the Revolving
Credit Facility, as such form may be revised from time to time by the Revolving
Credit Agent) prepared separately for each Division and combined for all Key
Loan Parties, and sales audit reports and flash collateral reports (each in such
form as may be specified from time to time by the Collateral Agents) prepared
separately for each Division and combined for all Key Loan Parties. Such reports
may be sent to the Agent by facsimile transmission, provided that the original
thereof is forwarded to the Agent on the date of such transmission.

            Section 7.05 Monthly Reports. Monthly, the Borrower shall provide
the Agent with those financial statements and reports described on Schedule
7.05, annexed hereto, at the times set forth in such Schedule and a Leasehold
Mortgage Status Report.

            Section 7.06 Quarterly Reports. Quarterly, within forty-five (45)
days following the end of each of the Loan Parties' fiscal quarters, the
Borrower shall provide the Agent with the following:

                  (a) An original counterpart of a management prepared financial

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statement (which shall be prepared in the same manner and using the same
assumptions as set forth in the forecasts furnished to, and approved by, the
Agent pursuant to the provisions of Section 7.10(c) hereof) for (A) the Loan
Parties on a consolidated basis, (B) the Filene's Business, and (C) the Value
City Business, in each case for the fiscal quarter most recently ended, and for
the period from the beginning of the Loan Parties' then current fiscal year
through the end of the subject quarter, with comparative information for the
same period of the previous fiscal year, which statement shall include a balance
sheet, statement of operations and cash flows and comparisons for the
corresponding quarter of the then immediately previous year, as well as to the
Loan Party's forecast;

                  (b) A list of all leases entered into or terminated during
such quarter; and

                  (c) The officer's compliance certificate described in Section
7.08.

            Section 7.07 Annual Reports.

                  (a) Annually, within ninety (90) days following the end of the
Parent's fiscal year, the Borrower shall furnish the Agent with the following:
(i) an original signed counterpart of the Parent's consolidated annual financial
statement, which statement shall have been prepared by, and bear the unqualified
opinion of, the Borrower's independent certified public accountants (i.e. said
statement shall be "certified" by such accountants) and shall include, at a
minimum (with comparative information for the then prior fiscal year) a balance
sheet, statement of operations, statement of changes in shareholders' equity,
and cash flows; (ii) a consolidating annual financial statement for (x) the
Filene's Business, and (y) the Value City Business which shall include (with
comparative information for the then prior fiscal year) a balance sheet,
statement of changes in shareholders' equity, and cash flows; and (iii) the
officer's compliance certificate described in Section 7.08.

                  (b) No later than fifteen (15) days prior to the end of the
Parent's fiscal years, the Borrower shall give written notice to such
independent certified accountants (with a copy of such notice, when sent, to the
Agent) that such annual financial statement will be delivered by the Borrower to
the Agent and that the Borrower has been advised that the Agent and each Lender
will rely thereon with respect to the administration of, and transactions under,
the credit facilities contemplated by this Agreement.

            Section 7.08 Officer's Certificates.The Borrower shall cause either
the Parent's chief executive officer, president, executive vice president, chief
financial officer, controller, or treasurer (each, an "Authorized Officer"), in
each instance, to provide such Person's Certificate with those monthly financial
statements to be provided within thirty (30) days of the end of each month and
with those to be provided quarterly and annual statements to be furnished
pursuant to this Agreement, which Certificate shall:

                  (a) Indicate that (i) with respect to the Consolidated
financial statement, the subject statement was prepared in accordance with GAAP
consistently applied, and (ii) with respect to all financial statements,
presents fairly the financial condition of the applicable Loan Parties at the
close of, and the results of the applicable Loan Parties' operations

                                      -67-
<PAGE>

and cash flows (where such cash flows are required to be provided) for, the
period(s) presented, subject, however, to the following: (x) usual year end
adjustments (this exception shall note be included in the Certificate which
accompanies such annual statement); and (y) Material Accounting Changes, in
which event, such Certificate shall include a schedule (in reasonable detail) of
the effect of each such Material Accounting Change.

                  (b) Indicate either that (i) no Default has occurred and is
continuing, or (ii) if such an event has occurred, its nature (in reasonable
detail) and the steps (if any) being taken or contemplated by the Loan Parties
to be taken on account thereof.

            Section 7.09 Inventory, Appraisals and Audits.

                  (a) The Agent, at the reasonable expense of the Loan Parties,
may participate in and/or observe each scheduled physical count of Inventory
which is undertaken on behalf of any Loan Party.

                  (b) The Loan Parties, at their own expense, shall cause not
less than one (1) physical inventory of each of Division to be undertaken in
each twelve (12) month period during which this Agreement is in effect; (i) the
Borrower, within forty-five (45) days following the completion of such
inventory, shall provide the Agent with a reconciliation of the results of each
such inventory (as well as of any other physical inventory undertaken by any
Loan Party) and shall post such results to the Loan Parties' stock ledger and,
as applicable to the Loan Parties' other financial books and records; and (ii)
the Agent, in its reasonable, good faith discretion, if any Event of Default has
occurred and is continuing, may cause such additional inventories to be taken as
the Agent determines (each, at the expense of the Loan Parties).

                  (c) The Agent may require the Collateral Agents (as defined in
the Revolving Credit Facility) to obtain appraisals of the Collateral (copies of
which, subject to the approval of the appraiser, shall be provided to the
Borrower promptly upon receipt thereof), at any time (i) after the occurrence
and during the continuance of an Event of Default, (ii) that Excess Availability
(as defined in the Revolving Credit Facility) is equal to or less than
$48,000,000, or (iii) after an Inadvertent Overadvance (as defined in the
Intercreditor Agreement) has occurred (in all events, at the Loan Parties'
expenses) conducted by Hilco Appraisal Services, LLC or such appraisers as are
satisfactory to the Agent and the Revolving Credit Agent, in addition to those
appraisals permitted to be obtained by the Collateral Agents (as defined in the
Revolving Credit Facility) pursuant to Section 5.9 of the Revolving Credit
Facility. Following the termination of the Revolving Credit Facility, the Agent
shall be entitled to conduct appraisals independently on the same terms granted
to the Collateral Agents under the terms of the Revolving Credit Facility in
effect on the Effective Date.

                  (d) If made available to any Loan Party, the Agent shall
receive copies of the results of any commercial finance field examination of the
Loan Parties' books and records conducted during any period in which this
Agreement is in effect.

                  (e) The Agent from time to time may undertake "mystery
shopping" (so-called) visits to all or any of the Loan Parties' business
premises.

            Section 7.10 Additional Financial Information.

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<PAGE>

                  (a) In addition to all other information required to be
provided pursuant to this Article VII, the Loan Parties promptly shall provide
the Agent with such other and additional information concerning the Loan
Parties, the operation of the Loan Parties' business, and the Loan Parties'
financial condition, including original counterparts of financial reports and
statements, as the Agent may from time to time reasonably request from the
Borrower.

                  (b) The Parent and the Borrower shall, upon the Agent's
request, provide the Agent, from time to time hereafter, with updated forecasts
of the Loan Parties' anticipated performance and operating results for the
current fiscal year. Such forecasts shall be in a format consistent with the
format previously provided to the Agent.

                  (c) In all events, the Parent and the Borrower, no sooner than
ninety (90) nor later than sixty (60) days prior to the end of each of the Loan
Parties' fiscal years, shall provide the Agent with an updated and extended
forecast which shall go out at least through the end of the then next fiscal
year and shall include a statement of operations, balance sheet, and statement
of cash flow, by month, each consolidated (with consolidating schedules by
Division) and each prepared in conformity with GAAP and consistent with the Loan
Parties' then current accounting practices.

                  (d) When available the "Annual Budget", as approved by the
Parent's Board of Directors, shall be provided to the Agent. The Annual Budget
shall be subject to the approval of the Agent (whose approval shall not be
unreasonably withheld) only if the Annual Budget varies in a material way from
the Business Plan for such fiscal year.

                  (e) Each Loan Party recognizes that all commercial finance
examinations, inventories, analysis, financial information, and other materials
which the Agent may obtain, develop, or receive with respect to the Loan Parties
(other than appraisals and inventories received from third parties) are
confidential to the Agent and that, except as otherwise provided herein, no Loan
Party is entitled to receipt of any of such commercial finance examinations,
inventories, analysis, financial information, and other materials, nor copies or
extracts thereof or therefrom.

            Section 7.11 Format of Information. All information required to be
delivered pursuant to this Article VII may be delivered by and in electronic
format.

                                  ARTICLE VIII

                                USE OF COLLATERAL

            Section 8.01 Use of Inventory Control.

                  (a) No Loan Party shall engage in any of the following with
respect to its Inventory: (i) any sale, other than for fair consideration in the
conduct of the Loan Parties' business in the ordinary course; (ii) sales or
other dispositions to creditors, except returns in the ordinary course of
business; (iii) sales or other dispositions in bulk, except in the ordinary
course of business consistent with past practices; (iv) sales in breach of any
provision of this Agreement; and (v) sales other than sales in connection with
Permitted Dispositions.

                                      -69-
<PAGE>

                  (b) Without the prior consent of the Agent, no sale of
Inventory shall be on consignment (other than between Loan Parties), approval,
or under any other circumstances such that, with the exception of the Loan
Parties' customary return policy applicable to the return of inventory purchased
by the Loan Parties' retail customers in the ordinary course, such Inventory may
be returned to a Loan Party without the consent of the Agent.

            Section 8.02 Inventory Quality. All Inventory now owned or hereafter
acquired by each Loan Party is and will be of good and merchantable quality,
consistent with past practices.

            Section 8.03 Adjustments and Allowances. Each Loan Party may grant
such allowances or other adjustments to that Loan Party's Account Debtors as
that Loan Party may reasonably deem to accord with sound business practice and
which are normal and customary extensions and adjustments in the ordinary course
of business, provided, however, the authority granted the Loan Parties pursuant
to this Section 8.03 may be limited or terminated by the Agent at any time in
the Agent's reasonable, good faith discretion after the occurrence and during
the continuance of an Event of Default.

            Section 8.04 Validity of Accounts.

                  (a) Except for adjustments and disputes in the ordinary course
of business, the amount of each of the Accounts Receivable shown on the books,
records, and invoices of the Loan Parties represented as owing by each Account
Debtor is the correct amount actually owing by such Account Debtor and shall
have been fully earned by performance by the Loan Parties.

                  (b) No Loan Party has any knowledge of any impairment of the
validity or collectibility of any of the Accounts Receivable, other than
returns, reserves, unauthorized use of credit cards, bad checks, adjustments and
disputes which occur in the ordinary course of business. The Borrower shall
notify the Agent of any such impairment immediately after any Loan Party becomes
aware of any such impairment.

                  (c) No Loan Party shall post any bond to secure any Loan
Party's performance under any agreement to which any Loan Party is a party nor
cause any surety, guarantor, or other third party obligee to become liable to
perform any obligation of any Loan Party (other than to the Agent) in the event
of any Loan Party's failure so to perform, if, as a result of the surety,
guarantor or third party obligee's performance, such Person would obtain a Lien
on any Collateral having priority to the Lien of the Agent.

            Section 8.05 Notification to Account Debtors. The Agent shall have
the right (after the occurrence of a Cash Control Event (as defined in the
Revolving Credit Facility)) to notify any of the Loan Parties' Account Debtors
to make payment directly to the Agent and to collect all amounts due on account
of the Collateral, in each case, subject to the terms of the Intercreditor
Agreement.

            Section 8.06 Appointment as Attorney-In-Fact. Each Loan Party hereby
irrevocably constitutes and appoints the Agent (acting through any officer of
the Agent) as that

                                      -70-
<PAGE>

Loan Party's true and lawful attorney, with full power of
substitution, following the occurrence and during the continuance of an Event of
Default and subject to the terms of the Intercreditor Agreement, to convert the
Collateral into cash at the sole risk, cost, and expense of that Loan Party, but
for the sole benefit of the Agent and the Lenders. The rights and powers granted
the Agent by this appointment include but are not limited to the right and power
to:

                  (a) Prosecute, defend, compromise, or release any action
relating to the Collateral;

                  (b) Sign change of address forms to change the address to
which each Loan Parties' mail is to be sent to such address as the Agent shall
designate (after which copies of all such mail shall be promptly furnished to
the Borrower); receive and open each Loan Parties' mail; remove any Collateral
and proceeds of Collateral therefrom and turn over the balance of such mail
either to the Loan Party or to any trustee in bankruptcy or receiver of the
Borrower, or other legal representative of the Borrower whom the Agent
determines to be the appropriate Person to whom to so turn over such mail;

                  (c) Endorse the name of the relevant Loan Party in favor of
the Agent upon any and all checks, drafts, notes, acceptances, or other items or
instruments; sign and endorse the name of the relevant Loan Party on, and
receive as secured party, any of the Collateral, any invoices, schedules of
Collateral, freight or express receipts, or bills of lading, storage receipts,
warehouse receipts, or other documents of title respectively relating to the
Collateral;

                  (d) Sign the name of the relevant Loan Party on any notice to
that Loan Parties' Account Debtors or verification of the Collateral; sign the
relevant Loan Parties' name on any proof of claim in bankruptcy against Account
Debtors, and on notices of lien, claims of mechanic's liens, or assignments or
releases of mechanic's liens securing the Accounts Receivable;

                  (e) Take all such action as may be necessary to obtain the
payment of any letter of credit and/or banker's acceptance of which any Loan
Party is a beneficiary;

                  (f) Repair, manufacture, assemble, complete, package, deliver,
alter or supply goods, if any, necessary to fulfill in whole or in part the
purchase order of any customer of each Loan Party; and

                  (g) Use, license or transfer any or all General Intangibles of
each Loan Party.

            Section 8.07 No Obligation To Act. The Agent shall not be obligated
to do any of the acts or to exercise any of the powers authorized by Section
8.06 herein, but if the Agent elects to do any such act or to exercise any of
such powers, it shall not be accountable for more than it actually receives as a
result of such exercise of power, and shall not be responsible to any Loan Party
or any other Person for any act or omission to act except for any act or
omission to act as to which there is a final determination made in a judicial
proceeding (in which proceeding the Agent has had an opportunity to be heard)
which determination includes a specific finding that the subject act or omission
to act had been grossly negligent or in actual bad faith, or willful

                                      -71-
<PAGE>

misconduct.

                                   ARTICLE IX

                                EVENTS OF DEFAULT

            Section 9.01 Events of Default. The occurrence of any event
described in this Article IX respectively shall constitute an Event of Default
herein. The occurrence of any Event of Default shall also constitute, without
notice or demand, a default under all other agreements between the Agent or any
Lender and any Loan Party and instruments and papers heretofore, now, or
hereafter given the Agent or any Lender by any Loan Party in connection with any
of the Loan Documents. An Event of Default shall occur upon:

                  (a) The failure by any Loan Party to pay when due any
principal of, interest on, or fees in respect of, the Loan;

                  (b) The failure by any Loan Party or so long as any Lender
holds any Warrants or Conversion Warrants, DSW to pay when due (or upon demand,
if payable on demand) any payment Obligation other than any payment Obligation
on account of the principal of, or interest on, or fees in respect of the Loan;

                  (c) The failure by (i) any Loan Party to promptly, punctually,
faithfully and timely perform, discharge, or comply with any covenant or
Obligation included in any of the following provisions hereof:

            SECTION                         RELATES TO
            6.02(b)                         Indebtedness
            6.01(b)                         Pay Taxes
            6.02(g)                         Dividends. Investments. Other
                                               Corporate Actions
            6.02(e)                         Loans and Advances
            6.02(i)                         Affiliate Transactions
            6.02(q)                         Excess Availability Reserve
            6.02(u)                         Parent's Line of Business
            Article VII                     Reporting Requirements (except as
                                               set forth in Section 9.01(d))
            5(k) of the Security            Cash Management
               Agreement

or (ii) if at such time any Warrants or Conversion Warrants are held by a
Lender, DSW to promptly, punctually, faithfully and timely perform, discharge or
comply with any covenant or obligation contained in the Loan Documents to which
it is a party;

                  (d) the failure by the Key Loan Parties to promptly,
punctually, faithfully and timely perform, discharge, or comply with the
financial reporting requirements included in Section 7.04, subject, however, to
the following limited number of grace periods applicable to certain of those
requirements:

                                      -72-
<PAGE>

<TABLE>
<CAPTION>
                                                               NUMBER OF
REPORT/STATEMENT  REQUIRED BY SECTION    GRACE PERIOD        GRACE PERIODS
----------------  -------------------   ---------------   ------------------
<S>               <C>                    <C>              <C>
 Weekly Report            7.04          2 Business Days      Twice any 12
                                                          consecutive months
</TABLE>

                  (e) the failure by any Loan Party, within twenty (20) days
following the earlier of any Authorized Officer's knowledge of a breach of any
covenant or Obligation not described in any of clauses (a) through (d) above, or
of its receipt of written notice from the Agent of the breach of any of such
covenants or Obligations, provided that if such failure cannot be reasonably
cured within such twenty (20) day period and the Loan Parties have diligently
proceeded, and continue to diligently proceed, to effectuate a cure of such
failure, such failure shall not be an Event of Default hereunder unless (i) such
failure is not cured within twenty (20) days after the expiration of such
initial twenty (20) day period, or (b) such failure, in the reasonable judgment
of the Agent, is reasonably likely to have a Material Adverse Effect;

                  (f) the determination by the Agent that any representation or
warranty at any time made by any Loan Party or DSW to the Agent or any Lender
was not true or complete in all material respects when given;

                  (g) the occurrence and continuance of any Event of Default or
other event, which with the giving of notice, the passage of time or both, would
be an Event of Default under (i) the Revolving Credit Facility, or (ii) any
other Indebtedness of any Loan Party equal to or in excess of One Million
Dollars ($1,000,000.00) to any creditor other than the Agent or any Lender,
(whether or not such Indebtedness has been accelerated), or, Leases aggregating
more than five percent (5%) of all Leases of the Loan Parties existing from time
to time could be terminated due to a default by a Loan Party thereunder (whether
or not the subject creditor or lessor takes any action on account of such
occurrence);

                  (h) the occurrence of any breach of any covenant or Obligation
imposed by, or of any default under, any agreement between the Agent or any
Lender and any Loan Party or instrument given by any Loan Party to any Agent or
any Lender relating to Indebtedness of any Loan Party in excess of $1,000,000 in
the aggregate and the expiration, without cure, of any applicable grace period
(notwithstanding that the Agent or Lender may not have exercised all or any of
its rights on account of such breach or default);

                  (i) the occurrence of any uninsured loss, theft, damage, or
destruction of or to any material portion of the Collateral;

                  (j) (i) the entry of any judgment in excess of Two Million
Five Hundred Thousand Dollars ($2,500,000.00) against any Loan Party, which
judgment (A) is not covered by insurance (as to which the insurer has not
notified the applicable Loan Party of the insurer's reservation of rights) or
(B) is not satisfied, stayed (if a money judgment) or appealed from (with
execution or similar process stayed) within thirty (30) days of its entry;

                                      -73-
<PAGE>

                        (ii) the entry of any order or the imposition of any
other process having the force of law, the effect of which is to restrain the
conduct by any Key Loan Party of its business in the ordinary course and which
is reasonably likely to have a Material Adverse Effect;

                  (k) any act by, against, or relating to any Loan Party, DSW or
DSWSW, or their respective properties or assets, which act constitutes the
determination, by such Person, to initiate a program of substantial or total
self-liquidation; application for, consent to, or sufferance of the appointment
of a receiver, trustee, or other Person, pursuant to court action or otherwise,
over all, or any part of any Loan Party's, DSW's or DSWSW's property; the
granting of any trust mortgage or execution of an assignment for the benefit of
the creditors of any Loan Party, DSW or DSWSW, or the occurrence of any other
voluntary or involuntary liquidation or extension of debt agreement for such
Person; the offering by or entering into by any Loan Party, DSW or DSWSW of any
composition, extension, or any other arrangement seeking relief generally from
or extension of the debts of such Person; or the initiation of any judicial or
non-judicial proceeding or agreement by, against, or including any Loan Party,
DSW or DSWSW which seeks or intends to accomplish a reorganization or
arrangement with creditors; and/or the initiation by or on behalf of any Loan
Party, DSW or DSWSW of the liquidation or winding up of all or any part of such
Person's business or operations except that any of the foregoing actions which
are commenced against a Loan Party, DSW or DSWSW shall not be deemed an Event of
Default hereunder as long as such action is timely contested in good faith by
such Person by appropriate proceedings and is dismissed within 60 days of the
institution of the foregoing;

                  (l) the failure by any Loan Party, DSW or DSWSW to generally
pay its debts as they mature; adjudication of bankruptcy or insolvency relative
to any Loan Party, DSW or DSWSW; the entry of an order for relief or similar
order with respect to any Loan Party, DSW or DSWSW in any proceeding pursuant to
the Bankruptcy Code or any other Federal bankruptcy law; the filing of any
complaint, application, or petition by any Loan Party, DSW or DSWSW initiating
any matter in which such Person is or may be granted any relief from its debts
pursuant to the Bankruptcy Code or any other insolvency statute or procedure;
the filing of any complaint, application, or petition against any Loan Party,
DSW or DSWSW initiating any matter in which such Person is or may be granted any
relief from its debts pursuant to the Bankruptcy Code or any other insolvency
statute or procedure, which complaint, application, or petition is not timely
contested in good faith by such Person by appropriate proceedings or, if so
contested, is not dismissed within 60 days of when filed;

                  (m) the termination or attempted termination of any Guaranty
by any Guarantor;

                  (n) (i) any challenge by or on behalf of any Loan Party or DSW
to the validity of any Loan Document or the applicability or enforceability of
any Loan Document strictly in accordance with the subject Loan Document's terms
or which seeks to void, avoid, limit, or otherwise adversely affect any security
interest created by or in any Loan Document or any payment made pursuant
thereto;

                                      -74-
<PAGE>

                        (ii) any determination by any court or any other
judicial or Government Authority that any Loan Document is not enforceable
strictly in accordance with the subject Loan Document's terms or which voids,
avoids, limits, or otherwise adversely affects any security interest created by
any Loan Document or any payment made pursuant thereto;

                  (o) the occurrence of any Change in Control;

                  (p) an event or development occurs which, as determined by the
Agent in its discretion, has, or could reasonably be expected to have, a
Material Adverse Effect;

                  (q) (i) the failure of the Parent to own, directly or
indirectly, DSW Common Stock having at least 55% (except to the extent permitted
by clauses (x) and (y) of the last sentence of Section 6.02(c)) of the value
(calculated by reference to the Market Price) of all issued and outstanding DSW
Common Stock (except to the extent permitted by clauses (x) and (y) of the last
sentence of Section 6.02(c)), free and clear of all Liens (except Liens in favor
of the Agent and to the extent permitted by the last sentence of the definition
of the term "Permitted Liens"), (ii) the failure of the Agent to have a valid,
perfected, first priority Lien on DSW Common Stock having at least 55% of the
value (calculated by reference to the Market Price) of all issued and
outstanding DSW Common Stock, except to the extent such failure results solely
from the willful or intentional misconduct of the Agent, as determined by a
final judgment of a court of competent jurisdiction) or (iii) the failure of DSW
to own 100% of the Capital Stock of DSWSW;

                  (r) the failure of the holder of the DSW Note, the DSWSW
Guarantee, the RVI Note or the RVI Pledge to comply in any respect with any
subordination provision or any other intercreditor provision contained therein
or in any pledge agreement related thereto; or

                  (s) (i) the failure of the Borrower to release its Lien on the
Capital Stock of DSW upon exercise by the Warrantholders or the Conversion
Warrantholders of the Warrants or the Conversion Warrants, as the case may be,
to the extent necessary to permit such exercise (whether or not a default or
event of default has then occurred under the RVI Note), (ii) the exercise by the
Borrower of any right or remedy with respect to its Lien on the Capital Stock of
DSW (A) at any time prior to the date on which the Parent has received written
notice from the Senior Lenders that the Senior Obligations have been Paid in
Full (each as defined in the RVI Note as in effect on the Effective Date), and
(B) thereafter, without 90 days' prior written notice to the Warrantholders and
the Conversion Warrantholders, and (iii) the consent by the Borrower or RVI to
any modification of the terms of the RVI Note (except for Non Adverse Changes
(as such term is defined therein as in effect on the Effective Date)) or any of
the related documentation without the consent of the Lenders;

            then, and in any such event, the Agent may, with the consent or at
the direction of the Required Lenders, by notice to the Borrower, (i) declare
all or any portion of the Loan and other Obligations then outstanding to be due
and payable, whereupon all or such portion of the aggregate principal of the
Loan and other Obligations, all accrued and unpaid interest thereon, all fees
and all other amounts payable under this Agreement and the other Loan Documents
shall become due and payable immediately, without presentment, demand, protest
or further notice of any kind, all of which are hereby expressly waived by each
Loan Party and (ii) exercise any and

                                      -75-
<PAGE>

all of its other rights and remedies under Applicable Law, hereunder and under
the other Loan Documents; provided, however, that upon the occurrence and during
the continuance of any Event of Default described in subsection (k) or (l) of
this Section 9.01, without any notice to any Loan Party or any other Person or
any act by the Agent or any Lender, and the Loan, together with all accrued and
unpaid interest and PIK Interest thereon, all fees and all other amounts due
under this Agreement and the other Loan Documents shall become due and payable
automatically and immediately, without presentment, demand, protest or notice of
any kind, all of which are expressly waived by each Loan Party.

                                    ARTICLE X

                                      AGENT

            Section 10.01 Appointment. Each Lender (and each subsequent maker of
any Loan by its making thereof) hereby irrevocably appoints and authorizes the
Agent to perform the duties of the Agent as set forth in this Agreement
including: (i) to receive on behalf of each Lender any payment of principal of
or interest on the Loan outstanding hereunder and all other amounts accrued
hereunder for the account of the Lenders and paid to the Agent, and, subject to
Sections 2.02 and 3.02 of this Agreement, to distribute promptly to each Lender
its Pro Rata Share of all payments so received; (ii) to distribute to each
Lender copies of all material notices and agreements received by the Agent and
not required to be delivered to each Lender pursuant to the terms of this
Agreement, provided that the Agent shall not have any liability to the Lenders
for the Agent's inadvertent failure to distribute any such notices or agreements
to the Lenders; (iii) to maintain, in accordance with its customary business
practices, ledgers and records reflecting the status of the Obligations, the
Loan, and related matters and to maintain, in accordance with its customary
business practices, ledgers and records reflecting the status of the Collateral
and related matters; (iv) to execute or file any and all financing or similar
statements or notices, amendments, renewals, supplements, documents,
instruments, proofs of claim, notices and other written agreements with respect
to this Agreement or any other Loan Document; (v) to make Agent Advances, for
the Agent or on behalf of the applicable Lenders as provided in this Agreement
or any other Loan Document; (vi) to perform, exercise, and enforce any and all
other rights and remedies of the Lenders with respect to the Loan Parties, the
Obligations, or otherwise related to any of same to the extent reasonably
incidental to the exercise by the Agent of the rights and remedies specifically
authorized to be exercised by the Agent by the terms of this Agreement or any
other Loan Document, or as directed by the Required Lenders; (vii) to incur and
pay such fees necessary or appropriate for the performance and fulfillment of
its functions and powers pursuant to this Agreement or any other Loan Document;
and (viii) subject to Section 10.03 of this Agreement, to take such action as
the Agent deems appropriate on its behalf to administer the Loan and the Loan
Documents and to exercise such other powers delegated to the Agent by the terms
hereof or the other Loan Documents (including, without limitation, the power to
give or to refuse to give notices, waivers, consents, approvals and instructions
and the power to make or to refuse to make determinations and calculations)
together with such powers as are reasonably incidental thereto to carry out the
purposes hereof and thereof. As to any matters not expressly provided for by
this Agreement and the other Loan Documents (including, without limitation,
enforcement or collection of the Loan), the Agent shall not be required to
exercise any discretion or take any action, which, in the reasonable opinion of
the Agent, exposes the Agent to liability or which is contrary to this Agreement
or any other Loan Document or

                                      -76-
<PAGE>

Applicable Law. The Lenders hereby agree that the Required Lenders shall make
all decisions concerning (A) waivers, (B) amendments, (C) remedial action,
including, without limitation, the right to call a default, accelerate take
action to realize upon the Collateral, and (D) performance by the Lenders or
enforcement of the rights of the Lenders hereunder and under the Intercreditor
Agreement; provided, however, that the foregoing shall not limit the rights of
all Lenders under Section 12.02 hereof.

            Section 10.02 Nature of Duties. The Agent shall have no duties or
responsibilities except those expressly set forth in this Agreement or in the
other Loan Documents. The duties of the Agent shall be mechanical and
administrative in nature. Neither the Agent nor the Lenders shall have by reason
of this Agreement or any other Loan Document any fiduciary relationship. Nothing
in this Agreement or any other Loan Document, express or implied, is intended to
or shall be construed to impose upon the Agent or the Required Lenders any
obligations in respect of this Agreement or any other Loan Document except as
expressly set forth herein or therein. Each Lender shall make its own
independent investigation of the financial condition and affairs of the Loan
Parties in connection with the making and the continuance of the Loan hereunder
and shall make its own appraisal of the creditworthiness of the Loan Parties and
the value of the Collateral, and neither the Agent nor the Required Lenders
shall have any duty or responsibility, either initially or on a continuing
basis, to provide any Lender with any credit or other information with respect
thereto, whether coming into its possession before the initial Loan hereunder or
at any time or times thereafter; provided, that, upon the reasonable request of
a Lender, the Agent shall provide to such Lender any documents or reports
delivered to the Agent by the Loan Parties pursuant to the terms of this
Agreement or any other Loan Document.

            Section 10.03 Rights; Exculpation, Etc. Neither the Agent nor the
Lenders, nor any of their respective directors, officers, agents or employees
shall be liable for any action taken or omitted to be taken by them under or in
connection with this Agreement or the other Loan Documents, except for their own
gross negligence or willful misconduct as determined by a final judgment of a
court of competent jurisdiction. Without limiting the generality of the
foregoing, the Agent and the Lenders (i) may treat the payee of any Loan as the
owner thereof until the Agent receives written notice of the assignment or
transfer thereof, pursuant to Section 12.07 hereof, signed by such payee and in
form satisfactory to the Agent; (ii) may consult with legal counsel (including,
without limitation, counsel to the Agent or counsel to the Loan Parties),
independent public accountants, and other experts selected by any of them and
shall not be liable for any action taken or omitted to be taken in reasonable
good faith by any of them in accordance with the advice of such counsel or
experts; (iii) make no warranty or representation to any Lender and shall not be
responsible to any Lender for any statements, certificates, warranties or
representations made in or in connection with this Agreement or the other Loan
Documents; (iv) shall not have any duty to ascertain or to inquire as to the
performance or observance of any of the terms, covenants or conditions of this
Agreement or the other Loan Documents on the part of any Person, the existence
or possible existence of any Default or Event of Default, or to inspect the
Collateral or other property (including, without limitation, the books and
records) of any Person; (v) shall not be responsible to any Lender for the due
execution, legality, validity, enforceability, genuineness, sufficiency or value
of this Agreement or the other Loan Documents or any other instrument or
document furnished pursuant hereto or thereto. Neither the Agent nor the
Required Lenders shall be liable for any apportionment or distribution of
payments made in

                                      -77-
<PAGE>

good faith pursuant to Section 3.04; and (vi) shall not be deemed to have made
any representation or warranty regarding the existence, value or collectibility
of the Collateral, the existence, priority or perfection of the Agent's Lien
thereon, or any certificate prepared by any Loan Party in connection therewith,
nor shall the Agent or the Required Lenders be responsible or liable to the
Lenders for any failure to monitor or maintain any portion of the Collateral.
The Agent may at any time (but shall not be required to) request instructions
from the Required Lenders with respect to any actions or approvals which by the
terms of this Agreement or of any of the other Loan Documents the Agent is
permitted or required to take or to grant, and if such instructions are promptly
requested, the Agent shall be absolutely entitled to refrain from taking any
action or to withhold any approval under any of the Loan Documents until it
shall have received such instructions from the Required Lenders. Without
limiting the foregoing, no Lender shall have any right of action whatsoever
against the Agent as a result of the Agent acting or refraining from acting
under this Agreement or any of the other Loan Documents in accordance with the
instructions of the Required Lenders, or against the Required Lenders on the
same basis for which a right of action could be brought against the Agent in
connection with such acting or refraining from acting, except to the extent such
action, lack of action or instruction is determined by a court of competent
jurisdiction, pursuant to a final judgment, to have constituted gross negligence
or willful misconduct.

            Section 10.04 Reliance. The Agent shall be entitled to rely upon any
written notices, statements, certificates, orders or other documents or any
telephone message believed by it in reasonable good faith to be genuine and
correct and to have been signed, sent or made by the proper Person, and with
respect to all matters pertaining to this Agreement or any of the other Loan
Documents and its duties hereunder or thereunder, upon advice of counsel
selected by it.

            Section 10.05 Indemnification. To the extent that the Agent is not
reimbursed and indemnified by any Loan Party, the Lenders will reimburse and
indemnify the Agent from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses, advances
or disbursements of any kind or nature whatsoever which may be imposed on,
incurred by, or asserted against the Agent in any way relating to or arising out
of this Agreement or any of the other Loan Documents (it being understood that
the foregoing shall not be deemed to include principal, interest or fees owed by
a Loan Party to the Agent) or any action taken or omitted by the Agent under
this Agreement or any of the other Loan Documents, in proportion to each
Lender's Pro Rata Share, including, without limitation, advances and
disbursements made pursuant to Section 10.08; provided, however, that no Lender
shall be liable for any portion of such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses, advances or
disbursements for which there has been a final judicial determination that such
liability resulted from the Agent's gross negligence or willful misconduct. The
obligations of the Lenders under this Section 10.05 shall survive the payment in
full of the Loan and the termination of this Agreement.

            Section 10.06 Agent Individually. With respect to its Pro Rata Share
of the Loan made by it, the Agent shall have and may exercise the same rights
and powers hereunder and is subject to the same obligations and liabilities as
and to the extent set forth herein for any other Lender or maker of a Loan. The
term "Lenders" or "Required Lenders" or any similar terms shall, unless the
context clearly otherwise indicates, include the Agent in its individual
capacity as a Lender. The Agent and its Affiliates may accept deposits from,
lend money to, and

                                      -78-
<PAGE>

generally engage in any kind of banking, trust or other business with any Key
Loan Party as if it were not acting as the Agent pursuant hereto without any
duty to account to the other Lenders.

            Section 10.07 Successor Agent. (a) The Agent may resign from the
performance of all its functions and duties hereunder and under the other Loan
Documents at any time by giving at least thirty (30) Business Days' prior
written notice to the Borrower and each Lender. Such resignation shall take
effect upon the acceptance by a successor Agent of appointment pursuant to
clauses (b) and (c) below or as otherwise provided below.

                  (b) Upon any such notice of resignation, the Borrower shall
appoint a successor Agent acceptable to SSC. Upon the acceptance of any
appointment as Agent hereunder by a successor Agent, such successor Agent shall
thereupon succeed to and become vested with all the rights, powers, privileges
and duties of the Agent, and the Agent shall be discharged from its duties and
obligations under this Agreement and the other Loan Documents. After the Agent's
resignation hereunder as the Agent, the provisions of this Article X shall inure
to its benefit as to any actions taken or omitted to be taken by it while it was
the Agent under this Agreement and the other Loan Documents.

                  (c) If a successor Agent shall not have been so appointed
within said thirty (30) Business Day period, the Agent shall then appoint a
successor Agent who shall serve as the Agent until such time, if any, as the
Borrower (with the consent of SSC) appoints a successor Agent as provided above.

            Section 10.08 Collateral Matters.

                  (a) The Agent may from time to time make such disbursements
and advances ("Agent Advances") which the Agent, in its sole discretion, deems
reasonably necessary or desirable to preserve, protect, prepare for sale or
lease or dispose of the Collateral or any portion thereof, to enhance the
likelihood or maximize the amount of repayment by the Borrower of the Loan and
other Obligations or to pay any other amount chargeable to the Key Loan Parties
pursuant to the terms of this Agreement, including, without limitation, costs,
fees and expenses as described in Section 12.04. The Agent Advances shall be
repayable on demand and be secured by the Collateral. The Agent Advances shall
constitute Obligations hereunder. The Agent shall notify each Lender and the
Borrower in writing of each such Agent Advance, which notice shall include a
description of the purpose of such Agent Advance. Without limitation to its
obligations pursuant to Section 10.05, each Lender agrees that it shall make
available to the Agent, upon the Agent's demand, in Dollars in immediately
available funds, the amount equal to such Lender's Pro Rata Share of each such
Agent Advance. If such funds are not made available to the Agent by such Lender,
the Agent shall be entitled to recover such funds on demand from such Lender,
together with interest thereon for each day from the date such payment was due
until the date such amount is paid to the Agent, at the Federal Funds Rate for
three Business Days and thereafter at the Reference Rate.

                  (b) The Lenders hereby irrevocably authorize the Agent, at its
option and in its discretion, to release any Lien granted to or held by the
Agent upon any Collateral upon payment and satisfaction of the Loan and all
other Obligations which have matured and which the Agent has been notified in
writing are then due and payable; or constituting property

                                      -79-
<PAGE>

being sold or disposed of in compliance with the terms of this Agreement and the
other Loan Documents; or constituting property in which the Loan Parties owned
no interest at the time the Lien was granted or at any time thereafter; or if
approved, authorized or ratified in writing by the Lenders. Upon request by the
Agent at any time, the Lenders will confirm in writing the Agent's authority to
release particular types or items of Collateral pursuant to this Section
10.08(b).

                  (c) Without in any manner limiting the Agent's authority to
act without any specific or further authorization or consent by the Lenders (as
set forth in Section 10.08(b)), each Lender agrees to confirm in writing, upon
request by the Agent, the authority to release Collateral conferred upon the
Agent under Section 10.08(b). Upon receipt by the Agent of confirmation from the
Lenders of its authority to release any particular item or types of Collateral,
and upon prior written request by any Loan Party, the Agent shall (and is hereby
irrevocably authorized by the Lenders to) execute such documents as may be
necessary to evidence the release of the Liens granted to the Agent for the
benefit of the Lenders upon such Collateral; provided, however, that (i) the
Agent shall not be required to execute any such document on terms which, in the
Agent's opinion, would expose the Agent to liability or create any obligations
or entail any consequence other than the release of such Liens without recourse
or warranty, and (ii) such release shall not in any manner discharge, affect or
impair the Obligations or any Lien upon (or obligations of any Loan Party in
respect of) all interests in the Collateral retained by any Loan Party.

                  (d) The Agent shall have no obligation whatsoever to any
Lender to assure that the Collateral exists or is owned by the Loan Parties or
is cared for, protected or insured or has been encumbered or that the Lien
granted to the Agent pursuant to this Agreement or any other Loan Document has
been properly or sufficiently or lawfully created, perfected, protected or
enforced or is entitled to any particular priority, or to exercise at all or in
any particular manner or under any duty of care, disclosure or fidelity, or to
continue exercising, any of the rights, authorities and powers granted or
available to the Agent in this Section 10.08 or in any other Loan Document, it
being understood and agreed that in respect of the Collateral, or any act,
omission or event related thereto, the Agent may act in any manner it may deem
appropriate, in its sole discretion, given the Agent's own interest in the
Collateral as one of the Lenders and that the Agent shall have no duty or
liability whatsoever to any other Lender, except as otherwise provided herein.

            Section 10.09 Agency for Perfection. Each Lender hereby appoints the
Agent and each other Lender as agent and bailee for the purpose of perfecting
the security interests in and liens upon the Collateral in assets which, in
accordance with Article 9 of the Uniform Commercial Code, can be perfected only
by possession or control (or where the security interest of a secured party with
possession or control has priority over the security interest of another secured
party) and each Agent and each Lender hereby acknowledges that it holds
possession of or otherwise controls any such Collateral for the benefit of the
Agent and the Lenders as secured party. Should any Lender obtain possession or
control of any such Collateral, such Lender shall notify the Agent thereof, and,
promptly upon the Agent's request therefor shall deliver such Collateral to the
Agent or in accordance with the Agent's instructions. Each Loan Party by its
execution and delivery of this Agreement hereby consents to the foregoing.

                                      -80-
<PAGE>

                                   ARTICLE XI

                                    GUARANTY

            Section 11.01 Guaranty. Each Guarantor hereby unconditionally and
irrevocably guarantees the punctual payment when due, whether at stated
maturity, by acceleration or otherwise, of all Obligations of the Borrower and
the Parent, now or hereafter existing under any Loan Document, whether for
principal, interest (including, without limitation, all interest that accrues
after the commencement of any Insolvency Proceeding of the Borrower or the
Parent), fees, commissions, indemnifications or otherwise (such obligations, to
the extent not paid by the Borrower or the Parent, as applicable, being the
"Guaranteed Obligations"), and agrees to pay any and all expenses (including
reasonable counsel fees and expenses) incurred by the Agent and the Lenders in
enforcing any rights under the Guaranty set forth in this Article XI. Without
limiting the generality of the foregoing, each Guarantor's liability shall
extend to all amounts that constitute part of the Guaranteed Obligations and
would be owed by the Borrower or the Parent, as applicable, to the Agent and the
Lenders under any Loan Document but for the fact that they are unenforceable or
not allowable due to the existence of an Insolvency Proceeding involving the
Borrower or the Parent, as applicable.

            Section 11.02 Guaranty Absolute. Each Guarantor guarantees that the
Guaranteed Obligations will be paid strictly in accordance with the terms of the
Loan Documents, regardless of any law, regulation or order now or hereafter in
effect in any jurisdiction affecting any of such terms or the rights of the
Agent or the Lenders with respect thereto. The Obligations of each Guarantor
under this Article XI are independent of the Guaranteed Obligations, and a
separate action or actions may be brought and prosecuted against each Guarantor
to enforce such Obligations, irrespective of whether any action is brought
against any Loan Party or any other Person or whether any Loan Party or any
other Person is joined in any such action or actions. The liability of each
Guarantor under this Article XI shall be irrevocable, absolute and unconditional
irrespective of, and each Guarantor hereby irrevocably waives any defenses it
may now or hereafter have in any way relating to, any or all of the following:

                  (a) Any lack of validity or enforceability of any Loan
Document or any agreement or instrument relating thereto;

                  (b) Any change in the time, manner or place of payment of, or
in any other term of, all or any of the Guaranteed Obligations, or any other
amendment or waiver of or any consent to departure from any Loan Document,
including, without limitation, any increase in the Guaranteed Obligations
resulting from the extension of additional credit to any Loan Party or
otherwise;

                  (c) Any taking, exchange, release or non-perfection of any
Collateral, or any taking, release or amendment or waiver of or consent to
departure from any other Guaranty, for all or any of the Guaranteed Obligations;

                  (d) Any change, restructuring or termination of the corporate,
limited liability company or partnership structure or existence of any Loan
Party; or

                                      -81-
<PAGE>

                  (e) Any other circumstance (including, without limitation, any
statute of limitations) or any existence of or reliance on any representation by
the Agent or the Lenders that might otherwise constitute a defense available to,
or a discharge of, any Loan Party or any other Guarantor or surety.

This Article XI shall continue to be effective or be reinstated, as the case may
be, if at any time any payment of any of the Guaranteed Obligations is rescinded
or must otherwise be returned by the Agent, the Lenders or any other person upon
the insolvency, bankruptcy or reorganization of the Borrower or the Parent or
otherwise, all as though such payment had not been made.

            Section 11.03 Waiver. Each Guarantor hereby waives promptness,
diligence, notice of acceptance and any other notice with respect to any of the
Guaranteed Obligations and this Article XI and any requirement that the Agent or
the Lenders exhaust any right or take any action against any Loan Party or any
other Person or any Collateral. Each Guarantor acknowledges that it will receive
direct and indirect benefits from the financing arrangements contemplated herein
and that the waiver set forth in this Section 11.03 is knowingly made in
contemplation of such benefits. Each Guarantor hereby waives any right to revoke
this Article XI, and acknowledges that this Article XI is continuing in nature
and applies to all Guaranteed Obligations, whether existing now or in the
future.

            Section 11.04 Continuing Guaranty; Assignments. This Article XI is a
continuing guaranty and shall (a) remain in full force and effect until the
later of the cash payment in full of the Guaranteed Obligations (other than
indemnification obligations as to which no claim has been made) and all other
amounts payable under this Article XI and the Final Maturity Date, (b) be
binding upon each Guarantor, its successors and assigns and (c) inure to the
benefit of and be enforceable by the Agent and the Lenders and their successors,
pledgees, transferees and assigns. Without limiting the generality of the
foregoing clause (c), any Lender may pledge, assign or otherwise transfer all or
any portion of its rights and obligations under this Agreement (including,
without limitation, all or any portion of its Pro Rata Share of the Loan owing
to it) to any other Person, and such other Person shall thereupon become vested
with all the benefits in respect thereof granted such Lender herein or
otherwise, in each case as provided in Section 12.07.

            Section 11.05 Subrogation. No Guarantor will exercise any rights
that it may now or hereafter acquire against any Loan Party or any other
Guarantor that arise from the existence, payment, performance or enforcement of
such Guarantor's obligations under this Article XI, including, without
limitation, any right of subrogation, reimbursement, exoneration, contribution
or indemnification and any right to participate in any claim or remedy of the
Agent and the Lenders against any Loan Party or any other Guarantor or any
Collateral, whether or not such claim, remedy or right arises in equity or under
contract, statute or common law, including, without limitation, the right to
take or receive from any Loan Party or any other Guarantor, directly or
indirectly, in cash or other property or by set-off or in any other manner,
payment or security solely on account of such claim, remedy or right, unless and
until all of the Guaranteed Obligations and all other amounts payable under this

                                      -82-
<PAGE>

Article XI shall have been paid in full in cash and the Final Maturity Date
shall have occurred. If any amount shall be paid to any Guarantor in violation
of the immediately preceding sentence at any time prior to the later of the
payment in full in cash of the Guaranteed Obligations and all other amounts
payable under this Article XI and the Final Maturity Date, such amount shall be
held in trust for the benefit of the Agent and the Lenders and shall forthwith
be paid to the Agent and the Lenders to be credited and applied to the
Guaranteed Obligations and all other amounts payable under this Article XI,
whether matured or unmatured, in accordance with the terms of this Agreement or
to be held as Collateral for any Guaranteed Obligations or other amounts payable
under this Article XI thereafter arising. If (i) any Guarantor shall make
payment to the Agent and the Lenders of all or any part of the Guaranteed
Obligations, (ii) all of the Guaranteed Obligations and all other amounts
payable under this Article XI shall be paid in full in cash and (iii) the Final
Maturity Date shall have occurred, the Agent and the Lenders will, at such
Guarantor's request and expense, execute and deliver to such Guarantor
appropriate documents, without recourse and without representation or warranty,
necessary to evidence the transfer by subrogation to such Guarantor of an
interest in the Guaranteed Obligations resulting from such payment by such
Guarantor.

                                   ARTICLE XII

                                  MISCELLANEOUS

            Section 12.01 Notices, Etc. All notices and other communications
provided for hereunder shall be in writing and shall be mailed (by certified
mail, postage, prepaid and return receipt requested), telecopied or delivered,
if to any Loan Party, at the following address:

            Value City Department Stores LLC
            3241 Westerville Road
            Columbus, OH 43224
            Attention: General Counsel
            Telephone:  (614) 478-3424
            Telecopier: (614) 473-4682

            with a copy to:

            Simpson Thacher & Bartlett LLP
            425 Lexington Avenue
            New York, New York 10017
            Attention: David Mack, Esq./Alan Brenner, Esq.
            Telephone:  212-455-2518/3378
            Telecopier: 212-455-2502

            if to the Agent, to it at the following address:

            Cerberus Partners, L.P.
            299 Park Avenue
            New York, New York  10171
            Attention:  Lenard Tessler
            Telephone:  (212) 909-1464
            Telecopier: (212) 755-3009


                                      -83-
<PAGE>

            with a copy to:

            Schulte Roth & Zabel LLP
            919 Third Avenue
            New York, New York  10022
            Attention:  Nancy Finkelstein, Esq.
            Telephone:  212-756-2419
            Telecopier: 212-593-5955

            or, as to each party, at such other address as shall be designated
by such party in a written notice to the other parties complying as to delivery
with the terms of this Section 12.01. All such notices and other communications
shall be effective, (i) if sent by certified mail, return receipt requested, the
date when actually received, (ii) if sent by recognized overnight express
delivery, the Business Day following the day when sent, (iii) if delivered by
hand on a Business Day after 9:00 AM and no later than three (3) hours prior to
the close of customary business hours of the recipient, when delivered
(otherwise, at the opening of the then next Business Day), and (iv) by
telecopier and sent on a Business Day after 9:00 AM and no later than three (3)
hours prior to the close of customary business hours of the recipient, one (1)
hour after being sent (otherwise, at the opening of the then next Business Day).

            Section 12.02 Amendments, Etc. No amendment or waiver of any
provision of this Agreement, and no consent to any departure by any Loan Party
therefrom, shall in any event be effective unless the same shall be in writing
and signed by the Agent, the Borrower and the Guarantors, and then such waiver
or consent shall be effective only in the specific instance and for the specific
purpose for which given, provided, however, that no amendment, waiver or consent
shall (i) reduce the principal of, or interest on, the Loan, reduce the amount
of any fee payable for the account of any Lender, or postpone or extend any date
fixed for any payment of principal of, or interest or fees on the Loan payable
to any Lender, in each case without the written consent of any Lender affected
thereby, (ii) amend the definition of "Pro Rata Share", (iii) release all or a
substantial portion of the Collateral (except as otherwise provided in this
Agreement and the other Loan Documents), subordinate any Lien granted in favor
of the Agent for the benefit of the Lenders, or release the Borrower or any
Guarantor or (iv) amend, modify or waive Section 3.04, Article XII or this
Section 12.02 of this Agreement in each case, without the written consent of
each Lender. Notwithstanding the foregoing, no amendment, waiver or consent
shall, unless in writing and signed by the Agent, affect the rights or duties of
the Agent (but not in its capacity as a Lender) under this Agreement or the
other Loan Documents.

            Section 12.03 No Waiver; Remedies, Etc. No failure on the part of
the Agent or any Lender to exercise, and no delay in exercising, any right
hereunder or under any other Loan Document shall operate as a waiver thereof;
nor shall any single or partial exercise of any right under any Loan Document
preclude any other or further exercise thereof or the exercise of any other
right. The rights and remedies of the Agent and the Lenders provided herein and
in the other Loan Documents are cumulative and are in addition to, and not
exclusive of, any rights or remedies provided by law. The rights of the Agent
and the Lenders under any Loan Document against any party thereto are not
conditional or contingent on any attempt by the Agent and the Lenders to
exercise any of their rights under any other Loan Document against such party or
against any other Person.

                                      -84-
<PAGE>

            Section 12.04 Expenses; Taxes; Attorneys' Fees. The Borrower will
pay within ten (10) days after demand therefor (which demand shall include a
statement of the nature thereof), all costs and expenses incurred by or on
behalf of the Agent and each Lender, regardless of whether the transactions
contemplated hereby are consummated, including, without limitation, reasonable
fees, costs, client charges and expenses of counsel for the Agent and each
Lender), accounting, due diligence, periodic field audits, physical counts,
valuations, investigations, searches and filings, monitoring of assets,
appraisals of Collateral, title searches and reviewing environmental
assessments, miscellaneous disbursements, examination, travel, lodging and
meals, arising from or relating to the following: (a) the negotiation,
preparation, execution, delivery, performance and administration of this
Agreement and the other Loan Documents (including, without limitation, the
preparation of any additional Loan Documents pursuant to Section 6.01(b) or the
review of any of the agreements, instruments and documents referred to in
Section 6.01(f)); (b) any requested amendments, waivers or consents to this
Agreement or the other Loan Documents whether or not such documents become
effective or are given; (c) the preservation and protection of any of the
Lenders' rights under this Agreement or the other Loan Documents; (d) the
defense of any claim or action asserted or brought against the Agent or any
Lender by any Person that arises from or relates to this Agreement, any other
Loan Document, the Agent's or the Lenders' claims against any Loan Party, or any
and all matters in connection therewith; (e) the commencement or defense of, or
intervention in, any court proceeding arising from or related to this Agreement
or any other Loan Document; (f) the filing of any petition, complaint, answer,
motion or other pleading by the Agent or any Lender, or the taking of any action
in respect of the Collateral or other security, in connection with this
Agreement or any other Loan Document; (g) the protection, collection, lease,
sale, taking possession of or liquidation of, any Collateral or other security
in connection with this Agreement or any other Loan Document; (h) any attempt to
enforce any Lien or security interest in any Collateral or other security in
connection with this Agreement or any other Loan Document; (i) any attempt to
collect from any Loan Party; (j) all liabilities and costs arising from or in
connection with the past, present or future operations of any Loan Party
involving any damage to real or personal property or natural resources or harm
or injury alleged to have resulted from any Release of Hazardous Materials on,
upon or into such property; (k) any Environmental Liabilities and Costs incurred
in connection with the investigation, removal, cleanup and/or remediation of any
Hazardous Materials present or arising out of the operations of any facility of
any Loan Party; (l) any Environmental Liabilities and Costs incurred in
connection with any Environmental Lien; or (m) the receipt by the Agent or any
Lender of any advice from professionals with respect to any of the foregoing;
provided that with respect to clauses (d), (e) and (f) above, such costs and
expenses shall not include those costs and expenses that have been determined by
a court of competent jurisdiction to have resulted from the gross negligence or
willful misconduct of such Lender or Agent, as the case may be. Without
limitation of the foregoing or any other provision of any Loan Document: (x) the
Borrower agree to pay all stamp, document, transfer, recording or filing taxes
or fees and similar impositions now or hereafter determined by the Agent or any
Lender to be payable in connection with this Agreement or any other Loan
Document, and the Borrower agrees to save the Agent and each Lender harmless
from and against any and all present or future claims, liabilities or losses
with respect to or resulting from any omission to pay or delay in paying any
such taxes, fees or impositions unless such omission is the result of the gross
negligence or willful misconduct of any Lender; (y) the Borrower agrees to pay
all broker and investment banking

                                      -85-
<PAGE>

fees that may become due in connection with the transactions contemplated by
this Agreement and the other Loan Documents (the Agent and the Lenders represent
and warrant that no brokers have been engaged or retained by any of them in
connection with the transactions evidenced by the Loan Documents); and (z) if
the Borrower fails to perform any covenant or agreement contained herein or in
any other Loan Document, the Agent may itself perform or cause performance of
such covenant or agreement, and the expenses of the Agent incurred in connection
therewith shall be reimbursed on demand by the Borrower.

            Section 12.05 Right of Set-off. Upon the occurrence and during the
continuance of any Event of Default, the Agent or any Lender may, and is hereby
authorized to, at any time and from time to time, without notice to any Loan
Party (any such notice being expressly waived by the Loan Parties) and to the
fullest extent permitted by law, set off and apply any and all deposits (general
or special, time or demand, provisional or final) at any time held and other
Indebtedness at any time owing by the Agent or such Lender to or for the credit
or the account of any Loan Party against any and all obligations of the Loan
Parties either now or hereafter existing under any Loan Document, irrespective
of whether or not the Agent or such Lender shall have made any demand hereunder
or thereunder and although such obligations may be contingent or unmatured. The
Agent and each Lender agree to notify such Loan Party promptly after any such
set-off and application made by the Agent or such Lender provided that the
failure to give such notice shall not affect the validity of such set-off and
application. The rights of the Agent and the Lenders under this Section 12.05
are in addition to the other rights and remedies (including other rights of
set-off) which the Agent and the Lenders may have under this Agreement or any
other Loan Documents of law or otherwise.

            Section 12.06 Severability. Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining portions hereof or affecting the validity or
enforceability of such provision in any other jurisdiction.

            Section 12.07 Assignments and Participations. (a) This Agreement and
the other Loan Documents shall be binding upon and inure to the benefit of each
Loan Party and the Agent and each Lender and their respective successors and
assigns; provided, however, that none of the Loan Parties may assign or transfer
any of its rights hereunder without the prior written consent of each Lender and
any such assignment without the Lenders' prior written consent shall be null and
void.

                  (b) Each Lender may, with the written consent (which consent
shall not be unreasonably withheld) of SSC (so long as SSC is the Agent or a
Lender under this Agreement) and the Borrower (so long as no Event of Default
has occurred and is continuing), assign to one or more other Lenders or other
Eligible Assignees all or a portion of its rights and obligations under this
Agreement (including, without limitation, all or a portion of the Loan made by
it); provided, however, that (i) such assignment is in an amount which is at
least $5,000,000 or a multiple of $1,000,000 in excess thereof (or the remainder
of such Lender's Pro Rata Share of the Loan) (except such minimum amount shall
not apply to an assignment by a Lender to an Affiliate of such Lender or a fund
or account managed by such Lender or an Affiliate of such Lender or, in the case
of SSC, a shareholder of such Lender), (ii) the parties to each such assignment
shall execute and deliver to the Agent, for its acceptance, an Assignment

                                      -86-
<PAGE>

and Acceptance, together with any promissory note subject to such assignment and
such parties shall deliver to the Agent a processing and recordation fee of
$5,000 (except the payment of such fee shall not be required in connection with
an assignment by a Lender to an Affiliate of such Lender or a fund or account
managed by such Lender or an Affiliate of such Lender, or, in the case of SSC, a
shareholder of such Lender) and (iii) no written consent of the SSC and the
Borrower shall be required in connection with any assignment by a Lender to an
Affiliate of such Lender or a fund or account managed by such Lender or an
Affiliate of such Lender, or in the case of SSC, a shareholder of such Lender.
Upon such execution, delivery and acceptance, from and after the effective date
specified in each Assignment and Acceptance, which effective date shall be at
least three (3) Business Days after the delivery thereof to the Agent (or such
shorter period as shall be agreed to by the Agent and the parties to such
assignment), (A) the assignee thereunder shall become a "Lender" hereunder and,
in addition to the rights and obligations hereunder held by it immediately prior
to such effective date, have the rights and obligations hereunder that have been
assigned to it pursuant to such Assignment and Acceptance and (B) the assigning
Lender thereunder shall, to the extent that rights and obligations hereunder
have been assigned by it pursuant to such Assignment and Acceptance, relinquish
its rights and be released from its obligations under this Agreement (and, in
the case of an Assignment and Acceptance covering all or the remaining portion
of an assigning Lender's rights and obligations under this Agreement, such
Lender shall cease to be a party hereto).

                        (i) By executing and delivering an Assignment and
Acceptance, the assigning Lender and the assignee thereunder confirm to and
agree with each other and the other parties hereto as follows: (A) other than as
provided in such Assignment and Acceptance, the assigning Lender makes no
representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with this
Agreement or any other Loan Document or the execution, legality, validity,
enforceability, genuineness, sufficiency or value of this Agreement or any other
Loan Document furnished pursuant hereto provided that such assigning Lender's
obligations and responsibilities under the confidentiality provisions of this
Agreement shall continue despite any assignment by such assigning Lender; (B)
the assigning Lender makes no representation or warranty and assumes no
responsibility with respect to the financial condition of any Loan Party or any
of its Subsidiaries or the performance or observance by any Loan Party of any of
its obligations under this Agreement or any other Loan Document furnished
pursuant hereto; (C) such assignee confirms that it has received a copy of this
Agreement and the other Loan Documents, together with such other documents and
information it has deemed appropriate to make its own credit analysis and
decision to enter into such Assignment and Acceptance; (D) such assignee will,
independently and without reliance upon the assigning Lender, the Agent or any
Lender and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking
action under this Agreement and the other Loan Documents; (E) such assignee
appoints and authorizes the Agent to take such action as agent on its behalf and
to exercise such powers under this Agreement and the other Loan Documents as are
delegated to the Agent by the terms hereof and thereof, together with such
powers as are reasonably incidental hereto and thereto; and (F) such assignee
agrees that it will perform in accordance with their terms all of the
obligations which by the terms of this Agreement and the other Loan Documents
are required to be performed by it as a Lender.

                                      -87-
<PAGE>

                        (ii) The Borrower authorizes the Agent, and the Agent
agrees, to maintain, or cause to be maintained at the Payment Office, a copy of
each Assignment and Acceptance delivered to and accepted by it and a register
(the "Register") for the recordation of the names and addresses of the Lenders,
and the principal amount of the Loan (the "Registered Loans") owing to each
Lender from time to time. The entries in the Register shall be conclusive and
binding for all purposes, absent manifest error, and the Borrower, the Agent and
the Lenders shall treat each Person whose name is recorded in the Register as a
Lender hereunder for all purposes of this Agreement. The Register shall be
available for inspection by the Borrower and any Lender at any reasonable time
and from time to time upon reasonable prior notice.

                        (iii) Upon its receipt of an Assignment and Acceptance
executed by an assigning Lender and an assignee, together with any promissory
notes subject to such assignment, the Agent shall, if the Agent consents to such
assignment and if such Assignment and Acceptance has been completed (A) accept
such Assignment and Acceptance and (B) record the information contained therein
in the Register.

                        (iv) In addition to the other requirements contained in
this Section 12.07, a Registered Loan (and the registered note, if any,
evidencing the same) may be assigned or sold in whole or in part only by
registration of such assignment or sale on the Register (and each registered
note shall expressly so provide). Any assignment or sale of all or part of such
Registered Loan (and the registered note, if any, evidencing the same) may be
effected only by registration of such assignment or sale on the Register,
together with the surrender of the registered note, if any, evidencing the same
duly endorsed by (or accompanied by a written instrument of assignment or sale
duly executed by) the holder of such registered note, whereupon, at the request
of the designated assignee(s) or transferee(s), one or more new registered notes
in the same aggregate principal amount shall be issued to the designated
assignee(s) or transferee(s). Prior to the registration of assignment or sale of
any Registered Loan (and the registered note, if any, evidencing the same), the
Agent shall treat the Person in whose name such Registered Loan (and the
registered note, if any, evidencing the same) is registered as the owner thereof
for the purpose of receiving all payments thereon and for all other purposes,
notwithstanding notice to the contrary.

                        (v) In the event that any Lender sells participations in
a Registered Loan, such Lender shall maintain a register on which it enters the
name of all participants in the Registered Loans held by it (the "Participant
Register"). A Registered Loan (and the registered note, if any, evidencing the
same) may be participated in whole or in part only by registration of such
participation on the Participant Register (and each registered note shall
expressly so provide). Any participation of such Registered Loan (and the
registered note, if any, evidencing the same) may be effected only by the
registration of such participation on the Participant Register.

                        (vi) Any foreign Person who purchases or is assigned or
participates in any portion of such Registered Loan shall provide the Agent and
the assigning or selling Lender with a completed Internal Revenue Service Form
W-8BEN (Certificate of Foreign Status) or a substantially similar form for such
purchaser, participant or any other affiliate who is a holder of beneficial
interests in the Registered Loan.

                                      -88-
<PAGE>

                  (c) Each Lender may, with the written consent (which consent
shall not be unreasonably withheld) of SSC (so long as SSC is the Agent or a
Lender under this Agreement) and the Borrower (so long as no Event of Default
has occurred and is continuing), sell participations to one or more banks or
other entities in or to all or a portion of its rights and obligations under
this Agreement and the other Loan Documents (including, without limitation, all
or a portion of its Pro Rata Share of the Loan made by it); provided, that (i)
such Lender's obligations under this Agreement (including without limitation,
its Commitments hereunder) and the other Loan Documents shall remain unchanged;
(ii) such Lender shall remain solely responsible to the other parties hereto for
the performance of such obligations, and the Borrower, the Agent and the other
Lenders shall continue to deal solely and directly with such Lender in
connection with such Lender's rights and obligations under this Agreement and
the other Loan Documents; (iii) a participant shall not be entitled to require
such Lender to take or omit to take any action hereunder except (A) action
directly effecting an extension of the maturity dates or decrease in the
principal amount of the Loan, (B) action directly effecting an extension of the
due dates or a decrease in the rate of interest payable on the Loan or the fees
payable under this Agreement, or (C) actions directly effecting a release of any
Loan Party (except as provided otherwise by this Agreement or any other Loan
Document); and (iv) no consent of SSC or the Borrower will be required for the
sale by a Lender to an Affiliate of such Lender or a fund or account managed by
such Lender or an Affiliate of such Lender.

            Section 12.08 Counterparts. This Agreement may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which shall be deemed to be an original, but all of which taken together
shall constitute one and the same agreement. Delivery of an executed counterpart
of this Agreement by telecopier shall be equally as effective as delivery of an
original executed counterpart of this Agreement. Any party delivering an
executed counterpart of this Agreement by telecopier also shall deliver an
original executed counterpart of this Agreement but the failure to deliver an
original executed counterpart shall not affect the validity, enforceability, and
binding effect of this Agreement. The foregoing shall apply to each other Loan
Document mutatis mutandis.

            SECTION 12.09 GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN
DOCUMENTS (UNLESS EXPRESSLY PROVIDED TO THE CONTRARY IN ANOTHER LOAN DOCUMENT IN
RESPECT OF SUCH OTHER LOAN DOCUMENT) SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE
AND TO BE PERFORMED IN THE STATE OF NEW YORK.

            SECTION 12.10 CONSENT TO JURISDICTION; SERVICE OF PROCESS AND VENUE.
ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK IN THE COUNTY OF
NEW YORK OR OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW
YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH LOAN PARTY HEREBY
IRREVOCABLY ACCEPTS IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY,
THE JURISDICTION OF THE AFORESAID COURTS. NOTHING HEREIN SHALL AFFECT THE RIGHT
OF THE AGENT AND THE LENDERS TO SERVICE OF PROCESS IN ANY MANNER PERMITTED BY
LAW OR TO COMMENCE

                                      -89-
<PAGE>

LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY LOAN PARTY IN ANY OTHER
JURISDICTION. EACH LOAN PARTY HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER
HAVE TO THE JURISDICTION OR LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN
ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN
BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT ANY LOAN PARTY HAS OR
HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY
LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT,
ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS
PROPERTY, EACH LOAN PARTY HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF
ITS OBLIGATIONS UNDER THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.

            SECTION 12.11 WAIVER OF JURY TRIAL, ETC. EACH LOAN PARTY, THE AGENT
AND EACH LENDER HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM CONCERNING ANY RIGHTS UNDER THIS AGREEMENT OR THE
OTHER LOAN DOCUMENTS, OR UNDER ANY AMENDMENT, WAIVER, CONSENT, INSTRUMENT,
DOCUMENT OR OTHER AGREEMENT DELIVERED OR WHICH IN THE FUTURE MAY BE DELIVERED IN
CONNECTION THEREWITH, OR ARISING FROM ANY FINANCING RELATIONSHIP EXISTING IN
CONNECTION WITH THIS AGREEMENT, AND AGREES THAT ANY SUCH ACTION, PROCEEDINGS OR
COUNTERCLAIM SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. EACH LOAN
PARTY CERTIFIES THAT NO OFFICER, REPRESENTATIVE, AGENT OR ATTORNEY OF THE AGENT
OR ANY LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE AGENT OR ANY
LENDER WOULD NOT, IN THE EVENT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM, SEEK
TO ENFORCE THE FOREGOING WAIVERS. EACH LOAN PARTY HEREBY ACKNOWLEDGES THAT THIS
PROVISION IS A MATERIAL INDUCEMENT FOR THE AGENT AND THE LENDERS ENTERING INTO
THIS AGREEMENT.

            Section 12.12 Consent by the Agent and Lenders. Except as otherwise
expressly set forth herein to the contrary, if the consent, approval,
satisfaction, determination, judgment, acceptance or similar action (an
"Action") of the Agent shall be permitted or required pursuant to any provision
hereof or any provision of any other agreement to which any Loan Party is a
party and to which the Agent or any Lender has succeeded thereto, such Action
shall be required to be in writing and may be withheld or denied by the Agent,
in its sole good faith discretion.

            Section 12.13 No Party Deemed Drafter. Each of the parties hereto
agrees that no party hereto shall be deemed to be the drafter of this Agreement.

            Section 12.14 Reinstatement; Certain Payments. If any claim is ever
made upon the Agent or any Lender for repayment or recovery of any amount or
amounts received by the Agent or such Lender in payment or on account of any of
the Obligations, the Agent or such Lender shall give prompt notice of such claim
to each other Lender and the Borrower, and if the Agent or such Lender repays
all or part of such amount by reason of (i) any judgment, decree or

                                      -90-
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order of any court or administrative body having jurisdiction over the Agent or
such Lender or any of its property, or (ii) any good faith settlement or
compromise of any such claim effected by the Agent or such Lender with any such
claimant, then and in such event each Loan Party agrees that (A) any such
judgment, decree, order, settlement or compromise shall be binding upon it
notwithstanding the cancellation of any Indebtedness hereunder or under the
other Loan Documents or the termination of this Agreement or the other Loan
Documents, and (B) it shall be and remain liable to the Agent or such Lender
hereunder for the amount so repaid or recovered to the same extent as if such
amount had never originally been received by the Agent or such Lender.

            Section 12.15 Indemnification.

                  (a) General Indemnity. In addition to each Loan Party's other
Obligations under this Agreement, each Loan Party agrees to, jointly and
severally, defend, protect, indemnify and hold harmless the Agent and each
Lender and all of their respective officers, directors, employees, attorneys,
consultants and agents (collectively called the "Indemnitees") from and against
any and all losses, damages, liabilities, obligations, penalties, reasonable
fees, costs and expenses (including, without limitation, reasonable attorneys'
fees, costs and expenses) incurred by such Indemnitees, whether prior to or from
and after the Effective Date, whether direct, indirect or consequential, as a
result of or arising from or relating to or in connection with any of the
following: (i) the negotiation, preparation, execution or performance or
enforcement of this Agreement, any other Loan Document or of any other document
executed in connection with the transactions contemplated by this Agreement;
(ii) the Agent's or any Lender's furnishing of funds to the Borrower under this
Agreement or the other Loan Documents, including, without limitation, the
management of the Loan; (iii) any matter relating to the financing transactions
contemplated by this Agreement or the other Loan Documents or by any document
executed in connection with the transactions contemplated by this Agreement or
the other Loan Documents; or (iv) any claim, litigation, investigation or
proceeding relating to any of the foregoing, whether or not any Indemnitee is a
party thereto (collectively, the "Indemnified Matters"); provided, however, that
the Loan Parties shall not have any obligation to any Indemnitee under this
subsection (a) for any Indemnified Matter caused by the gross negligence or
willful misconduct of such Indemnitee, as determined by a final judgment of a
court of competent jurisdiction.

                  (b) Environmental Indemnity. Without limiting Section 12.15(a)
hereof, each Loan Party agrees to, jointly and severally, defend, indemnify, and
hold harmless the Indemnitees against any and all Environmental Liabilities and
Costs and all other claims, demands, penalties, fines, liability (including
strict liability), losses, damages, costs and expenses (including without
limitation, reasonable legal fees and expenses, consultant fees and laboratory
fees), arising out of (i) any Releases or threatened Releases (A) at any
property presently or formerly owned or operated by any Loan Party or any
Subsidiary of any Loan Party, or any predecessor in interest, or (B) of any
Hazardous Materials generated and disposed of by any Loan Party or any
Subsidiary of any Loan Party, or any predecessor in interest; (ii) any
violations of Environmental Laws; (iii) any Environmental Action relating to any
Loan Party or any Subsidiary of any Loan Party, or any predecessor in interest;
(iv) any personal injury (including wrongful death) or property damage (real or
personal) arising out of exposure to Hazardous Materials used, handled,
generated, transported or disposed by any Loan Party or any

                                      -91-
<PAGE>

Subsidiary of any Loan Party, or any predecessor in interest; and (v) any breach
of any warranty or representation regarding environmental matters made by the
Loan Parties in Section 6.01(g) or the breach of any covenant made by the Loan
Parties in Section 5.01(r). Notwithstanding the foregoing, the Loan Parties
shall not have any obligation to any Indemnitee under this subsection (b)
regarding any potential environmental matter covered hereunder which is caused
by the gross negligence or willful misconduct of such Indemnitee, as determined
by a final judgment of a court of competent jurisdiction.

                  (c) To the extent that the undertaking to indemnify, pay and
hold harmless set forth in this Section 12.15 may be unenforceable because it is
violative of any law or public policy, each Loan Party shall, jointly and
severally, contribute the maximum portion which it is permitted to pay and
satisfy under Applicable Law, to the payment and satisfaction of all Indemnified
Matters incurred by the Indemnitees. The indemnities set forth in this Section
12.15 shall survive the repayment of the Obligations and discharge of any Liens
granted under the Loan Documents.

            Section 12.16 [Intentionally Omitted.]

            Section 12.17 Records. The unpaid principal of and interest on the
Loan, the interest rate or rates applicable to such unpaid principal and
interest, the duration of such applicability, and the accrued and unpaid fees
shall at all times be ascertained from the records of the Agent, which shall be
rebuttably presumed to be correct, absent manifest error.

            Section 12.18 Binding Effect. This Agreement shall become effective
when it shall have been executed by each Loan Party, the Agent and each Lender
and when the conditions precedent set forth in Section 4.01 hereof have been
satisfied or waived in writing by the Agent, and thereafter shall be binding
upon and inure to the benefit of each Loan Party, the Agent and each Lender, and
their respective successors and assigns, except that the Loan Parties shall not
have the right to assign their rights hereunder or any interest herein without
the prior written consent of each Lender, and any assignment by any Lender shall
be governed by Section 12.07 hereof.

            Section 12.19 Maximum Interest. It is the intention of the parties
hereto that the Agent and each Lender shall conform strictly to usury laws
applicable to it. Accordingly, if the transactions contemplated hereby or by any
other Loan Document would be usurious as to the Agent or any Lender under laws
applicable to it (including the laws of the United States of America and the
State of New York or any other jurisdiction whose laws may be mandatorily
applicable to the Agent or such Lender notwithstanding the other provisions of
this Agreement), then, in that event, notwithstanding anything to the contrary
in this Agreement or any other Loan Document or any agreement entered into in
connection with or as security for the Obligations, it is agreed as follows: (i)
the aggregate of all consideration which constitutes interest under law
applicable to the Agent or any Lender that is contracted for, taken, reserved,
charged or received by the Agent or such Lender under this Agreement or any
other Loan Document or agreements or otherwise in connection with the
Obligations shall under no circumstances exceed the maximum amount allowed by
such applicable law, any excess shall be canceled automatically and if
theretofore paid shall be credited by the Agent or such Lender on the principal
amount of the Obligations (or, to the extent that the principal amount of the
Obligations shall have been or

                                      -92-
<PAGE>

would thereby be paid in full, refunded by the Agent or such Lender, as
applicable, to the Borrower); and (ii) in the event that the maturity of the
Obligations is accelerated by reason of any Event of Default under this
Agreement or otherwise, or in the event of any required or permitted prepayment,
then such consideration that constitutes interest under law applicable to the
Agent or any Lender may never include more than the maximum amount allowed by
such applicable law, and excess interest, if any, provided for in this Agreement
or otherwise shall be canceled automatically by the Agent or such Lender, as
applicable, as of the date of such acceleration or prepayment and, if
theretofore paid, shall be credited by the Agent or such Lender, as applicable,
on the principal amount of the Obligations (or, to the extent that the principal
amount of the Obligations shall have been or would thereby be paid in full,
refunded by the Agent or such Lender to the Borrower). All sums paid or agreed
to be paid to the Agent or any Lender for the use, forbearance or detention of
sums due hereunder shall, to the extent permitted by law applicable to the Agent
or such Lender, be amortized, prorated, allocated and spread throughout the full
term of the Loan until payment in full so that the rate or amount of interest on
account of the Loan hereunder does not exceed the maximum amount allowed by such
applicable law. If at an time and from time to time (x) the amount of interest
payable to the Agent or any Lender on any date shall be computed at the Highest
Lawful Rate applicable to the Agent or such Lender pursuant to this Section
12.19 and (y) in respect of any subsequent interest computation period the
amount of interest otherwise payable to the Agent or such Lender would be less
than the amount of interest payable to the Agent or such Lender computed at the
Highest Lawful Rate applicable to the Agent or such Lender, then the amount of
interest payable to the Agent or such Lender in respect of such subsequent
interest computation period shall continue to be computed at the Highest Lawful
Rate applicable to the Agent or such Lender until the total amount of interest
payable to the Agent or such Lender shall equal the total amount of interest
which would have been payable to the Agent or such Lender if the total amount of
interest had been computed without giving effect to this Section 12.19.

            For purposes of this Section 12.19, the term "applicable law" shall
mean that law in effect from time to time and applicable to the loan transaction
between the Borrower, on the one hand, and the Agent and the Lenders, on the
other, that lawfully permits the charging and collection of the highest
permissible, lawful non-usurious rate of interest on such loan transaction and
this Agreement, including laws of the State of New York and, to the extent
controlling, laws of the United States of America.

            The right to accelerate the maturity of the Obligations does not
include the right to accelerate any interest that has not accrued as of the date
of acceleration.

            Section 12.20 Confidentiality. The Agent and each Lender agrees (on
behalf of itself and each of its affiliates, directors, officers, employees and
representatives) to use reasonable precautions to keep confidential, in
accordance with its customary procedures for handling confidential information
of this nature and in accordance with safe and sound practices of comparable
commercial finance companies, any non-public information supplied to it by the
Loan Parties pursuant to this Agreement or the other Loan Documents which is
identified in writing by the Loan Parties as being confidential at the time the
same is delivered to such Person (or consists of information (such as business
plans and financial information) which is customarily confidential information)
(and which at the time is not, and does not thereafter become, publicly
available or legally available to such Person from another source (other than

                                      -93-
<PAGE>

the Loan Parties) on a nonconfidential basis), provided, that nothing herein
shall limit the disclosure of any such information (i) to the extent required by
statute, rule, regulation or judicial process, (ii) to counsel for the Agent or
any Lender, (iii) to examiners, auditors, accountants or Securitization Parties,
so long as such Person first agrees, in writing, to be bound by confidentiality
provisions similar in substance to this Section 12.20, (iv) in connection with
any litigation to which the Agent or any Lender is a party or (v) to any
assignee or participant (or prospective assignee or participant) so long as such
assignee or participant (or prospective assignee or participant) first agrees,
in writing, to be bound by confidentiality provisions similar in substance to
this Section 12.20. The Agent and each Lender agrees that, upon receipt of a
request or identification of the requirement for disclosure pursuant to clause
(iv) hereof, it will make reasonable efforts to keep the Loan Parties informed
of such request or identification; provided, that the each Loan Party
acknowledges that the Agent and each Lender may make disclosure as required or
requested by any Governmental Authority or representative thereof and that the
Agent and each Lender may be subject to review by Securitization Parties or
other regulatory agencies and may be required to provide to, or otherwise make
available for review by, the representatives of such parties or agencies any
such non-public information.

            Section 12.21 Integration. This Agreement, together with the other
Loan Documents, reflects the entire understanding of the parties with respect to
the transactions contemplated hereby and shall not be contradicted or qualified
by any other agreement, oral or written, before the date hereof.

                                  ARTICLE XIII
                     ISSUANCE OF EQUITY INTERESTS TO LENDERS

            Section 13.01 Authorization and Issuance of Warrants. On the
Effective Date, the Parent shall issue to the Lenders one or more warrant
certificates covering the purchase of shares of Common Stock and Class A Common
Shares substantially in the form of Exhibit B-2 hereto (such certificates,
together with the rights to purchase Common Stock and Class A Common Shares
provided thereby and all warrant certificates covering such stock issued upon
transfer, division or combination of, or in substitution for, any thereof, being
herein called the "Conversion Warrants") in an aggregate amount equal to, on the
Effective Date, in the case of an exercise of the Conversion Warrants for Common
Stock, the Common Stock Exercise Amount (as defined in the Conversion Warrant),
and in the case of an exercise of the Conversion Warrants for Class A Common
Shares, an amount equal to the Initial DSW Stock Exercise Amount. It is
understood and agreed that the Conversion Warrants contain provisions affecting
the number of shares of Common Stock and Class A Common Shares for which the
Conversion Warrants may be exercised and the exercise price of the Conversion
Warrants, and that such provisions are set forth in the Conversion Warrants.

            Section 13.02 Securities Act Matters.

                  (a) Each of the Lenders severally represents and warrants to
the Parent and for the benefit of DSW as of the date hereof and as of the date
of the issuance of the Conversion Warrants that:

                                      -94-
<PAGE>

                        (i) Such Lender is acquiring the Conversion Warrants
hereunder for its own account, without a view to, or sale in connection with,
the distribution thereof. Such Lender has no present agreement, undertaking,
arrangement, commitment or obligation providing for the disposition of the
Conversion Warrant or the Warrant Shares, all without prejudice, however, to the
right of such Lender at any time, in accordance with this Agreement, lawfully to
sell or otherwise to dispose of all or any part of the Conversion Warrants or
Warrant Stock held by it.

                        (ii) Such Lender is an "accredited investor" within the
meaning of Regulation D under the Securities Act. Such Lender has not retained,
utilized or been represented by any broker or finder in connection with the
transactions contemplated by this Agreement.

                        (iii) Such Lender acknowledges that, subject to the
Registration Rights Agreement and the DSW Registration Rights Agreement (A) the
Conversion Warrants and the Warrant Stock have not been registered under the
Securities Act, in reliance on the non-public offering exemption contained in
Section 4(2) of the Securities Act and Regulation D thereunder; (B) because the
Conversion Warrants and the Warrant Stock are not so registered, such Lender
must bear the economic risk of holding the Conversion Warrants and the Warrant
Stock for an indefinite period of time unless the Conversion Warrants and the
Warrant Stock are subsequently registered under the Securities Act or an
exemption from such registration is available with respect thereto; (C) Rule 144
under the Securities Act may or may not be available for resales of the
Conversion Warrants or the Warrant Stock in the future and, if so, may only be
available for sales in limited amounts; (D) there is presently no trading market
for the Conversion Warrants and there is no assurance that such market will
exist in the future; and (E) while there is presently a trading market for the
Warrant Stock, there is no assurance that such market will be in existence in
the future.

                        (iv) If such Lender decides to dispose of the Conversion
Warrants or the Warrant Stock, which it does not now contemplate, that such
Lender can do so only in accordance and in compliance with the Securities Act
and Rule 144 or another exemption from the registration requirements of the
Securities Act, as then in effect or through an effective registration statement
under the Securities Act.

                  (b) The Parent represents and warrants to each of the Lenders
as of the date hereof and as of the date of the issuance of the Conversion
Warrants that assuming the truth and accuracy of such Lender's representations
and warranties contained in Section 13.02(a), the issuance of the Conversion
Warrants hereunder and the issuance of shares of Common Stock and Class A Common
Shares to such Lender pursuant to the Conversion Warrants are exempt from the
registration and prospectus delivery requirements of the Securities Act.

                  (c) The Parent agrees that other than under or in connection
with the IPO, neither it nor any Person acting on its behalf has offered or will
offer the Conversion Warrants or Warrant Stock or any part thereof or any
similar securities for issue or sale to, or has solicited or will solicit any
offer to acquire any of the same from, any Person which to its knowledge, is or
will be integrated with the issuance of the Conversion Warrants.

                                      -95-
<PAGE>

            Section 13.03 Certain Taxes. The Parent shall pay all transfer
taxes, if any, which may be payable in connection with the execution and
delivery of this Agreement or the issuance of the Conversion Warrants or Warrant
Stock hereunder or in connection with any modification of this Agreement or the
Conversion Warrants and shall hold the Lenders harmless without limitation as to
time against any and all liabilities with respect to all such taxes. The
obligations of the Parent under this Section 13.03 shall survive any redemption,
repurchase or acquisition of Conversion Warrants or Warrant Stock by the Parent,
any termination of this Agreement, and any cancellation or termination of the
Conversion Warrants. The parties hereto agree that for income tax purposes, the
purchase price to be attributed to the Conversion Warrants issued to the Lenders
hereunder on the date hereof is $__________.

            Section 13.04 Cancellation and Issuance. If any Lender assigns or
otherwise transfers all or any of its Loan (including by selling participations
therein) to any Person, such Lender may request (upon 10 days' prior notice to
the Parent) that (a) a number of Conversion Warrants held by such Lender be
canceled on the date of such assignment and transfer and (b) a like number of
Conversion Warrants be issued by the Parent to the Person to whom such Loan is
being assigned or otherwise transferred. Upon the date specified in such
request:

                        (i) the Parent shall issue, and such Lender shall
surrender (or cause to be surrendered) for cancellation, such number of
Conversion Warrants as aforesaid, provided that such issuance shall not violate
the Securities Act or any applicable state securities laws and, if requested,
Parent receives an opinion of counsel as to such matters, satisfactory to it;
and

                        (ii) each Person that receives Conversion Warrants will
deliver a certificate to the Parent affirming the representations and warranties
contained in Section 13.02(a) hereof as of such date.

                                   ARTICLE XIV

                          TRANSACTIONS WITH AFFILIATES

            Section 14.01 Transaction Approval. Unless the Buyout Option (as
defined below) has been exercised, neither the Parent nor any of its
Subsidiaries shall enter into an SSC Transaction (as defined below) without the
prior written consent of CPLP. In the event that the Parent, SSC or any of their
Subsidiaries propose to enter into an SSC Transaction, Parent shall promptly
notify CPLP in writing of the proposed SSC Transaction (the "Notification Date")
which notice shall (i) describe the proposed SSC Transaction in reasonable
detail and (ii) be accompanied by such information as Parent reasonably believes
that a third party investor would reasonably require in order to determine the
fairness of the proposed SSC Transaction. The Parent shall promptly provide such
additional information (and make personnel available to discuss the same) as
CPLP may reasonably request regarding the SSC Transaction during the three (3)
Business Days following the Notification Date. Within five (5) Business Days of
the Notification Date, CPLP shall deliver to the Parent and SSC a written notice
(an "Objection Notice") stating that it objects to such SSC Transaction (the
"Objection Date"). If CPLP does not deliver an Objection Notice with respect to
an SSC Transaction on or prior to the Objection Date, it shall be deemed
(subject to the provisions of Section 14.02(b)) to have consented to such

                                      -96-
<PAGE>

SSC Transaction.

            An "SSC Transaction" means any transaction, agreement, arrangement,
lease, guaranty, loan or advance of money (including, without limitation, the
purchase, sale, lease or exchange of any property or the rendering of any
service) or a series of related transactions or the material amendment or
modification of any existing or previously approved transaction, between (i) the
Parent or any of its Subsidiaries and (ii) SSC or any Affiliate of SSC (other
than the Parent and its Subsidiaries but including, for purposes of this
definition, any Person to whom SSC transfers any of the Common Stock that was
owned by SSC on the Effective Date) unless: (x) the transaction, or series of
related transactions, has a value of at less than $500,000, (y) such
transactions and other prior transactions of the Parent and its Subsidiaries in
any Fiscal Year of the Parent have a value of less than $5,000,000 in the
aggregate, or (iii) the transaction is an Approved Existing Transaction.

            An "Approved Existing Transaction" means a transaction, agreement,
arrangement, lease, guaranty, loan or advance of money (including, without
limitation, the purchase, sale, lease or exchange of any property or the
rendering of any service) described in the confidential side letter between the
Borrower (as successor to Value City Department Stores, Inc.) and the Agent of
June 11, 2002 on the terms in effect as of the date hereof and excluding any
material modification or amendment thereto.

            Section 14.02 Buyout Option. (a) In the event that CPLP delivers an
Objection Notice, SSC shall have the right exercisable by delivering a written
notice, not more that five (5) Business Days after the Objection Date, to CPLP
stating that it elects to exercise its Buyout Option (a "Buyout Exercise
Notice") to purchase all but not less than all of the Buyout Securities (as
defined below) for a cash purchase price equal to all principal and interest due
to CPLP with respect to the Loan and CPLP's pro rata portion of any fees payable
to it under this Agreement (the "Buyout Option"). If SSC does not deliver a
Buyout Exercise Notice in accordance with the terms of this Section 14.02, then
SSC shall be deemed to have waived its Buyout Option as to the transactions
stated in the Buyout Exercise Notice, and the parties may not proceed with the
SSC Transaction that is the subject of such Objection Notice.

