Management Investor Presentation - Q2 2014

RIOCAN INVESTOR PRESENTATION Second Quarter 2014 September 8, 2014

Forward Looking Statements

2

Certain information included in this presentation contains forward-looking statements within the meaning of applicable securities laws including, among others, statements concerning our objectives, our strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Certain material factors, estimates or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in these statements and actual results could differ materially from such conclusions, forecasts or projections. Additional information on the material risks that could cause our actual results to differ materially from the conclusions, forecast or projections in these statements and the material factors, estimates or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information can be found in our annual information form and annual report that are available on our website and at www.sedar.com. Except as required by applicable law, RioCan undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

http://www.sedar.com/

One of North America’s Largest Retail REITS

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340 retail properties in Canada & U.S.

81 million sqft total portfolio

$8.4 billion market cap

54 million sqft owned

$14.9 billion enterprise value

~87% revenue generated by national and anchor tenants

~7,600 tenancies

Core Strengths

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Strong, reliable distribution yield provided to investors

Stable, diversified portfolio of national retail tenants

Disciplined growth strategy in Canada and U.S.

Positioned to benefit from robust development pipeline and acquisitions

Experienced, performance driven management team

Dominant platform, geographically diversified

Conservative balance sheet / financial strength

QC

PA

VA

Property Portfolio

5 As at June 30, 2014 at RioCan’s interest

CT MA

BC

AB

ON

QC SA MB

NB

NFLD

293 retail properties

44 million sqft

84% annualized rental revenue

TX

GTA


9.9 million sqft

16% annualized rental revenue

5

Property Portfolio – Canada

6

Calgary

Edmonton

Vancouver

Toronto

Montreal Ottawa

BC

AB

ON

QC

Annualized Rental Revenue by Major Market

9.6%

Major markets

combined, 73.0%

Rest of Canada, 27.0%

6.2%

3.7% 3.8%

7.2%

42.4%

6

PA

VA

Property Portfolio – U.S.

7

RI CT

NH MA

TX

Regional Market Strategy & Focus Annualized Rental Revenue by State

NY

MD

NJ

WV

56.7%

2.5%

1.8% 6.4%

2.0%

0.6%

2.9%

2.6% 19.9%

2.5%

2.1%


9.9 million sqft

As at June 30, 2014 at RioCan’s interest 7

Property Type Mix

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Office, 5.0%

Urban Retail, 9.2%

Enclosed Shopping Centre, 17.7%

Non-Grocery Anchor, 4.6%

Grocery Anchored Centre, 19.7%

New Format Retail, 43.8%

As at June 30, 2014

Strong Tenant Relationships

9 9

Strong Tenant Relationships

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Top 10 Canada & US Combined

Top 10 Tenant Name Annualized

Rental Revenue

Number Of Locations

Total Area Occupied

(Sq. Ft. In 000s)

Weighted Avg Remaining Lease Term

(Yrs)

1 Loblaws/Shoppers Drug Mart (i) 4.1% 83 2,010 7.5

2 Walmart 3.8% 33 4,000 12.3

3 Canadian Tire Corporation (ii) 3.5% 87 1,996 8.4

4 Metro/Super C/Loeb/Food Basics 3.2% 57 2,108 6.7

5 Cineplex/Galaxy Cinemas 3.0% 29 1,319 9.7

6 TJX (Winners/HomeSense/Marshalls) 2.6% 74 1,645 7.2

7 Target Corporation 2.1% 27 2,275 8.0

8 Staples/Business Depot 1.6% 48 941 5.5

9 Cara/Prime Restaurants 1.6% 111 472 6.9

10 Sobey's Inc. / Safeway 1.5% 36 940 7.6

(i) Loblaws/Shoppers Drug Mart includes No Frills, Fortinos, Zehrs and Maxi. (ii) Canadian Tire Corporation includes Canadian Tire/PartSource/Mark’s/Sport Mart/ Sport Chek/Sports Experts/National Sports/Atmosphere.