                  (b) If a Buyout Exercise Notice is delivered, CPLP, within
five (5) Business Days of delivery of such Buyout Exercise Notice, may request
by written notice to the Parent and SSC (a "Referral Notice") that a committee
comprised of all of the independent directors of the Borrower not affiliated
with SSC, CPLP or the Parent's management (the "Fairness Committee") review and
approve the SSC Transaction that is the subject of the Buyout Exercise Notice (a
"Referred SSC Transaction") as to its fairness to the Parent and its
unaffiliated shareholders. The Parent shall cause a Fairness Committee to be
appointed within five (5) Business Days of its receipt of a Referral Notice. In
the event that the Fairness Committee reviews and approves as fair to Parent and
its unaffiliated shareholders the Referred SSC Transaction as proposed by SSC or
if the Fairness Committee modifies the Referred SSC Transaction, and as modified
approves the Referred SSC Transaction as fair to the Parent and its unaffiliated
shareholders, CPLP shall be deemed to have consented to the SSC Transaction as
so approved. In the event that CPLP requests that an SSC Transaction be reviewed
by a Fairness Committee, such request shall be irrevocable, SSC shall not have
any rights to exercise a Buyout Option in connection with such Referred SSC
Transaction, and Section 14.03 shall not apply to

                                      -97-
<PAGE>

such Referred SSC Transaction.

                  (c) If SSC elects to exercise the Buyout Option and CPLP does
not timely deliver a Referral Notice pursuant to Section 14.02(b), then the
closing of the Buyout Option shall occur on the 30th day following the delivery
of the Buyout Exercise Notice.

            "Buyout Securities" means (i) amounts payable to CPLP under this
Agreement.

            Section 14.03 CPLP Transaction. Neither the Parent nor any of its
Subsidiaries will enter into any transaction with CPLP or its Affiliates, other
than the transactions contemplated by this Agreement and the other Loan
Documents, without the prior written consent of the Parent's Board of Directors
and SSC unless the transaction, or series of related transactions, is valued at
less than $500,000.

                                   ARTICLE XV

                            REAFFIRMATION AND CONSENT

            Section 15.01 Reaffirmation and Confirmation.

                  (a) Each of the Loan Parties hereby (i) acknowledges and
reaffirms its respective obligations under the Loan Documents executed pursuant
to the Original Agreement set forth in Schedule 15.01(a), (ii) acknowledges and
agrees that Loan Documents under the Original Agreement are made in favor of the
Agent, for the benefit of itself and the Lenders under this Agreement, (iii)
agrees to continue to comply with, and be subject to, all of the terms,
provisions, conditions, covenants, agreements and obligations applicable to it
set forth in such Loan Documents from the Original Agreement, each of which
remains in full force and effect except as the same may be amended or restated
by or in connection with this Agreement.

                  (b) With respect to each of the Security Agreement and the
Pledge Agreement, each of the undersigned Loan Parties hereby (i) acknowledges
and reaffirms its respective obligations, (ii) acknowledges and agrees that the
Security Agreement and the Pledge Agreement is made in favor of the Agent, for
the benefit of itself and the Lenders, (iii) agrees to continue to comply with,
and be subject to, all of the terms, provisions, conditions, covenants,
agreements and obligations contained therein applicable to it, each of which
remains in full force and effect, (iv) reaffirms its grant, assignment,
conveyance, mortgage, pledge and hypothecation to Agent, for the benefit of
itself and the Lenders, of a Lien upon all of its right, title and interest in,
to and under all now owned or hereafter acquired or arising Collateral (as
defined in the Security Agreement) in order to secure the prompt payment of all
of the Obligations and the Guaranteed Obligations, as the case may be, (v)
confirms, ratifies and reaffirms that the Lien granted to Agent, for the benefit
of itself and the Lenders, pursuant to the Security Agreement in all of its
respective right, title, and interest in all then existing and thereafter
acquired or arising Collateral in order to secure prompt payment and performance
of the Obligations and the Guaranteed Obligations, as the case may be, is
continuing and is and shall remain unimpaired and continue to constitute a first
priority security interest (subject to the terms of the Intercreditor Agreement)
in favor of Agent, for the benefit of itself and Lenders, with the same force,
effect and priority in effect both immediately prior to and after entering into
this Agreement and the

                                      -98-
<PAGE>

other Loan Documents entered into on or as of the date hereof, and (vi)
confirms, ratifies and reaffirms that the security interest granted to Agent,
for the benefit of itself and the Lenders, pursuant to the Pledge Agreement in
all of its respective right, title, and interest in all then existing and
thereafter acquired or arising Pledged Collateral in order to secure prompt
payment and performance of the Obligations is continuing and is and shall remain
unimpaired and continue to constitute a first priority security interest
(subject to the terms of the Intercreditor Agreement) in favor of Agent, for the
benefit of itself and Lenders, with the same force, effect and priority in
effect both immediately prior to and after entering into this Agreement and the
other Loan Documents entered into on or as of the date hereof.

                  (c) Schedule I and Schedule II to the Pledge Agreement are
hereby amended and restated in their entirety in the forms of Annex I and Annex
II, respectively, attached hereto.

                  (d) Schedule I through Schedule VIII to the Security Agreement
are hereby amended and restated in their entirety in the forms of Annex III
through Annex X, respectively, attached hereto. -

                                      -99-
<PAGE>

            IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed by their respective officers thereunto duly authorized, as of the
date first above written.

                                              BORROWER:

                                              VALUE CITY DEPARTMENT STORES LLC,
                                              an Ohio limited liability company

                                              By: ___________________________
                                                  Name:
                                                  Title:

                                              GUARANTORS:

                                              RETAIL VENTURES, INC.,
                                              an Ohio corporation

                                              By: ___________________________
                                                  Name:
                                                  Title:

                                              GRAMEX RETAIL STORES, INC.,
                                              a Delaware corporation

                                              By: ___________________________
                                                  Name:
                                                  Title:

                                              FILENE'S BASEMENT, INC.,
                                              a Delaware corporation

                                              By: ___________________________
                                                  Name:
                                                  Title:

                                              GB RETAILERS, INC.,
                                              a Delaware corporation

                                              By: ___________________________
                                                  Name:
                                                  Title:

                                       -i-
<PAGE>

                                              VALUE CITY OF MICHIGAN, INC.,
                                              a Michigan corporation

                                              By: ___________________________
                                                  Name:
                                                  Title:

                                              J.S. OVERLAND DELIVERY, INC.,
                                              a Delaware corporation

                                              By: ___________________________
                                                  Name:
                                                  Title:

                                              VALUE CITY DEPARTMENT STORES
                                              SERVICES, INC.,
                                              a Delaware corporation

                                              By: ___________________________
                                                  Name:
                                                  Title:

                                              RETAIL VENTURES JEWELRY, INC.
                                              an Ohio corporation

                                              By: ___________________________
                                                  Name:
                                                  Title:

                                              RETAIL VENTURES SERVICES, INC.,
                                              a Delaware corporation

                                              By: ___________________________
                                                  Name:
                                                  Title:

                                              RETAIL VENTURES IMPORTS, INC.,
                                              an Ohio corporation

                                              By: ___________________________
                                                  Name:
                                                  Title:

                                       ii
<PAGE>

                                 AGENT AND LENDER:

                                 CERBERUS PARTNERS, L.P.
                                 a Delaware limited partnership, as Agent,
                                 on behalf of itself and its affiliate assigns

                                 By: CERBERUS ASSOCIATES, L.L.C.

                                 By: ___________________________
                                     Name:
                                     Title:

                                 LENDER:

                                 SCHOTTENSTEIN STORES CORPORATION,
                                 a Delaware corporation

                                 By: ___________________________
                                     Name:
                                     Title:

                                       iii
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.17
<SEQUENCE>10
<FILENAME>x06593a4exv10w17.txt
<DESCRIPTION>EX-10.17: FORM OF CONVERSION WARRANT
<TEXT>
<PAGE>
                                                                   Exhibit 10.17






                          [FORM OF CONVERSION WARRANT]

THIS WARRANT AND ANY SECURITIES ACQUIRED UPON EXERCISE OF THIS WARRANT HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES
LAW OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND
APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION TO THE
REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS. THIS WARRANT AND SUCH
SECURITIES MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN
COMPLIANCE WITH THE TERMS AND CONDITIONS SPECIFIED IN THIS WARRANT.

                              RETAIL VENTURES, INC.

                          COMMON STOCK PURCHASE WARRANT

No. W-__                                                    [IPO Effective Date]


                                                             Warrant to Purchase
                                                      Shares of RVI Common Stock
                                                              DSW Class A Shares

            RETAIL VENTURES, INC., an Ohio corporation (the "Company"), for
value received, hereby certifies that CERBERUS PARTNERS, L.P., a Delaware
limited partnership, or its registered assigns (the "Holder"), is entitled to
purchase from the Company that number of shares of Common Stock equal to the
Common Stock Exercise Amount (as defined below) or, in the alternative, after
the consummation of a Qualifying IPO (as defined below) but prior to the
consummation of a Spin-Off (as defined below) and the satisfaction of the
Company's obligations pursuant to Section 3.7(b), at the Holder's election, that
number of shares of DSW Stock (as defined below) owned by the Company equal to
the DSW Stock Exercise Amount (as defined below), in each case, at a purchase
price equal to the applicable Purchase Price (as defined below), at any time or
from time to time but prior to the later of 5:00 P.M., New York City time, on
June 11, 2007 and the date of repayment in full of the obligations under the
Convertible Facility (the "Expiration Date"), all subject to the terms,
conditions and adjustments set forth below in this Warrant (this "Warrant");
provided, that the purchase price per share of Common Stock or DSW Stock, as the
case may be, hereunder shall not in any event be less than the par value of such
Common Stock or DSW Stock, as applicable. For the avoidance of doubt, in the
case of an exercise for DSW Stock, this Warrant shall initially be exercisable
only for Class A Shares (as defined below). This Warrant is issued in connection
with the amendment and restatement of the Convertible Facility (as defined
below). Capitalized terms used herein but not otherwise defined shall have the
meaning ascribed to such term in the Convertible Facility.
<PAGE>
            1. Definitions. As used herein, unless the context otherwise
requires, the following terms shall have the meanings indicated:

            "Additional Shares of Common Stock" shall mean all shares of Common
Stock issued (or, pursuant to Section 3.2, deemed to be issued) by the Company
after the Effective Date, other than

            (a) (i) shares of Common Stock issued or issuable upon the exercise
of the Term Loan Warrants and (ii) such additional number of shares of Common
Stock as may become issuable upon the exercise of the Term Loan Warrants by
reason of adjustments required pursuant to the anti-dilution provisions
applicable to the Term Loan Warrants as in effect on the date hereof or on the
date of original issuance thereof;

            (b) up to 5,000,000 shares of Common Stock (and following June 11,
2007, up to an additional 5,000,000 shares of Common Stock) that are issued to
Persons other than Affiliates of the Company, including (i) shares of Common
Stock or options exercisable therefor, issued or to be issued under the
Company's 2000 Stock Option Plan as in effect on the Effective Date or under any
other employee stock option or purchase plan or plans, or pursuant to
compensatory or incentive agreements, for officers, employees or consultants of
the Company or any of its Subsidiaries, in each case adopted or assumed after
such date by the Company's Board of Directors; provided in each case that the
exercise or purchase price for any such share shall not be less than 95% of the
fair market value (determined in good faith by the Company's Board of Directors)
of the Common Stock on the date of the grant, and such additional number of
shares as may become issuable pursuant to the terms of any such plans by reason
of adjustments required pursuant to antidilution provisions applicable to such
securities in order to reflect any subdivision or combination of Common Stock,
by reclassification or otherwise, or any dividend on Common Stock payable in
Common Stock, (ii) shares of restricted stock issued by the Company to executive
officers of the Company, and (iii) shares of Common Stock issued by the Company
as charitable gifts; and provided, however, that all options exercisable for
shares of Common Stock granted to executive officers of the Company or its
Affiliates during the six months following the Effective Date shall have an
exercise price of no less than $4.50 per share;

            (c) (i) shares of Common Stock issued upon exercise of the
Conversion Warrants and (ii) such additional number of shares of Common Stock as
may become issuable upon the exercise of the Conversion Warrants by reason of
adjustments required pursuant to anti-dilution provisions applicable to the
Conversion Warrants as in effect on the Effective Date or on the date hereof.

            "Additional Shares of DSW Stock" shall mean all shares of DSW Stock
issued (or, pursuant to Section 3.2, deemed to be issued) by DSW after the
consummation of a Qualifying IPO (and for the avoidance of doubt shall not
include shares issued pursuant to the over-allotment option in such Qualifying
IPO after such closing date) other than

                  (a) (i) shares of DSW Stock issued upon the exercise of the
      Term Loan Warrants and (ii) such number of additional shares of DSW Stock
      as may become issuable upon the exercise of the Term Loan Warrants by
      reason of adjustments required

                                       2
<PAGE>
      pursuant to the antidilution provisions applicable to the Term Loan
      Warrants as in effect on the date hereof or on the date of original
      issuance thereof; or

                  (b) (i) shares of DSW Stock issued upon exercise of the
      Conversion Warrants and (ii) such additional number of shares as may
      become issuable upon the exercise of the Conversion Warrants by reason of
      adjustments required pursuant to antidilution provisions applicable to the
      Conversion Warrants as in effect on September 26, 2002 or on the date
      hereof; or

                  (c) shares of DSW Stock, shares of restricted stock, options
      exercisable for DSW Stock, or any other securities or interests (including
      shares of DSW Stock issued upon conversion, settlement or exercise of any
      such options, securities or other interests), issued or to be issued under
      the DSW Inc. Equity Incentive Plan or any other employee stock option or
      purchase plan or plans, or pursuant to compensatory or incentive
      agreements, for officers, directors, employee or consultants of the
      Company, DSW or any of its respective Subsidiaries, and such additional
      number of shares as may become issuable pursuant to the terms of any such
      securities in order to reflect any subdivision or combination of DSW
      Stock, by the reclassification or otherwise, or any dividend or
      distribution on DSW Stock payable in DSW Stock or other equity securities
      or interests; or

                  (d) Class A Shares issued upon exchange of Class B Shares.

            "Aggregate Purchase Price" shall have the meaning set forth in
Section 2.1(a).

            "Business Day" shall mean any day other than a Saturday or a Sunday
or any day on which national banks are authorized or required by law to close.
Any reference to "days" (unless Business Days are specified) shall mean calendar
days.

            "Class A Shares" means the Class A common shares, no par value, of
DSW.

            "Class B Shares" means the Class B common shares, no par value, of
DSW.

            "Commission" shall mean the Securities and Exchange Commission or
any successor agency having jurisdiction to enforce the Securities Act.

            "Common Stock" shall mean shares of duly authorized, validly issued,
fully paid and nonassessable common shares, no par value per share, of the
Company, such term to include any stock into which such Common Stock shall have
been changed or any stock resulting from any reclassification of such Common
Stock, and all other stock of any class or classes (however designated) of the
Company the holders of which have the right, without limitation as to amount,
either to all or to a share of the balance of current dividends and liquidating
dividends after the payment of dividends and distributions on any shares
entitled to preference.

            "Common Stock Exercise Amount" shall initially mean the number of
shares of Common Stock obtained by dividing $37,500,000 by the Common Stock
Purchase Price; and shall be reduced upon each exercise of this Warrant by (i)
if exercised for Common Stock, by

                                       3
<PAGE>
such number of shares of Common Stock for which this Warrant is then being
exercised or (ii) if exercised for DSW Stock, by the Corresponding Common Stock
Number applicable to the number of shares of DSW Stock for which this Warrant is
then being exercised.

            "Common Stock Purchase Price" shall mean initially $4.50 per share,
subject to adjustment and readjustment from time to time as provided in Section
3, and, as so adjusted or readjusted, shall remain in effect until a further
adjustment or readjustment thereof is required by Section 3.

            "Company" shall have the meaning assigned to it in the introduction
to this Warrant, such term to include any corporation or other entity which
shall succeed to or assume the obligations of the Company hereunder in
compliance with Section 3.6.

            "Convertible Facility" shall mean that certain Amended and Restated
Senior Subordinated Convertible Loan Agreement, dated as of June 11, 2002, among
the Company, CPLP and SSC, as amended by Amendment No. 1 to Amended and Restated
Senior Convertible Loan Agreement, dated as of June 11, 2002, and by Amendment
No. 2 to Amended and Restated Senior Convertible Loan Agreement, dated as of
October 7, 2003, and by Amendment No. 3 to Amended and Restated Senior
Convertible Loan Agreement, dated as of December 29, 2004, and as amended and
restated by the Second Amended and Restated Senior Loan Agreement, dated as of
June ___, 2005 (as amended, supplemented, restated or otherwise modified through
the date hereof).

            "Convertible Securities" shall mean any evidences of indebtedness,
shares of stock (other than Common Stock or DSW Stock) or other securities
directly or indirectly convertible into or exchangeable for, in the case of the
Company, Additional Shares of Common Stock or, in the case of DSW, Additional
Shares of DSW Stock.

            "Conversion Warrants" means those certain warrants, including this
Warrant, issued on the date hereof in connection with an amendment of the
Convertible Facility.

            "Corresponding Common Stock Number" shall mean, with respect to a
specified number of shares of DSW Stock, the number of shares of Common Stock
obtained by dividing: (i) the product of (A) the number of shares of DSW Stock
with respect to which such determination is being made and (B) the DSW Stock
Purchase Price by (ii) the Common Stock Purchase Price; rounding up in the case
of any fractional share.

            "Corresponding DSW Stock Number" shall mean, with respect to a
specified number of shares of Common Stock, the number of shares of DSW Stock
obtained by dividing (i) the product of (A) the number of shares of Common Stock
with respect to which such determination is being made and (B) the Common Stock
Purchase Price by (ii) the DSW Stock Purchase Price; rounding up in the case of
any fractional share.

            "CPLP" shall mean Cerberus Partners, L.P., or its assignees.

            "Current Market Price" shall mean, with respect to a security, on
any date specified herein, the average of the daily Market Price of such
security during the 10 consecutive

                                       4
<PAGE>
trading days before such date, except that, if on any such date the shares of
such security are not listed or admitted for trading on any national securities
exchange or quoted in the over-the-counter market, the Current Market Price
shall be the Market Price on such date.

            "DSW" shall mean DSW Inc., an Ohio corporation.

            "DSW Registration Rights Agreement" shall mean the registration
rights agreement, dated as of the date hereof, among DSW and the Initial
Holders.

            "DSW Stock" shall mean the Class A Shares, such term to include any
stock into which such DSW Stock shall have been changed or any stock resulting
from any reclassification of such DSW Stock, and all other stock of any class or
classes (however designated) of DSW the holders of which have the rights without
limitation as to amount, either to all or to a share of the balance of current
dividends and liquidating dividends after the payment of dividends and
distributions on any shares entitled to preference.

            "DSW Stock Exercise Amount" shall initially mean the number of
shares of DSW Stock obtained by dividing $37,500,000 by the DSW Stock Purchase
Price; and shall be reduced upon exercise of this Warrant (i) if exercised for
DSW Stock, by such number of shares of DSW Stock for which this Warrant is then
being exercised or (ii) if exercised for Common Stock, by the Corresponding DSW
Stock Number applicable to the number of shares of Common Stock for which this
Warrant is then being exercised.

            "DSW Stock Purchase Price" shall mean initially, the IPO Price,
subject to adjustment and readjustment from time to time as provided in Section
3, and, as so adjusted or readjusted, shall remain in effect until a further
adjustment or readjustment thereof is required by Section 3.

            "Effective Date" shall mean June 11, 2002.

            "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended from time to time, and the rules and regulations thereunder, or any
successor statute.

            "Expiration Date" shall have the meaning assigned to it in the
introduction to this Warrant.

            "Fair Market Value" shall mean, on any date specified herein (i) in
the case of cash, the dollar amount thereof, (ii) in the case of a security, the
Current Market Price, and (iii) in all other cases, the fair value thereof (as
of a date which is within 20 days of the date as of which the determination is
to be made) determined in good faith by a committee of the Company's Board of
Directors consisting of directors who are not Affiliates of the Company, SSC or
the Holder; provided, however, that at the request of the Holder, the Fair
Market Value shall be determined in good faith by an independent investment
banking firm selected jointly by the Company and the Holder or, if that
selection cannot be made within 10 days, by an independent investment banking
firm selected by the American Arbitration Association in accordance with its
rules, and provided, further, that the Company shall pay all of the reasonable
fees and expenses of any third parties incurred in connection with determining
the Fair Market Value.

                                       5
<PAGE>
            "Holder" shall have the meaning assigned to it in the introduction
to this Warrant.

            "Initial Holders" shall mean CPLP and SSC.

            "IPO Effective Date" means the date on which a Qualifying IPO is
consummated in accordance with the terms set forth in (i) Section 4.02 of the
Convertible Facility and (ii) the Form S-1 Registration Statement as filed with
the SEC on June __, 2005 as amended from time to time.

            "IPO Price" means the price at which a share of DSW Stock is
initially offered to the public in a Qualifying IPO, as set forth on the cover
page to the prospectus in such IPO.

            "Lien" shall have the meaning set forth in the Convertible Facility.

            "Loan" shall have the meaning set forth in the Convertible Facility.

            "Market Price" shall mean, on any date specified herein, with
respect to a security, the amount per share of such security equal to (i) the
last reported sale price of such security, regular way, on such date or, in case
no such sale takes place on such date, the average of the closing bid and asked
prices thereof regular way on such date, in either case as officially reported
on the principal national securities exchange on which such security is then
listed or admitted for trading, (ii) if such security is not then listed or
admitted for trading on any national securities exchange but is designated as a
national market system security by the NASD, the last reported trading price of
such security on such date, (iii) if there shall have been no trading on such
date or if such security is not so designated, the average of the closing bid
and asked prices of such security on such date as shown by the NASD automated
quotation system, (iv) if trading in such security is quoted in the
over-the-counter market, the average of the closing bid and asked prices of such
security on such date as shown on the OTC Bulletin Board, or (v) if such
security is not then listed or admitted for trading on any national exchange or
quoted in the over-the-counter market, the fair value thereof (as of a date
which is within 20 days of the date as of which the determination is to be made)
determined in good faith by a committee of the Company's Board of Directors
consisting of directors who are not Affiliates of the Company, SSC or the
Holder; provided, however, that at the request of the Holder, the Market Price
shall be determined in good faith by an independent investment banking firm
selected jointly by the Company and the Holder or, if that selection cannot be
made within 10 days, by an independent investment banking firm selected by the
American Arbitration Association in accordance with its rules, and provided,
further, that the Company shall pay all of the fees and expenses of any third
parties incurred in connection with determining the Market Price.

            "NASD" shall mean the National Association of Securities Dealers,
Inc.

            "Options" shall mean any rights, options or warrants to subscribe
for, purchase or otherwise acquire, in the case of the Company, Additional
Shares of Common Stock or Convertible Securities of the Company, and in the case
of DSW, Additional Shares of DSW Stock or Convertible Securities of DSW.

                                       6
<PAGE>
            "Other Securities" shall mean any stock (other than Common Stock or
DSW Stock) and other securities of the Company or DSW, as applicable, or any
other Person (corporate or otherwise) which the holders of the Conversion
Warrants at any time shall be entitled to receive, or shall have received, upon
the exercise of the Conversion Warrants, in lieu of or in addition to Common
Stock or DSW Stock, or which at any time shall be issuable or shall have been
issued in exchange for or in replacement of Common Stock or DSW Stock or Other
Securities pursuant to Section 3.6 or otherwise.

            "Permitted Lien" shall have the meaning set forth in the Convertible
Facility.

            "Person" shall mean any individual, firm, partnership, corporation,
trust, joint venture, association, joint stock company, limited liability
company, unincorporated organization or any other entity or organization,
including a government or agency or political subdivision thereof, and shall
include any successor (by merger or otherwise) of such entity.

            "Purchase Price" shall mean, with respect to the Common Stock, the
Common Stock Purchase Price, and with respect to the DSW Stock, the DSW Stock
Purchase Price, as applicable.

            "Qualifying IPO" shall mean an initial public offering of DSW (a) in
which the sale price of the Class A Shares sold in the initial public offering
shall reflect the fair market value of such shares at the time of the initial
public offering as determined in good faith by the Company's Board of Directors;
(b) from which the net proceeds are sufficient to repay in full all obligations
outstanding under the Term Loan Agreement and $25,000,000 of the principal
amount under the Convertible Facility; and (c) which is consummated on or prior
to December 31, 2005.

            "Registration Rights Agreement" shall mean the Second Amended and
Restated Registration Rights Agreement, dated as of the date hereof, among the
Company and the Initial Holders.

            "Restricted Securities" shall mean (i) any Conversion Warrants
bearing the applicable legend set forth in Section 12.1, (ii) any shares of
Common Stock or DSW Stock (or Other Securities) issued or issuable upon the
exercise of Conversion Warrants which are (or, upon issuance, will be) evidenced
by a certificate or certificates bearing the applicable legend set forth in
Section 12.1, and (iii) any shares of Common Stock or DSW Stock (or Other
Securities) issued subsequent to the exercise of any of the Conversion Warrants
as a dividend or other distribution with respect to, or resulting from a
subdivision of the outstanding shares of Common Stock or DSW Stock (or Other
Securities) into a greater number of shares by reclassification, stock splits or
otherwise, or in exchange for or in replacement of the Common Stock or DSW Stock
(or Other Securities) issued upon such exercise, which are evidenced by a
certificate or certificates bearing the applicable legend set forth in
Section12.1.

            "Securities Act" shall mean the Securities Act of 1933, as amended
from time to time, and the rules and regulations thereunder, or any successor
statute.

            "Spin-Off" shall have the meaning assigned to it in Section 3.7.

                                       7
<PAGE>
            "SSC" shall mean Schottenstein Stores Corporation.

            "Term Loan Agreement" shall mean that certain Financing Agreement,
dated as of June 11, 2002, among the Company, certain Affiliates of the Company,
CPLP and SSC, as subsequently amended and modified through the date hereto.

            "Term Loan Warrants" shall mean all warrants initially issued
pursuant to the Term Loan Agreement (as amended and restated).

            "Warrant" shall have the meaning assigned to it in the introduction
to this Warrant.

            "Warrant Shares" means (a) the shares of Common Stock or DSW Stock
issued or issuable upon exercise of this Warrant in accordance with Section 2,
(b) all other securities or other property issued or issuable upon any such
exercise or exchange in accordance with this Warrant and (c) any securities of
the Company or DSW distributed with respect to the securities referred to in the
preceding clauses (a) and (b).

            2. EXERCISE OF WARRANT.

            2.1. Manner of Exercise; Payment of the Purchase Price. (a) This
Warrant may be exercised by the Holder hereof, in whole or in part, at any time
or from time to time prior to the Expiration Date, by surrendering to the
Company at its principal office this Warrant, with the form of Election to
Purchase Shares attached hereto as Exhibit A or (provided that the Company has
not consummated a Spin-Off and satisfied its obligations pursuant to Section
3.7(b)) if this Warrant is being exercised for Shares of DSW Stock, Exhibit B
(or a reasonable facsimile thereof) duly executed by the Holder and accompanied
by payment of the applicable Purchase Price for the Warrant Shares being
purchased (the "Aggregate Purchase Price"). Any partial exercise of this Warrant
shall be for a whole number of Warrant Shares only. Such Exercise Notice shall
set forth (i) the Exercise Date, (ii) whether this Warrant is being exercised
for shares of Common Stock or of DSW Stock, (iii) the number of shares of Common
Stock or, after the consummation of a Qualifying IPO (provided that the Company
has not consummated a Spin-Off and satisfied its obligations pursuant to Section
3.7(b)), DSW Stock for which this Warrant is being exercised, (iv) the method of
payment therefor, (v) the current Purchase Price, and (vi) the number of Warrant
Shares to be issued and the amount if any, to be paid by the Company to the
Holder in lieu of fractional shares.

            (b) Payment of the Aggregate Purchase Price may be made as follows
(or by any combination of the following): (i) in United States currency by cash
or delivery of a certified check or bank draft payable to the order of the
Company or by wire transfer to the Company, (ii) by cancellation of that portion
of unpaid principal amount (but not accrued and unpaid cash interest or PIK
Interest (as defined in the Convertible Facility)) of the Holder's portion of
the Loan in an amount equal to the Aggregate Purchase Price, (iii) by
surrendering for cancellation or transfer to the Company of such number of
shares of Common Stock or shares of DSW Stock otherwise issuable to the Holder
upon such exercise as shall be specified for cancellation in such Election to
Purchase Shares, such that the excess of the aggregate Current Market Price of
such specified number and type of shares on the date of exercise over the
portion

                                       8
<PAGE>
of the Aggregate Purchase Price attributable to such shares shall equal the
Aggregate Purchase Price attributable to the shares of Common Stock or DSW
Stock, as the case may be, to be issued upon such exercise, in which case such
excess amount shall be deemed to have been paid to the Company and the number of
shares issuable upon such exercise shall be reduced by such number specified for
cancellation, (iv) by surrender to the Company for cancellation or transfer to
the Company of certificates representing shares of Common Stock or DSW Stock
owned by the Holder (properly endorsed for transfer in blank) having a Current
Market Price on the date of Warrant exercise equal to the Aggregate Purchase
Price, or (v) any combination of the foregoing.

            (c) Upon the consummation of a Spin-Off and satisfaction of the
Company's obligations pursuant to Section 3.7(b), this Warrant shall no longer
be exercisable for shares of DSW Stock, and the Holder shall not be entitled to
the pro rata share of the dividend or distribution pursuant to Section 3.7(a) in
respect of such Spin-Off and distribution; provided, however, that this Warrant
shall continue to be exercisable for shares of Common Stock without any
adjustment to the Common Stock Purchase Price or Common Stock Exercise Amount as
a result of such Spin-Off and distribution to the holders of the Term Loan
Warrants and Conversion Warrants pursuant to Section 3.7(b).

            (d) Notwithstanding anything herein to the contrary, the Holder
agrees that this Warrant shall not be exercisable for shares of DSW Stock from
and after the record date for a Spin-Off (as set forth in the notice provided to
the Holder pursuant to Section 8 hereof) until the earliest to occur of (i) the
abandonment of the Spin-Off, (ii) the date that is 60 days after the record date
for such Spin-Off and (iii) two Business Days prior to the Expiration Date of
this Warrant.

            2.2. When Exercise Effective. Each exercise of this Warrant shall be
deemed to have been effected immediately prior to the close of business on the
Business Day in the case of Common Stock and on the next succeeding Business Day
in the case of DSW Stock on which this Warrant shall have been surrendered to,
and the Purchase Price shall have been received by, the Company as provided in
Section 2.1, and, to the extent permitted by law, at such time the Person or
Persons in whose name or names any certificate or certificates for shares of
Common Stock (or Other Securities of the Company) in the case of an exercise of
this Warrant for Common Stock shall be issuable upon such exercise as provided
in Section 2.3 shall be deemed to have become the holder or holders of record
thereof for all purposes.

            2.3. Delivery of Stock Certificates, etc.; Charges, Taxes and
Expenses. (a) As soon as practicable after each exercise of this Warrant, in
whole or in part, and in any event within two Business Days thereafter in the
case of Common Stock and within three Business Days thereafter in the case of
DSW Stock, the Company shall cause to be issued, in the case of Common Stock and
shall use reasonable best efforts to cause to be transferred, in the case of DSW
Stock, in the name of and delivered to the Holder hereof or, subject to Section
12, as the Holder may direct,

            (i) a certificate or certificates for the number and type of Warrant
     Shares (or Other Securities) to which the Holder shall be entitled upon
     such exercise and any cash payment in lieu of any fractional shares as
     provided in Section 14.5 hereof, and

                                       9
<PAGE>
            (ii) in case such exercise is for less than all of the Warrant
     Shares purchasable under this Warrant, a new Warrant or Warrants of like
     tenor, for the balance of the Warrant Shares purchasable hereunder.

            (b) Issuance of certificates for Warrant Shares upon the exercise of
this Warrant shall be made without charge to the Holder hereof for any issue or
transfer tax or other incidental expense, in respect of the issuance or transfer
of such certificates, all of which such taxes and expenses shall be paid by the
Company; provided, however, that the Company shall not be required to pay any
tax that may be payable in respect of any issuance of any Warrant or any
certificate for, or any other evidence of ownership of, Warrant Shares in a name
other than that of the Holder of this Warrant being exercised or exchanged.

            (c) Upon delivery of notice of exercise of this Warrant for shares
of DSW Stock, the Company shall promptly effect the exchange of a sufficient
number of Class B Shares for Class A Shares so as to permit the transfer of
Class A Shares to the Holder pursuant to paragraph (a) of this Section 2.3.

            2.4. Tax Basis. The Company and the Holder shall mutually agree as
to the tax basis of this Warrant for purposes of the Internal Revenue Code of
1986, as amended, and the treatment of this Warrant under such Code by each of
the Company and the Holder shall be consistent with such agreement.

            [2.5. Limitations on Exercises; Beneficial Ownership. The Company
shall not effect the exercise of this Warrant, and the Holder shall not have the
right to exercise this Warrant, to the extent that after giving effect to such
exercise, such Holder (together with such Holder's affiliates) would
beneficially own in excess of 9.99% of the shares of Common Stock or 9.99% of
the shares of DSW Stock outstanding immediately after giving effect to such
exercise. For purposes of the foregoing sentence, the aggregate number of shares
of Common Stock or DSW Stock, as the case may be, beneficially owned by such
Person and its affiliates shall include the number of such shares of Common
Stock or DSW Stock, as applicable, issuable upon exercise of this Warrant with
respect to which the determination of such sentence is being made, but shall
exclude such shares of Common Stock or DSW Stock, as applicable, which would be
issuable upon (i) exercise of the remaining, unexercised portion of this Warrant
beneficially owned by such Person and its affiliates and (ii) exercise or
conversion of the unexercised or unconverted portion of any other securities of
the Company or DSW beneficially owned by such Person and its affiliates
(including, without limitation, any convertible notes or convertible preferred
stock or warrants) subject to a limitation on conversion or exercise analogous
to the limitation contained herein. Except as set forth in the preceding
sentence, for purposes of this paragraph, beneficial ownership shall be
calculated in accordance with Section 13(d) of the Securities Exchange Act of
1934, as amended. For purposes of this Warrant, in determining the number of
outstanding shares of Common Stock, the Holder may rely on the number of
outstanding shares of Common Stock as reflected in the most recent of the
following: (1) the Company's most recent Form 10-K, Form 10-Q, Current Report on
Form 8-K or other public filing with the Securities and Exchange Commission, as
the case may be, (2) a more recent public announcement by the Company of which
the Holder is informed or (3) any other notice by the Company or the Transfer
Agent to the Holder setting forth the number of shares of Common Stock
outstanding. For purposes of this Warrant, in determining the number of
outstanding

                                       10
<PAGE>
shares of DSW Stock, the Holder may rely on the number of outstanding shares of
DSW Stock as reflected in the most recent of the following: (1) DSW's most
recent Form 10-K, Form 10-Q, Current Report on Form 8-K or other public filing
with the Securities and Exchange Commission, as the case may be, (2) a more
recent public announcement by DSW or (3) any other notice by the DSW or its
transfer agent to the Holder setting forth the number of shares of DSW Stock
outstanding. For any reason at any time, upon the written or oral request of the
Holder, the Company shall within one Business Day confirm orally and in writing
to the Holder the number of shares of Common Stock then outstanding or similarly
use its reasonable best efforts to cause DSW to confirm the number of shares of
DSW Stock then outstanding. In any case, the number of outstanding shares of
Common Stock or DSW Stock shall be determined after giving effect to the
conversion or exercise of securities of the Company or DSW, as the case may be,,
including the Conversion Warrants, by the Holder and its affiliates since the
date as of which such number of outstanding shares of Common Stock or DSW Stock
was reported.] [For Cerberus Warrant only.]

            3. ADJUSTMENT OF PURCHASE PRICE AND WARRANT SHARES ISSUABLE UPON
EXERCISE.

            3.1. No Adjustment of Purchase Price. Subject to the provisions of
Section 3.2(b) and Section 3.5 below, no adjustment in the number of Warrant
Shares into which this Warrant is exercisable shall be made, by adjustment in
the Purchase Price in respect of the issuance of Additional Shares of Common
Stock, Additional Shares of DSW Stock or otherwise, unless the consideration per
share for an Additional Share of Common Stock or Additional Share of DSW Stock
issued or deemed to be issued by the Company or DSW, respectively, is less than
the greater of the Current Market Price and the Fair Market Value of such
security on the date of, and immediately prior to, the issue of such Additional
Shares of Common Stock or Additional Shares of DSW Stock, as the case may be.
Upon each adjustment pursuant to Section 3 of the Common Stock Purchase Price or
the DSW Stock Purchase Price as a result of the issuance of Additional Shares of
Common Stock by the Company or Additional Shares of DSW Stock by DSW,
respectively, for a consideration per share that is less than the greater of the
Current Market Price and the Fair Market Value of such security on the date of,
and immediately prior to, such issuance, this Warrant shall thereafter evidence
the right to receive, at the adjusted Purchase Price, that number of shares of
Common Stock or DSW Stock, as the case may be, (calculated to the nearest one
hundredth) obtained by dividing (i) the product of the aggregate number of such
shares covered by this Warrant immediately prior to such adjustment and the
applicable Purchase Price in effect immediately prior to such adjustment of the
Purchase Price by (ii) the applicable Purchase Price in effect immediately after
such adjustment of the Purchase Price. For the avoidance of doubt, Additional
Shares of Common Stock and adjustments in the case of Common Stock shall result
only in an adjustment to the Common Stock Exercise Amount and issuances of
Additional Shares of DSW Stock and adjustments in the case of DSW Stock shall
result only in an adjustment of the DSW Stock Exercise Amount. In addition, for
the avoidance of doubt, after the consummation of a Spin-Off and satisfaction of
the Company's obligations to make the distribution to the Holder required by
Section 3.7(b), no adjustment shall be made pursuant to this Section 3.1 as a
result of an issuance of Additional Shares of DSW Stock.

            3.2. Issue of Securities Deemed an Issue of Additional Shares.


                                       11
<PAGE>
            (a) Options and Convertible Securities. In the event the Company or
DSW, at any time or from time to time after the Effective Date shall issue any
Options or Convertible Securities or shall fix a record date for the
determination of holders of any class of securities entitled to receive any such
Options or Convertible Securities (other than those excluded from the definition
of Additional Shares of Common Stock or the definition of Additional Shares of
DSW Stock), then the maximum number of shares (as set forth in the instrument
relating thereto without regard to any provisions contained therein for a
subsequent adjustment of such number) of, in the case of an issuance by or
fixing of a record date by the Company, Common Stock or, in the case of an
issuance or fixing of a record date by DSW, DSW Stock, issuable upon the
exercise of such Options or, in the case of Convertible Securities and Options
therefor, the conversion or exchange of such Convertible Securities, shall be
deemed to be, in the case of the Company, Additional Shares of Common Stock or,
in the case of an issuance or fixing of a record date by DSW, Additional Shares
of DSW Stock issued as of the time of such issue or, in case such a record date
shall have been fixed, as of the close of business on such record date;
provided, that such Additional Shares of Common Stock or Additional Shares of
DSW Stock, as the case may be, shall not be deemed to have been issued unless
the consideration per share (determined pursuant to Section 3.4 hereof) of such
shares would be less than the applicable Purchase Price in effect on the date of
and immediately prior to such issue, or such record date, as the case may be,
and provided, further, that in any such case in which Additional Shares of
Common Stock or Additional Shares of DSW Stock, as the case may be, are deemed
to be issued:

            (i) no further adjustment in the applicable Purchase Price shall be
     made upon the subsequent issue of Convertible Securities or shares of
     Common Stock or, in the case of an issuance or fixing of a record date by
     DSW, DSW Stock upon the exercise of such Options or conversion or exchange
     of such Convertible Securities;

            (ii) if such Options or Convertible Securities by their terms
     provide, with the passage of time, pursuant to any provisions designed to
     protect against dilution, or otherwise, for any increase or decrease in the
     consideration payable to the Company or, if issued by DSW, DSW, or increase
     or decrease in the number of shares of Common Stock or, in the case of an
     issuance or fixing of a record date by DSW, DSW Stock issuable, upon the
     exercise, conversion or exchange thereof, the applicable Purchase Price
     computed upon the original issue thereof (or upon the occurrence of a
     record date with respect thereto), and any subsequent adjustments based
     thereon, shall, upon any such increase or decrease becoming effective, be
     recomputed to reflect such increase or decrease insofar as it affects such
     Options or the rights of conversion or exchange under such Convertible
     Securities;

            (iii) upon the expiration of any such Options or any rights of
     conversion or exchange under such Convertible Securities which shall not
     have been exercised, the applicable Purchase Price computed upon the
     original issue thereof (or upon the occurrence of a record date with
     respect thereto), and any subsequent adjustments based thereon, shall, upon
     such expiration, be recomputed as if such Options or Convertible
     Securities, as the case may be, were never issued;

            (iv) no readjustment pursuant to clause (ii) or (iii) above shall
     have the effect

                                       12
<PAGE>
     of increasing the applicable Purchase Price to an amount which exceeds the
     lower of (A) the Purchase Price on the original date on which an adjustment
     was made pursuant to this Section 3.2(a), or (B) the Purchase Price that
     would have resulted from any issuance of Additional Shares of Common Stock
     or Additional Shares of DSW Stock between such original adjustment date and
     the date on which a readjustment is made pursuant to clause (ii) or (iii)
     above; and

            (v) if such record date shall have been fixed and such Options or
     Convertible Securities are not issued on the date fixed therefor, the
     adjustment previously made in the Purchase Price which became effective on
     such record date shall be cancelled as of the close of business on such
     record date, and thereafter the Purchase Price shall be adjusted pursuant
     to this Section 3.2 as of the actual date of their issuance.

            (b) Stock Dividends, Stock Distributions and Subdivisions. In the
event the Company or DSW, at any time or from time to time after the Effective
Date shall declare or pay any dividend or make any other distribution on, in the
case of the Company, the Common Stock payable in Common Stock or, in the case of
an issuance by DSW, on the DSW Stock payable in DSW Stock, or effect a
subdivision of the outstanding shares of, in the case of the Company, Common
Stock or, in the case of DSW, DSW Stock (by reclassification or otherwise than
by payment of a dividend in Common Stock or DSW Stock), then and in any such
event, in the case of the Company, Additional Shares of Common Stock or, in the
case of an issuance by DSW, Additional Shares of DSW Stock shall be deemed to
have been issued:

            (i) in the case of any such dividend or distribution, immediately
     after the close of business on the record date for the determination of
     holders of any class of securities entitled to receive such dividend or
     distribution, or

            (ii) in the case of any such subdivision, at the close of business
     on the date immediately prior to the date upon which such corporate action
     becomes effective.

            If such record date shall have been fixed and such dividend shall
not have been fully paid on the date fixed for the payment thereof, the
adjustment previously made in the Purchase Price which became effective on such
record date shall be cancelled as of the close of business on such record date,
and thereafter the Purchase Price shall be adjusted pursuant to this Section 3.2
as of the time of actual payment of such dividend. For the avoidance of doubt,
after the consummation of a Spin-Off and satisfaction of the Company's
obligations to make the distribution to the Holder required by Section 3.7(b),
no adjustment shall be made pursuant to this Section 3.2 as a result of a stock
dividend or subdivision by DSW.

            3.3. Adjustment of Purchase Price upon Issuance of Additional
Shares. If at any time or from time to time after the date hereof, the Company
shall issue Additional Shares of Common Stock or DSW shall issue Additional
Shares of DSW Stock (including Additional Shares of Common Stock or Additional
Shares of DSW Stock deemed to be issued pursuant to Section 3.2(a), but
excluding Additional Shares of Common Stock deemed to be issued pursuant to
Section 3.2(b), which event is dealt with in Section 3.5 hereof) without
consideration or for a consideration per share less than the applicable Purchase
Price in effect on the date of and immediately prior to such issue, then such
Common Stock Purchase Price or DSW Stock

                                       13
<PAGE>
Purchase Price, as the case may be, shall be reduced, concurrently with such
issue, to the price determined by dividing (i) an amount equal to the sum of (a)
the number of shares of Common Stock or DSW Stock, as the case may be,
outstanding immediately prior to such issue or sale and the number of shares of
Common Stock or DSW Stock, as the case may be, issuable upon exercise of this
Warrant and upon conversion of any Convertible Securities and upon exercise of
any Options multiplied by the then existing applicable Purchase Price and (b)
the consideration, if any, received by the Company or DSW, as the case may be,
upon such issue or sale, by (ii) the total number of shares of Common Stock or
DSW Stock, as the case may be, outstanding immediately after such issue or sale
and the number of shares of Common Stock or DSW Stock, as the case may be,
issuable upon exercise of this Warrant and upon conversion of any Convertible
Securities and upon exercise of any Options. For the avoidance of doubt,
issuances of Additional Shares of Common Stock shall result in an adjustment
only to the Common Stock Purchase Price and issuances of Additional Shares of
DSW Stock shall result in an adjustment only to the DSW Stock Purchase Price. In
addition, for the avoidance of doubt, after the consummation of a Spin-Off and
satisfaction of the Company's obligations to make the distribution to the Holder
required by Section 3.7(b), no adjustment shall be made pursuant to this Section
3.3 as a result of an issuance of Additional Shares of DSW Stock.

            3.4. Determination of Consideration. For purposes of this Section 3,
the consideration received by the Company or DSW for the issue of any Additional
Shares of Common Stock or Additional Shares of DSW Stock, as the case may be,
shall be computed as follows:

            (a) Cash and Property: Such consideration shall:

            (i) insofar as it consists of cash, be the aggregate amount of cash
     received by the Company or DSW, as applicable, excluding amounts paid or
     payable for accrued interest or accrued dividends;

            (ii) insofar as it consists of property other than cash, be computed
     at the fair value thereof at the time of such issue, as determined in good
     faith by a committee of the Company's Board of Directors consisting of
     directors who are not Affiliates of the Company, SSC or CPLP; provided,
     however, that at the request of the Holder, the fair value shall be
     determined in good faith by an independent investment banking firm selected
     by the Company, SSC and CPLP or, if that selection cannot be made within
     ten days, by an independent investment banking firm selected by the
     American Arbitration Association in accordance with its rules, and
     provided, further, that the Borrower shall pay all of the reasonable fees
     and expenses of any third parties incurred in connection with determining
     the fair value; and

            (iii) in the event Additional Shares of Common Stock or Additional
     Shares of DSW Stock are issued together with other shares of securities or
     other assets of the Company or DSW, as the case may be, for a single
     undivided consideration, be the proportion of such consideration so
     received allocable to such additional shares, computed as provided in
     clauses (i) and (ii) above, as determined in good faith by a committee of
     the Company's Board of Directors consisting of directors who are not
     Affiliates of the Company, SSC or CPLP, or at the request of the Holder,
     the proportion of such

                                       14
<PAGE>
     consideration so received allocable to such additional shares value shall
     be determined in good faith by an independent investment banking firm
     selected by the Company, SSC and CPLP or, if that selection cannot be made
     within ten days, by an independent investment banking firm selected by the
     American Arbitration Association in accordance with its rules, and
     provided, further, that the Company shall pay all of the reasonable fees
     and expenses of any third parties incurred in connection with determining
     the proportion of such consideration so received allocable to such
     Additional Shares of Common Stock or Additional Shares of DSW Stock, as the
     case may be.

            (b) Options and Convertible Securities. The consideration per share
received by the Company for the Additional Shares of Common Stock or by DSW for
Additional Shares of DSW Stock deemed to have been issued pursuant to Section
3.2(a) shall be determined by dividing:

            (x) the total amount, if any, received or receivable by the Company
            or DSW, as the case may be, as consideration for the issue of such
            Options or Convertible Securities, plus the minimum aggregate amount
            of additional consideration (as set forth in the instruments
            relating thereto, without regard to any provision contained therein
            for a subsequent adjustment of such consideration) payable to the
            Company or DSW, as the case may be, upon the exercise of such
            Options or the conversion or exchange of such Convertible
            Securities, or in the case of Options for Convertible Securities,
            the exercise of such Options for Convertible Securities and the
            conversion or exchange of such Convertible Securities, by

            (y) the maximum number of shares of Common Stock or DSW Stock, as
            applicable, (as set forth in the instruments relating thereto,
            without regard to any provision contained therein for a subsequent
            adjustment of such number) issuable upon the exercise of such
            Options or the conversion or exchange of such Convertible
            Securities.

            3.5. Adjustment for Stock Dividends, Stock Distributions,
Subdivisions, Combinations or Consolidations.

            (a) Stock Dividends, Stock Distributions or Subdivisions. In the
event the Company shall issue Additional Shares of Common Stock or DSW shall
issue Additional Shares of DSW Stock, pursuant to Section 3.2(b) in a stock
dividend, other stock distribution or subdivision, the applicable Purchase Price
in effect immediately prior to such stock dividend, stock distribution or
subdivision shall, concurrently with the effectiveness of such stock dividend,
stock distribution or subdivision, be proportionately decreased to adjust
equitably for such dividend, distribution or subdivision.

            (b) Combinations or Consolidations. In the event the outstanding
shares of Common Stock or DSW Stock, as the case may be, shall be combined or
consolidated, by reclassification or otherwise, into a lesser number of shares
of Common Stock or DSW Stock, as applicable, the applicable Purchase Price in
effect immediately prior to such combination or consolidation shall,
concurrently with the effectiveness of such combination or consolidation, be
proportionately increased to adjust equitably for such combination or
consolidation.

                                       15
<PAGE>
            (c) No Adjustment after Spin-Off. For the avoidance of doubt, after
the consummation of a Spin-Off and satisfaction of the Company's obligations to
make the distribution to the Holder required by Section 3.7(b), no adjustment
shall be made pursuant to this Section 3.5 as a result of any issuance of
Additional Shares of DSW Stock in a stock dividend, other stock distribution or
subdivision by DSW or combination or consolidation of DSW Stock.

            3.6. Adjustment for Merger or Reorganization, etc. In case of any
consolidation or merger of the Company or DSW with or into another corporation
or the conveyance of all or substantially all of the assets of the Company or
DSW to another corporation, or any reorganization or reclassification of the
Company (except a transaction for which provision for adjustment is otherwise
made in this Section 3) this Warrant shall thereafter be exercisable for the
number of shares of stock or other securities or property to which a holder of
the number of shares of Common Stock or DSW Stock, as the case may be,
deliverable upon exercise of this Warrant for such type of Warrant Shares would
have been entitled upon such consolidation, merger, conveyance, reorganization
or reclassification; and, in any such case, appropriate adjustment (as
determined in good faith by the Board of Directors) shall be made in the
application of the provisions herein set forth with respect to the rights and
interest thereafter of the Holder, to the end that the provisions set forth
herein (including provisions with respect to changes in and other adjustments of
the applicable Purchase Price) shall thereafter be applicable, as nearly as
reasonably may be, in relation to any shares of stock or other property
thereafter deliverable upon the exercise of this Warrant. The Company shall not
effect any such consolidation, merger or sale of the Company unless prior to or
simultaneously with the consummation thereof the successor corporation or
purchaser, as the case may be, shall assume by written instrument the obligation
to deliver to the Holder such shares of stock, securities or assets as, in
accordance with the foregoing provisions, the Holder is entitled to receive.
Nothing in this Section 3 shall be deemed to authorize the Company to enter into
any transaction not otherwise permitted by this Warrant. For the avoidance of
doubt, after the consummation of a Spin-Off and satisfaction of the Company's
obligations to make the distribution to the Holder required by Section 3.7(b),
no adjustment shall be made pursuant to this Section 3.6 as a result of any
consolidation or merger or the conveyance of all or substantially all of its
assets by DSW.

            3.7. Extraordinary Dividends and Distributions.

            (a) Subject to Section 3.7(b), if the Company or, prior consummation
of a Spin-Off and satisfaction of the Company's obligations pursuant to Section
3.7(b), DSW, at any time or from time to time after the date hereof shall
declare, order, pay or make a dividend or other distribution (including, without
limitation, any distribution of other or additional stock or other securities or
property or Options by way of dividend or spin-off, reclassification,
recapitalization or similar corporate rearrangement) on, in the case of the
Company, the Common Stock or, in the case of DSW, DSW Stock, other than (a) a
dividend or other distribution payable in Additional Shares of Common Stock or,
in the case of a dividend or other distribution by DSW, Additional Shares of DSW
Stock, or (b) a regularly scheduled cash dividend payable out of consolidated
earnings or earned surplus, determined in accordance with generally accepted
accounting principles, adequate provision shall be made so that the Holder shall
receive, upon exercise of this Warrant for such type of Warrant Shares, a pro
rata share of

                                       16
<PAGE>
such dividend based upon the maximum number of shares of Common Stock or DSW
Stock, as the case may be, at the time issuable to the Holder (determined
without regard to whether the Warrant is exercisable at such time). For the
avoidance of doubt, dividends and distributions on the DSW Stock shall only be
receivable upon exercise by a Holder of this Warrant for DSW Stock (and only
with respect to the number of shares of DSW Stock for which this Warrant is
exercised) and dividends and distributions on the Common Stock (other than a
Spin-Off) shall only be receivable upon exercise by a Holder of this Warrant for
Common Stock (and only with respect to the number of shares of Common Stock for
which this Warrant is exercised).

            (b) Notwithstanding anything in this Warrant to the contrary, if the
Company shall make any distribution of all shares of DSW Stock owned by it to
its shareholders (a "Spin-Off"), then the Holder of this Warrant shall receive,
and the Company shall deliver to the Holder, upon consummation of the Spin-Off,
that number of shares of DSW Stock which the Holder would have received in such
Spin-Off had the Holder exercised this Warrant, immediately prior to the record
date for such Spin-Off, for the greatest number of shares of Common Stock for
which this Warrant was then exercisable but only with respect to the portion of
this Warrant that remains unexercised on the date of such distribution [for
Cerberus Warrant only: without regard to any limit on exercisability set forth
in Section 2.5 or otherwise in this Warrant or any comparable provision in the
Term Loan Warrants]. Such shares of DSW Stock shall be distributed to the Holder
without payment therefor by the Holder to the Company or action of any kind
required by the Holder to the Company. Upon the consummation of a Spin-Off and
receipt by the Holder of the DSW Stock as provided for in this Section 3.7(b),
this Warrant shall no longer be exercisable for shares of DSW Stock and shall
only be exercisable for Common Stock in accordance with Section 2.1(c).

            3.8. Ownership of DSW Stock. The Company shall at all times while
this Warrant is outstanding, but prior to the consummation of a Spin-Off, retain
ownership of at least that number of shares of DSW Stock sufficient to permit
exercise in full of this Warrant and any other outstanding Convertible Warrants
and Term Loan Warrants for shares of DSW Stock [For Cerberus Warrant only:
without regard to any limit on exercisability set forth in Section 2.5 or
otherwise in this Warrant or any comparable provision in the Term Loan
Warrants]. The Company shall take all actions necessary such that the shares of
DSW Stock required hereby to be owned by it shall remain free of all Liens,
other than Permitted Liens.

            3.9. De Minimis Adjustments. If the amount of any adjustment of the
Purchase Price required pursuant to Section 3.3 would be less than one tenth
(1/10) of one percent (1%) of such Purchase Price in effect at the time such
adjustment is otherwise so required to be made, such amount shall be carried
forward and adjustment with respect thereto made at the time of and together
with any subsequent adjustment which, together with such amount and any other
amount or amounts so carried forward, shall aggregate a change in such Purchase
Price of at least one tenth (1/10) of one percent (1%) of such Purchase Price.
All calculations under this Warrant shall be made to the nearest one-hundredth
of a share.

            3.10. Abandoned Dividend or Distribution. If the Company shall take
a record of the holders of Common Stock or, if DSW shall take a record of the
holders of DSW Stock for the purpose of entitling them to receive a dividend or
other distribution (which results in an adjustment to the applicable Purchase
Price under the terms of this Warrant) and shall, thereafter,

                                       17
<PAGE>
and before such dividend or distribution is paid or delivered to shareholders
entitled thereto, legally abandon its plan to pay or deliver such dividend or
distribution, then any adjustment made to the applicable Purchase Price by
reason of the taking of such record shall be reversed, and any subsequent
adjustments, based thereon, shall be recomputed; provided, however, that no
additional Purchase Price or any other adjustment shall be required with regard
to Warrant Shares that have been issued upon exercise of the Warrant prior to
such abandonment.

            4. No Impairment. The Company will not, (i) by amendment of its
Articles of Incorporation or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, or (ii) prior or the consummation of a Spin-Off and
satisfaction of the Company's obligations to make the distribution to the Holder
required by Section 3.7(b), by consent to or approval of any amendment of DSW's
articles of incorporation or any consolidation, merger, reorganization, transfer
of assets, dissolution, issue or sale of securities or any other voluntary
action by DSW, avoid or seek to avoid the observance or performance of any of
the terms to be observed or performed hereunder by the Company but will at all
times in good faith assist in the carrying out of all the provisions of Section
3 and in the taking of all such action as may be necessary or appropriate in
order to protect the exercise rights and other rights of the Holder against
impairment.

            5. Accountants' Report. In each case of any adjustment or
readjustment of the Common Stock Purchase Price or DSW Stock Purchase Price
pursuant to Section 3, the Company at its sole expense shall promptly (after
becoming aware of an adjustment with respect to the DSW Stock) compute such
adjustment or readjustment in accordance with the terms of this Warrant and
prepare a report setting forth such adjustment or readjustment and showing in
reasonable detail the method of calculation thereof and the facts upon which
such adjustment or readjustment is based, including a statement of (a) the
consideration received or to be received by the Company for any Additional
Shares of Common Stock or by DSW for any Additional Shares of DSW Stock issued
or sold or deemed to have been issued under Section 3, (b) the number of shares
of Common Stock or DSW Stock outstanding or deemed to be outstanding, and (c)
the Common Stock Purchase Price or DSW Stock Purchase Price in effect
immediately prior to such issue or sale and as adjusted and readjusted (if
required by Section 3) on account thereof. The Company shall forthwith mail a
copy of each such report to the Holder. In the event that the Holder disagrees
with such report, the Company shall cause independent certified public
accountants of recognized national standing (which may be the regular auditors
of the Company) selected by the Company to review and verify or revise such
computation (other than any computation of the Fair Market Value of property)
and report. The Company shall also keep copies of all such reports at its
principal office and shall cause the same to be available for inspection at such
office during normal business hours by the Holder.

            6. Common Stock Reserved. The Company shall reserve and at all times
keep available out of its authorized but unissued Common Stock (in the case of
Common Stock), free from preemptive or other preferential rights, restrictions,
reservations, dedications, allocations, options, other warrants and other rights
under any stock option, conversion option or similar agreement, such number of
shares of Common Stock as shall from time to time be sufficient to effect
exercise of this Warrant for such Warrant Shares [For Cerberus Warrant Only:

                                       18
<PAGE>
without regard to any limit on exercisability set forth in Section 2.5 or
otherwise in this Warrant or any comparable provision in the Term Loan
Warrants].

            7. No Reissuance of Loan. Any portion of the principal amount of the
Holder's portion of the Loan which is reduced in connection with payment of the
Purchase Price for the Warrant Shares as provided herein shall not be reissued.

            8. NOTICES OF CORPORATE ACTION. In the event of:

            (a) any taking by the Company or, prior to the consummation of a
Spin-Off and satisfaction of the Company's obligations pursuant to Section
3.7(b), DSW, of a record of the holders of any class of securities for the
purpose of determining the holders thereof who are entitled to receive any
dividend or other distribution, or any right to subscribe for, purchase or
otherwise acquire any shares of stock of any class or any other securities or
property, or to receive any other right, or

            (b) any capital reorganization of the Company or, prior to the
consummation of a Spin-Off and satisfaction of the Company's obligations
pursuant to Section 3.7(b), DSW, any reclassification or recapitalization of the
capital stock of the Company or, prior to the consummation of a Spin-Off and
satisfaction of the Company's obligations pursuant to Section 3.7(b), DSW, any
consolidation or merger involving the Company or, so long as no Spin-Off shall
have occurred, DSW and any other Person, any transaction or series of
transactions in which more than 50% of the voting securities of the Company are
transferred to another Person, or any transfer, sale or other disposition of all
or substantially all the assets of the Company or, prior to the consummation of
a Spin-Off and satisfaction of the Company's obligations pursuant to Section
3.7(b), DSW to any other Person, or

            (c) any voluntary or involuntary dissolution, liquidation or
winding-up of the Company or, prior to the consummation of a Spin-Off and
satisfaction of the Company's obligations pursuant to Section 3.7(b), DSW, or

            (d) any Spin-Off, or

            (e) the exercise by the Company of any right or remedy with respect
to its Lien on the capital stock of DSW,

the Company shall mail to each holder of a Warrant a notice specifying (i) the
date or expected date on which any such record is to be taken for the purpose of
such dividend, distribution or right, and the amount and character of such
dividend, distribution or right, and (ii) the date or expected date on which any
such reorganization, reclassification, recapitalization, consolidation, merger,
transfer, sale, disposition, dissolution, liquidation or winding-up is to take
place and the time, if any such time is to be fixed, as of which the holders of
record of Common Stock or DSW Stock (or Other Securities) shall be entitled to
exchange their shares of Common Stock or DSW Stock (or Other Securities) for the
securities or other property deliverable upon such reorganization,
reclassification, recapitalization, consolidation, merger, transfer,
dissolution, liquidation or winding-up. Such notice shall be mailed at least 20
days prior to the date therein

                                       19
<PAGE>
specified, and in the case of a Spin-off, such notice shall be mailed at least
90 days prior to the record date of such Spin-Off.

            9. Closing of Books. The Company will at no time close its transfer
books against the transfer of any shares of Common Stock issued or issuable upon
exercise of this Warrant in any manner which interferes with the timely exercise
of this Warrant, except as may otherwise be required to comply with applicable
securities laws.

            10. Covenant As To Common Stock. The Company covenants that all
Warrant Shares which may be delivered upon exercise of this Warrant will be
newly issued shares (except where such Warrant Shares are to be DSW Stock), upon
such delivery will have been duly authorized and validly issued, will be fully
paid and nonassessable and the Company will pay all taxes, liens and charges
with respect to the issue thereof. The Company further covenants that all
governmental, corporate, shareholder and third-party approvals (including those
of any exchange on which such Warrant Shares are, or are proposed to be listed)
for the issuance of shares of Common Stock hereunder will have been duly
obtained and will be in full force and effect on or before any Warrant Shares
are or are required to be issued pursuant to this Section 10.

            11. Registration of Stock. If any shares of Common Stock to be
reserved for purposes of exercise of this Warrant require registration with or
approval of any governmental authority under any federal or state law (other
than the Securities Act) before such shares may be issued or transferred upon
exercise, the Company shall, at its expense and as expeditiously as possible,
use its best efforts to cause such shares to be duly registered or approved, as
the case may be. At any such time as Common Stock is listed on any national
securities exchange, the Company shall, at its expense, obtain promptly and
maintain the approval for listing on each such exchange, upon official notice of
issuance, the shares of Common Stock issuable upon exercise of the then
outstanding Warrants and maintain the listing of such shares after their
issuance; and the Company shall also list on such national securities exchange,
register under the Exchange Act and maintain such listing of, any Other
Securities of the Company that at any time are issuable upon exercise of the
Warrants, if and at the time that any securities of the same class shall be
listed on such national securities exchange by the Company.

            12. RESTRICTIONS ON TRANSFER.

            12.1. Restrictive Legends. Except as otherwise permitted by this
Section 12, each Warrant (including each Warrant issued upon the transfer of any
Warrant) shall be stamped or otherwise imprinted with a legend in substantially
the following form:

            "THIS WARRANT AND ANY SECURITIES ACQUIRED UPON THE EXERCISE OF THIS
      WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, OR THE SECURITIES LAW OF ANY STATE, AND MAY NOT BE SOLD,
      TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS
      OR PURSUANT TO AN APPLICABLE

                                       20
<PAGE>
      EXEMPTION TO THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS. THIS
      WARRANT AND SUCH SECURITIES MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE
      DISPOSED OF EXCEPT IN COMPLIANCE WITH THE TERMS AND CONDITIONS SPECIFIED
      IN THIS WARRANT.

Except as otherwise permitted by this Section 12, each certificate for Common
Stock or DSW Stock (or Other Securities) issued upon the exercise of any
Warrant, and each certificate issued upon the transfer of any such Common Stock
or DSW Stock (or Other Securities), shall be stamped or otherwise imprinted with
a legend in substantially the following form:

            "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES
      LAW OF ANY STATE, AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED
      OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT
      AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE
      EXEMPTION TO THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS."

            12.2. Transfer to Comply With the Securities Act. Restricted
Securities may not be sold, assigned, pledged, hypothecated, encumbered or in
any manner transferred or disposed of (a "Transfer"), in whole or in part,
except in compliance with the provisions of the Securities Act and state
securities or Blue Sky laws and the terms and conditions hereof.

            12.3. Notice of Transfer. Each Holder shall, prior to any Transfer
of any Warrants, give written notice to the Company of such Holder's intention
to Transfer.

            12.4. Termination of Restrictions. The restrictions imposed by this
Section 12 on the transferability of Restricted Securities shall cease and
terminate as to any particular Restricted Securities (a) when a registration
statement with respect to the sale of such securities shall have been declared
effective under the Securities Act and such securities shall have been disposed
of in accordance with such registration statement, (b) when such securities are
sold pursuant to Rule 144 (or any similar provision then in force) under the
Securities Act, or (c) when, in the reasonable opinion of both counsel for the
Holder and counsel for the Company or DSW, as applicable, such restrictions are
no longer required or necessary in order to protect the Company or DSW, as
applicable, against a violation of the Securities Act upon any sale or other
disposition of such securities without registration thereunder. Whenever such
restrictions shall cease and terminate as to any Restricted Securities that are
Common Stock, the Holder shall be entitled to receive from the Company, without
expense, new securities of like tenor not bearing the applicable legends
required by Section 12.1.

            12.5. Exempt Transfers. The restrictions on the transfer of this
Warrant or the Warrant Shares set forth in this Section 12 shall not apply to
any transfer to an affiliate of the Holder or to any transfer to any other
Person, provided that such transfer is made in compliance with the provisions of
the Securities Act and state securities laws.

                                       21
<PAGE>
            13. SECURITIES ACT MATTERS.

            13.1. The Holder represents and warrants to the Company as of the
Effective Date and as of date hereof that:

            (a) The Holder is acquiring this Warrant for its own account,
without a view to, or sale in connection with, the distribution thereof. The
Holder has no present agreement, undertaking, arrangement, commitment or
obligation providing for the disposition of the Warrant or the Warrant Shares,
all without prejudice, however, to the right of the Holder at any time, in
accordance with this Warrant, lawfully to sell or otherwise to dispose of all or
any part of the Warrant or Warrant Shares held by it;

            (b) The Holder is an "accredited investor" within the meaning of
Regulation D under the Securities Act. The Holder has not retained, utilized or
been represented by any broker or finder in connection with the transactions
contemplated by this Warrant;

            (c) The Holder acknowledges that, subject to the Registration Rights
Agreement and the DSW Registration Rights Agreement (A) the Warrants and the
Warrant Shares have not been registered under the Securities Act, in reliance on
the non-public offering exemption contained in Section 4(2) of the Securities
Act and Regulation D thereunder; (B) because the Warrants and the Warrant Shares
are not so registered, the Holder must bear the economic risk of holding this
Warrant and the Warrant Shares for an indefinite period of time unless the
Warrants and the Warrant Shares are subsequently registered under the Securities
Act or an exemption from such registration is available with respect thereto;
(C) Rule 144 under the Securities Act may or may not be available for resales of
the Warrants or the Warrant Shares in the future and, if so, may only be
available for sales in limited amounts; (D) there is presently no trading market
for the Warrants and there is no assurance that such market will exist in the
future; and (E) while there is presently a trading market for the Warrant
Shares, there is no assurance that such market will be in existence in the
future; and

            (d) If the Holder decides to dispose of this Warrant or the Warrant
Shares, which it does not now contemplate, the Holder can do so only in
accordance and in compliance with the Securities Act and Rule 144 or another
exemption from the registration requirements of the Securities Act, as then in
effect or through an effective registration statement under the Securities Act.

            14. REGISTRATION AND TRANSFER OF WARRANTS, ETC.

            14.1. Warrant Register; Ownership of Warrants. Each Warrant issued
by the Company shall be numbered and shall be registered in a warrant register
(the "Warrant Register") as it is issued and transferred, which Warrant Register
shall be maintained by the Company at its principal office or, at the Company's
election and expense, by a Warrant agent or the transfer agent. The Company
shall be entitled to treat the registered Holder of any Warrant on the Warrant
Register as the owner in fact thereof for all purposes and shall not be bound to
recognize any equitable or other claim to or interest in such Warrant on the
part of any other Person, and shall not be affected by any notice to the
contrary, except that, if and when any Warrant is properly assigned in blank,
the Company may (but shall not be obligated to) treat the

                                       22
<PAGE>
bearer thereof as the owner of such Warrant for all purposes. Subject to Section
12, a Warrant, if properly assigned, may be exercised by a new holder without a
new Warrant first having been issued.

            14.2. Transfer of Warrants. Subject to compliance with Section 12,
if applicable, this Warrant and all rights hereunder are transferable in whole
or in part, without charge to the Holder hereof, upon surrender of this Warrant
with a properly executed Form of Assignment attached hereto as Exhibit C at the
principal office of the Company. Upon any partial transfer, the Company shall at
its expense issue and deliver to the Holder a new Warrant of like tenor, in the
name of the Holder, which shall be exercisable for such number of shares of
Common Stock with respect to which rights under this Warrant were not so
transferred.

            14.3. Replacement of Warrants. On receipt by the Company of evidence
reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant and, in the case of any such loss, theft or
destruction of this Warrant, on delivery of an indemnity agreement reasonably
satisfactory in form and amount to the Company or, in the case of any such
mutilation, on surrender of such Warrant to the Company at its principal office
and cancellation thereof, the Company at its expense shall execute and deliver,
in lieu thereof, a new Warrant of like tenor.

            14.4. Adjustments to Purchase Price and Number of Shares.
Notwithstanding any adjustment in the Purchase Price or in the number or kind of
Warrant Shares purchasable upon exercise of this Warrant, any Warrant
theretofore or thereafter issued may continue to express the same number and
kind of Warrant Shares as are stated in this Warrant, as initially issued.

            14.5. Fractional Shares. Notwithstanding any adjustment pursuant to
Section 3 in the number of Warrant Shares covered by this Warrant or any other
provision of this Warrant, the Company shall not be required to issue or
transfer fractions of shares upon exercise of this Warrant or to distribute
certificates which evidence fractional shares. In lieu of fractional shares, the
Company shall make payment to the Holder, at the time of exercise of this
Warrant as herein provided, in an amount in cash equal to such fraction
multiplied by the applicable Purchase Price on the date of Warrant exercise.

            15. Remedies; Specific Performance. The Company stipulates that
there would be no adequate remedy at law to any Holder in the event of any
default or threatened default by the Company in the performance of or compliance
with any of the terms of this Warrant and accordingly, the Company agrees that,
in addition to any other remedy to which the Holder may be entitled at law or in
equity, the Holder shall be entitled to seek to compel specific performance of
the obligations of the Company under this Warrant, without the posting of any
bond, in accordance with the terms and conditions of this Warrant in any court
of the United States or any State thereof having jurisdiction, and if any action
should be brought in equity to enforce any of the provisions of this Warrant,
the Company shall not raise the defense that there is an adequate remedy at law.
Except as otherwise provided by law, a delay or omission by the Holder hereto in
exercising any right or remedy accruing upon any such breach shall not impair
the right or remedy or constitute a waiver of or acquiescence in any such
breach. No remedy shall be exclusive of any other remedy. All available remedies
shall be cumulative.

                                       23
<PAGE>
            16. No Rights or Liabilities as Shareholder. Nothing contained in
this Warrant shall be construed as conferring upon the Holder hereof any rights
as a shareholder of the Company or as imposing any obligation on the Holder to
purchase any securities or as imposing any liabilities on the Holder as a
shareholder of the Company, whether such obligation or liabilities are asserted
by the Company or by creditors of the Company.

            17. Notices. All notices and other communications (and deliveries)
provided for or permitted hereunder shall be made in writing by hand delivery,
telecopier, any nationally-recognized courier guaranteeing overnight delivery or
first class registered or certified mail, return receipt requested, postage
prepaid, addressed as follows:

If to the Company:                  Retail Ventures Inc.
                                    3241 Westerville Road
                                    Columbus, OH
                                    Attn: James McGrady
                                    Chief Financial Officer
                                    Fax No. (614) 473-2721


with copies to:                     Retail Ventures Inc.
                                    3241 Westerville Road
                                    Columbus, OH
                                    Attn: General Counsel
                                    Fax No. (614) 337-4682


If to Holder:                       Cerberus Partners, L.P.
                                    299 Park Avenue
                                    Floors 22
                                    New York, NY 10171
                                    Attn:  Lenard Tessler
                                    Fax No. (212) 421-2958

with copies to:                     Schulte Roth & Zabel LLP
                                    919 Third Avenue
                                    New York, NY  10022
                                    Attn:  Stuart D. Freedman, Esq.
                                    Fax No. (212) 593-5955

            All such notices and communications (and deliveries) shall be deemed
to have been duly given: at the time delivered by hand, if personally delivered;
when receipt is acknowledged, if telecopied; on the next Business Day, if timely
delivered to a courier guaranteeing overnight delivery; and five days after
being deposited in the mail, if sent first class or certified mail, return
receipt requested, postage prepaid; provided, that the exercise of any Warrant
shall be effective in the manner provided in Section 2.

                                       24
<PAGE>
            18. Amendments. This Warrant and any term hereof may not be amended,
modified, supplemented or terminated, and waivers or consents to departures from
the provisions hereof may not be given, except by written instrument duly
executed by the Company and the Holder.

            19. Descriptive Headings, Etc. The headings in this Warrant are for
convenience of reference only and shall not limit or otherwise affect the
meaning of terms contained herein. Unless the context of this Warrant otherwise
requires: (1) words of any gender shall be deemed to include each other gender;
(2) words using the singular or plural number shall also include the plural or
singular number, respectively; (3) the words "hereof", "herein" and "hereunder"
and words of similar import when used in this Warrant shall refer to this
Warrant as a whole and not to any particular provision of this Warrant, and
Section and paragraph references are to the Sections and paragraphs of this
Warrant unless otherwise specified; (4) the word "including" and words of
similar import when used in this Warrant shall mean "including, without
limitation," unless otherwise specified; (5) "or" is not exclusive; and (6)
provisions apply to successive events and transactions.

            20. GOVERNING LAW. This Agreement shall be governed by and construed
in accordance with the law of the State of New York.

            21. Registration Rights Agreement. The shares of Common Stock (and
Other Securities of the Company) issuable upon exercise of this Warrant shall
constitute Registrable Securities (as such term is defined in the Registration
Rights Agreement. Each Holder shall be entitled to all of the benefits afforded
to a holder of any such Registrable Securities under the Registration Rights
Agreement and such Holder, by its acceptance of this Warrant, agrees to be bound
by and to comply with the terms and conditions of the Registration Rights
Agreement and the DSW Registration Rights Agreement, applicable to such Holder
as a holder of such Registrable Securities. In addition to the foregoing, to the
extent the Holder exercises this Warrant into DSW Stock within 180 days of a
Qualifying IPO, such Holder agrees not to transfer such Warrant Shares until the
date that is 181 days after the closing date of such Qualifying IPO.

            22. Costs and Attorneys' Fees. In the event that any action, suit or
other proceeding is instituted concerning or arising out of this Warrant, the
Company agrees and the Holder, by taking and holding this Warrant agrees, that
the prevailing party shall recover from the non-prevailing party all of such
prevailing party's costs and reasonable attorneys' fees incurred in each and
every such action, suit or other proceeding, including any and all appeals or
petitions therefrom.

            23. EXPIRATION. The right to exercise this Warrant shall expire at
the later of 5:00 PM, New York City time on June 11, 2007 and the date of the
repayment in full of the obligations under the Convertible Facility.

                [Remainder of this page intentionally left blank]




                                       25
<PAGE>
            IN WITNESS WHEREOF, the Company has executed and delivered this
Warrant as of the date first above written.

                                    RETAIL VENTURES, INC.


                                    By:
                                           ---------------------------
                                    Name:
                                           ---------------------------
                                    Title:
                                           ---------------------------




                                       26
<PAGE>
                                                   EXHIBIT A to
                                                   Common Stock Purchase Warrant


                                     FORM OF
                   ELECTION TO PURCHASE SHARES OF COMMON STOCK

            The undersigned hereby irrevocably elects to exercise the Warrant to
purchase ____ common shares, no par value per share ("Common Stock"), of RETAIL
VENTURES, INC. and hereby makes payment of $________ therefor [or] makes payment
by reduction pursuant to Section 2.1(b)(ii) of the Warrant of the number of
shares of Common Stock otherwise issuable to the Holder upon Warrant exercise by
___ shares [or] makes payment therefor by delivery of the following Common Stock
Certificates of the Company (properly endorsed for transfer in blank) for
cancellation by the Company pursuant to Section 2.1(b)(iii) of the Warrant,
certificates of which are attached hereto for cancellation ________________
[list certificates by number and amount]. The undersigned hereby requests that
certificates for such shares be issued and delivered as follows:

ISSUE TO:_______________________________________________________________________
                                     (NAME)

________________________________________________________________________________
                          (ADDRESS, INCLUDING ZIP CODE)

________________________________________________________________________________
                  (SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER)

DELIVER TO:_____________________________________________________________________
                                     (NAME)

________________________________________________________________________________
                          (ADDRESS, INCLUDING ZIP CODE)

            If the number of shares of Common Stock purchased (and/or reduced)
hereby is less than the number of shares of Common Stock covered by the Warrant,
the undersigned requests that a new Warrant representing the number of shares of
Common Stock not so purchased (or reduced) be issued and delivered as follows:

ISSUE TO:_______________________________________________________________________
                                (NAME OF HOLDER)

________________________________________________________________________________
                          (ADDRESS, INCLUDING ZIP CODE)

DELIVER TO:_____________________________________________________________________
                                (NAME OF HOLDER)

________________________________________________________________________________
                          (ADDRESS, INCLUDING ZIP CODE)

Dated: _____________, 20__                      NAME OF HOLDER

                                          By________________________
                                            Name:
                                            Title:



                                       27
<PAGE>
                                                   EXHIBIT B to
                                                   Common Stock Purchase Warrant

                                     FORM OF
                    ELECTION TO PURCHASE SHARES OF DSW STOCK

            The undersigned hereby irrevocably elects to exercise the Warrant to
purchase ___ Class A Common Shares, no par value, of DSW Inc. ("DSW Stock") and
hereby makes payment of $________ therefor [or] makes payment by reduction
pursuant to Section 2.1(b)(ii) of the Warrant of the number of shares of DSW
Stock otherwise issuable to the Holder upon Warrant exercise by ___ shares [or]
makes payment therefor by delivery of the following DSW Stock Certificates of
DSW Inc. (properly endorsed for transfer in blank) for transfer to the Company
pursuant to Section 2.1(b)(iii) of the Warrant, certificates of which are
attached hereto for cancellation ________________ [list certificates by number
and amount]. The undersigned hereby requests that certificates for such shares
be issued and delivered as follows:

ISSUE TO:_______________________________________________________________________
                                     (NAME)

________________________________________________________________________________
                          (ADDRESS, INCLUDING ZIP CODE)

________________________________________________________________________________
                  (SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER)

DELIVER TO:_____________________________________________________________________
                                     (NAME)

________________________________________________________________________________
                          (ADDRESS, INCLUDING ZIP CODE)

            If the number of shares of DSW Stock purchased (and/or reduced)
hereby is less than the number of shares of DSW Stock covered by the Warrant,
the undersigned requests that a new Warrant representing the number of shares of
DSW Stock not so purchased (or reduced) be issued and delivered as follows:

ISSUE TO:_______________________________________________________________________
                                (NAME OF HOLDER)

________________________________________________________________________________
                          (ADDRESS, INCLUDING ZIP CODE)

DELIVER TO:_____________________________________________________________________
                                (NAME OF HOLDER)

________________________________________________________________________________
                          (ADDRESS, INCLUDING ZIP CODE)

Dated: _____________, 20__                      NAME OF HOLDER

                                          By________________________
                                            Name:
                                            Title:




                                       28
<PAGE>
                                                   EXHIBIT C to
                                                   Common Stock Purchase Warrant

                               FORM OF ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and
transfers unto the Assignee named below all of the rights of the undersigned to
purchase Common Shares, no par value per share ("Common Stock") of RETAIL
VENTURES, INC. (the "Company") or, after the consummation of a Qualifying IPO
(as defined in the Warrant) but prior to the consummation of a Spin-Off (as
defined in the Warrant) and satisfaction of the Company's obligations to make
the distribution required by Section 3.7(b) of the Warrant, and at its election,
Class A common shares no par value per share ("DSW Stock") of DSW Inc. owned by
the Company, and represented by the Warrant, with respect to the number of
shares of Common Stock and DSW Stock set forth below:

<TABLE>
<CAPTION>
                                      No. of Shares      No. of Shares of
      Name of Assignee    Address    of Common Stock         DSW Stock
      ----------------    -------    ---------------         ---------
<S>                       <C>        <C>                 <C>
</TABLE>




and does hereby irrevocably constitute and appoint ________ Attorney to make
such transfer on the books of maintained for that purpose, with full power of
substitution in the premises.

Dated: _______________, 20__                    NAME OF HOLDER

                                           By________________________
                                      Name:
                                     Title:



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.18
<SEQUENCE>11
<FILENAME>x06593a4exv10w18.txt
<DESCRIPTION>EX-10.18: FORM OF TERM LOAN WARRANT
<TEXT>
<PAGE>
                                                                   Exhibit 10.18





                           [FORM OF TERM LOAN WARRANT]

THIS WARRANT AND ANY SECURITIES ACQUIRED UPON EXERCISE OF THIS WARRANT HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES
LAW OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND
APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION TO THE
REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS. THIS WARRANT AND SUCH
SECURITIES MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN
COMPLIANCE WITH THE TERMS AND CONDITIONS SPECIFIED IN THIS WARRANT.

RETAIL VENTURES, INC.

COMMON STOCK PURCHASE WARRANT No. W-__                    [IPO Effective Date]


                                                             Warrant to Purchase
                                                      Shares of RVI Common Stock
                                                              DSW Class A Shares


            RETAIL VENTURES, INC., an Ohio corporation (the "Company"), for
value received, hereby certifies that CERBERUS PARTNERS, L.P., a Delaware
limited partnership, or its registered assigns (the "Holder"), is entitled to
purchase from the Company that number of duly authorized, validly issued, fully
paid and nonassessable shares of Common Shares, no par value per share, of the
Company (the "Common Stock") equal to the Common Stock Exercise Amount (as
defined below) or, in the alternative, after the consummation of a Qualifying
IPO (as defined below) but prior to the consummation of a Spin-Off (as defined
below) and the satisfaction of the Company's obligations pursuant to Section
3.3(b), and in the Holder's discretion, that number of shares of DSW Stock (as
defined below) equal to the DSW Stock Exercise Amount (as defined below) owned
by the Company, in each case, at a purchase price equal to the applicable
Purchase Price (as defined below), at any time or from time to time but prior to
5:00 P.M., New York City time, on June 11, 2012 (the "Expiration Date"), all
subject to the terms, conditions and adjustments set forth below in this Warrant
(this "Warrant"); provided, that the purchase price per share of Common Stock or
DSW Stock, as the case may be, hereunder shall not in any event be less than the
par value of such Common Stock or DSW Stock, as applicable. For the avoidance of
doubt, in the case of an exercise for DSW Stock, this Warrant shall initially be
exercisable only for Class A Shares (as defined below). This Warrant amends and
restates that certain warrant, dated as of September 26, 2002, issued by the
Company to the Holder.

            1. DEFINITIONS. As used herein, unless the context otherwise
requires, the following terms shall have the meanings indicated:
<PAGE>
            "Additional Shares of Common Stock" shall mean all shares (including
treasury shares) of Common Stock issued or sold (or, pursuant to Section 3.2(b)
or 3.5(b), deemed to be issued) by the Company after September 26, 2002, whether
or not subsequently reacquired or retired by the Company, other than

            (a) (i) shares of Common Stock issued upon the exercise of the Term
Loan Warrants and (ii) such additional number of shares of Common Stock as may
become issuable upon the exercise of the Term Loan Warrants by reason of
adjustments required pursuant to the anti-dilution provisions applicable to the
Term Loan Warrants as in effect on the date hereof or on the date of original
issuance;

            (b) up to 5,000,000 shares of Common Stock (and following June 11,
2007, up to an additional 5,000,000 shares of Common Stock) that are issued to
Persons other than Affiliates of the Company, including (i) shares of Common
Stock or options exercisable therefor, issued or to be issued under the
Company's 2000 Stock Option Plan as in effect on September 26, 2002 or under any
other employee stock option or purchase plan or plans, or pursuant to
compensatory or incentive agreements, for officers, employees or consultants of
the Company or any of its Subsidiaries, in each case adopted or assumed after
such date by the Company's Board of Directors; provided in each case that the
exercise or purchase price for any such share shall not be less than 95% of the
fair market value (determined in good faith by the Company's Board of Directors)
of the Common Stock on the date of the grant, and such additional number of
shares as may become issuable pursuant to the terms of any such plans by reason
of adjustments required pursuant to antidilution provisions applicable to such
securities in order to reflect any subdivision or combination of Common Stock,
by reclassification or otherwise, or any dividend on Common Stock payable in
Common Stock, (ii) shares of restricted stock issued by the Company to executive
officers of the Company, and (iii) shares of Common Stock issued by the Company
as charitable gifts; and provided, however, that all options that are issued and
expire unexercised because the vesting requirements thereof are not satisfied
shall not be included in the issued shares pursuant to this (b);

            (c) up to 2,153,000 shares of Common Stock issued pursuant to
options that are granted to executive officers of the Company or its
Subsidiaries under the Company's 2000 Stock Option Plan as in effect on
September 26, 2002 at an exercise price of no less than $4.50 per share and such
additional number of shares as may become issuable pursuant to the terms of any
such options under the terms of such plan by reason of adjustments required
pursuant to antidilution provisions applicable to such securities in order to
reflect any subdivision or combination of Common Stock, by reclassification or
otherwise, or any dividend on Common Stock payable in Common Stock; provided,
however, that all options that are issued and expire unexercised because the
vesting requirements thereof are not satisfied shall not be included in the
issued shares pursuant to this (c); and

            (d) (i) shares of Common Stock issued upon exercise of the
Conversion Warrants and (ii) such additional number of shares of Common Stock as
may become issuable upon the exercise of the Conversion Warrants by reason of
adjustments required pursuant to anti-dilution provisions applicable to the
Conversion Warrants as in effect on the date hereof or on the date of original
issuance.


                                       2
<PAGE>
            "Additional Shares of DSW Stock" shall mean all shares (including
treasury shares) of DSW Stock issued or sold (or, pursuant to Section 3.2(b) or
3.5(b), deemed to be issued) by DSW after the closing date of a Qualifying IPO
(and for the avoidance of doubt shall not include shares issued pursuant to the
over-allotment option in such Qualifying IPO after such closing date), whether
or not subsequently reacquired or retired by DSW, other than

                  (a) (i) shares of DSW Stock issued upon the exercise of the
      Term Loan Warrants and (ii) such number of additional shares of DSW Stock
      as may become issuable upon the exercise of the Term Loan Warrants by
      reason of adjustments required pursuant to the antidilution provisions
      applicable to the Term Loan Warrants as in effect on the date hereof or on
      the date of original issuance; or

                  (b) (i) shares of DSW Stock issued upon exercise of the
      Conversion Warrants and (ii) such additional number of shares as may
      become issuable upon the exercise of the Conversion Warrants by reason of
      adjustments required pursuant to antidilution provisions applicable to the
      Conversion Warrants as in effect on September 26, 2002 or on the date
      hereof; or

                  (c) shares of DSW Stock, shares of restricted stock, options
      exercisable for DSW Stock, or any other securities or interests (including
      shares of DSW Stock issued upon conversion, settlement or exercise of any
      such options, securities or other interests), issued or to be issued under
      the DSW Inc. Equity Incentive Plan or any other employee stock option or
      purchase plan or plans, or pursuant to compensatory or incentive
      agreements, for officers, directors, employees or consultants of the
      Company, DSW or any of its respective Subsidiaries, and such additional
      number of shares as may become issuable pursuant to the terms of any such
      plans by reason of adjustments required pursuant to antidilution
      provisions applicable to such securities in order to reflect any
      subdivision or combination of DSW Stock, by reclassification or otherwise,
      or any dividend or distribution on DSW Stock payable in DSW Stock or other
      equity securities or interests; or

                  (d) shares of Class A Shares issued upon exchange of Class B
      Shares.

            "Aggregate Purchase Price" shall have the meaning set forth in
Section 2.1(a).

            "Business Day" shall mean any day other than a Saturday or a Sunday
or any day on which national banks are authorized or required by law to close.
Any reference to "days" (unless Business Days are specified) shall mean calendar
days.

            "Class A Shares" means the shares of the Class A common shares, no
par value, of DSW.

            "Class B Shares" means the shares of the Class B common shares, no
par value, of DSW.

            "Commission" shall mean the Securities and Exchange Commission or
any successor agency having jurisdiction to enforce the Securities Act.


                                       3
<PAGE>
            "Common Stock" shall have the meaning assigned to it in the
introduction to this Warrant, such term to include any stock into which such
Common Stock shall have been changed or any stock resulting from any
reclassification of such Common Stock, and all other stock of any class or
classes (however designated) of the Company the holders of which have the right,
without limitation as to amount, either to all or to a share of the balance of
current dividends and liquidating dividends after the payment of dividends and
distributions on any shares entitled to preference.

            "Common Stock Exercise Amount" shall initially mean the Initial
Common Stock Exercise Amount, as the same may be adjusted and readjusted
pursuant to Section 3 hereof; and shall be reduced upon each exercise of this
Warrant (i) if exercised for Common Stock, by such number of shares of Common
Stock for which this Warrant is then being exercised or (ii) if exercised for
DSW Stock, by the Corresponding Common Stock Number applicable to the number of
shares of DSW Stock for which this Warrant is then being exercised.

            "Common Stock Purchase Price" shall mean initially $4.50 per share,
subject to adjustment and readjustment from time to time as provided in Section
3, and, as so adjusted or readjusted, shall remain in effect until a further
adjustment or readjustment thereof is required by Section 3.

            "Company" shall have the meaning assigned to it in the introduction
to this Warrant, such term to include any corporation or other entity which
shall succeed to or assume the obligations of the Company hereunder in
compliance with Section 4.

            "Conversion" shall have the meaning assigned to it in Section
3.1(b).

            "Convertible Facility" shall mean that certain Amended and Restated
Senior Subordinated Convertible Loan Agreement, dated as of June 11, 2002, among
the Company, CPLP and SSC, as amended by Amendment No. 1 to Amended and Restated
Senior Convertible Loan Agreement, dated as of June 11, 2002, and by Amendment
No. 2 to Amended and Restated Senior Convertible Loan Agreement, dated as of
October 7, 2003, and by Amendment No. 3 to Amended and Restated Senior
Convertible Loan Agreement, dated as of December 29, 2004, and as amended and
restated by the Second Amended and Restated Senior Loan Agreement, dated as of
June ___, 2005 (as amended, supplemented, restated otherwise modified through
the date hereof).

            "Convertible Securities" shall mean any evidences of indebtedness,
shares of stock (other than Common Stock or DSW Stock) or other securities
directly or indirectly convertible into or exchangeable for, in the case of the
Company, Additional Shares of Common Stock or, in the case of DSW, Additional
Shares of DSW Stock.

            "Conversion Warrants" means those certain warrants issued on the
date hereof in connection with an amendment and restatement of the Convertible
Facility.

            "Corresponding Common Stock Number" shall mean, with respect to a
specified number of shares of DSW Stock, the number of shares of Common Stock
obtained by dividing: (i) the product of (A) the number of shares of DSW Stock
with respect to which such


                                       4
<PAGE>
determination is being made and (B) the DSW Stock Purchase Price by (ii) the
Common Stock Purchase Price; rounding up in the case of any fractional share.

            "Corresponding DSW Stock Number" shall mean, with respect to a
specified number of shares of Common Stock, the number of shares of DSW Stock
obtained by dividing (i) the product of (A) the number of shares of Common Stock
with respect to which such determination is being made and (B) the Common Stock
Purchase Price by (ii) the DSW Stock Purchase Price; rounding up in the case of
any fractional share.

            "CPLP" shall mean Cerberus Partners, L.P., or its assignees.

            "Current Market Price" shall mean, with respect to a security, on
any date specified herein, the average of the daily Market Price of such
security during the 10 consecutive trading days before such date, except that,
if on any such date the shares of such security are not listed or admitted for
trading on any national securities exchange or quoted in the over-the-counter
market, the Current Market Price shall be the Market Price on such date.

            "DSW" shall mean DSW Inc., an Ohio corporation.

            "DSW Registration Rights Agreement" shall mean the registration
rights agreement, dated as of the date hereof, among DSW and the Initial
Holders.

            "DSW Stock" shall mean shares of Class A Shares, such term to
include any stock into which such DSW Stock shall have been changed or any stock
resulting from any reclassification of such DSW Stock, and all other stock of
any class or classes (however designated) of DSW the holders of which have the
right, without limitation as to amount, either to all or to a share of the
balance of current dividends and liquidating dividends after the payment of
dividends and distributions on any shares entitled to preference.

            "DSW Stock Exercise Amount" shall initially mean the Initial DSW
Stock Exercise Amount, as the same may be adjusted and readjusted pursuant to
Section 3 hereof; and shall be reduced upon each exercise of this Warrant (i) if
exercised for DSW Stock, by such number of shares of DSW Stock for which this
Warrant is then being exercised or (ii) if exercised for Common Stock, by the
Corresponding DSW Stock Number applicable to the number of shares of Common
Stock for which this Warrant is then being exercised.

            "DSW Stock Purchase Price" shall mean initially, the IPO Price,
subject to adjustment and readjustment from time to time as provided in Section
3, and, as so adjusted or readjusted, shall remain in effect until a further
adjustment or readjustment thereof is required by Section 3.

            "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended from time to time, and the rules and regulations thereunder, or any
successor statute.

            "Expiration Date" shall have the meaning assigned to it in the
introduction to this Warrant.


                                       5
<PAGE>
            "Fair Value" shall mean, on any date specified herein (i) in the
case of cash, the dollar amount thereof, (ii) in the case of a security, the
Current Market Price, and (iii) in all other cases, the fair value thereof (as
of a date which is within 20 days of the date as of which the determination is
to be made) determined in good faith by a committee of the Company's Board of
Directors consisting of directors who are not Affiliates of the Company, SSC or
the Holder; provided, however, that at the reasonable request of the Holder, the
Fair Value shall be determined in good faith by an independent investment
banking firm selected jointly by the Company and the Holder or, if that
selection cannot be made within 10 days, by an independent investment banking
firm selected by the American Arbitration Association in accordance with its
rules, and provided, further, that the Company shall pay all of the reasonable
fees and expenses of any third parties incurred in connection with determining
the Fair Value.

            "Financing Agreement" shall mean that certain Financing Agreement,
dated as of June 11, 2002, among the Company, certain Affiliates of the Company,
CPLP and SSC, as subsequently amended and modified through the date hereof.

            "Holder" shall have the meaning assigned to it in the introduction
to this Warrant.

            "Initial Common Stock Exercise Amount" means 1,388,752 shares.

            "Initial DSW Stock Exercise Amount" shall mean the number of shares
of DSW Stock obtained by dividing (i) the product of (A) 1,388,752 and $4.50 by
(ii) the IPO Price; rounding down for any fractional share.

            "Initial Holders" shall mean CPLP and SSC.

            "IPO Effective Date" means the date on which a Qualifying IPO is
consummated in accordance with the terms set forth in (i) Section 4.02 of the
Convertible Facility and (ii) the Form S-1 Registration Statement as filed with
the SEC on June __, 2005 as amended from time to time.

            "IPO Price" means the price at which a share of DSW Stock is
initially offered to the public in a Qualifying IPO as set forth on the cover
page to the prospectus in such IPO.

            "Lien" shall have the meaning set forth in the Convertible Facility.

            "Market Price" shall mean, on any date specified herein, with
respect to any security, the amount per share of such security equal to (i) the
last reported sale price of such security, regular way, on such date or, in case
no such sale takes place on such date, the average of the closing bid and asked
prices thereof regular way on such date, in either case as officially reported
on the principal national securities exchange on which such security is then
listed or admitted for trading, (ii) if such security is not then listed or
admitted for trading on any national securities exchange but is designated as a
national market system security by the NASD, the last reported trading price of
such security on such date, (iii) if there shall have been no trading on such
date or if such security is not so designated, the average of the closing bid
and asked prices of such security on such date as shown by the NASD automated
quotation system, (iv) if trading in such security is quoted in the
over-the-counter market, the average of the closing bid and


                                       6
<PAGE>
asked prices of the security on such date as shown on the OTC Bulletin Board, or
(v) if such security is not then listed or admitted for trading on any national
exchange or quoted in the over-the-counter market, the fair value thereof (as of
a date which is within 20 days of the date as of which the determination is to
be made) determined in good faith by a committee of the Company's Board of
Directors consisting of directors who are not Affiliates of the Company, SSC or
the Holder; provided, however, that at the request of the Holder, the Market
Price shall be determined in good faith by an independent investment banking
firm selected jointly by the Company and the Holder or, if that selection cannot
be made within 10 days, by an independent investment banking firm selected by
the American Arbitration Association in accordance with its rules, and provided,
further, that the Company shall pay all of the fees and expenses of any third
parties incurred in connection with determining the Market Price.

            "NASD" shall mean the National Association of Securities Dealers,
Inc.

            "New Issuance Price" shall have the meaning set forth in Section
3.2.

            "Options" shall mean any rights, options or warrants to subscribe
for, purchase or otherwise acquire, in the case of the Company, Additional
Shares of Common Stock or Convertible Securities of the Company, and, in the
case of DSW, Additional Shares of DSW Stock or Convertible Securities of DSW.

            "Original Issuance Date" means September 26, 2002.

            "Other Securities" shall mean any stock (other than Common Stock or
DSW Stock) and other securities of the Company or DSW, as applicable, or any
other Person (corporate or otherwise) which the holders of the Term Loan
Warrants at any time shall be entitled to receive, or shall have received, upon
the exercise of the Term Loan Warrants, in lieu of or in addition to Common
Stock or DSW Stock, or which at any time shall be issuable or shall have been
issued in exchange for or in replacement of Common Stock or DSW Stock or Other
Securities pursuant to Section 4 or otherwise.

            "Permitted Lien" shall have the meaning set forth in the Convertible
Facility.

            "Person" shall mean any individual, firm, partnership, corporation,
trust, joint venture, association, joint stock company, limited liability
company, unincorporated organization or any other entity or organization,
including a government or agency or political subdivision thereof, and shall
include any successor (by merger or otherwise) of such entity.

            "Purchase Price" shall mean, with respect to the Common Stock, the
Common Stock Purchase Price, and with respect to the DSW Stock, the DSW Stock
Purchase Price, as applicable.

            "Qualifying IPO" shall mean an initial public offering of DSW (a) in
which the sale price of the Class A Shares sold in the initial public offering
shall reflect the fair market value of such shares at the time of the initial
public offering as determined by the Company's Board of Directors; (b) from
which the net proceeds are sufficient to repay in full all obligations


                                       7
<PAGE>
outstanding under the Financing Agreement and $25,000,000 of the principal
amount under the Convertible Facility; and (c) which is consummated on or prior
to December 31, 2005.

            "Registration Rights Agreement" shall mean the Second Amended and
Restated Registration Rights Agreement, dated as of the date hereof, among the
Company and the Initial Holders.

            "Restricted Securities" shall mean (i) any Term Loan Warrants
bearing the applicable legend set forth in Section 10.1, (ii) any shares of
Common Stock or DSW Stock (or Other Securities) issued or issuable upon the
exercise of Term Loan Warrants which are (or, upon issuance, will be) evidenced
by a certificate or certificates bearing the applicable legend set forth in
Section 10.1, and (iii) any shares of Common Stock or DSW Stock (or Other
Securities) issued subsequent to the exercise of any of the Term Loan Warrants
as a dividend or other distribution with respect to, or resulting from a
subdivision of the outstanding shares of Common Stock or DSW Stock (or Other
Securities) into a greater number of shares by reclassification, stock splits or
otherwise, or in exchange for or in replacement of the Common Stock or DSW Stock
(or Other Securities) issued upon such exercise, which are evidenced by a
certificate or certificates bearing the applicable legend set forth in Section
10.1.

            "Securities Act" shall mean the Securities Act of 1933, as amended
from time to time, and the rules and regulations thereunder, or any successor
statute.

            "Spin-Off" shall have the meaning assigned to it in Section 3.3.

            "SSC" shall mean Schottenstein Stores Corporation.

            "Term Loan Warrants" shall mean all warrants initially issued
pursuant to the Financing Agreement (as amended and restated), including this
Warrant.

            "Warrant" shall have the meaning assigned to it in the introduction
to this Warrant.

            "Warrant Shares" means (a) the shares of Common Stock or DSW Stock
issued or issuable upon exercise of this Warrant in accordance with Section 2,
(b) all other securities or other property issued or issuable upon any such
exercise or exchange in accordance with this Warrant and (c) any securities of
the Company or DSW distributed with respect to the securities referred to in the
preceding clauses (a) and (b).

            2. EXERCISE OF WARRANT.

            2.1. Manner of Exercise; Payment of the Purchase Price. (a) This
Warrant may be exercised by the Holder hereof, in whole or in part, at any time
or from time to time prior to the Expiration Date, by surrendering to the
Company at its principal office this Warrant, with the form of Election to
Purchase Shares attached hereto as Exhibit A, or (provided that the Company has
not consummated a Spin-Off and satisfied its obligation pursuant to Section
3.3(b)) if this Warrant is being exercised for Shares of DSW Stock, Exhibit B
(or a reasonable facsimile thereof) duly executed by the Holder and accompanied
by payment of the applicable


                                       8
<PAGE>
Purchase Price for the number of shares of Common Stock or, after the
consummation of a Qualifying IPO (provided that the Company has not consummated
a Spin-Off and satisfied its obligations pursuant to Section 3.3(b), DSW Stock
specified in such form (the "Aggregate Purchase Price"). Any partial exercise of
this Warrant shall be for a whole number of Warrant Shares only.

            (b) Payment of the Aggregate Purchase Price may be made as follows
(or by any combination of the following): (i) in United States currency by cash
or delivery of a certified check or bank draft payable to the order of the
Company or by wire transfer to the Company, (ii) by cancellation of such number
of Warrant Shares otherwise issuable to the Holder upon such exercise as shall
be specified for cancellation in such Election to Purchase Shares, such that the
excess of the aggregate Current Market Price of such specified number and type
of shares on the date of exercise over the portion of the Aggregate Purchase
Price attributable to such shares shall equal the Aggregate Purchase Price
attributable to the shares of Common Stock or DSW Stock, as the case may be, to
be issued upon such exercise, in which case such excess amount shall be deemed
to have been paid to the Company and the number of shares issuable upon such
exercise shall be reduced by such number specified for cancellation, or (iii) by
surrender to the Company for cancellation certificates representing shares of
Common Stock or transfer to the Company certificates representing shares of DSW
Stock owned by the Holder (properly endorsed for transfer in blank) having a
Current Market Price on the date of Warrant exercise equal to the Aggregate
Purchase Price.

            (c) Upon the consummation of a Spin-Off and the satisfaction of the
Company's obligations to make the distribution to the Holder required by Section
3.3(b), this Warrant shall no longer be exercisable for shares of DSW Stock and
the Holder shall not be entitled to the pro rata share of the dividend or
distribution pursuant to Section 3.3(a) in respect of such Spin-Off and
distribution; provided, however, that this Warrant shall continue to be
exercisable for shares of Common Stock without any adjustment to the Common
Stock Purchase Price or Common Stock Exercise Amount as a result of such
Spin-Off and distribution to the holders of the Term Loan Warrants and
Conversion Warrants.

            (d) Notwithstanding anything herein to the contrary, the Holder
agrees that this Warrant shall not be exercisable for shares of DSW Stock from
and after the record date for a Spin-Off (as set forth in the notice provided to
the Holder pursuant to Section 8 hereof) until the earliest to occur of (i) the
abandonment of the Spin-Off, (ii) the date that is 60 days after the record date
for such Spin-Off and (iii) two Business Days prior to the Expiration Date of
this Warrant.

            2.2. When Exercise Effective. Each exercise of this Warrant shall be
deemed to have been effected immediately prior to the close of business on the
Business Day in the case of Common Stock and on the next succeeding Business Day
in the case of DSW Stock on which this Warrant shall have been surrendered to,
and the Purchase Price shall have been received by, the Company as provided in
Section 2.1, and, to the extent permitted by law, at such time the Person or
Persons in whose name or names any certificate or certificates for shares of
Common Stock (or Other Securities of the Company) in the case of an exercise of
this Warrant for Common Stock shall be issuable upon such exercise as provided
in Section 2.3 shall be deemed to have become the holder or holders of record
thereof for all purposes.


                                       9
<PAGE>
            2.3. Delivery of Stock Certificates, etc.; Charges, Taxes and
Expenses. (a) As soon as practicable after each exercise of this Warrant, in
whole or in part, and in any event within two Business Days thereafter in the
case of Common Stock and within three Business Days in the case of DSW Stock,
the Company shall cause to be issued, in the case of Common Stock, and shall use
reasonable best efforts to cause to be transferred, in the case of DSW Stock, in
the name of and delivered to the Holder hereof or, subject to Section 10, as the
Holder may direct,

            (i) a certificate or certificates for the number and type of Warrant
      Shares (or Other Securities) to which the Holder shall be entitled upon
      such exercise, and any cash payment in lieu of any fractional shares, as
      provided in Section 12.5 hereof, and

            (ii) in case such exercise is for less than all of the Warrant
      Shares purchasable under this Warrant, a new Warrant or Warrants of like
      tenor, for the balance of the Warrant Shares purchasable hereunder.

            (b) Issuance of certificates for Warrant Shares upon the exercise of
this Warrant shall be made without charge to the Holder hereof for any issue or
transfer tax or other incidental expense, in respect of the issuance or transfer
of such certificates, all of which such taxes and expenses shall be paid by the
Company; provided, however, that the Company shall not be required to pay any
tax that may be payable in respect of any issuance of any Warrant or any
certificate for, or any other evidence of ownership of, Warrant Shares in a name
other than that of the Holder of this Warrant being exercised or exchanged.

            (c) Upon delivery of notice of exercise of this Warrant for shares
of DSW Stock, the Company shall promptly effect the exchange of a sufficient
number of Class B Shares for Class A Shares so as to permit the transfer of
Class A Shares to the Holder in the manner and time periods provided in
paragraph (a) of this Section 2.3.

            2.4. Tax Basis. The Company and the Holder shall mutually agree as
to the tax basis of this Warrant for purposes of the Internal Revenue Code of
1986, as amended, and the treatment of this Warrant under such Code by each of
the Company and the Holder shall be consistent with such agreement.

            [2.5. Limitations on Exercises; Beneficial Ownership. The Company
shall not effect the exercise of this Warrant, and the Holder shall not have the
right to exercise this Warrant, to the extent that after giving effect to such
exercise, such Holder (together with such Holder's affiliates) would
beneficially own in excess of 9.99% of the shares of Common Stock or 9.99% of
the shares of DSW Stock outstanding immediately after giving effect to such
exercise. For purposes of the foregoing sentence, the aggregate number of shares
of Common Stock or DSW Stock, as the case may be, beneficially owned by such
Person and its affiliates shall include the number of such shares of Common
Stock or DSW Stock, as applicable, issuable upon exercise of this Warrant with
respect to which the determination of such sentence is being made, but shall
exclude such shares of Common Stock or DSW Stock, as applicable, which would be
issuable upon (i) exercise of the remaining, unexercised portion of this Warrant
beneficially owned by such Person and its affiliates and (ii) exercise or
conversion of the unexercised or unconverted portion of any other securities of
the Company or DSW beneficially owned by such


                                       10
<PAGE>
Person and its affiliates (including, without limitation, any convertible notes
or convertible preferred stock or warrants) subject to a limitation on
conversion or exercise analogous to the limitation contained herein. Except as
set forth in the preceding sentence, for purposes of this paragraph, beneficial
ownership shall be calculated in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended. For purposes of this Warrant, in determining
the number of outstanding shares of Common Stock, the Holder may rely on the
number of outstanding shares of Common Stock as reflected in the most recent of
the following: (1) the Company's most recent Form 10-K, Form 10-Q, Current
Report on Form 8-K or other public filing with the Securities and Exchange
Commission, as the case may be, (2) a more recent public announcement by the
Company or (3) any other notice by the Company or the Transfer Agent setting
forth the number of shares of Common Stock outstanding. For purposes of this
Warrant, in determining the number of outstanding shares of DSW Stock, the
Holder may rely on the number of outstanding shares of DSW Stock as reflected in
the most recent of the following: (1) DSW's most recent Form 10-K, Form 10-Q,
Current Report on Form 8-K or other public filing with the Securities and
Exchange Commission, as the case may be, (2) a more recent public announcement
by DSW or (3) any other notice by the DSW or its transfer agent setting forth
the number of shares of DSW Stock outstanding. For any reason at any time, upon
the written or oral request of the Holder, the Company shall within one Business
Day confirm orally and in writing to the Holder the number of shares of Common
Stock then outstanding or similarly use its reasonable best efforts to cause DSW
to confirm the number of shares of DSW Stock then outstanding. In any case, the
number of outstanding shares of Common Stock or DSW Stock shall be determined
after giving effect to the conversion or exercise of securities of the Company
or DSW, as the case may be, including the Conversion Warrants, by the Holder and
its affiliates since the date as of which such number of outstanding shares of
Common Stock or DSW Stock was reported. ] [For Cerberus Warrant only.]

            3. ADJUSTMENT OF PURCHASE PRICE AND WARRANT SHARES ISSUABLE UPON
EXERCISE.

            3.1. Adjustment of Number of Shares.

            (a) Upon each adjustment of the Common Stock Purchase Price or the
DSW Stock Purchase Price as a result of the calculations made in this Section 3,
this Warrant shall thereafter evidence the right to receive, at the adjusted
Purchase Price, that number of shares of Common Stock or DSW Stock, as the case
may be, (calculated to the nearest one-hundredth) obtained by dividing (i) the
product of the aggregate number of such shares covered by this Warrant
immediately prior to such adjustment and the applicable Purchase Price in effect
immediately prior to such adjustment of the Purchase Price by (ii) the
applicable Purchase Price in effect immediately after such adjustment of the
Purchase Price. For the avoidance of doubt, adjustments to the Common Stock
Purchase Price shall result in an adjustment only in the number of shares of
Common Stock issuable hereunder and an adjustment to the DSW Stock Purchase
Price shall result in an adjustment only in the number of shares of DSW Stock
issuable hereunder.

            (b) In the event that, prior to the exercise in full of this
Warrant, the Company issues any shares of Common Stock upon the conversion of
Convertible Securities outstanding as of the Original Issuance Date (including,
without limitation, upon exercise of the Conversion


                                       11
<PAGE>
Warrants) (a "Conversion"), the number of shares of Common Stock issuable upon
the exercise of this Warrant (whether or not this Warrant has been partially
exercised) shall be automatically increased by the number of shares equal to
4.375% of the shares of Common Stock issued upon such Conversion, and the
Purchase Price shall not be adjusted in connection with such increase. Any
adjustments made to the Purchase Price or the number of shares of Common Shares
issuable upon exercise of the Warrant prior to such Conversion shall be made as
if the Warrant were initially exercisable for such increased number of shares.
Upon each such Conversion, the Company shall promptly deliver to the Holder the
report required by Section 7 hereof. For the avoidance of doubt, this section
3.1(b) shall only apply to exercise of this Warrant for Common Stock and a
corresponding increase shall not be made with respect to DSW Stock.

            3.2. Adjustment of Purchase Price for New Issuances.

            (a) Issuance of Additional Shares. If at any time or from time to
time after the date hereof, the Company shall issue or sell Additional Shares of
Common Stock or, DSW shall issue Additional Shares of DSW Stock (including, in
each case, Additional Shares of Common Stock or Additional Shares of DSW Stock,
as applicable, deemed to be issued pursuant to Section 3.2(b) and excluding
shares issued pursuant to Section 3.3 and 3.4) without consideration or for a
consideration per share less than the applicable Purchase Price in effect
immediately prior to such issue or sale (the "New Issuance Price"), then, and in
each such case, subject to Section 3.8, in the case of an issuance of Additional
Shares of Common Stock the Common Stock Purchase Price or, in the case of an
issuance of Additional Shares of DSW Stock, the DSW Stock Purchase Price, shall
be reduced concurrently with such issue or sale, to the applicable New Issuance
Price. For the avoidance of doubt, issuances of Additional Shares of Common
Stock shall result in an adjustment only to the Common Stock Purchase Price and
issuances of Additional Shares of DSW Stock shall result in an adjustment only
to the DSW Stock Purchase Price.

            (b) Treatment of Options and Convertible Securities. Shares of
Additional Shares of Common Stock or Additional Shares of DSW Stock shall be
deemed issued if the Company or DSW, as applicable, at any time or from time to
time after the date hereof shall issue, sell, grant or assume, or shall fix a
record date for the determination of holders of any class of securities of the
Company or DSW, as the case may be, entitled to receive, any Options or
Convertible Securities (whether or not the rights thereunder are immediately
exercisable) for a consideration per share (determined pursuant to Section 3.6)
that is less than, in the case of Additional Shares of Common Stock, the Common
Stock Purchase Price or, in the case of Additional Shares of DSW Stock, the DSW
Stock Purchase Price, in effect on the date of and immediately prior to such
issue, sale, grant or assumption or immediately prior to the close of business
on such record date (or, if the Common Stock or DSW Stock, as applicable, trades
on an ex-dividend basis, on the date prior to the commencement of ex-dividend
trading). Such issuance shall be deemed to occur (i) as of the time of such
issue, sale, grant or assumption of the Convertible Securities or Options or
(ii) in case such a record date shall have been fixed, as of the close of
business on such record date (or, if the Common Stock or DSW Stock, as
applicable, trades on an ex-dividend basis, on the date prior to the
commencement of ex-dividend trading). No further adjustment of the Purchase
Price shall be made upon the subsequent issuance of


                                       12
<PAGE>
shares of Common Stock or DSW Stock, as the case may be, upon the exercise of
such Options or the conversion or exchange of such Convertible Securities.

            (c) In addition, for the avoidance of doubt, after the consummation
of a Spin-Off and satisfaction of the Company's obligations to make the
distribution to the Holder required by Section 3.3(b), no adjustment shall be
made pursuant to this Section 3.2 as a result of an issuance by DSW of
Additional Shares of DSW Stock.

            3.3. Extraordinary Dividends and Distributions; Payment of Dividend
in Case of Spin-Off.

            (a) Subject to Section 3.3(b), if the Company or DSW at any time or
from time to time after the date hereof shall declare, order, pay or make a
dividend or other distribution (including, without limitation, any distribution
of other or additional stock or other securities or property or Options by way
of dividend or spin-off, reclassification, recapitalization or similar corporate
rearrangement) on, in the case of the Company, the Common Stock or, in the case
of DSW, the DSW Stock, other than (a) a dividend payable in shares of Common
Stock or, in the case of DSW, DSW Stock, subject to Section 3.4, or (b) a
regularly scheduled cash dividend payable out of consolidated earnings or earned
surplus, determined in accordance with generally accepted accounting principles
or (c) a deemed issuance of Additional Shares of Common Stock or Additional
Shares of DSW Stock pursuant to Section 3.2(b), in each such case, subject to
Section 3.8, adequate provision shall be made so that the Holder shall receive,
upon Warrant exercise for such type of Warrant Shares, a pro rata share of such
dividend or other distribution based upon the maximum number of shares of Common
Stock or DSW Stock, as applicable, at the time issuable to the Holder
(determined without regard to whether the Warrant is exercisable at such time).
For the avoidance of doubt, subject to Section 3.3(b), dividends and
distributions pursuant to this Section 3.3(a) with respect to DSW Stock shall
only be receivable upon exercise by a Holder of this Warrant for DSW Stock (and
only with respect to the number of shares of DSW Stock for which this Warrant is
exercised) and dividends and distributions with respect to Common Stock shall
only be receivable upon exercise by a Holder of this Warrant for Common Stock
(and only with respect to the number of shares of Common Stock for which this
Warrant is exercised). In addition, for the avoidance of doubt, after the
consummation of a Spin-Off and satisfaction of the Company's obligations to make
the distribution to the Holder required by Section 3.3(b), no adjustment shall
be made pursuant to this Section 3.3(a) as a result of an issuance by DSW of
Additional Shares of DSW Stock.

            (b) Notwithstanding anything in this Warrant to the contrary, if the
Company shall make any distribution of all shares of DSW Stock owned by it to
its shareholders (a "Spin-Off"), then the Holder of this Warrant shall receive,
and the Company shall deliver to the Holder, upon consummation of the Spin-Off,
that number of shares of DSW Stock which the Holder would have received in such
Spin-Off had the Holder exercised this Warrant, immediately prior to the record
date for such Spin-Off, for the greatest number of shares of Common Stock for
which this Warrant was then exercisable but only with respect to the portion of
the Warrant that remains unexercised on the date of such distribution [For
Cerberus Warrant only: without regard to any limit on exercisability set forth
in Section 2.5 or otherwise in this Warrant or any comparable provision in the
Conversion Warrants]. Such shares of DSW Stock shall be distributed to the
Holder without payment therefor by the Holder to the Company and without


                                       13
<PAGE>
any action of any kind required by the Holder to the Company. Upon the
consummation of a Spin-Off and receipt by the Holder of the DSW Stock as
provided for in this Section 3.3(b), this Warrant shall no longer be exercisable
for shares of DSW Stock and shall only be exercisable for Common Stock in
accordance with Section 2.1(c). The Holder shall be entitled to at least 90
days' prior written notice of the record date for any Spin-Off.

            3.4. Treatment of Stock Dividends, Stock Splits, etc. In case the
Company or DSW at any time or from time to time after the date hereof, shall
declare or pay any dividend on, in the case of the Company, the Common Stock
payable in Common Stock or, in the case of DSW, the DSW Stock payable in DSW
Stock, or shall effect a subdivision of the outstanding shares, in the case of
the Company, of Common Stock or, in the case of DSW, of DSW Stock, into a
greater number of such shares (by reclassification or otherwise than by payment
of a dividend in Common Stock or DSW Stock), then, and in each such case, the
number of shares of Common Stock or DSW Stock, as the case may be, obtainable
upon exercise of this Warrant shall be proportionately increased and the
applicable Purchase Price shall be proportionately decreased. In case the
Company or DSW at any time or from time to time after the date hereof, shall
effect any combination or consolidation of the outstanding shares of, in the
case of the Company, Common Stock or, in the case of DSW, DSW Stock, into a
lesser number of such shares, then, and in each such case, the number of shares
of Common Stock or DSW Stock, as the case may be, obtainable upon exercise of
this Warrant shall be proportionately decreased and the applicable Purchase
Price shall be proportionately increased. Any adjustment made under this Section
shall become effective (a) in the case of any such dividend, immediately after
the close of business on the record date for the determination of holders of any
class of securities entitled to receive such dividend, or (b) in the case of any
such subdivision, at the close of business on the day immediately prior to the
day upon which such corporate action becomes effective. For the avoidance of
doubt, after the consummation of a Spin-Off and satisfaction of the Company's
obligations to make the distribution to the Holder required by Section 3.3(b) no
adjustment shall be made pursuant to this Section 3.4 for any dividend or
subdivision or consolidation or combination that is effected by DSW.

            3.5. Adjustment of Purchase Price for Other Issuances.

            (a) Issuance of Additional Shares. If at any time or from time to
time after the date hereof, the Company shall issue or sell Additional Shares of
Common Stock or DSW shall issue or sell Additional Shares of DSW Stock,
(including Additional Shares of Common Stock or Additional Shares of DSW Stock,
as the case may be, deemed to be issued pursuant to Section 3.5(b)) for a
consideration per share less than the Current Market Price thereof but greater
than the applicable Purchase Price in effect immediately prior to such issue or
sale, then, and in each such case, subject to Section 3.8, the applicable
Purchase Price shall be reduced concurrently with such issue or sale, to a price
(calculated to the nearest .01 of a cent) determined by multiplying such
applicable Purchase Price by a fraction

            (x) The numerator of which shall be the sum of (i) the number of
shares of, in the case of the issuance of Additional Shares of Common Stock,
Common Stock or, in the case of an issuance of Additional Shares of DSW Stock,
DSW Stock, outstanding immediately prior to such issue or sale and (ii) the
number of shares of, in the case of the issuance of Additional Shares of Common
Stock, Common Stock or, in the case of an issuance


                                       14
<PAGE>
of Additional Shares of DSW Stock, DSW Stock, which the aggregate consideration
received by the Company or DSW, as applicable, for the total number of such
Additional Shares of Common Stock or Additional Shares of DSW Stock, as the case
may be, so issued or sold would purchase at the Current Market Price thereof,
and

               (y) The denominator of which shall be the number of shares of, in
the case of the issuance of Additional Shares of Common Stock, Common Stock, or,
in the case of an issuance of Additional Shares of DSW Stock, of DSW Stock,
outstanding immediately after such issue or sale, provided that, for the
purposes of this Section 3.5, (x) immediately after any Additional Shares of
Common Stock or Additional Shares of DSW Stock are deemed to have been issued
pursuant to Section 3.5(b), such additional shares shall be deemed to be
outstanding, and (y) treasury shares shall not be deemed to be outstanding.

            (b) Treatment of Options and Convertible Securities. In case the
Company or DSW at any time or from time to time after the date hereof, shall
issue, sell, grant or assume, or shall fix a record date for the determination
of holders of any class of securities of the Company or DSW, as the case may be,
entitled to receive, any Options or Convertible Securities (other than those
excluded from the definition of Additional Shares of Common Stock or the
definition of Additional Shares of DSW Stock) (whether or not the rights
thereunder are immediately exercisable) and the consideration per share
(determined pursuant to Section 3.6) of the shares issuable upon the exercise of
such Options or, in the case of Convertible Securities and the Options therefor,
the conversion or exchange of such Convertible Securities would be less than the
Current Market Price thereof but greater than the applicable Purchase Price in
effect on the date of and immediately prior to such issue, sale, grant or
assumption or immediately prior to the close of business on such record date
(or, if the Common Stock or DSW Stock, as applicable, trades on an ex-dividend
basis, on the date prior to the commencement of ex-dividend trading), then, and
in each such case, the maximum number of Additional Shares of Common Stock or
Additional Shares of DSW Stock (as set forth in the instrument relating thereto,
without regard to any provisions contained therein for a subsequent adjustment
of such number) issuable upon the exercise of such Options or, in the case of
Convertible Securities and Options therefor, the conversion or exchange of such
Convertible Securities, shall be deemed to be Additional Shares of Common Stock
or Additional Shares of DSW Stock, as the case may be, issued for the purposes
of Section 3.5 as of the time of such issue, sale, grant or assumption or, in
case such a record date shall have been fixed, as of the close of business on
such record date (or, if the Common Stock or DSW Stock, as applicable, trades on
an ex-dividend basis, on the date prior to the commencement of ex-dividend
trading, provided, that in any such case in which Additional Shares of Common
Stock or Additional Shares of DSW Stock are deemed to be issued:

            (i) whether or not the Additional Shares of Common Stock or
      Additional Shares of DSW Stock underlying such Options or Convertible
      Securities are deemed to be issued, no further adjustment of the
      applicable Purchase Price shall be made upon the subsequent issue or sale
      of Convertible Securities or shares of Common Stock or DSW Stock upon the
      exercise of such Options or the conversion or exchange of such Convertible
      Securities, except in the case of any such Options or Convertible
      Securities which contain provisions requiring an adjustment, subsequent to
      the date of the issue or sale thereof, of the number of Additional Shares
      of Common Stock or Additional Shares of DSW Stock as


                                       15
<PAGE>
      issuable upon the exercise of such Options or the conversion or exchange
      of such Convertible Securities by reason of (x) a change of control of the
      Company or DSW, (y) the acquisition by any Person or group of Persons of
      any specified number or percentage of the voting securities of the Company
      or (z) any similar event or occurrence, each such case to be deemed
      hereunder to involve a separate issuance of Additional Shares of Common
      Stock, Additional Shares of DSW Stock, Options or Convertible Securities,
      as the case may be;

            (ii) if such Options or Convertible Securities by their terms
      provide, with the passage of time or otherwise, for any increase in the
      consideration payable to the Company or DSW, or decrease in the number of
      Additional Shares of Common Stock or Additional Shares of DSW Stock
      issuable, upon the exercise, conversion or exchange thereof (by change of
      rate or otherwise), the Purchase Price computed upon the original issue,
      sale, grant or assumption thereof (or upon the occurrence of the record
      date, or date prior to the commencement of ex-dividend trading, as the
      case may be, with respect thereto), and any subsequent adjustments based
      thereon, shall, upon any such increase or decrease becoming effective, be
      recomputed to reflect such increase or decrease insofar as it affects such
      Options, or the rights of conversion or exchange under such Convertible
      Securities, which are outstanding at such time;

            (iii)upon the expiration (or purchase by the Company or DSW, as the
      case may be, and cancellation or retirement) of any such Options which
      shall not have been exercised or the expiration of any rights of
      conversion or exchange under any such Convertible Securities which (or
      purchase by the Company or DSW, as applicable, and cancellation or
      retirement of any such Convertible Securities the rights of conversion or
      exchange under which) shall not have been exercised, the applicable
      Purchase Price computed upon the original issue, sale, grant or assumption
      thereof (or upon the occurrence of the record date, or date prior to the
      commencement of ex-dividend trading, as the case may be, with respect
      thereto), and any subsequent adjustments based thereon, shall, upon such
      expiration (or such cancellation or retirement, as the case may be), be
      recomputed as if:

                  (x) in the case of Options for Common Stock or DSW Stock, or
            Convertible Securities, the only Additional Shares of Common Stock
            or Additional Shares of DSW Stock, issued or sold were the
            Additional Shares of Common Stock or Additional Shares of DSW Stock,
            if any, actually issued or sold upon the exercise of such Options or
            the conversion or exchange of such Convertible Securities and the
            consideration received therefor was the consideration actually
            received by the Company or DSW, as the case may be, for the issue,
            sale, grant or assumption of all such Options, whether or not
            exercised, plus the consideration actually received by the Company
            or DSW, as the case may be, upon such exercise, or for the issue or
            sale of all such Convertible Securities which were actually
            converted or exchanged, plus the additional consideration, if any,
            actually received by the Company or DSW, as the case may be, upon
            such conversion or exchange, and


                                       16
<PAGE>
                  (y) in the case of Options for Convertible Securities, only
            the Convertible Securities, if any, actually issued or sold upon the
            exercise of such Options were issued at the time of the issue or
            sale, grant or assumption of such Options, and the consideration
            received by the Company or DSW, as the case may be, for the
            Additional Shares of Common Stock or Additional Shares of DSW Stock,
            deemed to have then been issued was the consideration actually
            received by the Company or DSW, as the case may be, for the issue,
            sale, grant or assumption of all such Options, whether or not
            exercised, plus the consideration deemed to have been received by
            the Company or DSW, as the case may be, (pursuant to Section 3.6)
            upon the issue or sale of such Convertible Securities with respect
            to which such Options were actually exercised; and

            (iv) no readjustment pursuant to subdivision (ii) or (iii) above
      shall have the effect of decreasing the applicable Purchase Price by an
      amount in excess of the amount of the adjustment thereof originally made
      in respect of the issue, sale, grant or assumption of such Options or
      Convertible Securities.

            (c) For the avoidance of doubt, after the consummation of a Spin-Off
and satisfaction of the Company's obligations to make the distribution required
by Section 3.3(b), no adjustment shall be made pursuant to this Section 3.5 as a
result of any issuance by DSW of Additional Shares of DSW Stock.

            3.6. Computation of Consideration. For the purposes of this Section
3,

            (a) the consideration for the issue or sale of any Additional Shares
of Common Stock or Additional Shares of DSW Stock shall, irrespective of the
accounting treatment of such consideration,

                  (i) insofar as it consists of cash, be computed at the gross
      cash proceeds to the Company or DSW, as the case may be, without deducting
      any expenses paid or incurred by such company, or any commissions or
      compensations paid or concessions or discounts allowed to underwriters,
      dealers or others performing similar services in connection with such
      issue or sale,

                  (ii) insofar as it consists of property (including securities)
      other than cash, be computed at the Fair Value thereof at the time of such
      issue or sale, and

                  (iii)in case Additional Shares of Common Stock or Additional
      Shares of DSW Stock are issued or sold together with other stock or
      securities or other assets of the Company or DSW, as the case may be, for
      a consideration which covers both, be the portion of such consideration so
      received, computed as provided in clauses (i) and (ii) above, allocable to
      such Additional Shares of Common Stock or Additional Shares of DSW Stock,
      such allocation to be determined in the same manner that the Fair Value of
      property not consisting of cash or securities is to be determined as
      provided in the definition of "Fair Value" herein; and


                                       17
<PAGE>
            (b) Additional Shares of Common Stock or Additional Shares of DSW
Stock deemed to have been issued pursuant to Sections 3.2(b) and 3.5(b),
relating to Options and Convertible Securities, shall be deemed to have been
issued for a consideration per share determined by dividing

                  (i) the total amount, if any, received and receivable by the
      Company or DSW, as applicable, as consideration for the issue, sale, grant
      or assumption of the Options or Convertible Securities in question, plus
      the minimum aggregate amount of additional consideration (as set forth in
      the instruments relating thereto, without regard to any provision
      contained therein for a subsequent adjustment of such consideration to
      protect against dilution) payable to the Company or DSW, as the case may
      be, upon the exercise in full of such Options or the conversion or
      exchange of such Convertible Securities or, in the case of Options for
      Convertible Securities, the exercise of such Options for Convertible
      Securities and the conversion or exchange of such Convertible Securities,
      in each case computing such consideration as provided in the foregoing
      subclause (a),

      by

                  (ii) the maximum number of shares of Common Stock or DSW
      Stock, as applicable, (as set forth in the instruments relating thereto,
      without regard to any provision contained therein for a subsequent
      adjustment of such number to protect against dilution) issuable upon the
      exercise of such Options or the conversion or exchange of such Convertible
      Securities.

            3.7. Dilution in Case of Other Securities. In case any Other
Securities shall be issued or sold or shall become subject to issue or sale upon
the conversion or exchange of any stock (or Other Securities) of the Company or
DSW (or any issuer of Other Securities or any other Person referred to in
Section 4) or to subscription, purchase or other acquisition pursuant to any
Options issued or granted by the Company or DSW (or any such other issuer or
Person) for a consideration such as to dilute, on a basis consistent with the
standards established in the other provisions of this Section 3, the purchase
rights, if any, with respect to such Other Securities, granted by this Warrant,
then, and in each such case, the computations, adjustments and readjustments
provided for in this Section 3 with respect to the applicable Purchase Price
shall be made as nearly as possible in the manner so provided and applied to
determine the amount of Other Securities from time to time receivable upon the
exercise of the Warrants, so as to protect the holders of the Warrants against
the effect of such dilution.

            3.8. De Minimis Adjustments. If the amount of any adjustment of the
Purchase Price required pursuant to Section 3.5 would be less than one tenth
(1/10) of one percent (1%) of such Purchase Price in effect at the time such
adjustment is otherwise so required to be made, such amount shall be carried
forward and adjustment with respect thereto made at the time of and together
with any subsequent adjustment which, together with such amount and any other
amount or amounts so carried forward, shall aggregate a change in such Purchase
Price of at least one tenth (1/10) of one percent (1%) of such Purchase Price.
All calculations under this Warrant shall be made to the nearest one-hundredth
of a share.


                                       18
<PAGE>
            3.9. Abandoned Dividend or Distribution. If the Company shall take a
record of the holders of Common Stock or, if DSW shall take a record of the
holders of DSW Stock for the purpose of entitling them to receive a dividend or
other distribution (which results in an adjustment to the applicable Purchase
Price under the terms of this Warrant) and shall, thereafter, and before such
dividend or distribution is paid or delivered to shareholders entitled thereto,
legally abandon its plan to pay or deliver such dividend or distribution, then
any adjustment made to the applicable Purchase Price by reason of the taking of
such record shall be reversed, and any subsequent adjustments, based thereon,
shall be recomputed; provided, however, that no additional Purchase Price or any
other adjustment shall be required with regard to Warrant Shares that have been
issued upon exercise of the Warrant prior to such abandonment.

            3.10. Ownership of DSW Stock. The Company shall at all times while
this Warrant is outstanding, but only prior to the consummation of a Spin-Off
and satisfaction of the Company's obligations pursuant to Section 3.3(b), retain
ownership of at least that number of shares of DSW Stock sufficient to permit
exercise in full of this Warrant and any other outstanding Conversion Warrants
and Term Loan Warrants for shares of DSW Stock [For Cerberus Warrant only:
without regard to any limit on exercisability set forth in Section 2.5 or
otherwise in this Warrant or any comparable provision in the Conversion
Warrants]. The Company shall take all actions necessary such that the shares of
DSW Stock required hereby to be owned by it shall remain free of all Liens,
other than Permitted Liens.

            4. CONSOLIDATION, MERGER, ETC.

            4.1. By the Company. In case the Company after the date hereof (a)
shall consolidate with or merge into any other Person and shall not be the
continuing or surviving corporation of such consolidation or merger, or (b)
shall permit any other Person to consolidate with or merge into the Company and
the Company shall be the continuing or surviving Person but, in connection with
such consolidation or merger, the Common Stock or Other Securities of the
Company shall be changed into or exchanged for stock or other securities of any
other Person or cash or any other property, or (c) shall transfer all or
substantially all of its properties or assets to any other Person, or (d) shall
effect a capital reorganization or reclassification of the Common Stock or Other
Securities of the Company (other than a capital reorganization or
reclassification for which adjustment in the Purchase Price and the number of
shares of Common Stock obtainable upon exercise of this Warrant is provided in
Section 3.4), then, and in the case of each such transaction, proper provision
shall be made so that, upon the basis and the terms and in the manner provided
in this Warrant, the Holder of this Warrant, upon the exercise hereof for Common
Stock at any time after the consummation of such transaction, shall be entitled
to receive (at the aggregate Common Stock Purchase Price in effect at the time
of such consummation for all Common Stock or Other Securities issuable upon such
exercise immediately prior to such consummation), in lieu of the Common Stock or
Other Securities issuable upon such exercise prior to such consummation, the
highest amount of securities, cash or other property to which such Holder would
actually have been entitled as a shareholder upon such consummation if such
Holder had exercised this Warrant for Common Stock immediately prior thereto,
subject to adjustments (subsequent to such consummation) as nearly equivalent as
possible to the adjustments provided for in Sections 3 through 5, provided that
if a purchase, tender or exchange offer shall have been made to and accepted by
the holders of more than 50%


                                       19
<PAGE>
of the outstanding shares of Common Stock, and if the Holder so designates in a
notice given to the Company on or before the date immediately preceding the date
of the consummation of such transaction, the Holder of this Warrant shall be
entitled to receive the highest amount of securities, cash or other property to
which it would actually have been entitled as a shareholder if the Holder of
this Warrant had exercised this Warrant, including the payment of the Purchase
Price in accordance with Section 2.1(b) hereof, prior to the expiration of such
purchase, tender or exchange offer and accepted such offer, subject to
adjustments (from and after the consummation of such purchase, tender or
exchange offer) as nearly equivalent as possible to the adjustments provided for
in Section 3 through 5.

            4.2. By DSW. In case DSW after the date hereof, but prior to the
consummation of a Spin-Off and satisfaction of the Company's obligations
pursuant to Section 3.3(b), (a) shall consolidate with or merge into any other
Person and shall not be the continuing or surviving corporation of such
consolidation or merger, or (b) shall permit any other Person to consolidate
with or merge into DSW and DSW shall be the continuing or surviving Person but,
in connection with such consolidation or merger, the DSW Stock or Other
Securities of DSW shall be changed into or exchanged for stock or other
securities of any other Person or cash or any other property, or (c) shall
transfer all or substantially all of its properties or assets to any other
Person, or (d) shall effect a capital reorganization or reclassification of the
DSW Stock or Other Securities of DSW (other than a capital reorganization or
reclassification for which adjustment in the Purchase Price and the number of
shares of DSW Stock obtainable upon exercise of this Warrant is provided in
Section 3.4), then, the Holder of this Warrant, upon the exercise hereof for DSW
Stock at any time after the consummation of such transaction, shall be entitled
to receive (at the aggregate DSW Stock Purchase Price in effect at the time of
such consummation for all DSW Stock or Other Securities issuable upon such
exercise immediately prior to such consummation), in lieu of the DSW Stock or
Other Securities issuable upon such exercise prior to such consummation, the
highest amount of securities, cash or other property to which such Holder would
actually have been entitled as a shareholder upon such consummation if such
Holder had exercised this Warrant for DSW Stock immediately prior thereto,
subject to adjustments (subsequent to such consummation) as nearly equivalent as
possible to the adjustments provided for in Sections 3 through 5.

            4.3. Assumption of Obligations. Notwithstanding anything contained
in this Warrant or in the Financing Agreement to the contrary, the Company shall
not effect, and, prior to the consummation of a Spin-Off and satisfaction of the
Company's obligations pursuant to Section 3.3(b), shall not consent to the
effecting by DSW of, any of the transactions described in clauses (a) through
(d) of Section 4.1 and Section 4.2, respectively, unless, prior to the
consummation thereof, each Person (other than the Company or DSW (as the case
may be)), which may be required to deliver any stock, securities, cash or
property upon the exercise of this Warrant as provided herein shall assume, by
written instrument delivered to, and reasonably satisfactory to, the Holder of
this Warrant, (a) the obligations of the Company under this Warrant (and if the
Company shall survive the consummation of such transaction, such assumption
shall be in addition to, and shall not release the Company from, any continuing
obligations of the Company, under this Warrant), (b) the obligations of the
Company under the Registration Rights Agreement or the obligations of DSW under
the DSW Registration Rights Agreement, and (c) the obligation of the Company to
deliver to the Holder such shares of stock, securities, cash


                                       20
<PAGE>
or property as, in accordance with the foregoing provisions of this Section 4,
the Holder may be entitled to receive. Unless expressly stated herein, nothing
in this Section 4 shall be deemed to authorize the Company to enter into, or to
consent to the entering by DSW into, any transaction.

            5. OTHER DILUTIVE EVENTS. In case any event shall occur as to which
the provisions of Section 3 or Section 4 hereof are not strictly applicable or
if strictly applicable would not fairly protect the purchase rights of the
Holder in accordance with the essential intent and principles of such Sections,
then in each such case, the Board of Directors of the Company shall make an
adjustment in the application of such provisions, in accordance with such
essential intent and principles, so as to preserve, without dilution, the
purchase rights represented by this Warrant.

            6. NO DILUTION OR IMPAIRMENT. The Company shall not, (i) by
amendment of its articles of incorporation or through any consolidation, merger,
reorganization, transfer of assets, dissolution, issue or sale of securities or
any other voluntary action, or (ii) prior to the consummation of a Spin-Off and
satisfaction of the Company's obligations pursuant to Section 3.3(b), by consent
to or approval of any amendment of DSW's articles of incorporation or any
consolidation, merger, reorganization, transfer of assets, dissolution, issue or
sale of securities or any other voluntary action by DSW, avoid or seek to avoid
the observance or performance of any of the terms of this Warrant, but will at
all times in good faith assist in the carrying out of all such terms and in the
taking of all such action as may be necessary or appropriate in order to protect
the rights of the Holder of this Warrant against dilution or other impairment.
Without limiting the generality of the foregoing, the Company (a) shall not
permit the par value of any shares of stock receivable upon the exercise of this
Warrant to exceed the amount payable therefor upon such exercise, (b) shall take
all such action as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and nonassessable shares of stock, in the
case of Common Stock, or transfer shares of DSW Stock, in the case of DSW Stock,
free from all liens, security interests, encumbrances (in each of the foregoing
cases, other than those imposed by the Holder), taxes, preemptive rights and
charges on the exercise of the Warrants from time to time outstanding, and (c)
shall not take any action, or consent to the taking or approval of any action by
DSW, which results in any adjustment of the Purchase Price if the total number
of Warrant Shares issuable after the action upon the exercise of all of the
Warrants would exceed the total number of shares of Common Stock then authorized
by the Company's articles of organization, or, in the case of shares of DSW
Stock, the number of shares of DSW Stock owned by the Company and available for
the purpose of issue upon such exercise.

            7. ACCOUNTANTS' REPORT. In each case of any adjustment or
readjustment in the number of the Warrant Shares issuable upon the exercise of
this Warrant or in the applicable Purchase Price, including, without limitation,
pursuant to Section 3.1, 3.2, 3.4 or 3.5, the Company at its sole expense shall
promptly (after becoming aware of an adjustment with respect to the DSW Stock)
compute such adjustment or readjustment in accordance with the terms of this
Warrant and prepare a report setting forth such adjustment or readjustment and
showing in reasonable detail the method of calculation thereof and the facts
upon which such adjustment or readjustment is based, including a statement of
(a) the consideration received or to be received by the Company for any
Additional Shares of Common Stock or by DSW for any Additional Shares of DSW
Stock issued or sold or deemed to have been issued under Section 3,


                                       21
<PAGE>
(b) the number of shares of Common Stock or DSW Stock outstanding or deemed to
be outstanding, and (c) the applicable Purchase PRICE in effect immediately
prior to such issue or sale and as adjusted and readjusted (if required by
Section 3) on account thereof. The Company shall forthwith mail a copy of each
such report to the Holder. In the event that the Holder disagrees with such
report, the Company shall cause independent certified public accountants of
recognized national standing (which may be the regular auditors of the Company)
selected by the Company to review and verify or revise such computation (other
than any computation of the Fair Value of property) and report. The Company
shall also keep copies of all such reports at its principal office and shall
cause the same to be available for inspection at such office during normal
business hours by the Holder.

            8. NOTICES OF CORPORATE ACTION. In the event of:

            (a) any taking by the Company or, prior to the consummation of a
Spin-Off and satisfaction of the Company's obligations pursuant to Section
3.3(b), DSW, of a record of the holders of any class of securities for the
purpose of determining the holders thereof who are entitled to receive any
dividend or other distribution, or any right to subscribe for, purchase or
otherwise acquire any shares of stock of any class or any other securities or
property, or to receive any other right, or

            (b) any capital reorganization of the Company or, prior to the
consummation of a Spin-Off and satisfaction of the Company's obligations
pursuant to Section 3.3(b), DSW, any reclassification or recapitalization of the
capital stock of the Company or, prior to the consummation of a Spin-Off and
satisfaction of the Company's obligations pursuant to Section 3.3(b), DSW, any
consolidation or merger involving the Company or, so long as no Spin-Off shall
have occurred, DSW and any other Person, any transaction or series of
transactions in which more than 50% of the voting securities of the Company are
transferred to another Person, or any transfer, sale or other disposition of all
or substantially all the assets of the Company or, prior to the consummation of
a Spin-Off and satisfaction of the Company's obligations pursuant to Section
3.3(b), DSW to any other Person, or

            (c) any voluntary or involuntary dissolution, liquidation or
winding-up of the Company or, prior to the consummation of a Spin-Off and
satisfaction of the Company's obligations pursuant to Section 3.3(b), DSW, or

            (d) any Spin-Off, or

            (e) the exercise by the Company of any right or remedy with respect
to its Lien on the capital stock of DSW,

the Company shall mail to each holder of a Warrant a notice specifying (i) the
date or expected date on which any such record is to be taken for the purpose of
such dividend, distribution or right, and the amount and character of such
dividend, distribution or right, and (ii) the date or expected date on which any
such reorganization, reclassification, recapitalization, consolidation, merger,
transfer, sale, disposition, dissolution, liquidation or winding-up is to take
place and the time, if any such time is to be fixed, as of which the holders of
record of Common Stock or DSW Stock (or Other Securities) shall be entitled to
exchange their shares of Common Stock or DSW


                                       22
<PAGE>
Stock (or Other Securities) for the securities or other property deliverable
upon such reorganization, reclassification, recapitalization, consolidation,
merger, transfer, dissolution, liquidation or winding-up. Such notice shall be
mailed at least 20 days prior to the date therein specified, and in the case of
a Spin-off, such notice shall be mailed at least 90 days prior to the record
date of such Spin-Off.

            9. REGISTRATION OF STOCK. If any shares of Common Stock required to
be reserved for purposes of exercise of this Warrant require registration with
or approval of any governmental authority under any federal or state law (other
than the Securities Act) before such shares may be issued or transferred upon
exercise, the Company shall, at its expense and as expeditiously as possible,
use its best efforts to cause such shares to be duly registered or approved, as
the case may be. At any such time as Common Stock is listed on any national
securities exchange, the Company shall, at its expense, obtain promptly and
maintain the approval for listing on each such exchange, upon official notice of
issuance, the shares of Common Stock issuable upon exercise of the then
outstanding Warrants and maintain the listing of such shares after their
issuance; and the Company shall also list on such national securities exchange,
register under the Exchange Act and maintain such listing of, any Other
Securities of the Company that at any time are issuable upon exercise of the
Warrants, if and at the time that any securities of the same class shall be
listed on such national securities exchange by the Company.

            10. RESTRICTIONS ON TRANSFER.

            10.1. Restrictive Legends. Except as otherwise permitted by this
Section 10, each Warrant (including each Warrant issued upon the transfer of any
Warrant) shall be stamped or otherwise imprinted with a legend in substantially
the following form:

            "THIS WARRANT AND ANY SECURITIES ACQUIRED UPON THE EXERCISE OF THIS
      WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, OR THE SECURITIES LAW OF ANY STATE, AND MAY NOT BE SOLD,
      TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS
      OR PURSUANT TO AN APPLICABLE EXEMPTION TO THE REGISTRATION REQUIREMENTS OF
      SUCH ACT AND SUCH LAWS. THIS WARRANT AND SUCH SECURITIES MAY NOT BE SOLD,
      TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE TERMS
      AND CONDITIONS SPECIFIED IN THIS WARRANT.

Except as otherwise permitted by this Section 10, each certificate for Common
Stock or DSW Stock (or Other Securities) issued upon the exercise of any
Warrant, and each certificate issued upon the transfer of any such Common Stock
or DSW Stock (or Other Securities), shall be stamped or otherwise imprinted with
a legend in substantially the following form:

            "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933, AS


                                       23
<PAGE>
      AMENDED, OR THE SECURITIES LAW OF ANY STATE, AND MAY NOT BE SOLD,
      TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS
      OR PURSUANT TO AN APPLICABLE EXEMPTION TO THE REGISTRATION REQUIREMENTS OF
      SUCH ACT AND SUCH LAWS."

            10.2. Transfer to Comply With the Securities Act. Restricted
Securities may not be sold, assigned, pledged, hypothecated, encumbered or in
any manner transferred or disposed of (a "Transfer"), in whole or in part,
except in compliance with the provisions of the Securities Act and state
securities or Blue Sky laws and the terms and conditions hereof.

            10.3. Notice of Transfer. Each Holder shall, prior to any Transfer
of any Warrants, give written notice to the Company of such Holder's intention
to Transfer.

            10.4. Termination of Restrictions. The restrictions imposed by this
Section 10 on the transferability of Restricted Securities shall cease and
terminate as to any particular Restricted Securities (a) when a registration
statement with respect to the sale of such securities shall have been declared
effective under the Securities Act and such securities shall have been disposed
of in accordance with such registration statement, (b) when such securities are
sold pursuant to Rule 144 (or any similar provision then in force) under the
Securities Act, or (c) when, in the reasonable opinion of both counsel for the
Holder and counsel for the Company or DSW, as applicable, such restrictions are
no longer required or necessary in order to protect the Company or DSW, as
applicable, against a violation of the Securities Act upon any sale or other
disposition of such securities without registration thereunder. Whenever such
restrictions shall cease and terminate as to any Restricted Securities of the
Company, the Holder shall be entitled to receive from the Company, without
expense, new securities of like tenor not bearing the applicable legends
required by Section 10.1.

            10.5. Exempt Transfers. The restrictions on the transfer of this
Warrant or the Warrant Shares set forth in this Section 10 shall not apply to
any transfer to an affiliate of the Holder or to any transfer to any other
Person, provided that such transfer is made in compliance with the provisions of
the Securities Act and state securities laws.

            11. RESERVATION OF STOCK, ETC. The Company shall at all times
reserve and keep available, solely for issuance (in the case of Common Stock) or
transfer and delivery upon exercise of this Warrant, the number of shares of
Common Stock, DSW Stock (which, for the avoidance of doubt, may be Class B
Shares) or Other Securities from time to time issuable or transferable upon
exercise of this Warrant [For Cerberus Warrant only: without regard to any limit
on exercisability set forth in Section 2.5 or otherwise in this Warrant or any
comparable provision in the Conversion Warrants]. The Company shall cause all
shares of Common Stock, or Other Securities of the Company issuable and shall
use its reasonable best efforts to cause all shares of DSW Stock transferable,
upon exercise of any Warrants to be duly authorized and, when issued or
transferred upon such exercise, to be validly issued and, in the case of shares,
fully paid and nonassessable, with no liability on the part of the holders
thereof, and, in the case of all securities, shall be free from all liens,
security interests, encumbrances (in each of the foregoing cases, other than
those imposed by the Holder), taxes, preemptive rights


                                       24
<PAGE>
and charges. The transfer agent for the Common Stock, and every subsequent
transfer agent for any shares of the Company's capital stock issuable upon the
exercise of any of the purchase rights represented by this Warrant, are hereby
irrevocably authorized and directed at all times until the Expiration Date to
reserve such number of authorized and unissued shares as shall be requisite for
such purpose. The Company shall keep copies of this Warrant on file with the
transfer agent for the Common Stock and with every subsequent transfer agent for
any shares of the Company's capital stock issuable upon the exercise of the
rights of purchase represented by this Warrant. The Company shall supply such
transfer agent with duly executed stock certificates for such purpose. All
Warrants surrendered upon the exercise of the rights thereby evidenced shall be
canceled, and such canceled Warrants shall constitute sufficient evidence of the
number of shares of common stock, if exercised for Common Stock, which have been
issued upon the exercise of such Warrants. Subsequent to the Expiration Date, no
shares of stock need be reserved in respect of any unexercised Warrant.

            12. REGISTRATION AND TRANSFER OF WARRANTS, ETC.

            12.1. Warrant Register; Ownership of Warrants. Each Warrant issued
by the Company shall be numbered and shall be registered in a warrant register
(the "Warrant Register") as it is issued and transferred, which Warrant Register
shall be maintained by the Company at its principal office or, at the Company's
election and expense, by a Warrant agent or the transfer agent. The Company
shall be entitled to treat the registered Holder of any Warrant on the Warrant
Register as the owner in fact thereof for all purposes and shall not be bound to
recognize any equitable or other claim to or interest in such Warrant on the
part of any other Person, and shall not be affected by any notice to the
contrary, except that, if and when any Warrant is properly assigned in blank,
the Company may (but shall not be obligated to) treat the bearer thereof as the
owner of such Warrant for all purposes. Subject to Section 10, a Warrant, if
properly assigned, may be exercised by a new holder without a new Warrant first
having been issued.

            12.2. Transfer of Warrants. Subject to compliance with Section 10,
if applicable, this Warrant and all rights hereunder are transferable in whole
or in part, without charge to the Holder hereof, upon surrender of this Warrant
with a properly executed Form of Assignment attached hereto as Exhibit C at the
principal office of the Company. Upon any partial transfer, the Company shall at
its expense issue and deliver to the Holder a new Warrant of like tenor, in the
name of the Holder, which shall be exercisable for such number of shares of
Common Stock with respect to which rights under this Warrant were not so
transferred.

            12.3. Replacement of Warrants. On receipt by the Company of evidence
reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant and, in the case of any such loss, theft or
destruction of this Warrant, on delivery of an indemnity agreement reasonably
satisfactory in form and amount to the Company or, in the case of any such
mutilation, on surrender of such Warrant to the Company at its principal office
and cancellation thereof, the Company at its expense shall execute and deliver,
in lieu thereof, a new Warrant of like tenor.

            12.4. Adjustments to Purchase Price and Number of Shares.
Notwithstanding any adjustment in the Purchase Price or in the number or kind of
Warrant Shares purchasable


                                       25
<PAGE>
upon exercise of this Warrant, any Warrant theretofore or thereafter issued may
continue to express the same number and kind of Warrant Shares as are stated in
this Warrant, as initially issued.

            12.5. Fractional Shares. Notwithstanding any adjustment pursuant to
Section 3 in the number of Warrant Shares covered by this Warrant or any other
provision of this Warrant, the Company shall not be required to issue or
transfer fractions of shares upon exercise of this Warrant or to distribute
certificates which evidence fractional shares. In lieu of fractional shares, the
Company shall make payment to the Holder, at the time of exercise of this
Warrant as herein provided, in an amount in cash equal to such fraction
multiplied by the Current Market Price of a share of Common Stock or DSW Stock,
as applicable, on the date of Warrant exercise.

            13. SECURITIES ACT MATTERS. The Holder represents and warrants to
the Company as of the Original Issuance Date and as of date hereof that:

            (a) The Holder is acquiring this Warrant for its own account,
without a view to, or sale in connection with, the distribution thereof. The
Holder has no present agreement, undertaking, arrangement, commitment or
obligation providing for the disposition of the Warrant or the Warrant Shares,
all without prejudice, however, to the right of the Holder at any time, in
accordance with this Warrant, lawfully to sell or otherwise to dispose of all or
any part of the Warrant or Warrant Shares held by it;

            (b) The Holder is an "accredited investor" within the meaning of
Regulation D under the Securities Act. The Holder has not retained, utilized or
been represented by any broker or finder in connection with the transactions
contemplated by this Warrant;

            (c) The Holder acknowledges that, subject to the Registration Rights
Agreement and the DSW Registration Rights Agreement (A) the Warrants and the
Warrant Shares have not been registered under the Securities Act, in reliance on
the non-public offering exemption contained in Section 4(2) of the Securities
Act and Regulation D thereunder; (B) because the Warrants and the Warrant Shares
are not so registered, the Holder must bear the economic risk of holding this
Warrant and the Warrant Shares for an indefinite period of time unless the
Warrants and the Warrant Shares are subsequently registered under the Securities
Act or an exemption from such registration is available with respect thereto;
(C) Rule 144 under the Securities Act may or may not be available for resales of
the Warrants or the Warrant Shares in the future and, if so, may only be
available for sales in limited amounts; (D) there is presently no trading market
for the Warrants and there is no assurance that such market will exist in the
future; and (E) while there is presently a trading market for the Warrant
Shares, there is no assurance that such market will be in existence in the
future; and

            (d) If the Holder decides to dispose of this Warrant or the Warrant
Shares, which it does not now contemplate, the Holder can do so only in
accordance and in compliance with the Securities Act and Rule 144 or another
exemption from the registration requirements of the Securities Act, as then in
effect or through an effective registration statement under the Securities Act.


                                       26
<PAGE>
            14. REMEDIES; SPECIFIC PERFORMANCE. The Company stipulates that
there would be no adequate remedy at law to any Holder in the event of any
default or threatened default by the Company in the performance of or compliance
with any of the terms of this Warrant and accordingly, the Company agrees that,
in addition to any other remedy to which the Holder may be entitled at law or in
equity, the Holder shall be entitled to seek to compel specific performance of
the obligations of the Company under this Warrant, without the posting of any
bond, in accordance with the terms and conditions of this Warrant in any court
of the United States or any State thereof having jurisdiction, and if any action
should be brought in equity to enforce any of the provisions of this Warrant,
the Company shall not raise the defense that there is an adequate remedy at law.
Except as otherwise provided by law, a delay or omission by the Holder hereto in
exercising any right or remedy accruing upon any such breach shall not impair
the right or remedy or constitute a waiver of or acquiescence in any such
breach. No remedy shall be exclusive of any other remedy. All available remedies
shall be cumulative.

            15. NO RIGHTS OR LIABILITIES AS SHAREHOLDER. Nothing contained in
this Warrant shall be construed as conferring upon the Holder hereof any rights
as a shareholder of the Company or as imposing any obligation on the Holder to
purchase any securities or as imposing any liabilities on the Holder as a
shareholder of the Company, whether such obligation or liabilities are asserted
by the Company or by creditors of the Company.

            16. NOTICES. All notices and other communications (and deliveries)
provided for or permitted hereunder shall be made in writing by hand delivery,
telecopier, any nationally-recognized courier guaranteeing overnight delivery or
first class registered or certified mail, return receipt requested, postage
prepaid, addressed as follows:

If to the Company: Retail Ventures Inc.
                   3241 Westerville Road
                   Columbus, OH  43224
                   Attn: James McGrady, Chief Financial
                   Officer
                   Fax No. (614) 473-2721

with copies to:    Retail Ventures, Inc.
                   3241 Westerville Road
                   Columbus, OH  43224
                   Attn:  General Counsel
                   Fax No.  (614) 337-4682

If to Holder:      Cerberus Partners, L.P.
                   299 Park Avenue
                   Floor 22
                   New York, NY 10171
                   Attn:  Lenard Tessler
                   Fax No. (212) 421-2958


                                       27
<PAGE>
with copies to:    Schulte Roth & Zabel LLP
                   919 Third Avenue
                   New York, NY  10022
                   Attn:  Stuart D. Freedman, Esq.
                   Fax No. (212) 593-5955


            All such notices and communications (and deliveries) shall be deemed
to have been duly given: at the time delivered by hand, if personally delivered;
when receipt is acknowledged, if telecopied; on the next Business Day, if timely
delivered to a courier guaranteeing overnight delivery; and five days after
being deposited in the mail, if sent first class or certified mail, return
receipt requested, postage prepaid; provided, that the exercise of any Warrant
shall be effective in the manner provided in Section 2.

            17. AMENDMENTS. This Warrant and any term hereof may not be amended,
modified, supplemented or terminated, and waivers or consents to departures from
the provisions hereof may not be given, except by written instrument duly
executed by the Company and the Holder.

            18. DESCRIPTIVE HEADINGS, ETC. The headings in this Warrant are for
convenience of reference only and shall not limit or otherwise affect the
meaning of terms contained herein. Unless the context of this Warrant otherwise
requires: (1) words of any gender shall be deemed to include each other gender;
(2) words using the singular or plural number shall also include the plural or
singular number, respectively; (3) the words "hereof", "herein" and "hereunder"
and words of similar import when used in this Warrant shall refer to this
Warrant as a whole and not to any particular provision of this Warrant, and
Section and paragraph references are to the Sections and paragraphs of this
Warrant unless otherwise specified; (4) the word "including" and words of
similar import when used in this Warrant shall mean "including, without
limitation," unless otherwise specified; (5) "or" is not exclusive; and (6)
provisions apply to successive events and transactions.

            19. GOVERNING LAW. This Agreement shall be governed by and construed
in accordance with the law of the State of New York.

            20. REGISTRATION RIGHTS AGREEMENT. The shares of Common Stock (and
Other Securities of the Company) issuable upon exercise of this Warrant shall
constitute Registrable Securities (as such term is defined in the Registration
Rights Agreement). The shares of DSW Stock issuable upon exercise of this
Warrant shall constitute Registrable Securities (as such term is defined in the
DSW Registration Rights Agreement). Each Holder shall be entitled to all of the
benefits afforded to a holder of any such Registrable Securities under the
Registration Rights Agreement and such Holder, by its acceptance of this
Warrant, agrees to be bound by and to comply with the terms and conditions of
the Registration Rights Agreement and the DSW Registration Rights Agreement,
applicable to such Holder as a holder of such Registrable Securities. In
addition to the foregoing, to the extent the Holder exercises this Warrant into
DSW Stock within 180 days of a Qualifying IPO, such Holder agrees not to
transfer such Warrant Shares until the date that is 181 days after the closing
date of such Qualifying IPO.


                                       28
<PAGE>
            21. EXPIRATION. The right to exercise this Warrant shall expire at
5:00 p.m., New York City time, on June 11, 2012.

            22. COSTS AND ATTORNEYS' FEES. In the event that any action, suit or
other proceeding is instituted concerning or arising out of this Warrant, the
Company agrees and the Holder, by taking and holding this Warrant agrees, that
the prevailing party shall recover from the non-prevailing party all of such
prevailing party's costs and reasonable attorneys' fees incurred in each and
every such action, suit or other proceeding, including any and all appeals or
petitions therefrom.

                [Remainder of this page intentionally left blank]


                                       29
<PAGE>
            IN WITNESS WHEREOF, the Company has executed and delivered this
Warrant as of the date first above written.

                                    RETAIL VENTURES, INC.


                                     By: _____________________________________

                                     Name: ___________________________________

                                     Title: __________________________________


                                       30
<PAGE>
                                                   EXHIBIT A to
                                                   Common Stock Purchase Warrant


                                   FORM OF
                 ELECTION TO PURCHASE SHARES OF COMMON STOCK

            The undersigned hereby irrevocably elects to exercise the Warrant to
purchase ____ Common Shares, no par value per share ("Common Stock"), of RETAIL
VENTURES, INC. and hereby makes payment of $________ therefor [or] makes payment
by reduction pursuant to Section 2.1(b)(ii) of the Warrant of the number of
shares of Common Stock otherwise issuable to the Holder upon Warrant exercise by
___ shares [or] makes payment therefor by delivery of the following Common Stock
Certificates of the Company (properly endorsed for transfer in blank) for
cancellation by the Company pursuant to Section 2.1(b)(iii) of the Warrant,
certificates of which are attached hereto for cancellation ________ [list
certificates by number and amount]. The undersigned hereby requests that
certificates for such shares be issued and delivered as follows:

ISSUE TO:_______________________________________________________________________
                                     (NAME)

________________________________________________________________________________
                        (ADDRESS, INCLUDING ZIP CODE)

________________________________________________________________________________
                (SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER)


DELIVER TO:_____________________________________________________________________
                                     (NAME)

________________________________________________________________________________
                        (ADDRESS, INCLUDING ZIP CODE)

            If the number of shares of Common Stock purchased (and/or reduced)
hereby is less than the number of shares of Common Stock covered by the Warrant,
the undersigned requests that a new Warrant representing the number of shares of
Common Stock not so purchased (or reduced) be issued and delivered as follows:

ISSUE TO:_______________________________________________________________________
                                (NAME OF HOLDER)

________________________________________________________________________________
                        (ADDRESS, INCLUDING ZIP CODE)

DELIVER TO:_____________________________________________________________________
                                (NAME OF HOLDER)

________________________________________________________________________________
                        (ADDRESS, INCLUDING ZIP CODE)

Dated: _____________, 20__                      NAME OF HOLDER

                                          By___________________________________
                                             Name:
                                             Title:


                                       31
<PAGE>
                                                   EXHIBIT B to
                                                   Common Stock Purchase Warrant

                                   FORM OF
                   ELECTION TO PURCHASE SHARES OF DSW STOCK

            The undersigned hereby irrevocably elects to exercise the Warrant to
purchase ___ Class A Common Shares, no par value, of DSW Inc. ("DSW Stock") and
hereby makes payment of $________ therefor [or] makes payment by reduction
pursuant to Section 2.1(b)(ii) of the Warrant of the number of shares of DSW
Stock otherwise issuable to the Holder upon Warrant exercise by ___ shares [or]
makes payment therefor by delivery of the following DSW Stock Certificates of
DSW Inc. (properly endorsed for transfer in blank) for transfer to the Company
pursuant to Section 2.1(b)(iii) of the Warrant, certificates of which are
attached hereto for cancellation ________ [list certificates by number and
amount]. The undersigned hereby requests that certificates for such shares be
issued and delivered as follows:

ISSUE TO:_______________________________________________________________________
                                     (NAME)

________________________________________________________________________________
                        (ADDRESS, INCLUDING ZIP CODE)

________________________________________________________________________________
                (SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER)


DELIVER TO:_____________________________________________________________________
                                     (NAME)

________________________________________________________________________________
                        (ADDRESS, INCLUDING ZIP CODE)

            If the number of shares of DSW Stock purchased (and/or reduced)
hereby is less than the number of shares of DSW Stock covered by the Warrant,
the undersigned requests that a new Warrant representing the number of shares of
DSW Stock not so purchased (or reduced) be issued and delivered as follows:

ISSUE TO:_______________________________________________________________________
                                (NAME OF HOLDER)

________________________________________________________________________________
                        (ADDRESS, INCLUDING ZIP CODE)

DELIVER TO:_____________________________________________________________________
                                (NAME OF HOLDER)

________________________________________________________________________________
                        (ADDRESS, INCLUDING ZIP CODE)

Dated: _____________, 20__                      NAME OF HOLDER

                                          By___________________________________
                                             Name:
                                             Title:


                                       32
<PAGE>
                                                   EXHIBIT C to
                                                   Common Stock Purchase Warrant


                               FORM OF ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and
transfers unto the Assignee named below all of the rights of the undersigned to
purchase Common Shares, no par value per share ("Common Stock") of RETAIL
VENTURES, INC. (the "Company") or, after the consummation of a Qualifying IPO
(as defined in the Warrant) but prior to the consummation of a Spin-Off (as
defined in the Warrant) and satisfaction of the Company's obligations pursuant
to Section 3.3(b) and at its election, Class A common shares no par value per
share ("DSW Stock") of DSW Inc. owned by the Company, and represented by the
Warrant, with respect to the number of shares of Common Stock and DSW Stock set
forth below:

<TABLE>
<CAPTION>
    Name of                    No. of Shares       No. of Shares of
   Assignee        Address    of Common Stock          DSW Stock
   --------        -------    ---------------          ---------
<S>                <C>        <C>                  <C>
</TABLE>


and does hereby irrevocably constitute and appoint ________ Attorney to make
such transfer on the books of maintained for that purpose, with full power of
substitution in the premises.

Dated: _____________, 20__                      NAME OF HOLDER

                                          By___________________________________
                                             Name:
                                             Title:


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.23
<SEQUENCE>12
<FILENAME>x06593a4exv10w23.txt
<DESCRIPTION>EX-10.23: FORM OF DSW INC. 2005 EQUITY INCENTIVE PLAN
<TEXT>
<PAGE>
                                                                   Exhibit 10.23

                                    DSW INC.

                           2005 EQUITY INCENTIVE PLAN

                         1.00 PURPOSE AND EFFECTIVE DATE

1.01 PURPOSE. This Plan is intended to foster and promote the long-term
financial success of the Company and Related Entities and to materially increase
shareholder value by [1] providing Consultants, Employees and Eligible Directors
an opportunity to acquire an ownership interest in the Company and [2] enabling
the Company and Related Entities to attract and retain the services of
outstanding Consultants, Employees and Eligible Directors upon whose judgment,
interest and special efforts the successful conduct of the Group's business is
largely dependent.

1.02 EFFECTIVE DATE. The Plan will be effective upon its adoption by the Board
and approval by the affirmative vote of the Company's shareholders under
applicable rules and procedures described in Code Sections 162(m) and 422. Any
Award granted before shareholder approval will be null and void if the
shareholders do not approve the Plan within the period just described. Subject
to Section 14.00, the Plan will continue until the tenth anniversary of the date
it is adopted by the Board or approved by the Company's shareholders, whichever
is earliest.

                                2.00 DEFINITIONS

When used in this Plan, the following terms have the meanings given to them in
this section unless another meaning is expressly provided elsewhere in this
document or clearly required by the context. When applying these definitions and
any other word, term or phrase used in this Plan, the form of any word, term or
phrase will include any and all of its other forms.

ACT. The Securities Exchange Act of 1934, as amended, or any successor statute
of similar effect even if the Company is not subject to the Act.

AFFILIATED SAR. An SAR that is granted in conjunction with an Option and which
is always deemed to have been exercised at the same time that the related Option
is exercised. The deemed exercise of an Affiliated SAR will not reduce the
number of shares of Stock subject to the related Option, except to the extent of
the exercise of the related Option.

ANNUAL MEETING. The annual meeting of the Company's shareholders.

ANNUAL RETAINER. The annual retainer and any other fees paid to each Eligible
Director for service as a member of the Board and as a member of any Board
committee.

ANNUAL RETAINER DEFERRAL FORM. The form each Eligible Director must complete to
defer all or a portion of his or her Annual Retainer.

AWARD. Any Incentive Stock Option, Nonstatutory Stock Option, Performance Share,
Performance Unit, Restricted Stock, Restricted Stock Unit, Stock Appreciation
Right and Stock Unit granted under the Plan.
<PAGE>
AWARD AGREEMENT. The written or electronic agreement between the Company and
each Participant that describes the terms and conditions of each Award and the
manner in which it will be settled if earned. If there is a conflict between the
terms of this Plan and the terms of the Award Agreement, the terms of this Plan
will govern.

BENEFICIARY. The person a Participant designates to receive (or to exercise) any
Plan benefits (or rights) that are unpaid (or unexercised) when he or she dies.
A Beneficiary may be designated only by following the procedures described in
Section 15.02; neither the Company nor the Committee is required to infer a
Beneficiary from any other source.

BOARD. The Company's board of directors.

CAUSE. Unless the Committee specifies otherwise in the Award Agreement, with
respect to any Participant and subject to any cure provision included in any
written agreement between the Participant and the Company:

      [1] A material failure to substantially perform his or her position or
      duties;

      [2] Engaging in illegal or grossly negligent conduct that is materially
      injurious to the Company or any Related Entity;

      [3] A material violation of any law or regulation governing the Company or
      any Related Entity;

      [4] Commission of a material act of fraud or dishonesty which has had or
      is likely to have a material adverse effect upon the Company's (or any
      Related Entity's) operations or financial conditions;

      [5] A material breach of the terms of any other agreement (including any
      employment agreement) with the Company or any Related Entity; or

      [6] A breach of any term of this Plan or Award Agreement.

If a Participant Terminates (or is Terminated) for any reason other than Cause
and the Company subsequently discovers an act, failure or event that, if known
before the Participant's Termination would have justified a Termination for
Cause and that act, event or failure was actively concealed by the Participant
and could not have been discovered through reasonable diligence before the
Participant Terminated, that Participant will be retroactively treated as having
been Terminated for Cause.

CHANGE IN CONTROL. The earliest of any of the following events to occur after
completion of the initial public offering of the Company's stock which is the
subject of the Registration Statement:

         [1] During any period consisting of 12 consecutive calendar months
         beginning after completion of the initial public offering of the
         Company's stock which is the subject of the Registration Statement, the
         members of the Board specified in the Registration Statement
         ("Incumbent Directors") cease for any reason other than death to
         constitute at least a majority of the members of the Board, provided
         [A] that any director whose


                                      -2-
<PAGE>
      election, or nomination for election by the Company's shareholders, was
      approved by a vote of at least a majority of the then Incumbent Directors
      also will be treated as an Incumbent Director unless that person was
      nominated for election to the Board (or otherwise became a member of the
      Board) in connection with an actual or threatened election contest
      relating to the election or removal of Board members or other threatened
      or actual solicitation of proxies of consent by or in behalf of any
      "person," including a "group" [as those terms are used in Act Sections
      13(d) and 14(d)(2)], [b] this element of this definition will not apply if
      the Company reorganizes into an entity that does not have a board of
      directors or analogous governing body and that reorganization is not a
      Change in Control under another element of this definition and [C] if the
      Company becomes a subsidiary of another entity (i.e., another entity owns,
      directly or indirectly, more than 50 percent of the total combined voting
      power of all classes of Stock) in a transaction that is not a Change in
      Control under another element of this definition, subpart [1] of this
      definition will be applied by reference to changes to the board of
      directors of the parent entity (or of the ultimate parent entity).

      [2] Any "person," including a "group" [as these terms are used in Act
      Sections 13(d) and 14(d)(2)], becomes the "beneficial owner" (as defined
      in Rule 13d-3 under the Act), directly or indirectly, of 30 percent or
      more of the combined voting power of the Company and of securities of the
      Company sufficient to elect a majority of the members of the Board but
      disregarding the effect of [A] any acquisition by a person who on the
      Effective Date is the beneficial owner of 30 percent or more of the
      combined voting power of the Company, [B] any acquisition directly from
      the Company, including a public offering of securities, [C] any
      acquisition by the Company or any Related Entity, [D] any acquisition by
      any employee benefit plan (or related trust) sponsored or maintained by
      the Company or any Related Entity, [E] any acquisition through a
      transaction described in subpart [3], [4] or [5] of this definition, [F]
      any acquisition by Retail Ventures, Inc. or any corporation, partnership
      or other form of unincorporated entity of which Retail Ventures, Inc.
      owns, directly or indirectly, 50 percent or more of the total combined
      voting power of all classes of stock, if the entity is a corporation, or
      of the capital or profits interest, if the entity is a partnership or
      another form of unincorporated entity, [G] any acquisition by
      Schottenstein Stores Corporation (the persons identified in subparts [a],
      [c], [f] and [g] of this subpart being sometimes referred to as "Permitted
      Acquirers"), [H] any acquisition by any one or more of the trusts
      established for the benefit of any of Jay L. Schottenstein, Susan S.
      Diamond, Ann Desche, Lori Schottenstein, Geraldine Schottenstein or any of
      their respective spouses, children or lineal descendants or any person
      controlled by any such trust or trusts, [I] any acquisition by an entity
      that files SEC Form 13-G in connection with its ownership of Stock unless
      and until that entity files SEC Form 13-D in connection with its ownership
      of Stock or [J] any acquisition by Cerberus Partners, Ltd. unless, at the
      time of the acquisition, the Permitted Acquirers, as defined in subpart
      [2][g] of this definition and the trusts described in subpart [2][h] of
      this definition, directly or indirectly, own less than 10 percent of the
      voting power of the Company's stock.

      [3] The completion of a transaction or a series of related transactions
      effecting [A] the merger or other business combination of the Company with
      or into another entity other than a Permitted Acquirer in which the
      shareholders of the Company immediately before


                                      -3-
<PAGE>
      the effective date of such merger or other business combination own less
      than 50 percent of the voting power in such entity; or [B] the sale or
      other disposition of all or substantially all of the assets of the Company
      except a sale or other disposition to [I] an entity in which the
      shareholders of the Company immediately before the sale or disposition own
      more than 50 percent of the voting power of such entity after that
      transaction or [II] a Permitted Acquirer.

      [4] Liquidation or dissolution of the Company other than a liquidation or
      dissolution into an entity [A] in which the shareholders of the Company
      before the effective date of the liquidation or dissolution own more than
      50 percent of the voting power of such entity after the liquidation or
      dissolution or [B] which is a Permitted Acquirer.

      [5] Any other transaction or event that the Board, in its sole discretion,
      decides will have as material an effect on the Company as any transaction
      or event described in subparts [1] through [4] of this definition but
      which is not otherwise described in this section.

However, and regardless of any other provision of this Plan or element of this
definition, a Change in Control will not occur solely as a result of the initial
public offering of the Company's stock which is the subject of the Registration
Statement or of any event directly related to that initial public offering.

CHANGE IN CONTROL PRICE. The highest price per share of Stock offered in
conjunction with any transaction resulting in a Change in Control (as determined
in good faith by the Committee if any part of the offered price is payable other
than in cash) or, in the case of a Change in Control occurring solely by reason
of events not related to a transfer of Stock, the highest Fair Market Value of a
share of Stock on any of the 30 consecutive trading days ending on the last
trading day before the Change in Control occurs.

CODE. The Internal Revenue Code of 1986, as amended or superseded after the
Effective Date and any applicable rulings or regulations issued under the Code.

COMMITTEE.

      [1] In the case of any Award to Eligible Directors, the entire Board;

      [2] In the case of any Award granted to Participants other than Eligible
      Directors before the Company becomes a "publicly held corporation," as
      defined in Code Section 162(m)(2), the entire Board; or

      [2] In the case of Awards made to Participants other than Eligible
      Directors after the Company becomes a "publicly held corporation," as
      defined in Code Section 162(m)(2), the Board's Compensation Committee
      which also constitutes a "compensation committee" within the meaning of
      Treas. Reg. Section 1.162-27(c)(4). The Committee will be comprised of at
      least three persons [A] each of whom is [I] an outside director, as
      defined in Treas. Reg. Section 1.162-27(e)(3)(i) and [ii] a "non-employee"
      director within the meaning of Rule 16b-3 under the Act and [B] none of
      whom may receive remuneration from the


                                      -4-
<PAGE>
      Company or any Related Entity in any capacity other than as a director,
      except as permitted under Treas. Reg. Section 1.162-27(e)(3)(ii).

COMPANY. DSW Inc., an Ohio corporation, and any and all successors to it.

CONSULTANT. Any person, other than an Employee or an Eligible Director, who
provides significant services to the Company or any Related Entity.

COVERED OFFICER. Those Employees whose compensation is subject to limited
deductibility under Code Section 162(m) as of the last day of any calendar year
ending with or within any Performance Period.

DISABILITY.  Unless the Committee specifies otherwise in the Award Agreement:

      [1] With respect to an Incentive Stock Option, as defined in Code Section
      22(e)(3).