As at June 30, 2014

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Lease Rollover Profile Broadly Distributed Lease Expiries

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1,757

3,947 4,737

3,678 4,440

2014 2015 2016 2017 2018

329 483 493 738

1,146

2014 2015 2016 2017 2018

% Square Feet expiring / portfolio NLA Canadian Portfolio As at June 30, 2014

U.S. Portfolio As at June 30, 2014

’000s Square Feet

’000s Square Feet

4.5% 10.0% 12.0% 9.3% 11.3%

3.3% 4.9% 5.0% 7.4% 11.5%

Occupancy since 1996 Historical Occupancy Rates 1996 to Q2 2014

96.9%

95.0% 95.0% 95.4%

96.1% 95.6% 95.8%

96.3% 96.3%

97.1% 97.7% 97.6%

96.9% 97.4% 97.4% 97.6% 97.4%

96.9% 96.9%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q22014

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Financial Highlights

Financial Highlights (at RioCan’s interest in millions of $ except per unit amounts)

Revenues

758 882

988 1,114

1,195

2009 2010 2011 2012 2013

Operating FFO*

280 329

380 440

492

2009 2010 2011 2012 2013

Operating FFO* Per Unit

1.22 1.33

1.43 1.52

1.63

2009 2010 2011 2012 2013

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Years ended December 31st

* Note: FFO reported under IFRS for 2010 onwards, excludes trading gain income

15% CAGR

7.5% CAGR

12% CAGR

Quarterly Financial Highlights (in millions of $ except per unit amounts)

Revenues*

237 246

267 274 269 271

285

306

292 283

300 308 304

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Operating FFO

93 97 100 103 106 115 116

124 121 124 124 127 127

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Operating FFO Per Unit

0.36 0.37

0.36 0.37 0.37

0.40 0.39

0.41 0.40

0.41 0.41 0.42 0.42

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

15

2011 2012

2011 2012

2011 2012 2013

* At RioCan’s interest

2013

2013

2014

2014

2014

Financial Highlights (in millions)

Distributions to Unitholders

228 261 281 285 293 316 316

297 318 343 367

401 426 432

2008 2009 2010 2011 2012 2013 2014*

0.99 1.04 1.13 1.14 1.07 1.01 1.04 1.05

1.3275 1.36 1.38 1.38 1.38 1.38 1.41 1.41

2007 2008 2009 2010 2011 2012 2013 2014*

Distributions to Unitholders per Unit

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Distributions to Unitholders net of DRIP Distributions per Unit net of DRIP

* annualized

Financial Highlights $ per unit Payout Ratio

Quarter % Change Q2 2014 Q2 2013 Q2 2014 Q2 2013

Distribution 0.0% 0.3525 0.3525 n/a n/a

FFO 17.1% 0.41 0.35 86.0% 100.7%

OFFO 5.0% 0.42 0.40 83.9% 88.1%

AFFO 2.8% 0.37 0.36 95.3% 97.9%

Canada United States

Q2 2014 Q2 2013 Q2 2014 Q2 2013 Same Store NOI Growth 2.0% 0.6% 1.4% 1.4%

Same Property NOI Growth 1.7% 0.4% 1.4% 1.4%

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First Six Months

Distribution 0.0% 0.705 0.705 n/a n/a

FFO 9.3% 0.82 0.75 86.0% 94.0%

OFFO 2.5% 0.83 0.81 84.9% 87.0%

AFFO 2.7% 0.75 0.73 94.0% 96.6%

Financial Highlights • RioCan’s concentration of rental revenue in Canada’s six major markets increased to 73.0% from

71.7% at December 31, 2013;

• RioCan renewed 1.2 million square feet in the Canadian portfolio during the first quarter at an average rent increase of $2.26 per square foot, representing an increase of 13.9%;

• During the second quarter, RioCan acquired interests in two income properties in Canada and the US at an aggregate purchase price of approximately $23 million at RioCan’s interest at a weighted average capitalization rate of 7.0%;

• During the quarter, RioCan completed the offering of $150 million Series V debentures, which carry a coupon of 3.746% and maturity date of May 30, 2022. Subsequent to the quarter end, RioCan issued an additional $100 million Series V debentures, at an effective rate of 3.587% which brings the effective rate on the total $250 million outstanding to 3.682%.

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Financial Summary

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Occupancy and Leasing Profile 2014 2013 2012

Second quarter

First quarter

Fourth quarter

Third quarter

Second quarter

First quarter

Fourth quarter

Third quarter

Committed occupancy 96.9% 96.8% 96.9% 97.0% 96.7% 97.0% 97.4% 97.3% Economic occupancy 95.9% 95.7% 95.8% 95.5% 95.4% 95.8% 95.9% 95.5% NLA leased but not paying rent (thousands of square feet) 520 519 542 716 642 615 711 855 Annualized rental impact (millions) $15.30 $13.00 $14.00 $17.00 $15.00 $15.00 $15.00 $18.00 Retention rate – Canada 88.8% 91.2% 97.0% 91.1% 95.9% 68.3% 94.3% 84.8%