      [2] With respect to any Award subject to Code Section 409A, the
      Participant is [a] unable to engage in any substantial gainful activity by
      reason of any medically determinable physical or mental impairment arising
      before Termination which can be expected to result in death or can be
      expected to last for a continuous period of not less than 12 continuous
      months beginning before Termination; or [B] by reason of any readily
      determinable physical or mental impairment arising before Termination
      which can be expected to result in death or can be expected to last for a
      continuous period of not less than 12 months beginning before Termination,
      receiving income replacement benefits for a period of not less than three
      months beginning before Termination under an accident and health plan
      covering employees of the Participant's employer; or

      [3] With respect to any Award not described in subpart [1] or [2] of this
      definition, the Participant's inability, with a reasonable accommodation,
      to perform his or her duties on a full-time basis for a period of more
      than six consecutive calendar months due to a physical or mental infirmity
      arising before Termination.

DIVIDEND EQUIVALENT RIGHT. A right to receive the amount of any dividend paid on
a share of Stock underlying a Stock Unit, as provided in Section 7.01.

ELIGIBLE DIRECTOR. A person who, on an applicable Grant Date [1] is an elected
member of the Board or of a Related Board (or has been appointed to the Board or
to a Related Board to fill an unexpired term and will continue to serve at the
expiration of that term only if elected by shareholders) and [2] is not an
Employee. For purposes of applying this definition, an Eligible Director's
status will be determined as of the Grant Date applicable to each affected
Award.

EMPLOYEE. Any person who, on any applicable date, is a common law employee of
the Company or any Related Entity. A worker who is classified as other than a
common law employee but who is subsequently reclassified as a common law
employee of the Company for any reason and on any basis will be treated as a
common law employee only from the date that reclassification occurs and will not
retroactively be reclassified as an Employee for any purpose of this Plan.


                                      -5-
<PAGE>
EXERCISE PRICE. The price at which a Participant may exercise an Award.

FAIR MARKET VALUE. The value of one share of Stock on any relevant date,
determined under the following rules:

      [1] If the Stock is traded on an exchange, the reported "closing price" on
      the relevant date, if it is a trading day, otherwise on the next trading
      day;

      [2] If the Stock is traded over-the-counter with no reported closing
      price, the mean between the lowest bid and the highest asked prices on
      that quotation system on the relevant date if it is a trading day,
      otherwise on the next trading day; or

      [3] If neither subparts [1] nor [2] of this definition apply, the fair
      market value as determined by the Committee in good faith and, with
      respect to Incentive Stock Options, consistent with rules prescribed under
      Code Section 422.

FREESTANDING SAR. An SAR that is not associated with an Option and is granted
under Section 10.00.

GRANT DATE. The later of [1] the date the Committee establishes the terms of an
Award or [2] the date specified in the Award Agreement.

GROUP. The Company and all Related Entities. The composition of the Group will
be determined as of any relevant date.

INCENTIVE STOCK OPTION. Any Option granted under Section 6.00 that, on the Grant
Date, meets the conditions imposed under Code Section 422 and is not
subsequently modified in a manner inconsistent with Code Section 422.

NONSTATUTORY STOCK OPTION. Any Option granted under Section 6.00 that is not an
Incentive Stock Option.

OPTION. The right granted to a Participant to purchase a share of Stock at a
stated price for a specified period of time. Subject to Section 6.00, an Option
may be either [1] an Incentive Stock Option or [2] a Nonstatutory Stock Option.

PARTICIPANT. Any Consultant, Employee or Eligible Director to whom an Award has
been granted and is still outstanding.

PERFORMANCE-BASED AWARD. An Award granted subject to Section 11.00.

PERFORMANCE CRITERIA. The criteria described in Section 11.02.

PERFORMANCE PERIOD. The period over which the Committee will determine if
applicable Performance Criteria have been met.

PERFORMANCE SHARE. An Award granted under Section 9.00.

PERFORMANCE UNIT. An Award granted under Section 9.00.


                                      -6-
<PAGE>
PLAN. The DSW Inc. 2005 Equity Incentive Plan.

PLAN YEAR. The Company's fiscal year.

REGISTRATION STATEMENT. The Form S-1 Registration Statement filed with the
Securities and Exchange Commission on March 14, 2005 (Registration #333-123289),
as amended at the time it is declared effective by the Securities and Exchange
Commission.

RELATED BOARD. The board of directors of any incorporated Related Entity or the
governing body of any unincorporated Related Entity.

RELATED ENTITY. Any corporation, partnership or other form of unincorporated
entity [1] of which the Company owns, directly or indirectly, 50 percent or more
of the total combined voting power of all classes of stock, if the entity is a
corporation, or of the capital or profits interest, if the entity is a
partnership or another form of unincorporated entity or [2] except when
identifying Related Boards, which owns 50 percent or more of the total combined
voting power of all classes of the Stock.

RESTRICTED STOCK. An Award granted under Section 8.01.

RESTRICTED STOCK UNIT. An Award granted under Section 8.02.

RESTRICTION PERIOD. The period over which the Committee will determine if a
Participant has met conditions placed on Restricted Stock or Restricted Stock
Units.

RETIREMENT. Unless the Committee specifies otherwise in the Award Agreement, the
date:

      [1] An Employee Terminates on or after reaching age 65 and completing at
      least five years of service; or

      [2] An Eligible Director Terminates as a Board or a Related Board member
      after completing one full term as a member of the Board or the board of
      directors of a Related Entity after reaching age 65.

      [3] For purposes of applying this definition:

            [A] No Consultant will be deemed to have "Retired" regardless of the
            circumstances surrounding his or her Termination;

            [B] A Participant's status as an Employee or an Eligible Director
            will be determined as of the Grant Date applicable to each affected
            Award; and

            [C] An Eligible Director serving on the Board and/or one or more
            Related Boards may Retire from one board while continuing to serve
            as a member of other Group boards (or governing bodies). In this
            case, the Eligible Director's Retirement will affect only Awards
            granted with respect to his or her service on the board (or other
            governing body) from which he or she is Retiring.


                                      -7-
<PAGE>
STOCK. The Class A common shares, without par value, issued by the Company or
any security issued by the Company in substitution, exchange or in place of
these shares.

STOCK APPRECIATION RIGHT (OR "SAR"). An Award granted under Section 10.00 that
is a Tandem SAR, an Affiliated SAR or a Freestanding SAR.

STOCK UNIT. A right to receive payment of the Fair Market Value of a share of
Stock as provided in Section 7.00.

TANDEM SAR. An SAR that is associated with an Option and which expires when that
Option expires or is exercised, as described in Section 10.00.

TERMINATE.

      [1] Unless the Committee specifies otherwise in the Award Agreement:

            [A] Cessation of the employee-employer relationship between an
            Employee and the Company and all Related Entities for any reason;

            [B] A Participant who is an Employee of a Related Entity at a Grant
            Date [I] will not be treated as having Terminated solely because his
            or her employer ceases to be a Related Entity and that individual
            continues to be employed by the former Related Entity (in which case
            the former employee will be treated as having Terminated or not
            Terminated under this definition as if the former Related Entity had
            remained a Related Entity) but [II] will be treated as having
            Terminated if (and to the extent that) his or her Award is replaced
            by the former Related Entity following procedures and principles
            described in Code Section 424 within 90 days after the
            disaffiliation;

            [C] With respect to a Participant who is a Consultant, a cessation
            of the service relationship between the Consultant and the Company
            and all Related Entities, unless there is a simultaneous
            reengagement of the Consultant by the Company or a Related Entity;

            [D] With respect to a Participant who is an Eligible Director,
            cessation of his or her service on the Board or a Related Board for
            any reason.

      [2] For purposes of this definition:

            [A] An Eligible Director serving on the Board and/or one or more
            Related Boards may Terminate from one board while continuing to
            serve as a member of other Related Boards. In this case, the
            Eligible Director's Termination will affect only Awards granted with
            respect to his or her Terminating board membership.

            [B] With respect to any Award (including an Incentive Stock Option
            granted to an Employee) a Termination will not have occurred while
            the Employee is absent from active employment for a period of not
            more than three months (or, if longer, the period during which
            reemployment rights are protected by law,


                                      -8-
<PAGE>
            contract or written agreement, including the Award Agreement,
            between the Participant and the Company) due to illness, military
            service or other leave of absence approved by the Committee.

            [C] Subject to other rules described in the Plan and the Award
            Agreement, an Employee whose status changes from an Employee to a
            Consultant will not be treated as having Terminated. In these
            circumstances, the former Employee will be treated as having
            Terminated under rules applicable to Consultants.

                               3.00 PARTICIPATION

3.01 PARTICIPATION.

      [1] Consistent with the terms of the Plan and subject to Section 3.02, the
      Committee will [A] decide which Consultants, Employees and Eligible
      Directors will be granted Awards; and [B] specify the type of Award to be
      granted and the terms upon which an Award will be granted and may be
      earned.

      [2] The Committee may establish different terms and conditions [A] for
      each type of Award, [B] for each Participant receiving the same type of
      Award; and [C] for the same Participant for each Award the Participant
      receives, whether or not those Awards are granted at different times.

      [3] The Committee (or the Board, as appropriate) also may amend the Plan
      and the Award Agreements without any additional consideration to affected
      Participants to the extent necessary to avoid penalties arising under Code
      Section 409A, even if those amendments reduce, restrict or eliminate
      rights granted under the Plan or Award Agreement (or both) before those
      amendments.

      [4] Unless permitted by Code Section 409A, no Award subject to Code
      Section 409A will be granted under this Plan to any person who is
      performing services only for an entity that is not an affiliate of the
      Company within the meaning of Code Sections 414(b) and (c).

3.02 CONDITIONS OF PARTICIPATION. By accepting an Award, each Participant
agrees:

      [1] To be bound by the terms of the Award Agreement and the Plan and to
      comply with other conditions imposed by the Committee; and

      [2] That the Committee (or the Board, as appropriate) may amend the Plan
      and the Award Agreements without any additional consideration to the
      extent necessary to avoid penalties arising under Code Section 409A, even
      if those amendments reduce, restrict or eliminate rights granted under the
      Plan or Award Agreement (or both) before those amendments.

                               4.00 ADMINISTRATION

4.01 COMMITTEE DUTIES. The Committee is responsible for administering the Plan
and has all powers appropriate and necessary to that purpose. Consistent with
the Plan's objectives, the


                                      -9-
<PAGE>
Committee may adopt, amend and rescind rules and regulations relating to the
Plan, to the extent appropriate to protect the Company's and the Group's
interests, and has complete discretion to make all other decisions (including
whether a Participant has incurred a Disability) necessary or advisable for the
administration and interpretation of the Plan. Any action by the Committee will
be final, binding and conclusive for all purposes and upon all persons.

4.02 DELEGATION OF MINISTERIAL DUTIES. In its sole discretion, the Committee may
delegate any ministerial duties associated with the Plan to any person
(including Employees) that it deems appropriate. However, the Committee may not
delegate any duties it is required to discharge under Code Section 162(m).

4.03 AWARD AGREEMENT. At the time an Award is made, the Committee will prepare
and deliver an Award Agreement to each affected Participant. The Award
Agreement:

      [1] Will describe [A] the type of Award and when and how it may be
      exercised or earned and [B] any Exercise Price associated with each Award.

      [2] To the extent different from the terms of the Plan, will describe [A]
      any conditions that must be met before the Award may be exercised or
      earned, [B] any objective restrictions placed on Awards and any
      performance-related conditions and Performance Criteria that must be met
      before those restrictions will be released and [C] any other applicable
      terms and conditions affecting the Award.

4.04 RESTRICTION ON REPRICING. Regardless of any other provision of this Plan,
neither the Company nor the Committee may "reprice" (as defined under rules
issued by the exchange on which the Stock is then traded) any Award without the
prior approval of the shareholders.

                           5.00 STOCK SUBJECT TO PLAN

5.01 NUMBER OF SHARES OF STOCK. Subject to Section 5.03, the number of shares of
Stock issued under the Plan may not be larger than 4,600,000, of which up to
4,600,000 may be issued through Incentive Stock Options. The shares of Stock to
be delivered under the Plan may consist, in whole or in part, of treasury Stock
or authorized but unissued Stock not reserved for any other purpose.

5.02 UNFULFILLED AWARDS. Any Stock subject to an Award that, for any reason, is
forfeited, cancelled, terminated, relinquished, exchanged or otherwise settled
without the issuance of Stock or without payment of cash equal to the difference
between the Award's Fair Market Value and its Exercise Price (if any) may again
be granted under the Plan and, in the discretion of the Committee and subject to
the limits described in Section 5.01, may be subject to a subsequent Award. Any
decision by the Committee under this section will be final and binding on all
Participants.

5.03 ADJUSTMENT IN CAPITALIZATION. If, after the Effective Date, there is a
Stock dividend or Stock split, recapitalization (including payment of an
extraordinary dividend), merger, consolidation, combination, spin-off,
distribution of assets to shareholders, exchange of shares, or other similar
corporate change affecting Stock, the Committee will appropriately adjust [1]
the number of Awards that may or will be granted to Participants during a Plan
Year, [2] the


                                      -10-
<PAGE>
aggregate number of shares of Stock available for Awards under Section 5.01 or
subject to outstanding Awards (as well as any share-based limits imposed under
this Plan), [3] the respective Exercise Price, number of shares and other
limitations applicable to outstanding or subsequently granted Awards and [4] any
other factors, limits or terms affecting any outstanding or subsequently granted
Awards.

5.04 LIMITS ON AWARDS TO COVERED OFFICERS. During any Plan Year, no Covered
Officer may receive [1] Options and Stock Appreciation Rights covering more than
500,000 shares (adjusted as provided in Section 5.03), including Awards that are
cancelled [or deemed to have been cancelled under Treas. Reg. Section
1.162-27(e)(2)(vi)(B)] during each Plan Year granted, or [2] other Awards
covering more than 100,000 shares (adjusted as provided in Section 5.03),
including Awards that are cancelled [or deemed to have been cancelled under
Treas. Reg. Section 1.162-27(e)(2)(vi)(B)] during each Plan Year granted.

                                  6.00 OPTIONS

6.01 GRANT OF OPTIONS. At any time during the term of this Plan, the Committee
may grant [1] Incentive Stock Options or Nonstatutory Stock Options to Employees
and [2] Nonstatutory Stock Options to Consultants and Eligible Directors.

6.02 EXERCISE PRICE. Except as required to implement Section 6.06, each Option
will bear an Exercise Price at least equal to Fair Market Value on the Grant
Date. However, the Exercise Price associated with an Incentive Stock Option will
be at least 110 percent of the Fair Market Value of a share of Stock on the
Grant Date with respect to any Incentive Stock Options issued to an Employee
who, on the Grant Date, owns [as defined in Code Section 424(d)] Stock
possessing more than 10 percent of the total combined voting power of all
classes of Stock (or the combined voting power of any Related Entity),
determined under rules issued under Code Section 422.

6.03 EXERCISE OF OPTIONS. Subject to any terms, restrictions and conditions
specified in the Plan and unless specified otherwise in the Award Agreement:

      [1] Options granted to Employees and Consultants will be exercisable
      according to the following schedule:

<TABLE>
          Number of Full Years Beginning                      Cumulative
                After Grant Date                           Percentage Vested
          ------------------------------                   -----------------
<S>                                                        <C>
               1 but fewer than 2                             20 percent
               2 but fewer than 3                             40 percent
               3 but fewer than 4                             60 percent
               4 but fewer than 5                             80 percent
                    5 or more                                 100 percent
</TABLE>

Regardless of the vesting schedule just described but subject to Section 12.00
and the terms of the Award Agreement, Options that are not exercisable at
Termination will be fully and immediately exercisable [A] in the case of an
Employee, if the Employee Terminates because of


                                      -11-
<PAGE>
death, Retirement or Disability or [B] in the case of a Consultant, the
Consultant Terminates because of death or Disability. In all other cases (but
subject to Section 12.00), Options issued to an Employee or Consultant that are
not exercisable when the Employee or Consultant Terminates for any other reason
will be forfeited.

      [2] Options granted to Eligible Directors will be exercisable:

            [A] 12 complete consecutive calendar months beginning after the
            Grant Date, if the Eligible Director has not then Terminated; and

            [B] Will be fully and immediately exercisable if the Eligible
            Director Terminates because of death, Retirement or Disability but
            will be forfeited if the Eligible Director Terminates for any other
            reason.

      [3] However:

            [A] Any Option to purchase a fraction of a share of Stock will
            automatically be converted to an Option to purchase an additional
            whole share.

            [B] Unless the Committee specifies otherwise in the Award Agreement,
            no Participant may exercise Options for fewer than the smaller of
            [I] 100 shares of Stock or [II] the full number of shares of Stock
            for which Options are then exercisable.

            [C] No Option may be exercised more than ten years after it is
            granted (five years in the case of an Incentive Stock Option granted
            to an Employee who owns [as defined in Code Section 424(d)] on the
            Grant Date Stock possessing more than 10 percent of the total
            combined voting power of all classes of Stock or the combined voting
            power of any Related Entity, determined under rules issued under
            Code Section 422).

6.04 INCENTIVE STOCK OPTIONS. Notwithstanding anything in the Plan to the
contrary:

      [1] No provision of this Plan relating to Incentive Stock Options will be
      interpreted, amended or altered, nor will any discretion or authority
      granted under the Plan be exercised, in a manner that is inconsistent with
      Code Section 422 or, without the consent of any affected Participant, to
      cause any Incentive Stock Option to fail to qualify for the federal income
      tax treatment afforded under Code Section 421.

      [2] The aggregate Fair Market Value of the Stock (determined as of the
      Grant Date) with respect to which Incentive Stock Options are exercisable
      for the first time by any Participant during any calendar year (under all
      option plans of the Company and all Related Entities of the Company) will
      not exceed $100,000 [or other amount specified in Code Section 422(d)],
      determined under rules issued under Code Section 422.

      [3] No Incentive Stock Option will be granted to any person who is not an
      Employee on the Grant Date.


                                      -12-
<PAGE>
      [4] An Incentive Stock Option granted to an Employee who, without
      Terminating, [A] becomes a Consultant after the Grant Date or [B] is no
      longer an Employee because he or she is employed by an entity that no
      longer is a Related Entity, [C] will be treated as a Nonstatutory Stock
      Option beginning at the end of the third month after the former Employee
      becomes a Consultant or the date the former Employee's employer no longer
      is a Related Entity, whichever is applicable.

6.05 EXERCISE OF AND PAYMENT FOR OPTIONS. Unless the Committee specifies
otherwise in the Award Agreement, the Exercise Price associated with each Option
must be paid in cash. However, the Committee may, in its discretion, develop and
extend to some or all Participants, other procedures through which Participants
may pay the Exercise Price, including a cashless exercise and allowing a
Participant to tender Stock he or she already has owned for at least six months
before the exercise date, either by actual delivery of the previously owned
Stock or by attestation, valued at its Fair Market Value on the exercise date,
as partial or full payment of the Exercise Price. A Participant may exercise an
Option only by sending to the Committee a completed exercise notice (in the form
prescribed by the Committee) along with payment of the Exercise Price. As soon
as administratively feasible after those steps are taken, the Committee will
issue to the Participant the appropriate share certificates.

6.06 SUBSTITUTION OF OPTIONS. In the Committee's discretion, persons who become
Employees as a result of a transaction described in Code Section 424(a) or
Employees holding options issued by a former Related Entity at the occurrence of
a transaction described in Code Section 424(a) may receive Options in exchange
for options granted by their former employer or the former Related Entity
subject to the rules and procedures prescribed under Code Section 424.

6.07 TRANSFERABILITY OF STOCK. Unless the Committee specifies otherwise in the
Award Agreement or as otherwise specifically provided in the Plan, Stock
acquired through an Option will be transferable, subject to applicable federal
securities laws, the requirements of any national securities exchange or system
on which shares of Stock are then listed or traded or any blue sky or state
securities laws.

                                7.00 STOCK UNITS

7.01 GRANTING STOCK UNITS

      [1] Subject to the terms of this Plan, the Committee may grant Stock Units
      to Employees and Consultants at any time during the term of this Plan
      under the terms and conditions that the Committee specifies in the Award
      Agreement.

      [2] On the last day of the fiscal quarter during which the Company
      completes the initial public offering of the Company's stock which is the
      subject of the Registration Statement, each Eligible Director will
      automatically receive 3,100 Stock Units.

      [3] On the date of each annual meeting of the shareholders for the purpose
      of electing directors beginning with the Company's 2006 annual meeting of
      shareholders, each Eligible Director serving after such annual meeting
      will automatically receive a grant of a number of Stock Units determined
      by dividing one-half of his or her Annual Retainer


                                      -13-
<PAGE>
      (excluding any amount paid for service as the chair of a Board committee)
      by the Fair Market Value of a share of Stock on the Grant Date.

      [4] Each Eligible Director may elect to have any Annual Retainer payable
      in cash (including any amount paid for service as the chair of a Board
      committee) automatically converted to Stock Units by returning to the
      Committee an Annual Retainer Deferral Form. The Committee may, in its sole
      discretion, reject any election made on an Annual Retainer Deferral Form.
      Any election under this subsection must be made in a manner acceptable to
      the Committee and be consistent with rules described in Section 7.03. If
      this election is made, the electing Eligible Director will receive a
      number of Stock Units determined by dividing the portion of the Annual
      Retainer subject to this election by the Fair Market Value of a share of
      Stock on the Grant Date, which will coincide with the date that the
      affected portion of the Annual Retainer otherwise would have been paid in
      cash.

      [5] If provided in the Award Agreement, a Dividend Equivalent Right also
      may be granted in connection with any Stock Unit. If granted, the right to
      receive any Dividend Equivalent Right will be forfeited or paid in cash or
      in the form of additional Stock Units (as provided in the Award Agreement)
      when the associated Stock Unit is forfeited or settled.

7.02 SETTLING STOCK UNITS.

      [1] Stock Units always will be settled in shares of Stock unless the Award
      Agreement specifies another form of settlement.

      [2] Subject to Committee approval and the terms of the Award Agreement,
      all Stock Units will be settled as of [A] the date specified in the Award
      Agreement, in the case of Stock Units issued to Employees and Consultants
      or [B] in the case of Stock Units issued to Eligible Directors under
      Section 7.01[2], [3] and [4], the date the Eligible Director Terminates.

      [3] If Stock Units are to be settled in cash, the amount distributed will
      be calculated by multiplying the number of Stock Units to be settled in
      cash by their Fair Market Value.

      [4] If Stock Units are to be settled in shares of Stock, the number of
      shares of Stock distributed will equal the whole number of Stock Units to
      be settled in Stock, with the Fair Market Value of any fractional share of
      Stock distributed in cash.

      [5] If a Participant dies or becomes Disabled before all of his or her
      Stock Units have been settled, the value of any unpaid Stock Units will be
      paid in a lump sum in shares of Stock to his or her Beneficiary.

7.03 ELECTION PROCEDURES. To be effective, an election under Section 7.01[4] may
be made only by returning a completed Annual Retainer Deferral Form to the
Committee no later than:


                                      -14-
<PAGE>
      [1] The first day of the calendar year for which the Annual Retainer is
      earned and otherwise would have been paid in cash; or

      [2] Not later than 30 days after the Eligible Director first becomes
      eligible to make an election under this section, although an election
      under this subpart will apply only to the portion of the Annual Retainer
      attributable to services performed after the date of that election.

Once filed, elections made on an Annual Retainer Deferral Form may be revoked or
changed by filing a subsequent Annual Retainer Deferral Form with the Committee
and subject to approval by the Committee. However, that revocation or change
will be effective only with respect to any Annual Retainer to be earned for any
calendar year beginning after the effective date of the revocation or change.

                  8.00 RESTRICTED STOCK/RESTRICTED STOCK UNITS

8.01 RESTRICTED STOCK. Subject to the terms of this Plan, the Committee may
grant Restricted Stock to Participants at any time during the term of this Plan
under terms and conditions that the Committee specifies in the Award Agreement.

      [1] Restricted Stock may not be sold, transferred, pledged, assigned or
      otherwise alienated or hypothecated until the end of the applicable
      Restriction Period. At the Committee's sole discretion, all shares of
      Restricted Stock will:

            [A] Be held by the Company as escrow agent during the Restriction
            Period; or

            [B] Be issued to the Participant in the form of certificates bearing
            a legend describing the restrictions imposed on the shares.

      [2] Restricted Stock will be:

            [A] Forfeited (or if shares were issued to the Participant for a
            cash payment, those shares will be resold to the Company for the
            amount paid), if all restrictions have not been met at the end of
            the Restriction Period, and again become available under the Plan;
            or

            [B] Released from escrow and distributed (or any restrictions
            described in the certificate removed) as soon as practicable after
            the last day of the Restriction Period, if all restrictions have
            then been met.

      [3] During the Restriction Period, and unless the Award Agreement provides
      otherwise, each Participant to whom Restricted Stock has been issued as
      described in Section 8.01[1][b]:

            [A] May exercise full voting rights associated with that Restricted
            Stock; and

            [B] Will be entitled to receive all dividends and other
            distributions paid with respect to that Restricted Stock; provided,
            however, that if any dividends or other


                                      -15-
<PAGE>
            distributions are paid in shares of Stock, those shares will be
            subject to the same restrictions on transferability and
            forfeitability as the shares of Restricted Stock with respect to
            which they were issued.

8.02 RESTRICTED STOCK UNITS. Subject to the terms of this Plan, the Committee
may grant Restricted Stock Units to Participants at any time during the term of
this Plan under terms and conditions that the Committee specifies in the Award
Agreement and to the terms of the Plan.

      [1] Restricted Stock Units may not be sold, transferred, pledged, assigned
      or otherwise alienated or hypothecated.

      [2] Restricted Stock Units will be:

            [A] Forfeited, if all restrictions have not been met at the end of
            the Restriction Period, and again become available under the Plan;
            or

            [B] Settled in shares of Stock unless the Award Agreement specifies
            another form of settlement.

      [3] If Restricted Stock Units are settled [A] in shares of Stock, the
      number of shares of Stock distributed will be equal to the number of
      Restricted Stock Units to be settled, [B] in cash, the amount distributed
      will be equal to the number of Restricted Stock Units to be settled
      multiplied by the Fair Market Value of a share of Stock on the settlement
      date or [C] in a combination of shares of Stock or cash, the number of
      shares of Stock distributed and the amount of cash distributed will be
      computed under subpart 8.02[3][a] and [b].

      [4] During the Restriction Period, Participants may not exercise any
      voting rights associated with the shares of Stock underlying his or her
      Restricted Stock Units or to receive any dividends or other distributions
      otherwise payable with respect to the shares of Stock underlying his or
      her Restricted Stock Units.

8.03 VESTING. Subject to any terms, restrictions and conditions specified in the
Plan or the Award Agreement and unless specified otherwise in the Award
Agreement, time-based restrictions imposed on Restricted Stock or Restricted
Stock Units will lapse under the following schedule:

<TABLE>
<CAPTION>
         NUMBER OF FULL YEARS BEGINNING                         CUMULATIVE
                AFTER GRANT DATE                             PERCENTAGE VESTED
         ------------------------------                      -----------------
<S>                                                          <C>
                  Fewer than 4                                   0 percent
                    4 or more                                   100 percent
</TABLE>

Also, and unless the Committee specifies otherwise in the Award Agreement,
restrictions that have not lapsed at Termination will fully lapse [A] in the
case of an Employee or Eligible Director, if the Employee or Eligible Director
Terminates because of death, Retirement or Disability or [B] in the case of a
Consultant, the Consultant Terminates because of death or


                                      -16-
<PAGE>
Disability. However, Restricted Stock and Restricted Stock Units subject to
restrictions when the Participant Terminates for any other reason will be
forfeited.

                 9.00. PERFORMANCE SHARES AND PERFORMANCE UNITS

9.01 GENERALLY. Any Award may be granted [1] to Covered Officers in a manner
that qualifies as "performance-based compensation" under Code Section 162(m) or
[2] to Employees who are not Covered Officers or to Consultants in a manner
determined by the Committee. Subject to any terms, restrictions and conditions
specified in the Plan and the Award Agreement, the granting or vesting of
Performance Shares and Performance Units will, in the Committee's sole
discretion, be based on achieving performance objectives derived from one or
more of the Performance Criteria.

9.02 EARNING PERFORMANCE SHARES AND PERFORMANCE UNITS. Except as otherwise
provided in the Plan or the Award Agreement, as of the end of each Performance
Period, the Committee will certify to the Board the extent to which each
Participant has or has not met his or her Performance Criteria and Performance
Shares or Performance Units will be:

      [1] Forfeited, to the extent that Performance Criteria have not been met
      at the end of the Performance Period, and again become available to be
      granted under the Plan; or

      [2] Valued and distributed, in a single lump sum, to Participants, in the
      form of cash, Stock or a combination of both (as specified by the
      Committee in the Award Agreement) as soon as practicable after the last
      day of the Performance Period to the extent that related Performance
      Criteria have been met.

9.03 RIGHTS ASSOCIATED WITH PERFORMANCE SHARES AND PERFORMANCE UNITS. During the
Performance Period, and unless the Award Agreement provides otherwise:

      [1] Participants may not exercise voting rights associated with their
      Performance Shares or Performance Units; and

      [2] All dividends and other distributions paid with respect to any
      Performance Shares or Performance Units will be held by the Company as
      escrow agent during the Performance Period. At the end of the Performance
      Period, these dividends (and other distributions) will be distributed to
      the Participant or forfeited as provided in Section 9.02. No interest or
      other accretion will be credited with respect to any dividends (and other
      distributions) held in this escrow account. If any dividends or other
      distributions are paid in shares of Stock, those shares will be subject to
      the same restrictions on transferability and forfeitability as the shares
      of Stock with respect to which they were issued.

                         10.00 STOCK APPRECIATION RIGHTS

10.01 SAR GRANTS. Subject to the terms of the Plan, the Committee may grant
Affiliated SARs, Freestanding SARs and Tandem SARs (or a combination of each) to
Employees or Consultants at any time during the term of this Plan.


                                      -17-
<PAGE>
10.02 EXERCISE PRICE. Unless the Committee specifies otherwise in the Award
Agreement, the Exercise Price specified in the Award Agreement will:

      [1] In the case of an Affiliated SAR, not be less than 100 percent of the
      Fair Market Value of a share of Stock on the Grant Date;

      [2] In the case of a Freestanding SAR, not be less than 100 percent of the
      Fair Market Value of a share of Stock on the Grant Date; and

      [3] In the case of a Tandem SAR, not be less than the Exercise Price of
      the related Option.

10.03 EXERCISE OF AFFILIATED SARS. Affiliated SARs will be deemed to be
exercised on the date the related Option is exercised. However:

      [1] An Affiliated SAR will expire no later than the date the related
      Option expires;

      [2] The value of the payout with respect to the Affiliated SAR will not be
      more than the Exercise Price of the related Option; and

      [3] An Affiliated SAR may be exercised only if the Fair Market Value of
      the shares of Stock subject to the related Option is larger than the
      Exercise Price of the related Option.

10.04 EXERCISE OF FREESTANDING SARS. Freestanding SARs will be exercisable
subject to the terms specified in the Award Agreement.

10.05 EXERCISE OF TANDEM SARS. Tandem SARs may be exercised with respect to all
or part of the shares of Stock subject to the related Option by surrendering the
right to exercise the equivalent portion of the related Option. A Tandem SAR may
be exercised only with respect to the shares of Stock for which its related
Option is then exercisable. However:

      [1] A Tandem SAR will expire no later than the date the related Option
      expires or is exercised;

      [2] The value of the payout with respect to the Tandem SAR will not be
      more than 100 percent of the difference between the Exercise Price of the
      related Option and the Fair Market Value of a share of Stock subject to
      the related Option at the time the Tandem SAR is exercised; and

      [3] A Tandem SAR may be exercised only if the Fair Market Value of a share
      of Stock subject to the Option is larger than the Exercise Price of the
      related Option.

10.06 SETTLING SARS.

      [1] A Participant exercising a Tandem SAR or a Freestanding SAR will
      receive an amount equal to:


                                      -18-
<PAGE>
            [A] The difference between the Fair Market Value of a share of Stock
            on the exercise date and the Exercise Price multiplied by

            [B] The number of shares of Stock with respect to which the Tandem
            SAR or Freestanding SAR is exercised.

      [2] Tandem SARs and Freestanding SARs always will be settled in shares of
      Stock unless the Award Agreement specifies another form of settlement.

      [3] A Participant will not receive any cash or other amount when
      exercising an Affiliated SAR. Instead, the value of the Affiliated SAR
      being exercised will be applied to reduce (but not below zero) the
      Exercise Price of the related Option.

At the discretion of the Committee, the value of any Tandem SAR or Freestanding
SAR being exercised will be settled in cash, shares of Stock or any combination
of both.

                          11.00 PERFORMANCE-BASED AWARD

11.01 GENERALLY. Any Award granted under the Plan to [1] Covered Officers may be
granted in a manner that qualifies as "performance-based compensation" under
Code Section 162(m) or [2] Employees who are not Covered Officers or who are
Consultants, may be granted in a manner determined by the Committee. As
determined by the Committee in its sole discretion, either the granting or
vesting of Performance-Based Awards will be based on achieving performance
objectives derived from one or more of the Performance Criteria over the
Performance Period established by the Committee.

11.02 PERFORMANCE CRITERIA.

      [1] The payment or vesting of an Award to a Covered Officer that is
      intended to qualify as "performance-based compensation" under Code Section
      162(m) will be based on one or more (or a combination) of the following
      Performance Criteria and may be applied solely with reference to the
      Company (and/or any Related Entity) or relatively between the Company
      (and/or any Related Entity) and one or more unrelated entities:

            [A] Net earnings or net income (before or after taxes);

            [B] Earnings per share;

            [C] Net sales or revenue growth;

            [D] Net operating profit;

            [E] Return measures (including, but not limited to, return on
            assets, capital, invested capital, equity, sales or revenue);

            [F] Cash flow (including, but not limited to, operating cash flow,
            free cash flow, cash flow return on equity and cash flow return on
            investment);


                                      -19-
<PAGE>
            [G] Earnings before or after taxes, interest, depreciation and/or
            amortization;

            [H] Gross or operating margins;

            [I] Productivity ratios;

            [J] Share price (including, but not limited to, growth measures and
            total shareholder return);

            [K] Expense targets;

            [L] Margins;

            [M] Operating efficiency;

            [N] Market share;

            [O] Customer satisfaction;

            [P] Working capital targets; and

            [Q] Economic value added (net operating profit after tax minus the
            sum of capital multiplied by the cost of capital).

      [2] The payment or vesting of an Award to Participants who are not Covered
      Officers may be based on one or more (or a combination) of the Performance
      Criteria listed in Section 11.02[1] or on other factors the Committee
      believes are relevant and appropriate.

      [3] Different Performance Criteria may be applied to individual
      Participants or to groups of Participants and, as specified by the
      Committee, may be based on the results achieved [A] separately by the
      Company or any Related Entity, [B] any combination of the Company and
      Related Entities, or [C] any combination of segments, products or
      divisions of the Company and Related Entities.

      [4] The Committee:

            [A] Will make appropriate adjustments to Performance Criteria to
            reflect the effect on any Performance Criteria of any stock dividend
            or stock split affecting Stock, recapitalization (including, without
            limitation, the payment of an extraordinary dividend), merger,
            consolidation, combination, spin-off, distribution of assets to
            shareholders, exchange of shares or similar corporate change. Also,
            the Committee will make a similar adjustment to any portion of a
            Performance Criteria that is not based on Stock but which is
            affected by an event having an effect similar to those just
            described.

            [B] May make appropriate adjustments to Performance Criteria to
            reflect a substantive change in a Participant's job description or
            assigned duties and responsibilities.


                                      -20-
<PAGE>
      [5] Performance Criteria will be established in an Award Agreement [A] as
      soon as administratively practicable after established but [B] in the case
      of Covered Officers, no later than the earlier of [I] 90 days after the
      beginning of the applicable Performance Period or [II] the expiration of
      25 percent of the applicable Performance Period.

11.03 EARNING AWARDS. Subject to any terms, restrictions and conditions
specified in the Plan or the Award Agreement, as of the end of each Performance
Period, the Committee will certify to the Board the extent to which each
Participant has or has not met his or her Performance Criteria.
Performance-Based Awards will be:

      [1] Forfeited, if Performance Criteria have not been met at the end of the
      Performance Period; or

      [2] Subject to Section 5.04, valued and distributed as soon as practicable
      after the last day of the Performance Period to the extent that related
      Performance Criteria have been met.

                            12.00 TERMINATION/BUY OUT

12.01 RETIREMENT. Unless otherwise specified in the Award Agreement or this
Plan, all Awards that are exercisable when a Participant Retires may be
exercised at any time before the earlier of [1] the expiration date specified in
the Award Agreement or [2] one year (three months in the case of Incentive Stock
Options) after the Retirement date (or any shorter period specified in the Award
Agreement).

12.02 DEATH OR DISABILITY. Unless otherwise specified in the Award Agreement or
this Plan, all Awards that are exercisable when a Participant Terminates because
of death or Disability may be exercised by the Participant or the Participant's
Beneficiary at any time before the earlier of [1] the expiration date specified
in the Award Agreement or [2] one year after the date of death or Termination
because of Disability (or any shorter period specified in the Award Agreement).

12.03 TERMINATION FOR CAUSE. Unless otherwise specified in the Award Agreement
or this Plan, all Awards that are outstanding (whether or not then exercisable)
will be forfeited if a Participant Terminates (or is deemed to have been
Terminated) for Cause.

12.04 TERMINATION FOR ANY OTHER REASON. Unless otherwise specified in the Award
Agreement or this Plan or subsequently, any Awards that are outstanding when a
Participant Terminates for any reason not described in Sections 12.01 through
12.03 and which are then exercisable, or which the Committee has, in its sole
discretion, decided to make exercisable, may be exercised at any time before the
earlier of [1] the expiration date specified in the Award Agreement or [2] 90
days after the Termination date (or any shorter period specified in the Award
Agreement) and all Awards that are not then exercisable will terminate on the
Termination date.

12.05 EXPIRATION OF OPTIONS IN CONNECTION WITH TERMINATION ASSOCIATED WITH
MERGER, ETC. Unless otherwise provided in an Award Agreement or this Plan),
Options held by a Participant who Terminates in connection with a transaction
described in Code Section 424 will expire immediately upon the date of
Termination but only if and to the extent that another party to that


                                      -21-
<PAGE>
transaction will grant substitute options in exchange for the Options to be
cancelled and otherwise comply with the rules and procedures prescribed under
the provisions of Code Section 424 governing that substitution. In all other
cases, Options held by a Participant who Terminates in connection with a
transaction described in Code Section 424, will expire as otherwise provided in
this Plan and the Award Agreement.

12.06 BUY OUT OF AWARDS.

      [1] At any time before a Change in Control or the commencement of activity
      that may reasonably be expected to result in a Change in Control, the
      Committee, in its sole discretion and without the consent of the affected
      Participant, may cancel any or all outstanding Awards held by that
      Participant, whether or not exercisable, by providing to that Participant
      written notice ("Buy Out Notice") of its intention to exercise the rights
      reserved in this section. If a Buy Out Notice is given, in the case of an
      Option, the Company also will pay to each affected Participant the
      difference between [A] the Fair Market Value of the Stock underlying each
      exercisable Option (or portion of an Option) to be cancelled and [B] the
      Exercise Price associated with each exercisable Option to be cancelled.
      With respect to any Award other than an Option, the Company will pay to
      each affected Participant the Fair Market Value of the Stock subject to
      the Award. However, unless otherwise specified in the Award Agreement, no
      payment will be made with respect to any Awards that are not exercisable
      or are subject to a restriction when cancelled under this section. The
      Company will complete any buy out made under this section as soon as
      administratively possible after the date of the Buy Out Notice. At the
      Committee's option, payment of the buy out amount may be made in cash, in
      whole shares of Stock or partly in cash and partly in shares of Stock. The
      number of whole shares of Stock, if any, included in the buy out amount
      will be determined by dividing the amount of the payment to be made in
      shares of Stock by the Fair Market Value as of the date of the Buy Out
      Notice.

      [2] At any time before a Change in Control or the commencement of activity
      that may reasonably be expected to result in a Change in Control, the
      Committee, in its sole discretion, may offer to buy for cash or by
      substitution of another Award any or all outstanding Awards held by any
      Participant, whether or not exercisable, by providing to that Participant
      written notice ("Buy Out Offer") of its intention to exercise the rights
      reserved in this section and other information, if any, required to be
      included under applicable security laws. If a Buy Out Offer is given, the
      Company also will transfer to each Participant accepting the offer the
      value (determined under procedures adopted by the Committee) of the Award
      to be purchased or exchanged. The Company will complete any buy out made
      under this section as soon as administratively possible after the date of
      the Buy Out Offer and the shares of Stock subject to the Awards purchased
      will be recredited as provided in Section 5.02.

                             13.00 CHANGE IN CONTROL

13.01 ACCELERATED VESTING AND SETTLEMENT. Subject to Section 13.02, on the date
of any Change in Control:


                                      -22-
<PAGE>
      [1] [A] Each Option outstanding on the date of a Change in Control
      (whether or not exercisable) will be cancelled in exchange [I] for cash
      equal to the excess of the Change in Control Price over the Exercise Price
      associated with the cancelled Option or, [II] at the Committee's
      discretion, for whole shares of Stock with a Fair Market Value equal to
      the excess of the Change in Control Price over the Exercise Price
      associated with the cancelled Option and the Fair Market Value of any
      fractional share of Stock will be distributed in cash, and [B] all related
      Affiliated and Tandem SARs will be cancelled;

      [2] All Performance Criteria associated with Performance Shares or
      Performance Units will be deemed to have been met on the date of the
      Change in Control, all Performance Periods will be accelerated to the date
      of the Change in Control and all outstanding Performance Shares and
      Performance Units (including those subject to the acceleration described
      in this subpart) will be distributed in a single lump sum cash payment;

      [3] All Freestanding SARs will be deemed to be exercisable and will be
      liquidated in a single lump sum cash payment;

      [4] All Stock Units will be distributed immediately in the form provided
      in the Annual Retainer Deferral Form; and

      [5] All restrictions then imposed on Restricted Stock or Restricted Stock
      Units will lapse.

13.02 EFFECT OF CODE Section 280G. Unless otherwise specified in the Award
Agreement or in another written agreement between the Participant and the
Company or a Related Entity executed simultaneously with or before any Change in
Control, if the sum (or value) of the payments described in Section 13.01
constitute an "excess parachute payment" as defined in Code Section 280G(b)(1)
when combined with all other parachute payments attributable to the same Change
in Control, the Company or other entity making the payment ("Payor") will reduce
the Participant's benefits under this Plan so that the Participant's total
"parachute payment" as defined in Code Section 280G(b)(2)(A) under this Plan, an
Award Agreement and all other agreements will be $1.00 less than the amount that
otherwise would generate an excise tax under Code Section 4999. If the reduction
described in the preceding sentence applies, within 10 business days of the
effective date of the event generating the payments (or, if later, the date of
the Change in Control), the Payor will apprise the Participant of the amount of
the reduction ("Notice of Reduction"). Within 10 business days of receiving that
information, the Participant may specify how and against which benefit or
payment source, (including benefits and payment sources other than this Plan)
the reduction is to be applied ("Notice of Allocation"). The Payor will be
required to implement these directions within 10 business days of receiving the
Notice of Allocation. If the Payor has not received a Notice of Allocation from
the Participant within 10 business days of the date of the Notice of Reduction
or if the allocation provided in the Notice of Allocation is not sufficient to
fully implement the reduction described in this section, the Payor will apply
the reduction described in this section proportionately based on the amounts
otherwise payable under Section 13.01 or, if a Notice of Allocation has been
returned that does not sufficiently implement the reduction described in this
section, on the basis of the reductions specified in the Notice of Allocation.


                                      -23-
<PAGE>
              14.00 AMENDMENT, MODIFICATION AND TERMINATION OF PLAN

The Board or the Committee may terminate, suspend or amend the Plan at any time
without shareholder approval except to the extent that shareholder approval is
required to satisfy applicable requirements imposed by [1] Rule 16b-3 under the
Act, or any successor rule or regulation, [2] applicable requirements of the
Code or [3] any securities exchange, market or other quotation system on or
through which the Company's securities are listed or traded. Also, no Plan
amendment may [4] result in the loss of a Committee member's status as a
"non-employee director" as defined in Rule 16b-3 under the Act, or any successor
rule or regulation, with respect to any employee benefit plan of the Company,
[5] cause the Plan to fail to meet requirements imposed by Rule 16b-3 or [6]
without the consent of the affected Participant (and except as specifically
provided otherwise in this Plan or the Award Agreement), adversely affect any
Award granted before the amendment, modification or termination. However,
nothing in this section will restrict the Committee's right to exercise the
discretion retained in Section 12.06 or the right to amend the Plan and any
Award Agreements without any additional consideration to affected Participants
to the extent necessary to avoid penalties arising under Code Section 409A, even
if those amendments reduce, restrict or eliminate rights granted under the Plan
or Award Agreement (or both) before those amendments.

                               15.00 MISCELLANEOUS

15.01 ASSIGNABILITY. Except as described in this section, an Award may not be
transferred except by will or the laws of descent and distribution and, during
the Participant's lifetime, may be exercised only by the Participant or the
Participant's guardian or legal representative. However, with the permission of
the Committee, a Participant or a specified group of Participants may transfer
Awards (other than Incentive Stock Options) to a revocable inter vivos trust, of
which the Participant is the settlor, or may transfer Awards (other than
Incentive Stock Options) to any member of the Participant's immediate family,
any trust, whether revocable or irrevocable, established solely for the benefit
of the Participant's immediate family, any partnership or limited liability
company whose only partners or members are members of the Participant's
immediate family or an organization described in Code Section 501(c)(3)
("Permissible Transferees"). Any Award transferred to a Permissible Transferee
will continue to be subject to all of the terms and conditions that applied to
the Award before the transfer and to any other rules prescribed by the
Committee. A Permissible Transferee [other than an organization described in
Code Section 501(c)(3)] may not retransfer an Award except by will or the laws
of descent and distribution and then only to another Permissible Transferee.

15.02 BENEFICIARY DESIGNATION. Each Participant may name a Beneficiary or
Beneficiaries (who may be named contingently or successively) to receive or to
exercise any vested Award that is unpaid or unexercised at the Participant's
death. Each designation made will revoke all prior designations made by the same
Participant, must be made on a form prescribed by the Committee and will be
effective only when filed in writing with the Committee. If a Participant has
not made an effective Beneficiary designation, the deceased Participant's
Beneficiary will be his or her surviving spouse or, if none, the deceased
Participant's estate. The identity of a Participant's designated Beneficiary
will be based only on the information included in the latest beneficiary
designation form completed by the Participant and will not be inferred from any
other evidence.


                                      -24-
<PAGE>
15.03 NO GUARANTEE OF CONTINUING SERVICES. Nothing in the Plan may be construed
as:

      [1] Interfering with or limiting the right of the Company or any Related
      Entity to Terminate any Employee's employment at any time;

      [2] Conferring on any Participant any right to continue as an Employee or
      director of the Company or any Related Entity;

      [3] Guaranteeing that any Employee will be selected to be a Participant;
      or

      [4] Guaranteeing that any Participant will receive any future Awards.

15.04 TAX WITHHOLDING.

      [1] The Company will withhold from other amounts owed to the Participant,
      or require a Participant to remit to the Company, an amount sufficient to
      satisfy federal, state and local withholding tax requirements on any
      Award, exercise or cancellation of an Award or purchase of Stock. If these
      amounts are not to be withheld from other payments due to the Participant
      (or if there are no other payments due to the Participant), the Company
      will defer payment of cash or issuance of shares of Stock until the
      earlier of:

            [A] Thirty days after the settlement date; or

            [B] The date the Participant remits the required amount.

      [2] If the Participant has not remitted the required amount within 30 days
      after the settlement date, the Company will permanently withhold from the
      value of the Awards to be distributed the minimum amount required to be
      withheld to comply with applicable federal, state and local income, wage
      and employment taxes and distribute the balance to the Participant.

      [3] In its sole discretion, which may be withheld for any reason or for no
      reason, the Committee may permit a Participant to elect, subject to
      conditions the Committee establishes, to reimburse the Company for this
      tax withholding obligation through one or more of the following methods:

            [A] By having shares of Stock otherwise issuable under the Plan
            withheld by the Company (but only to the extent of the minimum
            amount that must be withheld to comply with applicable state,
            federal and local income, employment and wage tax laws);

            [B] By delivering to the Company previously acquired shares of Stock
            that the Participant has owned for at least six months;

            [C] By remitting cash to the Company; or

            [D] By remitting a personal check immediately payable to the
            Company.


                                      -25-
<PAGE>
15.05 INDEMNIFICATION. Each individual who is or was a member of the Committee
or of the Board will be indemnified and held harmless by the Company against and
from any loss, cost, liability or expense that may be imposed upon or reasonably
incurred by him or her in connection with or resulting from any claim, action,
suit or proceeding to which he or she may be made a party or in which he or she
may be involved by reason of any action taken or not taken under the Plan as a
Committee or Board member and against and from any and all amounts paid, with
the Company's approval, by him or her in settlement of any matter related to or
arising from the Plan as a Committee or Board member or paid by him or her in
satisfaction of any judgment in any action, suit or proceeding relating to or
arising from the Plan against him or her as a Committee or Board member, but
only if he or she gives the Company an opportunity, at its own expense, to
handle and defend the matter before he or she undertakes to handle and defend it
in his or her own behalf. The right of indemnification described in this section
is not exclusive and is independent of any other rights of indemnification to
which the individual may be entitled under the Company's organizational
documents, by contract, as a matter of law or otherwise.

15.06 NO LIMITATION ON COMPENSATION. Nothing in the Plan is to be construed to
limit the right of the Company to establish other plans or to pay compensation
to its employees or directors, in cash or property, in a manner not expressly
authorized under the Plan.

15.07 REQUIREMENTS OF LAW. The grant of Awards and the issuance of shares of
Stock will be subject to all applicable laws, rules and regulations and to all
required approvals of any governmental agencies or national securities exchange,
market or other quotation system. Also, no shares of Stock will be issued under
the Plan unless the Company is satisfied that the issuance of those shares of
Stock will comply with applicable federal and state securities laws.
Certificates for shares of Stock delivered under the Plan may be subject to any
stock transfer orders and other restrictions that the Committee believes to be
advisable under the rules, regulations and other requirements of the Securities
and Exchange Commission, any stock exchange or other recognized market or
quotation system upon which the Stock is then listed or traded, or any other
applicable federal or state securities law. The Committee may cause a legend or
legends to be placed on any certificates issued under the Plan to make
appropriate reference to restrictions within the scope of this section.

15.08 GOVERNING LAW. The Plan, and all agreements hereunder, will be construed
in accordance with and governed by the laws (other than laws governing conflicts
of laws) of the State of Ohio.

15.09 NO IMPACT ON BENEFITS. Plan Awards are incentives designed to promote the
objectives described in Section 1.00. Also, Awards are not compensation for
purposes of calculating a Participant's rights under any employee benefit plan
that does not specifically require the inclusion of Awards in calculating
benefits.


                                      -26-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.24
<SEQUENCE>13
<FILENAME>x06593a4exv10w24.txt
<DESCRIPTION>EX-10.24: FORM OF DSW INC. 2005 CASH INCENTIVE COMPENSATION PLAN
<TEXT>
<PAGE>
                                                                   Exhibit 10.24


                                    DSW INC.

                      2005 CASH INCENTIVE COMPENSATION PLAN

                         L.00 PURPOSE AND EFFECTIVE DATE

1.01 PURPOSE: This Plan is intended to foster and promote the financial success
of the Company and Related Entities and to increase shareholder value by [1]
providing Participants an opportunity to earn incentive compensation if
specified objectives are met and [2] enabling the Company to attract and retain
the services of outstanding employees upon whose judgment, interest and special
efforts the successful conduct of the Company's business is largely dependent.

1.02 EFFECTIVE DATE: The Plan will be effective upon its adoption by the Board
and approval by the affirmative vote of the Company's shareholders under
applicable rules and procedures described in Code Section 162(m). Any Award
granted before shareholder approval will be null and void if the shareholders do
not approve the Plan within the period just described.

                                2.00 DEFINITIONS

When used in this Plan, the following terms have the meanings given to them in
this section unless another meaning is expressly provided elsewhere in this
document or clearly required by the context. When applying these definitions and
any other word, term or phrase used in this Plan, the form of any word, term or
phrase will include any and all of its other forms.

ACT. The Securities Exchange Act of 1934, as amended or any successor statute of
similar effect even if the Company is not subject to the Act.

AWARD. A grant made under this Plan consisting of an opportunity to earn a cash
bonus if terms and conditions specified in the Award Agreement are met.

AWARD AGREEMENT. The written or electronic agreement between the Company and
each Participant that describes the terms and conditions that must be met if an
Award is to be earned. If there is a conflict between the terms of this Plan and
the terms of the Award Agreement, the terms of the Plan will govern.

AWARD DATE. The later of [1] the date the Committee establishes the terms of an
Award or [2] the date specified in the Award Agreement.

BOARD.  The Company's board of directors.

CAUSE. Unless the Committee specifies otherwise in the Award Agreement, with
respect to any Participant and subject to any cure provision included in any
written agreement between the Participant and the Company:

      [1]   A material failure to substantially perform his or her
      position or duties;
<PAGE>
      [2]   Engaging in illegal or grossly negligent conduct that is
      materially injurious to the Company or any Related Entity;

      [3]   A material violation of any law or regulation governing the
      Company or any Related Entity;

      [4] Commission of a material act of fraud or dishonesty which has had or
      is likely to have a material adverse effect upon the Company's (or any
      Related Entity's) operations or financial conditions;

      [5] A material breach of the terms of any other agreement (including any
      employment agreement) with the Company or any Related Entity; or

      [6]   A breach of any term of this Plan or Award Agreement.

If a Participant Terminates (or is Terminated) for any reason other than Cause
and the Company subsequently discovers an act, failure or event that, if known
before the Participant's Termination would have justified a Termination for
Cause and that act, event or failure was actively concealed by the Participant
and could not have been discovered through reasonable diligence before the
Participant Terminated, that Participant will be retroactively treated as having
been Terminated for Cause.

CHANGE IN CONTROL. The earliest of any of the following events to occur after
the completion of the initial public offering of the Company's stock which is
the subject of the Registration Statement:

      [1] During any period consisting of 12 consecutive calendar months
      beginning after completion of the initial public offering of the Company's
      stock which is the subject of the Registration Statement, the members of
      the Board specified in the Registration Statement ("Incumbent Directors")
      cease for any reason other than death to constitute at least a majority of
      the members of the Board, provided [A] that any director whose election,
      or nomination for election by the Company's shareholders, was approved by
      a vote of at least a majority of the then Incumbent Directors also will be
      treated as an Incumbent Director unless that person was nominated for
      election to the Board (or otherwise became a member of the Board) in
      connection with an actual or threatened election contest relating to the
      election or removal of Board members or other threatened or actual
      solicitation of proxies of consent by or in behalf of any "person,"
      including a "group" [as those terms are used in Act Section 13(d)
      and 14(d)(2)], [B] this element of this definition will not apply if the
      Company reorganizes into an entity that does not have a board of directors
      or analogous governing body and that reorganization is not a Change in
      Control under another element of this definition and [C] if the Company
      becomes a subsidiary of another entity (i.e., another entity owns,
      directly or indirectly, more than 50 percent of the total combined voting
      power of all classes of Stock) in a transaction that is not a Change in
      Control under another element of this definition, subpart [1] of this
      definition will be


                                       2
<PAGE>
      applied by reference to changes to the board of directors of the parent
      entity (or of the ultimate parent entity).

      [2] Any "person," including a "group" [as these terms are used in Act
      Section 13(d) and 14(d)(2)] becomes the "beneficial owner" (as defined in
      Rule 13d-3 under the Act), directly or indirectly, of 30 percent or more
      of the combined voting power of the Company and of securities of the
      Company sufficient to elect a majority of the members of the Board but
      disregarding the effect of [A] any acquisition by a person who on the
      Effective Date is the beneficial owner of 30 percent or more of the
      combined voting power of the Company, [B] any acquisition directly from
      the Company, including a public offering of securities, [C] any
      acquisition by the Company or any Related Entity, [D] any acquisition by
      any employee benefit plan (or related trust) sponsored or maintained by
      the Company or any Related Entity, [E] any acquisition through a
      transaction described in subpart [3], [4] or [5] of this definition, [F]
      any acquisition by Retail Ventures, Inc. or any corporation, partnership
      or other form of unincorporated entity of which Retail Ventures, Inc.
      owns, directly or indirectly, 50 percent or more of the total combined
      voting power of all classes of stock, if the entity is a corporation, or
      of the capital or profits interest, if the entity is a partnership or
      another form of unincorporated entity, [G] any acquisition by
      Schottenstein Stores Corporation (the persons identified in subparts [a],
      [c], [f] and [g] of this subpart being sometimes referred to as "Permitted
      Acquirers"), [H] any acquisition by any one or more of the trusts
      established for the benefit of any of Jay L. Schottenstein, Susan S.
      Diamond, Ann Desche, Lori Schottenstein, Geraldine Schottenstein or any of
      their respective spouses, children or lineal descendants or any person
      controlled by any such trust or trusts, [I] any acquisition by an entity
      that files SEC Form 13-G in connection with its ownership of Stock unless
      and until that entity files SEC Form 13-D in connection with its ownership
      of Stock or [J] any acquisition by Cerberus Partners, Ltd. unless, at the
      time of the acquisition, the Permitted Acquirers, as defined in subpart
      [2][g] of this definition and the trusts described in subpart [2][h] of
      this definition, directly or indirectly, own less than 10 percent of the
      voting power of the Company's stock.

      [3] The completion of a transaction or a series of related transactions
      effecting [A] the merger or other business combination of the Company with
      or into another entity other than a Permitted Acquirer in which the
      shareholders of the Company immediately before the effective date of such
      merger or other business combination own less than 50 percent of the
      voting power in such entity; or [B] the sale or other disposition of all
      or substantially all of the assets of the Company except a sale or other
      disposition to [I] an entity in which the shareholders of the Company
      immediately before the sale or disposition own more than 50 percent of the
      voting power of such entity after that transaction or [II] a Permitted
      Acquirer.


      [4] Liquidation or dissolution of the Company other than a liquidation or
      dissolution into an entity [A] in which the shareholders of the Company
      before the effective date of the liquidation or dissolution own more than
      50 percent of the voting power of such entity after the liquidation or
      dissolution or [B] which is a Permitted Acquirer.


                                       3
<PAGE>
      [5] Any other transaction or event that the Board, in its sole discretion,
      decides will have as material an effect on the Company as any transaction
      or event described in subparts [1] through [4] of this definition but
      which is not otherwise described in this section.

However, and regardless of any other provision of this Plan or element of this
definition, a Change in Control will not occur solely as a result of the initial
public offering of the Company's stock which is the subject of the Registration
Statement or of any event directly related to that initial public offering.

CODE. The Internal Revenue Code of 1986, as amended or superseded after the
Effective Date and any applicable rulings or regulations issued under the Code.

COMMITTEE. The Board's Compensation Committee which also constitutes a
"compensation committee" within the meaning of Treas. Reg. Section
1.162-27(c)(4). The Committee will be comprised of at least three persons [1]
each of whom is [A] an outside director, as defined in Treas. Reg. Section
1.162-27(e)(3)(i) and [B] a "non-employee" director within the meaning of Rule
16b-3 under the Act and [2] none of whom may receive remuneration from the
Company or any Related Entity in any capacity other than as a director, except
as permitted under Treas. Reg.Section 1.162-27(e)(3)(ii).

COMPANY. DSW Inc. an Ohio corporation, and any and all successors to it.

COVERED OFFICER. Those employees whose compensation is subject to limited
deductibility under Code Section 162(m) as of the last day of any calendar year
ending with or within any Performance Period.

DISABILITY. Unless the Committee specifies otherwise in the Award Agreement, the
Participant's inability with a reasonable accommodation, to perform his or her
duties on a full-time basis for a period of more than six consecutive calendar
months beginning before Termination due to a physical or mental infirmity.

EMPLOYEE. Any person who, on any applicable date, is a common law employee of
the Company or any Related Entity. A worker who is classified as other than a
common law employee but who is subsequently reclassified as a common law
employee of the Company for any reason and on any basis will be treated as a
common law employee only from the date that reclassification occurs and will not
retroactively be reclassified as an Employee for any purpose of this Plan.

PARTICIPANT. Any Employee to whom an Award has been granted.

PERFORMANCE CRITERIA. The criteria described in Section 5.01.

PERFORMANCE PERIOD. The period over which the Committee will determine if
applicable Performance Criteria have been met.


                                       4
<PAGE>
PLAN. The DSW Inc. 2005 Cash Incentive Compensation Plan.

REGISTRATION STATEMENT. The Form S-1 Registration Statement filed with the
Securities and Exchange Commission on March 14, 2005 (Registration #333-123289),
as amended at the time it is declared effective by the Securities Exchange
Commission.

RELATED ENTITY. Any corporation, partnership or other form of unincorporated
entity [1] of which the Company owns, directly or indirectly, 50 percent or more
of the total combined voting power of all classes of stock, if the entity is a
corporation, or of the capital or profits interest, if the entity is a
partnership or another form of unincorporated entity or [2] which owns 50
percent or more of the total combined voting power of all classes of the Stock.

RETIREMENT.  The date a Participant Terminates on or after reaching age 65
and completing at least five years of service.

STOCK. The Class A common stock, without par value, issued by the Company or any
security issued by the Company in substitution, exchange or in place of these
shares.

TERMINATION OR TERMINATED. Unless the Committee specifies otherwise in the Award
Agreement, [1] cessation of the employee-employer relationship between a
Participant and the Company and all Related Entities for any reason or [2] with
respect to a Participant who is an Employee of a Related Entity, a severance or
diminution of the Company's direct or indirect ownership after which that entity
is no longer a Related Entity and after which that person is not an Employee of
the Company or any entity that then is a Related Entity. However, [3] a
Termination will not have occurred while the Participant is absent from active
employment for a period of not more than three months (or, if longer, the period
during which reemployment rights are protected by law, contract or written
agreement, including the Award Agreement, between the Participant and the
Company) due to illness, military service or other leave of absence approved by
the Committee and [4] in the Committee's discretion, a Termination will not have
occurred for the duration of a pending Performance Period if a Participant's
status is changed from Employee to a consultant or independent contractor during
a Performance Period established before that status change occurred.

                               3.00 PARTICIPATION

3.01  PARTICIPATION.

      [1] Consistent with the terms of the Plan and subject to Section 3.02, the
      Committee will [A] decide which Employees will be granted Awards and [B]
      specify the type of Award to be granted and the terms upon which an Award
      will be granted and may be earned.

      [2] The Committee may establish different terms and conditions [A] for
      each Award, [B] for each Participant receiving the same type of Award and
      [C] for the same Participants for each Award the Participant receives.


                                       5
<PAGE>
      [3] The Committee (or the Board, as appropriate) also may amend the Plan
      and the Award Agreement without any additional consideration to affected
      Participants to the extent necessary to avoid penalties arising under Code
      Section 409A, even if those amendments reduce, restrict or eliminate
      rights granted under the Plan or Award Agreement (or both) before those
      amendments.

      [4] Unless permitted by Code Section 409A, no Award subject to Code
      Section 409A will be granted under this Plan to any person who is
      performing services only for an entity that is not an affiliate of the
      Company within the meaning of Code Section 414(b) and (c).

3.02 CONDITIONS OF PARTICIPATION. By accepting an Award, each Participant
agrees:

      [1]   To be bound by the terms of the Award Agreement and the Plan
      and to comply with other conditions imposed by the Committee; and

      [2] That the Committee (or the Board, as appropriate) may amend the Plan
      and the Award Agreement without any additional consideration to the extent
      necessary to avoid penalties arising under Code Section 409A, even if
      those amendments reduce, restrict or eliminate rights granted under the
      Plan or Award Agreement (or both) before those amendments.

                               4.00 ADMINISTRATION

4.01 COMMITTEE DUTIES. The Committee is responsible for administering the Plan
and has all powers appropriate and necessary to that purpose. Consistent with
the Plan's objectives, the Committee may adopt, amend and rescind rules and
regulations relating to the Plan, to the extent appropriate to protect the
Company's and any Related Entity's interests, and has complete discretion to
make all other decisions (including whether a Participant has incurred a
Disability) necessary or advisable for the administration and interpretation of
the Plan. Any action by the Committee will be final, binding and conclusive for
all purposes and upon all persons.

4.02 DELEGATION OF MINISTERIAL DUTIES. In its sole discretion, the Committee may
delegate any ministerial duties associated with the Plan to any person
(including Employees) that it deems appropriate. However, the Committee may not
delegate any duties it is required to discharge under Code Section 162(m).

4.03 AWARD AGREEMENT. At the time an Award is made, the Committee will prepare
and deliver an Award Agreement to each affected Participant. The Award
Agreement:

      [1] Will describe the Award and when and how it may be earned;

      [2] To the extent different from the terms of the Plan, will describe [A]
      any conditions that must be met before the Award may be earned, including
      Performance Criteria and [B] any other applicable terms and conditions
      affecting the Award.


                                       6
<PAGE>
                                   5.00 AWARDS

5.01  PERFORMANCE CRITERIA.

      [1] The Performance Criteria upon which the payment of an Award to a
      Covered Officer that is intended to qualify as "performance-based
      compensation" under Code Section 162(m) will be based on one or more (or a
      combination of) the following Performance Criteria and may be applied
      solely with reference to the Company (and/or any Related Entity) or
      relatively between the Company (and/or any Related Entity) and one or more
      unrelated entities:

            [A] Net earnings or net income (before or after taxes);

            [B] Earnings per share;

            [C] Net sales or revenue growth;

            [D] Net operating profit;

            [E] Return measures (including, but not limited to, return on
            assets, capital, invested capital, equity, sales or revenue);

            [F] Cash flow (including, but not limited to, operating cash flow,
            free cash flow, cash flow return on equity and cash flow return on
            investment);

            [G] Earnings before or after taxes, interest, depreciation and/or
            amortization;

            [H] Gross or operating margins;

            [I] Productivity ratios;

            [J] Share price (including, but not limited to, growth measures and
            total shareholder return);

            [K] Expense targets;

            [L] Margins;

            [M] Operating efficiency;

            [N] Market share;

            [O] Customer satisfaction;

            [P] Working capital targets; and


                                       7
<PAGE>
            [Q] Economic value added (net operating profit after tax minus the
            sum of capital multiplied by the cost of capital).

      [2] Performance Criteria upon which the payment of an Award to
      Participants who are not Covered Officers may be based on one or more (or
      a combination of) the Performance Criteria listed in Section 5.01 or on
      other factors the Committee believes are relevant and appropriate.

      [3] Different Performance Criteria may be applied to individual
      Participants or to groups of Participants and, as specified by the
      Committee, may be based on the results achieved [A] separately by the
      Company or any Related Entity, [B] any combination of the Company and
      Related Entities or [C] any combination of segments, products or divisions
      of the Company and Related Entities.

      [4]   The Committee:

            [A] Will make appropriate adjustments to Performance Criteria to
            reflect the effect on any Performance Criteria of any stock dividend
            or stock split affecting Stock, recapitalization (including, without
            limitation, the payment of an extraordinary dividend), merger,
            consolidation, combination, spin-off, distribution of assets to
            shareholders, exchange of shares or similar corporate change. Also,
            the Committee will make a similar adjustment to any portion of a
            Performance Criteria that is not based on Stock but which is
            affected by an event having an effect similar to those just
            described.

            [B] May make appropriate adjustments to Performance Criteria to
            reflect a substantive change in a Participant's job description or
            assigned duties and responsibilities.

      [5] Performance Criteria will be established in an Award Agreement [A] as
      soon as administratively practicable after established but [B] in the case
      of Covered Officers, no later than the earlier of [I] 90 days after the
      beginning of the applicable Performance Period; or [II] the expiration of
      25 percent of the applicable Performance Period.

5.02 EARNING AWARDS. Subject to any terms, restrictions and conditions specified
in the Plan or the Award Agreement, as of the end of each Performance Period,
the Committee will certify to the Board the extent to which each Participant has
or has not met his or her Performance Criteria. Awards will be:

      [1] Forfeited, if Performance Criteria have not been met at the end of the
      Performance Period; or

      [2] Subject to Section 5.04, valued and distributed, in a single lump sum
      cash payment, in the form specified in the Award Agreement as soon as
      practicable after the last day of the Performance Period to the extent
      that related Performance Criteria have been met.


                                       8
<PAGE>
5.03 MAXIMUM AWARD. The maximum Award that any Covered Officer may earn in any
single calendar year is $3,000,000.

5.04 DEFERRAL OF DISTRIBUTION. Each Participant may direct the Company to defer
payment of all or any portion of his or her Award by electing to have that
amount [1] credited to his or her account under any nonqualified deferred
compensation plan [as defined in Section 201(2) of the Employee Retirement
Income Security Act of 1974, as amended] maintained by the Company and
designated by the Committee as an appropriate repository for these deferrals or
any successor plan and [2] distributed under the terms of that plan. This
election must be made at a time and in a manner that complies with Code
Section 409A.

5.05  EFFECT OF TERMINATION.

      [1] TERMINATION OTHER THAN FOR DEATH OR DISABILITY. Unless otherwise
      provided in the Award Agreement, and except in the case of a Termination
      on account of death or Disability, no Award will be paid to a Participant
      who Terminates before the end of a Performance Period.

      [2] TERMINATION BECAUSE OF DEATH OR DISABILITY. Unless otherwise provided
      in the Award Agreement, a prorated Award will be paid to a Participant (or
      to his or her Beneficiary) who Terminates on account of death or
      Disability but only if the Performance Criteria applicable to that
      Performance Period are met at the end of that Performance Period. The
      amount paid will equal the Award the Disabled or dead Participant would
      have received had his or her employment not Terminated before the end of
      the Performance Period multiplied by the number of days between the
      beginning of the Performance Period during which the Termination occurred
      on account of death or Disability and divided by the total number of days
      in that Performance Period. This amount, if any, will be paid at the same
      time and in the same manner as the Award would have been paid if the
      Disabled or dead Participant had not Terminated.

                             6.00 CHANGE IN CONTROL

6.01 ACCELERATED VESTING AND SETTLEMENT. Subject to Section 6.02, on the date of
any Change in Control, all Performance Criteria will be deemed to have been met
on the date of the Change in Control, all Performance Periods will be
accelerated to the date of the Change in Control and all Awards will be
distributed in full as of the date of the Change in Control.

6.02 EFFECT OF CODE Section 280G. Unless otherwise specified in the Award
Agreement or in another written agreement between the Participant and the
Company or a Related Entity executed simultaneously with or before any Change in
Control, if the sum (or value) of the payments described in Section 6.01
constitute an "excess parachute payments" as defined in Code Section 280G(b)(1)
when combined with all other parachute payments attributable to the same Change
in Control, the Company or other entity making the payment ("Payor") will reduce
the Participant's benefits under this Plan so that the Participant's total
"parachute payment" as defined in Code Section 280G(b)(2)(A) under this and all
other agreements will be $1.00 less than the


                                       9
<PAGE>
amount that otherwise would generate an excise tax under Code Section 4999. If
the reduction described in the preceding sentence applies, within 10 business
days of the effective date of the event generating the payments (or, if later,
the date of the Change in Control), the Payor will apprise the Participant of
the amount of the reduction ("Notice of Reduction"). Within 10 business days of
receiving that information, the Participant may specify how and against which
benefit or payment source (including benefits and payment sources other than
this Plan) the reduction is to be applied ("Notice of Allocation"). The Payor
will be required to implement these directions within 10 business days of
receiving the Notice of Allocation. If the Payor has not received a Notice of
Allocation from the Participant within 10 business days of the date of the
Notice of Reduction or if the allocation provided in the Notice of Allocation is
not sufficient to fully implement the reduction described in this section, the
Payor will apply the reduction described in this section proportionately based
on the amounts otherwise payable under Section 6.01 or, if a Notice of
Allocation has been returned that does not sufficiently implement the reduction
described in this section, on the basis of the reductions specified in the
Notice of Allocation.

              7.00 AMENDMENT, MODIFICATION AND TERMINATION OF PLAN

The Board or the Committee may terminate, suspend or amend the Plan at any time
without shareholder approval except to the extent that shareholder approval is
required to satisfy applicable requirements imposed by [1] Rule 16b-3 under the
Act, or any successor rule or regulation, [2] applicable requirements of the
Code or [3] any securities exchange, market or other quotation system on or
through which the Company's securities are listed or traded. Also, no Plan
amendment may [4] result in the loss of a Committee member's status as a
"non-employee director" as defined in Rule 16b-3 under the Act, or any successor
rule or regulation, with respect to any employee benefit plan of the Company,
[5] cause the Plan to fail to meet requirements imposed by Rule 16b-3 or [6]
without the consent of the affected Participant (and except as specifically
provided otherwise in this Plan or the Award Agreement) adversely affect any
Award granted before the amendment, modification or termination. However,
nothing in this section will restrict the Committee's right to amend the Plan
and any Award Agreements without any additional consideration to affected
Participants to the extent necessary to avoid penalties arising under Code
Section 409A, even if those amendments reduce, restrict or eliminate rights
granted under the Plan or Award Agreement (or both) before those amendments.

                               8.00 MISCELLANEOUS

8.01  ASSIGNABILITY.  Except as described in this Section, an Award may
not be transferred except by will or the laws of descent and distribution.

8.02 BENEFICIARY DESIGNATION. Each Participant may name a Beneficiary or
Beneficiaries (who may be named contingently or successively) to receive or to
exercise any Award that becomes payable on account of or after the Participant's
death. Each designation made will revoke all prior designations made by the same
Participant, must be made on a form prescribed by the Committee and will be
effective only when filed in writing with the Committee. If a Participant has
not made an effective Beneficiary designation, the deceased Participant's


                                       10
<PAGE>
Beneficiary will be his or her surviving spouse or, if none, the deceased
Participant's estate. The identity of a Participant's designated Beneficiary
will be based only on the information included in the latest beneficiary
designation form completed by the Participant and will not be inferred from any
other evidence.

8.03  NO GUARANTEE OF CONTINUING SERVICES.  Nothing in the Plan may be
construed as:

      [1] Interfering with or limiting the right of the Company or any Related
      Entity to Terminate any Employee's employment at any time;

      [2] Conferring on any Participant any right to continue as an Employee of
      the Company or any Related Entity;

      [3] Guaranteeing that any Employee will be selected to be a Participant;
      or

      [4] Guaranteeing that any Participant will receive any future Awards.

8.04 TAX WITHHOLDING. The Company will withhold from the Award or from other
amounts owed to the Participant an amount sufficient to satisfy federal, state
and local withholding tax requirements on any Award.

8.05 INDEMNIFICATION. Each individual who is or was a member of the Committee or
of the Board will be indemnified and held harmless by the Company against and
from any loss, cost, liability or expense that may be imposed upon or reasonably
incurred by him or her in connection with or resulting from any claim, action,
suit or proceeding to which he or she may be made a party or in which he or she
may be involved by reason of any action taken or not taken under the Plan as a
Committee or Board member and against and from any and all amounts paid, with
the Company's approval, by him or her in settlement of any matter related to or
arising from the Plan as a Committee or Board member or paid by him or her in
satisfaction of any judgment in any action, suit or proceeding relating to or
arising from the Plan against him or her as a Committee or Board member, but
only if he or she gives the Company an opportunity, at its own expense, to
handle and defend the matter before he or she undertakes to handle and defend it
in his or her own behalf. The right of indemnification described in this section
is not exclusive and is independent of any other rights of indemnification to
which the individual may be entitled under the Company's organizational
documents, by contract, as a matter of law or otherwise. The foregoing right of
indemnification is not exclusive and is independent of any other rights of
indemnification to which the person may be entitled under the Company's
organizational documents, by contract, as a matter of law or otherwise.

8.06 NO LIMITATION ON COMPENSATION. Nothing in the Plan is to be construed to
limit the right of the Company to establish other plans or to pay compensation
to its employees or directors, in cash or property, in a manner not expressly
authorized under the Plan.

8.07 REQUIREMENTS OF LAW. The grant of Awards and the issuance of shares of
Stock will be subject to all applicable laws, rules and regulations and to all
required approvals of any governmental agencies or national securities exchange,
market or other quotation system.


                                       11
<PAGE>
8.08 GOVERNING LAW. The Plan, and all agreements hereunder, will be construed in
accordance with and governed by the laws (other than laws governing conflicts of
laws) of the State of Ohio.

8.09 NO IMPACT ON BENEFITS. Plan Awards are incentives designed to promote the
objectives described in Section 1.00. Also, Awards are not compensation for
purposes of calculating a Participant's rights under any employee benefit plan
that does not specifically require the inclusion of Awards in calculating
benefits.


                                       12





</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.24.1
<SEQUENCE>14
<FILENAME>x06593a4exv10w24w1.txt
<DESCRIPTION>EX-10.24.1: FORM OF RESTRICTED STOCK UNITS AWARD AGREEMENT
<TEXT>
<PAGE>

                                                                 EXHIBIT 10.24.1

          THIS FORM OF AWARD AGREEMENT IS PART OF A PROSPECTUS COVERING
        SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF
                                      1933

                                    DSW INC.
                           2005 EQUITY INCENTIVE PLAN
                 FORM OF RESTRICTED STOCK UNITS AWARD AGREEMENT
                     GRANTED TO ____________ ON ____________

DSW Inc. ("Company") and its shareholders believe that their business interests
are best served by extending to you an opportunity to earn additional
compensation based on the growth of the Company's business. To this end, the
Company and its shareholders adopted the DSW Inc. 2005 Equity Incentive Plan
("Plan") as a means through which you may share in the Company's success. If you
satisfy the conditions described in this Agreement (and the Plan), your Award
will mature into common shares of the Company.

This Award Agreement describes many features of your Award and the conditions
you must meet before you may receive the value associated with your Award. To
ensure you fully understand these terms and conditions, you should:

   -  Read the Plan and the Plan's Prospectus carefully to ensure you understand
      how the Plan works;

   -  Read this Award Agreement carefully to ensure you understand the nature of
      your Award and what you must do to earn it; and

   -  Contact DSW's Vice President, Human Resources at (614) 238-5781 if you
      have any questions about your Award.

Also, no later than ____________, you must return a signed copy of the Award
Agreement to:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

If you do not do this, your Award will be revoked automatically as of the Grant
Date and you will not be entitled to receive anything on account of the
retroactively revoked Award.

Section 409A of the Internal Revenue Code ("Section 409A") imposes substantial
penalties on persons who receive some forms of deferred compensation (see the
Plan's Prospectus for more information about these penalties). Your Award has
been designed to avoid these penalties. However, because the Internal Revenue
Service has not yet issued rules fully defining the effect of Section 409A, it
may be necessary to revise your Award Agreement if you are to avoid these
penalties. As a condition of accepting this Award, you must agree to accept
those revisions, without any further consideration, even if those revisions
change the terms of your Award and reduce its value or potential value.

                                       1

<PAGE>

                              NATURE OF YOUR AWARD

You have been granted Restricted Stock Units ("RSUs"). If you satisfy the
conditions described in this Award Agreement, your RSUs will be converted to an
equal number of shares of Company stock. Federal income tax rules apply to RSUs.
These and other conditions affecting your RSUs are described in this Award
Agreement, the Plan and the Plan's Prospectus, all of which you should read
carefully.

No later than ____________ you must return a signed copy of this Award Agreement
to:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

If you do not do this, your Award will be revoked automatically as of the Grant
Date and you will not be entitled to receive anything on account of the
retroactively revoked Award.

GRANT DATE: Your RSUs were issued on ____________.

This is the date you begin to earn your Award.

NUMBER OF RSUS: You have been granted ____________ RSUs. The conditions that you
must meet before the Award matures into shares of Company stock are discussed
below in the section titled "When Your Award Will Be Settled."

                         WHEN YOUR AWARD WILL BE SETTLED

NORMAL SETTLEMENT DATE: Normally, your RSUs will be converted automatically and
____________ shares of Company stock will be distributed to you if you are
actively employed on ____________. However, your RSUs may be settled earlier in
the circumstances described in the next section.

HOW YOUR RSUS MIGHT BE SETTLED EARLIER THAN THE NORMAL SETTLEMENT DATE: Your
RSUs will be settled automatically and ____________ shares of Company stock will
be distributed to you if, before the Normal Settlement Date:

      -  Your employment terminates because of death, disability (as defined in
         the Plan) or retirement (i.e., you terminate after reaching age 65 and
         completing at least five years of employment); or

      -  There is a Change in Control (as defined in the Plan).

HOW YOUR RSUS MAY BE FORFEITED: You will forfeit any RSUs if, before the Normal
Settlement Date and before a Change in Control, you terminate employment
voluntarily (for reasons other than death, disability or retirement) or if you
are involuntarily terminated by the Company for any reason before the Normal
Settlement Date (and you are not disabled or eligible for retirement).

                                       2

<PAGE>

Also, you will forfeit your RSUs if:

      -  You materially fail to substantially perform your position or duties;

      -  You engage in illegal or grossly negligent conduct that is materially
         injurious to the Company or any Related Entity (as defined in the
         Plan);

      -  You materially violate any law or regulation governing the Company or
         any Related Entity;

      -  You commit a material act of fraud or dishonesty which has had or is
         likely to have a material adverse effect upon the Company's (or any
         Related Entity's) operations or financial conditions;

      -  You materially breach the terms of any other agreement (including any
         employment agreement) with the Company or any Related Entity; or

      -  You breach any term of the Plan or this Award Agreement.

Also, if you terminate your employment (or your employment is terminated) for
any reason other than those just listed (including death, disability and
retirement) and the Company subsequently discovers that you actively concealed
an act, event or failure that is within those just listed and the Company could
not have discovered that act, event or failure through reasonable diligence
before your termination, you will be required to repay to the Company the full
value you received under this Award.

                               SETTLING YOUR AWARD

If all applicable conditions have been met, your RSUs will be settled
automatically. At that time, you will receive one share of Company stock for
each RSU you have earned.

                        OTHER RULES AFFECTING YOUR AWARD

RIGHTS BEFORE YOUR RSUS ARE SETTLED: Until your RSUs are settled, you may not
exercise any voting rights associated with the shares underlying your RSUs. Nor
will you be entitled to receive any dividends with respect to those shares.

BENEFICIARY DESIGNATION: You may name a Beneficiary or Beneficiaries to receive
any RSUs to be settled after you die. This may be done only on the attached
Beneficiary Designation Form and by following the rules described in that form.
If you die without making an effective Beneficiary designation, the RSUs subject
to this Award will be converted to shares and distributed to your surviving
spouse or, if you do not have a surviving spouse, to your estate.

TAX WITHHOLDING: Income taxes must be withheld when your Award is settled and
before your shares actually are distributed to you (see the Plan's Prospectus
for a discussion of the tax treatment of your Award). These taxes may be paid in
one of several ways. They are:

                                       3

<PAGE>

      -  The Company may withhold this amount from other amounts owed to you
         (e.g., from your salary).

      -  You may pay these taxes by giving the Company a check (payable to "DSW
         Inc.") in an amount equal to the taxes that must be withheld.

      -  By having the Company withhold a portion of the shares that otherwise
         would be distributed as of the Settlement Date. The number of shares
         withheld will have a fair market value equal to the taxes that must be
         withheld.

      -  You may give the Company other shares of Company stock (that you have
         owned for at least six months) with a value equal to the taxes that
         must be withheld.

You may choose the approach you prefer, although the Company may reject your
preferred method for any reason (or for no reason). If this happens, the Company
will specify (from among the alternatives just listed) how these taxes are to be
paid.

If you do not choose a method of paying these taxes within 30 days of the
Settlement Date, the Company will withhold a portion of the shares that
otherwise would be distributed. The number of shares withheld will have a fair
market value equal to the taxes that must be withheld and the balance of the
shares will be distributed to you.

TRANSFERRING YOUR RSUS: Normally, your RSUs may not be transferred to another
person. However, you may complete a Beneficiary Designation Form to name the
person to receive any RSUs settled after you die. Also, the Committee may allow
you to place your RSUs into a trust established for your benefit or the benefit
of your family. Contact DSW's Vice President, Human Resources at (614) 238-5781
or at the address given below if you are interested in doing this.

GOVERNING LAW: This Award Agreement will be construed in accordance with and
governed by the laws of the United States and the laws of the State of Ohio
(other than laws governing conflicts of laws).

OTHER AGREEMENTS: Also, your RSUs will be subject to the terms of any other
written agreements between you and the Company.

ADJUSTMENTS TO YOUR RSUS: Your RSUs will be adjusted, if appropriate, to reflect
any change to the Company's capital structure (e.g., the number of your RSUs
will be adjusted to reflect a stock split).

OTHER RULES: Your RSUs also are subject to more rules described in the Plan and
in the Plan's Prospectus. You should read both these documents carefully to
ensure you fully understand all the conditions of this Award.

                           TAX TREATMENT OF YOUR AWARD

The federal income tax treatment of your RSUs is discussed in the Plan's
Prospectus which you should read carefully.

                                       4

<PAGE>

                                      *****

You may contact DSW's Vice President, Human Resources at (614) 238-5781 or at
the address given below if you have any questions about your Award or this Award
Agreement.

                                      *****

                     YOUR ACKNOWLEDGMENT OF AWARD CONDITIONS

NOTE: You must sign and return a copy of this Award Agreement to DSW's Vice
President, Human Resources at the address given below no later than
____________.

By signing below, I acknowledge and agree that:

      -  A copy of the Plan has been made available to me;

      -  I have received a copy of the Plan's Prospectus;

      -  I understand and accept the conditions placed on my Award and
         understand what I must do to earn my Award;

      -  I will consent (in my own behalf and in behalf of my Beneficiaries and
         without any further consideration) to any change to my Award or this
         Award Agreement to avoid paying penalties under Section 409A of the
         Internal Revenue Code, even if those changes affect the terms of my
         Award and reduce its value or potential value; and

      -  If I do not return a signed copy of this Award Agreement to the address
         shown below before ____________, my Award will be revoked automatically
         as of the date it was granted and I will not be entitled to receive
         anything on account of the retroactively revoked Award.

____________________

_________________________________________
(signature)

Date signed: ____________________________

A signed copy of this form must be sent to the following address no later than
____________:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

                                      *****

                                       5

<PAGE>

                      COMMITTEE'S ACKNOWLEDGMENT OF RECEIPT

A signed copy of this Award Agreement was received on ______________.

By: _________________________

      _____ Has complied with the conditions imposed on the grant and the Award
      and the Award Agreement remains in effect; or

      _____ Has not complied with the conditions imposed on the grant and the
      Award and the Award Agreement are revoked as of the Grant Date because
      describe deficiency

DSW Inc. 2005 Equity Incentive Plan Committee

By: ________________________________

Date: ______________________________

NOTE: Send a copy of this completed form to ____________ and keep a copy as part
of the Plan's permanent records.

                                       6

<PAGE>

                                    DSW INC.
                           2005 EQUITY INCENTIVE PLAN
                          BENEFICIARY DESIGNATION FORM

    RELATING TO RESTRICTED STOCK UNITS ISSUED TO ____________ ON ____________

                      INSTRUCTIONS FOR COMPLETING THIS FORM

You may use this form to [1] name the person you want to receive any amount due
under the DSW Inc. 2005 Equity Incentive Plan after your death or [2] change the
person who will receive these benefits.

There are several things you should know before you complete this form.

FIRST, if you do not elect another Beneficiary, any amount due to you under the
Plan when you die will be paid to your surviving spouse or, if you have no
surviving spouse, to your estate.

SECOND, your election will not be effective (and will not be implemented) unless
you sign this form.

THIRD, your election will be effective only if and when this form is completed
properly and returned to DSW's Vice President, Human Resources at the address
given below.

FOURTH, all elections will remain in effect until they are changed (or until all
death benefits are paid).

FIFTH, if you designate your spouse as your Beneficiary but are subsequently
divorced from that person (or your marriage is annulled), your Beneficiary
designation will be revoked automatically.

SIXTH, if you have any questions about this form or if you need additional
copies of this form, please contact DSW's Vice President, Human Resources at
(614) 238-5781 or at the address given below.

                         1.00 DESIGNATION OF BENEFICIARY

1.01 PRIMARY BENEFICIARY:

I designate the following persons as my Primary Beneficiary or Beneficiaries to
receive any shares of DSW stock due after my death under the terms of the Award
Agreement described at the top of this form. These shares will be allocated, in
the proportion specified, to:

      ______% to _______________________________________________________________
                            (Name)                                (Relationship)

      Address: _________________________________________________________________

                                       7

<PAGE>

      ______% to _______________________________________________________________
                            (Name)                                (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                            (Name)                                (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                            (Name)                                (Relationship)

      Address: _________________________________________________________________

1.02 CONTINGENT BENEFICIARY

IF ONE OR MORE OF MY PRIMARY BENEFICIARIES DIES BEFORE I DIE, I DIRECT THAT any
shares of DSW stock due after my death under the terms of the Award Agreement
described at the top of this form:

      _____ Be allocated to my other named Primary Beneficiaries in proportion
      to the allocation given above (ignoring the interest allocated to the
      deceased Primary Beneficiary); or

      _____ Be distributed among the following Contingent Beneficiaries.

      ______% to _______________________________________________________________
                            (Name)                                (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                            (Name)                                (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                            (Name)                                (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                            (Name)                                (Relationship)

      Address: _________________________________________________________________

                                      ****

                                       8

<PAGE>

ELECTIONS MADE ON THIS FORM WILL BE EFFECTIVE ONLY AFTER THIS FORM IS RECEIVED
BY DSW'S VICE PRESIDENT, HUMAN RESOURCES AND ONLY IF IT IS FULLY AND PROPERLY
COMPLETED AND SIGNED.

Name: ____________

Soc. Sec. No.: _________________________________________________________________

Date of Birth: _________________________________________________________________

Address: _______________________________________________________________________

________________________________________________________________________________

Sign and return this form to DSW's Vice President, Human Resources at the
address given below.

___________________________                          ___________________________
Date                                                 Signature

Return this signed form to DSW's Vice President, Human Resources at the
following address:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

Received on: __________________

By: ______________________________________

06/22/2005 - 9703509

                                       9

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.24.2
<SEQUENCE>15
<FILENAME>x06593a4exv10w24w2.txt
<DESCRIPTION>EX-10.24.2: FORM OF STOCK UNITS FOR AUTOMATIC GRANTS TO NON-EMPLOYEE DIRECTORS
<TEXT>
<PAGE>

                                                                 EXHIBIT 10.24.2

          THIS FORM OF AWARD AGREEMENT IS PART OF A PROSPECTUS COVERING
        SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF
                                      1933

                                    DSW INC.
                           2005 EQUITY INCENTIVE PLAN
                               FORM OF STOCK UNITS
                     GRANTED TO ____________ ON ____________

DSW Inc. ("Company") and its shareholders believe that their business interests
are best served by extending to you an opportunity to earn additional
compensation based on the growth of the Company's business. To this end, the
Company and its shareholders adopted the DSW Inc. 2005 Equity Incentive Plan
("Plan") as a means through which you may share in the Company's success. This
is done by granting Awards to directors.

This Award Agreement describes many features of your Award and the conditions
you must meet before you may receive the value associated with your Award. To
ensure you fully understand these terms and conditions, you should:

      -  Read the Plan and the Plan's Prospectus carefully to ensure you
         understand how the Plan works;

      -  Read this Award Agreement carefully to ensure you understand the nature
         of your Award and what must happen if you are to earn it; and

      -  Contact DSW's Vice President, Human Resources at (614) 238-5781 if you
         have any questions about your Award.

Also, no later than ____________, you must return a signed copy of the Award
Agreement to:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

If you do not do this, your Award will be revoked automatically as of the Grant
Date and you will not be entitled to receive anything on account of the
retroactively revoked Award.

Section 409A of the Internal Revenue Code ("Section 409A") imposes substantial
penalties on persons who receive some forms of deferred compensation (see the
Plan's Prospectus for more information about these penalties). Your Award has
been designed to avoid these penalties. However, because the Internal Revenue
Service has not yet issued rules fully defining the effect of Section 409A, it
may be necessary to revise your Award Agreement if you are to avoid these
penalties. As a condition of accepting this Award, you must agree to accept
those revisions, without any further consideration, even if those revisions
change the terms of your Award and reduce its value or potential value.

                                        1

<PAGE>

                              NATURE OF YOUR AWARD

You have been granted an Award consisting of Stock Units, which will be
converted to common shares of the Company if the conditions described in this
Award Agreement are met. Federal income tax rules apply to the payment of your
Award. These and other conditions affecting your Award are described in this
Award Agreement, the Plan and the Plan's Prospectus, all of which you should
read carefully.

No later than ____________, you must return a signed copy of this Award
Agreement to:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

If you do not do this, your Award will be revoked automatically as of the Grant
Date and you will not be entitled to receive anything on account of the
retroactively revoked Award.

GRANT DATE: Your Stock Units were granted on ____________ and it also is the
date your Stock Units vested.

NUMBER OF STOCK UNITS: You have been granted ____________ Stock Units as
provided in your Cash Retainer Deferral Election Form. Although these Stock
Units are not actual shares of Company stock, they will be credited with
"dividends" at the same rate and at the same time dividends are paid on actual
shares of Company Stock. These dividends will be converted to additional Stock
Units based on the amount of dividends paid and the Fair Market Value (as
defined in the Plan) of a share of Company stock. These additional Stock Units
will be distributed at the same time and subject to the same terms and
conditions that apply to other Stock Units granted with this Award Agreement.

The conditions that must be met before the Award is converted into shares of
Company stock are discussed below in the Section titled "When Your Award Will Be
Settled."

                         WHEN YOUR AWARD WILL BE SETTLED

NORMAL SETTLEMENT: Your Stock Units normally will be settled and converted to an
equal number of shares of Company stock when you leave the Company's board of
directors.

HOW YOUR STOCK UNITS MIGHT BE SETTLED BEFORE THE NORMAL SETTLEMENT DATE: If
there is a Change in Control (as defined in the Plan) before the Normal
Settlement Date, your Stock Units will be settled as of the date of the Change
in Control.

HOW YOUR STOCK UNITS MAY BE FORFEITED: You will forfeit any Stock Units if,
before they are settled and before Change in Control, your board service ends
because:

      -  You materially fail to substantially perform your position or duties;

                                       2

<PAGE>

      -  You engage in illegal or grossly negligent conduct that is materially
         injurious to the Company or any Related Entity (as defined in the
         Plan);

      -  You materially violate any law or regulation governing the Company or
         any Related Entity;

      -  You commit a material act of fraud or dishonesty which has had or is
         likely to have a material adverse effect upon the Company's (or any
         Related Entity's) operations or financial conditions;

      -  You materially breach the terms of any other agreement with the Company
         or any Related Entity; or

      -  You breach any term of the Plan or this Award Agreement.

Also, if you terminate your board service for any reason other than those just
listed and the Company subsequently discovers that you actively concealed an
act, event or failure that is within those just listed and the Company could not
have discovered that act, event or failure through reasonable diligence before
your termination, you will be required to repay to the Company the full value
you received under this Award.

                               SETTLING YOUR AWARD

Your Stock Units will be settled automatically soon after your board service
ends. At that time, you will receive one share of Company stock for each Stock
Unit.

                        OTHER RULES AFFECTING YOUR AWARD

RIGHTS BEFORE YOUR STOCK UNITS ARE SETTLED: Until your Stock Units are settled,
you may not exercise any voting rights associated with the shares underlying
your Stock Units. See Section titled "Nature of Your Award - Number of Stock
Units for a description of how dividends will be paid on your Stock Units.

BENEFICIARY DESIGNATION: You may name a Beneficiary or Beneficiaries to receive
any Stock Units to be settled after you die. This may be done only on the
attached Beneficiary Designation Form and by following the rules described in
that form and in the Plan. If you die without making an effective Beneficiary
designation with respect to this Award, the Stock Units subject to this Award
will be converted to shares and distributed to your surviving spouse or, if you
do not have a surviving spouse, to your estate.

TAX WITHHOLDING: You (and not the Company) are solely responsible for any income
and other taxes (including payment of estimated taxes) associated with this
Award or its conversion to shares of Company stock.

TRANSFERRING YOUR STOCK UNITS: Normally, your Stock Units may not be transferred
to another person. However, you may complete a Beneficiary Designation Form to
name the person to receive any Stock Units settled after you die. Also, the
Committee may allow you to place your Stock Units into a trust established for
your benefit or the benefit of your family. Contact

                                       3

<PAGE>

DSW's Vice President, Human Resources at (614) 238-5781 or at the address given
below if you are interested in doing this.

GOVERNING LAW: This Award Agreement will be construed in accordance with and
governed by the laws of the United States and the laws of the State of Ohio
(other than laws governing conflicts of laws).

OTHER AGREEMENTS: Also, your Stock Units will be subject to the terms of any
other written agreements between you and the Company.

ADJUSTMENTS TO YOUR STOCK UNITS: Your Stock Units will be adjusted, if
appropriate, to reflect any change to the Company's capital structure (e.g., the
number of your Stock Units will be adjusted to reflect a stock split).

OTHER RULES: Your Stock Units also are subject to more rules described in the
Plan and in the Plan's Prospectus. You should read both these documents
carefully to ensure you fully understand all the conditions of this Award.

                           TAX TREATMENT OF YOUR AWARD

The federal income tax treatment of your Stock Units is discussed in the Plan's
Prospectus.

                                      *****

You may contact DSW's Vice President, Human Resources at (614) 238-5781 or at
the address given below if you have any questions about your Award or this Award
Agreement.

                                      *****

                     YOUR ACKNOWLEDGMENT OF AWARD CONDITIONS

NOTE: You must sign and return a copy of this Award Agreement to DSW's Vice
President, Human Resources at the address given below no later than
____________.

By signing below, I acknowledge and agree that:

      -  A copy of the Plan has been made available to me;

      -  I have received a copy of the Plan's Prospectus;

      -  I understand and accept the conditions placed on my Award and
         understand what I must do to earn my Award;

      -  I will consent (in my own behalf and in behalf of my beneficiaries and
         without any further consideration) to any change to my Award or this
         Award Agreement to avoid paying penalties under Section 409A of the
         Internal Revenue Code, even if those changes affect the terms of my
         Award and reduce its value or potential value; and

                                       4

<PAGE>

      -  If I do not return a signed copy of this Award Agreement to the address
         shown below before ____________, my Award will be revoked automatically
         as of the date it was granted and I will not be entitled to receive
         anything on account of the retroactively revoked Award.

_____________________

_________________________________________
(signature)
Date signed: ____________________________

A signed copy of this form must be sent to the following address no later than
____________:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

                                      *****

                      COMMITTEE'S ACKNOWLEDGMENT OF RECEIPT

A signed copy of this Award Agreement was received on ______________.

By: _________________________

___________________:

      _____ Has complied with the conditions imposed on the grant and the Award
      and the Award Agreement remains in effect; or

      _____ Has not complied with the conditions imposed on the grant and the
      Award and the Award Agreement are revoked as of the Grant Date because
      describe deficiency

DSW Inc. 2005 Equity Incentive Plan Committee

By: _______________________________

Date: _____________________________

NOTE: Send a copy of this completed form to ____________ and keep a copy as part
of the Plan's permanent records.

                                       5

<PAGE>

                                    DSW INC.
                           2005 EQUITY INCENTIVE PLAN
                          BENEFICIARY DESIGNATION FORM

         RELATING TO STOCK UNITS ISSUED TO ____________ ON ____________

                      INSTRUCTIONS FOR COMPLETING THIS FORM

You may use this form to [1] name the person you want to receive any amount due
under the DSW Inc. 2005 Equity Incentive Plan after your death or [2] change the
person who will receive these benefits.

There are several things you should know before you complete this form.

FIRST, if you do not elect another Beneficiary, any amount due to you under the
Plan when you die will be paid to your surviving spouse or, if you have no
surviving spouse, to your estate.

SECOND, your election will not be effective (and will not be implemented) unless
you sign this form.

THIRD, your election will be effective only if and when this form is completed
properly and returned to DSW's Vice President, Human Resources at the address
given below.

FOURTH, all elections will remain in effect until they are changed (or until all
death benefits are paid).

FIFTH, if you designate your spouse as your Beneficiary but are subsequently
divorced from that person (or your marriage is annulled), your Beneficiary
designation will be revoked automatically.

SIXTH, if you have any questions about this form or if you need additional
copies of this form, please contact DSW's Vice President, Human Resources at
(614) 238-5781 or at the address given below.

                         1.00 DESIGNATION OF BENEFICIARY

1.01 PRIMARY BENEFICIARY:

   I designate the following persons as my Primary Beneficiary or Beneficiaries
   to receive any shares of DSW stock due after my death under the terms of the
   Award Agreement described at the top of this form. These shares will be
   allocated, in the proportion specified to:

      ______% to _______________________________________________________________
                            (Name)                                (Relationship)

      Address: _________________________________________________________________

                                       6

<PAGE>
      ______% to _______________________________________________________________
                            (Name)                                (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                            (Name)                                (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                            (Name)                                (Relationship)

      Address: _________________________________________________________________

1.02 CONTINGENT BENEFICIARY

IF ONE OR MORE OF MY PRIMARY BENEFICIARIES DIES BEFORE I DIE, I DIRECT THAT any
shares of DSW stock due after my death under the terms of the Award Agreement
described at the top of this form:

      _____ Be allocated to my other named Primary Beneficiaries in proportion
      to the allocation given above (ignoring the interest allocated to the
      deceased Primary Beneficiary); or

      _____ Be paid to my other named Primary Beneficiaries in proportion to the
      allocation given above (ignoring the interest allocated to the deceased
      Primary Beneficiary); or

      _____ Be distributed among the following Contingent Beneficiaries.

      ______% to _______________________________________________________________
                            (Name)                                (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                            (Name)                                (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                            (Name)                                (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                            (Name)                                (Relationship)

      Address: _________________________________________________________________

                                      ****

                                       7

<PAGE>

ELECTIONS MADE ON THIS FORM WILL BE EFFECTIVE ONLY AFTER THIS FORM IS RECEIVED
BY DSW'S VICE PRESIDENT, HUMAN RESOURCES AND ONLY IF IT IS FULLY AND PROPERLY
COMPLETED AND SIGNED.

Name: ____________

Soc. Sec. No.: _________________________________________________________________

Date of Birth: _________________________________________________________________

Address: _______________________________________________________________________

________________________________________________________________________________

Sign and return this form to DSW's Vice President, Human Resources at the
address given below.

______________________________                       ___________________________
Date                                                 Signature

Return this signed form to DSW's Vice President, Human Resources at the
following address:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

Received on: __________________

By: ______________________________________

06/22/2005 - 9703477

                                       8

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.24.3
<SEQUENCE>16
<FILENAME>x06593a4exv10w24w3.txt
<DESCRIPTION>EX-10.24.3: FORM OF STOCK UNITS FOR COMVERSION OF NON-EMPLOYEE DIRECTORS' CASH RETAINER
<TEXT>
<PAGE>

                                                                 EXHIBIT 10.24.3

          THIS FORM OF AWARD AGREEMENT IS PART OF A PROSPECTUS COVERING
        SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF
                                      1933

                                    DSW INC.
                           2005 EQUITY INCENTIVE PLAN
                               FORM OF STOCK UNITS
                     GRANTED TO ____________ ON ____________

DSW Inc. ("Company") and its shareholders believe that their business interests
are best served by extending to you an opportunity to earn additional
compensation based on the growth of the Company's business. To this end, the
Company and its shareholders adopted the DSW Inc. 2005 Equity Incentive Plan
("Plan") as a means through which you may share in the Company's success. This
is done by granting Awards to directors.

This Award Agreement describes many features of your Award and the conditions
you must meet before you may receive the value associated with your Award. To
ensure you fully understand these terms and conditions, you should:

      -  Read the Plan and the Plan's Prospectus carefully to ensure you
         understand how the Plan works;

      -  Read this Award Agreement carefully to ensure you understand the nature
         of your Award and what must happen if you are to earn it; and

      -  Contact DSW's Vice President, Human Resources at (614) 238-5781 if you
         have any questions about your Award.

Also, no later than ____________, you must return a signed copy of the Award
Agreement to:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

If you do not do this, your Award will be revoked automatically as of the Grant
Date and you will not be entitled to receive anything on account of the
retroactively revoked Award.

Section 409A of the Internal Revenue Code ("Section 409A") imposes substantial
penalties on persons who receive some forms of deferred compensation (see the
Plan's Prospectus for more information about these penalties). Your Award has
been designed to avoid these penalties. However, because the Internal Revenue
Service has not yet issued rules fully defining the effect of Section 409A, it
may be necessary to revise your Award Agreement if you are to avoid these
penalties. As a condition of accepting this Award, you must agree to accept
those revisions, without any further consideration, even if those revisions
change the terms of your Award and reduce its value or potential value.

                                       1

<PAGE>

                              NATURE OF YOUR AWARD

You have been granted an Award consisting of Stock Units, which will be
converted to common shares of the Company if the conditions described in this
Award Agreement are met. Federal income tax rules apply to the payment of your
Award. These and other conditions affecting your Award are described in this
Award Agreement, the Plan and the Plan's Prospectus, all of which you should
read carefully.

No later than ____________, you must return a signed copy of this Award
Agreement to:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

If you do not do this, your Award will be revoked automatically as of the Grant
Date and you will not be entitled to receive anything on account of the
retroactively revoked Award.

GRANT DATE: Your Stock Units were granted on ____________ and it also is the
date your Stock Units vested.

NUMBER OF STOCK UNITS: You have been granted ____________ Stock Units in payment
of a portion of your annual retainer. Although these Stock Units are not actual
shares of Company stock, they will be credited with "dividends" at the same rate
and at the same time dividends are paid on actual shares of Company Stock. These
dividends will be converted to additional Stock Units based on the amount of
dividends paid and the Fair Market Value (as defined in the Plan) of a share of
Company stock. These additional Stock Units will be distributed at the same time
and subject to the same terms and conditions that apply to other Stock Units
granted with this Award Agreement.

The conditions that must be met before the Award is converted into shares of
Company stock are discussed below in the Section titled "When Your Award Will Be
Settled."

                         WHEN YOUR AWARD WILL BE SETTLED

NORMAL SETTLEMENT: Your Stock Units normally will be settled and converted to an
equal number of shares of Company stock when you leave the Company's board of
directors.

HOW YOUR STOCK UNITS MIGHT BE SETTLED BEFORE THE NORMAL SETTLEMENT DATE: If
there is a Change in Control (as defined in the Plan) before the Normal
Settlement Date, your Stock Units will be settled as of the date of the Change
in Control.

HOW YOUR STOCK UNITS MAY BE FORFEITED: You will forfeit any Stock Units if,
before they are settled and before Change in Control, your board service ends
because:

      -  You materially fail to substantially perform your position or duties;

                                       2

<PAGE>

      -  You engage in illegal or grossly negligent conduct that is materially
         injurious to the Company or any Related Entity (as defined in the
         Plan);

      -  You materially violate any law or regulation governing the Company or
         any Related Entity;

      -  You commit a material act of fraud or dishonesty which has had or is
         likely to have a material adverse effect upon the Company's (or any
         Related Entity's) operations or financial conditions;

      -  You materially breach the terms of any other agreement with the Company
         or any Related Entity; or

      -  You breach any term of the Plan or this Award Agreement.

Also, if you terminate your board service for any reason other than those just
listed and the Company subsequently discovers that you actively concealed an
act, event or failure that is within those just listed and the Company could not
have discovered that act, event or failure through reasonable diligence before
your termination, you will be required to repay to the Company the full value
you received under this Award.

                               SETTLING YOUR AWARD

Your Stock Units will be settled automatically soon after your board service
ends. At that time, you will receive one share of Company stock for each Stock
Unit.

                        OTHER RULES AFFECTING YOUR AWARD

RIGHTS BEFORE YOUR STOCK UNITS ARE SETTLED: Until your Stock Units are settled,
you may not exercise any voting rights associated with the shares underlying
your Stock Units. See Section titled "Nature of Your Award - Number of Stock
Units for a description of how dividends will be paid on your Stock Units.

BENEFICIARY DESIGNATION: You may name a Beneficiary or Beneficiaries to receive
any Stock Units to be settled after you die. This may be done only on the
attached Beneficiary Designation Form and by following the rules described in
that form and in the Plan. If you die without making an effective Beneficiary
designation with respect to this Award, the Stock Units subject to this Award
will be converted to shares and distributed to your surviving spouse or, if you
do not have a surviving spouse, to your estate.

TAX WITHHOLDING: You (and not the Company) are solely responsible for any income
and other taxes (including payment of estimated taxes) associated with this
Award or its conversion to shares of Company stock.

TRANSFERRING YOUR STOCK UNITS: Normally, your Stock Units may not be transferred
to another person. However, you may complete a Beneficiary Designation Form to
name the person to receive any Stock Units settled after you die. Also, the
Committee may allow you to place your Stock Units into a trust established for
your benefit or the benefit of your family. Contact

                                       3

<PAGE>

DSW's Vice President, Human Resources at (614) 238-5781 or at the address given
below if you are interested in doing this.

GOVERNING LAW: This Award Agreement will be construed in accordance with and
governed by the laws of the United States and the laws of the State of Ohio
(other than laws governing conflicts of laws).

OTHER AGREEMENTS: Also, your Stock Units will be subject to the terms of any
other written agreements between you and the Company.

ADJUSTMENTS TO YOUR STOCK UNITS: Your Stock Units will be adjusted, if
appropriate, to reflect any change to the Company's capital structure (e.g., the
number of your Stock Units will be adjusted to reflect a stock split).

OTHER RULES: Your Stock Units also are subject to more rules described in the
Plan and in the Plan's Prospectus. You should read both these documents
carefully to ensure you fully understand all the conditions of this Award.

                           TAX TREATMENT OF YOUR AWARD

The federal income tax treatment of your Stock Units is discussed in the Plan's
Prospectus.

                                      *****

You may contact DSW's Vice President, Human Resources at (614) 238-5781 or at
the address given below if you have any questions about your Award or this Award
Agreement.

                                      *****

                     YOUR ACKNOWLEDGMENT OF AWARD CONDITIONS

NOTE: You must sign and return a copy of this Award Agreement to DSW's Vice
President, Human Resources at the address given below no later than
____________.

By signing below, I acknowledge and agree that:

      -  A copy of the Plan has been made available to me;

      -  I have received a copy of the Plan's Prospectus;

      -  I understand and accept the conditions placed on my Award and
         understand what I must do to earn my Award;

      -  I will consent (in my own behalf and in behalf of my beneficiaries and
         without any further consideration) to any change to my Award or this
         Award Agreement to avoid paying penalties under Section 409A of the
         Internal Revenue Code, even if those changes affect the terms of my
         Award and reduce its value or potential value; and

                                       4

<PAGE>

      -  If I do not return a signed copy of this Award Agreement to the address
         shown below before ____________, my Award will be revoked automatically
         as of the date it was granted and I will not be entitled to receive
         anything on account of the retroactively revoked Award.

____________________

__________________________________________
(signature)
Date signed: _____________________________

A signed copy of this form must be sent to the following address no later than
____________:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

                                      *****

                      COMMITTEE'S ACKNOWLEDGMENT OF RECEIPT

A signed copy of this Award Agreement was received on ______________.

By: _________________________

___________________:

      _____ Has complied with the conditions imposed on the grant and the Award
      and the Award Agreement remains in effect; or

      _____ Has not complied with the conditions imposed on the grant and the
      Award and the Award Agreement are revoked as of the Grant Date because
      describe deficiency

DSW Inc. 2005 Equity Incentive Plan Committee

By: _______________________________

Date: _____________________________

NOTE: Send a copy of this completed form to ____________ and keep a copy as part
of the Plan's permanent records.

                                       5

<PAGE>

                                    DSW INC.
                           2005 EQUITY INCENTIVE PLAN
                          BENEFICIARY DESIGNATION FORM

         RELATING TO STOCK UNITS ISSUED TO ____________ ON ____________

                      INSTRUCTIONS FOR COMPLETING THIS FORM

You may use this form to [1] name the person you want to receive any amount due
under the DSW Inc. 2005 Equity Incentive Plan after your death or [2] change the
person who will receive these benefits.

There are several things you should know before you complete this form.

FIRST, if you do not elect another Beneficiary, any amount due to you under the
Plan when you die will be paid to your surviving spouse or, if you have no
surviving spouse, to your estate.

SECOND, your election will not be effective (and will not be implemented) unless
you sign this form.

THIRD, your election will be effective only if and when this form is completed
properly and returned to DSW's Vice President, Human Resources at the address
given below.

FOURTH, all elections will remain in effect until they are changed (or until all
death benefits are paid).

FIFTH, if you designate your spouse as your Beneficiary but are subsequently
divorced from that person (or your marriage is annulled), your Beneficiary
designation will be revoked automatically.

SIXTH, if you have any questions about this form or if you need additional
copies of this form, please contact DSW's Vice President, Human Resources at
(614) 238-5781 or at the address given below.

                         1.00 DESIGNATION OF BENEFICIARY

1.01 PRIMARY BENEFICIARY:

   I designate the following persons as my Primary Beneficiary or Beneficiaries
   to receive any shares of DSW stock due after my death under the terms of the
   Award Agreement described at the top of this form. These shares will be
   allocated, in the proportion specified to:

      ______% to _______________________________________________________________
                          (Name)                                  (Relationship)

      Address: _________________________________________________________________

                                       6

<PAGE>

      ______% to _______________________________________________________________
                          (Name)                                  (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                          (Name)                                  (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                          (Name)                                  (Relationship)

      Address: _________________________________________________________________

1.02 CONTINGENT BENEFICIARY

IF ONE OR MORE OF MY PRIMARY BENEFICIARIES DIES BEFORE I DIE, I DIRECT THAT any
shares of DSW stock due after my death under the terms of the Award Agreement
described at the top of this form:

      _____ Be allocated to my other named Primary Beneficiaries in proportion
      to the allocation given above (ignoring the interest allocated to the
      deceased Primary Beneficiary); or

      _____ Be paid to my other named Primary Beneficiaries in proportion to the
      allocation given above (ignoring the interest allocated to the deceased
      Primary Beneficiary); or

      _____ Be distributed among the following Contingent Beneficiaries.

      ______% to _______________________________________________________________
                          (Name)                                  (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                          (Name)                                  (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                          (Name)                                  (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                          (Name)                                  (Relationship)

      Address: _________________________________________________________________

                                      ****

                                       7

<PAGE>

ELECTIONS MADE ON THIS FORM WILL BE EFFECTIVE ONLY AFTER THIS FORM IS RECEIVED
BY DSW'S VICE PRESIDENT, HUMAN RESOURCES AND ONLY IF IT IS FULLY AND PROPERLY
COMPLETED AND SIGNED.

Name: ____________

Soc. Sec. No.: _________________________________________________________________

Date of Birth: _________________________________________________________________

Address: _______________________________________________________________________

________________________________________________________________________________

Sign and return this form to DSW's Vice President, Human Resources at the
address given below.

___________________________                          ___________________________
Date                                                 Signature

Return this signed form to DSW's Vice President, Human Resources at the
following address:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

Received on: __________________

By: ______________________________________

06/22/2005 - 9703498

                                       8

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.24.4
<SEQUENCE>17
<FILENAME>x06593a4exv10w24w4.txt
<DESCRIPTION>EX-10.24.4: FORM OF NON-EMPLOYEE DIRECTORS' CASH RETAINER DEFERRAL ELECTION FORM
<TEXT>
<PAGE>

                                                                 EXHIBIT 10.24.4

        THIS ELECTION RELATES TO SECURITIES THAT ARE PART OF A PROSPECTUS
             COVERING SECURITIES THAT HAVE BEEN REGISTERED UNDER THE
                             SECURITIES ACT OF 1933

                                    DSW INC.
                           2005 EQUITY INCENTIVE PLAN

                  FORM OF CASH RETAINER DEFERRAL ELECTION FORM

1.00 THE DSW INC. DIRECTORS DEFERRAL PROGRAM.

Under the DSW Inc. ("Company") directors' compensation program, your "Annual
Retainer" is the amount paid for service as a member of the DSW board, currently
$100,000 annually) plus any amount paid for service as the chair of a board
committee. This Annual Retainer is to be paid in two forms:

      -  A portion of your Annual Retainer is automatically paid in the form of
         Stock Units ("Stock Unit Retainer"). For the period between the initial
         public offering of the Company's securities ("IPO") and the first
         annual meeting of the Company's shareholders after the IPO, the Stock
         Unit Retainer will consist of 3,100 Stock Units and will be granted
         shortly after the IPO. On the date of each annual meeting of the
         shareholders for the purpose of electing directors beginning with the
         Company's 2006 annual meeting (assuming you continue to serve as a
         director after that meeting), you will automatically receive a grant of
         a number of Stock Units determined by dividing one-half of your Annual
         Retainer (excluding any amount paid for service as the chair of a board
         committee) by the Fair Market Value (as defined in the DSW Inc. 2005
         Equity Incentive Plan - "Plan") of a share of stock on the grant date.
         These Stock Units will be subject to the terms of a separate Award
         Agreement that will be distributed at the same time the Stock Units are
         granted and are unaffected by any election you make on this form.

      -  The balance of the Annual Retainer and committee fees ("Cash Retainer")
         are paid in quarterly installments of $12,500 each and normally are
         paid in cash as of the end of each of the Company's fiscal quarters.
         However, each director also may elect to receive his or her Cash
         Retainer in additional Stock Units by completing Part 2.00 of this
         deferral form.

All Stock Units are issued under the Plan and are described in the Plan's
Prospectus. You should read the Plan and the Plan's Prospectus carefully before
making any election on this deferral form to be sure you understand the nature
of Stock Units.

This form describes how and when you may elect to receive your Cash Retainer in
the form of Stock Units and the consequences of that election.

If you elect to receive your Cash Retainer in Stock Units, you also will receive
a separate Award Agreement relating to these Stock Units. That Award Agreement,
together with the Plan and the Plan's Prospectus, describes the terms of your
Stock Units.

<PAGE>

1.01 HOW TO MAKE YOUR ELECTIONS.

You should complete one of two parts of this form and sign the acknowledgment in
Part 3.00 of this form.

      -  IF YOU WANT YOUR CASH RETAINER CONVERTED TO STOCK UNITS, you should
         complete Parts 2.01 and 3.00 of this form. You also should complete the
         Beneficiary Designation Form that will be attached to your Award
         Agreement and follow the instructions included with that Award
         Agreement.

      -  IF YOU WANT TO RECEIVE YOUR CASH RETAINER IN CASH, you should complete
         Parts 2.02 and 3.00 of this form to waive your right to receive your
         Cash Retainer in Stock Units.

Subject to the legal restrictions described below, you also may change the
elections you make on this form. These changes may be made on the attached
"Change to Cash Retainer Deferral Election Form."

1.02 WHEN TO MAKE AN ELECTION.

YOU MUST RETURN THIS FORM TO DSW'S VICE PRESIDENT, HUMAN RESOURCES AT THE
ADDRESS GIVEN BELOW NO LATER THAN ____________. Changes to this election (and
when and how those changes may be made) are discussed below.

1.03 THINGS TO CONSIDER WHEN COMPLETING THIS DEFERRAL FORM.

There are several things you should consider before you complete this deferral
form:

      -  Stock Units are treated as deferred compensation under the Internal
         Revenue Code. This means that you should carefully consider your
         election because you do not have complete flexibility to change the
         decision you make. These restrictions are explained in Part 2.00 of
         this form.

      -  Section 409A of the Internal Revenue Code ("Section 409A") imposes
         substantial penalties on persons who receive some forms of deferred
         compensation (see the Plan's Prospectus for more information about
         these penalties). The Plan's rules affecting Stock Units and this
         election form have been designed to avoid these penalties. However,
         because the Internal Revenue Service has not yet issued rules fully
         defining the effect of Section 409A, it may be necessary to revise your
         election or the terms of your Stock Units if you are to avoid these
         penalties. As a condition of making an election on this form, you must
         agree to accept those revisions, without any further consideration,
         even if those revisions change the terms of your Stock Units or any
         election made on this form.

      -  Any deferral election you make on this form will remain in effect until
         it is changed. However, any change will be effective only for future
         calendar years and must be made by completing another copy of this form
         and returning it to DSW's Vice President, Human Resources (at the
         address given below) no later than December 15

<PAGE>

         of the calendar year before the calendar year the new election is to be
         effective. If you do not adhere to this schedule, your attempted change
         will be ineffective.

            FOR EXAMPLE, assume that you elect to have your Cash Retainer
            converted to Stock Units. However, later, you decide that you want
            to change that election and want to have your Cash Retainer paid in
            cash. You may do this only by returning a Change to Cash Retainer
            Deferral Election Form to DSW's Vice President, Human Resources at
            the address given below no later than December 15 of the calendar
            year ending before the calendar year in which the Cash Retainer is
            paid (e.g., December 15, 2007 with respect to the 2008 Cash
            Retainer).

      -  Any election to convert your Cash Retainer to Stock Units will be
         revoked automatically [1] if there are not sufficient authorized shares
         under the Plan to accommodate an election or [2] on the date the Plan
         expires. However, this automatic revocation will apply only to
         subsequently earned fees and will not accelerate the distribution of
         any Stock Units.

      -  Contact DSW's Vice President, Human Resources at (614) 238-5781 if you
         have any questions about Stock Units or this election.

1.03 HOW THIS DEFERRAL PROGRAM WORKS.

As more fully explained in the Plan's Prospectus, a "Stock Unit" is a right to
receive a share of Company stock when the Stock Unit is settled. Although you
may not cast any votes with respect to your Stock Units, your Stock Units will
be credited with dividends. If there are sufficient authorized shares to do so,
these dividends also will be converted to Stock Units and distributed to you
when your Stock Units are settled. If there no longer are sufficient authorized
shares to convert dividends to Stock Units, the dividends will be paid in cash
when your Stock Units are settled.

The number of Stock Units you will be granted in lieu of your Cash Retainer will
depend on the Fair Market Value (as defined in the Plan) of the Company's stock
when your Cash Retainer otherwise would have been paid in cash (i.e., at the end
of each of the Company's fiscal quarters).

      FOR EXAMPLE, assume that the Fair Market Value of the Company's stock is
      $20.00 when an installment of your Cash Retainer is payable. Under this
      assumption, you would receive 625 Stock Units with a total Fair Market
      Value of $12,500 (i.e., $12,500, the value of the Cash Retainer due,
      divided by $20.00, the Fair Market Value of the Company's stock at the
      time the Cash Retainer is payable equals 625 Stock Units).

When your Board service ends, all your Stock Units will be settled (i.e.,
converted to an equal number of shares of Company stock).

      FOR EXAMPLE, assume that you have served on the board for 10 years during
      which [1] you have been granted 25,000 Stock Units in lieu of your Cash
      Retainer and [2] an additional 5,000 Stock Units have been granted to you
      in lieu of dividends on the shares underlying your Stock Units. Also
      assume that, when your Board service ends, the Fair

<PAGE>

      Market Value of a share of Company stock is $45.00. At that time, you will
      receive 30,000 shares of Company stock with a total Fair Market Value of
      $1,350,000.

And, as more fully described in the Plan's Prospectus, the value of your Stock
Units is not taxed until the Stock Units are settled and you are issued an equal
number of shares of Company stock. This means that you will accumulate more
shares of stock through deferring your Cash Retainer than if you received the
Cash Retainer in cash, paid taxes upon receipt of that cash and purchased
Company shares with the after-tax balance.

2.00 CASH RETAINER DEFERRAL ELECTION.

Complete either Part 2.01 (if you want your Cash Retainer converted to Stock
Units) or Part 2.02 if you want to receive your Cash Retainer in cash.

2.01 ELECTION AFFECTING CASH RETAINER.

You may elect to have your Cash Retainer converted into Stock Units and settled
when you leave the board by completing this part of this form.

      _____ I direct the Company to convert my Cash Retainer into Stock Units.

In making this election, I understand that:

      -  This election may be changed (and my Cash Retainer paid in cash) only
         if I return a completed Change to Cash Retainer Deferral Election Form
         to DSW's Vice President, Human Resources at the address given below no
         later than December 15 of the calendar year ending before it is to be
         effective (e.g., an election to have my 2008 Cash Retainer paid in cash
         must be filed no later than December 15, 2007).

      -  The value of Stock Units may change as the Fair Market Value of the
         Company's stock changes; there is no guarantee that the value of Stock
         Units will increase.

      -  My Stock Units will be settled in a single lump sum distribution only
         after I leave the board.

2.02 ELECTION TO RECEIVE CASH RETAINER IN CASH.

Please complete this part of this form if you want to receive your Cash Retainer
in cash.

      _____ I confirm that I want to receive my Cash Retainer in cash and reject
      the opportunity to have the Cash Retainer converted to Stock Units.

In making this election, I understand that this election may be changed (and my
Cash Retainer converted to Stock Units) only if I return a completed Change to
Cash Retainer Deferral Election Form to DSW's Vice President, Human Resources at
the address given below no later than December 15 of the calendar year ending
before it is to be effective (e.g., an election to have my 2008 Cash Retainer
converted to Stock Units must be filed no later than December 15, 2007).

<PAGE>

3.00 YOUR ACKNOWLEDGMENT

Note: You must sign and return a copy of this deferral form to DSW's Vice
President, Human Resources at the address given below no later than
____________.

By signing below and in addition to the representations made in Part 2,00 of
this form, I acknowledge and agree that:

      -  A copy of the Plan has been made available to me;

      -  I have received a copy of the Plan's Prospectus;

      -  I understand and accept the conditions placed on my Stock Units;

      -  I will consent (in my own behalf and in behalf of my beneficiaries and
         without any further consideration) to any change to my election or this
         deferral form to avoid paying penalties under Section 409A of the
         Internal Revenue Code, even if those changes affect the conditions of
         my deferral and my Stock Units and reduce their value or potential
         value; and

      -  If I do not return a signed copy of this deferral form to DSW's Vice
         President, Human Resources at the address given below before
         ____________, my Cash Retainer will be paid in cash and I will have
         waived any right to receive my Cash Retainer in the form of Stock
         Units.

_________________

_________________________________________

(signature)

Date signed: ____________________________

A signed copy of this form must be sent to the following address no later than
____________:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

                                      *****

                      COMMITTEE'S ACKNOWLEDGMENT OF RECEIPT

A signed copy of this deferral form was received on ______________.

By: _________________________

<PAGE>

_______________

      _____ Has complied with the conditions imposed on an election to have the
      Cash Retainer paid in the form of Stock Units; or

      _____ Has not complied with the conditions imposed on an election to have
      the Cash Retainer paid in the form of Stock Units because

      __________________________________________________________________________
      describe deficiency

DSW Inc. 2005 Equity Incentive Plan Administrator

By: ________________________________

Date: ______________________________

NOTE: Send a copy of this completed form to ____________ and keep a copy as part
of the Plan's permanent records.

<PAGE>

                                    DSW INC.
                           2005 EQUITY INCENTIVE PLAN
                 CHANGE TO CASH RETAINER DEFERRAL ELECTION FORM

Earlier I elected how I wanted my Cash Retainer paid to me. Now, I want to
change that election as follows:

_____ I previously elected to have my Cash Retainer paid in cash. Now, I direct
the Company to convert my Cash Retainer into Stock Units.

      In making this election, I understand that:

            -  This new election will be effective only if I return this Change
               to Cash Retainer Deferral Election Form to DSW's Vice President,
               Human Resources at the address given below no later than December
               15 of the calendar year before the calendar year it is to be
               effective. If I do not adhere to this schedule, this change will
               be ineffective and my earlier election will continue to apply.

            -  This election may be changed again (and my Cash Retainer paid in
               cash) only if I return another completed Change to Cash Retainer
               Deferral Election Form to DSW's Vice President, Human Resources
               at the address given below no later than December 15 of the
               calendar year ending before it is to be effective (e.g., an
               election to have my 2008 Cash Retainer paid in cash must be filed
               no later than December 15, 2007).

            -  This new election will have no effect on my earlier election.

            -  The value of Stock Units may change as the Fair Market Value of
               the Company's stock changes; there is no guarantee that the value
               of Stock Units will increase.

            -  My Stock Units will be settled in a single lump sum distribution
               only after I leave the board.

_____ I previously elected to have my Cash Retainer converted to Stock Units.
Now, I direct the Company to pay my Cash Retainer in cash.

      In making this election, I understand that:

            -  This new election will be effective only if I return this Change
               to Cash Retainer Deferral Election Form to DSW's Vice President,
               Human Resources at the address given below no later than December
               15 of the calendar year before the calendar year it is to be
               effective. If I do not adhere to this schedule, this change will
               be ineffective and my earlier election will continue to apply.

<PAGE>

            -  This election may be changed again (and my Cash Retainer
               converted to Stock Units) only if I return another Change to Cash
               Retainer Deferral Election Form to the address given below no
               later than December 15 of the calendar year ending before it is
               to be effective (e.g., an election to have my 2008 Cash Retainer
               converted to Stock Units must be filed no later than December 15,
               2007).

            -  This new election will have no effect on my earlier election.

YOUR ACKNOWLEDGMENT

Note: You must sign and return a copy of this deferral form to DSW's Vice
President, Human Resources at the address given below no later than December 15
of the calendar year before the calendar year it is to be effective.

By signing below and in addition to the representations made earlier in this
form, I acknowledge and agree that:

      -  A copy of the Plan has been made available to me;

      -  I have received a copy of the Plan's Prospectus;

      -  I understand and accept the conditions placed on my Stock Units;

      -  I will consent (in my own behalf and in behalf of my beneficiaries and
         without any further consideration) to any change to my election or this
         deferral form to avoid paying penalties under Section 409A of the
         Internal Revenue Code, even if those changes affect the conditions of
         my deferral and my Stock Units and reduce their value or potential
         value; and

      -  If I do not return a signed copy of this deferral form to the address
         given below before ____________, my Cash Retainer will be paid in the
         form I previously elected.

___________________

_________________________________________

(signature)

Date signed: ____________________________

A signed copy of this form must be sent to the following address no later than
____________:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

<PAGE>

                                      *****

                      COMMITTEE'S ACKNOWLEDGMENT OF RECEIPT

A signed copy of this deferral form was received on ______________.

By: _________________________

________________

      _____ Has complied with the conditions imposed on this changed election
      and the new election will be implemented; or

      _____ Has not complied with the conditions imposed on this changed
      election and the new election will not be implemented because describe
      deficiency

DSW Inc. 2005 Equity Incentive Plan Administrator

By: ________________________________

Date: ______________________________

NOTE: Send a copy of this completed form to ____________ and keep a copy as part
of the Plan's permanent records.

06/22/2005 - 9703464

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.24.5
<SEQUENCE>18
<FILENAME>x06593a4exv10w24w5.txt
<DESCRIPTION>EX-10.24.5: FORM OF NONQUALIFIED STOCK OPTION AWARD AGREEMENT FOR CONSULTANTS
<TEXT>
<PAGE>

                                                                 EXHIBIT 10.24.5

          THIS FORM OF AWARD AGREEMENT IS PART OF A PROSPECTUS COVERING
        SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF
                                      1933

                                    DSW INC.
                           2005 EQUITY INCENTIVE PLAN

                FORM OF NONQUALIFIED STOCK OPTION AWARD AGREEMENT
                     GRANTED TO ____________ ON ____________

DSW Inc. ("Company") and its shareholders believe that their business interests
are best served by extending to you an opportunity to earn additional
compensation based on the growth of the Company's business. To this end, the
Company and its shareholders adopted the DSW Inc. 2005 Equity Incentive Plan
("Plan") as a means through which you may share in the Company's success. If you
satisfy the conditions described in this Agreement (and the Plan), your Award
will mature into an opportunity to buy common shares of the Company.

This Award Agreement describes many features of your Award and the conditions
you must meet before you may receive the value associated with your Award. To
ensure you fully understand these terms and conditions, you should:

   -  Read the Plan and the Plan's Prospectus carefully to ensure you understand
      how the Plan works;

   -  Read this Award Agreement carefully to ensure you understand what you must
      do to earn your Award; and

   -  Contact DSW's Vice President, Human Resources at (614) 238-5781 if you
      have any questions about your Award.

Also, no later than ____________, you must return a signed copy of the Award
Agreement to:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

If you do not do this, your Award will be revoked automatically as of the Grant
Date and you will not be entitled to receive any amount on account of the
retroactively revoked Award.

Section 409A of the Internal Revenue Code ("Section 409A") imposes substantial
penalties on persons who receive some forms of deferred compensation (see the
Plan's Prospectus for more information about these penalties). Your Award has
been designed to avoid these penalties. However, because the Internal Revenue
Service has not yet issued rules fully defining the effect of Section 409A, it
may be necessary to revise your Award Agreement if you are to avoid these
penalties. As a condition of accepting this Award, you must agree to accept
those revisions, without any further consideration, even if those revisions
change the terms of your Award and reduce its value or potential value.

                                       1

<PAGE>

                              NATURE OF YOUR AWARD

You have been granted Nonqualified Stock Options ("NQSOs") which you may
exercise to purchase common shares of the Company but only if you satisfy the
conditions described in this Award Agreement and pay the Exercise Price
specified below. Federal income tax rules apply to NQSOs. These and other
conditions affecting your NQSOs are described in this Award Agreement, the Plan
and the Plan's Prospectus, all of which you should read carefully.

No later than ____________, you must return a signed copy of this Award
Agreement to:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

If you do not do this, your Award will be revoked automatically as of the Grant
Date.

GRANT DATE: Your NQSOs were issued on ____________.

This is the date you begin to earn the right to buy common shares of the Company
through your NQSOs.

NUMBER OF NQSOS: You have been granted ____________ NQSOs.

You may buy one common share of the Company for each NQSO granted but only if
you meet the conditions described in this Award Agreement and in the Plan.

            WHEN YOU MAY EXERCISE YOUR AWARD AND WHEN IT WILL EXPIRE

NORMAL VESTING DATE: You may not exercise your NQSOs until they vest. Normally,
your NQSOs will vest (and may be exercised) if you are actively employed on
____________. This does not mean that you must exercise your NQSOs on
____________; this is merely the first date that you may do so. However, your
NQSOs will expire unless they are exercised before ____________, the Expiration
Date.

HOW YOUR NQSOS MIGHT VEST (AND BE EXERCISABLE) EARLIER THAN THE NORMAL VESTING
DATE: Regardless of the normal vesting schedule just given, your NQSOs will be
vested (and may be exercised) if, before the Normal Vesting Date:

      -  You die or become disabled (as defined in the Plan); or

      -  There is a Change in Control (as defined in the Plan).

HOW YOUR NQSOS MAY BE FORFEITED: You will forfeit your unvested NQSOs if:

      -  You materially fail to substantially perform your position or duties as
         a consultant;

      -  You engage in illegal or grossly negligent conduct that is materially
         injurious to the

                                       2

<PAGE>

         Company or any Related Entity (as defined in the Plan);

      -  You materially violate any law or regulation governing the Company or
         any Related Entity;

      -  You commit a material act of fraud or dishonesty which has had or is
         likely to have a material adverse effect upon the Company's (or any
         Related Entity's) operations or financial conditions;

      -  You materially breach the terms of any other agreement with the Company
         or any Related Entity; or

      -  You breach any term of the Plan or this Award Agreement.

Also, if the Company subsequently discovers that you actively concealed an act,
event or failure that is within those just listed and the Company could not have
discovered that act, event or failure through reasonable diligence before your
termination, you will be required to repay to the Company the full value you
received under this Award.

                              EXERCISING YOUR AWARD

There are specific procedures you must follow to exercise an NQSO; if you do not
follow these procedures, your attempted exercise will be disregarded.

When you buy a common share of the Company by exercising an NQSO, the option
exercised is cancelled and no more shares may be bought through the cancelled
option.

EXPIRATION DATE: Your NQSOs will expire on (and may not be exercised after)
____________.

EXERCISE PRICE: You must pay $____________ for each common share of the Company
you buy when you exercise an NQSO.

MINIMUM NUMBER OF NQSOS THAT YOU MAY EXERCISE: The smallest number of NQSOs that
you may exercise at any one time is 100 or, if fewer, the total number of your
outstanding vested NQSOs.

Also, you may not exercise any NQSO to buy a fractional common share of the
Company; an NQSO to purchase a fractional share will be converted to an NQSO to
purchase a whole share.

PROCEDURES FOR EXERCISING YOUR NQSOS: To exercise an NQSO, you must:

      -  Complete a copy of the Nonqualified Stock Option Exercise Notice
         attached to this Award Agreement (additional copies are available from
         DSW's Vice President, Human Resources at (614) 238-5781 or at the
         address given below); and

      -  Pay the Exercise Price (i.e., $____________) for each NQSO being
         exercised.

                                       3

<PAGE>

This must be done before ____________, when your NQSOs expire (see section
titled "When You May Exercise Your Award and When It Will Expire" above).

You may pay the Exercise Price in one of three ways. These are:

      -  By check in the amount of the Exercise Price ($____________) multiplied
         by the number of NQSOs being exercised. This check must be made payable
         to "DSW Inc." In this case, and as soon as administratively
         practicable, the Company will issue you a number of shares equal to the
         number of NQSOs you are exercising.

      -  Through a cashless exercise. In this case, the difference between the
         fair market value of the shares subject to the NQSO being exercised
         will be applied to pay the Exercise Price. If you elect this
         alternative, you will not have to spend any cash to exercise your NQSOs
         but you will receive fewer shares than if you pay the Exercise Price in
         cash.

      -  Through an attestation process, which is available only if you have
         owned other common shares of the Company for at least six months before
         the NQSOs are exercised. In this case, the fair market value of your
         other shares will be applied to pay the Exercise Price. If you elect
         this alternative, you will not have to spend any cash to exercise your
         NQSOs but you also will receive fewer shares than if you pay the
         Exercise Price in cash.

It is impossible now to calculate the effect of a cashless exercise or the
attestation process on the number of shares you will receive when your NQSOs are
exercised. If you intend to use either the cashless exercise or attestation
process to exercise your NQSOs, you must contact DSW's Vice President, Human
Resources when you complete the Nonqualified Stock Option Exercise Notice to be
sure you understand the effect of these forms of exercise.

                        OTHER RULES AFFECTING YOUR AWARD

RIGHTS BEFORE EXERCISE: Until you exercise your NQSOs, you may not exercise any
voting rights associated with the shares underlying your NQSOs. Nor will you be
entitled to receive any dividends with respect to those shares.

BENEFICIARY DESIGNATION: You may name a Beneficiary or Beneficiaries to exercise
any vested NQSOs that are unexercised when you die. This may be done only on the
attached Beneficiary Designation Form and by following the rules described in
that form. If you die without making an effective Beneficiary designation, your
Beneficiary will be your surviving spouse or, if you do not have a surviving
spouse, your estate.

TAX WITHHOLDING: You (and not the Company) are solely responsible for any income
and other taxes (including payment of estimated taxes) associated with this
Award or its exercise.

TRANSFERRING YOUR NQSOS: Normally, your NQSOs may not be transferred to another
person. However, you may complete a Beneficiary Designation Form to name the
person who may exercise your NQSOs if you die. Also, the Committee may allow you
to place your NQSOs into a trust established for your benefit or for the benefit
of your family. Contact DSW's Vice

                                       4

<PAGE>

President, Human Resources at (614) 238-5781 or at the address given below if
you are interested in doing this.

GOVERNING LAW: This Award Agreement will be construed in accordance with and
governed by the laws of the United States and of the State of Ohio (other than
laws governing conflicts of laws).

OTHER AGREEMENTS: Also, your NQSOs will be subject to the terms of any other
written agreements between you and the Company.

ADJUSTMENTS TO NQSOS: Your Award will be adjusted, if appropriate, to reflect
any change to the Company's capital structure (e.g., the number of your NQSOs
and the Exercise Price will be adjusted to reflect a stock split).

OTHER RULES: Your NQSOs also are subject to more rules described in the Plan and
in the Plan's Prospectus. You should read both these documents carefully to
ensure you fully understand all the terms and conditions of this Award.

                           TAX TREATMENT OF YOUR AWARD

The federal income tax treatment of your NQSOs is discussed in the Plan's
Prospectus.

                                      *****

You may contact DSW's Vice President, Human Resources at (614) 238-5781 or at
the address given below if you have any questions about your Award or this Award
Agreement.

                                      *****

                     YOUR ACKNOWLEDGMENT OF AWARD CONDITIONS

Note: You must sign and return a copy of this Award Agreement to DSW's Vice
President, Human Resources at the address given below no later than
____________.

By signing below, I acknowledge and agree that:

      -  A copy of the Plan has been made available to me;

      -  I have received a copy of the Plan's Prospectus;

      -  I understand and accept the conditions placed on my Awards and
         understand what I must do to earn and exercise my Award;

      -  I will consent (in my own behalf and in behalf of my beneficiaries and
         without any further consideration) to any change to my Award or this
         Award Agreement to avoid paying penalties under Section 409A of the
         Internal Revenue Code, even if those changes affect the conditions of
         my Award and reduce its value or potential value; and

                                       5

<PAGE>

      -  If I do not return a signed copy of this Award Agreement to the address
         shown below before ____________, my Award will be revoked automatically
         as of the date it was granted and I will not be entitled to receive any
         amount on account of the retroactively revoked Award.

_________________

_________________________________________
(signature)

Date signed: ____________________________

A signed copy of this form must be sent to the following address no later than
____________:

                  Vice President, Human Resources
                  DSW
                  4150 East Fifth Avenue
                  Columbus, Ohio 43219

                                      *****

                      COMMITTEE'S ACKNOWLEDGMENT OF RECEIPT

A signed copy of this Award Agreement was received on ______________.

By: _________________________

_________________

      _____ Has complied with the conditions imposed on the grant and the Award
      and the Award Agreement remains in effect; or

      _____ Has not complied with the conditions imposed on the grant and the
      Award and the Award Agreement is retroactively revoked as of the Grant
      Date because describe deficiency

DSW Inc. 2005 Equity Incentive Plan Administrator

By: ________________________________

Date: ______________________________

NOTE: Send a copy of this completed form to ____________ and keep a copy as part
of the Plan's permanent records.

                                       6
<PAGE>

                                    DSW INC.
                           2005 EQUITY INCENTIVE PLAN

                    NONQUALIFIED STOCK OPTION EXERCISE NOTICE
   AFFECTING NONQUALIFIED STOCK OPTIONS ISSUED TO ____________ ON ____________

Additional copies of this Nonqualified Stock Option Exercise Notice are
available from DSW's Vice President, Human Resources at (614) 238-5781 or at the
address given below.

Also, DSW's Vice President, Human Resources can answer any questions you have
about completing this notice and exercising your NQSOs.

By completing this form and returning it to DSW's Vice President, Human
Resources at the address given below, I elect to exercise the NQSOs described
below:

NOTE: You must complete a separate Nonqualified Stock Option Exercise Notice
each time you exercise NQSOs granted under each Award Agreement (e.g., if you
are exercising 200 NQSOs granted January 1, 2006 and 100 NQSOs granted January
1, 2007 under a separate award agreement, you must complete two Nonqualified
Stock Option Exercise Notices, one for each set of NQSOs being exercised).

AFFECTED OPTIONS: This exercise relates to the following NQSOs (fill in the
blanks):

      GRANT DATE:  ____________

      NUMBER OF NQSOS BEING EXERCISED WITH THIS NOTICE:  _____________________

NOTE: You may not exercise fewer than 100 NQSOs at any one time unless you have
fewer than 100 NQSOs outstanding from this grant, in which case you may exercise
all of the outstanding NQSOs from this grant.

EXERCISE PRICE: The Exercise Price due is $__________________________________

NOTE: This amount must be the product of $____________ multiplied by the number
of NQSOs being exercised.

PAYMENT OF EXERCISE PRICE: I have decided to pay the Exercise Price by (check
one):

      ____  Personal check payable to "DSW Inc."

      ____  Through a cashless exercise.

      ____  Through the attestation process.

Note:

      -     If you select the cash method of exercise, you must include payment
            with this notice.

                                       7
<PAGE>

      -     If you select either the cashless or attestation form of paying the
            Exercise Price, you should contact DSW's Vice President, Human
            Resources at (614) 238-5781 or at the address given below to be sure
            you understand how your choice of payment will affect the number of
            common shares of the Company you will receive.

                   YOUR ACKNOWLEDGEMENT OF EFFECT OF EXERCISE

By signing below, I acknowledge and agree that:

      -     I fully understand the effect (including the investment effect) of
            exercising my NQSOs and buying common shares of the Company and
            understand that there is no guarantee that the value of these shares
            will appreciate or will not depreciate;

      -     This election will have no effect if it is not returned to RVI's
            Vice President Compensation, Benefits & HRIS at the address given
            below before they expire (as described in the Award Agreement under
            which these NQSOs were issued); and

      -     The common shares of the Company I am buying by filing this form
            will be issued to me as soon as administratively practicable.

_______________

_____________________________________________
(signature)

Date signed: ________________________________

A signed copy of this Nonqualified Stock Option Exercise Notice must be sent to
the following address no later than ____________:

               Vice President, Human Resources
               DSW
               4150 East Fifth Avenue
               Columbus, Ohio 43219

                                      *****

                           ACKNOWLEDGEMENT OF RECEIPT

A signed copy of this Nonqualified Stock Option Exercise Notice was received on:
_______________________.

_______________:

      ____  Has effectively exercised the NQSOs described in this notice; or

      ____  Has not effectively exercised the NQSOs described in this notice
            because

                                       8
<PAGE>

      __________________________________________________________________________
      describe deficiency

DSW Inc. 2005 Equity Incentive Plan Administrator

By:   __________________________________

Date: __________________________________

Note: Keep a copy of this form as part of the Plan's permanent records.

                                       9
<PAGE>

                                    DSW INC.
                           2005 EQUITY INCENTIVE PLAN
                          BENEFICIARY DESIGNATION FORM

      RELATING TO STOCK OPTION AWARD ISSUED TO ____________ ON ____________

                      INSTRUCTIONS FOR COMPLETING THIS FORM

You may use this form [1] to name the person you want to receive any amount due
after your death under the terms of the Award described above or [2] to change
the person who will receive these benefits.

There are several things you should know before you complete this form.

FIRST, if you do not elect another Beneficiary, any amount due to you under the
Plan when you die will be paid to your surviving spouse or, if you have no
surviving spouse, to your estate.

SECOND, your election will not be effective (and will not be implemented) unless
you sign this form.

THIRD, your election will be effective only if and when this form is completed
properly and returned to DSW's Vice President, Human Resources.

FOURTH, all elections will remain in effect until they are changed (or until all
death benefits are paid).

FIFTH, if you designate your spouse as your Beneficiary but are subsequently
divorced from that person (or your marriage is annulled), your Beneficiary
designation will be revoked automatically.

SIXTH, if you have any questions about this form or if you need additional
copies of this form, please contact DSW's Vice President, Human Resources at
(614) 238-5781 or at the address given below.

                         1.00 DESIGNATION OF BENEFICIARY

1.01  PRIMARY BENEFICIARY:

      I designate the following persons as my Primary Beneficiary or
      Beneficiaries to exercise any rights due after my death under the terms of
      the Award Agreement described at the top of this form. These rights will
      be allocated, in the proportion specified, to:

       ______% to ______________________________________________________________
                       (Name)                                     (Relationship)

      ADDRESS: _________________________________________________________________

                                       10
<PAGE>

      ______% to _______________________________________________________________
                       (Name)                                     (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                       (Name)                                     (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                       (Name)                                     (Relationship)

      Address: _________________________________________________________________

1.02  CONTINGENT BENEFICIARY

IF ONE OR MORE OF MY PRIMARY BENEFICIARIES DIES BEFORE I DIE, I DIRECT THAT any
rights available after my death under the terms of the Award Agreement described
at the top of this form:

      _____ Be allocated to my other named Primary Beneficiaries in proportion
      to the allocation given above (ignoring the interest allocated to the
      deceased Primary Beneficiary); or

      _____ Be allocated among the following Contingent Beneficiaries.

      ______% to _______________________________________________________________
                       (Name)                                     (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                       (Name)                                     (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                       (Name)                                     (Relationship)

      Address: _________________________________________________________________

      ______% to _______________________________________________________________
                       (Name)                                     (Relationship)

      Address: _________________________________________________________________

ELECTIONS MADE ON THIS FORM WILL BE EFFECTIVE ONLY AFTER THIS FORM IS RECEIVED
BY DSW'S VICE PRESIDENT, HUMAN RESOURCES AND ONLY IF IT IS FULLY AND PROPERLY
COMPLETED AND SIGNED.

                                       11
<PAGE>

Name: ____________

Soc. Sec. No.: _________________________________________________________________

Date of Birth: _________________________________________________________________

Address: _______________________________________________________________________

________________________________________________________________________________

Sign and return this form to DSW's Vice President, Human Resources at the
address given below.
__________________________                         _____________________________
Date                                               Signature

Return this signed form to DSW's Vice President, Human Resources at the
following address:

               Vice President, Human Resources
               DSW
               4150 East Fifth Avenue
               Columbus, Ohio 43219

Received on: __________________

By: ______________________________________

                                       12
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.24.6
<SEQUENCE>19
<FILENAME>x06593a4exv10w24w6.txt
<DESCRIPTION>EX-10.24.5: FORM OF NONQUALIFIED STOCK OPTION AWARD AGREEMENT FOR EMPLOYEES
<TEXT>
<PAGE>
                                                                 Exhibit 10.24.6


 THIS FORM OF AWARD AGREEMENT IS PART OF A PROSPECTUS COVERING SECURITIES THAT
             HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933

                                    DSW INC.
                           2005 EQUITY INCENTIVE PLAN

                FORM OF NONQUALIFIED STOCK OPTION AWARD AGREEMENT
                     GRANTED TO ____________ ON ____________

DSW Inc. ("Company") and its shareholders believe that their business interests
are best served by extending to you an opportunity to earn additional
compensation based on the growth of the Company's business. To this end, the
Company and its shareholders adopted the DSW Inc. 2005 Equity Incentive Plan
("Plan") as a means through which you may share in the Company's success. If you
satisfy the conditions described in this Agreement (and the Plan), your Award
will mature into an opportunity to buy common shares of the Company.

This Award Agreement describes many features of your Award and the conditions
you must meet before you may receive the value associated with your Award. To
ensure you fully understand these terms and conditions, you should:

     -    Read the Plan and the Plan's Prospectus carefully to ensure you
          understand how the Plan works;

     -    Read this Award Agreement carefully to ensure you understand what you
          must do to earn your Award; and

     -    Contact DSW's Vice President, Human Resources at (614) 238-5781 if you
          have any questions about your Award.

Also, no later than ____________, you must return a signed copy of the Award
Agreement to:

              Vice President, Human Resources
              DSW
              4150 East Fifth Avenue
              Columbus, Ohio 43219

If you do not do this, your Award will be revoked automatically as of the Grant
Date and you will not be entitled to receive any amount on account of the
retroactively revoked Award.

Section 409A of the Internal Revenue Code ("Section 409A") imposes substantial
penalties on persons who receive some forms of deferred compensation (see the
Plan's Prospectus for more information about these penalties). Your Award has
been designed to avoid these penalties. However, because the Internal Revenue
Service has not yet issued rules fully defining the effect of Section 409A, it
may be necessary to revise your Award Agreement if you are to avoid these
penalties. As a condition of accepting this Award, you must agree to accept
those revisions, without any further consideration, even if those revisions
change the terms of your Award and reduce its value or potential value.


                                       1
<PAGE>
                              NATURE OF YOUR AWARD

You have been granted Nonqualified Stock Options ("NQSOs") which you may
exercise to purchase common shares of the Company but only if you satisfy the
conditions described in this Award Agreement and pay the Exercise Price
specified below. Federal income tax rules apply to NQSOs. These and other
conditions affecting your NQSOs are described in this Award Agreement, the Plan
and the Plan's Prospectus, all of which you should read carefully.

No later than ____________, you must return a signed copy of this Award
Agreement to:

              Vice President, Human Resources
              DSW
              4150 East Fifth Avenue
              Columbus, Ohio 43219

If you do not do this, your Award will be revoked automatically as of the Grant
Date.

GRANT DATE:  Your NQSOs were issued on ____________.

This is the date you begin to earn the right to buy common shares of the Company
through your NQSOs.

NUMBER OF NQSOS:  You have been granted ____________ NQSOs.

You may buy one common share of the Company for each NQSO granted but only if
you meet the conditions described in this Award Agreement and in the Plan.

            WHEN YOU MAY EXERCISE YOUR AWARD AND WHEN IT WILL EXPIRE

NORMAL VESTING DATE: You may not exercise your NQSOs until they vest. Normally,
your NQSOs will vest (and may be exercised) if you are actively employed on
____________. This does not mean that you must exercise your NQSOs on
____________; this is merely the first date that you may do so. However, your
NQSOs will expire unless they are exercised before ____________, the Expiration
Date.

HOW YOUR NQSOS MIGHT VEST (AND BE EXERCISABLE) EARLIER THAN THE NORMAL VESTING
DATE: Regardless of the normal vesting schedule just given, your NQSOs will be
vested (and may be exercised) if, before the Normal Vesting Date:

     -    Your employment terminates because of death, disability (as defined in
          the Plan) or retirement (i.e., you terminate after reaching age 65 and
          completing at least five years of employment); or

     -    There is a Change in Control (as defined in the Plan).

HOW YOUR NQSOS MAY BE FORFEITED: You will forfeit your unvested NQSOs if, before
the Normal Vesting Date and before a Change in Control, you terminate employment
voluntarily or if you are involuntarily terminated by the Company for any reason
before the Normal Vesting


                                       2
<PAGE>
Date (and you are not then disabled or eligible for retirement).

Also, you will forfeit your NQSOs if:

     -    You materially fail to substantially perform your position or duties;

     -    You engage in illegal or grossly negligent conduct that is materially
          injurious to the Company or any Related Entity (as defined in the
          Plan);

     -    You materially violate any law or regulation governing the Company or
          any Related Entity;

     -    You commit a material act of fraud or dishonesty which has had or is
          likely to have a material adverse effect upon the Company's (or any
          Related Entity's) operations or financial conditions;

     -    You materially breach the terms of any other agreement (including any
          employment agreement) with the Company or any Related Entity; or

     -    You breach any term of the Plan or this Award Agreement.

Also, if you terminate your employment (or your employment is terminated) for
any reason other than those just listed (including death, disability and
retirement) and the Company subsequently discovers that you actively concealed
an act, event or failure that is within those just listed and the Company could
not have discovered that act, event or failure through reasonable diligence
before your termination, you will be required to repay to the Company the full
value you received under this Award.

                              EXERCISING YOUR AWARD

There are specific procedures you must follow to exercise an NQSO; if you do not
follow these procedures, your attempted exercise will be disregarded.

When you buy a common share of the Company by exercising an NQSO, the option
exercised is cancelled and no more shares may be bought through the cancelled
option.

EXPIRATION DATE: Normally, your NQSOs will expire on (and may not be exercised
after) ____________. However, there are other limits on how long you have to
exercise your NQSOs after you terminate employment. Under these rules:

     -    If you terminate employment because of death, disability or
          retirement, you (or your Beneficiary) may exercise your vested NQSOs
          for one year after your termination, but not later than ____________;

     -    If you are terminated for cause (as defined in the Plan), all of your
          NQSOs are forfeited and may not be exercised; or


                                       3
<PAGE>
     -    If you terminate for any other reason, you may exercise your NQSOs for
          three months after your termination, but not later than ____________.

If you do not exercise your NQSOs before these dates, they will expire and may
not be exercised at a later date.

EXERCISE PRICE: You must pay $____________ for each common share of the Company
you buy when you exercise an NQSO.

MINIMUM NUMBER OF NQSOS THAT YOU MAY EXERCISE: The smallest number of NQSOs that
you may exercise at any one time is 100 or, if fewer, the total number of your
outstanding vested NQSOs.

Also, you may not exercise any NQSO to buy a fractional common share of the
Company; an NQSO to purchase a fractional share will be converted to an NQSO to
purchase a whole share.

PROCEDURES FOR EXERCISING YOUR NQSOS:  To exercise an NQSO, you must:

     -    Complete a copy of the Nonqualified Stock Option Exercise Notice
          attached to this Award Agreement (additional copies are available from
          DSW's Vice President, Human Resources at (614) 238-5781 or at the
          address given below); and

     -    Pay the Exercise Price (i.e., $____________) for each NQSO being
          exercised.

This must be done before ____________, when your NQSOs expire (see section
titled "When You May Exercise Your Award and When It Will Expire" above).

You may pay the Exercise Price in one of three ways.  These are:

     -    By check in the amount of the Exercise Price ($____________)
          multiplied by the number of NQSOs being exercised. This check must be
          made payable to "DSW Inc." In this case, and as soon as
          administratively practicable, the Company will issue you a number of
          shares equal to the number of NQSOs you are exercising.

     -    Through a cashless exercise. In this case, the difference between the
          fair market value of the shares subject to the NQSO being exercised
          will be applied to pay the Exercise Price. If you elect this
          alternative, you will not have to spend any cash to exercise your
          NQSOs but you will receive fewer shares than if you pay the Exercise
          Price in cash.

     -    Through an attestation process, which is available only if you have
          owned other common shares of the Company for at least six months
          before the NQSOs are exercised. In this case, the fair market value of
          your other shares will be applied to pay the Exercise Price. If you
          elect this alternative, you will not have to spend any cash to
          exercise your NQSOs but you also will receive fewer shares than if you
          pay the Exercise Price in cash.


                                       4
<PAGE>
It is impossible now to calculate the effect of a cashless exercise or the
attestation process on the number of shares you will receive when your NQSOs are
exercised. If you intend to use either the cashless exercise or attestation
process to exercise your NQSOs, you must contact DSW's Vice President, Human
Resources when you complete the Nonqualified Stock Option Exercise Notice to be
sure you understand the effect of these forms of exercise.

                        OTHER RULES AFFECTING YOUR AWARD

RIGHTS BEFORE EXERCISE: Until you exercise your NQSOs, you may not exercise any
voting rights associated with the shares underlying your NQSOs. Nor will you be
entitled to receive any dividends with respect to those shares.

BENEFICIARY DESIGNATION: You may name a Beneficiary or Beneficiaries to exercise
any vested NQSOs that are unexercised when you die. This may be done only on the
attached Beneficiary Designation Form and by following the rules described in
that form. If you die without making an effective Beneficiary designation, your
Beneficiary will be your surviving spouse or, if you do not have a surviving
spouse, your estate.

TAX WITHHOLDING: Income taxes must be withheld on the difference between the
Exercise Price and the value of each share of stock you purchase when your
exercise an NQSO (see the Plan's Prospectus for a discussion of the tax
treatment of your Award). These taxes may be paid in one of several ways. They
are:

     -    The Company may withhold this amount from other amounts owed to you
          (e.g., from your salary).

     -    You may pay these taxes by giving the Company a check (payable to "DSW
          Inc.") in an amount equal to the taxes that must be withheld.

     -    By having the Company withhold a portion of the shares that you
          otherwise would receive on the exercise date. The number of shares
          withheld will have a fair market value equal to the taxes that must be
          withheld.

     -    You may give the Company other shares of Company stock (that you have
          owned for at least six months) with a value equal to the taxes that
          must be withheld.

You may choose the approach you prefer, although the Company may reject your
preferred method for any reason (or for no reason). If this happens, the Company
will specify (from among the alternatives just listed) how these taxes are to be
paid.

If you do not choose a method of paying these taxes within 30 days of the
exercise date, the Company will withhold a portion of the shares that otherwise
would be distributed. The number of shares withheld will have a fair market
value equal to the taxes that must be withheld and the balance of the shares
will be distributed to you.

TRANSFERRING YOUR NQSOS: Normally, your NQSOs may not be transferred to another
person. However, you may complete a Beneficiary Designation Form to name the
person who may exercise your NQSOs if you die. Also, the Committee may allow you
to place your NQSOs into


                                       5
<PAGE>
a trust established for your benefit or for the benefit of your family. Contact
DSW's Vice President, Human Resources at (614) 238-5781 or at the address given
below if you are interested in doing this.

GOVERNING LAW: This Award Agreement will be construed in accordance with and
governed by the laws of the United States and of the State of Ohio (other than
laws governing conflicts of laws).

NON COMPETITION: In consideration of receiving this Award, you agree for one
year after terminating employment with the Company or any Related Entity not,
directly or indirectly, to accept employment with, act as a consultant to, or
otherwise perform services that are substantially the same or similar to those
for which you were compensated by the Company or any Related Entity (this
comparison will be based on job-related functions and responsibilities and not
on job title) for any business that directly competes with the Company's
business, which is understood to be the sale of off-price and discount
merchandise, including discount and off-price shoes and accessories.
Illustrations of business that compete with the Company's business include: The
TJX Companies, Inc. (T.J. Maxx; Marshall's; HomeGoods; A.J.Wright; Marmaxx;
Winners); Shoe Carnival; MJM Designer Shoes; Ross Stores, Inc.; Payless
ShoeSource; Off-Broadway Shoes; Famous Footwear; Footstar; Big Lots Stores,
Inc.; and Burlington Coat Factory Warehouse Corporation and any of its
affiliates. This restriction applies to any parent, division, affiliate, newly
formed or purchased business(es) and/or successor of a business that competes
with the Company's business.

OTHER AGREEMENTS: Also, your NQSOs will be subject to the terms of any other
written agreements between you and the Company.

ADJUSTMENTS TO NQSOS: Your Award will be adjusted, if appropriate, to reflect
any change to the Company's capital structure (e.g., the number of your NQSOs
and the Exercise Price will be adjusted to reflect a stock split).

OTHER RULES: Your NQSOs also are subject to more rules described in the Plan and
in the Plan's Prospectus. You should read both these documents carefully to
ensure you fully understand all the terms and conditions of this Award.

                           TAX TREATMENT OF YOUR AWARD

The federal income tax treatment of your NQSOs is discussed in the Plan's
Prospectus.

                                      *****

You may contact DSW's Vice President, Human Resources at (614) 238-5781 or at
the address given below if you have any questions about your Award or this Award
Agreement.

                                      *****

                     YOUR ACKNOWLEDGMENT OF AWARD CONDITIONS


                                       6
<PAGE>
Note: You must sign and return a copy of this Award Agreement to DSW's Vice
President, Human Resources at the address given below no later than ___________.

By signing below, I acknowledge and agree that:

     -    A copy of the Plan has been made available to me;

     -    I have received a copy of the Plan's Prospectus;

     -    I understand and accept the conditions placed on my Awards and
          understand what I must do to earn and exercise my Award;

     -    I will consent (in my own behalf and in behalf of my beneficiaries and
          without any further consideration) to any change to my Award or this
          Award Agreement to avoid paying penalties under Section 409A of the
          Internal Revenue Code, even if those changes affect the conditions of
          my Award and reduce its value or potential value; and

     -    If I do not return a signed copy of this Award Agreement to the
          address shown below before ____________, my Award will be revoked
          automatically as of the date it was granted and I will not be entitled
          to receive any amount on account of the retroactively revoked Award.

_____________

_________________________________________
(signature)

Date signed: ____________________________

A signed copy of this form must be sent to the following address no later than
____________:

              Vice President, Human Resources
              DSW
              4150 East Fifth Avenue
              Columbus, Ohio 43219

                                      *****

                      COMMITTEE'S ACKNOWLEDGMENT OF RECEIPT

A signed copy of this Award Agreement was received on ______________.

By:  _________________________

______________


                                       7
<PAGE>
     _____ Has complied with the conditions imposed on the grant and the Award
     and the Award Agreement remains in effect; or

     _____ Has not complied with the conditions imposed on the grant and the
     Award and the Award Agreement is retroactively revoked as of the Grant Date
     because

     ________________________________________________________________.
     describe deficiency

DSW Inc. 2005 Equity Incentive Plan Administrator

By:   ______________________________

Date: ______________________________

NOTE: Send a copy of this completed form to ____________ and keep a copy as part
of the Plan's permanent records.


                                       8
<PAGE>
                                    DSW INC.

                           2005 EQUITY INCENTIVE PLAN

                    NONQUALIFIED STOCK OPTION EXERCISE NOTICE
   AFFECTING NONQUALIFIED STOCK OPTIONS ISSUED TO ____________ ON ____________

Additional copies of this Nonqualified Stock Option Exercise Notice are
available from DSW's Vice President, Human Resources at (614) 238-5781 or at the
address given below.

Also, DSW's Vice President, Human Resources can answer any questions you have
about completing this notice and exercising your NQSOs.

By completing this form and returning it to DSW's Vice President, Human
Resources at the address given below, I elect to exercise the NQSOs described
below:

NOTE: You must complete a separate Nonqualified Stock Option Exercise Notice
each time you exercise NQSOs granted under each Award Agreement (e.g., if you
are exercising 200 NQSOs granted January 1, 2006 and 100 NQSOs granted January
1, 2007 under a separate award agreement, you must complete two Nonqualified
Stock Option Exercise Notices, one for each set of NQSOs being exercised).

AFFECTED OPTIONS: This exercise relates to the following NQSOs (fill in the
blanks):

         GRANT DATE:  ____________

         NUMBER OF NQSOS BEING EXERCISED WITH THIS NOTICE: _____________________

NOTE: You may not exercise fewer than 100 NQSOs at any one time unless you have
fewer than 100 NQSOs outstanding from this grant, in which case you may exercise
all of the outstanding NQSOs from this grant.

EXERCISE PRICE:  The Exercise Price due is $__________________________________

NOTE: This amount must be the product of $____________ multiplied by the number
of NQSOs being exercised.

PAYMENT OF EXERCISE PRICE: I have decided to pay the Exercise Price by (check
one):

         ____     Personal check payable to "DSW Inc."

         ____     Through a cashless exercise.

         _____    Through the attestation process.

Note:

     -    If you select the cash method of exercise, you must include payment
          with this notice.


                                       9
<PAGE>
     -    If you select either the cashless or attestation form of paying the
          Exercise Price, you should contact DSW's Vice President, Human
          Resources at (614) 238-5781 or at the address given below to be sure
          you understand how your choice of payment will affect the number of
          common shares of the Company you will receive.

                   YOUR ACKNOWLEDGEMENT OF EFFECT OF EXERCISE

By signing below, I acknowledge and agree that:

     -    I fully understand the effect (including the investment effect) of
          exercising my NQSOs and buying common shares of the Company and
          understand that there is no guarantee that the value of these shares
          will appreciate or will not depreciate;

     -    This election will have no effect if it is not returned to DSW's Vice
          President, Human Resources at the address given below before they
          expire (as described in the Award Agreement under which these NQSOs
          were issued); and

     -    The common shares of the Company I am buying by filing this form will
          be issued to me as soon as administratively practicable.

_______________

_____________________________________________
(signature)

Date signed: ________________________________

A signed copy of this Nonqualified Stock Option Exercise Notice must be sent to
the following address no later than ____________.

              Vice President, Human Resources
              DSW
              4150 East Fifth Avenue
              Columbus, Ohio 43219

                                      *****

                           ACKNOWLEDGEMENT OF RECEIPT

A signed copy of this Nonqualified Stock Option Exercise Notice was received on:
_______________________.

____________:

  ___  Has effectively exercised the NQSOs described in this notice; or

  ___  Has not effectively exercised the NQSOs described in this notice because


                                       10
<PAGE>
     _______________________________________________________
     describe deficiency

DSW Inc. 2005 Equity Incentive Plan Administrator

By:   __________________________________

Date: __________________________________

Note: Keep a copy of this form as part of the Plan's permanent records.


                                       11
<PAGE>
                                    DSW INC.
                           2005 EQUITY INCENTIVE PLAN
                          BENEFICIARY DESIGNATION FORM

      RELATING TO STOCK OPTION AWARD ISSUED TO ____________ ON ____________

                      INSTRUCTIONS FOR COMPLETING THIS FORM

You may use this form [1] to name the person you want to receive any amount due
after your death under the terms of the Award described above or [2] to change
the person who will receive these benefits.

There are several things you should know before you complete this form.

FIRST, if you do not elect another Beneficiary, any amount due to you under the
Plan when you die will be paid to your surviving spouse or, if you have no
surviving spouse, to your estate.

SECOND, your election will not be effective (and will not be implemented) unless
you sign this form.

THIRD, your election will be effective only if and when this form is completed
properly and returned to DSW's Vice President, Human Resources.

FOURTH, all elections will remain in effect until they are changed (or until all
death benefits are paid).

FIFTH, if you designate your spouse as your Beneficiary but are subsequently
divorced from that person (or your marriage is annulled), your Beneficiary
designation will be revoked automatically.

SIXTH, if you have any questions about this form or if you need additional
copies of this form, please contact DSW's Vice President, Human Resources at
(614) 238-5781 or at the address given below.

                         1.00 DESIGNATION OF BENEFICIARY

1.01 PRIMARY BENEFICIARY:

     I designate the following persons as my Primary Beneficiary or
     Beneficiaries to exercise any rights due after my death under the terms of
     the Award Agreement described at the top of this form. These rights will be
     allocated, in the proportion specified, to:

         ______% to _______________________________________________________
                                    (Name)                    (Relationship)

         Address: __________________________________________________________


                                       12
<PAGE>
         ______% to _______________________________________________________
                                    (Name)                    (Relationship)

         Address: __________________________________________________________

         ______% to _______________________________________________________
                                    (Name)                    (Relationship)

         Address: __________________________________________________________

         ______% to _______________________________________________________
                                    (Name)                    (Relationship)

         Address: __________________________________________________________

1.02 CONTINGENT BENEFICIARY

IF ONE OR MORE OF MY PRIMARY BENEFICIARIES DIES BEFORE I DIE, I DIRECT THAT any
rights available after my death under the terms of the Award Agreement described
at the top of this form:

         _____ Be allocated to my other named Primary Beneficiaries in
         proportion to the allocation given above (ignoring the interest
         allocated to the deceased Primary Beneficiary); or

         _____ Be allocated among the following Contingent Beneficiaries.

         ______% to _______________________________________________________
                                    (Name)                    (Relationship)

         Address: __________________________________________________________

         ______% to _______________________________________________________
                                    (Name)                    (Relationship)

         Address: __________________________________________________________

         ______% to _______________________________________________________
                                    (Name)                    (Relationship)

         Address: __________________________________________________________

         ______% to _______________________________________________________
                                    (Name)                    (Relationship)

         Address: __________________________________________________________

ELECTIONS MADE ON THIS FORM WILL BE EFFECTIVE ONLY AFTER THIS FORM IS RECEIVED
BY DSW'S VICE PRESIDENT, HUMAN RESOURCES AND ONLY IF IT IS FULLY AND PROPERLY
COMPLETED AND SIGNED.


                                       13
<PAGE>
Name: ____________

Soc. Sec. No.: ____________________________________________________________

Date of Birth: ____________________________________________________________

Address: __________________________________________________________________

___________________________________________________________________________

Sign and return this form to DSW's Vice President, Human Resources at the
address given below.

_______________________                     ___________________________________
Date                                        Signature

Return this signed form to DSW's Vice President, Human Resources at the
following address:

              Vice President, Human Resources
              DSW
              4150 East Fifth Avenue
              Columbus, Ohio 43219

Received on: __________________

By: ______________________________________


                                       14
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.25
<SEQUENCE>20
<FILENAME>x06593a4exv10w25.txt
<DESCRIPTION>EX-10.25: FORM OF MASTER SEPARATION AGREEMENT
<TEXT>
<PAGE>
                                                                   EXHIBIT 10.25

                           MASTER SEPARATION AGREEMENT

                                     BETWEEN

                              RETAIL VENTURES, INC.

                                       AND

                                    DSW INC.

<PAGE>

                                TABLE OF CONTENTS
<TABLE>
<S>                                                                                                             <C>
ARTICLE I DOCUMENTS AND ITEMS TO BE DELIVERED ON THE IPO DATE ..........................................         4

   Section 1.1    DOCUMENTS TO BE DELIVERED BY RETAIL VENTURES .........................................         4

   Section 1.2    DOCUMENTS TO BE DELIVERED BY DSW .....................................................         5

ARTICLE II THE IPO AND ACTIONS PENDING THE IPO; DISTRIBUTION ...........................................         5

   Section 2.1    TRANSACTIONS PRIOR TO THE IPO ........................................................         5

   Section 2.2    COOPERATION ..........................................................................         6

   Section 2.3    DEBT REORGANIZATION EVENTS ...........................................................         6

   Section 2.4    CONDITIONS PRECEDENT TO CONSUMMATION OF THE IPO ......................................         7

   Section 2.5    DISTRIBUTION .........................................................................         8

ARTICLE III COVENANTS AND OTHER MATTERS ................................................................         9

   Section 3.1    OTHER AGREEMENTS .....................................................................         9

   Section 3.2    FURTHER INSTRUMENTS ..................................................................         9

   Section 3.3    AGREEMENT FOR EXCHANGE OF INFORMATION ................................................         9

   Section 3.4    AUDITORS AND AUDITS; FINANCIAL STATEMENTS; ACCOUNTING MATTERS ........................        11

   Section 3.5    CONFIDENTIALITY ......................................................................        14

   Section 3.6    PRIVILEGED MATTERS ...................................................................        16

   Section 3.7    MAIL AND OTHER COMMUNICATIONS ........................................................        18

   Section 3.8    EMPLOYMENT MATTERS ...................................................................        18

   Section 3.9    PAYMENT OF EXPENSES ..................................................................        18

   Section 3.10   DISPUTE RESOLUTION ...................................................................        19

   Section 3.11   GOVERNMENTAL APPROVALS ...............................................................        20

   Section 3.12   NO REPRESENTATION OR WARRANTY ........................................................        20

   Section 3.13   COMPLIANCE WITH LEGAL POLICIES .......................................................        21

   Section 3.14   DEBT REORGANIZATION RELATED DOCUMENTS ................................................        22

   Section 3.15   NORTHLAND ............................................................................        22

   Section 3.16   GUARANTEES ...........................................................................        23

   Section 3.17   RUN-OFF OF ACCOUNTS ..................................................................        23

ARTICLE IV REGISTRATION RIGHTS .........................................................................        23

   Section 4.1    DEMAND REGISTRATION ..................................................................        23
</TABLE>

                                        i
<PAGE>

<TABLE>
<S>                                                                                                             <C>
   Section 4.2    PIGGYBACK REGISTRATION ...............................................................        25

   Section 4.3    EXPENSES .............................................................................        27

   Section 4.4    BLACKOUT PERIOD ......................................................................        28

   Section 4.5    SELECTION OF UNDERWRITERS ............................................................        28

   Section 4.6    OBLIGATIONS OF DSW ...................................................................        28

   Section 4.7    OBLIGATIONS OF SELLING HOLDERS .......................................................        30

   Section 4.8    UNDERWRITING; DUE DILIGENCE ..........................................................        30

   Section 4.9    INDEMNIFICATION AND CONTRIBUTION .....................................................        31

   Section 4.10   RULE 144 AND FORM S-3 ................................................................        35

   Section 4.11   HOLDBACK AGREEMENT ...................................................................        35

   Section 4.12   TERM .................................................................................        36

ARTICLE V MUTUAL RELEASES; INDEMNIFICATION .............................................................        36

   Section 5.1    RELEASE OF PRE-IPO DATE CLAIMS .......................................................        36

   Section 5.2    INDEMNIFICATION BY DSW ...............................................................        37

   Section 5.3    INDEMNIFICATION BY RETAIL VENTURES ...................................................        38

   Section 5.4    ANCILLARY AGREEMENT LIABILITIES ......................................................        38

   Section 5.5    OTHER AGREEMENTS EVIDENCING INDEMNIFICATION OBLIGATIONS ..............................        38

   Section 5.6    REDUCTIONS FOR INSURANCE PROCEEDS AND OTHER RECOVERIES ...............................        38

   Section 5.7    PROCEDURES FOR DEFENSE, SETTLEMENT AND INDEMNIFICATION OF THIRD PARTY CLAIMS .........        40

   Section 5.8    ADDITIONAL MATTERS ...................................................................        41

   Section 5.9    SURVIVAL OF INDEMNITIES ..............................................................        42

ARTICLE VI INSURANCE MATTERS ...........................................................................        42

   Section 6.1    DSW INSURANCE COVERAGE DURING THE INSURANCE TRANSITION PERIOD ........................        42

   Section 6.2    DSW INSURANCE COVERAGE AFTER THE INSURANCE TRANSITION PERIOD .........................        42

ARTICLE VII MISCELLANEOUS ..............................................................................        42

   Section 7.1    LIMITATION OF LIABILITY ..............................................................        42

   Section 7.2    ENTIRE AGREEMENT .....................................................................        43

   Section 7.3    GOVERNING LAW AND JURISDICTION .......................................................        43
</TABLE>

                                       ii
<PAGE>

<TABLE>
<S>                                                                                                             <C>
   Section 7.4    TERMINATION; AMENDMENT ...............................................................        43

   Section 7.5    NOTICES ..............................................................................        43

   Section 7.6    COUNTERPARTS .........................................................................        44

   Section 7.7    BINDING EFFECT; ASSIGNMENT ...........................................................        44

   Section 7.8    SEVERABILITY .........................................................................        45

   Section 7.9    FAILURE OR INDULGENCE NOT WAIVER; REMEDIES CUMULATIVE ................................        45

   Section 7.10   AUTHORITY ............................................................................        45

   Section 7.11   INTERPRETATION .......................................................................        45

   Section 7.12   CONFLICTING AGREEMENTS ...............................................................        45

   Section 7.13   THIRD PARTY BENEFICIARIES ............................................................        46

ARTICLE VIII DEFINITIONS ...............................................................................        46

   Section 8.1    DEFINED TERMS ........................................................................        46
</TABLE>

                             EXHIBITS AND SCHEDULES

<TABLE>
<CAPTION>
Exhibit A         IP License
<S>               <C>
Schedule 1.1(c)   Certain Officers and/or Directors of Retail Ventures
Schedule 1.2(b)   Certain Officers and/or Directors of DSW
Schedule 2.3(g)   Cross-Factor Guaranty Agreements
</TABLE>

                                      iii
<PAGE>

                           MASTER SEPARATION AGREEMENT

      This Master Separation Agreement is dated as of the [__] day of June,
2005, between Retail Ventures, Inc., an Ohio corporation ("Retail Ventures"),
and DSW Inc., an Ohio corporation ("DSW," with Retail Ventures, each a "Party,"
and together, the "Parties"). Capitalized terms used herein and not otherwise
defined shall have the meanings ascribed to such terms in Article VIII hereof.

                                    RECITALS

      WHEREAS, Retail Ventures is the beneficial owner of all the issued and
outstanding common shares of DSW;

      WHEREAS, Retail Ventures, through its wholly-owned subsidiary, DSW, is
engaged in the business of retailing specialty branded footwear (the "DSW
Business"), as more completely described in a Registration Statement on Form S-1
(File No. 333-123289) filed with the Securities and Exchange Commission
("Commission") under the Securities Act, as amended (the "IPO Registration
Statement");

      WHEREAS, Retail Ventures and DSW currently contemplate that DSW will make
an initial public offering ("IPO") pursuant to the IPO Registration Statement of
an amount of its Class A common shares that will reduce Retail Ventures'
ownership of the combined voting power of the Class A common shares and Class B
common shares, voting together as a single class, to not less than 80.1%; and

      WHEREAS, the Parties intend in this Agreement, including the Exhibits and
Schedules hereto, to set forth the principal arrangements between them regarding
the separation of the DSW Business from Retail Ventures.

      NOW, THEREFORE, in consideration of the foregoing and the terms,
conditions, covenants and provisions of this Agreement, Retail Ventures and DSW
mutually covenant and agree as follows:

                                    ARTICLE I
                            DOCUMENTS AND ITEMS TO BE
                            DELIVERED ON THE IPO DATE

            Section 1.1 DOCUMENTS TO BE DELIVERED BY RETAIL VENTURES. On or
prior to the closing of the IPO (the "IPO Date"), Retail Ventures will deliver,
or will cause its appropriate Subsidiaries to deliver, to DSW all of the
following items and agreements:

                  (a) A duly executed Tax Separation Agreement substantially in
the form attached to the IPO Registration Statement as Exhibit 10.28 (the "Tax
Separation Agreement");

<PAGE>

                  (b) A duly executed Shared Services Agreement, substantially
in the form attached to the IPO Registration Statement as Exhibit 10.27 (the
"Shared Services Agreement");

                  (c) The resignations of certain officers and/or directors of
Retail Ventures and/or any member of the Retail Ventures Group who will become
officers and/or directors of DSW and who are identified on Schedule 1.1(c);

                  (d) A duly executed agreement governing the continuing use of
United States Patent No. D495,172 and any patent that issues from Patent
Application No. 29/205,562 substantially in the form attached hereto as Exhibit
A (the "IP License");

                  (e) A duly executed Exchange Agreement substantially in the
form attached to the IPO Registration Statement as Exhibit 4.4 (the "Share
Exchange Agreement"); and

                  (f) Such other agreements, documents or instruments as the
Parties may agree are necessary or desirable in order to achieve the purposes
hereof.

            Section 1.2 DOCUMENTS TO BE DELIVERED BY DSW. On or prior to the IPO
Date, DSW will deliver, or will cause its appropriate Subsidiaries to deliver,
to Retail Ventures all of the following items and agreements:

                  (a) In each case where DSW is a party to any agreement or
instrument referred to in Section 1.1, a duly executed counterpart of such
agreement or instrument;

                  (b) The resignations of certain officers and/or directors of
DSW and/or its Subsidiary who will become officers and/or directors of Retail
Ventures and/or any member of the Retail Ventures Group and who are identified
on Schedule 1.2 (b); and

                  (c) Such other agreements, documents or instruments as the
Parties may agree are necessary or desirable in order to achieve the purposes
hereof.

                                   ARTICLE II
                THE IPO AND ACTIONS PENDING THE IPO; DISTRIBUTION

            Section 2.1 TRANSACTIONS PRIOR TO THE IPO. Subject to the occurrence
of the events described in this Article II, Retail Ventures and DSW intend to
consummate the IPO and to take, or cause to be taken, the actions specified in
this Section 2.1.

                  (a) REGISTRATION STATEMENT. DSW has filed the IPO Registration
Statement, and intends to file such amendments or supplements thereto as may be
necessary in order to cause the same to become and remain effective as required
by law or by the managing underwriters for the IPO (the "Underwriters"),
including, without limitation, filing such amendments or supplements to the IPO
Registration

                                       5
<PAGE>

Statement as may be required by the underwriting agreement to be entered into
among DSW and the Underwriters (the "Underwriting Agreement"), the Commission or
federal, state or foreign securities laws. Retail Ventures and DSW also intend
to cooperate in preparing, filing with the Commission and causing to become
effective a registration statement registering the Class A common shares of DSW
under the Securities and Exchange Act of 1934, as amended (the "Exchange Act"),
and any registration statements or amendments thereof which are required to
reflect the establishment of, or amendments to, any employee benefit and other
plans necessary or appropriate in connection with the IPO or the other
transactions contemplated by this Agreement.

                  (b) UNDERWRITING AGREEMENT. DSW shall enter into the
Underwriting Agreement, in form and substance reasonably satisfactory to DSW and
comply with its obligations thereunder.

                  (c) NYSE LISTING. DSW intends to prepare, file and make
effective, an application for listing of its Class A common shares issued in the
IPO on the New York Stock Exchange ("NYSE"), subject to official notice of
issuance.

            Section 2.2 COOPERATION. DSW shall consult with, and cooperate in
all respects with, Retail Ventures in connection with the pricing of the Class A
common shares of DSW to be offered in the IPO and shall, at Retail Ventures'
direction, promptly take any and all actions necessary or desirable to
consummate the IPO as contemplated by the IPO Registration Statement and the
Underwriting Agreement.

            Section 2.3 DEBT REORGANIZATION EVENTS. Prior to, or concurrently
with, the IPO Date, Retail Ventures and DSW shall cause the following events to
occur (collectively, the "Debt Reorganization Events"), as more fully described
in the IPO Registration Statement:

                  (a) Retail Ventures will amend and restate the Loan and
Security Agreement, as amended, entered into with National City Commercial
Finance, Inc. (n/k/a National City Business Credit, Inc.), as administrative
agent, and the other parties named therein, dated June 11, 2002, and DSW and its
wholly-owned subsidiary, DSW Shoe Warehouse, Inc., a Missouri corporation
("DSWSW"), will be released from their obligations thereunder;

                  (b) Retail Ventures will amend the Financing Agreement, as
amended, among Cerberus Partners L.P., or Cerberus, as agent and lender,
Schottenstein Stores Corporation, an Ohio corporation ("SSC"), as lender, and
the other parties named therein, dated June 11, 2002;

                  (c) Retail Ventures will enter into a Second Amended and
Restated Senior Loan Agreement amending and restating the Amended and Restated
Senior Subordinated Convertible Loan Agreement, as amended, entered into with
Cerberus, as agent and lender, SSC, as lender, and the other parties named
therein, dated June 11, 2002; and DSW will be released from its obligations
thereunder;

                                       6
<PAGE>

                  (d) Pursuant to the Second Amended and Restated Senior Loan
Agreement, Retail Ventures will amend and restate the outstanding warrants dated
as of September 26, 2002 ("Term Loan Warrants") and will issue "Conversion
Warrants" (as defined in the Second Amended and Restated Senior Loan Agreement)
(the Term Loan Warrants and the Conversion Warrants being referred to
collectively as the "Warrants");

                  (e) Retail Ventures will enter into a Second Amended and
Restated Registration Rights Agreement amending the Registration Rights
Agreement dated June 11, 2002;

                  (f) DSW will enter into a Registration Rights Agreement with
Cerberus and SSC;

                  (g) Retail Ventures and DSW will terminate the cross-factor
guaranty agreements listed on Schedule 2.3(g); and

                  (h) DSW will enter into a new five-year $150 million secured
revolving credit facility with National City Business Credit, Inc., as
administrative agent (the "DSW Credit Facility").

            Section 2.4 CONDITIONS PRECEDENT TO CONSUMMATION OF THE IPO. The
obligations of the Parties to consummate the IPO shall be conditioned on the
satisfaction of the following conditions (collectively, the "IPO Conditions"):

                  (a) DEBT REORGANIZATION EVENTS. Retail Ventures and DSW shall
have consummated the Debt Reorganization Events;

                  (b) REGISTRATION STATEMENT. The IPO Registration Statement
shall have been filed and declared effective by the Commission, and there shall
be no stop-order in effect with respect thereto;

                  (c) BLUE SKY. The actions and filings with regard to
applicable securities and blue sky laws of any state (and any comparable laws
under any foreign jurisdictions) shall have been taken and, where applicable,
have become effective or been accepted;

                  (d) NYSE LISTING. The Class A common shares of DSW to be
issued in the IPO shall have been accepted for listing on the NYSE, on official
notice of issuance;

                  (e) UNDERWRITING AGREEMENT. DSW shall have entered into the
Underwriting Agreement and all conditions to the obligations of DSW and the
Underwriters shall have been satisfied or waived by the party that is entitled
to the benefit thereof;

                  (f) STOCK OWNERSHIP. Retail Ventures shall be satisfied, in
its sole discretion, that it will own at least 80.1% of the combined voting
power of the outstanding Class A common shares and Class B common shares, voting
together as a

                                       7
<PAGE>

single class, and that DSW will have no class of DSW Capital Stock other than
the Common Shares outstanding, immediately following the IPO;

                  (g) NO LEGAL RESTRAINTS. No order, injunction or decree issued
by any court or agency of competent jurisdiction or other legal restraint or
prohibition preventing the consummation of the IPO or any of the other
transactions contemplated by this Agreement shall be in effect;

                  (h) DELIVERIES. Each Party shall have made the deliveries
required pursuant to Section 1.1 and Section 1.2, respectively; and

                  (i) OTHER ACTIONS. Such other actions as the Parties hereto
may, based upon the advice of counsel, reasonably request to be taken prior to
the IPO in order to assure the successful completion of the IPO, shall have been
taken.

Retail Ventures and DSW shall each use their reasonable best efforts to satisfy,
or cause to be satisfied, the IPO Conditions.

            Section 2.5 DISTRIBUTION.

                  (a) DISTRIBUTION GENERALLY. At any time after the IPO Date, if
Retail Ventures, in its sole and absolute discretion, advises DSW that Retail
Ventures intends to pursue a Distribution, DSW agrees to take all action
reasonably requested by Retail Ventures to facilitate the Distribution.

                  (b) RETAIL VENTURES' SOLE DISCRETION. Retail Ventures shall,
in its sole and absolute discretion, determine whether to proceed with all or
part of a Distribution, the date of the consummation of the Distribution and all
terms of the Distribution, including, without limitation, the form, structure
and terms of any transaction(s) and/or offering(s) to effect the Distribution
and the timing of and conditions to the consummation of the Distribution. In
addition, Retail Ventures may at any time and from time to time until the
completion of the Distribution, modify or change the terms of the Distribution,
including, without limitation, by accelerating or delaying the timing of the
consummation of all or part of the Distribution. DSW shall cooperate with Retail
Ventures in all respects to accomplish the Distribution and shall, at Retail
Ventures' direction, promptly take any and all actions that Retail Ventures
deems reasonably necessary or desirable to effect the Distribution. Without
limiting the generality of the foregoing, DSW shall, at Retail Ventures'
direction, cooperate with Retail Ventures, and execute and deliver, or use its
best efforts to cause to have executed and delivered, all instruments, including
instruments of conveyance, assignment and transfer, and to make all filings
with, and to obtain all consents, approvals or authorizations of, any domestic
or foreign governmental or regulatory authority requested by Retail Ventures in
order to consummate and make effective the Distribution. If, in connection with
any Distribution, Retail Ventures makes a Request (as defined herein) for a
Demand Registration (as defined herein), the terms and the conditions set forth
in Article IV hereof shall govern.

                                       8
<PAGE>

                                  ARTICLE III
                           COVENANTS AND OTHER MATTERS

            Section 3.1 OTHER AGREEMENTS. Retail Ventures and DSW agree to
execute or cause to be executed by the appropriate parties and deliver, as
appropriate, such other agreements, instruments and other documents as may be
necessary or desirable in order to effect the purposes of this Agreement and the
Inter-Company Agreements.

            Section 3.2 FURTHER INSTRUMENTS. At the request of DSW, and without
further consideration, Retail Ventures will execute and deliver, and will cause
its applicable Subsidiaries to execute and deliver, to DSW such other
instruments of transfer, conveyance, assignment, substitution and confirmation
and take such action as DSW may reasonably deem necessary or desirable in order
to transfer, convey and assign to DSW and confirm DSW's title to any assets,
rights and other things of value used in the operation of the DSW Business prior
to the IPO Date or to be transferred to DSW pursuant to this Agreement, the
Inter-Company Agreements or any document referred to therein, to put DSW in
actual possession and operating control thereof and to permit DSW to exercise
all rights with respect thereto (including, without limitation, rights under
contracts and other arrangements as to which the consent of any third party to
the transfer thereof shall not have previously been obtained); provided,
however, that any such assets, rights or other things of value not reflected on
the DSW Balance Sheet shall only be transferred against payment by DSW to Retail
Ventures or its applicable Subsidiary of an amount equal to the book value
thereof. At the request of Retail Ventures and without further consideration,
DSW will execute and deliver to Retail Ventures and its Subsidiaries all
instruments, assumptions, novations, undertakings, substitutions or other
documents and take such other action as Retail Ventures may reasonably deem
necessary or desirable in order to have DSW fully and unconditionally assume and
discharge the DSW Liabilities. Except as hereinabove provided, neither Retail
Ventures nor DSW shall be obligated, in connection with the foregoing, to expend
money other than reasonable out-of-pocket expenses, attorneys' fees and
recording or similar fees, unless reimbursed by the other Party. Furthermore,
each Party, at the request of the other Party hereto, shall execute and deliver
such other instruments and do and perform such other acts and things as may be
necessary or desirable for effecting completely the consummation of the
transactions contemplated hereby.

            Section 3.3 AGREEMENT FOR EXCHANGE OF INFORMATION.

                  (a) GENERALLY. Each of Retail Ventures and DSW agrees to
provide, or cause to be provided, to the other, at any time, as soon as
reasonably practicable after written request therefor, all reports and other
Information regularly provided by one Party to the other Party to Retail
Ventures prior to the IPO Date and any Information in the possession or under
the control of such Party that the requesting Party reasonably needs (i) to
comply with reporting, disclosure, filing or other requirements imposed on the
requesting Party (including under applicable securities laws) by a Governmental
Authority having jurisdiction over the requesting Party, (ii) for use in any
other judicial, regulatory, administrative or other proceeding or in order to
satisfy audit,

                                       9
<PAGE>

accounting, claims, regulatory, litigation or other similar requirements, (iii)
to comply with its obligations under this Agreement, any Inter-Company Agreement
or the Warrants or (iv) during the period from the IPO Date until the
Distribution Date (the "Pre-Distribution Period") and thereafter to the extent
such Information and cooperation is necessary to comply with such reporting,
filing and disclosure obligations, for the preparation of financial statements
or completing an audit, and as reasonably necessary to conduct the ongoing
businesses of Retail Ventures or DSW, as the case may be; PROVIDED, HOWEVER,
that in the event that any Party determines that any such provision of
Information could be commercially detrimental, violate any law or agreement, or
waive any attorney-client privilege, the Parties shall take all reasonable
measures to permit the compliance with such obligations in a manner that avoids
any such harm or consequence. Each of Retail Ventures and DSW agree to make
their respective personnel available to discuss the Information exchanged
pursuant to this Section 3.3.

                  (b) INTERNAL ACCOUNTING CONTROLS; FINANCIAL INFORMATION.
Except as otherwise provided in the Shared Services Agreement, after the IPO
Date, (i) each Party shall maintain in effect at its own cost and expense
adequate systems and controls for its business to the extent necessary to enable
the other Party to satisfy its reporting, tax return, accounting, audit and
other obligations, and (ii) each Party shall provide, or cause to be provided,
to the other Party and its Subsidiaries in such form as such requesting Party
shall request, at no charge to the requesting Party, all financial and other
data and information as the requesting Party determines necessary or advisable
in order to prepare its financial statements and reports or filings with any
Governmental Authority. After the expiration of Retails Ventures' obligations to
provide internal auditing and related services pursuant to the Shared Services
Agreement, DSW shall be responsible its obligations under this Section 3.3(b).

                  (c) OWNERSHIP OF INFORMATION. Any Information owned by a Party
that is provided to a requesting Party pursuant to this Section 3.3 shall be
deemed to remain the property of the providing Party. Unless specifically set
forth herein, nothing contained in this Agreement shall be construed as granting
or conferring rights of license or otherwise in any such Information.

                  (d) RECORD RETENTION. To facilitate the possible exchange of
Information pursuant to this Section 3.3 and other provisions of this Agreement
after the Distribution Date, each Party agrees to use its best efforts until the
Distribution Date to retain all Information in its respective possession or
control substantially in accordance with its respective record retention
policies and/or practices as in effect on the IPO Date. However, except as set
forth in the Tax Separation Agreement, at any time after the Distribution Date,
each Party may amend its respective record retention policies at such Party's
discretion; PROVIDED, HOWEVER, that if a Party desires to effect the amendment
within three (3) years after the Distribution Date, the amending Party must give
thirty (30) days prior written notice of such change in the policy to the other
Party to this Agreement. No Party will destroy, or permit any of its
Subsidiaries to destroy, any Information that exists on the IPO Date (other than
Information that is permitted to be destroyed under the current respective
record retention policies of each Party) and that

                                       10
<PAGE>

falls under the categories listed in Section 3.3(a), without first notifying the
other Party of the proposed destruction and giving the other Party the
opportunity to take possession or make copies of such Information prior to such
destruction.

                  (e) LIMITATION OF LIABILITY. Each Party will use its best
efforts to ensure that Information provided to the other Party hereunder is
accurate and complete; PROVIDED, HOWEVER, no Party shall have any liability to
any other Party in the event that any Information exchanged or provided pursuant
to this Section 3.3 is found to be inaccurate, in the absence of gross
negligence or willful misconduct by the party providing such Information. No
Party shall have any liability to any other Party if any Information is
destroyed or lost after the relevant Party has complied with the provisions of
Section 3.3(d).

                  (f) OTHER AGREEMENTS PROVIDING FOR EXCHANGE OF INFORMATION.
The rights and obligations granted under this Section 3.3 are subject to any
specific limitations, qualifications or additional provisions on the sharing,
exchange or confidential treatment of Information set forth in this Agreement
and any Inter-Company Agreement.

                  (g) PRODUCTION OF WITNESSES; RECORDS; COOPERATION. After the
IPO Date, except in the case of a legal or other proceeding by one Party against
another Party, each Party hereto shall use its commercially reasonable efforts
to make available to each other Party, upon written request, the former, current
and future directors, officers, employees, other personnel and agents of such
Party as witnesses and any books, records or other documents within its control
or which it otherwise has the ability to make available, to the extent that any
such person (giving consideration to business demands of such directors,
officers, employees, other personnel and agents) or books, records or other
documents may reasonably be required in connection with any legal,
administrative or other proceeding in which the requesting Party may from time
to time be involved, regardless of whether such legal, administrative or other
proceeding is a matter with respect to which indemnification may be sought
hereunder. The requesting Party shall bear all costs and expenses in connection
therewith.

            Section 3.4 AUDITORS AND AUDITS; FINANCIAL STATEMENTS; ACCOUNTING
MATTERS.

      Each Party agrees that:

                  (a) SELECTION OF AUDITORS. Until the first Retail Ventures
fiscal year end occurring after the Distribution Date, DSW shall provide Retail
Ventures as much prior notice as reasonably practical of any change in its
independent certified public accountants as of the Distribution Date ("DSW's
Auditors") for purposes of providing an opinion on its consolidated financial
statements.

                  (b) DATE OF AUDITORS' OPINION AND QUARTERLY REVIEWS. Until the
first Retail Ventures fiscal year end occurring after the Distribution

                                       11
<PAGE>

Date and thereafter to the extent necessary for the purpose of preparing
financial statements or completing a financial statement audit, DSW shall use
its best efforts to enable the DSW Auditors to complete their audit such that
they will date their opinion on DSW's audited annual financial statements on the
same date that Retail Ventures' independent certified public accountants
("Retail Ventures' Auditors") date their opinion on Retail Ventures' audited
annual financial statements, and to enable Retail Ventures to meet its timetable
for the printing, filing and public dissemination of Retail Ventures' annual
financial statements. Until the first Retail Ventures fiscal year end occurring
after the Distribution Date and thereafter to the extent necessary for the
purpose of preparing financial statements or completing a financial statement
audit, DSW shall use its best efforts to enable the DSW Auditors to complete
their annual audit and quarterly review procedures such that they will provide
clearance on DSW's annual and quarterly financial statements on the same date
that Retail Ventures' Auditors provide clearance on Retail Ventures' annual and
quarterly financial statements.

                  (c) ANNUAL AND QUARTERLY FINANCIAL STATEMENTS. Until the
Distribution Date, DSW shall not change its fiscal year and, until the Retail
Ventures fiscal year end first occurring after the Distribution Date and
thereafter to the extent necessary for the purpose of preparing financial
statements or completing a financial statement audit, shall provide to Retail
Ventures on a timely basis all Information that Retail Ventures reasonably
requires to meet its schedule for the preparation, printing, filing, and public
dissemination of Retail Ventures' annual, quarterly and monthly financial
statements. Without limiting the generality of the foregoing, DSW will provide
all required financial Information with respect to DSW to DSW's Auditors in a
sufficient and reasonable time and in sufficient detail to permit DSW's Auditors
to take all steps and perform all reviews necessary to provide sufficient
assistance to Retail Ventures' Auditors with respect to financial Information to
be included or contained in Retail Ventures' annual, quarterly and monthly
financial statements. Similarly, Retail Ventures shall provide to DSW on a
timely basis all financial Information that DSW reasonably requires to meet its
schedule for the preparation, printing, filing, and public dissemination of
DSW's annual, quarterly and monthly financial statements. Without limiting the
generality of the foregoing, Retail Ventures will provide all required financial
Information with respect to Retail Ventures and its Subsidiaries to DSW's
Auditors in a sufficient and reasonable time and in sufficient detail to permit
DSW's Auditors to take all steps and perform all reviews necessary to provide
sufficient assistance to DSW's Auditors with respect to Information to be
included or contained in DSW's annual and quarterly financial statements.

                  (d) CERTIFICATIONS AND ATTESTATIONS. Until the first Retail
Ventures fiscal year end occurring after the Distribution Date and thereafter to
the extent necessary for the timely filing by Retail Ventures of annual and
quarterly reports under the Exchange Act, DSW shall cause its appropriate
officers and employees to provide to Retail Ventures on a timely basis any
certificates reasonably requested by Retail Ventures as support for the
certifications and attestations required by Sections 302, 906 and 404 of the
Sarbanes-Oxley Act of 2002 to be filed with such annual and quarterly reports.
For so long as Retail Ventures is providing accounting and financial services
pursuant to the Shared Services Agreement and thereafter to the extent necessary

                                       12
<PAGE>

for the timely filing by DSW of annual and quarterly reports under the Exchange
Act, Retail Ventures shall cause its appropriate officers and employees to
provide to DSW on a timely basis any certificates reasonably requested by DSW as
support for the certifications and attestations required by Sections 302, 906
and 404 of the Sarbanes-Oxley Act of 2002 to be filed with such annual and
quarterly reports.

                  (e) COMPLIANCE WITH LAWS, POLICIES AND REGULATIONS. Until the
Distribution Date, DSW shall comply with all financial accounting and reporting
rules, policies and directives of Retail Ventures, and fulfill all timing and
reporting requirements, applicable to Retail Ventures' Subsidiaries that are
consolidated with Retail Ventures for financial statement purposes. Without
limiting the foregoing, DSW shall comply with all financial accounting and
reporting rules and policies, and fulfill all timing and reporting requirements,
under applicable federal securities laws and NYSE rules.

                  (f) IDENTITY OF PERSONNEL PERFORMING THE ANNUAL AUDIT AND
QUARTERLY REVIEWS. Until the Distribution Date and thereafter to the extent such
information and cooperation is necessary for the preparation of financial
statements or completing a financial statements audit, DSW shall authorize DSW's
Auditors to make available to Retail Ventures' Auditors both the personnel who
performed or will perform the annual audits and quarterly reviews of DSW and
work papers related to the annual audits and quarterly reviews of DSW, in all
cases within a reasonable time prior to DSW's Auditors' opinion date, so that
Retail Ventures' Auditors are able to perform the procedures they consider
necessary to take responsibility for the work of DSW's Auditors as it relates to
Retail Ventures' Auditors' report on Retail Ventures' financial statements, all
within sufficient time to enable Retail Ventures to meet its timetable for the
printing, filing and public dissemination of Retail Ventures' annual and
quarterly statements. Similarly, Retail Ventures shall authorize Retail
Ventures' Auditors to make available to DSW's Auditors both the personnel who
performed or will perform the annual audits and quarterly reviews of Retail
Ventures and work papers related to the annual audits and quarterly reviews of
Retail Ventures, in all cases within a reasonable time prior to Retail Ventures'
Auditors' opinion date, so that DSW's Auditors are able to perform the
procedures they consider necessary to take responsibility for the work of Retail
Ventures' Auditors as it relates to DSW's Auditors' report on DSW's statements,
all within sufficient time to enable DSW to meet its timetable for the printing,
filing and public dissemination of DSW's annual and quarterly financial
statements.

                  (g) ACCESS TO BOOKS AND RECORDS. Until the Distribution Date
and thereafter to the extent such information and cooperation is necessary for
the preparation of financial statements or completing a financial statements
audit, all governmental audits are complete and the applicable statute of
limitations for tax matters has expired, DSW shall provide Retail Ventures'
internal auditors, counsel and other designated representatives of Retail
Ventures access during normal business hours to (i) the premises of DSW and all
Information (and duplicating rights) within the knowledge, possession or control
of DSW and (ii) the officers and employees of DSW, so that Retail Ventures may
conduct reasonable audits relating to the financial statements provided by DSW
pursuant hereto as well as to the internal accounting controls and

                                       13
<PAGE>

operations of DSW. Similarly, Retail Ventures shall provide DSW's internal
auditors, counsel and other designated representatives of DSW access during
normal business hours to (i) the premises of Retail Ventures and its
Subsidiaries and all Information (and duplicating rights with respect thereto)
within the knowledge, possession or control of Retail Ventures and its
Subsidiaries and (ii) the officers and employees of Retail Ventures and its
Subsidiaries, so that DSW may conduct reasonable audits relating to the
financial statements provided by Retail Ventures pursuant hereto as well as to
the internal accounting controls and operations of Retail Ventures and its
Subsidiaries.

                  (h) NOTICE OF CHANGE IN ACCOUNTING PRINCIPLES. Until the
Distribution Date and thereafter if a change in accounting principles by a Party
hereto would affect the historical financial statements of the other Party,
neither Party shall make or adopt any significant changes in its accounting
estimates or accounting principles from those in effect on the IPO Date without
first consulting with the other Party, and if requested by the other Party, such
Party's independent public accountants with respect thereto. Retail Ventures
shall give DSW as much prior notice as reasonably practical of any proposed
determination of, or any significant changes in, its accounting estimates or
accounting principles from those in effect on the IPO Date. Retail Ventures will
consult with DSW and, if requested by DSW, Retail Ventures will consult with
DSW's independent public accountants with respect thereto.

                  (i) CONFLICT WITH THIRD-PARTY AGREEMENTS. Nothing in Section
3.3 or Section 3.4 shall require DSW to violate any agreement with any third
party regarding the confidentiality of confidential and proprietary information
relating to that third party or its business; PROVIDED, HOWEVER, that in the
event that DSW is required under Section 3.3 or Section 3.4 to disclose any such
Information, DSW shall use its best efforts to seek to obtain such third party's
consent to the disclosure of such information.

            Section 3.5 CONFIDENTIALITY.

                  (a) For a period beginning on the IPO date and continuing
until the second anniversary of the Distribution Date, Retail Ventures and DSW
shall hold and shall cause each of their respective Subsidiaries to hold, and
shall each cause their respective officers, employees, agents, consultants and
advisors to hold, in strict confidence and not to disclose or release without
the prior written consent of the other Party, any and all Confidential
Information (as defined herein) concerning the other Party; PROVIDED, that the
Parties may disclose, or may permit disclosure of, Confidential Information (i)
to their respective Affiliated Companies, auditors, attorneys, financial
advisors, bankers and other appropriate consultants and advisors who have a need
to know such information and are informed of their obligation to hold such
information confidential to the same extent as is applicable to the Parties
hereto and in respect of whose failure to comply with such obligations, DSW or
Retail Ventures, as the case may be, will be responsible or (ii) if the Parties
or any of their respective Affiliated Companies are compelled to disclose any
such Confidential Information by judicial or administrative process or, in the
opinion of independent legal counsel, by other requirements of law.
Notwithstanding the foregoing, in the event that any demand or

                                       14
<PAGE>

request for disclosure of Confidential Information is made pursuant to clause
(ii) above, Retail Ventures or DSW, as the case may be, shall promptly notify
the other of the existence of such request or demand and shall provide the other
a reasonable opportunity to seek an appropriate protective order or other
remedy, which both Parties will cooperate in obtaining. In the event that such
appropriate protective order or other remedy is not obtained, the Party whose
Confidential Information is required to be disclosed shall or shall cause the
other Party to furnish, or cause to be furnished, only that portion of the
Confidential Information that is legally required to be disclosed. As used in
this Section 3.5:

                        (i) "Confidential Information" shall mean Confidential
      Business Information and Confidential Operational Information concerning
      one Party which, prior to or following the IPO Date, has been disclosed by
      Retail Ventures or its Subsidiaries on the one hand, or DSW or its
      Subsidiaries, on the other hand, in written, oral (including by
      recording), electronic, or visual form to, or otherwise has come into the
      possession of, the other, including pursuant to the access provisions of
      Section 3.3 or Section 3.4 hereof or any other provision of this Agreement
      (except to the extent that such Information can be shown to have been (x)
      in the public domain through no fault of such Party (or any Party's
      Subsidiary) or (y) later lawfully acquired from other sources by the Party
      (or any Party's Subsidiary) to which it was furnished; PROVIDED, HOWEVER,
      in the case of (y) that such sources did not provide such Information in
      breach of any confidentiality obligations).

                        (ii) "Confidential Operational Information" shall mean
      all proprietary operational information, data or material including,
      without limitation, (a) specifications, ideas and concepts for products
      and services, (b) quality assurance policies, procedures and
      specifications, (c) customer information, (d) computer software and
      derivatives thereof, (e) training materials and information and (f) all
      other know-how, methodology, procedures, techniques and trade secrets
      related to design and development.

                        (iii) "Confidential Business Information" shall mean all
      proprietary information, data or material other than Confidential
      Operational Information, including, but not limited to (a) proprietary
      earnings reports and forecasts, (b) proprietary macro-economic reports and
      forecasts, (c) proprietary business plans, (d) proprietary general market
      evaluations and surveys and (e) proprietary financing and credit-related
      information.

                  (b) Notwithstanding anything to the contrary set forth herein,
(i) Retail Ventures and its Subsidiaries, on the one hand, and DSW and its
Subsidiary, on the other hand, shall be deemed to have satisfied their
obligations hereunder with respect to Confidential Information if they exercise
the same degree of care (but no less than a reasonable degree of care) as they
take to preserve confidentiality for their own similar

                                       15
<PAGE>

Information and (ii) confidentiality obligations provided for in any agreement
between Retail Ventures or its Subsidiaries, or DSW or any of its Subsidiaries,
on the one hand, and any employee of Retail Ventures or any of its Subsidiaries,
or DSW or any of its Subsidiaries, on the other hand shall remain in full force
and effect. Confidential Information of Retail Ventures and its Subsidiaries, on
the one hand, or DSW, on the other hand, in the possession of and used by the
other as of the IPO Date may continue to be used by such Person in possession of
the Confidential Information in and only in the operation of the business of
Retail Ventures or the DSW Business, as the case may be, and may be used only so
long as the Confidential Information is maintained in confidence and not
disclosed in violation of Section 3.5(a). Such continued right to use may not be
transferred to any third party unless the third party purchases all or
substantially all of the business and assets in one transaction or in a series
of related transactions for which or in which the relevant Confidential
Information is used or employed. In the event that such right to use is
transferred in accordance with the preceding sentence, the transferring Party
shall not disclose the source of the relevant Confidential Information.

            Section 3.6 PRIVILEGED MATTERS.

                  (a) Retail Ventures and DSW agree that their respective rights
and obligations to maintain, preserve, assert or waive any or all privileges
belonging to either corporation or their Subsidiaries with respect to the DSW
Business or the business of Retail Ventures, including but not limited to the
attorney-client and work product privileges (collectively, "Privileges"), shall
be governed by the provisions of this Section 3.6. With respect to Privileged
Information of Retail Ventures (as defined below), Retail Ventures shall have
sole authority in perpetuity to determine whether to assert or waive any or all
Privileges, and DSW shall take no action (nor permit any of its Subsidiaries to
take action) without the prior written consent of Retail Ventures that could
result in any waiver of any Privilege that could be asserted by Retail Ventures
or any of its Subsidiaries under applicable law and this Agreement. With respect
to Privileged Information of DSW (as defined below) arising after the IPO Date,
DSW shall have sole authority in perpetuity to determine whether to assert or
waive any or all Privileges, and Retail Ventures shall take no action (nor
permit any of its Subsidiaries to take action) without the prior written consent
of DSW that could result in any waiver of any Privilege that could be asserted
by DSW or any of its Subsidiaries under applicable law and this Agreement. The
rights and obligations created by this Section 3.6 shall apply to all
Information as to which Retail Ventures or DSW or their respective Subsidiaries
would be entitled to assert or has asserted a Privilege without regard to the
effect, if any, of the Distribution ("Privileged Information"). Privileged
Information of Retail Ventures includes but is not limited to (i) any and all
Information regarding the business of Retail Ventures and its Subsidiaries
(other than the DSW Business; PROVIDED that DSW has assumed and will be liable
on or after the IPO Date for any liability or claim arising with respect to such
Information), whether or not it is in the possession of DSW or any of its
Subsidiaries; (ii) all communications subject to a Privilege between counsel for
Retail Ventures (including in-house counsel) and any person who, at the time of
the communication, was an employee of Retail Ventures, regardless of whether
such employee is or becomes an employee of DSW or any of its Subsidiaries and
(iii) all Information generated, received or arising after the IPO Date that
refers or relates to

                                       16
<PAGE>

Privileged Information of Retail Ventures generated, received or arising prior
to the IPO Date. Privileged Information of DSW includes but is not limited to
(x) any and all Information regarding the DSW Business, whether or not it is in
the possession of Retail Ventures or any of its Subsidiaries; PROVIDED that DSW
has assumed and will be liable on or after the IPO Date for any liability or
claim arising with respect to such Information; (y) all communications subject
to a Privilege occurring after the IPO Date between counsel for the DSW Business
(including in-house counsel and former in-house counsel who are employees of
Retail Ventures) and any person who, at the time of the communication, was an
employee of DSW, regardless of whether such employee was, is or becomes an
employee of Retail Ventures or any of its Subsidiaries and (z) all Information
generated, received or arising after the IPO Date that refers or relates to
Privileged Information of DSW generated, received or arising after the IPO Date.

                  (b) Upon receipt by Retail Ventures or DSW, as the case may
be, of any subpoena, discovery or other request from any third party that
actually or arguably calls for the production or disclosure of Privileged
Information of the other or if Retail Ventures or DSW, as the case may be,
obtains knowledge that any current or former employee of Retail Ventures or DSW,
as the case may be, has received any subpoena, discovery or other request from
any third party that actually or arguably calls for the production or disclosure
of Privileged Information of the other, Retail Ventures or DSW, as the case may
be, shall promptly notify the other of the existence of the request and shall
provide the other a reasonable opportunity to review the Information and to
assert any rights it may have under this Section 3.6 or otherwise to prevent the
production or disclosure of Privileged Information. Retail Ventures or DSW, as
the case may be, will not produce or disclose to any third party any of the
other's Privileged Information under this Section 3.6 unless (a) the other has
provided its express written consent to such production or disclosure or (b) a
court of competent jurisdiction has entered an order not subject to
interlocutory appeal or review finding that the Information is not entitled to
protection from disclosure under any applicable privilege, doctrine or rule.

                  (c) Retail Ventures' transfer of books and records pertaining
to the DSW Business and other Information to DSW, if any, Retail Ventures'
agreement to permit DSW to obtain Information existing prior to the IPO Date,
DSW's transfer of books and records and other Information pertaining to Retail
Ventures, if any, and DSW's agreement to permit Retail Ventures to obtain
Information existing prior to the IPO Date are made in reliance on Retail
Ventures' and DSW's respective agreements, as set forth in Section 3.5 and this
Section 3.6, to maintain the confidentiality of such Information and to take the
steps provided herein for the preservation of all Privileges that may belong to
or be asserted by Retail Ventures or DSW, as the case may be. The access to
Information, witnesses and individuals being granted pursuant to Section 3.3 and
Section 3.4 and the disclosure to DSW and Retail Ventures of Privileged
Information relating to the DSW Business or the business of Retail Ventures
pursuant to this Agreement shall not be asserted by Retail Ventures or DSW to
constitute, or otherwise deemed, a waiver of any Privilege that has been or may
be asserted under this Section 3.6 or otherwise. Nothing in this Agreement shall
operate to reduce, minimize or condition the rights granted to Retail Ventures
and DSW in, or the obligations imposed upon Retail Ventures and DSW by, this
Section 3.6.

                                       17
<PAGE>

            Section 3.7 MAIL AND OTHER COMMUNICATIONS. After the IPO Date, each
of Retail Ventures and DSW may receive mail, facsimiles, packages and other
communications properly belonging to the other. Accordingly, at all times after
the IPO Date, each of Retail Ventures and DSW authorizes the other to receive
and open all mail, telegrams, packages and other communications received by it
and not unambiguously intended for the other Party or any of the other Party's
officers or directors, and to retain the same to the extent that they relate to
the business of the receiving Party or, to the extent that they do not relate to
the business of the receiving Party, the receiving Party shall promptly deliver
such mail, telegrams, packages or other communications, including, without
limitation, notices of any liens or encumbrances on any asset transferred to DSW
in connection with its separation from Retail Ventures, (or, in case the same
relate to both businesses, copies thereof) to the other Party as provided for in
Section 7.5 hereof. The provisions of this Section 3.7 are not intended to, and
shall not, be deemed to constitute an authorization by either Retail Ventures or
DSW to permit the other to accept service of process on its behalf and neither
Party is or shall be deemed to be the agent of the other for service of process
purposes.

            Section 3.8 EMPLOYMENT MATTERS.

                  (a) For a period of two years following the IPO Date, neither
the Retail Ventures Group nor the DSW Group will, directly or indirectly,
solicit active employees of the other without its consent; PROVIDED that each
Party agrees to give such consent if it believes, in good faith, that consent is
necessary to avoid the resignation of an employee from one Party that the other
Party would wish to employ.

                  (b) All outstanding options to purchase shares of Retail
Ventures and all other Retail Ventures equity awards held by DSW Group employees
at the IPO Date will continue to be outstanding until the earlier of (i) the
date the option or award is exercised or expires under the terms of the award
agreement or (ii) the date the DSW Group employee is deemed to have "terminated"
as defined in the plan under which the award was granted or, if later, the end
of any post-termination exercise period specified in the award agreement or by
the plans' administrative committees.

            Section 3.9 PAYMENT OF EXPENSES. Except as otherwise provided in
this Agreement, the Inter-Company Agreements or any other agreement between the
Parties relating to the IPO or the Distribution, (i) all costs and expenses of
the Parties hereto in connection with the IPO (including costs associated with
drafting this Agreement, the Inter-Company Agreements and the documents relating
to the formation of DSW) shall be paid by DSW; (ii) all costs and expenses of
the Parties hereto in connection with the Distribution shall be paid by DSW; and
(iii) all costs and expenses of the Parties hereto in connection with any matter
not relating to the IPO or the Distribution shall be paid by the Party which
incurs such cost or expense. Notwithstanding the foregoing, DSW and Retail
Ventures shall each be responsible for their own internal fees, costs and
expenses (e.g., salaries of personnel) incurred in connection with the IPO and
the Distribution.

                                       18
<PAGE>

            Section 3.10 DISPUTE RESOLUTION.

                  (a) Any dispute, controversy or claim arising out of or
relating to this Agreement or the Inter-Company Agreements, other than the Tax
Separation Agreement, or the breach, termination or validity thereof ("Dispute")
which arises between the Parties shall first be negotiated between appropriate
senior executives of each Party who shall have the authority to resolve the
matter. Such executives shall meet to attempt in good faith to negotiate a
resolution of the Dispute prior to pursuing other available remedies, within ten
(10) days of receipt by a Party of notice of a Dispute, which date of receipt
shall be referred to herein as the "Dispute Resolution Commencement Date."
Discussions and correspondence relating to trying to resolve such Dispute shall
be treated as confidential information developed for the purpose of settlement
and shall be exempt from discovery or production and shall not be admissible in
any subsequent proceeding between the Parties.

                  (b) If the senior executives are unable to resolve the Dispute
within sixty (60) days from the Dispute Resolution Commencement Date, then, the
Dispute will be submitted to the Board of Directors of each Party.
Representatives of each Board shall meet as soon as practicable to attempt in
good faith to negotiate a resolution of the Dispute.

                  (c) If the representatives of the Boards of Directors are
unable to resolve the Dispute within one hundred twenty (120) days from the
Dispute Resolution Commencement Date, on the request of any Party, the Dispute
will be mediated by a mediator appointed pursuant to the mediation rules of the
American Arbitration Association ("AAA"). Both Parties will share the
administrative costs of the mediation and the mediator's fees and expenses
equally, and each Party shall bear all of its other costs and expenses related
to the mediation, including but not limited to attorney's fees, witness fees,
and travel expenses. The mediation shall take place in Franklin County, Ohio or
in whatever alternative forum on which the Parties may agree.

                  (d) Any Dispute which the Parties cannot resolve through
mediation within forty-five days of the appointment of the mediator, shall at
the request of any Party be submitted to final and binding arbitration under the
then current Commercial Arbitration Rules of the AAA in Franklin County, Ohio.
There shall be three (3) neutral arbitrators of whom Retail Ventures shall
appoint one and DSW shall appoint one within 30 days of the receipt by the
respondent of the demand for arbitration. The two arbitrators so appointed shall
select the chair of the arbitral tribunal within 30 days of the appointment of
the second arbitrator. If any arbitrator is not appointed within the time limit
provided herein, such arbitrator shall be appointed by the AAA by using a list
striking and ranking procedure in accordance with its rules. Any arbitrator
appointed by the AAA shall be a retired judge or a practicing attorney with no
less than fifteen (15) years of experience and an experienced arbitrator. The
prevailing Party in such arbitration shall be entitled to be awarded its
expenses, including its share of administrative and arbitrator fees and expenses
and reasonable attorneys' and other professional fees, incurred in connection
with the arbitration (but excluding any costs and fees associated with prior
negotiation or mediation). The decision of the arbitrators shall

                                       19
<PAGE>

be final and binding on the Parties and may be enforced in any court of
competent jurisdiction.

                  (e) By agreeing to arbitration, the Parties do not intend to
deprive any court of its jurisdiction to issue a pre-arbitral injunction,
pre-arbitral attachment, or other order in aid of arbitration proceedings and
the enforcement of any award. Without prejudice to such provisional remedies as
may be available under the jurisdiction of a court, the arbitral tribunal shall
have full authority to grant provisional remedies or modify or vacate any
temporary or preliminary relief issued by a court, to issue an award for
temporary or permanent injunctive relief (including specific performance) and to
award damages for the failure of any Party to respect the arbitral tribunal's
orders to that effect.

                  (f) Unless otherwise agreed in writing, the Parties will
continue to provide service and honor all other commitments under this Agreement
and each Inter-Company Agreement during the course of dispute resolution
pursuant to the provisions of this Section 3.10 with respect to all matters not
subject to such dispute, controversy or claim.

            Section 3.11 GOVERNMENTAL APPROVALS. To the extent that any of the
transactions contemplated by this Agreement requires any Governmental Approvals,
the Parties will use their best efforts to obtain any such Governmental
Approvals.

            Section 3.12 NO REPRESENTATION OR WARRANTY.

                  (a) Retail Ventures does not, in this Agreement or any other
agreement, instrument or document contemplated by this Agreement, make any
representation as to, warranty of or covenant with respect to:

                        (i) the value of any asset or thing of value
      transferred, or to be transferred, to DSW;

                        (ii) the freedom from encumbrance of any asset or thing
      of value transferred, or to be transferred, to DSW; PROVIDED, HOWEVER,
      that Retail Ventures agrees to notify DSW promptly in the event Retail
      Ventures receives any notice or claim of any encumbrance on or against any
      asset or thing of value transferred, or to be transferred, to DSW;

                        (iii) the absence of defenses or freedom from
      counterclaims with respect to any claim transferred, or to be transferred,
      to DSW; PROVIDED, HOWEVER, that neither Retail Ventures nor its
      Subsidiaries have any counterclaims with respect to any claim transferred,
      or to be transferred, to DSW; or

                                       20
<PAGE>

                        (iv) the legal sufficiency of any assignment, document
      or instrument delivered hereunder to convey title to any asset or thing of
      value upon its execution, delivery and filing.

      Except as may expressly be set forth herein or in any Inter-Company
Agreement, all assets transferred, or to be transferred, to DSW have been, or
shall be, as the case may be, transferred "AS IS, WHERE IS" and DSW shall bear
the economic and legal risk that any conveyance shall prove to be insufficient
to vest in DSW good and marketable title, free and clear of any lien, claim,
equity or other encumbrance.

                  (b) DSW does not, in this Agreement or any other agreement,
instrument or document contemplated by this Agreement, make any representation
as to, warranty of or covenant with respect to:

                        (i) the value of any asset or thing of value
      transferred, or to be transferred, to Retail Ventures:

                        (ii) the freedom from encumbrance of any asset or thing
      of value transferred, or to be transferred, to Retail Ventures; PROVIDED,
      HOWEVER, that DSW agrees to notify Retail Ventures promptly in the event
      DSW receives any notice or claim of any encumbrance on or against any
      asset or thing of value transferred, or to be transferred, to Retail
      Ventures;

                        (iii) the absence of defenses or freedom from
      counterclaims with respect to any claim transferred, or to be transferred,
      to Retail Ventures; PROVIDED, HOWEVER, that neither DSW nor its
      Subsidiaries have any counterclaims with respect to any claim transferred,
      or to be transferred, to Retail Ventures; or

                        (iv) the legal sufficiency of any assignment, document
      or instrument delivered hereunder to convey title to any asset or thing of
      value upon its execution, delivery and filing.

      Except as may expressly be set forth herein or in any Inter-Company
Agreement, all assets transferred, or to be transferred, to Retail Ventures have
been, or shall be, as the case may be, transferred "AS IS, WHERE IS" and Retail
Ventures shall bear the economic and legal risk that any conveyance shall prove
to be insufficient to vest in Retail Ventures good and marketable title, free
and clear of any lien, claim, equity or other encumbrance.

            Section 3.13 COMPLIANCE WITH LEGAL POLICIES

                  (a) For so long as Retail Ventures is providing legal services
under the Shared Services Agreement, DSW shall comply with all policies and
directives identified by Retail Ventures as critical to legal and regulatory
compliance; PROVIDED, HOWEVER, that nothing contained herein shall require
compliance with policies or directives that, in the opinion of counsel to DSW,
do nor comply with then applicable

                                       21
<PAGE>

law. Until the Distribution Date, DSW shall not adopt policies or directives
relating to legal or regulatory compliance that are inconsistent with the
policies and directives identified by of Retail Ventures as critical to legal
and regulatory compliance PROVIDED, HOWEVER, that nothing contained herein shall
prevent adoption of policies or directives that, in the opinion of counsel to
DSW, are necessary or desirable to comply with then applicable law.

                  (b) For so long as Retail Ventures is providing services under
the Shared Services Agreement, it will take reasonable steps to assure that the
employees providing such services comply with all policies and directives
identified by DSW as critical to legal and regulatory compliance that are
applicable to such employees.

            Section 3.14 DEBT REORGANIZATION RELATED DOCUMENTS. For so long as
any of the Warrants are outstanding, DSW will not, except with the prior written
consent of Retail Ventures, take any action that would: (a) result in an
adjustment of the DSW Stock Exercise Amount or the DSW Stock Purchase Price (as
defined in the Warrants) or (b) reduce Retail Ventures' ownership below
fifty-five percent (55%) of the value of the issued and outstanding Common
Shares.

            Section 3.15 NORTHLAND. Retail Ventures is a party to a certain
lease agreement dated as of September 30, 2003 (but effective February 1, 2004),
between Northland Associates LLC, as landlord, and Retail Ventures, as tenant
(the "Lease") and to a certain sublease dated April 1, 2005, between Retail
Ventures as sublessor and the State of Ohio acting by and through the Department
of Administrative Services as sublessee (the "Sublease"). Both the Lease and
Sublease relate to property located at 1649 Morse Road, Columbus, Ohio
("Northland"), which, at one time, was intended to serve as new corporate
offices for DSW. Retail Ventures expended significant sums at Northland,
primarily in anticipation of its use by DSW, which sums are capitalized on the
books and records of Retail Ventures and will not be transferred to DSW. Retail
Ventures is and will remain liable for each and every obligation of the tenant
under the Lease and the sublessor under the Sublease and such obligations are
not DSW Liabilities. The foregoing notwithstanding, for so long as the Lease is
in effect:

                  (a) Retail Ventures shall prepare a monthly and annual
accounting of the revenues and expenses associated with Northland, the Lease and
the Sublease (the "Northland Accounting"), on the basis of generally accepted
accounting principles consistent with past Retail Ventures' practices; and the
net profit or loss so determined will be allocated two-thirds (2/3) to DSW and
one third (1/3) to Retail Ventures.

                  (b) Not later than ten (10) days after the end of each month
and ninety (90) days after the end of each fiscal year, Retail Ventures will
deliver a copy of the Northland Accounting to DSW, together with payment of an
amount equal to the profit allocated to DSW or an invoice for reimbursement of
an amount equal to the loss allocated to DSW, as the case may be. The fiscal
year end Northland Accounting will reflect monthly settlements during the
preceding accounting periods.

                                       22
<PAGE>

                  (c) The foregoing notwithstanding, Retail Ventures may, at its
option, set off an amount equal to the profit or loss allocated to DSW against
any amounts owed to Retail Ventures by DSW or to DSW by Retail Ventures, as the
case may be, under any of the Inter-Company Agreements.

                  (d) The provisions of the second sentence of Section 3.4(g)
hereof shall continue to apply to the extent necessary for DSW to conduct
reasonable audits of the Northland Accounting.

            Section 3.16 GUARANTEES. Each Party agrees that it will not renew or
extend any lease, contract or agreement guaranteed by the other party without
the consent of the guaranteeing Party.

            Section 3.17 RUN-OFF OF ACCOUNTS. The Parties recognize that certain
accrued expenses, accounts payable and other Liabilities reflected on the DSW
Balance Sheet that were incurred in the ordinary course of business prior to the
IPO will continue to be billed to Retail Ventures after the IPO Date. Retail
Ventures will pay all such DSW Liabilities in a manner substantially similar to
and consistent with the payment practices used prior to the Offering Date and
will invoice or notify DSW, on a weekly basis in a manner substantially similar
to and consistent with the billing practices used prior to the Offering Date
(except as otherwise agreed), of the amounts so paid. DSW agrees to promptly
reimburse Retail Ventures for all such payments in a manner substantially
similar to and consistent with the payment practices used prior to the Offering
Date.

                                   ARTICLE IV
                               REGISTRATION RIGHTS

            Section 4.1 DEMAND REGISTRATION.

                  (a) The Holders shall have the right after the IPO Date to
request in writing (a "Request") (which request shall specify the Registrable
Securities intended to be disposed of by such Holders and the intended method of
distribution thereof, including in a Rule 415 Offering, if DSW is then eligible
to register such Registrable Securities on Form S-3 (or a successor form) for
such offering) that DSW register such portion of such Holders' Registrable
Securities as shall be specified in the Request (a "Demand Registration") by
filing with the Commission, as soon as practicable thereafter, but not later
than the 30th day (or the 45th day if the applicable registration form is other
than Form S-3) after the receipt of such a Request by DSW, a registration
statement (a "Demand Registration Statement") covering such Registrable
Securities, and DSW shall use its best efforts to have such Demand Registration
Statement declared effective by the Commission as soon as practicable
thereafter, but in no event later than the 75th day (or the 90th day if the
applicable registration form is other than Form S-3) after the receipt of such a
Request, and to keep such Demand Registration Statement Continuously Effective
for a period of at least twenty-four (24) months, in the case of a Rule 415
Offering, or, in

                                       23
<PAGE>

all other cases, for a period of at least 180 days following the date on which
such Demand Registration Statement is declared effective (or for such shorter
period which will terminate when all of the Registrable Securities covered by
such Demand Registration Statement shall have been sold pursuant thereto),
including, if necessary, by filing with the Commission a post-effective
amendment or a supplement to the Demand Registration Statement or the related
prospectus or any document incorporated therein by reference or by filing any
other required document or otherwise supplementing or amending the Demand
Registration Statement, if required by the rules, regulations or instructions
applicable to the registration form used by DSW for such Demand Registration
Statement or by the Securities Act, the Exchange Act, any state securities or
blue sky laws, or any rules and regulations thereunder; PROVIDED that such
period during which the Demand Registration Statement shall remain Continuously
Effective shall, in the case of an Underwritten Offering, be extended for such
period (if any) as the underwriters shall reasonably require, including to
satisfy, in the judgment of counsel to the underwriters, any prospectus delivery
requirements imposed by applicable law.

                  (b) DSW shall not be obligated to effect more than one (1)
Demand Registration in any calendar year. For purposes of the preceding
sentence, a Demand Registration shall not be deemed to have been effected (and,
therefore, not requested for purposes of paragraph (a) above), (i) unless a
Demand Registration Statement with respect thereto has become effective, (ii) if
after such Demand Registration Statement has become effective, the offer, sale
or distribution of Registrable Securities thereunder is prevented by any stop
order, injunction or other order or requirement of the Commission or other
governmental agency or court for any reason not attributable to any Holder and
such effect is not thereafter eliminated or (iii) if the conditions to closing
specified in the purchase agreement or underwriting agreement entered into in
connection with such registration are not satisfied or waived other than by
reason of a failure on the part of any Holder. If DSW shall have complied with
its obligations under ARTICLE IV, a right to a Demand Registration pursuant to
this Section 4.1 shall be deemed to have been satisfied upon the earlier of (x)
the date as of which all of the Registrable Securities included therein shall
have been sold to the underwriters or distributed pursuant to the Demand
Registration Statement and (y) the date as of which such Demand Registration
shall have been Continuously Effective for a period of at least twenty-four (24)
months, in the case of a Rule 415 Offering, or, in all other cases, for a period
of at least 180 days following the effectiveness of such Demand Registration
Statement.

                  (c) Any request made pursuant to this Section 4.1 shall be
addressed to the attention of the secretary of DSW, and shall specify (i) the
number of Registrable Securities to be registered (which shall be not less than
the lesser of (x) 5% of the total number of Registrable Securities outstanding
or (y) the remaining balance of the Registrable Securities then held by the
Holders.

                  (d) DSW may not include in a Demand Registration pursuant to
Section 4.1 hereof shares of DSW Capital Stock for the account of DSW or any
subsidiary of DSW, but, if and to the extent required by a contractual
obligation, may, subject to compliance with Section 4.1(e), include shares of
DSW Capital Stock for the

                                       24
<PAGE>

account of any other Person who holds shares of DSW Capital Stock entitled to be
included therein; PROVIDED, HOWEVER, that if the Underwriters' Representative of
any offering described in this Section 4.1 shall have informed DSW in writing
that in its judgment there is a Maximum Number of shares of DSW Capital Stock
that all Holders and any other Persons desiring to participate in such
Registration may include in such offering, then DSW shall include in such Demand
Registration all Registrable Securities requested to be included in such
registration by the Holders together with up to such additional number of shares
of DSW Capital Stock that any other Persons entitled to participate in such
registration desire to include in such registration up to the Maximum Number
that the Underwriters' Representative has informed DSW may be included in such
registration without materially and adversely affecting the success or pricing
of such offering; PROVIDED that the number of shares of DSW Capital Stock to be
offered for the account of all such other Persons participating in such
registration shall be reduced in a manner determined by DSW in its sole
discretion.

                  (e) No Holder may participate in any Underwritten Offering
under Section 4.1 hereof and no other Person shall be permitted to participate
in any such offering pursuant to Section 4.1 hereof unless it completes and
executes all customary questionnaires, powers of attorney, custody agreements,
underwriting agreements and other customary documents required under the
customary terms of such underwriting arrangements. In connection with any
Underwritten Offering under Section 4.1 hereof, each participating Holder and
DSW and, except in the case of a Rule 415 Offering hereof, each other Person
shall be a party to the underwriting agreement with the underwriters and may be
required to make certain customary representations and warranties and provide
certain customary indemnifications for the benefits of the underwriters;
PROVIDED that the Holders shall not be required to make representations and
warranties with respect to DSW or their business and operations and shall not be
required to agree to any indemnity or contribution provisions less favorable to
them than as are set forth herein.

            Section 4.2 PIGGYBACK REGISTRATION.

                  (a) In the event that DSW at any time after the IPO Date
proposes to register any of its DSW Capital Stock, any other of its equity
securities or securities convertible into or exchangeable for its equity
securities (collectively, including DSW Capital Stock, "Other Securities") under
the Securities Act, either in connection with a primary offering for cash for
the account of DSW, a secondary offering or a combined primary and secondary
offering, DSW will each time it intends to effect such a registration, give
written notice (a "Company Notice") to all Holders of Registrable Securities at
least ten (10) business days prior to the initial filing of a registration
statement with the Commission pertaining thereto, informing such Holders of its
intent to file such registration statement and of the Holders' right to request
the registration of the Registrable Securities held by the Holders. Upon the
written request of the Holders made within seven (7) business days after any
such Company Notice is given (which request shall specify the Registrable
Securities intended to be disposed of by such Holder and, unless (i) the
Registrable Securities intended to be disposed of are Class A Common Shares and
(ii) the applicable registration is intended to effect a primary

                                       25
<PAGE>

offering of Class A common shares for cash for the account of DSW, the intended
distribution thereof), DSW will use its best efforts to effect the registration
under the Securities Act of all Registrable Securities which DSW has been so
requested to register by the Holders to the extent required to permit the
disposition (in accordance with the intended methods of distribution thereof or,
in the case of a registration which is intended to effect a primary offering for
cash for the account of DSW, in accordance with DSW's intended method of
distribution) of the Registrable Securities so requested to be registered,
including, if necessary, by filing with the Commission a post-effective
amendment or a supplement to the registration statement filed by DSW or the
related prospectus or any document incorporated therein by reference or by
filing any other required document or otherwise supplementing or amending the
registration statement filed by DSW, if required by the rules, regulations or
instructions applicable to the registration form used by DSW for such
registration statement or by the Securities Act, any state securities or blue
sky laws, or any rules and regulations thereunder; PROVIDED, HOWEVER, that if,
at any time after giving written notice of its intention to register any Other
Securities and prior to the Effective Date of the registration statement filed
in connection with such registration, DSW shall determine for any reason not to
register or to delay such registration of the Other Securities, DSW shall give
written notice of such determination to each Holder of Registrable Securities
and, thereupon, (i) in the case of a determination not to register, DSW shall be
relieved of its obligation to register any Registrable Securities in connection
with such registration (but not from its obligation to pay the Registration
Expenses incurred in connection therewith or from DSW's obligations with respect
to any subsequent registration) and (ii) in the case of a determination to delay
such registration, DSW shall be permitted to delay registration of any
Registrable Securities requested to be included in such registration statement
for the same period as the delay in registering such Other Securities.

                  (b) If, in connection with a Registration Statement pursuant
to this Section 4.2, the Underwriters' Representative of the offering registered
thereon shall inform DSW in writing that in its opinion there is a Maximum
Number of shares of DSW Capital Stock that may be included therein and if such
Registration Statement relates to an offering initiated by DSW of Common Shares
being offered for the account of DSW, DSW shall include in such registration:
(i) first, the number of shares DSW proposes to offer ("Company Securities"),
(ii) second, up to the full number of Registrable Securities held by Holders of
Registrable Securities that are requested to be included in such registration
(Registrable Securities that are so held being sometimes referred to herein as
"Retail Ventures Securities") to the extent necessary to reduce the respective
total number of shares of DSW Capital Stock requested to be included in such
offering to the Maximum Number recommended by such Underwriters' Representative
(and in the event that such Underwriters' Representative advises that less than
all of such Retail Ventures Securities may be included in such offering, the
Holders of Registrable Securities may withdraw their request for registration of
their Registrable Securities under this Section 4.2 and not less than 90 days
subsequent to the Effective Date of the registration statement for the
registration of such Other Securities request that such registration be effected
as a registration under Section 4.1 to the extent permitted thereunder) and
(iii) third, up to the full number of the Other Securities (other than Company
Securities), if any, in excess of the number of Company Securities and Retail
Ventures Securities to be

                                       26
<PAGE>

sold in such offering to the extent necessary to reduce the respective total
number of shares of DSW Capital Stock requested to be included in such offering
to the Maximum Number recommended by such Underwriters' Representative (and, if
such number is less than the full number of such Other Securities, such number
shall be allocated pro rata among the holders of such Other Securities (other
than Company Securities) on the basis of the number of securities requested to
be included therein by each such holder).

                  (c) If, in connection with a Registration Statement pursuant
to this Section 4.2, the Underwriters' Representative of the offering registered
thereon shall inform DSW in writing that in its opinion there is a Maximum
Number of shares of DSW Capital Stock that may be included therein and if such
Registration Statement relates to an offering initiated by any Person other than
DSW (the "Other Holders"), DSW shall include in such registration the number of
securities (including Registrable Securities) that such underwriters advise can
be so sold without adversely affecting such offering, allocated pro rata among
the Other Holders and the Holders of Registrable Securities on the basis of the
number of securities (including Registrable Securities) requested to be included
therein by each Other Holder and Holder of Registrable Securities.

                  (d) No Holder may participate in any Underwritten Offering
under Section 5.2 hereof and no other Person shall be permitted to participate
in any such offering pursuant to Section 5.2 hereof unless it completes and
executes all customary questionnaires, powers of attorney, custody agreements,
underwriting agreements and other customary documents required under the
customary terms of such underwriting arrangements. In connection with any
Underwritten Offering under Section 5.2 hereof, each participating Holder and
DSW and each other Person shall be a party to the underwriting agreement with
the underwriters and may be required to make certain customary representations
and warranties and provide certain customary indemnifications for the benefits
of the underwriters; PROVIDED that the Holders shall not be required to make
representations and warranties with respect to DSW or their business and
operations and shall not be required to agree to any indemnity or contribution
provisions less favorable to them than as are set forth herein.

                  (e) DSW shall not be required to effect any registration of
Registrable Securities under this Section 4.2 incidental to the registration of
any of its securities in connection with DSW's issuance of registered shares of
DSW Capital Stock in mergers, acquisitions, reorganizations, exchange offers,
subscription offers, dividend reinvestment plans or stock option or other
executive or employee benefit or compensation plans.

                  (f) The registration rights granted pursuant to the provisions
of this Section 4.2 shall be in addition to the registration rights granted
pursuant to Section 4.1. No registration of Registrable Securities effected
under this Section 4.2 shall relieve DSW of its obligation to effect a
registration of Registrable Securities pursuant to Section 4.1.

            Section 4.3 EXPENSES. Except as provided herein, DSW shall pay all
Registration Expenses in connection with all registrations of Registrable
Securities.

                                       27
<PAGE>

Notwithstanding the foregoing, each Holder of Registrable Securities and DSW
shall be responsible for its own internal administrative and similar costs,
which shall not constitute Registration Expenses.

            Section 4.4 BLACKOUT PERIOD. DSW shall be entitled to elect that a
Registration Statement not be usable, or that the filing thereof be delayed
beyond the time otherwise required, for a reasonable period of time (a "Blackout
Period"), if DSW determines in good faith that the registration and distribution
of Registrable Securities (or the use or filing of the IPO Registration
Statement or related prospectus) would interfere with any pending material
financing, merger, acquisition, consolidation, recapitalization, corporate
reorganization or any other material corporate development involving DSW or any
of its Subsidiaries or would require premature disclosure thereof that would be
detrimental to DSW and promptly gives the Holders of Registrable Securities
written notice of such determination, and if requested by Holders and to the
extent such action would not violate applicable law, DSW will promptly deliver
to the Holders a general statement of the reasons for such postponement or
restriction on use and to the extent practicable an approximation of the
anticipated delay.

            Section 4.5 SELECTION OF UNDERWRITERS. If any Rule 415 Offering or
any offering pursuant to a Demand Registration Statement is an Underwritten
Offering, Retail Ventures will select a managing underwriter or underwriters to
administer the offering, which managing underwriter shall be reasonably
satisfactory to DSW. DSW shall have the right to select a managing underwriter
or underwriters to administer any Underwritten Offering contemplated by Section
5.2.

            Section 4.6 OBLIGATIONS OF DSW. If and whenever DSW is required to
effect the registration of any Registrable Securities under the Securities Act
as provided in this ARTICLE IV, DSW shall as promptly as practicable:

                  (a) prepare, file and use its best efforts to cause to become
effective a registration statement under the Securities Act relating to the
Registrable Securities to be offered;

                  (b) prepare and file with the Commission such amendments and
supplements to such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration statement effective and
to comply with the provisions of the Securities Act with respect to the
disposition of all Registrable Securities until the earlier of (i) such time as
all of such Registrable Securities have been disposed of in accordance with the
intended methods of disposition set forth in such registration statement and
(ii) the expiration of one hundred eighty (180) days after such registration
statement becomes effective; PROVIDED, that such one hundred eighty (180) day
period shall be extended for such number of days that equals the number of days
elapsing from (x) the date the written notice contemplated by paragraph (f)
below is given by DSW to (y) the date on which DSW delivers to Holders of
Registrable Securities the supplement or amendment contemplated by paragraph (f)
below;

                                       28
<PAGE>

                  (c) furnish to Holders of Registrable Securities and to any
underwriter of such Registrable Securities such number of conformed copies of
such registration statement and of each such amendment and supplement thereto
(in each case including all exhibits), such number of copies of the prospectus
included in such registration statement (including each preliminary prospectus
and any summary prospectus), in conformity with the requirements of the
Securities Act, such documents incorporated by reference in such registration
statement or prospectus, and such other documents, as Holders of Registrable
Securities or such underwriter may reasonably request, and a copy of any and all
transmittal letters or other correspondence to or received from the Commission
or any other governmental agency or self-regulatory body or other body having
jurisdiction (including any domestic or foreign securities exchange) relating to
such offering;

                  (d) use its best efforts to register or qualify all
Registrable Securities covered by such registration statement under the
securities or blue sky laws of such jurisdictions as the Holders of such
Registrable Securities or any underwriter to such Registrable Securities shall
request, and use its best efforts to obtain all appropriate registrations,
permits and consents in connection therewith, and do any and all other acts and
things which may be necessary or advisable to enable the Holders of Registrable
Securities or any such underwriter to consummate the disposition in such
jurisdictions of its Registrable Securities covered by such registration
statement; PROVIDED, that DSW shall not for any such purpose be required to
qualify generally to do business as a foreign corporation in any such
jurisdiction wherein it is not so qualified or to consent to general service of
process in any such jurisdiction;

                  (e) (i) use its best efforts to furnish to each Holder of
Registrable Securities included in such registration (each, a "Selling Holder")
and to any underwriter of such Registrable Securities an opinion of counsel for
DSW addressed to each Selling Holder and dated the date of the closing under the
underwriting agreement (if any) (or if such offering is not underwritten, dated
the Effective Date of the registration statement) and (ii) use its best efforts
to furnish to each Selling Holder a "cold comfort" letter addressed to each
Selling Holder and signed by the independent public accountants who have audited
the financial statements of DSW included in such registration statement, in each
such case covering substantially the same matters with respect to such
registration statement (and the prospectus included therein) as are customarily
covered in opinions of issuer's counsel and in accountants' letters delivered to
underwriters in underwritten public offerings of securities and such other
matters as the Selling Holders may reasonably request and, in the case of such
accountants' letter, with respect to events subsequent to the date of such
financial statements;

                  (f) as promptly as practicable, notify the Selling Holders in
writing (i) at any time when a prospectus relating to a registration made
pursuant to Section 4.1 or Section 4.2 contains an untrue statement of a
material fact or omits to state any material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading due to the occurrence of any event and (ii)
of any request by the Commission or any other regulatory body or other body
having jurisdiction for any amendment of or supplement to

                                       29
<PAGE>

any registration statement or other document relating to such offering, and in
either such case, at the request of the Selling Holders prepare and furnish to
the Selling Holders a reasonable number of copies of a supplement to or an
amendment of such prospectus as may be necessary so that, as thereafter
delivered to the purchasers of such Registrable Securities, such prospectus
shall not include an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they are made, not
misleading;

                  (g) if reasonably requested by the lead or managing
underwriters, use its best efforts to list all such Registrable Securities
covered by such registration on each securities exchange and automated
inter-dealer quotation system on which a class of common equity securities of
DSW is then listed;

                  (h) to the extent reasonably requested by the lead or managing
underwriters, send appropriate officers of DSW to attend any "road shows"
scheduled in connection with any such registration, with all out-of-pocket costs
and expense incurred by DSW or such officers in connection with such attendance
to be paid by DSW;

                  (i) furnish or cause to be furnished for delivery in
connection with the closing of any offering of Registrable Securities pursuant
to a registration effected pursuant to Section 4.1 or Section 4.2 unlegended
certificates representing ownership of the Registrable Securities being sold in
such denominations as shall be requested by the Selling Holders or the
underwriters; and

                  (j) use its best efforts to take all other reasonable and
customary steps typically taken by issuers to effect the registration and
disposition of such Registrable Securities as contemplated hereby.

            Section 4.7 OBLIGATIONS OF SELLING HOLDERS. Each Selling Holder
agrees by having its securities treated as Registrable Securities hereunder
that, upon receipt of written notice from DSW specifying that the prospectus
relating to a registration made pursuant to Section 4.1 or Section 4.2 contains
an untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading due to the
occurrence of any event, such Selling Holder will forthwith discontinue
disposition of Registrable Securities until such Selling Holder is advised by
DSW that the use of the prospectus may be resumed and is furnished with a
supplemented or amended prospectus as contemplated by Section 4.6(f) hereof,
and, if so directed by DSW, such Selling Holder will deliver to DSW all copies
of the prospectus covering such Registrable Securities then in such Selling
Holder's possession at the time of receipt of such notice.

            Section 4.8 UNDERWRITING; DUE DILIGENCE.

                  (a) If requested by the underwriters for any Underwritten
Offering of Registrable Securities pursuant to a registration requested under
this ARTICLE IV, DSW shall enter into an underwriting agreement in a form
reasonably

                                       30
<PAGE>

satisfactory to DSW with such underwriters for such offering, which agreement
will contain such representations and warranties by DSW and such other terms and
provisions as are customarily contained in underwriting agreements with respect
to secondary distributions, including, without limitation, indemnification and
contribution provisions substantially to the effect and to the extent provided
in Section 4.9, and agreements as to the provision of opinions of counsel and
accountants' letters to the effect and to the extent provided in Section 4.6(e).
The Selling Holders on whose behalf the Registrable Securities are to be
distributed by such underwriters shall be a party to any such underwriting
agreement and the representations and warranties by, and the other agreements on
the part of, DSW to and for the benefit of such underwriters, shall also be made
to and for the benefit of such Selling Holders. Such underwriting agreement
shall also contain such representations and warranties by such Selling Holders
and such other terms and provisions as are customarily contained in underwriting
agreements with respect to secondary distributions, including, without
limitation, indemnification and contribution provisions substantially to the
effect and to the extent provided in Section 4.9.

                  (b) In connection with the preparation and filing of each
registration statement registering Registrable Securities under the Securities
Act pursuant to this ARTICLE IV, DSW shall give the Holders of such Registrable
Securities and the underwriters, if any, and their respective counsel and
accountants, such reasonable and customary access to its books and records and
such opportunities to discuss the business of DSW with its officers and the
independent public accountants who have certified the financial statements of
DSW as shall be necessary, in the opinion of such Holders and such underwriters
or their respective counsel, to conduct a reasonable investigation within the
meaning of the Securities Act; PROVIDED, that such Holders and the underwriters
and their respective counsel and accountants shall use their reasonable best
efforts to coordinate any such investigation of the books and records of DSW and
any such discussions with DSW's officers and accountants so that all such
investigations occur at the same time and all such discussions occur at the same
time.

            Section 4.9 INDEMNIFICATION AND CONTRIBUTION.

                  (a) In the case of each offering of Registrable Securities
made pursuant to this ARTICLE IV, DSW agrees to indemnify and hold harmless, to
the extent permitted by law, each Selling Holder, each underwriter of
Registrable Securities so offered and each Person, if any, who controls any of
the foregoing Persons within the meaning of the Securities Act and the officers,
directors, affiliates, employees and agents of each of the foregoing, against
any and all losses, liabilities, costs (including reasonable attorney's fees and
disbursements), claims and damages, joint or several, to which they or any of
them may become subject, under the Securities Act or otherwise, including any
amount paid in settlement of any litigation commenced or threatened, insofar as
such losses, liabilities, costs, claims and damages (or actions or proceedings
in respect thereof, whether or not such indemnified Person is a party thereto)
arise out of or are based upon any untrue statement by DSW or alleged untrue
statement by DSW of a material fact contained in the registration statement (or
in any preliminary or final prospectus included therein) or in any offering
memorandum or other offering document relating to the

                                       31
<PAGE>

offering and sale of such Registrable Securities prepared by DSW or at its
direction, or any amendment thereof or supplement thereto, or in any document
incorporated by reference therein, or any omission by DSW or alleged omission by
DSW to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading; PROVIDED, that DSW shall not be
liable to any Person in any such case to the extent that any such loss,
liability, cost, claim or damage arises out of or relates to any untrue
statement or alleged untrue statement, or any omission, if such statement or
omission shall have been made in reliance upon and in conformity with
information relating to a Selling Holder or another holder of securities
included in such registration statement furnished to DSW by or on behalf of such
Selling Holder or underwriter, as the case may be, specifically for use in the
registration statement (or in any preliminary or final prospectus included
therein), offering memorandum or other offering document, or any amendment
thereof or supplement thereto. Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of any Selling
Holder or any other holder and shall survive the transfer of such securities.
The foregoing indemnity agreement is in addition to any liability that DSW may
otherwise have to each Selling Holder, or other holder or underwriter of the
Registrable Securities or any controlling person of the foregoing and the
officers, directors, affiliates, employees and agents of each of the foregoing;
PROVIDED, further, that, in the case of an offering with respect to which a
Selling Holder has designated the lead or managing underwriters (or a Selling
Holder is offering Registrable Securities directly, without an underwriter),
this indemnity does not apply to any loss, liability, cost, claim or damage
arising out of or relating to any untrue statement or alleged untrue statement
or omission or alleged omission in any preliminary prospectus or offering
memorandum if a copy of a final prospectus or offering memorandum was not sent
or given by or on behalf of any underwriter (or such Selling Holder or other
holder, as the case may be) to such Person asserting such loss, liability, cost,
claim or damage at or prior to the written confirmation of the sale of the
Registrable Securities as required by the Securities Act and such untrue
statement or omission had been corrected in such final prospectus or offering
memorandum.

                  (b) In the case of each offering made pursuant to this
Agreement, each Selling Holder, by exercising its registration rights hereunder,
agrees to indemnify and hold harmless, and to cause each underwriter of
Registrable Securities included in such offering (in the same manner and to the
same extent as set forth in Section 4.9(a)) to agree to indemnify and hold
harmless to the extent permitted by law, DSW, each other underwriter who
participates in such offering, each other Selling Holder or other holder with
securities included in such offering and in the case of an underwriter, such
Selling Holder or other holder, and each Person, if any, who controls any of the
foregoing within the meaning of the Securities Act and the officers, directors,
affiliates, employees and agents of each of the foregoing, against any and all
losses, liabilities, costs, claims and damages to which they or any of them may
become subject, under the Securities Act or otherwise, including any amount paid
in settlement of any litigation commenced or threatened, insofar as such losses,
liabilities, costs, claims and damages (or actions or proceedings in respect
thereof, whether or not such indemnified Person is a party thereto) arise out of
or are based upon any untrue statement or alleged untrue statement by such
Selling Holder or underwriter, as the case may be, of a material fact contained
in the

                                       32
<PAGE>

registration statement (or in any preliminary or final prospectus included
therein) or in any offering memorandum or other offering document relating to
the offering and sale of such Registrable Securities prepared by DSW or at its
direction, or any amendment thereof or supplement thereto, or any omission by
such Selling Holder or underwriter, as the case may be, or alleged omission by
such Selling Holder or underwriter, as the case may be, of a material fact
required to be stated therein or necessary to make the statements therein not
misleading, but in each case only to the extent that such untrue statement of a
material fact is contained in, or such material fact is omitted from,
information relating to such Selling Holder or underwriter, as the case may be,
furnished to DSW by or on behalf of such Selling Holder or underwriter, as the
case may be, specifically for use in such registration statement (or in any
preliminary or final prospectus included therein), offering memorandum or other
offering document. The foregoing indemnity is in addition to any liability which
such Selling Holder or underwriter, as the case may be, may otherwise have to
DSW, or controlling persons and the officers, directors, affiliates, employees,
and agents of each of the foregoing; PROVIDED, that, in the case of an offering
made pursuant to this Agreement with respect to which DSW has designated the
lead or managing underwriters (or DSW is offering securities directly, without
an underwriter), this indemnity does not apply to any loss, liability, cost,
claim, or damage arising out of or based upon any untrue statement or alleged
untrue statement or omission or alleged omission in any preliminary prospectus
or offering memorandum if a copy of a final prospectus or offering memorandum
was not sent or given by or on behalf of any underwriter (or DSW, as the case
may be) to such Person asserting such loss, liability, cost, claim or damage at
or prior to the written confirmation of the sale of the Registrable Securities
as required by the Securities Act and such untrue statement or omission had been
corrected in such final prospectus or offering memorandum.

                  (c) Each party indemnified under paragraph (a) or (b) above
shall, promptly after receipt of notice of a claim or action against such
indemnified party in respect of which indemnity may be sought hereunder, notify
the indemnifying party in writing of the claim or action; PROVIDED, that the
failure to notify the indemnifying party shall not relieve it from any liability
that it may have to an indemnified party on account of the indemnity agreement
contained in paragraph (a) or (b) above except to the extent that the
indemnifying party was actually prejudiced by such failure, and in no event
shall such failure relieve the indemnifying party from any other liability that
it may have to such indemnified party. If any such claim or action shall be
brought against an indemnified party, and it shall have notified the
indemnifying party thereof, unless in such indemnified party's reasonable
judgment a conflict of interest between such indemnified party and indemnifying
parties may exist in respect of such claim, the indemnifying party shall be
entitled to participate therein, and, to the extent that it wishes, jointly with
any other similarly notified indemnifying party, to assume the defense thereof
with counsel satisfactory to the indemnified party. After notice from the
indemnifying party to the indemnified party of its election to assume the
defense of such claim or action, the indemnifying party shall not be liable to
the indemnified party under this Section 4.9 for any legal or other expenses
subsequently incurred by the indemnified party in connection with the defense
thereof other than reasonable costs of investigation. Any indemnifying party
against whom indemnity may be sought under this Section 4.9

                                       33
<PAGE>

shall not be liable to indemnify an indemnified party if such indemnified party
settles such claim or action without the consent of the indemnifying party. The
indemnifying party may not agree to any settlement of any such claim or action,
other than solely for monetary damages for which the indemnifying party shall be
responsible hereunder, the result of which any remedy or relief shall be applied
to or against the indemnified party, without the prior written consent of the
indemnified party, which consent shall not be unreasonably withheld. In any
action hereunder as to which the indemnifying party has assumed the defense
thereof with counsel satisfactory to the indemnified party, the indemnified
party shall continue to be entitled to participate in the defense thereof, with
counsel of its own choice, but the indemnifying party shall not be obligated
hereunder to reimburse the indemnified party for the costs thereof.

                  (d) If the indemnification provided for in this Section 4.9
shall for any reason be unavailable (other than in accordance with its terms) to
an indemnified party in respect of any loss, liability, cost, claim or damage
referred to therein, then each indemnifying party shall, in lieu of indemnifying
such indemnified party, contribute to the amount paid or payable by such
indemnified party as a result of such loss, liability, cost, claim or damage (i)
as between DSW and the Selling Holders on the one hand and the underwriters on
the other, in such proportion as shall be appropriate to reflect the relative
benefits received by DSW and the Selling Holders on the one hand and the
underwriters on the other hand or, if such allocation is not permitted by
applicable law, in such proportion as is appropriate to reflect not only the
relative benefits but also the relative fault of DSW and the Selling Holders on
the one hand and the underwriters on the other with respect to the statements or
omissions which resulted in such loss, liability, cost, claim or damage as well
as any other relevant equitable considerations and (ii) as between DSW on the
one hand and each Selling Holder on the other, in such proportion as is
appropriate to reflect the relative fault of DSW and of each Selling Holder in
connection with such statements or omissions as well as any other relevant
equitable considerations. The relative benefits received by DSW and the Selling
Holders on the one hand and the underwriters on the other shall be deemed to be
in the same proportion as the total proceeds from the offering (net of
underwriting discounts and commissions but before deducting expenses) received
by DSW and the Selling Holders bear to the total underwriting discounts and
commissions received by the underwriters, in each case as set forth in the table
on the cover page of the prospectus. The relative fault of DSW and the Selling
Holders on the one hand and of the underwriters on the other shall be determined
by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission to state a material fact relates to
information supplied by DSW and the Selling Holders or by the underwriters. The
relative fault of DSW on the one hand and of each Selling Holder on the other
shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission
to state a material fact relates to information supplied by such party, and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission, but not by reference to any
indemnified party's stock ownership in DSW. The amount paid or payable by an
indemnified party as a result of the loss, cost, claim, damage or liability, or
action in respect thereof, referred to above in this paragraph (d) shall be
deemed to include, for purposes of this paragraph (d), any legal or other
expenses reasonably incurred by such

                                       34
<PAGE>

indemnified party in connection with investigating or defending any such action
or claim. DSW and the Selling Holders agree that it would not be just and
equitable if contribution pursuant to this Section 4.9 were determined by pro
rata allocation (even if the underwriters were treated as one entity for such
purpose) or by any other method of allocation which does not take account of the
equitable considerations referred to in this paragraph. Notwithstanding any
other provision of this Section 4.9, no Selling Holder shall be required to
contribute any amount in excess of the amount by which the total price at which
the Registrable Securities of such Selling Holder were offered to the public
exceeds the amount of any damages which such Selling Holder has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation.

                  (e) Indemnification and contribution similar to that specified
in the preceding paragraphs of this Section 4.9 (with appropriate modifications)
shall be given by DSW, the Selling Holders and any underwriters with respect to
any required registration or other qualification of securities under any state
law or regulation or governmental authority.

                  (f) The obligations of the parties under this Section 4.9
shall be in addition to any liability which any party may otherwise have to any
other party.

            Section 4.10 RULE 144 AND FORM S-3. Commencing ninety (90) days
after the IPO Date, DSW shall use its best efforts to ensure that the conditions
to the availability of Rule 144 set forth in paragraph (c) thereof shall be
satisfied. Upon the request of any Holder of Registrable Securities, DSW will
deliver to such Holder a written statement as to whether it has complied with
such requirements. DSW further agrees to use its best efforts to cause all
conditions to the availability of Form S-3 (or any successor form) under the
Securities Act for the filing of registration statements under this Agreement to
be met as soon as practicable after the IPO Date.

            Section 4.11 HOLDBACK AGREEMENT.

                  (a) If so requested by the Underwriters' Representative in
connection with an offering of securities covered by a registration statement
filed by DSW, whether or not Registrable Securities of the Holders are included
therein, each Holder shall agree not to effect any sale or distribution of the
Shares, including any sale under Rule 144, without the prior written consent of
the Underwriters' Representative (otherwise than through the registered public
offering then being made), within seven (7) days prior to or ninety (90) days
(or such lesser period as the Underwriters' Representative may permit) after the
Effective Date of the registration statement (or the commencement of the
offering to the public of such Registrable Securities in the case of Rule 415
Offerings). The Holders shall not be subject to the restrictions set forth in
this Section 4.11 for longer than ninety-seven (97) days during any 12-month
period and a Holder shall no longer be subject to such restrictions at such time
as such Holder shall own less than 10% of the then-outstanding Registrable
Securities on a fully-diluted basis.

                                       35
<PAGE>

                  (b) If so requested by the Underwriters' Representative in
connection with an offering of any Registrable Securities, DSW shall agree not
to effect any sale or distribution of DSW Capital Stock, without the prior
written consent of the Underwriters' Representative (otherwise than through the
registered public offering then being made or in connection with any acquisition
or business combination transaction and other than in connection with stock
options and employee benefit plans and compensation), within seven (7) days
prior to or ninety (90) days (or such lesser period as the Underwriters'
Representative may permit) after the Effective Date of the registration
statement (or the commencement of the offering to the public of such Registrable
Securities in the case of Rule 415 Offerings) and shall use its best efforts to
obtain and enforce similar agreements from any other Persons if requested by the
Underwriters' Representative; PROVIDED that DSW or such Persons shall not be
subject to the restrictions set forth in this Section 4.11 for longer than
ninety-seven (97) days during any twelve (12) month period.

                  (c) Notwithstanding anything else in this Section 4.11 to the
contrary, no Holder shall be precluded from distributing to any or all of its
stockholders any or all of the Registrable Securities.

            Section 4.12 TERM. This ARTICLE IV shall remain in effect until all
Registrable Securities held by Holders have been transferred by them to other
Persons.

                                   ARTICLE V
                        MUTUAL RELEASES; INDEMNIFICATION

            Section 5.1 RELEASE OF PRE-IPO DATE CLAIMS.

                  (a) DSW RELEASE. Except as provided in Section 5.1(c), as of
the IPO Date, DSW does hereby, for itself and as agent for each member of the
DSW Group, remise, release and forever discharge the Retail Ventures Indemnitees
from any and all Liabilities whatsoever, whether at law or in equity (including
any right of contribution), whether arising under any contract or agreement, by
operation of law or otherwise, existing or arising from any past acts or events
occurring or failing to occur or alleged to have occurred or to have failed to
occur or any conditions existing or alleged to have existed on or before the IPO
Date, including in connection with the transactions and all other activities to
implement the IPO.

                  (b) RETAIL VENTURES RELEASE. Except as provided in Section
5.1(c), as of the IPO Date, Retail Ventures does hereby, for itself and as agent
for each member of the Retail Ventures Group, remise, release and forever
discharge the DSW Indemnitees from any and all Liabilities whatsoever, whether
at law or in equity (including any right of contribution), whether arising under
any contract or agreement, by operation of law or otherwise, existing or arising
from any past acts or events occurring or failing to occur or alleged to have
occurred or to have failed to occur or any conditions existing or alleged to
have existed on or before the IPO Date, including in connection with the
transactions and all other activities to implement the IPO.

                                       36
<PAGE>

                  (c) NO IMPAIRMENT. Nothing contained in Section 5.1(a) or
Section 5.1(b) shall limit or otherwise affect any Party's rights or obligations
pursuant to or contemplated by this Agreement or any Inter-Company Agreement, in
each case in accordance with its terms, including, without limitation, any
obligations relating to indemnification, including indemnification pursuant to
Section 5.2 and Section 5.3 of this Agreement, and any Insurance Proceeds under
any Retail Ventures Insurance Policies relating to the DSW Business which DSW is
entitled to be paid.

                  (d) NO ACTIONS AS TO RELEASED PRE-IPO DATE CLAIMS. DSW agrees,
for itself and as agent for each member of the DSW Group, not to make any claim
or demand, or commence any Action asserting any claim or demand, including any
claim of contribution or any indemnification, against Retail Ventures or any
member of the Retail Ventures Group, or any other Person released pursuant to
Section 5.1(a), with respect to any Liabilities released pursuant to Section
5.1(a). Retail Ventures agrees, for itself and as agent for each member of the
Retail Ventures Group, not to make any claim or demand, or commence any Action
asserting any claim or demand, including any claim of contribution or any
indemnification, against DSW or any member of the DSW Group, or any other Person
released pursuant to Section 5.1(b), with respect to any Liabilities released
pursuant to Section 5.1(b).

                  (e) FURTHER INSTRUMENTS. At any time, at the request of any
other Party, each Party shall cause each member of its respective Retail
Ventures Group or DSW Group, as applicable, to execute and deliver releases
reflecting the provisions hereof.

            Section 5.2 INDEMNIFICATION BY DSW. Except as otherwise provided in
this Agreement, DSW shall, for itself and as agent for each member of the DSW
Group, indemnify, defend (or, where applicable, pay the defense costs for) and
hold harmless the Retail Ventures Indemnitees from and against, and shall
reimburse such Retail Ventures Indemnitees with respect to, any and all Losses
that any third party seeks to impose upon the Retail Ventures Indemnitees, or
which are imposed upon the Retail Ventures Indemnitees, and that relate to,
arise or result from, whether prior to or following the IPO Date, any of the
following items (without duplication):

                  (a) any DSW Liability;

                  (b) any breach by DSW or any member of the DSW Group of this
Agreement or any of the Inter-Company Agreements; and

                  (c) any IPO Liabilities, other than the Retail Ventures
Portions.

In the event that any member of the DSW Group makes a payment to the Retail
Ventures Indemnitees hereunder, and any of the Retail Ventures Indemnitees
subsequently diminishes the Liability on account of which such payment was made,
either directly or through a third-party recovery (other than a recovery
indirectly from Retail Ventures), Retail Ventures will promptly repay (or will
procure Retail Ventures Indemnitee to promptly repay) such member of the DSW
Group the amount by which the payment

                                       37
<PAGE>

made by such member of the DSW Group exceeds the actual cost of the associated
indemnified Liability.

            Section 5.3 INDEMNIFICATION BY RETAIL VENTURES. Except as otherwise
provided in this Agreement, Retail Ventures shall, for itself and as agent for
each member of the Retail Ventures Group, indemnify, defend (or, where
applicable, pay the defense costs for) and hold harmless the DSW Indemnitees
from and against, and shall reimburse such DSW Indemnitee with respect to, any
and all Losses that any third party seeks to impose upon the DSW Indemnitees, or
which are imposed upon the DSW Indemnitees, and that relate to, arise or result
from, whether prior to or following the IPO Date, with any of the following
items (without duplication):

                  (a) any Liability of the Retail Ventures Group and all
Liabilities arising out of the operation or conduct of the Retail Ventures
Business (in each case excluding the DSW Liabilities);

                  (b) any breach by Retail Ventures or any member of the Retail
Ventures Group of this Agreement or any of the Inter-Company Agreements; and

                  (c) any IPO Liabilities with respect to the Retail Ventures
Portions only.

In the event that any member of the Retail Ventures Group makes a payment to the
DSW Indemnitees hereunder, and any of the DSW Indemnitees subsequently
diminishes the Liability on account of which such payment was made, either
directly or through a third-party recovery (other than a recovery indirectly
from DSW), DSW will promptly repay (or will procure a DSW Indemnitee to promptly
repay) such member of the Retail Ventures Group the amount by which the payment
made by such member of the Retail Ventures Group exceeds the actual cost of the
indemnified Liability.

            Section 5.4 ANCILLARY AGREEMENT LIABILITIES. Notwithstanding any
other provision in this Agreement to the contrary, any Liability specifically
assumed by, or allocated to, a Party in any of the Inter-Company Agreements
shall be governed exclusively by the terms of such Inter-Company Agreement.

            Section 5.5 OTHER AGREEMENTS EVIDENCING INDEMNIFICATION OBLIGATIONS.
Retail Ventures hereby agrees to execute, for the benefit of any DSW Indemnitee,
such documents as may be reasonably requested by such DSW Indemnitee, evidencing
Retail Ventures' agreement that the indemnification obligations of Retail
Ventures set forth in this Agreement inure to the benefit of and are enforceable
by such DSW Indemnitee. DSW hereby agrees to execute, for the benefit of any
Retail Ventures Indemnitee, such documents as may be reasonably requested by
such Retail Ventures Indemnitee, evidencing DSW's agreement that the
indemnification obligations of DSW set forth in this Agreement inure to the
benefit of and are enforceable by such Retail Ventures Indemnitee.

            Section 5.6 REDUCTIONS FOR INSURANCE PROCEEDS AND OTHER RECOVERIES.

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<PAGE>

                  (a) INSURANCE PROCEEDS. The amount that any Indemnifying Party
is or may be required to provide indemnification to or on behalf of any
Indemnitee pursuant to Section 5.2 or Section 5.3, as applicable, shall be
reduced (retroactively or prospectively) by any Insurance Proceeds or other
amounts actually recovered from third parties by or on behalf of such Indemnitee
in respect of the related Loss. The existence of a claim by an Indemnitee for
monies from an insurer or against a third party in respect of any indemnifiable
Loss shall not, however, delay any payment pursuant to the indemnification
provisions contained herein and otherwise determined to be due and owing by an
Indemnifying Party. Rather, the Indemnifying Party shall make payment in full of
the amount determined to be due and owing by it against an assignment by the
Indemnitee to the Indemnifying Party of the entire claim of the Indemnitee for
Insurance Proceeds or against such third party. Notwithstanding any other
provisions of this Agreement, it is the intention of the Parties that no insurer
or any other third party shall be (i) entitled to a benefit it would not be
entitled to receive in the absence of the foregoing indemnification provisions,
or (ii) relieved of the responsibility to pay any claims for which it is
obligated. If an Indemnitee has received the payment required by this Agreement
from an Indemnifying Party in respect of any indemnifiable Loss and later
receives Insurance Proceeds or other amounts in respect of such indemnifiable
Loss, then such Indemnitee shall hold such Insurance Proceeds or other amounts
in trust for the benefit of the Indemnifying Party (or Indemnifying Parties) and
shall pay to the Indemnifying Party, as promptly as practicable after receipt, a
sum equal to the amount of such Insurance Proceeds or other amounts received, up
to the aggregate amount of any payments received from the Indemnifying Party
pursuant to this Agreement in respect of such indemnifiable Loss (or, if there
is more than one Indemnifying Party, the Indemnitee shall pay each Indemnifying
Party, its proportionate share (based on payments received from the Indemnifying
Parties) of such Insurance Proceeds).

                  (b) TAX COST/TAX BENEFIT. The amount that any Indemnifying
Party is or may be required to provide indemnification to or on behalf of any
Indemnitee pursuant to Section 5.2 or Section 5.3, as applicable, shall be (i)
increased to take account of any net Tax cost incurred by the Indemnitee arising
from the receipt or accrual of an indemnification payment hereunder (grossed up
for such increase) and (ii) reduced to take account of any net Tax benefit
realized by the Indemnitee arising from incurring or paying such loss or other
liability. In computing the amount of any such Tax cost or Tax benefit, the
Indemnitee shall be deemed to recognize all other items of income, gain, loss,
deduction or credit before recognizing any item arising from the receipt or
accrual of any indemnification payment hereunder or incurring or paying any
indemnified Loss. Any indemnification payment hereunder shall initially be made
without regard to this Section 5.6(b) and shall be increased or reduced to
reflect any such net Tax cost (including gross-up) or net Tax benefit only after
the Indemnitee has actually realized such cost or benefit. For purposes of this
Agreement, an Indemnitee shall be deemed to have "actually realized" a net Tax
cost or a net Tax benefit to the extent that, and at such time as, the amount of
Taxes payable by such Indemnitee is increased above or reduced below, as the
case may be, the amount of Taxes that such Indemnitee would be required to pay
but for the receipt or accrual of the indemnification payment or the incurrence
or payment of such Loss, as the case may be. The amount of any increase or

                                       39
<PAGE>

reduction hereunder shall be adjusted to reflect any Final Determination with
respect to the Indemnitee's liability for Taxes, and payments between such
indemnified parties to reflect such adjustment shall be made if necessary.
Notwithstanding any other provision of this Agreement, to the extent permitted
by applicable law, the Parties hereto agree that any Indemnity Payment made
hereunder shall be treated as a capital contribution or dividend distribution,
as the case may be, immediately prior to the IPO Date and, accordingly, not
includible in the taxable income of the recipient or deductible by the payor.

            Section 5.7 PROCEDURES FOR DEFENSE, SETTLEMENT AND INDEMNIFICATION
OF THIRD PARTY CLAIMS.

                  (a) NOTICE OF CLAIMS. If an Indemnitee shall receive notice or
otherwise learn of the assertion by a Person (including any Governmental
Authority) who is not a member of the Retail Ventures Group or the DSW Group of
any claim or of the commencement by any such Person of any Action (collectively,
a "Third Party Claim") with respect to which an Indemnifying Party may be
obligated to provide indemnification, Retail Ventures and DSW (as applicable)
will ensure that such Indemnitee shall give such Indemnifying Party written
notice thereof within thirty (30) days after becoming aware of such Third Party
Claim. Any such notice shall describe the Third Party Claim in reasonable
detail. Notwithstanding the foregoing, the delay or failure of any Indemnitee or
other Person to give notice as provided in this Section 5.7(a) shall not relieve
the related Indemnifying Party of its obligations under this ARTICLE V, except
to the extent that such Indemnifying Party is actually and substantially
prejudiced by such delay or failure to give notice.

                  (b) DEFENSE BY INDEMNIFYING PARTY. An Indemnifying Party shall
be entitled to participate in the defense of any Third Party Claim and, to the
extent that it wishes, at its cost, risk and expense, to assume the defense
thereof, with counsel reasonably satisfactory to the party seeking
indemnification. After timely notice from the Indemnifying Party to the
Indemnitee of such election to so assume the defense thereof, the Indemnifying
Party shall not be liable to the party seeking indemnification for any legal
expenses of other counsel or any other expenses subsequently incurred by
Indemnitee in connection with the defense thereof. The Indemnitee agrees to
cooperate in all reasonable respects with the Indemnifying Party and its counsel
in the defense against any Third Party Claim. The Indemnifying Party shall be
entitled to compromise or settle any Third Party Claim as to which it is
providing indemnification, which compromise or settlement shall be made only
with the written consent of the Indemnitee, such consent not to be unreasonably
withheld.

                  (c) DEFENSE BY INDEMNITEE. If an Indemnifying Party fails to
assume the defense of a Third Party Claim within thirty (30) calendar days after
receipt of notice of such claim, Indemnitee will, upon delivering notice to such
effect to the Indemnifying Party, have the right to undertake the defense,
compromise or settlement of such Third Party Claim on behalf of and for the
account of the Indemnifying Party subject to the limitations as set forth in
this Section 5.7; PROVIDED, HOWEVER, that such Third Party Claim shall not be
compromised or settled without the

                                       40
<PAGE>

written consent of the Indemnifying Party, which consent shall not be
unreasonably withheld. If the Indemnitee assumes the defense of any Third Party
Claim, it shall keep the Indemnifying Party reasonably informed of the progress
of any such defense, compromise or settlement. The Indemnifying Party shall
reimburse all such costs and expenses of the Indemnitee in the event it is
ultimately determined that the Indemnifying Party is obligated to indemnify the
Indemnitee with respect to such Third Party Claim. In no event shall an
Indemnifying Party be liable for any settlement effected without its consent,
which consent will not be unreasonably withheld.

            Section 5.8 ADDITIONAL MATTERS.

                  (a) COOPERATION IN DEFENSE AND SETTLEMENT. With respect to any
Third Party Claim that implicates both DSW and Retail Ventures in a material
fashion due to the allocation of Liabilities, responsibilities for management of
defense and related indemnities set forth in this Agreement or any of the
Inter-Company Agreements, the Parties agree to cooperate fully and maintain a
joint defense (in a manner that will preserve the attorney-client privilege,
joint defense or other privilege with respect thereto) so as to minimize such
Liabilities and defense costs associated therewith. The Party that is not
responsible for managing the defense of such Third Party Claims shall, upon
reasonable request, be consulted with respect to significant matters relating
thereto and may, if necessary or helpful, associate counsel to assist in the
defense of such claims.

                  (b) PRE-IPO DATE ACTIONS. Except with respect to matters
pertaining solely to, or solely in connection with, the DSW Business, Retail
Ventures may, in its sole discretion, have exclusive authority and control over
the investigation, prosecution, defense and appeal of all Actions pending at the
IPO Date relating to or arising in connection with, in any manner, the DSW
assets or the DSW Liabilities if Retail Ventures or a member of the Retail
Ventures Group is named as a party thereto; PROVIDED, HOWEVER, that Retail
Ventures must obtain the written consent of DSW, such consent not to be
unreasonably withheld, to settle or compromise or consent to the entry of
judgment with respect to such Action. After any such compromise, settlement,
consent to entry of judgment or entry of judgment, Retail Ventures shall
reasonably and fairly allocate to DSW and DSW shall be responsible for DSW's
proportionate share of any such compromise, settlement, consent or judgment
attributable to the DSW Business, the DSW assets or the DSW Liabilities,
including its proportionate share of the costs and expenses associated with
defending same.

                  (c) SUBSTITUTION. In the event of an Action in which the
Indemnifying Party is not a named defendant, if either the Indemnitee or the
Indemnifying Party shall so request, the Parties shall endeavor to substitute
the Indemnifying Party for the named defendant. If such substitution or addition
cannot be achieved for any reason or is not requested, the rights and
obligations of the Parties regarding indemnification and the management of the
defense of claims as set forth in this ARTICLE V shall not be altered.

                                       41
<PAGE>

                  (d) SUBROGATION. In the event of payment by or on behalf of
any Indemnifying Party to or on behalf of any Indemnitee in connection with any
Third Party Claim, such Indemnifying Party shall be subrogated to and shall
stand in the place of such Indemnitee, in whole or in part based upon whether
the Indemnifying Party has paid all or only part of the Indemnitee's Liability,
as to any events or circumstances in respect of which such Indemnitee may have
any right, defense or claim relating to such Third Party Claim against any
claimant or plaintiff asserting such Third Party Claim or against any other
person. Such Indemnitee shall cooperate with such Indemnifying Party in a
reasonable manner, and at the cost and expense of such Indemnifying Party, in
prosecuting any subrogated right, defense or claim.

            Section 5.9 SURVIVAL OF INDEMNITIES. Subject to Section 5.5, the
rights and obligations of the members of the Retail Ventures Group and the DSW
Group under this ARTICLE V shall survive the sale or other transfer by any Party
of any assets or businesses or the assignment by it of any Liabilities or the
sale by any member of the Retail Ventures Group or the DSW Group of the capital
stock or other equity interests of any Subsidiary to any Person.

                                   ARTICLE VI
                                INSURANCE MATTERS

            Section 6.1 DSW INSURANCE COVERAGE DURING THE INSURANCE TRANSITION
PERIOD. As more fully provided in the Shared Services Agreement, Retail Ventures
shall maintain policies of insurance, including policies for the benefit of DSW
or any of its Subsidiaries, directors, officers, employees or other covered
parties (collectively, the "DSW Covered Parties"), and DSW and the DSW Covered
Parties shall promptly pay or reimburse Retail Ventures for premium expenses,
deductibles or retention amounts which Retail Ventures may incur in connection
with such insurance coverages.

            Section 6.2 DSW INSURANCE COVERAGE AFTER THE INSURANCE TRANSITION
PERIOD. From and after expiration of the Shared Services Agreement, DSW shall be
responsible for obtaining and maintaining insurance programs for its risk of
loss and such insurance arrangements shall be separate and apart from Retail
Ventures' insurance programs.

                                  ARTICLE VII
                                  MISCELLANEOUS

            Section 7.1 LIMITATION OF LIABILITY. IN NO EVENT SHALL ANY MEMBER OF
THE RETAIL VENTURES GROUP OR DSW GROUP BE LIABLE TO ANY OTHER MEMBER OF THE
RETAIL VENTURES GROUP OR DSW GROUP FOR ANY SPECIAL, CONSEQUENTIAL, INDIRECT,
INCIDENTAL OR PUNITIVE DAMAGES OR LOST PROFITS, HOWEVER CAUSED AND ON ANY THEORY
OF LIABILITY (INCLUDING NEGLIGENCE) ARISING IN ANY WAY OUT OF THIS AGREEMENT,
WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES;
PROVIDED, HOWEVER,

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<PAGE>

THAT THE FOREGOING LIMITATIONS SHALL NOT LIMIT EACH PARTY'S INDEMNIFICATION
OBLIGATIONS FOR LIABILITIES AS SET FORTH IN THIS AGREEMENT OR IN ANY ANCILLARY
AGREEMENT.

            Section 7.2 ENTIRE AGREEMENT. This Agreement, the Inter-Company
Agreements and the Exhibits and Schedules referenced or attached hereto and
thereto, constitute the entire agreement between the Parties with respect to the
subject matter hereof and thereof and shall supersede all prior written and oral
and all contemporaneous oral agreements and understandings with respect to the
subject matter hereof and thereof.

            Section 7.3 GOVERNING LAW AND JURISDICTION. This Agreement shall be
construed in accordance with and all Disputes hereunder shall be governed by the
laws of the State of Ohio, excluding its conflict of law rules. The Parties
agree that the court of common pleas of Franklin County, Ohio, shall have
exclusive jurisdiction over all actions between the Parties for preliminary
relief in aid of arbitration pursuant to Section 3.10 herein, and non-exclusive
jurisdiction over any action for enforcement of an arbitral award.

            Section 7.4 TERMINATION; AMENDMENT. This Agreement and all
Inter-Company Agreements may be terminated or amended by and in the sole
discretion of Retail Ventures, without the approval of DSW, at any time prior to
the IPO. This Agreement and any applicable Inter-Company Agreements may be
terminated or amended at any time after such date and before the Distribution
Date by mutual consent of Retail Ventures and DSW, evidenced by an instrument in
writing signed on behalf of each of the Parties. In the event of termination
pursuant to this Section 7.4, no Party shall have any liability of any kind to
the other Party.

            Section 7.5 NOTICES. Notices, offers, requests or other
communications required or permitted to be given by either party pursuant to the
terms of this Agreement shall be given in writing to the respective Parties to
the following addresses:

            if to Retail Ventures:

            Retail Ventures, Inc.
            3241 Westerville Road
            Columbus, OH  43223

            Attention: James A. McGrady, Chief Financial Office
            Fax: (614) 473-2721

            with a copy to:

            Julia A. Davis, General Counsel
            3241 Westerville Road
            Columbus, OH  43223
            Fax: (614) 337-4682

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<PAGE>

            if to DSW:

            DSW Inc.
            4150 East 5th Avenue
            Columbus, OH 43219

            Attention: Peter Z. Horvath, Chief Operating Officer
            Fax: (614) 238-4133

            with a copy to:

            Julia A. Davis, General Counsel
            3241 Westerville Road
            Columbus, OH  43223
            Fax: (614) 337-4682

or to such other address or facsimile number as the party to whom notice is
given may have previously furnished to the other in writing as provided herein.
Any notice involving non-performance, termination, or renewal shall be sent by
hand delivery, recognized overnight courier or, within the United States, may
also be sent via certified mail, return receipt requested. All other notices may
also be sent by facsimile, confirmed by first class mail. All notices shall be
deemed to have been given when received, if hand delivered; when transmitted, if
transmitted by facsimile or similar electronic transmission method; one working
day after it is sent, if sent by recognized overnight courier; and three days
after it is postmarked, if mailed first class mail or certified mail, return
receipt requested, with postage prepaid.

            Section 7.6 COUNTERPARTS. This Agreement, including the
Inter-Company Agreement and the Exhibits and Schedules hereto and thereto and
the other documents referred to herein or therein, may be executed in
counterparts, each of which shall be deemed to be an original but all of which
shall constitute one and the same agreement.

            Section 7.7 BINDING EFFECT; ASSIGNMENT. This Agreement shall inure
to the benefit of and be binding upon the Parties hereto and their respective
legal representatives and successors, and nothing in this Agreement, express or
implied, is intended to confer upon any other Person any rights or remedies of
any nature whatsoever under or by reason of this Agreement. This Agreement may
be enforced separately by each member of the Retail Ventures Group and each
member of the DSW Group. Neither party may assign this Agreement or any rights
or obligations hereunder, without the prior written consent of the other party,
and any such assignment shall be void; PROVIDED, HOWEVER, either party may
assign this Agreement to a successor entity in conjunction with such party's
reincorporation in another jurisdiction or into another business form.

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<PAGE>

            Section 7.8 SEVERABILITY. If any term or other provision of this
Agreement or the Exhibits or Schedules attached hereto is determined by a court,
administrative agency or arbitrator to be invalid, illegal or incapable of being
enforced by any rule of law or public policy, all other conditions and
provisions of this Agreement shall nevertheless remain in full force and effect
so long as the economic or legal substance of the transactions contemplated
hereby is not affected in any manner materially adverse to either party. Upon
such determination that any term or other provision is invalid, illegal or
incapable of being enforced, the Parties hereto shall negotiate in good faith to
modify this Agreement so as to effect the original intent of the Parties as
closely as possible in an acceptable manner to the end that transactions
contemplated hereby are fulfilled to the fullest extent possible.

            Section 7.9 FAILURE OR INDULGENCE NOT WAIVER; REMEDIES CUMULATIVE.
No failure or delay on the part of either party hereto in the exercise of any
right hereunder shall impair such right or be construed to be a waiver of, or
acquiescence in, any breach of any representation, warranty or agreement herein,
nor shall any single or partial exercise of any such right preclude other or
further exercise thereof or of any other right. All rights and remedies existing
under this Agreement or the Exhibits or Schedules attached hereto are cumulative
to, and not exclusive of, any rights or remedies otherwise available.

            Section 7.10 AUTHORITY. Each of the Parties hereto represents to the
other that (a) it has the corporate or other requisite power and authority to
execute, deliver and perform this Agreement, (b) the execution, delivery and
performance of this Agreement by it have been duly authorized by all necessary
corporate or other actions, (c) it has duly and validly executed and delivered
this Agreement, and (d) this Agreement is a legal, valid and binding obligation,
enforceable against it in accordance with its terms subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting creditors' rights generally and general equity principles.

            Section 7.11 INTERPRETATION. The headings contained in this
Agreement, in any Exhibit or Schedule hereto and in the table of contents to
this Agreement are for reference purposes only and shall not affect in any way
the meaning or interpretation of this Agreement. Any capitalized term used in
any Exhibit or Schedule but not otherwise defined therein, shall have the
meaning assigned to such term in this Agreement. When a reference is made in
this Agreement to an Article or a Section, Exhibit or Schedule, such reference
shall be to an Article or Section of, or an Exhibit or Schedule to, this
Agreement unless otherwise indicated.

            Section 7.12 CONFLICTING AGREEMENTS. None of the provisions of this
Agreement are intended to supersede any provision in any Inter-Company Agreement
or any other agreement with respect to the respective subject matters thereof.
In the event of conflict between this Agreement and any Inter-Company Agreement
or other agreement executed in connection herewith, the provisions of such other
agreement shall prevail.

                                       45
<PAGE>

            Section 7.13 THIRD PARTY BENEFICIARIES. None of the provisions of
this Agreement shall be for the benefit of or enforceable by any third party,
including any creditor of any Person. No such third party shall obtain any right
under any provision of this Agreement or shall by reasons of any such provision
make any claim in respect of any Liability (or otherwise) against either Party
hereto.

                                  ARTICLE VIII
                                   DEFINITIONS

            Section 8.1 DEFINED TERMS. The following capitalized terms shall
have the meanings given to them in this Section 8.1:

      "AAA" has the meaning set forth in Section 3.10(c) of this Agreement.

      "Action" means any demand, action, suit, countersuit, arbitration,
inquiry, proceeding or investigation by or before any federal, state, local,
foreign or international governmental authority or any arbitration or mediation
tribunal, other than any demand, action, suit, countersuit, arbitration,
inquiry, proceeding or investigation relating to Taxes.

      "Affiliated Company" of any Person means any entity that controls, is
controlled by, or is under common control with such Person. As used herein,
"control" means the possession, directly or indirectly, of the power to direct
or cause the direction of the management and policies of such entity, whether
through ownership of voting securities or other interests, by contract or
otherwise.

      "Agreement" shall mean this Master Separation Agreement, together with the
Schedules and Exhibits hereto, as the same may be amended from time to time in
accordance with the provisions hereof.

      "Blackout Period" shall have the meaning set forth in Section 4.4 of this
Agreement.

      "Class A common shares" shall mean the Class A common shares, without par
value, of DSW.

      "Class B common shares" shall mean the Class B common shares, without par
value, of DSW.

      "Code" means the Internal Revenue Code of 1986 (or any successor statute),
as amended from time to time, and the regulations promulgated thereunder.

      "Commission" shall have the meaning set forth in the preamble of this
Agreement.

      "Common Shares" means the Class A and Class B common shares of DSW.

      "Company Notice" shall have the meaning set forth in Section 4.2(a) of
this Agreement.

                                       46
<PAGE>

      "Company Securities" shall have the meaning set forth in Section 4.2(b) of
this Agreement.

      "Confidential Business Information" shall have the meaning set forth in
Section 3.5(a)(iii) of this Agreement.

      "Confidential Information" shall have the meaning set forth in Section
3.5(a)(i) of this Agreement.

      "Confidential Operational Information" shall have the meaning set forth in
Section 3.5(a)(ii) of this Agreement.

      "Continuously Effective" with respect to a specified registration
statement, means that such registration statement shall not cease to be
effective and available for transfers of Registrable Securities in accordance
with the method of distribution set forth therein for longer than five (5)
business days during the period specified in the relevant provision of this
Agreement.

      "Contract" means any contract, agreement, lease, license, sales order,
purchase order, instrument or other commitment that is binding on any Person or
any part of its property under applicable law.

      "Conversion Warrants" shall have the meaning set forth in Section 2.1(c)
of this Agreement.

      "Debt Reorganization Events" shall have the meaning set forth in Section
2.1(c) of this Agreement.

      "Demand Registration" shall have the meaning set forth in Section 4.1(a)
of this Agreement.

      "Demand Registration Statement" shall have the meaning set forth in
Section 4.1(a) of this Agreement.

      "Dispute" has the meaning set forth in Section 3.10(a) of this Agreement.

      "Dispute Resolution Commencement Date" has the meaning set forth in
Section 3.10(a) of this Agreement.

      "Distribution" means the divestiture by Retail Ventures of all or a
significant portion of the Class B common shares of DSW owned by Retail
Ventures, which divestiture may be effected by Retail Ventures as a dividend, an
exchange with existing Retail Ventures stockholders for shares of Retail
Ventures capital stock, a spin-off or otherwise, as a result of which Retail
Ventures is no longer required to consolidate DSW's results of operations and
financial position (determined in accordance with generally accepted accounting
principles consistently applied).

                                       47
<PAGE>

      "Distribution Date" means the date on which Retail Ventures is no longer
required to consolidate DSW's results of operations and financial position
(determined in accordance with generally accepted accounting principles
consistently applied).

      "DSW" shall have the meaning set forth in the preamble to this Agreement.

      "DSW Affiliate" means any corporation or other entity directly or
indirectly controlled by DSW.

      "DSW's Auditors" shall have the meaning set forth in Section 3.4(a) of
this Agreement.

      "DSW Balance Sheet" shall mean DSW's audited Consolidated Balance Sheet
included in the IPO Registration Statement on the date it is declared effective
by the Commission.

      "DSW Business" shall have the meaning set forth in the preamble of this
Agreement.

      "DSW Capital Stock" means all classes or series of capital stock of DSW.

      "DSW Covered Parties" has the meaning set forth in Section 6.1 of this
Agreement.

      "DSW Credit Facility" has the meaning set forth in Section 6.1 of this
Agreement.

      "DSW Group" means the affiliated group (within the meaning of Section
1504(a) of the Code), or similar group of entities as defined under
corresponding provisions of the laws of other jurisdictions, of which DSW will
be the common parent corporation immediately after the Distribution, and any
corporation or other entity which may become a member of such group from time to
time.

      "DSW Indemnitees" means DSW, each member of the DSW Group and each of
their respective directors, officers and employees.

      "DSW Liabilities" shall mean (without duplication) the following
Liabilities:

                        (i) all Liabilities reflected in the DSW Balance Sheet;

                        (ii) all Liabilities of Retail Ventures or its
      Subsidiaries that arise after the date of the DSW Balance Sheet that would
      be reflected in a DSW balance sheet as of the date of such Liabilities, if
      such balance sheet was prepared using the same principles and accounting
      policies under which the DSW Balance Sheet was prepared;

                                       48
<PAGE>

                        (iii) all Liabilities that should have been reflected in
      the DSW Balance Sheet but are not reflected in the DSW Balance Sheet due
      to mistake or unintentional omission;

                        (iv) all Liabilities (other than Liabilities for Taxes,
      which are governed by the Tax Separation Agreement), whether arising
      before, on or after the IPO Date, that relate to, arise or result from:

                              (1) the operation of the DSW Business, as
      conducted at any time prior to, on or after the IPO Date (including any
      Liability relating to, arising out of or resulting from any act or failure
      to act by any director, officer, employee, agent or representative
      (whether or not such act or failure to act is or was within such Person's
      authority)); or

                              (2) the operation of any business conducted by any
      member of the DSW Group at any time after the IPO Date (including any
      Liability relating to, arising out of or resulting from any act or failure
      to act by any director, officer, employee, agent or representative
      (whether or not such act or failure to act is or was within such Person's
      authority));

                        (v) all Liabilities that relate to, arise or result from
      the DSW Credit Facility;

                        (vi) all Liabilities that are expressly contemplated by
      this Agreement, or any other Inter-Company Agreement (or the Schedules
      hereto or thereto) as Liabilities to be assumed by DSW or any member of
      the DSW Group; and

                        (vii) Liabilities of any member of the DSW Group under
      this Agreement or any of the Inter-Company Agreements.

      After the IPO Date, Retail Ventures and DSW may receive invoices
      evidencing liabilities jointly incurred by or on behalf of both of them or
      their respective Affiliates. Accordingly, each of Retail Ventures and DSW
      agrees that such joint liabilities shall be divided among Retail Ventures,
      DSW and their respective Affiliates consistent with past practice and "DSW
      Liabilities" shall include the portion so allocated to DSW.

      "DSWSW" shall have the meaning set forth in Section 2.1(c) of this
Agreement.

      "Effective Date" means the date registration statement filed pursuant to
Article IV hereof is declared effective by the Commission.

      "Exchange Act" shall have the meaning set forth in Section 2.1(a) of this
Agreement.

      "Final Determination" has the meaning set forth in the Tax Separation
Agreement.

                                       49
<PAGE>

      "Governmental Approvals" means any notices, reports or other filings to be
made, or any consents, registrations, approvals, permits or authorizations to be
obtained from, any Governmental Authority.

      "Governmental Authority" shall mean any federal, state, local, foreign or
international court, government, department, commission, board, bureau, agency,
official or other regulatory, administrative or governmental authority.

      "Holders" shall mean, collectively, Retail Ventures and its Affiliated
Companies (other than DSW) who from time to time own Registrable Securities,
each of such entities separately is sometimes referred to herein as a "Holder."

      "Indemnifying Party" means any party which may be obligated to provide
indemnification to an Indemnitee pursuant to Section 5.2 or Section 5.3 hereof
or any other section of this Agreement or any Inter-Company Agreement.

      "Indemnitee" means any party which may be entitled to indemnification from
an Indemnifying Party pursuant to Section 5.2 or Section 5.3 hereof or any other
section of this Agreement or any Inter-Company Agreement.

      "Information" means information, whether or not patentable or
copyrightable, in written, oral, electronic or other tangible or intangible
forms, stored in any medium, including studies, reports, records, books,
contracts, instruments, surveys, discoveries, ideas, concepts, know-how,
techniques, designs, specifications, drawings, blueprints, diagrams, models,
prototypes, samples, flow charts, data, computer data, disks, diskettes, tapes,
computer programs or other software, marketing plans, customer names,
communications by or to attorneys (including attorney-client privileged
communications), memos and other materials prepared by attorneys or under their
direction (including attorney work product), and other technical, financial,
employee or business information or data.

      "Insurance Policies" means insurance policies pursuant to which a Person
makes a true risk transfer to an insurer.

      "Insurance Proceeds" means those monies: (a) received by an insured from
an insurance carrier; or (b) paid by an insurance carrier on behalf of the
insured; or (c) from Insurance Policies.

      "Insurance Transition Period" shall mean the period beginning on the IPO
Date and ending on the Distribution Date.

      "Inter-Company Agreements" shall mean the IP License, the Share Exchange
Agreement, the Tax Separation Agreement and the Shared Services Agreement.

      "IP License" shall have the meaning set forth in Section 2.1(c) of this
Agreement.

      "IPO" shall have the meaning set forth in the preamble of this Agreement.

                                       50
<PAGE>

      "IPO Date" shall have the meaning set forth Section 2.1(c) of this
Agreement.

      "IPO Conditions" shall have the meaning set forth in Section 2.1(c) of
this Agreement.

      "IPO Liabilities" means any Liabilities relating to, arising out of or
resulting from any untrue statement or alleged untrue statement of a material
fact or omission or alleged omission to state a material fact required to be
stated therein or necessary to make the statements therein not misleading, with
respect to all information contained in the IPO Registration Statement or any
preliminary, final or supplemental prospectus forming a part of the IPO
Registration Statement.

      "IPO Registration Statement" shall have the meaning set forth in the
preamble of this Agreement.

      "Lease" has the meaning set forth in Section 3.10(a) of this Agreement. .

      "Liabilities" means all debts, liabilities, guarantees, assurances,
commitments and obligations, whether fixed, contingent or absolute, asserted or
unasserted, matured or unmatured, liquidated or unliquidated, accrued or not
accrued, known or unknown, due or to become due, whenever or however arising
(including, without limitation, whether arising out of any Contract or tort
based on negligence or strict liability) and whether or not the same would be
required by generally accepted principles and accounting policies to be
reflected in financial statements or disclosed in the notes thereto.

      "Loss and Losses" mean any and all damages, losses, deficiencies,
Liabilities, obligations, penalties, judgments, settlements, claims, payments,
fines, interest, costs and expenses (including, without limitation, the costs
and expenses of any and all Actions and demands, assessments, judgments,
settlements and compromises relating thereto and the costs and expenses of
attorneys', accountants', consultants' and other professionals' fees and
expenses incurred in the investigation or defense thereof or the enforcement of
rights hereunder), including direct and consequential damages, but excluding
punitive damages (other than punitive damages awarded to any third party against
an indemnified party).

      "Maximum Number" when used in connection with an Underwritten Offering,
shall mean the maximum number of shares of DSW Capital Stock (or amount of other
Registrable Securities) that the Underwriters' Representative has informed DSW
may be included as part of such offering without materially and adversely
affecting the success or pricing of such offering.

      "Northland" has the meaning set forth in Section 3.10(a) of this
Agreement.

      "Northland Accounting" has the meaning set forth in Section 3.10(a) of
this Agreement.

      "NYSE" shall have the meaning set forth in Section 2.1(c) of this
Agreement.

                                       51
<PAGE>

      "Other Holders" shall have the meaning set forth in Section 4.2(c) of this
Agreement.

      "Other Securities" shall have the meaning set forth in Section 4.2(a) of
this Agreement.

      "Party" or "Parties" shall have the meaning set forth in the preamble of
this Agreement.

      "Person" means an individual, a partnership, a corporation, a limited
liability company, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization or a governmental entity or any
department, agency or political subdivision thereof.

      "Pre-Distribution Period" shall have the meaning set forth in Section
3.3(c) of this Agreement.

      "Privileges" shall have the meaning set forth in Section 3.6(a) of this
Agreement.

      "Privileged Information" shall have the meaning set forth in Section
3.6(a) of this Agreement.

      "Registrable Securities" means (i) the Class B common shares held by
Retail Ventures immediately following the IPO Date (the "Shares"), (ii) any
other securities issued or distributed to Retail Ventures in respect of the
Class B common shares by way of stock dividend or stock split or in connection
with a combination of shares, recapitalization, reorganization, merger,
consolidation or otherwise, (iii) any Class A Common Shares or other securities
received by Retail Ventures into which or for which Class B common shares are
converted or exchanged or are convertible or exchangeable, (iv) any other Class
B common shares acquired by Retail Ventures prior to the Distribution Date, and
(v) any other successor securities received by Retail Ventures in respect of any
of the forgoing (i) through (iv); PROVIDED that in the event that any
Registrable Securities (as defined without giving effect to this proviso) are
being registered pursuant hereto, the Holder may include in such registration
(subject to the limitations of this Agreement otherwise applicable to the
inclusion of Registrable Securities) any Class B common or securities acquired
in respect thereof thereafter acquired by such Holder, which shall also be
deemed to be "Shares" and accordingly Registrable Securities, for purposes of
such registration. As to any particular Registrable Securities, such Registrable
Securities shall cease to be Registrable Securities when (w) a registration
statement with respect to the sale by Retail Ventures shall have been declared
effective under the Securities Act and such Shares shall have been disposed of
in accordance with such registration statement, (x) they shall have been
distributed to the public in accordance with Rule 144, (y) they shall have been
otherwise transferred by Retail Ventures to an entity or Person that is not an
Affiliated Company of Retail Ventures, new certificates for them not bearing a
legend restricting further transfer shall have been delivered by DSW and
subsequent disposition of them shall not require

                                       52
<PAGE>

registration or qualification of them under the Securities Act or any state
securities or blue sky law then in effect or (z) they shall have ceased to be
outstanding.

      "Registration Expenses" means any and all out-of-pocket expenses incident
to performance of or compliance with ARTICLE IV of this Agreement, including,
without limitation, (i) all Commission registration and filing fees, (ii) all
fees and expenses of complying with securities or blue sky laws (including fees
and disbursements of counsel for any underwriters in connection with blue sky
qualifications of the Registrable Securities) or relating to the National
Association of Securities Dealers, Inc., (iii) all printing, messenger and
delivery expenses, (iv) all fees and expenses incurred in connection with
listing (or authorizing for quotation) the Registrable Securities on a
securities exchange or automated inter-dealer Quotation System pursuant to the
requirements hereof, (v) the fees and disbursements of counsel for DSW and of
its independent public accountants, (vi) all expenses in connection with the
preparation, printing and filing of the registration statement, any preliminary
prospectus or final prospectus and amendments and supplements thereto and the
mailing and delivering of copies thereof to any Holders, underwriters and
dealers and all expenses incidental to delivery of the Registrable Securities,
(vii) the reasonable fees and disbursements of one firm of counsel, other than
DSW's counsel, selected by the Holders of Registrable Securities being
registered, (viii) any fees and disbursements of underwriters customarily paid
by the issuers or sellers of securities, and the reasonable fees and expenses of
any special experts retained in connection with the requested registration, but
excluding underwriting discounts and commissions and transfer taxes, if any, and
(ix) the expenses incurred in connection with making "road show" presentations
and holding meetings with potential investors to facilitate the distribution and
sale of Registrable Securities.

      "Request" shall have the meaning set forth in Section 4.1(a) of this
Agreement.

      "Retail Ventures" shall have the meaning set forth in the preamble to this
Agreement.

      "Retail Ventures' Auditors" shall have the meaning set forth in Section
3.4(b) of this Agreement.

      "Retail Ventures Business" means any business of Retail Ventures other
than the DSW Business.

      "Retail Ventures Group" means the affiliated group (within the meaning of
Section 1504(a) of the Code), or similar group of entities as defined under
corresponding provisions of the laws of other jurisdictions, of which Retail
Ventures is the common parent corporation, and any corporation or other entity
which may be, may have been or may become a member of such group from time to
time, but excluding any member of the DSW Group.

      "Retail Ventures Indemnitees" means Retail Ventures, each member of the
Retail Ventures Group and each of their respective directors, officers and
employees.

                                       53
<PAGE>

      "Retail Ventures Portions" means all information set forth in, or
incorporated by reference into, the IPO Registration Statement, to the extent
such information relates exclusively to (a) Retail Ventures and the Retail
Ventures Group and (b) the Retail Ventures Business.

      "Retail Ventures Securities" shall have the meaning set forth in Section
4.2(b) of this Agreement.

      "Rule 144" means Rule 144 (or any successor rule to similar effect)
promulgated under the Securities Act.

      "Rule 415 Offering" means an offering on a delayed or continuous basis
pursuant to Rule 415 (or any successor rule to similar effect) promulgated under
the Securities Act.

      "Securities Act" means the Securities Act of 1933, as amended.

      "Selling Holder" shall have the meaning set forth in Section 4.6(e) of
this Agreement.

      "Shared Services Agreement" shall have the meaning set forth in Section
2.1(c) of this Agreement.

      "Share Exchange Agreement" shall have the meaning set forth in Section
2.1(c) of this Agreement.

      "Shares" shall have the meaning set forth in the definition of Registrable
Securities.

      "SSC" shall have the meaning set forth in Section 2.1(c) of this
Agreement.

      "Subsidiary" of any Person means a corporation or other organization
whether incorporated or unincorporated of which at least a majority of the
securities or interests having by the terms thereof ordinary voting power to
elect at least a majority of the board of directors or others performing similar
functions with respect to such corporation or other organization is directly or
indirectly owned or controlled by such Person or by any one or more of its
Subsidiaries, or by such Person and one or more of its Subsidiaries; PROVIDED,
HOWEVER, that no Person that is not directly or indirectly wholly-owned by any
other Person shall be a Subsidiary of such other Person unless such other Person
controls, or has the right, power or ability to control, that Person.

      "Sublease" has the meaning set forth in Section 3.10(a) of this Agreement.

      "Tax and Taxes" have the meaning set forth in the Tax Separation
Agreement.

      "Tax Separation Agreement" shall have the meaning set forth in Section
2.1(c) of this Agreement.

                                       54
<PAGE>

      "Term Loan Warrants" shall have the meaning set forth in Section 2.1(c) of
this Agreement.

      "Third Party Claim" has the meaning set forth in Section 5.1(a) of this
Agreement.

      "Underwritten Offering" shall mean a registration in which securities of
DSW are sold to one or more underwriters for reoffering to the public.

      "Underwriters" shall have the meaning set forth in Section 2.1(a) of this
Agreement.

      "Underwriting Agreement" shall have the meaning set forth in Section
2.1(a) of this Agreement.

      "Underwriters' Representative" when used in connection with an
Underwritten Offering, shall mean the managing underwriter of such offering, or,
in the case of a co-managed underwriting, the managing underwriters designated
as the Underwriters' Representative by the co-managers.

      "Warrants" shall have the meaning set forth in Section 2.1(c) of this
Agreement.

                                       55
<PAGE>

      WHEREFORE, the Parties have signed this Master Separation Agreement
effective as of the date first set forth above.

                                       RETAIL VENTURES, INC.

                                       _________________________________
                                       Name:
                                       Title:

                                       DSW, INC.

                                       _________________________________
                                       Name:
                                       Title:

                                       56
<PAGE>

                                    EXHIBIT A
                                   IP LICENSE

<PAGE>

                                 SCHEDULE 1.1(c)

              CERTAIN OFFICERS AND/OR DIRECTORS OF RETAIL VENTURES

<PAGE>

                                 SCHEDULE 1.2(b)

                    CERTAIN OFFICERS AND/OR DIRECTORS OF DSW

<PAGE>

                                 SCHEDULE 2.3(g)

1.    DSW Inc. (formerly known as Shonac Corporation) and DSW Shoe Warehouse,
      Inc. are parties to a Guaranty in favor of GMAC Commercial Credit LLC,
      dated November 26, 2004.

2.    DSW Inc. (formerly known as Shonac Corporation) and DSW Shoe Warehouse,
      Inc. are parties to a Guaranty in favor of Capital Factors, Inc., dated
      November 26, 2004.

3.    DSW Inc. (formerly known as Shonac Corporation) and DSW Shoe Warehouse,
      Inc. are parties to a Guaranty in favor of The CIT Group/Commercial
      Services, Inc., dated November 26, 2004.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.26
<SEQUENCE>21
<FILENAME>x06593a4exv10w26.txt
<DESCRIPTION>EX-10.26: FORM OF SHARED SERVICES AGREEMENT
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.26

                            SHARED SERVICES AGREEMENT

                          DATED AS OF JANUARY 30, 2005

                                     BETWEEN

                                    DSW INC.

                                       AND

                              RETAIL VENTURES, INC.

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                  PAGE
<S>                                                                               <C>
                                    ARTICLE I
                                   DEFINITIONS

SECTION 1.01.    Definitions....................................................    2
SECTION 1.02.    Internal References............................................    5

                                   ARTICLE II
                          PURCHASE AND SALE OF SERVICES

SECTION 2.01.    Purchase and Sale of Retail Venture Services...................    5
SECTION 2.02.    Purchase and Sale of DSW Services..............................    6
SECTION 2.03.    Additional Services............................................    6

                                   ARTICLE III
                          SERVICE COSTS; OTHER CHARGES

SECTION 3.01.    Service Costs Generally........................................    7
SECTION 3.02.    Customary Billing..............................................    7
SECTION 3.03.    Pass-Through Billing...........................................    7
SECTION 3.04.    Percent of Sales Billing.......................................    8
SECTION 3.05.    Benefit Billing................................................    8
SECTION 3.06.    Invoicing and Settlement of Costs..............................    8

                                   ARTICLE IV
                   STANDARD OR PERFORMANCE AND INDEMNIFICATION

SECTION 4.01.    General Standard of Service....................................    9
SECTION 4.02.    Delegation.....................................................    9
SECTION 4.03.    Limitation of Liability........................................   10
SECTION 4.04.    Indemnification Related to Retail Ventures Services............   12
SECTION 4.05.    Indemnification Related to DSW Services........................   12

                                    ARTICLE V
                              TERM AND TERMINATION

SECTION 5.01.    Term...........................................................   13
SECTION 5.02.    Termination....................................................   13
SECTION 5.03.    Effect of Termination..........................................   14
</TABLE>

                                        i
<PAGE>

<TABLE>
<S>                                                                                <C>
                                   ARTICLE VI
                                INSURANCE MATTERS

SECTION 6.01.    DSW Insurance Coverage During Transition Period................   14
SECTION 6.02.    Cooperation; Payment of Insurance Proceeds to DSW; Agreement
                     not to Release Carriers....................................   15
SECTION 6.03.    DSW Insurance Coverage After the Insurance Transition Period...   15
SECTION 6.04.    Deductibles and Self-Insured Obligations.......................   16
SECTION 6.05.    Procedures with Respect to Insured DSW Liabilities.............   16
SECTION 6.06.    Insufficient Limits of Liability for Retail Ventures
                     Liabilities and DSW Liabilities............................   16
SECTION 6.07.    Cooperation....................................................   17
SECTION 6.08.    No Assignment or Waiver........................................   17
SECTION 6.09.    No Liability...................................................   17
SECTION 6.10.    Additional or Alternate Insurance..............................   17
SECTION 6.11.    Forebearance and Prior Insurance Coverage......................   17
SECTION 6.12.    Further Agreements.............................................   18

                                   ARTICLE VII
                              ADDITIONAL AGREEMENTS

SECTION 7.01.    Annual Budget..................................................   18
SECTION 7.02.    Employment Matters.............................................   18
SECTION 7.03.    Shared Expenses Agreement......................................   18

                                  ARTICLE VIII
                                  MISCELLANEOUS

SECTION 8.01.    Prior Agreements...............................................   19
SECTION 8.02.    Other Agreements...............................................   19
SECTION 8.03.    Future Litigation and Other Proceedings........................   19
SECTION 8.04.    No Agency......................................................   19
SECTION 8.05.    Subcontractors.................................................   19
SECTION 8.06.    Force Majeure..................................................   20
SECTION 8.07.    Entire Agreement...............................................   20
SECTION 8.08.    Information....................................................   20
SECTION 8.09.    Notices........................................................   21
SECTION 8.10.    Governing Law..................................................   21
SECTION 8.11.    Severability...................................................   21
SECTION 8.12.    Amendment......................................................   21
SECTION 8.13.    Counterparts...................................................   22
SECTION 8.14.    Authority......................................................   22
</TABLE>

                                       ii
<PAGE>

                                    SCHEDULES

SCHEDULE I:      Services To Be Provided By Retail Ventures, Inc.
SCHEDULE II:     Services To Be Provided By DSW Inc.
SCHEDULE III:    Insurance Policies Maintained by Retail Ventures, Inc.

                                       iii

<PAGE>

                            SHARED SERVICES AGREEMENT

      This Shared Services Agreement is entered into to be effective as of
January 30, 2005 by and between DSW Inc., an Ohio corporation ("DSW"), and
Retail Ventures, Inc. an Ohio corporation ("Retail Ventures"). DSW and Retail
Ventures are sometimes being referred to herein separately as a "Party" and
together as the "Parties". Capitalized terms used herein and not otherwise
defined shall have the meanings ascribed to them in Article I hereof.

                                    RECITALS

      WHEREAS, Retail Ventures beneficially owns 100% of the issued and
outstanding common shares of DSW;

      WHEREAS, the Parties currently contemplate that the Articles of
Incorporation of DSW will be amended to authorize 170,000,000 Class A common
shares, without par value (the "Class A common shares") and _100,000,000 Class B
common shares, without par value (the "Class B common shares"), and to change
the currently outstanding DSW common share into 27,702,667 Class B common
shares, all of which Class B common shares will be beneficially-owned by Retail
Ventures;

      WHEREAS, the Parties currently contemplate that DSW will make an initial
public offering (the "Offering") of an amount of Class A common shares pursuant
to a registration statement on Form S-1 under the Securities Act of 1933, as
amended (the "Registration Statement");

      WHEREAS, immediately following consummation of the Offering, Retail
Ventures will own Class B common shares evidencing at least 80.1% of the
combined voting power of the holders of the Class A common shares and the Class
B common shares with respect to all shareholder matters;

      WHEREAS, Retail Ventures directly or indirectly provides certain
administrative, financial, management and other services to the DSW Entities (as
defined below), and DSW directly or indirectly provides certain administrative,
management and other services to the Retail Ventures Entities (as defined
below);

      WHEREAS, following consummation of the Offering, Retail Ventures desires
to continue to provide certain administrative, financial, management and other
services to the DSW Entities, and DSW desires to continue to provide certain
administrative, management and other services to the Retail Ventures Entities,
as more fully set forth in this Agreement; and

      WHEREAS, each Party desires to set forth in this Agreement the principal
terms and conditions pursuant to which certain services will be provided by it
to, and certain services will be provided to it by, the other Party;

                                       1
<PAGE>

      NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties hereto, for themselves and their respective successors
and assigns, hereby covenant and agree as follows:

                              ARTICLE I DEFINITIONS

      SECTION 1.01. Definitions. (a) As used in this Agreement, the following
terms shall have the following meanings, applicable both to the singular and the
plural forms of the terms described:

      "Agreement" means this Shared Services Agreement, together with the
schedules and exhibits hereto, as the same may be amended and supplemented from
time to time in accordance with the provisions hereof.

      "Business Day" means a day other than a Saturday, Sunday or other day on
which commercial banks in New York, New York or Columbus, Ohio are authorized or
required by law to close.

      "Contract" means any contract, agreement, lease, license, sales order,
purchase order, instrument or other commitment that is binding on any Person or
any part of such Person's property under applicable law.

      "Department" means a business section or division of a Party.

      "Distribution Date" means the date on which Retail Ventures is no longer
required to consolidate DSW's results of operations and financial condition
(determined in accordance with generally accepted accounting principles
consistently applied) with Retail Ventures' results of operations and financial
condition.

      "DSW Business" means the specialty branded footwear retail business
engaged in by DSW, as more completely described in the Registration Statement,
and any businesses added under the control of DSW.

      "DSW Entities" means DSW Inc. and its Subsidiaries, and "DSW Entity" means
any one of the DSW Entities.

      "DSW Liabilities" has the meaning set forth in the Master Separation
Agreement.

      "DSW Services" means the various services to be provided by DSW on behalf
of the Retail Ventures Entities as described in this Agreement and/or in
Schedule II.

      "Exchange Agreement" means an agreement between the parties relating to
the exchange of Class A common shares for Class B common shares.

      "Insurance Policies" means insurance policies pursuant to which a Person
makes a true risk transfer to an insurer.

                                       2
<PAGE>

      "Insurance Proceeds" means those monies: (a) received by an insured from
an insurance carrier; or (b) paid by an insurance carrier on behalf of the
insured; or (c) from Insurance Policies.

      "Insured DSW Liability" means any DSW Liability to the extent that (i) it
is covered under the terms of Retail Ventures' Insurance Policies in effect
prior to the end of the Insurance Transition Period, and (ii) DSW is not a named
insured under, or otherwise entitled to the benefits of, such Insurance
Policies.

      "Liabilities" means all debts, liabilities, guarantees, assurances,
commitments and obligations, whether fixed, contingent or absolute, asserted or
unasserted, matured or unmatured, liquidated or unliquidated, accrued or not
accrued, known or unknown, due or to become due, whenever or however arising
(including, without limitation, whether arising out of any Contract or tort
based on negligence or strict liability) and whether or not the same would be
required by generally accepted principles and accounting policies to be
reflected in financial statements or disclosed in the notes thereto.

      "Master Separation Agreement" means an agreement to be entered into by the
Parties in connection with the Offering to set forth the principal arrangements
between them regarding the separation of the DSW business from Retail Ventures.

      "Offering Date" means 12:01 a.m., New York City Time, on the date on which
the Offering is consummated.

      "Person" means any individual, partnership, limited liability company,
joint venture, corporation, trust, unincorporated organization, government
(including any department or agency thereof) or other entity.

      "Retail Ventures Entities" means Retail Ventures and its Subsidiaries
(other than the DSW Entities), and "Retail Venture Entity" means any one of the
Retail Venture Entities currently in place on the effective date of the
Registration Statement and any businesses added under the control of Retail
Ventures.

      "Retail Ventures Services" means the various services to be provided by
Retail Ventures on behalf of the DSW Entities as described in this Agreement, in
Schedule I and/or in Schedule III.

      "RVSI" means Retail Ventures Services, Inc., an Ohio corporation and
wholly-owned subsidiary of Retail Ventures.

      "Schedule I" means the first Schedule attached hereto which lists Services
to be provided by Retail Ventures on behalf of or for DSW Entities and sets
forth the related Retail Ventures Service Costs and/or billing methodology.

                                       3
<PAGE>

      "Schedule II" means the second Schedule attached hereto which lists
Services to be provided by DSW on behalf of or for Retail Ventures Entities and
sets forth the related DSW Service Costs and/or billing methodology.

      "Schedule III" means the third Schedule attached hereto which lists the
Insurance Policies to be maintained by Retail Ventures on behalf of or for the
DSW Entities and premium expenses and/or the methodology for calculating the
premium expenses to be paid by DSW for insurance coverage under such Insurance
Policies.

      "Schedules" means any one or more of the schedules referred to in and
attached to this Agreement.

      "Services" means the DSW Services and/or the Retail Ventures Services, as
the context may require.

      "Subsidiary" means, as to any Person, any corporation, association,
partnership, joint venture or other business entity of which more than 50% of
the voting capital stock or other voting ownership interests is owned or
controlled directly or indirectly by such Person or by one or more of the
Subsidiaries of such Person or by a combination thereof.

      "Tax Separation Agreement" means the Tax Separation Agreement attached as
Exhibit A to the Master Separation Agreement.

      (b) Each of the following terms is defined in the Section set forth
opposite such term:

<TABLE>
<CAPTION>
TERM                                                            SECTION
----                                                            -------
<S>                                                             <C>
Annual Budget                                                   7.01
Actions                                                         4.04(a)
Applicable Insurance                                            6.11(a)
Benefit Billing                                                 3.01
Benefits Services                                               3.05(b)
Billing Party                                                   3.02
Class A common shares                                           Preamble
Class B common shares                                           Preamble
Coverage Amount                                                 6.06(a)(i)
Customary Billing                                               3.01
DSW Covered Parties                                             6.01(a)
DSW Inc.                                                        Preamble
DSW Indemnified Person                                          4.04(b)
DSW Service Costs                                               3.01
Employee Welfare Plans                                          4.02
Force Majeure                                                   8.06(a)
Initial Term                                                    5.01
Insurance Transition Period                                     6.01(a)
Net Sales Ratio                                                 3.04
</TABLE>

                                       4
<PAGE>

<TABLE>
<S>                                                             <C>
Offering                                                        Preamble
Overallocated Party                                             6.06(a)(iii)
Parties                                                         Preamble
Party                                                           Preamble
Pass-Through Billing                                            3.01
Payment Date                                                    3.06(b)
Percent of Sales Billing                                        3.01
Prior Agreements                                                8.01
Receiving Party                                                 3.02
Registration Statement                                          Preamble
Retail Ventures                                                 Preamble
Retail Ventures Indemnified Person                              4.03(a)
Retail Ventures Insurance Policies                              6.01(a)
Retail Ventures Plans                                           3.05(a)
Retail Ventures Service Costs                                   3.01
Service Costs                                                   3.06(a)
Shared Expenses Agreement                                       7.03
Terminated Party                                                5.03(a)
Terminating Party                                               5.03(a)
Underallocated Party                                            6.06(a)(iii)
</TABLE>

      SECTION 1.02. Internal References. Unless the context indicates otherwise,
references to Articles, Sections and paragraphs shall refer to the corresponding
articles, sections and paragraphs in this Agreement and references to the
parties shall mean the parties to this Agreement.

                                   ARTICLE II
                          PURCHASE AND SALE OF SERVICES

      SECTION 2.01. Purchase and Sale of Retail Ventures Services.

      (a) Subject to the terms and conditions of this Agreement and in
consideration of the Retail Ventures Service Costs described below, Retail
Ventures agrees to provide to the applicable DSW Entities, or to procure the
provision to such entities, and DSW agrees to purchase from Retail Ventures, the
Retail Ventures Services. Unless otherwise specifically agreed by Retail
Ventures and DSW, the Retail Ventures Services shall be substantially similar in
scope, quality, and nature to those customarily provided to, or procured on
behalf of, the DSW Entities by Retail Ventures and/or its Subsidiaries prior to
the Offering Date.

      (b) The Parties acknowledge and agree that (i) the Retail Ventures
Services to be provided by the applicable Retail Ventures Entities under this
Agreement shall, at DSW 's request, be provided directly to Subsidiaries of DSW
and (ii) Retail Ventures may satisfy its obligation to provide or to procure the
Retail Ventures Services hereunder by causing one or more of its Subsidiaries,
including, but not limited to, RVSI, to provide or to procure such services.
With respect to the Retail Ventures Services provided to, or procured on behalf
of, any

                                       5
<PAGE>

Subsidiary of DSW, DSW agrees to pay on behalf of such Subsidiary all amounts
payable by or in respect of such services pursuant to this Agreement.

      Section 2.02. Purchase and Sale of DSW Services

      (a) Subject to the terms and conditions of this Agreement and in
consideration of the DSW Service Costs described below, DSW agrees to provide to
the applicable Retail Ventures Entities, or to procure the provision to such
entities of, and Retail Ventures agrees to purchase from DSW, the DSW Services.
Unless otherwise specifically agreed by Retail Ventures and DSW, the DSW
Services shall be substantially similar in scope, quality, and nature to those
customarily provided to, or procured on behalf of, the Retail Ventures Entities
by DSW and/or its Subsidiaries (and/or the Retail Ventures Departments providing
the Services which are now a part of DSW) prior to the Offering Date.

      (b) The Parties acknowledge and agree that (i) the DSW Services to be
provided by the applicable DSW Entities on behalf of Retail Ventures under this
Agreement shall, at Retail Ventures' request, be provided directly to
Subsidiaries of Retail Ventures and (ii) DSW may satisfy its obligation to
provide or to procure the DSW Services hereunder by causing one or more of its
Subsidiaries to provide or to procure such services. With respect to the DSW
Services provided to, or procured on behalf of, any Subsidiary of Retail
Ventures, Retail Ventures agrees to pay on behalf of such Subsidiary all amounts
payable by or in respect of such services pursuant to this Agreement.

      SECTION 2.03 Additional Services.

      (a) In addition to the Retail Ventures Services to be provided or procured
by Retail Ventures in accordance with Section 2.01, if requested by DSW, and to
the extent that Retail Ventures and DSW may mutually agree, Retail Ventures
shall provide additional services (including services not provided by Retail
Ventures to the DSW Entities prior to the Offering Date) to DSW. The scope of
any such services, as well as the costs and other terms and conditions
applicable to such services, shall be as mutually agreed by Retail Ventures and
DSW.

      (b) In addition to the DSW Services to be provided or procured by DSW in
accordance with Section 2.02, if requested by Retail Ventures, and to the extent
that Retail Ventures and DSW may mutually agree, DSW shall provide additional
services (including services not provided by DSW to the Retail Ventures Entities
prior to the Offering Date) to Retail Ventures. The scope of any such services,
as well as the costs and other terms and conditions applicable to such services,
shall be as mutually agreed by Retail Ventures and DSW.

                                       6
<PAGE>

                                   ARTICLE III
                          SERVICE COSTS; OTHER CHARGES

      SECTION 3.01. Service Costs Generally. The Schedules hereto indicate, with
respect to the DSW Services and the Retail Ventures Services, respectively,
listed therein, whether the costs to be charged for Services are to be
determined by (i) the customary billing method described in Section 3.02
("Customary Billing"), (ii) the pass-through billing method described in Section
3.03 ("Pass-Through Billing"), (iii) the percentage of DSW's net sales method
described in Section 3.04 ("Percent of Sales Billing"), (iv) a calculation of
certain costs related to employee benefit plans and benefit arrangements
described in Section 3.05 ("Benefit Billing"), or (v) another specified method.
Unless otherwise indicated on the Schedules, the Customary Billing method will
apply. The costs to be paid by DSW to Retail Ventures for Retail Venture
Services are collectively referred to herein as the "Retail Ventures Service
Costs". DSW agrees to pay to Retail Ventures in the manner set forth in Section
3.06 an amount equal to the Retail Ventures Service Costs applicable to each of
the Retail Ventures Services provided or procured by Retail Ventures. The costs
to be paid by Retail Ventures to DSW for the DSW Services are collectively
referred to herein as the "DSW Service Costs". Retail Ventures agrees to pay to
DSW in the manner set forth in Section 3.06 an amount equal to the DSW Service
Costs applicable to each of the DSW Services provided or procured by DSW.

      SECTION 3.02. Customary Billing. The costs of Services as to which the
Customary Billing method applies shall be equal to the costs customarily charged
and/or allocated by one Party and/or one or more of its Subsidiaries or
Departments (the "Billing Party") to the other Party and/or one or more of its
Subsidiaries or Departments (the "Receiving Party") immediately prior to the
Offering Date (it being understood that from and after the Offering Date such
costs may be increased by the Billing Party in a manner consistent with the
manner in which such costs were increased from time to time prior to the
Offering Date, and consistent with the semi-annual reconciliation described in
Section 7.01).

      SECTION 3.03. Pass-Through Billing. The costs of Services as to which the
Pass-Through Billing method applies shall be equal to the aggregate amount of
third-party, out-of-pocket costs and expenses incurred by a Billing Party on
behalf of a Receiving Party (which costs shall include but not be limited to the
costs incurred in connection with obtaining the consent of any party to a
contract or agreement to which any Billing Party is a party where such consent
is related to and reasonably required for the provision of any Service). It is
intended that Services provided by third parties will be billed directly to the
Receiving Party by the third party; however, if a Billing Party incurs any such
costs or expenses on behalf of any Receiving Party as well as businesses
operated by the Billing Party, the Billing Party shall allocate any such costs
or expenses in good faith between the various businesses on behalf of which such
costs or expenses were incurred as set forth on any Schedule hereto or, if not
set forth on a Schedule, then as the Billing Party shall determine in the
exercise of the Billing Party's reasonable judgment. The Billing Party shall
apply usual and accepted accounting conventions in making such allocations, and
the Billing Party or its agents shall keep and maintain such books and records
as may be reasonably necessary to make such allocations. The Billing Party shall
make copies of such books and records available to the Receiving Party upon
request and with reasonable notice.

                                       7
<PAGE>

      SECTION 3.04. Percent of Sales Billing. Retail Ventures Services for which
the billing methodology is the Percent of Sales Billing method shall not be
billed individually. Instead, Retail Ventures shall provide all such services
for an aggregate annual cost equal to the amount obtained by multiplying (x)
Retail Ventures' projected budget for all services which are the same or similar
to the applicable Retail Ventures Service which are to be provided to all Retail
Ventures Entities and DSW Entities for the relevant year, by (y) the projected
net sales for the year of the DSW Entities divided by the aggregate projected
net sales of all Retail Ventures Entities and DSW Entities (the "Net Sales
Ratio"). At the end of the applicable fiscal year, actual expenses versus
budgeted expenses for the relevant Retail Venture Service shall be compared and
any overage or shortfall shall be allocated based upon the Net Sales Ratio.
Retail Ventures' budget for Retail Venture Services to be provided to DSW as
contemplated by this Section 3.04 shall be determined on a basis consistent with
the manner in which Retail Ventures determines the similar budgets for the
Retail Venture Entities.

      SECTION 3.05. Benefit Billing.

      (a) Prior to the Offering Date, certain associates of DSW participated in
certain benefit plans sponsored by Retail Ventures ("Retail Ventures Plans"). On
and after the Offering Date, DSW associates shall continue to be eligible to
participate in the Retail Ventures Plans, subject to the terms of the governing
plan documents as interpreted by the appropriate plan fiduciaries. On and after
the Offering Date, subject to regulatory requirements and the provisions of
Section 4.01 hereof, Retail Ventures shall continue to provide Benefit Services
(as hereafter defined) to and in respect of DSW associates with reference to
Retail Ventures Plans as administered by Retail Ventures prior to the Offering
Date.

      (b) The costs payable by DSW for Retail Ventures Services relating to the
administration of employee plans and benefit arrangements, which are included in
Human Resources in Schedule I ("Benefit Services"), shall be determined and
billed as set forth in Schedule I. The Parties acknowledge and agree that some
of the costs associated with certain Retail Ventures Plans will be paid
principally through DSW employee payroll deductions for such plans as specified
in Schedule I. The Parties intend that the Retail Ventures Service Costs
relating to the performance of Benefit Services shall not exceed reasonable
compensation for such services as defined under applicable law.

      (c) Each Party may request changes in the applicable terms of or Retail
Ventures Services relating to the Retail Ventures Plans, approval of which shall
not be unreasonably withheld; provided, however, that changes in the terms and
provisions of any of the Retail Ventures Plans shall be in the sole discretion
of Retail Ventures. The Parties agree to cooperate fully with each other in the
administration and coordination of regulatory and administrative requirements
associated with Retail Ventures Plans.

      SECTION 3.06. Invoicing and Settlement of Costs.

      (a) Except as otherwise provided in a Schedule to this Agreement or to the
extent that Retail Ventures and DSW may mutually agree, each Billing Party shall
invoice or notify the

                                       8
<PAGE>

Chief Executive Officer or Chief Financial Officer of the Receiving Party on a
monthly basis (not later than the tenth day of each month), in a manner
substantially similar to and consistent with the billing practices used in
connection with services provided by Retail Ventures to the DSW Entities prior
to the Offering Date (except as otherwise agreed), of the Service Costs related
to services performed or procured by the Billing Party during the prior calendar
month. As used herein, "Service Costs" means the Retail Ventures Service Costs,
if Retail Ventures is the Billing Party, and the DSW Service Costs, if DSW is
the Billing Party. In connection with the invoicing described in this Section
3.06(a), the Billing Party shall provide to the Receiving Party the same billing
data and level of detail as customarily or similar to that provided to the
Receiving Party prior to the Offering Date and such other related data as may be
reasonably requested by the Receiving Party.

      (b) The Receiving Party agrees to pay to the Billing Party, on or before
the 30th day after the date on which the Billing Party delivers to the Receiving
Party an invoice or notice of Service Costs (or the next Business Day, if such
30th day is not a Business Day) (each, a "Payment Date"), by wire transfer of
immediately available funds payable to the order of the Billing Party, all
amounts so invoiced or noticed by the Billing Party pursuant to Section 3.06(a).
If the Receiving Party fails to pay any monthly payment within 30 days of the
relevant Payment Date, the Receiving Party shall be obligated to pay, in
addition to the amount due on such Payment Date, interest on such amount at the
prime, or best, rate announced by National City Bank, compounded monthly from
the relevant Payment Date through the date of payment. Payment can be made via
check, ACH or wire and, except as set forth in Section 3.15(c) of the Master
Separation Agreement, offsetting is not permitted.

                                   ARTICLE IV
                   STANDARD OF PERFORMANCE AND INDEMNIFICATION

      SECTION 4.01. General Standard of Service. Except as otherwise agreed to
in writing by the Parties or as described in this Agreement, and provided that a
Party is not restricted by contract with third parties or by applicable law, the
Parties agree that the nature, quality, and standard of care applicable to the
delivery of the Services hereunder shall be substantially the same as or
consistent with that applicable to the similar services provided by a Party to
the other Party prior to the Offering Date. Retail Ventures shall use its
reasonable efforts to ensure that the nature and quality of Services provided to
DSW associates under Retail Ventures Plans, either by Retail Ventures directly
or through administrators under contract, shall be undifferentiated as compared
with the same services provided to or on behalf of Retail Ventures associates
under Retail Ventures Plans.

      SECTION 4.02. Delegation. Subject to Section 4.01 above, DSW hereby
delegates to Retail Ventures final, binding, and exclusive authority,
responsibility, and discretion to interpret and construe the provisions of
employee welfare benefit plans in which associates of DSW Entities have elected
to participate and which are administered by Retail Ventures under this
Agreement (collectively, "Employee Welfare Plans"). Retail Ventures may further
delegate such authority to other parties to:

                  (i) provide administrative and other services;

                                       9
<PAGE>

                  (ii) reach factually supported conclusions consistent with the
      terms of the respective Employee Welfare Plans;

                  (iii) make a full and fair review of each claim denial and
      decision related to the provision of benefits provided or arranged for
      under the Employee Welfare Plans pursuant to the requirements of ERISA, if
      within 60 days after receipt of the notice of denial, a claimant requests
      in writing a review for reconsideration of such decisions (the party
      adjudicating the claim shall notify the claimant in writing of its
      decision on review and such notice shall satisfy all ERISA requirements
      relating thereto); and

                  (iv) notify the claimant in writing of its decision on review.

      SECTION 4.03. Limitation of Liability.

      (a) Retail Ventures Entities

            (i) DSW agrees that none of the Retail Ventures Entities and their
      respective directors, officers, agents, and employees (each, a "Retail
      Ventures Indemnified Person") shall have any liability, whether direct or
      indirect, in contract or tort or otherwise, to any DSW Entity or any other
      Person for or in connection with the Retail Ventures Services rendered or
      to be rendered by any Retail Ventures Indemnified Person pursuant to this
      Agreement, the transactions contemplated hereby or any Retail Ventures
      Indemnified Person's actions or inactions in connection with any Retail
      Ventures Services or such transactions, except for damages which have
      resulted from such Retail Ventures Indemnified Person's gross negligence
      or willful misconduct in connection with any Retail Ventures Services,
      actions or inactions.

            (ii) Notwithstanding the provisions of this Section 4.03(a), none of
      the Retail Venture Entities shall be liable for any special, indirect,
      incidental, or consequential damages of any kind whatsoever (including,
      without limitation, attorneys' fees) in any way due to, resulting from or
      arising in connection with any of the Retail Ventures Services or the
      performance of or failure to perform Retail Ventures' obligations under
      this Agreement. This disclaimer applies without limitation (1) to claims
      arising from the provision of the Retail Ventures Services or any failure
      or delay in connection therewith; (2) to claims for lost profits; (3)
      regardless of the form of action, whether in contract, tort (including
      negligence), strict liability, or otherwise; and (4) regardless of whether
      such damages are foreseeable or whether Retail Ventures has been advised
      of the possibility of such damages.

            (iii) None of the Retail Venture Entities shall have any liability
      to any DSW Entity or any other Person for failure to perform Retail
      Ventures' obligations under this Agreement or otherwise, where (1) such
      failure to perform is not caused by the gross negligence or willful
      misconduct of the Retail Venture Entity designated to perform such
      obligations and (2) such failure to perform similarly affects the Retail
      Venture Entities

                                       10
<PAGE>

      receiving the same or similar services and does not have a
      disproportionately adverse effect on the DSW Entities, taken as a whole.

            (iv) In addition to the foregoing, DSW agrees that, in all
      circumstances, it shall use commercially reasonable efforts to mitigate
      and otherwise minimize damages to the DSW Entities, individually and
      collectively, whether direct or indirect, due to, resulting from or
      arising in connection with any failure by Retail Ventures to comply fully
      with Retail Ventures' obligations under this Agreement.

      (b) DSW Entities

            (i) Retail Ventures agrees that none of the DSW Entities and their
      respective directors, officers, agents, and employees (each, a "DSW
      Indemnified Person") shall have any liability, whether direct or indirect,
      in contract or tort or otherwise, to any Retail Ventures Entity or any
      other Person for or in connection with the DSW Services rendered or to be
      rendered by any DSW Indemnified Person pursuant to this Agreement, the
      transactions contemplated hereby or any DSW Indemnified Person's actions
      or inactions in connection with any DSW Services or such transactions,
      except for damages which have resulted from such DSW Indemnified Person's
      gross negligence or willful misconduct in connection with any DSW
      Services, actions or inactions.

            (ii) Notwithstanding the provisions of this Section 4.03(b), none of
      the DSW Entities shall be liable for any special, indirect, incidental, or
      consequential damages of any kind whatsoever (including, without
      limitation, attorneys' fees) in any way due to, resulting from or arising
      in connection with any of the DSW Services or the performance of or
      failure to perform DSW's obligations under this Agreement. This disclaimer
      applies without limitation (1) to claims arising from the provision of the
      DSW Services or any failure or delay in connection therewith; (2) to
      claims for lost profits; (3) regardless of the form of action, whether in
      contract, tort (including negligence), strict liability, or otherwise; and
      (4) regardless of whether such damages are foreseeable or whether DSW has
      been advised of the possibility of such damages.

            (iii) None of the DSW Entities shall have any liability to any
      Retail Ventures Entity or any other Person for failure to perform DSW's
      obligations under this Agreement or otherwise, where (1) such failure to
      perform is not caused by the gross negligence or willful misconduct of the
      DSW Entity designated to perform such obligations and (2) such failure to
      perform similarly affects the DSW Entities receiving the same or similar
      services and does not have a disproportionately adverse effect on the
      Retail Ventures Entities, taken as a whole.

            (iv) In addition to the foregoing, Retail Ventures agrees that, in
      all circumstances, it shall use commercially reasonable efforts to
      mitigate and otherwise minimize damages to Retail Ventures Entities,
      individually and collectively, whether direct or indirect, due to,
      resulting from or arising in connection with any failure by DSW to comply
      fully with DSW's obligations under this Agreement.

                                       11
<PAGE>

      SECTION 4.04. Indemnification Related to Retail Ventures Services.

      (a) DSW agrees to indemnify and hold harmless each Retail Ventures
Indemnified Person from and against any damages related to, and to reimburse
each Retail Ventures Indemnified Person for all reasonable expenses (including,
without limitation, attorneys' fees) as they are incurred in connection with
investigating, preparing, pursuing, or defending, any claim, action, proceeding,
or investigation, whether or not in connection with pending or threatened
litigation and whether or not any DSW Indemnified Person or any Retail Ventures
Indemnified Person is a party (collectively, "Actions"), arising out of or in
connection with Retail Ventures Services rendered or to be rendered by any
Retail Ventures Indemnified Person pursuant to this Agreement, the transactions
contemplated hereby or any Retail Ventures Indemnified Person's actions or
inactions in connection with any such Retail Ventures Services or transactions;
provided that, DSW shall not be responsible for any damages incurred by any
Retail Ventures Indemnified Person that have resulted from such Retail Ventures
Indemnified Person's gross negligence or willful misconduct in connection with
any of the advice, actions, inactions, or Retail Ventures Services referred to
above (it being understood and agreed that the provision by any Retail Venture
Entity of any of the Retail Ventures Services contemplated by Schedule I hereof
without obtaining the consent of any party to any Contract or agreement to which
any Retail Ventures Entity is a party as of the date hereof shall not constitute
gross negligence or willful misconduct by any Retail Ventures Entity, provided
that, the relevant Retail Ventures Entity has used commercially reasonable
efforts to obtain such consent).

      (b) Except as set forth in Section 4.04(c), Retail Ventures agrees to
indemnify and hold harmless each DSW Indemnified Person from and against any
damages related to, and to reimburse each DSW Indemnified Person for all
reasonable expenses as they are incurred in connection with investigating,
preparing, or defending, any Action arising out of or related to the gross
negligence or willful misconduct of any Retail Ventures Indemnified Person in
connection with the Retail Ventures Services rendered or to be rendered pursuant
to this Agreement.

      (c) To the extent that any other Person has agreed to indemnify any Retail
Ventures Indemnified Person or to hold a Retail Ventures Indemnified Person
harmless and such Person provides services to Retail Ventures or any affiliate
of Retail Ventures relating directly or indirectly to any employee plan or
benefit arrangement for which Benefit Services are provided under this
Agreement, Retail Ventures will exercise reasonable efforts (x) to make such
agreement applicable to any DSW Indemnified Person so that each DSW Indemnified
Person is held harmless or indemnified to the same extend as any Retail Ventures
Indemnified Person and (y) to make available to each DSW Indemnified Person the
benefits of such agreement.

      SECTION 4.05. Indemnification Related to DSW Services.

      (a) Retail Ventures agrees to indemnify and hold harmless each DSW
Indemnified Person from and against any damages related to, and to reimburse
each DSW Indemnified Person for all reasonable expenses (including, without
limitation, attorneys' fees) as they are incurred in connection with
investigating, preparing, pursuing, or defending, any Action arising out of or
in connection with DSW Services rendered or to be rendered by any DSW
Indemnified Person pursuant to this Agreement, the transactions contemplated
hereby or any DSW Indemnified

                                       12
<PAGE>

Person's actions or inactions in connection with any such DSW Services or
transactions; provided that, Retail Ventures shall not be responsible for any
damages incurred by any DSW Indemnified Person that have resulted from such DSW
Indemnified Person's gross negligence or willful misconduct in connection with
any of the advice, actions, inactions, or DSW Services referred to above (it
being understood and agreed that the provision by any DSW Entity of any of the
DSW Services contemplated by Schedule II hereof without obtaining the consent of
any party to any Contract or agreement to which any DSW Entity is a party as of
the date hereof shall not constitute gross negligence or willful misconduct by
any DSW Entity, provided that, the relevant DSW Entity has used commercially
reasonable efforts to obtain such consent).

      (b) DSW agrees to indemnify and hold harmless the Retail Ventures
Indemnified Persons from and against any damages related to, and to reimburse
each Retail Ventures Indemnified Person for all reasonable expenses as they are
incurred in connection with investigating, preparing, or defending, any Action
arising out of or related to the gross negligence or willful misconduct of any
DSW Indemnified Person in connection with the DSW Services rendered or to be
rendered pursuant to this Agreement.

                                    ARTICLE V
                              TERM AND TERMINATION

      SECTION 5.01. Term. Except as otherwise provided in this Article V, or in
Section 8.06 or as otherwise agreed in writing by the Parties, (a) this
Agreement shall have an initial term from January 30, 2005 through January 31,
2008 (the "Initial Term"), and will be renewed automatically thereafter for
successive one-year terms unless either Party elects not to renew this Agreement
by notice in writing to the other Party not less than one hundred and eighty
(180) days prior to the end of any term, and (b) a Party's obligation to provide
or to procure, and the other Party's obligation to purchase, a Service shall
cease as of the applicable date set forth in the applicable Schedules or such
earlier date determined in accordance with Section 5.02.

      SECTION 5.02. Termination.

      (a) Except as otherwise provided herein or in any Schedule hereto, the
Parties may by mutual agreement from time to time terminate this Agreement with
respect to one or more of the Services, in whole or in part.

      (b) Retail Ventures may terminate any DSW Service at any time if DSW shall
have failed to perform any of its material obligations under this Agreement
relating to such DSW Service, Retail Ventures shall have notified DSW in writing
of such failure and such failure shall have continued for a period of at least
thirty (30) days after receipt by DSW of written notice of such failure from
Retail Ventures.

      (c) DSW may terminate any Retail Ventures Service at any time if Retail
Ventures shall have failed to perform any of its material obligations under this
Agreement relating to such Retail Ventures Service, DSW shall have notified
Retail Ventures in writing of such failure, and such failure shall have
continued for a period of at least thirty (30) days after receipt by Retail
Ventures of written notice of such failure from DSW.

                                       13
<PAGE>

      SECTION 5.03. Effect of Termination.

      (a) Other than as required by law, upon termination of any Service
pursuant to Section 5.02, or upon termination of this Agreement in accordance
with its terms, the Party whose Service is terminated (the "Terminated Party")
shall have no further obligation to provide the terminated Service (or any
Service, in the case of termination of this Agreement) and the Party terminating
such Service (the "Terminating Party") shall have no obligation to pay any fees
relating to such terminated Services or to make any other payments hereunder;
provided that, notwithstanding such termination, (i) the Terminating Party shall
remain liable to the Terminated Party for fees owed and payable in respect of
Services provided prior to the effective date of the termination; (ii) the
Terminated Party shall continue to charge the Terminating Party for
administrative and program costs relating to benefits paid after but incurred
prior to the termination of any Service and other services required to be
provided after the termination of such Service, and the Terminating Party shall
be obligated to pay such expenses in accordance with the terms of this
Agreement; and (iii) the provisions of Articles 4, 5, and 8 shall survive any
such termination indefinitely. All program and administrative costs attributable
to associates of any DSW Entity under Retail Ventures Plans that relate to any
period after the effective date of any such termination shall be for the account
of and paid by DSW.

      (b) Following termination of this Agreement with respect to any Service
provided or procured by a Party, the Parties agree to cooperate with each other
in providing for an orderly transition of such Service to the other Party or to
a successor service provider as designated by the other Party. Without limiting
the foregoing, Retail Ventures agrees to (i) provide to DSW, within 30 days of
the termination of any Benefit Service, in a usable format designated by Retail
Ventures, copies of all records relating directly or indirectly to benefit
determinations with respect to any and all associates of a DSW Entity,
including, but not limited to, compensation and service records, correspondence,
plan interpretive policies, plan procedures, administration guidelines, minutes,
and any data or records required to be maintained by law and (ii) work with DSW
in developing a transition schedule with respect to such terminated Benefit
Service.

                                   ARTICLE VI
                                INSURANCE MATTERS

      SECTION 6.01. DSW Insurance Coverage During Transition Period.

      (a) As of the Offering Date, Retail Ventures shall maintain insurance
coverage under the Insurance Policies listed in Part (a) of Schedule III (the
"Retail Ventures Insurance Policies"). Throughout the period beginning on the
Offering Date and ending upon the earlier of (i) termination of the Service
provided pursuant to this Article VI or (ii) termination or expiration of this
Agreement in accordance with its terms (the "Insurance Transition Period"),
Retail Ventures shall, subject to insurance market conditions and other factors
beyond its control, maintain Insurance Policies covering and for the benefit of
the DSW Entities and their respective directors, officers, and employees
(collectively, the "DSW Covered Parties") which are comparable to those
maintained generally by Retail Ventures covering the DSW Covered Parties prior
to the Offering Date; provided, however, that if Retail Ventures determines that
(i) the amount or scope of such insurance coverage will be reduced to a level
materially inferior to the level of insurance

                                       14
<PAGE>

coverage in existence immediately prior to the Insurance Transition Period or
(ii) the retention or deductible level applicable to such insurance coverage, if
any, will be increased to a level materially greater than the levels in
existence immediately prior to the Insurance Transition Period, each other than
as a result of the Offering, Retail Ventures shall give DSW notice of such
determination as promptly as practicable. Upon notice of such determination, DSW
shall be entitled to no less than sixty (60) days to evaluate DSW's options
regarding continuance of insurance coverage under said Insurance Policies and
DSW may cancel the DSW Entities' interest in all or any portion of such
insurance coverage as of any day within such sixty (60) day period.

      (b) DSW shall promptly pay or reimburse Retail Ventures, as the case may
be, for premium expenses, deductibles or retention amounts, and any other costs
and expenses which Retail Ventures may incur in connection with the insurance
coverages maintained pursuant to this Section 6.01, including but not limited to
any retroactive or subsequent premium adjustments. DSW's share of such costs and
expenses shall be calculated as set forth in Part (b) of Schedule III.

      SECTION 6.02. Cooperation; Payment of Insurance Proceeds to DSW; Agreement
Not to Release Carriers. Each Party shall share such information as is
reasonably necessary in order to permit the other Party to manage and conduct
its insurance matters in an orderly fashion. Retail Ventures, at the request of
DSW, shall cooperate with and use commercially reasonable efforts to assist DSW
in recovering Insurance Proceeds under the Retail Ventures Insurance Policies
for claims relating to the DSW Business, the assets of DSW or DSW Liabilities,
whether such claims arise under any Contract or agreement, by operation of law
or otherwise, existing or arising from any past acts or events occurring or
failing to occur or alleged to have occurred or to have failed to occur or any
conditions existing or alleged to have existed before the Offering Date, on the
Offering Date or during the Insurance Transition Period, and Retail Ventures
shall promptly pay any such recovered Insurance Proceeds to DSW. Neither Retail
Ventures nor DSW, nor any of their respective Subsidiaries, shall take any
action which would intentionally jeopardize or otherwise interfere with the
other Party's ability to collect any proceeds payable pursuant to any Insurance
Policy. Except as otherwise contemplated by this Agreement or any other
agreement between the Parties, after the Offering Date, neither Retail Ventures
nor DSW (and each Party shall ensure that no affiliate of such Party), without
the consent of the other Party, shall provide any insurance carrier with a
release, or amend, modify or waive any rights under any such policy or
agreement, if such release, amendment, modification or waiver would adversely
affect any rights or potential rights of the other Party (or its Subsidiary)
thereunder. However, nothing in this Section 6.02 shall (A) preclude any Retail
Ventures Entity or any DSW Entity from presenting any claim or from exhausting
any policy limit, (B) require any Retail Ventures Entity or any DSW Entity to
pay any premium or other amount or to incur any Liability, or (C) require any
Retail Ventures Entity or DSW Entity to renew, extend or continue any policy in
force.

      SECTION 6.03. DSW Insurance Coverage After the Insurance Transition
Period.From and after expiration of the Insurance Transition Period, DSW shall
be responsible for obtaining and maintaining insurance programs for the DSW
Entities' risk of loss and such insurance arrangements shall be separate and
apart from Retail Ventures' insurance programs.

                                       15
<PAGE>

      SECTION 6.04. Deductibles and Self-Insured Obligations DSW shall reimburse
Retail Ventures for all amounts necessary to exhaust or otherwise to satisfy all
applicable self-insured retentions, amounts for fronted policies, deductibles
and retrospective premium adjustments and similar amounts not covered by
Insurance Policies in connection with DSW Liabilities and Insured DSW
Liabilities to the extent that Retail Ventures is required to pay any such
amounts.

      SECTION 6.05. Procedures with Respect to Insured DSW Liabilities.

      (a) DSW shall reimburse Retail Ventures for all amounts incurred to pursue
insurance recoveries from Insurance Policies for Insured DSW Liabilities.

      (b) The defense of claims, suits or actions giving rise to potential or
actual Insured DSW Liabilities shall be managed (in conjunction with Retail
Ventures' insurers, as appropriate) by the Party that would have had
responsibility for managing such claims, suits or actions had such Insured DSW
Liabilities been DSW Liabilities.

      SECTION 6.06. Insufficient Limits of Liability for Retail Ventures
Liabilities and DSW Liabilities.

      (a) In the event that there are insufficient limits of liability available
under Retail Ventures' Insurance Policies in effect prior to the Distribution
Date to cover the Liabilities of Retail Ventures and/or DSW that would otherwise
be covered by such Insurance Policies, then to the extent that other insurance
is not available to Retail Ventures and/or DSW for such Liabilities an
adjustment will be made in accordance with the following procedures:

      (i) To the extent the Parties are able to specifically quantify and verify
      the actual Liabilities incurred by each Party to the exclusion of the
      other Party, each Party will be allocated an amount equal to the product
      of (A) the actual Liabilities incurred by such Party, divided by the total
      actual Liabilities incurred by the Parties, times (B) the lesser of (1)
      the available limits of liability under Retail Ventures' Insurance
      Policies in effect prior to the Distribution Date net of uncollectible
      amounts attributable to insurer insolvencies and (2) the proceeds received
      from Retail Ventures' Insurance Policies if the Liabilities are the
      subject of disputed coverage claims and, following consultation with each
      other, Retail Ventures and/or DSW agree to accept less than full policy
      limits from Retail Ventures' and DSW's insurers (such available limits
      and/or proceeds being referred to as the "Coverage Amount").

      (ii) To the extent that the Parties are unable to specifically quantify
      and verify any such Liabilities or any part of such Liabilities to each
      Party (to the exclusion of the other Party), each Party will be allocated
      an amount equal to their shared percentage of the Coverage Amount.

      (iii) A Party who receives more than its share of the Coverage Amount (the
      "Overallocated Party") agrees to reimburse the other Party (the
      "Underallocated Party") to the extent that the Liabilities of the
      Underallocated Party that would have been covered under such Insurance
      Policies is less than the Underallocated Party's share of the Coverage
      Amount.

                                       16
<PAGE>

      (iv) This Section 6.06 shall terminate ten (10) years following the end of
      the Insurance Transition Period, unless terminated sooner in accordance
      with the provisions of this Agreement.

      SECTION 6.07. Cooperation. Retail Ventures and DSW shall cooperate with
each other in all respects, and shall execute any additional documents which are
reasonably necessary, to effectuate the provisions of this Article VI.

      SECTION 6.08. No Assignment or Waiver. This Agreement shall not be
considered as an attempted assignment of any policy of insurance or as a
contract of insurance and shall not be construed to waive any right or remedy of
any Retail Ventures Entity in respect of any Insurance Policy or any other
contract or policy of insurance.

      SECTION 6.09. No Liability. DSW does hereby, for itself and as agent for
each other DSW Entity, agree that no Retail Ventures Entity or Retail Ventures
Indemnified Person shall have any Liability whatsoever as a result of the
insurance policies and practices of Retail Ventures and its Subsidiaries as in
effect at any time prior to the end of the Insurance Transition Period,
including as a result of the level or scope of any such insurance, the
creditworthiness of any insurance carrier, the terms and conditions of any
policy, or the adequacy or timeliness of any notice to any insurance carrier
with respect to any claim or potential claim or otherwise.

      SECTION 6.10. Additional or Alternate Insurance. Notwithstanding any other
provision of this Agreement, during the Insurance Transition Period, Retail
Ventures and DSW shall work together to evaluate insurance options and secure
additional or alternate insurance for DSW and/or Retail Ventures if desired by
and cost effective for DSW and Retail Ventures. Nothing in this Agreement shall
be deemed to restrict any DSW Entity from acquiring at its own expense any other
Insurance Policy in respect of any Liabilities or covering any period.

      SECTION 6.11. Forbearance and Prior Insurance Coverage.

      (a) From and after the date of this Agreement, Retail Ventures shall not,
and shall cause each of its Subsidiaries not to, take or fail to take any action
if such action or inaction, as the case may be, would adversely affect the
applicability of any insurance in effect on the effective date of this Agreement
that covers all or any part of the assets, liabilities, business or employees of
any DSW Entity with respect to events occurring prior to the Offering Date
("Applicable Insurance"), it being understood that in no event shall any Retail
Venture Entity be obligated to pay premiums with respect to periods after the
Offering Date in respect of Applicable Insurance.

      (b) Retail Ventures agrees that, from and after the Offering Date, all
Applicable Insurance directly or indirectly applicable to any assets,
liabilities, business or employees of any DSW Entity shall be for the benefit of
the DSW Entity, it being understood that such Applicable Insurance shall also be
for the benefit of the Retail Venture Entities to the extent directly or
indirectly applicable to any assets, liabilities, business or employees of the
Retail Venture Entities. Without limiting the generality of the foregoing, upon
DSW's reasonable request, Retail Ventures shall use its reasonable efforts to
modify, amend or assign all Applicable Insurance policies and arrangements so
that DSW is the direct beneficiary of such Applicable Insurance

                                       17
<PAGE>

with all rights to enforce, obtain the benefit of and take all other action in
respect of such Applicable Insurance; provided that, if the modifications,
amendments or assignments contemplated by this Section 6.11(b) are not
permissible, Retail Ventures shall, and shall cause each of its Subsidiaries to,
use its reasonable efforts to enter into such other arrangements as DSW may
reasonably request to ensure that DSW and the Subsidiaries of DSW are entitled
to the benefit (to the fullest extent set forth in the relevant policies and
arrangements) of any Applicable Insurance.

      SECTION 6.12. Further Agreements. The Parties acknowledge that they intend
to allocate financial obligations without violating any laws regarding
insurance, self-insurance or other financial responsibility. If it is determined
that any action undertaken pursuant to this Agreement or any related agreement
is violative of any insurance, self-insurance or related financial
responsibility law or regulation, the Parties agree to work together to do
whatever is necessary to comply with such law or regulation while trying to
accomplish, as much as possible, the allocation of financial obligations as
intended in this Agreement or any such related agreement.

                                   ARTICLE VII
                              ADDITIONAL AGREEMENTS

      SECTION 7.01. Annual Budget. Prior to December 31, 2005 and each
subsequent year so long as this Agreement is in effect, the Parties agree to
work together and to cooperate with each other in good faith to develop an
annual budget ("Annual Budget") to reflect the estimated annual Service Costs to
each Party for each of the Services to be provided and/or procured by the other
Party as contemplated by this Agreement. In the budgeting process, the Parties
agree to use their reasonable efforts to harmonize the interests of the Parties
to have quality services at affordable costs and to recover the costs of
performing and/or procuring the Services. On or before December 31 of each
calendar year, an Annual Budget for the next calendar year shall be submitted to
the respective Controller or Chief Financial Officer of each of the Parties for
review and approval. Such approval shall constitute approval of the Annual
Budget by the Party represented by such person. During the months of July and
January of each year so long as this Agreement is in effect, the Parties shall
conduct a semi-annual reconciliation of actual Service Costs to budgeted Service
Costs to determine if there are any significant discrepancies between such costs
and, if so, whether the payments for services should be adjusted accordingly.

      SECTION 7.02. Employment Matters. During the Initial Term, neither Party
shall, directly or indirectly, solicit active employees of the other Party
without the other Party's consent; provided that each Party agrees to give such
consent if such Party believes, in good faith, that its consent is necessary to
avoid the resignation of an employee from one Party that the other Party would
like to employ.

      SECTION 7.03. Shared Expenses Agreement. The Parties agree to share
certain costs and expenses related to the store facilities located at Four Union
Square, New York, New York, pursuant to the terms and conditions set forth in
the Shared Expenses Agreement between the Parties dated of even date herewith
(the "Shared Expenses Agreement").

                                       18
<PAGE>

                                  ARTICLE VIII
                                  MISCELLANEOUS

      SECTION 8.01. Prior Agreements. In the event there is any conflict between
the provisions of this Agreement, on the one hand, and the provisions of prior
services agreements among any Retail Venture Entity and any DSW Entity (the
"Prior Agreements"), on the other hand, the provisions of this Agreement shall
govern and such provisions in the Prior Agreements are deemed to be amended so
as to conform with this Agreement.

      SECTION 8.02. Other Agreements. In the event there is any inconsistency
between the provisions of this Agreement and the respective provisions of the
Master Separation Agreement, the Tax Separation Agreement and the Exchange
Agreement, respectively, the respective provisions of the Master Separation
Agreement, the Tax Separation Agreement and the Exchange Agreement shall govern.

      SECTION 8.03. Future Litigation and Other Proceedings. In the event that
DSW (or any of its Subsidiaries or any of its or their respective officers or
directors) or Retail Ventures (or any of its Subsidiaries or any of its or their
respective officers or directors) at any time after the date hereof initiates or
becomes subject to any litigation or other proceedings before any governmental
authority or arbitration panel with respect to which the Parties have no prior
agreements (as to indemnification or otherwise), the Party (and its Subsidiaries
and its and their respective officers and directors) that has not initiated and
is not subject to such litigation or other proceedings shall comply, at the
other Party's expense, with any reasonable requests by the other Party for
assistance in connection with such litigation or other proceedings (including by
way of provision of information and making available of associates or employees
as witnesses). In the event that DSW (or any of its Subsidiaries or any of its
or their respective officers or directors) and Retail Ventures (or any of its
Subsidiaries or any of its or their respective officers or directors) at any
time after the date hereof initiate or become subject to any litigation or other
proceedings before any governmental authority or arbitration panel with respect
to which the Parties have no prior agreements (as to indemnification or
otherwise), each Party (and its officers and directors) shall, at their own
expense, coordinate their strategies and actions with respect to such litigation
or other proceedings to the extent such coordination would not be detrimental to
their respective interests and shall comply, at the expense of the requesting
Party, with any reasonable requests of the other Party for assistance in
connection therewith (including by way of provision of information and making
available of employees as witnesses).

      SECTION 8.04. No Agency. Nothing in this Agreement shall constitute or be
deemed to constitute a partnership or joint venture between the Parties hereto
or, except to the extent provided in Section 4.02, constitute or be deemed to
constitute any Party the agent or employee of the other Party for any purpose
whatsoever, and neither Party shall have authority or power to bind the other
Party or to contract in the name of, or create a liability against, the other
Party in any way or for any purpose.

      SECTION 8.05. Subcontractors. Either Retail Ventures or DSW may hire or
engage one or more subcontractors to perform all or any of its obligations under
this Agreement; provided that, subject to Section 4.03, Retail Ventures and DSW,
as the case may be, shall in all

                                       19
<PAGE>

cases remain primarily responsible for all obligations undertaken by it in this
Agreement with respect to the scope, quality and nature of the Services provided
to the other Party and, provided further, that, in each case, the use of a
subcontractor to perform such Party's obligations would not substantially
increase the costs to the other Party without the prior written consent of the
other Party.

      SECTION 8.06. Force Majeure.

      (a) For purposes of this Section 8.06, "Force Majeure" means an event
beyond the control of either Party, which by its nature could not have been
foreseen by such Party, or, if it could have been foreseen, was unavoidable, and
includes without limitation, acts of God, storms, floods, riots, fires,
sabotage, civil commotion or civil unrest, interference by civil or military
authorities, acts of war (declared or undeclared) and failure of energy sources.

      (b) Without limiting the generality of Section 4.03, neither Party shall
be under any liability for failure to fulfill any obligation under this
Agreement, so long as and to the extent to which the fulfillment of such
obligation is prevented, frustrated, hindered, or delayed as a consequence of
circumstances of Force Majeure; provided that such Party shall have exercised
all commercially reasonable due diligence to minimize to the greatest extent
possible the effect of Force Majeure on its obligations hereunder.

      (c) Promptly on becoming aware of Force Majeure causing a delay in
performance or preventing performance of any obligations imposed by this
Agreement (and termination of such delay), the Party affected shall give written
notice to the other Party giving details of the same, including particulars of
the actual and, if applicable, estimated continuing effects of such Force
Majeure on the obligations of the Party whose performance is prevented or
delayed. If such notice shall have been duly given, and actual delay resulting
from such Force Majeure shall be deemed not to be a breach of this Agreement,
the period for performance of the obligation to which it relates shall be
extended accordingly; provided that if Force Majeure results in the performance
of a Party being delayed by more than 60 days, the other Party shall have the
right to terminate this Agreement with respect to any Service affected by such
delay forthwith by written notice.

      SECTION 8.07. Entire Agreement. This Agreement (including the Schedules
constituting a part of this Agreement) and any other writing signed by the
Parties that specifically references or is specifically related to this
Agreement constitute the entire agreement among the Parties with respect to the
subject matter hereof and supersede all prior agreements, understandings and
negotiations, both written and oral, between the Parties with respect to the
subject matter hereof. This Agreement is not intended to confer upon any Person
other than the Parties hereto any rights or remedies hereunder.

      SECTION 8.08. Information. Subject to applicable law and privileges, each
Party hereto covenants with and agrees to provide to the other Party all
information regarding itself and transactions under this Agreement that the
other Party reasonably believes is required to comply with all applicable
federal, state, county and local laws, ordinances, regulations and codes,
including, but not limited to, securities laws and regulations.

                                       20
<PAGE>

      SECTION 8.09. Notices. Any notice, instruction, direction or demand under
the terms of this Agreement required to be in writing shall be duly given upon
delivery, if delivered by hand, facsimile transmission, or mail (with postage
prepaid), to the following addresses:

            (a)   If to DSW, to:

                  Peter Horvath
                  DSW Inc.
                  4150 East 5th Avenue
                  Columbus, OH 43219
                  Fax: (614) 238-4133

            (b)   If to Retail Ventures, to:

                  Jim McGrady
                  Retail Ventures, Inc.
                  3241 Westerville Road
                  Columbus, OH 43224
                  Fax: 614-337-4682

or to such other addresses or telecopy numbers as may be specified by like
notice to the other Party.

      SECTION 8.10. Governing Law. This Agreement shall be construed in
accordance with and governed by the substantive internal laws of the State of
Ohio, excluding its conflict of laws rules.

      SECTION 8.11. Severability. If any terms or other provision of this
Agreement or the Schedules or exhibits hereto shall be determined by a court,
administrative agency or arbitrator to be invalid, illegal or unenforceable,
such invalidity or unenforceability shall not render the entire Agreement
invalid. Rather, this Agreement shall be construed as if not containing the
particular invalid, illegal or unenforceable provision, and all other provisions
of this Agreement shall nevertheless remain in full force and effect so long as
the economic or legal substance of the transactions contemplated hereby is not
affected in any manner materially adverse to either Party. Upon such
determination that any term or other provision is invalid, illegal or
unenforceable, the Parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the Parties as closely as
possible in an acceptable manner to the end that the transactions contemplated
hereby are fulfilled to the fullest extent permitted under applicable law.

      SECTION 8.12. Amendment. This Agreement may only be amended by a written
agreement executed by both Parties hereto.

                                       21
<PAGE>

      SECTION 8.13. Counterparts. This Agreement may be executed in separate
counterparts, each of which shall be deemed an original and all of which, when
taken together, shall constitute one and the same agreement.

      SECTION 8.14. Authority. Each of the Parties represent to the other Party
that (a) it has the corporate or other requisite power and authority to execute,
deliver and perform this Agreement, (b) the execution, delivery and performance
of this Agreement by it have been duly authorized by all necessary corporate or
other actions, (c) it has duly and validly executed and delivered this
Agreement, and (d) this Agreement is its legal, valid and binding obligation,
enforceable against it in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting creditors' rights generally and general equity principles.

      IN WITNESS WHEREOF, the Parties have caused this Agreement to be signed by
their duly authorized representatives.

                                              DSW INC.

                                              By: ______________________________
                                              Name:

                                              Title:

                                              RETAIL VENTURES, INC.

                                              By: ______________________________
                                              Name:

                                              Title:

                                       22
<PAGE>

                                  SCHEDULE I
                                       TO
                            SHARED SERVICES AGREEMENT
                             DATED JANUARY 30, 2005
                                     BETWEEN
                              RETAIL VENTURES, INC.
                                       AND
                                    DSW INC.

                               ------------------

      SERVICES TO BE PROVIDED BY RETAIL VENTURES, INC. AND RETAIL VENTURES
                                 SERVICES, INC.

DESCRIPTION OF RETAIL VENTURES              RETAIL VENTURES SERVICE COSTS OR
SERVICE                                     BILLING METHODOLOGY TO DSW

1. GENERAL CORPORATE AND FINANCIAL
SERVICES:

   (i) PAYROLL SERVICES (including          Billing pro-rata based upon number
   preparation and distribution of          of DSW employee checks and Form W-2s
   employee checks; payment of payroll      issued by Retail Ventures. To be
   taxes, garnishment and other             billed weekly in arrears.
   deductions to appropriate parties;
   preparation and filing of employer
   tax returns; and preparation of
   annual W-2s for employees)

   (ii) TREASURY SERVICES (including        DSW to pay $1,000.00 per month and
   cash management; processing and          any stand-alone cash management
   paying invoices and purchase orders;     software and corresponding support
   monthly consolidation of financial       costs if added for DSW Services
   statements; and preparation of checks    only.
   for vendor payment and employee
   reimbursement)

   (iii) Sox and AUDITING Fees              Costs to be allocable based on
   (including coordination of external      sales.
   audit services and assistance with
   compliance with Sarbanes-Oxley
   requirements)

   (iii) ACCOUNTS PAYABLE, GENERAL          Overhead costs to be allocated based
   LEDGER, SALES AUDIT, BUDGET SERVICES-    on - time spent by associates, which
   AND INVENTORY CONTROL. GENERAL LEDGER    will be reviewed and determined
   INCLUDES, BUT IS NOT LIMITED TO,         annually.
   PREPARATION OF QUARTERLY,                Sales Audit charges to include fees

                                       1
<PAGE>

DESCRIPTION OF RETAIL VENTURES              RETAIL VENTURES SERVICE COSTS OR
SERVICE                                     BILLING METHODOLOGY TO DSW

   ANNUAL AND OTHER SEC REPORTS;            associated with software agreements
   ASSISTANCE WITH THE PREPARATION OF       that support DSW Entities.
   ANNUAL REPORT TO SHAREHOLDERS AND
   EARNINGS RELEASES; AND PREPARATION OF
   ERISA REPORTS.

   (v) TAX SERVICES (including              See Tax Separation Agreement between
   preparation and filing of all            DSW and Retail Ventures.
   federal, state and local tax returns,
   reports and other required filings;
   coordination and management of tax
   audits and other similar proceedings;
   and assistance with tax planning, tax
   strategy and compliance with the Tax
   Separation Agreement)

   (vii) Controller Services                Cost to be shared by DSW and Reta
                                            50/50 basis.

   (viii) SSC Corporate Services            Charges incurred on behalf of DSW
                                            entities will be allocated to DSW.
                                            Charges billed to other cost centers
                                            listed in these Agreement Schedules
                                            will be billed under the applicable
                                            cost center's methodology. General,
                                            unallocable charges to be allocated
                                            based on Percent of Sales billing.

2. INFORMATION TECHNOLOGY (ALL COST         Pass-Through Billing with respect to
CENTERS)                                    costs directly related to DSW
                                            Entities and Percent of Sales
                                            Billing with respect to overhead and
                                            Services shared by DSW Entities and
                                            Retail Ventures Entities.

3. HUMAN RESOURCES (ALL COST CENTERS)       Pass-Through Billing with respect to
                                            costs directly related to DSW
                                            Entities.

                                            DSW to pay pro-rata share of
                                            overhead costs per employee of DSW
                                            Entities, subject to adjustment
                                            semi-annually.

4. IMPORT MANAGEMENT AND COMPLIANCE         Pass-Through Billing with respect to
                                            costs directly related to DSW
                                            Entities. Importing fees (including
                                            U.S. Customs fees, Duties,
                                            Commissions, Ocean Freight,
                                            Excel/APL

                                        2
<PAGE>


DESCRIPTION OF RETAIL VENTURES              RETAIL VENTURES SERVICE COSTS OR
SERVICE                                     BILLING METHODOLOGY TO DSW

                                            Logistic Carrier fees and other
                                            associated expense) are allocated to
                                            the businesses by invoice (which
                                            historically is a one-to-one
                                            relationship to container) to the
                                            ratio of the container contents to
                                            the whole containers/trailer.

                                            DSW to pay 40% of the overhead
                                            costs. The overhead allocation
                                            percentage will be reviewed and
                                            determined annually.

5. CHILDREN'S SHOE MERCHANDISING            DSW to pay 33% of the total payroll
                                            compensation of this department.

6. LEGAL SERVICES (including general        General Counsel compensation to be
legal advice from in-house legal staff;     shared by DSW and Retail Ventures on
preparation and review of SEC filings       a 50/50 basis.
and proxy materials; assistance with
corporate resolutions and preparations      Pass-Through Billing with respect to
for shareholders meetings; overseeing       costs directly related to DSW
and managing legal policy and strategy      Entities.
regarding litigation and regulatory
compliance)                                 Department overhead costs and
                                            general, unallocable professional
                                            fees to be allocated based on
                                            Percent of Sales Billing.

7. RISK MANAGEMENT (including management    a) Insurance premium costs billed as
of insurance and workers compensation       specified in Schedule III.
coverage; administration of claims
services; negotiation and acquisition of    b) - Overhead costs are billed on
insurance coverages including, but not      the weighted value of administrative
limited to, property and business           time directed to DSW entities for
interruption, casualty (including           (i) Workers' Compensation, (ii)
workers compensation), director and         General Liability and (iii) Property
officer liability and other liability       & All Other Lines combined with the
coverages)                                  ratio of the number of claims that
                                            are directly related to DSW Entities
                                            to the total number of claims for
                                            (i) Workers' Compensation, (ii)
                                            General Liability and (iii) Property
                                            & All Other Lines. -

8. LOSS PREVENTION (INCLUDING INTERNAL      Overhead costs to be allocated based
AUDIT)                                      on Percent of Sales Billing.

                                       3
<PAGE>


DESCRIPTION OF RETAIL VENTURES              RETAIL VENTURES SERVICE COSTS OR
SERVICE                                     BILLING METHODOLOGY TO DSW

9. RVI CORPORATE EXECUTIVE OVERHEAD         DSW will pay 35% of the total
ALLOWANCE                                   overheads of this cost center that
                                            are associated with the CFO of RVI.
                                            It will exclude the costs associated
                                            with the CEO of RVI.

10. DISTRIBUTION SERVICES                   DSW will pay 10% of total overhead
                                            costs for this department.

11. DEPRECIATION OF IT OFFICE EQUIPMENT     Service fee charged to DSW for
LOCATED AT THE WESTERVILLE ROAD OFFICE      depreciation expenses associated
FACILITY (COST CENTER 01109)                with IT office equipment located at
                                            the Westerville Road Office. The
                                            billable charge for depreciation
                                            expenses is based on Percent of
                                            Sales Billing

12. LETTERS OF CREDIT ASSOCIATED WITH       DSW to be billed 15% of costs
WORKERS' COMPENSATION AND IBNR              associated with letters of credit
                                            for workers compensation and IBNR.

                                       4
<PAGE>


                                   SCHEDULE II
                                       TO
                            SHARED SERVICES AGREEMENT
                             DATED __________, 2005
                                     BETWEEN
                              RETAIL VENTURES, INC.
                                       AND
                                    DSW INC.

                       SERVICES TO BE PROVIDED BY DSW INC.

DESCRIPTION OF DSW SERVICE               DSW SERVICE COSTS OR BILLING
                                         METHODOLOGY TO RETAIL VENTURES

1.    SHOE MERCHANDISING:

      (i)   PLANNING AND ALLOCATION      Value City to pay $20,000 per month.
      SUPPORT for Value City
      Department Stores, LLC

2.    DISTRIBUTION

      (i) DISTRIBUTION SERVICES AND      (i) The fixed distribution costs to be
      TRANSPORTATION MANAGEMENT for      charged to RVI are based on the actual
      Value City Department Stores,      monthly fixed costs incurred Filene's
      LLC and                            Basement at the 4150 East 5th Avenue
                                         Distribution Center (and exclude fixed
                                         costs associated with the Offices at
                                         the 5th Avenue Location) divided by the
                                         maximum case storage capacity of the
                                         5th Avenue Distribution Center times
                                         the average number of cases stored on
                                         behalf of Value City at the 5th Avenue
                                         Distribution Center for that month.
                                         Fixed costs incurred at the 5th Avenue
                                         Location that cannot be directly
                                         identified with either the Distribution
                                         Center or the Offices will be allocated
                                         between the Distribution Center and
                                         Offices by the space occupied by each
                                         in terms of square footage. -

                                         (ii) The variable costs to be charged
                                         to RVI are based on the actual monthly
                                         variable costs incurred at the 4150
                                         East 5th Avenue Distribution Center
                                         times the percentage of handling costs
                                         associated

                                        1
<PAGE>


DESCRIPTION OF DSW SERVICE               DSW SERVICE COSTS OR BILLING
                                         METHODOLOGY TO RETAIL VENTURES

                                         with Value City shoes to the total
                                         handling costs incurred for all shoes
                                         at the 5th Avenue Distribution Center
                                         for that month. Handling cost
                                         categories include Maintenance,
                                         Picking/Putaway, Quality Control,
                                         Receiving, Crossdock Receiving and
                                         Shipping, which are based on actual
                                         prior fiscal year costs per case, and
                                         Solids, Store Stock and Tagging, which
                                         are based on actual prior fiscal year
                                         costs per pair. The relevant per case
                                         and pair costs are calculated
                                         separately for (i) Value City and (ii)
                                         DSW, Steinmart, Gordmans and Filene's
                                         Basement and are based on actual prior
                                         year activity for each handling cost
                                         category. Handling costs are calculated
                                         on the relevant cost per case or pair
                                         times the actual cases or pairs -
                                         handled for each relevant category for
                                         that month. Variable costs include
                                         salaries and associated payroll
                                         expenses for exempt and non-exempt
                                         personnel employed at the 5th Avenue
                                         Distribution Center, -, Rent Equipment,
                                         Repairs & Maintenance, Utilities and
                                         Supplies. They exclude Dues &
                                         Subscriptions, Janitorial Services,
                                         Telephone and Travel. -

                                         (iii) Transportation Costs- both
                                         inbound and outbound transportation
                                         costs (inclusive of wages, associated
                                         payroll costs, occupancy expenses and
                                         operating expenses) are allocated to
                                         the respective businesses according to
                                         current month activity, which is based
                                         on merchandise receipts as determined
                                         by dollar value.

                                         (iv) Professional fees to be billed on
                                         the weighted average cost per case of
                                         the pools that Value City Shoes
                                         utilizes. -

                                        2
<PAGE>


DESCRIPTION OF DSW SERVICE               DSW SERVICE COSTS OR BILLING
                                         METHODOLOGY TO RETAIL VENTURES

3 -.  REAL ESTATE/PROPERTY MANAGEMENT    Overhead costs to be allocated based on
                                         time spent by associates, which will be
                                         reviewed and determined annually.
                                         Related outside contractors/consultant
                                         costs, including legal services,
                                         allocated based on pass-through
                                         billing.

      -                                  -

4 -.  STORE DESIGN AND CONSTRUCTION      A 5% service fee based on total
      MANAGEMENT                         development costs per project, plus
                                         expenses incurred by DSW on RVI
                                         projects. Overhead costs allocated on
                                         the proportion of RVI projects to total
                                         projects. (extraordinary projects to be
                                         determined on a project by project
                                         basis). Standard American Institute of
                                         Architects (AIA) form of "Agreement
                                         between Owner and Design/Builder" to be
                                         used as design and construction
                                         management agreement between DSW and
                                         Retail Ventures.

                                        3
<PAGE>


                                  SCHEDULE III

                                       TO

                            SHARED SERVICES AGREEMENT

                           DATED ______________, 2005

                                     BETWEEN

                              RETAIL VENTURES, INC.

                                       AND

                                    DSW INC.
                         _____________________________

                INSURANCE POLICIES MAINTAINED BY RETAIL VENTURES

      The Insurance Polices described in Part (a) below shall be maintained by
Retail Ventures, Inc. ("Retail Ventures") on behalf of DSW Inc. ("DSW") and its
Subsidiaries pursuant to the terms of the Shared Services Agreement between
Retail Ventures and DSW dated ______________, 2005, of which this Schedule is a
part. The insurance premiums related to such policies to be paid by DSW, or for
which Retail Ventures shall be reimbursed by DSW, are set forth or described in
Part (b) of this Schedule. Capitalized terms not otherwise defined in this
Schedule shall have the respective meanings assigned to them in the Shared
Services Agreement.

(a)   LIST OF INSURANCE POLICIES

      (i) Liability:
             Steadfast Insurance Co. #SCO3822186-02 - primary - $1MM/occurrence
             XL Insurance Co. #US00007102LI04A - umbrella - $25MM/occ/agg
             Ohio Casualty Co. #ECO(05)52976611, excess GL - $25MM/occ/agg
             American Guarantee # AEC5086837500- excess GL - $50MM/occ/agg
             Liberty Mutual Ins. #LQ1-B71-078764032 - excess GL - $50MM/occ/agg
             ACE Ins. Group #HXW776336 - excess GL - $25MM/occ/agg Great
             American Ins. #TUE357977102 - excess GL - $25MM/occ/agg

      (ii) Property
             FM Global Insurance #NB918 - $1,000,000,000 blanket limit
             Ace/Westchester #I20651258002 - excess flood - $10MM Great
             American #CPP5385581 & #ACG4285581 - excess flood - $5MM
             Arrowhead Group #303219EQ1 - excess earthquake - $3MM
             North Shore Mgmt. #NSM24310 - excess earthquake - $12MM
             FM Global #NB918 - Swanson primary earthquake - $1MM

                                       1
<PAGE>

      (iii) Automobile

             St. Paul Travelers #TC2JCAP393K338 - $2MM combined single limit

      (iv) Cargo

             Lloyd's #CD044747 - primary cargo - $10MM/conveyance
             Lloyd's #CD044765 - excess cargo - $5MM/conveyance

      (v) Worker Compensation

             St. Paul Travelers #TC2JUB466K1644 - statutory limits St. Paul
             Travelers #TRJUB466K1656 - retro AZ, MA & WI only Ohio -
             Self-insured under SI20005342 West Virginia - State Fund

      (vi) Director and Officer Liability Insurance (projected 6/28/05 effective
      date)

             Chubb #tbd - primary - $10MM
             XL Specialty #tbd - excess D&O - $10MM
             AWAC US #tbd - excess D&O - $10MM
             RSUI #tbd - excess D&O - $10MM
             AXIS #tbd - excess D&O - $10MM
             Arch Insurance Co. #tbd - excess D&O - $10MM
             Houston Casualty #tbd - excess D&O - $10MM
             Great American #tbd - excess D&O - $10MM
             Liberty Mutual #tbd - excess D&O - $10MM
             National Union (AIG) #tbd - excess D&O - $10MM
             XL Specialty #tbd - Side A coverage - $10MM
                  (NOTE: BECAUSE THIS IS A PROPOSAL AND NOT BOUND AT THIS TIME,
                  THERE ARE NO POLICY NUMBERS WHICH CAN BE SHOWN ON THIS
                  SCHEDULE.)

      (vii) Executive Protection Insurance

             National Union (AIG) #006082944 - crime - $10MM
             National Union (AIG) #647-5648 - special crime (K&R) - $10MM

      (viii) Other

             Fireman's Fund #MXI97900076 - motor truck cargo - $250K/vehicle
             XL Insurance #XLPUN1502904 - excess punitives - $25MM agg
             Magna Carta #MCPD201467 - excess punitives - $25MM agg

(b)   CALCULATION OF PREMIUM

      (i) DSW shall promptly pay or reimburse Retail Ventures 100% of premium
      expenses, deductibles or retention amounts Retail Ventures may incur in
      connection with Insurance Policies that relate solely to the DSW Business.

                                       2
<PAGE>


      (ii) DSW shall promptly pay or reimburse Retail Ventures 50% of premium
      expenses, deductibles or retention amounts Retail Ventures may incur in
      connection with Director and Officer Liability Insurance and Executive
      Protection Insurance.

      (iii) DSW shall promptly pay or reimburse Retail Ventures its
      proportionate share of premium expenses, deductibles or retention amounts
      Retail Ventures may incur in connection with Insurance Policies that
      relate the Retail Ventures Business and the DSW Business. The "Retail
      Ventures Business" means any business of Retail Ventures other than the
      DSW Business. DSW's proportionate will be calculated as follows:

      (IV) LIABILITY INSURANCE costs shall be prorated based on the ratio of
      DSW's sales and loss percentage as compared to total sales and loss.
      ["LOSS PERCENTAGE" IS DEFINED AS TOTAL INCURRED CLAIMS COST FOR THE PRIOR
      INSURANCE POLICY TERM. "INCURRED CLAIMS COST" EQUALS RESERVES PLUS PAID
      AMOUNTS.]

      (V) PROPERTY INSURANCE costs shall be prorated based on the ratio of the
      value of DSW property covered by the insurance policy as compared to the
      total value of all property covered by the insurance policy. ["VALUE OF
      PROPERTY" IS DEFINED AS RETAIL INVENTORY, FIXTURES, LEASEHOLDS, REAL
      PROPERTY AND BUSINESS INTERRUPTION.]

      (VI) AUTOMOBILE INSURANCE costs shall be charged on each insured vehicle
      owned or leased by DSW which is covered by the insurance policy.

      (VII) CARGO INSURANCE costs shall be prorated based on the ratio of the
      duties paid for DSW imports covered by the insurance policy as compared to
      the total duties paid for all imports covered by the insurance policy.

      (VIII) WORKERS COMPENSATION costs shall be prorated based on an actual per
      state rate against projected payrolls plus estimated claims cost per
      location.

      (IX) EXECUTIVE PROTECTION AND OTHERS--Executive Protection Insurance (or
      crime) and other costs shall be prorated based on the ratio of sales for
      DSW as compared to the total sales covered by the policy.

                                       3
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.43.1
<SEQUENCE>22
<FILENAME>x06593a4exv10w43w1.htm
<DESCRIPTION>EX-10.43.1: LICENSE AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>EXHIBIT 10.43.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;10.43.1</B>



<P align="center" style="font-size: 10pt"><U><B>LICENSE AGREEMENT </B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This License Agreement (the &#147;License&#148;) is made and entered into this 30th day of
August, 2002 (the &#147;Effective Date&#148;), by and between VALUE CITY DEPARTMENT STORES, INC., an
Ohio corporation, whose address is 1800 Moler Road, Columbus, Ohio 43207 (&#147;VCDS&#148;), and SHONAC
CORPORATION, an Ohio corporation, whose address is 4150 East Fifth Avenue, Columbus, Ohio 43219
(&#147;Shonac&#148;).


<P align="center" style="font-size: 10pt"><U>RECITALS</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;Crossings
at Hobart &#150; I LLC, an Ohio limited liability company
(&#147;Master Landlord&#148;) is
the fee owner of certain real property located in the City of Merrillville, State of Indiana,
legally described on <U>Exhibit &#147;A&#148;</U> hereto (the &#147;Shopping Center Parcel&#148;);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;Master Landlord is the lessor under that certain Lease (&#147;Master
Lease&#148;) dated as of May&nbsp;18th, 1994, between Master Landlord and Service Merchandise
Company, Inc. (the &#147;Service Merchandise&#148;) for 50,000 square feet of premises in the
Shopping Center Parcel, as depicted in <U>Exhibit &#147;B&#148;</U> attached hereto and made a part
hereof (&#147;premises&#148;), which premises is part of the Shopping Center Parcel;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;Service Merchandise filed a voluntary petition for relief under Chapter&nbsp;11 of
the Bankruptcy Code on March&nbsp;27, 1999. Pursuant to that certain order by the United States
Bankruptcy Court for TN, Service Merchandise and Jubilee Limited Partnership, an Ohio limited
partnership (&#147;Landlord&#148;) entered into a certain Assignment and Assumption Agreement dated July&nbsp;2,
2002 (the &#147;Assignment&#148;) in which Service Merchandise assigned to Landlord and Landlord assumed
from Service Merchandise all of Service Merchandise&#146;s right, title and interest as tenant under the
Master Lease;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;Landlord and VCDS entered into that certain Lease (&#147;Lease&#148;) dated August
30th, 2002, demising to VCDS the premises. The Lease is attached hereto and made a part
hereof as <U>Exhibit &#147;C&#148; </U>; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;VCDS desires to license to Shonac and Shonac desires to license from VCDS
certain rights, title and interest of VCDS under the Lease with respect to the premises, as
provided herein.


<P align="center" style="font-size: 10pt"><U>AGREEMENTS</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the premises and other good and valuable consideration, VCDS and
Shonac agree as follows:



<P align="center" style="font-size: 10pt">- 1 -
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><U>ARTICLE I</U><BR>
<U>PRELIMINARY MATTERS</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <U>Defined Terms.</U> Any defined terms used herein shall have the same meaning as
set forth in the Lease.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <U>Representations and Warranties.</U> VCDS represents and warrants to Shonac that:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the best of VCDS&#146;s knowledge, neither Landlord nor VCDS are in default
under the Lease;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the best of VCDS&#146;s knowledge, neither Master Landlord nor Landlord are
in default under the Master Lease;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>VCDS has full right, power and authority to make this License;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the best of VCDS&#146;s knowledge, there is no litigation pending in connection
with the Master Lease, the Lease, or the premises;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the best of VCDS&#146;s knowledge, the documents heretofore provided by VCDS
to Shonac represent all agreements related to the Master Lease and Lease</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><U>ARTICLE II</U><BR>
<U>LICENSE</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <U>License and Term.</U> VCDS hereby licenses to Shonac all of VCDS&#146;s rights
and obligations under the Lease, and Shonac hereby accepts such license and assumes such rights
and obligations. The term of this License shall commence on the Effective Date and shall expire on
the day preceding the end of the term of the Lease, as the same may be extended, unless
sooner terminated in accordance with the terms set forth herein. In the event VCDS receives notice
from Shonac of its election to extend the term of the License at least seven (7)&nbsp;months prior to
the expiration of the then current term and any Lease renewal options remain, VCDS agrees to
timely exercise its right to extend the term of the Lease. VCDS agrees to deliver the premises to
Shonac immediately following receipt thereof from Landlord.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <U>Lease.</U> Shonac agrees to comply with all terms, provisions, and conditions of
VCD Sunder the Lease. VCDS agrees to immediately deliver to Shonac any notices it receives
from Landlord regarding the Lease and/or this License. If Shonac fails to perform any of the
provisions of the Lease, then, so long as VCDS is liable for performance of obligations under the
Lease, VCDS may exercise the rights and remedies available to Landlord under the Lease, provided
that VCDS has afforded Shonac the same notice and opportunity to cure, if any, afforded to VCDS
under the Lease. Notwithstanding the foregoing, the parties agree that the time period for such cure
shall be five (5)&nbsp;days less than the time period set forth in the Lease with respect to monetary
obligations and ten (10)&nbsp;days less than the time period set forth in the Lease with respect to
non-monetary


<P align="center" style="font-size: 10pt">- 2 -
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">obligations. VCDS shall not be entitled to recover from Shonac any amounts Shonac has paid to
Landlord on account of VCDS&#146;s obligations under the Lease.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VCDS agrees to enforce all of the obligations of Landlord under the Lease. If VCDS fails to
enforce any of the Landlord&#146;s obligations under the Lease, then Shonac shall have the same rights
and remedies available to VCDS under the Lease, provided that Shonac has afforded to VCDS the same
notice and opportunity to cure, if any, afforded to Landlord under the Lease. Shonac agrees to
immediately deliver to VCDS any notices it may receive from Landlord regarding the premises and/or
this License.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <U>Rent.</U> During the Term of this License, Shonac shall have the right to pay all
rental amounts due and payable under the Lease directly to Landlord. VCDS agrees to deliver to
Shonac, within five (5)&nbsp;days following receipt thereof, any amounts paid to VCDS under the Lease
by Landlord, including without limitation, the Tenant Reimbursement set forth in Section&nbsp;50 of
the Lease.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <U>Assignment of Warranties and Guaranties.</U> During the term of this License, to
the extent assignable, VCDS hereby assigns to Shonac all guaranties and warranties it owns related
to the premises. VCDS shall execute such further documents to evidence such transfer as
are reasonably requested by Shonac either before or after the Effective Date.


<P align="center" style="font-size: 10pt"><U>ARTICLE III<BR>
MISCELLANEOUS</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <U>Notices.</U> Notices hereunder shall be given by United States mail, postage prepaid,
certified with return receipt requested, by hand delivery or by a nationally recognized overnight
courier (with evidence of receipt) and shall be effective upon receipt or refusal of receipt, and
shall be addressed to the parties as follows:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If intended for VCDS, to:</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:9%; font-size: 10pt">&nbsp;3241 Westerville&nbsp;Road<BR>Columbus,
Ohio 43224<BR>&nbsp;Attn:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>



<P align="left" style="margin-left:7%; font-size: 10pt">with a copy to:



<P align="left" style="margin-left:9%; font-size: 10pt">&nbsp;1800 Moler Road <BR>&nbsp;Columbus,
Ohio 43207<BR>
Attn: Legal Department


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If intended for Shonac, to:</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:9%; font-size: 10pt">&nbsp;4150 East Fifth Avenue<BR>


<P align="center" style="font-size: 10pt">- 3 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="margin-left:9%; font-size: 10pt">Columbus, Ohio 43219 <BR>&nbsp;Attn:
Real Estate



<P align="left" style="margin-left:7%; font-size: 10pt">with a copy to:



<P align="left" style="margin-left:9%; font-size: 10pt">&nbsp;Randall S. Arndt, Esq.<BR>&nbsp;Schottenstein,
Zox &#038; Dunn <BR>&nbsp;41
South High Street, Suite&nbsp;2600 <BR>&nbsp;Columbus,
Ohio 43215


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address for service of notice may be changed by written notice to the other party.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <U>Amendment of Lease.</U> VCDS agrees that it shall not enter into any amendment
or modification of the Lease that increases the rent or charges payable under the Lease,
increases VCDS&#146;s or its predecessor&#146;s liabilities or obligations under the Lease, or increases the
term of the Lease without the prior written consent of Shonac.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <U>Brokers.</U> VCDS and Shonac each warrant to the other that they have not dealt
with any broker or agent in connection with the negotiation or execution of this License. VCDS
and Shonac shall each indemnify and defend the other against all costs, expenses, attorneys&#146; fees,
and other liability for commission or other compensation claimed by any broker or agent claiming
the same by, through, or under the indemnifying party.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <U>Third Parties.</U> The agreements herein are for the sole benefit of VCDS and
Shonac and no third party is intended to benefit hereby.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <U>Counterparts.</U> This License may be executed in any number of counterparts each
of which shall be deemed an original, but all of which together shall constitute one and the
same instrument.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <U>Applicable Law.</U> This License shall be governed by and construed in accordance
with the laws of the state in which the premises are located.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXECUTED as of the day and year above written.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signed and acknowledged</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">in the presence of:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">VCDS:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Value City Department Stores, Inc.,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">an Ohio corporation</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Melinda Holmes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BY:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ John C. Rossler</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Print Name: Melinda Holmes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">ITS: President &#038; CEO</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" style="border-bottom: 1px solid #000000">/s/ Tracy L. Snow</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Print Name: Tracy L. Snow</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">- 4 -
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">STATE OF OHIO
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">: ss.</TD>
</TR>
<TR valign="bottom">

<TD nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px">COUNTY OF FRANKLIN
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">:</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing instrument was acknowledged before me this 11&nbsp;day of
September, 2002, by John C. Rossler<I>, </I>President &#038; CEO of Value City Department Stores, Inc., an Ohio corporation, for and on behalf of
said corporation.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ Melinda Holmes</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Notary Public</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>MELINDA HOLMES</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="top"><B>MY COMMISSION EXPIRES ON 9/17/05 </B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="top"><B>NOTARY PUBLIC - STATE OF OHIO </B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">SHONAC:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Shonac Corporation, </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">an Ohio corporation</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Melinda Holmes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BY:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ John C. Russler</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Print Name: Melinda Holmes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" style="border-bottom: 1px solid #000000">/s/ Christy Cuschleg</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">ITS: President &#038; CEO</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Print Name: Christy Cuschleg</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">STATE OF OHIO
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">: ss.</TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px">COUNTY OF FRANKLIN
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">:</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing instrument was acknowledged before me this 30&nbsp;day of August, 2002, by John C. Rossler<B>,</B>
President &#038; CEO of Shonac Corporation, an Ohio corporation, for and on behalf of said corporation.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-bottom: 1px solid #000000">/s/ Melinda Holmes</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notary Public</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>MELINDA HOLMES</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap><B>MY COMMISSION EXPIRES ON 9/17/05 </B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap><B>NOTARY PUBLIC - STATE OF OHIO </B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">- 5 -
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><U>JOINDER:</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landlord hereby joins this License solely for the purpose of agreeing to the following with
respect to Shonac: (i)&nbsp;to recognize this License and Shonac&#146;s rights thereunder, (ii)&nbsp;to
simultaneously deliver to Shonac any notice delivered to VCDS under the Lease, and (iii)&nbsp;to accept
the performance by Shonac of any obligations under the Lease on behalf of VCDS including the
payment of rental thereunder.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">LANDLORD:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Jubilee Limited Partnership,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">an Ohio limited partnership</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Edward K. Arndt
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BY:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Jay L. Schottenstein</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Print Name: Edward K. Arndt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" style="border-bottom: 1px solid #000000">/s/ Leslie A. Schutte</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">ITS: President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Print Name: Leslie A. Schutte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">STATE OF OHIO
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">: ss.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">COUNTY OF FRANKLIN
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">:</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing instrument was acknowledged before me this 3<SUP>rd</SUP> day of
September, 2002, by Jay L. Schottenstein, President of Jubilee Limited Partnership, an Ohio limited partnership, for and on
behalf of said limited partnership.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-bottom: 1px solid #000000">/s/ Leslie A. Schutte</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notary Public</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P><DIV style="position: relative; float: left; width: 15%">

<P align="left" style="font-size: 10pt"><br><IMG src="x06593a4x0659315.gif" alt="(NOTARIAL SEAL)">


</DIV>
<DIV style="position: relative; float: left; margin-left: 2%; width: 30%">

<P align="center" style="font-size: 10pt">LESLIE A. SCHUTTE<BR>
Notary Public, State of Ohio<BR>
My Commission Expires<BR>
08-21-06


</DIV>
<DIV style="position: relative; float: right; width: 40%">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</DIV>
<BR clear="all"><BR>

<P align="center" style="font-size: 10pt">- 6 -
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="center" style="font-size: 10pt">EXHIBIT A


<DIV align="center" style="font-size: 10pt">LEGAL DESCRIPTION</DIV>


<P align="left" style="font-size: 10pt">Parcel I: (Fee Simple)


<P align="left" style="font-size: 10pt">Part of the North 1/2, Section&nbsp;23, Township 35 North, Range 8 West of the 2nd P.M., in
Lake County, Indiana, described [ILLEGIBLE] Commencing at the Northwest corner of
said Section 23, thence South 02<FONT face="Symbol">&#176;</FONT> 42&#039; 00&#034; East along the
West line of said Section 23 a distance of 842.20 feet to the
Southerly right-of-way line of the Chesapeake and Ohio Railroad, thence South
62<FONT face="Symbol">&#176;</FONT>  42&#39; 00&#34; East along said
South line 1615.41 feet, thence South
27<FONT face="Symbol">&#176;</FONT> 18&#039; 00&#034; West, 748.26
feet, thence South 88<FONT face="Symbol">&#176;</FONT> 25&#039;
00&#034; West,
134.54 feet to the point of beginning of this described parcel thence
continuing South 88<FONT face="Symbol">&#176;</FONT> 25&#039; 00&#034;
West, 326.65 feet, thence South
01<FONT face="Symbol">&#176;</FONT> 35&#039; 00&#034; East, 193.56
feet to the Northerly line of U.S. Highway
30, thence Easterly along the Northerly line of said Highway, 309.65
feet, thence North 01<FONT face="Symbol">&#176;</FONT> 35&#039; 00&#034;
West, 43.06 feet, thence North
88<FONT face="Symbol">&#176;</FONT> 25&#039; 00&#034; East, 17.0 feet;
thence North 01<FONT face="Symbol">&#176;</FONT> 35&#039; 00&#034; West, 150 feet
to the point of beginning. Except that part conveyed to the State of
Indiana by Warranty Dead
recorded September&nbsp;19, 1978 an Document No. 491229 described as
follows: a part of the Northwest
Quarter of Section 23, Township 35 North, Range 8 West, Lake County, Indiana, described as follows:
commencing at the Northwest corner of said section, thence south 0 degrees 01 minutes
00 seconds West 2,287.90 feet along the West line of said Section to
the Southwest corner of the
owner&#146;s land, thence South 89 degrees 59 minutes 00 seconds East 350.00 feet to the corner of the
owner&#146;s land, thence South 0 degrees 01 minutes 00 seconds West
196.90 feet along the West line
of the owner&#146;s land to the North boundary of U.S.R. 30, thence along the boundary of said U.S.R. 30
Easterly 463.51 feet along an arc to the right and having a radius of 53, 814.79 feet and subtended
by a long chord having a bearing of South 89 degrees 02 minutes 50
seconds East and a length of
463.51 feet to the point of beginning of this description, thence North 1 degree 11 minutes 58
seconds East 10.00 feet, thence South 88 degrees 46 minutes 26
seconds East 50.01 feet, thence
South 1 degree 15 minutes 10 seconds West 10.00 feet to the North boundary of U.S.R. 30, thence
along the boundary of said U.S.R. 30 Westerly 50.00 feet along an arc to the left and having a
radius of 53,814.79 feet and subtended by; long chord having a bearing
of North 88 degrees 46
minutes 26 seconds West and a length of 50.00 feet to the point of beginning.


<P align="left" style="font-size: 10pt">Parcel II: (Fee Simple)


<P align="left" style="font-size: 10pt">Part of the North 1/2 Section
23, Township 35 North Range 8 West of the 2nd P.M., in Lake
County, Indians, described as: Commencing at the Northwest corner of
said Section 23, thence South
02<FONT face="Symbol">&#176;</FONT> 42&#039; 00&#034; East along the
West line of said Section 23 a distance of 842.20 feet to the Southerly
right-of-way line of the Chesapeake and Ohio Railroad, thence South
62<FONT face="Symbol">&#176;</FONT> 42&#039; 00&#034; East along said
Southerly right-of-way 1845.00 feet to the point of beginning of this described parcel, thence
South 27<FONT face="Symbol">&#176;</FONT> 18&#039; 00&#034; West,
274.33 feet; thence South 62<FONT face="Symbol">&#176;</FONT> 42&#039;
00&#034; East, 4.0 feet; thence South
27<FONT face="Symbol">&#176;</FONT> 18&#039; 00&#034;
West, 80.00 feet; thence South
62<FONT face="Symbol">&#176;</FONT> 42&#039; 00&#034; East, 26.41
feet; thence South 27<FONT face="Symbol">&#176;</FONT> 18&#039;
00&#034; West 275.00
feet; thence North 62<FONT face="Symbol">&#176;</FONT> 42&#039;
00&#034; West, 260.0 feet; thence South
27<FONT face="Symbol">&#176;</FONT> 18&#039; 00&#034; West, 339.51 feet more of
less to the Northerly line of U.S. Highway 30; thence on a curve to the right with radius of
53,817.23 feet a distance of 87.67 feet to the point of curve; thence
North 88<FONT face="Symbol">&#176;</FONT> 37&#039; 48&#034; CONTINUED



<P align="center" style="font-size: 10pt">SCHEDULE A - PAGE 2




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="right" style="font-size: 10pt"><B>Exhibit B</B>



<P align="center" style="font-size: 10pt"><IMG src="x06593a4x0659316.gif" alt="(FLOOR PLAN)">



<P align="right" style="font-size: 10pt">TOTAL P.




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.44
<SEQUENCE>23
<FILENAME>x06593a4exv10w44.txt
<DESCRIPTION>EX-10.44: FORM OF INDEMNIFICATION AGREEMENT
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.44

                        FORM OF INDEMNIFICATION AGREEMENT

      This Indemnification Agreement (this "AGREEMENT") is made as of this ____
day of _______, 200_, by and between DSW Inc., an Ohio corporation (the
"COMPANY"), and ____________, an individual ("INDEMNITEE").

                                    RECITALS

      A. The regulations (the "REGULATIONS") of the Company provide for the
indemnification of the directors and officers of the Company to the greatest
extent permitted by Ohio law, including the Ohio General Corporation Law, as
amended (the "OGCL").

      B. The Regulations and the OGCL permit contracts between the Company and
the directors and officers of the Company with respect to indemnification of
such directors and officers.

      C. In accordance with the OGCL, the Company may purchase and maintain a
policy or policies of directors' and officers' liability insurance covering
certain liabilities that may be incurred by its directors and officers in the
performance of their obligations to the Company.

      D. The Company recognizes that capable and qualified individuals are
becoming increasingly reluctant to serve as directors and/or officers of public
corporations as a result of the recent and ongoing enactment of statutes and
regulations pertaining to directors' and officers' responsibilities and the
increasing risk of lawsuits against directors and officers in the current
corporate climate in the United States, unless such individuals are provided
with more certain and secure protection against exposure to unreasonable
personal risk arising from their service and activities on behalf of a
corporation.

      E. The Company is aware that individuals recruited to serve on the boards
of public corporations and as officers of public corporations generally are more
likely to agree to provide services to corporations that provide for separate
indemnification agreements with their directors and officers because, unlike
indemnification provisions contained in the articles of incorporation or the
regulations of a company or state statutory provisions, the indemnification
provisions contained in a separate agreement may not be amended or rescinded
without the consent of the director or officer who is a party to the agreement.

      F. The Company recognizes that it is in the best interests of the Company
and its shareholders to attract and retain capable and qualified individuals to
serve on its Board of Directors (the "BOARD") and to serve as management of the
Company and to enable such directors and officers to exercise their independent
business judgment in their capacities as directors and officers without being
affected by the threat of exposure to unreasonable personal risk.

      G. To induce Indemnitee to serve and/or continue to serve as a director
and/or officer of the Company, the Company desires Indemnitee to be indemnified
and advanced expenses as set forth herein.

                                       4
<PAGE>

                                    AGREEMENT

      In consideration of Indemnitee's service as a director and/or officer of
the Company after the date hereof, the Company and Indemnitee hereby agree as
follows:

      1. CERTAIN DEFINITIONS. Capitalized terms used but not otherwise defined
in this Agreement shall have the meanings set forth below:

      "CORPORATE STATUS" means the fact that a person is or was a director
and/or an officer of the Company or is or was serving at the request of the
Company as a director, trustee, officer, partner, member or manager, of another
corporation, limited liability company, partnership, joint venture, trust,
employee benefit plan or other enterprise. A Proceeding shall be deemed to have
been brought by reason of a person's "Corporate Status" if it is brought because
of the status described in the preceding sentence or because of any action or
inaction on the part of such person in connection with such status.

      "DISINTERESTED DIRECTOR" means a director of the Company who is not and
was not a party to or threatened with a Proceeding in respect of which
indemnification is sought by Indemnitee.

      "EXPENSES" shall include all reasonable attorneys' fees, disbursements and
retainers, court costs, transcript costs, fees of experts, witness fees, travel
and deposition costs, duplicating costs, printing and binding costs, telephone
charges, postage, delivery service fees and all other disbursements or expenses
of the types customarily incurred in connection with (a) prosecuting, defending,
preparing to prosecute or defend, investigating, settling or appealing a
Proceeding (including the cost of any appeal bond or its equivalent), (b) being
prepared to be a witness or otherwise participating in a Proceeding or (c)
enforcing a right under this Agreement (including any right to indemnification
or advancement of expenses under this Agreement).

      "INDEPENDENT COUNSEL" means an attorney, or a firm having associated with
it an attorney, who neither currently is nor in the past five years has been
retained by or performed services for the Company or any person to be
indemnified by the Company.

      "PROCEEDING" includes any threatened, pending or completed action, suit,
arbitration, alternate dispute resolution mechanism, investigation, inquiry,
administrative hearing or any other actual, threatened or completed proceeding,
whether civil, criminal, administrative or investigative, in which Indemnitee
was, is or would be involved as a party or otherwise (including, without
limitation, as a witness) by reason of the Indemnitee's Corporate Status,
including one pending on or before the date of this Agreement; but excluding one
initiated by an Indemnitee pursuant to Section 7 of this Agreement to enforce
Indemnitee's rights under this Agreement. For purposes of this definition, the
term "threatened" shall be deemed to include, but not be limited to,
Indemnitee's good faith belief that a claim or other assertion may lead to
initiation of a Proceeding.

      "REVIEWING PARTY" means the person, persons or entity selected to make the
determination of the entitlement to indemnification pursuant to Section 5.3
hereof.

                                       2
<PAGE>

      2. INDEMNIFICATION.

            2.1 PROCEEDINGS NOT BY OR IN RIGHT OF COMPANY. The Company hereby
agrees to hold harmless and indemnify Indemnitee to the greatest extent
permitted by Ohio law, including but not limited to the provisions of the OGCL
and the Regulations, as such may be amended from time to time, if Indemnitee was
or is a party, witness, or other participant, or is threatened to be made a
party, witness, or other participant, to any Proceeding, other than a Proceeding
by or in the right of the Company, by reason of Indemnitee's Corporate Status,
against all Expenses, judgments, fines and amounts paid in settlement actually
and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection
with such Proceeding, if Indemnitee acted in good faith and in a manner
Indemnitee reasonably believed to be in or not opposed to the best interests of
the Company and, with respect to any criminal Proceeding, had no reasonable
cause to believe that his or her conduct was unlawful. The termination of any
Proceeding by judgment, order, settlement or conviction, or upon a plea of nolo
contendere or its equivalent, shall not, of itself, create a presumption that
Indemnitee did not satisfy the foregoing standard of conduct to the extent
applicable thereto.

            2.2 PROCEEDINGS BY OR IN RIGHT OF COMPANY. The Company hereby agrees
to hold harmless and indemnify Indemnitee to the greatest extent permitted by
Ohio law, including but not limited to the provisions of the OGCL and the
Regulations, as such may be amended from time to time, if Indemnitee was or is a
party or is threatened to be made a party to any Proceeding by or in the right
of the Company, by reason of Indemnitee's Corporate Status, against all Expenses
actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in
connection with the defense or settlement of such Proceeding, if Indemnitee
acted in good faith and in a manner Indemnitee reasonably believed to be in or
not opposed to the best interests of the Company; provided, however, that, if
applicable law so provides, no indemnification against such Expenses shall be
paid in respect of (a) any claim, issue or matter in such Proceeding by or in
the right of the Company as to which the Indemnitee shall have been adjudged to
be liable to the Company for an act or omission undertaken by such Indemnitee in
his or her capacity as a director of the Company with deliberate intent to cause
injury to the Company or with reckless disregard for the best interests of the
Company, (b) any claim, issue or matter asserted in a Proceeding by or in the
right of the Company as to which the Indemnitee shall have been adjudged to be
liable to the Company for negligence or misconduct in his or her capacity other
than that of a director of the Company, or (c) any Proceeding by or in the right
of the Company in which the only liability is asserted pursuant to Section
1701.95 of the OGCL against the Indemnitee, unless and only to the extent that
the Franklin County Court of Common Pleas of the State of Ohio or the court of
competent jurisdiction in which such Proceeding is brought shall determine, upon
application of either the Indemnitee or the Company, that, despite the
adjudication or assertion of such liability, and in view of all the
circumstances of the case, the Indemnitee is fairly and reasonably entitled to
such indemnity as such court shall deem proper.

            2.3 INDEMNIFICATION FOR EXPENSES OF AN INDEMNITEE WHO IS WHOLLY OR
PARTLY SUCCESSFUL. To the extent that the Indemnitee has been successful on the
merits or otherwise in defense of any Proceeding referred to in Section 2.1 or
2.2 of this Agreement, or in defense of any claim, issue or matter in such
Proceeding, Indemnitee shall be indemnified

                                       3
<PAGE>

against Expenses actually and reasonably incurred by the Indemnitee or on
Indemnitee's behalf in connection with such Proceeding.

      3. ADVANCEMENT OF EXPENSES.

            3.1 The Company shall advance all Expenses incurred by or on behalf
of Indemnitee in connection with any Proceeding prior to the final disposition
of such Proceeding upon receipt of an undertaking by or on behalf of Indemnitee
to repay such amount if it shall ultimately be determined that Indemnitee is not
entitled to be indemnified by the Company. Any advances and undertakings to
repay pursuant to this Section 3.1 shall not be secured, shall not bear interest
and shall provide that, if Indemnitee has commenced or thereafter commences
legal proceedings in a court of competent jurisdiction to secure a determination
that Indemnitee should be indemnified under applicable law with respect to such
Proceeding, Indemnitee shall not be required to reimburse the Company for any
advancement of Expenses in respect of such Proceeding until a final judicial
determination is made with respect thereto (as to which all rights of appeal
therefrom have been exhausted or lapsed).

            3.2 Any advancement of Expenses pursuant to Section 3.1 hereof shall
be made within ten (10) days after the receipt by the Company of a written
statement from Indemnitee requesting such advancement from time to time and
accompanied by or preceded by the undertaking referred to in Section 3.1 above.
Each statement requesting advancement shall reasonably evidence the Expenses
incurred by or on behalf of the Indemnitee in connection with such Proceeding
for which advancement is being sought.

      4. CONTRIBUTION IN THE EVENT OF JOINT LIABILITY. Whether or not the
indemnification provided in this Agreement is available, in respect of any
Proceeding in which the Company is jointly liable with Indemnitee (or would be
if joined in such Proceeding), the Company shall contribute to the amount of
Expenses, judgments, fines and amounts paid in settlement actually and
reasonably incurred and paid or payable by Indemnitee in proportion to the
relative benefits received by the Company, on the one hand, and Indemnitee, on
the other hand, from the transaction from which such Proceeding arose; provided,
however, that the proportion determined on the basis of relative benefit may, to
the extent necessary to conform to law, be further adjusted by reference to the
relative fault of the Company, on the one hand, and Indemnitee, on the other
hand, in connection with the events that resulted in such Expenses, judgments,
fines or settlement amounts, as well as any other equitable considerations that
applicable law may require to be considered. The relative fault of the Company,
on the one hand, and Indemnitee, on the other hand, shall be determined by
reference to, among other things, the degree to which their actions were
motivated by intent to gain personal profit or advantage, the degree to which
their liability is primary or secondary, and the degree to which their conduct
is active or passive.

      5. PROCEDURES AND PRESUMPTIONS FOR DETERMINATION OF ENTITLEMENT TO
INDEMNIFICATION.

            5.1 TIMING OF PAYMENTS. All payments of Expenses, judgments, fines,
amounts paid in settlement and other amounts by the Company to Indemnitee
pursuant to this Agreement shall be made as soon as practicable after written
demand therefor by Indemnitee is

                                       4
<PAGE>

presented to the Company, but in no event later than (a) 30 days after such
demand is presented or (b) such later date as may be permitted for the
determination of entitlement to indemnification pursuant to Section 5.7 hereof,
if applicable; provided, however, that advances of Expenses shall be made within
the time period provided in Section 3.2 hereof.

            5.2 REQUEST FOR INDEMNIFICATION. Whenever Indemnitee believes that
he or she is entitled to indemnification pursuant to this Agreement, Indemnitee
shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and
is reasonably necessary to determine whether and to what extent Indemnitee is
entitled to indemnification. Indemnitee shall submit such claim for
Indemnification within a reasonable time, not to exceed five years, after any
judgment, order, settlement, dismissal, arbitration award, conviction,
acceptance of a plea of nolo contendere (or its equivalent) or other full or
partial final determination or disposition of the Proceeding (with the latest
date of the occurrence of any such event to be considered the commencement of
the five-year period). The Secretary of the Company shall, promptly upon receipt
of such a request for indemnification, advise the Board in writing that
Indemnitee has requested indemnification.

            5.3 REVIEWING PARTY. Upon written request by Indemnitee for
indemnification pursuant to the first sentence of Section 5.2 hereof, to the
extent that the Indemnitee's entitlement to such indemnification is governed by
Section 2.1 or 2.2 of this Agreement, a determination with respect to
Indemnitee's entitlement thereto shall be made in the specific case by one of
the following methods: (a) by a majority vote of a quorum of the Board
consisting of Disinterested Directors; or (b) if such a quorum of Disinterested
Directors is not available or if a majority of such quorum so directs, in a
written opinion by Independent Counsel (designated for such purpose by the
Board).

            5.4 DETERMINATION BY INDEPENDENT COUNSEL. If the determination of
entitlement to indemnification is to be made by Independent Counsel pursuant to
Section 5.3 hereof, the Independent Counsel shall be selected as provided in
this Section 5.4. The Independent Counsel shall be selected by the Board of
Directors, and the Company shall promptly give written notice to Indemnitee
advising him or her of the identity of the Independent Counsel so selected.
Indemnitee may, within ten days after such written notice of selection shall
have been given, deliver to the Company a written objection to such selection;
provided, however, that such objection may be asserted only on the ground that
the Independent Counsel so selected does not meet the requirements of
"Independent Counsel" as defined in this Agreement, and the objection shall set
forth with particularity the factual basis of such assertion. Absent a proper
and timely objection, the person so selected shall act as Independent Counsel.
If a written objection is made and substantiated, the Independent Counsel
selected may not serve as Independent Counsel unless and until such objection is
withdrawn or a court has ruled against such objection. If, within 30 days after
submission by Indemnitee of a written request for indemnification pursuant to
Section 5.2 hereof, no Independent Counsel shall have been selected or an
Independent Counsel shall have been selected but an objection thereto shall have
been properly made and remained unresolved, either the Company or Indemnitee may
petition the Franklin County Court of Common Pleas of the State of Ohio or other
court of competent jurisdiction for resolution of any objection that shall have
been made by the Indemnitee to the selection of Independent Counsel and/or for
the appointment as Independent Counsel of a person selected by the court or by
such other person as the court shall designate, and the person with

                                       5
<PAGE>

respect to whom all objections are so resolved or the person so appointed shall
act as Independent Counsel under Section 5.3 hereof. The Company shall pay any
and all reasonable fees and expenses of Independent Counsel incurred by such
Independent Counsel in connection with acting pursuant to Section 5.4 hereof.

            5.5 BURDEN OF PROOF. In making a determination with respect to
entitlement to indemnification hereunder, the Reviewing Party shall presume that
Indemnitee is entitled to indemnification under this Agreement. Anyone seeking
to overcome this presumption shall have the burden of proof and the burden of
persuasion, by clear and convincing evidence. In making a determination with
respect to entitlement to indemnification hereunder which under this Agreement
or applicable law requires a determination of Indemnitee's good faith, and/or
whether Indemnitee acted in a manner which he or she reasonably believed to be
in or not opposed to the best interests of the Company, and, with respect to any
criminal Proceeding, if Indemnitee had no reasonable cause to believe that
Indemnitee's conduct was unlawful, the Reviewing Party shall presume that (a)
Indemnitee has at all times acted in good faith and in a manner he or she
reasonably believed to be in or not opposed to the best interests of the
Company, and (b) with respect to any criminal Proceeding, that Indemnitee had no
reasonable cause to believe that Indemnitee's conduct was unlawful. Anyone
seeking to overcome this presumption shall have the burden of proof and the
burden of persuasion, by clear and convincing evidence. Indemnitee in their
capacity as a director of the Company shall be deemed to have acted in good
faith if Indemnitee's action or inaction is based on Indemnitee's reliance on
information, opinions, reports or statements, including financial statements and
other financial data, that were prepared or presented by (a) one or more
directors, officers, or employees of the Company who the Indemnitee reasonably
believes are reliable and competent in the matters prepared or presented; (b)
counsel, public accountants, or other persons as to matters that the Indemnitee
reasonably believes are within the person's professional or expert competence;
or (c) a committee of the Board upon which the Indemnitee does not serve, duly
established in accordance with a provision of the Company's Regulations, as to
matters within its designated authority, which committee the Indemnitee
reasonably believes to merit confidence. In addition, the knowledge and/or
actions, or failure to act, of any other director, officer, agent or employee of
the Company shall not be imputed to Indemnitee for purposes of determining the
right to indemnification under this Agreement.

            5.6 NO PRESUMPTION IN ABSENCE OF DETERMINATION OR AS RESULT OF
ADVERSE DETERMINATION. Neither the failure of any Reviewing Party to have made a
determination as to whether Indemnitee has met any particular standard of
conduct or had any particular belief, nor an actual determination by any
Reviewing Party that Indemnitee has not met such standard of conduct or did not
have such belief, prior to the commencement of legal proceedings by Indemnitee
to secure a judicial determination under this Agreement or applicable law that
Indemnitee should be indemnified under this Agreement, shall be a defense to
Indemnitee's claim or create a presumption that Indemnitee has not met any
particular standard of conduct or did not have any particular belief.

            5.7 TIMING OF DETERMINATION. If the Reviewing Party shall not have
made a determination within 30 days after receipt by the Company of the request
therefor, the requisite determination of entitlement to indemnification shall be
deemed to have been made and Indemnitee shall be entitled to such
indemnification, absent (a) a misstatement by Indemnitee of

                                       6
<PAGE>

a material fact, or an omission of a material fact necessary to make
Indemnitee's statement not materially misleading, in connection with the request
for indemnification, or (b) a prohibition of such indemnification under
applicable law; provided, however, that such 30-day period may be extended for a
reasonable time, not to exceed an additional 45 days, if the Reviewing Party in
good faith requires such additional time for obtaining or evaluating
documentation and/or information relating thereto; and provided, further,
however, that if the determination is to be made by Independent Counsel as the
Reviewing Party, such 30-day period shall be deemed to commence after a final
appointment of an Independent Counsel has been made pursuant to the provisions
of Section 5.4 hereof.

            5.8 COOPERATION. Indemnitee shall cooperate with the Reviewing Party
with respect to Indemnitee's entitlement to indemnification, including providing
to such Reviewing Party upon reasonable advance request any documentation or
information that is not privileged or otherwise protected from disclosure and
that is reasonably available to Indemnitee and reasonably necessary to such
determination. The Reviewing Party shall act reasonably and in good faith in
making a determination under this Agreement of Indemnitee's entitlement to
indemnification.

      6. LIABILITY INSURANCE. The Company shall, from time to time, make the
good faith determination whether or not it is practicable for the Company to
obtain and maintain a policy or policies of directors' and officers' liability
insurance with one or more reputable insurance companies. Among other
considerations, the Company will weigh the costs of obtaining such insurance
coverage against the protection afforded by such coverage. Notwithstanding the
foregoing, the Company shall have no obligation to obtain or maintain such
insurance if the Company determines in good faith that such insurance is not
reasonably available, if the premium costs for such insurance are
disproportionately high compared to the amount of coverage provided, or if the
coverage provided by such insurance is limited by exclusions so as to provide an
insufficient benefit. The Company shall promptly notify Indemnitee of any such
determination not to provide insurance coverage. In the event that the Company
does maintain such insurance for the benefit of Indemnitee, the right to
indemnification and advancement of Expenses as provided herein shall apply only
to the extent that Indemnitee has not been indemnified and actually reimbursed
pursuant to such insurance or otherwise has not had Expenses advanced in
accordance with the terms of such insurance.

      7. REMEDIES OF INDEMNITEE RELATING TO INDEMNIFICATION AND ADVANCEMENT OF
EXPENSES.

            7.1 In the event that (a) a determination is made pursuant to
Section 5 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (b) advancement of Expenses is not timely made pursuant to
Section 3.2 of this Agreement, (c) no determination of entitlement to
indemnification shall have been made within the time period specified in Section
5.7 of this Agreement, or (d) payment of indemnified amounts is not made within
the applicable time periods specified in Section 5.1 of this Agreement,
Indemnitee shall thereafter be entitled under this Agreement to commence a
proceeding in the Franklin County Court of Common Pleas of the State of Ohio, or
in any other court of competent jurisdiction, seeking an adjudication of
Indemnitee's entitlement to such indemnification or advancement of Expenses.
Indemnitee shall commence such proceeding seeking an adjudication within 180
days

                                       7
<PAGE>

following the date on which Indemnitee first has the right to commence such
proceeding pursuant to this Section 7.1. The Company shall not oppose
Indemnitee's right to seek any such adjudication.

            7.2 In the event that a determination shall have been made pursuant
to Section 5.3 of this Agreement that Indemnitee is not entitled to
indemnification, any judicial proceeding commenced pursuant to this Section 7
shall be conducted in all respects as a de novo review on the merits and
Indemnitee shall not be prejudiced by reason of that adverse determination under
Section 5.3.

            7.3 If a determination shall have been made pursuant to Section 5.3
of this Agreement that Indemnitee is entitled to indemnification, the Company
shall be bound by such determination in any judicial proceeding commenced
pursuant to this Section 7, absent (a) a misstatement by Indemnitee of a
material fact, or an omission of a material fact necessary to make Indemnitee's
statement not misleading, in connection with the request for indemnification or
(b) a prohibition of such indemnification under applicable law.

            7.4 Both the Company and the Indemnitee shall be precluded from
asserting in any judicial proceeding commenced pursuant to this Section 7 that
the procedures and presumptions of this Agreement are not valid, binding and
enforceable and shall stipulate in any such court that the Company and the
Indemnitee are bound by all the provisions of this Agreement.

            7.5 In the event that Indemnitee commences a proceeding pursuant to
this Section 7 to enforce a right of Indemnitee under this Agreement, then, to
the extent that Indemnitee is successful on the merits or otherwise in such
proceeding, or in connection with any claim, issue or matter therein, Indemnitee
shall be indemnified by the Company against Expenses actually and reasonably
incurred by the Indemnitee in connection with such proceeding.

      8. EXCEPTIONS TO RIGHT OF INDEMNIFICATION. Notwithstanding any other
provision of this Agreement, Indemnitee shall not be entitled to indemnification
under this Agreement:

            (a) with respect to any claim (whether an original claim,
counterclaim, cross-claim or third party claim) brought or made by Indemnitee in
a Proceeding, unless the bringing or making of such claim shall have been
approved or ratified by the Board; provided, however, that the foregoing shall
not apply to any claim brought or made by an Indemnitee to enforce a right of
the Indemnitee under this Agreement;

            (b) for Expenses incurred by Indemnitee with respect to any action
instituted by or in the name of the Company against Indemnitee, if and to the
extent that a court of competent jurisdiction declares or otherwise determines
in a final, unappealable judgment that each of the material defenses asserted by
Indemnitee was made in bad faith or was frivolous;

            (c) for Expenses and other liabilities arising from the purchase and
sale by Indemnitee of securities in violation of Section 16(b) of the Securities
Exchange Act of 1934, or any similar state or successor statute; and

                                       8
<PAGE>

            (d) for Expenses and other liabilities if and to the extent that a
court of competent jurisdiction declares or otherwise determines in a final,
unappealable judgment that the Company is prohibited by applicable law from
making such indemnification payment or that such indemnification payment is
otherwise unlawful.

      9. NOTIFICATION AND DEFENSE OF CLAIM.

            9.1 NOTIFICATION. Indemnitee agrees promptly to notify the Company
in writing upon being served with any summons, citation, subpoena, complaint,
indictment, information or other document relating to any Proceeding or matter
that may be subject to indemnification covered hereunder. The failure to so
notify the Company shall not relieve the Company of any obligation that it may
have to Indemnitee under this Agreement or otherwise unless and only to the
extent that such failure or delay materially prejudices the Company.

            9.2 DEFENSE OF CLAIM. With respect to any Proceeding (other than a
Proceeding brought by or in the right of the Company) as to which Indemnitee
notifies the Company of the commencement thereof:

                  (a) The Company may participate therein at its own expense;

                  (b) The Company, jointly with any other indemnifying party
similarly notified, may assume the defense thereof, with counsel reasonably
satisfactory to Indemnitee. After notice from the Company to Indemnitee of its
election to assume the defense thereof, the Company shall not be liable to
Indemnitee under this Agreement for any Expenses subsequently incurred by
Indemnitee in connection with the defense thereof unless (i) the employment of
counsel by Indemnitee or the incurrence of any other Expense has been authorized
by the Company, (ii) Indemnitee shall have reasonably concluded that there may
be a conflict of interest between the Company (or any other person or persons
included in the joint defense) and Indemnitee in the conduct of the defense of
such Proceeding, or (iii) the Company shall not, in fact, have employed counsel
to assume the defense of such Proceeding;

                  (c) The Company shall not be liable to Indemnitee under this
Agreement for any amounts paid in settlement in any Proceeding effected without
its written consent;

                  (d) The Company shall not settle any Proceeding in any manner
that would impose any penalty or limitation on Indemnitee without Indemnitee's
written consent; and

                  (e) Neither the Company nor Indemnitee shall unreasonably
withhold its consent to any proposed settlement, provided that Indemnitee may
withhold consent to any settlement that does not provide a complete release of
Indemnitee.

      10. DURATION OF AGREEMENT. All agreements and obligations of the Company
and Indemnitee contained herein shall continue during the period Indemnitee is a
director and/or officer of the Company and shall continue thereafter so long as
Indemnitee shall be subject under applicable law to the assertion of any
Proceeding (or any proceeding commenced under Section 7 hereof) by reason of
Indemnitee's Corporate Status, whether or not Indemnitee is acting or

                                       9
<PAGE>

serving in any such capacity at the time any liability or expense is incurred
for which indemnification can be provided under this Agreement.

      11. MISCELLANEOUS.

            11.1 NO EMPLOYMENT AGREEMENT. Nothing contained in this Agreement
shall be construed as giving Indemnitee any right to be retained in the
employment of the Company or any of its subsidiaries or affiliated entities.

            11.2 ENTIRE AGREEMENT. This Agreement constitutes the entire
agreement and understanding of the Company and Indemnitee in respect of its
subject matter and supersedes all prior understandings, agreements and
representations by or among the Company and Indemnitee, written or oral, to the
extent they relate in any way to the subject matter hereof.(1)

            11.3 SUCCESSORS. All of the terms, agreements, covenants,
representations, warranties and conditions of this Agreement are binding upon,
and inure to the benefit of and are enforceable by, the Company and Indemnitee
and their respective heirs, executors, administrators, personal representatives,
successors and permitted assigns.

            11.4 ASSIGNMENT. Neither the Company nor Indemnitee may assign
either this Agreement or any of its rights, interests or obligations hereunder
without the prior written approval of the other; provided, however, that the
Company may assign all (but not less than all) of its rights and interests
hereunder to any direct or indirect successor to all or substantially all of the
business or assets of the Company by purchase, merger, consolidation or
otherwise.

            11.5 MERGER OR CONSOLIDATION. In the event that the Company shall be
a constituent corporation in a consolidation, merger or other reorganization,
the Company, if it shall not be the surviving, resulting or acquiring entity
therein, shall require as a condition thereto that the surviving, resulting or
acquiring entity agree to assume all of the obligations of the Company hereunder
and to indemnify Indemnitee to the full extent provided herein. Whether or not
the Company is the resulting, surviving or acquiring entity in any such
transaction, Indemnitee shall also stand in the same position under this
Agreement with respect to the resulting, surviving or acquiring entity as the
Indemnitee would have with respect to the Company if its separate existence had
continued.

            11.6 NOTICES. All notices, requests, demands, claims and other
communications hereunder shall be in writing. Any notice, request, demand, claim
or other communication hereunder shall be deemed duly given if (and then three
business days after) it is sent by registered or certified mail, return receipt
requested, postage prepaid, and addressed to the intended recipient as set forth
below:

                 If to Company:

                 DSW Inc.
                 4150 East 5th Avenue

-----------------
(1) This provision will need to be individualized for any officers who execute
employment agreements with the Company which contain indemnification provisions.

                                       10
<PAGE>

                 Columbus, Ohio 43219
                 Attention: General Counsel
                 Tel: (614) 478-3424
                 Fax: (614) 337-4682

                 with a copy to:

                 DSW Inc.
                 4150 East 5th Avenue
                 Columbus, Ohio 43219

                 Attention:  Chief Financial Officer
                 Tel: (614) 237-7100
                 Fax: (614) ___-____

                 If to Indemnitee:

                 [Name] [Address] Tel: [( ) ]

                                  Fax: [( ) ]

                 [with a copy to:]

                 [Name] [Address] Tel: [( ) ]

                                  Fax: [( ) ]

            Either party may send any notice, request, demand, claim or other
communication hereunder to the intended recipient at the address or facsimile
number set forth above using any other means (including personal delivery,
expedited courier, messenger service, telecopy, telex or ordinary mail), but no
such notice, request, demand, claim or other communication will be deemed to
have been duly given unless and until it actually is received by the intended
recipient. Either party may change the address or facsimile number to which
notices, requests, demands, claims and other communications hereunder are to be
delivered by giving the other parties notice in the manner herein set forth.

            11.7 SPECIFIC PERFORMANCE. Each of the Company and Indemnitee
acknowledges and agrees that the other would be damaged irreparably if any
provision of this Agreement is not performed in accordance with its specific
terms or is otherwise breached. Accordingly, each party agrees that the other
party shall be entitled to an injunction or injunctions to prevent breaches of
the provisions of this Agreement and to enforce specifically this Agreement and
its terms and provisions in any action instituted in any court of the United
States or any state thereof having jurisdiction over the parties and the matter,
in addition to any other remedy to which they may be entitled at law or in
equity.

                                       11
<PAGE>

            11.8 COUNTERPARTS. This Agreement may be executed in two
counterparts, each of which shall be deemed an original but both of which
together shall constitute one and the same instrument.

            11.9 GOVERNING LAW. This Agreement and the performance of the
parties' obligations hereunder shall be governed by and construed in accordance
with the laws of the State of Ohio, without giving effect to any choice of law
principles.

            11.10 AMENDMENTS AND WAIVERS. No amendment, modification,
replacement, termination or cancellation of any provision of this Agreement will
be valid, unless the same is in writing and signed by the parties. No waiver by
either party of any default, misrepresentation or breach of warranty or covenant
hereunder, whether intentional or not, may be deemed to extend to any prior or
subsequent default, misrepresentation or breach of warranty or covenant
hereunder or affect in any way any rights arising because of any prior or
subsequent such occurrence.

            11.11 NONEXCLUSIVITY OF RIGHTS; SURVIVAL OF RIGHTS; SEVERABILITY.

                  (a) The rights provided by this Agreement (including rights to
indemnification, advancement of expenses and contribution) (i) shall not be
exclusive of, and shall be in addition to, any other rights to indemnification,
advancement of expenses or contribution to which Indemnitee may at any time be
entitled under the Regulations, applicable law (including the OGCL), any
insurance policy, agreement, vote of shareholders or Disinterested Directors or
otherwise, as to any actions or failures to act by Indemnitee, (ii) shall
continue after the Indemnitee has ceased to be a director and/or an officer of
the Company and (iii) shall inure to the benefit of the Indemnitee's heirs,
executors, administrators and personal representatives. In the event of any
change, after the date of this Agreement, in any applicable law which expands
the right of the Company to indemnify a member of its Board and/or its officers,
such changes shall be deemed to be within the purview of Indemnitee's rights and
the Company's obligations under this Agreement. In the event of any change in
any applicable law which narrows the right of the Company to indemnify a member
of its Board and/or its officers, such changes, to the extent not otherwise
required by applicable law to be applied to this Agreement, shall have no effect
on this Agreement or the parties' rights and obligations hereunder.

                  (b) The provisions of this Agreement shall be deemed severable
and the invalidity or unenforceability of any provision shall not affect the
validity or enforceability of the other provisions hereof; provided, however,
that if any provision of this Agreement, as applied to any party or to any
circumstance, is adjudged by a court, arbitrator or mediator not to be
enforceable in accordance with its terms, the parties agree that the court,
arbitrator or mediator making such determination shall have the power to modify
the provision in a manner consistent with its objectives (and only to the extent
necessary) such that it is enforceable, and/or to delete specific words or
phrases, and in its reduced form, such provision shall then be enforceable and
shall be enforced.

                                       12
<PAGE>

            11.12 SUBROGATION; NO DUPLICATIVE PAYMENTS.

                  (a) In the event of payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee, who shall execute all papers required and shall do
everything that may be necessary to secure such rights, including the execution
of such documents necessary to enable the Company effectively to bring suit to
enforce such rights.

                  (b) The Company shall not be liable to make any payment under
this Agreement to Indemnitee if and to the extent that Indemnitee has actually
received payment under any insurance policy, contract, the Regulations or
otherwise of the amounts otherwise payable hereunder.

            11.13 EXPENSES. Except as otherwise expressly provided in this
Agreement, each party shall bear its own costs and expenses incurred in
connection with the preparation, execution and performance of this Agreement,
including all fees and expenses of agents, representatives, financial advisors,
legal counsel and accountants.

            11.14 CONSTRUCTION. If any provision of this Agreement should be
deemed to exceed the authority granted to the Company by Ohio law in effect as
of the date hereof, then such provision shall be deemed to be amended to the
extent (and only to the extent) necessary to comply with Ohio law. The parties
have participated jointly in the negotiation and drafting of this Agreement. If
an ambiguity or question of intent or interpretation arises, this Agreement
shall be construed as if drafted jointly by the parties and no presumption or
burden of proof shall arise favoring or disfavoring any party because of the
authorship of any provision of this Agreement. Any reference to any federal,
state, local or foreign law shall be deemed also to refer to such law as amended
and all rules and regulations promulgated thereunder, unless the context
requires otherwise. The words "include," "includes," and "including" shall be
deemed to be followed by "without limitation." Pronouns in masculine, feminine
and neuter genders shall be construed to include any other gender, and words in
the singular form shall be construed to include the plural and vice versa,
unless the context otherwise requires. The words "this Agreement," "herein,"
"hereof," "hereby," "hereunder" and words of similar import refer to this
Agreement as a whole and not to any particular subdivision unless expressly so
limited. The parties intend that each representation, warranty and covenant
contained herein will have independent significance. If either party has
breached any representation, warranty or covenant contained herein in any
respect, the fact that there exists another representation, warranty or covenant
relating to the same subject matter (regardless of the relative levels of
specificity) that the party has not breached shall not detract from or mitigate
the fact that the party is in breach of the first representation, warranty or
covenant. The section headings contained in this Agreement are inserted for
convenience only and shall not affect in any way the meaning or interpretation
of this Agreement.

            11.15 REMEDIES. Except as expressly provided herein, the rights and
remedies created by this Agreement are cumulative and in addition to any other
rights or remedies now or hereafter available at law or in equity or otherwise.
Except as expressly provided herein, nothing herein shall be considered an
election of remedies. The assertion or employment of any right or remedy shall
not prevent the concurrent assertion or employment of any other remedy.

                                       13
<PAGE>

            11.16 MUTUAL ACKNOWLEDGEMENT. Nothing in this Agreement is intended
to require or shall be construed as requiring the Company to do or fail to do
any act in violation of applicable law. Both the Company and Indemnitee
acknowledge that in certain instances, Federal law or applicable public policy
may prohibit the Company from indemnifying the Indemnitee under this Agreement
or otherwise. Indemnitee understands and acknowledges that the Company has
undertaken and may be required in the future to undertake with the Securities
and Exchange Commission to submit the question of indemnification to a court in
certain circumstances for a determination of the Company's right under public
policy to indemnify Indemnitee. The Company's inability, pursuant to court
order, to perform its obligations under this Agreement shall not constitute a
breach of this Agreement.

                      [The next page is the signature page]

                                       14
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have executed this Indemnification
Agreement as of the date first hereinabove written.

                                           DSW INC.

                                           By:________________________________
                                              Name:___________________________
                                              Title:____________________________

                                           INDEMNITEE

                                           ___________________________________
                                           Name: _____________________________

                                       15
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>24
<FILENAME>x06593a4exv23w1.txt
<DESCRIPTION>EX-23.1: CONSENT OF DELOITTE & TOUCHE LLP
<TEXT>
<PAGE>
                                                                    Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the use in this Amendment No. 4 to Registration Statement No.
333-123289 of our report dated May 5, 2005 (May 31, 2005 as to Notes 7
and 9)(which expresses an unqualified opinion and includes an explanatory
paragraph for the adoption of Statement of Financial Accounting Standards No.
142 Goodwill and Other Intangible Assets effective February 3, 2002) appearing
in the Prospectus, which is a part of such Registration Statement, and to the
reference to us under the heading "Experts" in such Prospectus.

/s/ DELOITTE & TOUCHE LLP
Columbus, Ohio
June 23, 2005

</TEXT>
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