% increase in average net rent per sq ft –Canada 13.9% 7.0% 8.8% 11.2% 12.0% 13.4% 18.4% 12.9%

Retention rate – US 97.3% 86.4% 98.2% 98.4% 92.0% 98.8% 87.6% 96.3% % increase in average net rent per sq ft – US 7.0% 8.3% 4.8% 3.8% 4.3% 2.3% 5.1% 6.0% Average in place rent (psf) $16.00 $16.01 $16.08 $16.07 $15.77 $15.77 $15.70 $15.85 Same store growth – Canada 2.0% 3.1% 2.7% 2.2% 0.6% 0.1% 0.2% —% Same store growth – US 1.4% 3.0% 1.7% 0.9% 1.4% 1.4% 1.9% (0.3%)

Conservative Debt Profile

• Debt-to-Total Assets of 44.2% at June 30, 2014; • Total operating lines $712 million • Unencumbered pool has a fair value of $2.4 billion • Floating rate debt 7.8% of aggregate debt • Strong coverage ratios in Q2 2014 excluding capitalized interest

• EBITDA interest coverage of 3.28x • Debt service coverage of 2.40x and • Fixed charge coverage of 1.12x

20 * At RioCan’s interest

RioCan Capital Structure

32.5%

12.8% 1.9%

52.8%

0%

25%

50%

75%

100%

Book Value*Common Units - 307 million units outstanding, $8.4 billion market capitalizationPreferred Units - $279 million market capitalizationDebentures - $1.7 billionMortgages & Lines of Credit - $4.5 billion

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29.8%

11.8% 1.9%

56.6%

0%

25%

50%

75%

100%

Market Value

Total Assets* – $14.0 Billion Total Enterprise Value* – $14.9 Billion


Conservative Debt Structure Growth in Asset vs Debt

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20082009

2010

2011

2012

2013

June2014

3,260 3,663 4,410 5,034

5,717 5,988

6,200

5,338 5,862

8,886 10,767

12,888 13,554 13,977

Debt

Assets

Modest Leverage, Strong Interest Coverage

• RioCan has consistently adhered to a conservative debt policy even through periods of considerable growth

• 60% max permitted under covenant • Interest coverage well in excess of the 1.65x maintenance covenant

47.3% 48.2% 51.9% 53.1% 53.8% 53.9% 56.6% 56.3% 54.9% 55.6% 49.1% 46.4% 43.5% 44.0% 44.2%

2.9x 2.9x 2.6x 2.6x 2.7x 2.8x 2.9x

2.7x 2.6x 2.2x

2.5x 2.5x 2.7x 2.8x 2.9x

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q2 2014

Leverage Interest Coverage

23 * At RioCan’s interest

Debt Maturity Schedule

24

• Long-term, staggered debt maturity profile. • 4.21% overall WAIR and 4.24 year weighted avg. term to maturity at RioCan’s interest. • Low floating rate debt exposure (7.8% of total debt) at RioCan’s interest.

3.9% 4.4% 4.6%

3.7% 3.6%

4.5%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

0

500

1,000

1,500

2,000

2,500

3,000

2014 2015 2016 2017 2018 Thereafter*

Scheduled principal amortization Mortgages payable

Debentures payable Weighted average interest rate$ Millions

Weighted Avg. Interest Rate on M

aturing Debt

265

844 851 1,091 849

2,400

* Includes $100 million additional Series V debentures issued Aug. 11, 2014

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Leverage and Coverage Ratios & Targets 3 Months 12 Months

Targeted Ratios

June 30/14

June 30/145

Dec. 31/135

June 30/13

Dec. 31/13

Interest coverage ratio1 >2.75x 2.88x 3.28x 3.10x 2.87x 2.83x

Debt service coverage ratio2 >2.25x 2.18x 2.40x 2.26x 2.15x 2.10x

Fixed charge coverage ratio3 >1.1x 1.07x 1.12x 1.10x 1.07x 1.06x

Net operating debt to operating EBITDA ratio4 <6.5x 7.67x 7.67x 7.49x 7.56x 7.24x

Unencumbered Assets ($millions) $2,407 $2,068

Unsecured Debentures ($millions) $1,757 $1,456

Unencumbered Assets to Unsecured Debt >130% 137% 142%

(1) Interest coverage defined as: Adjusted EBITDA for the period, divided by total interest expense (including interest that has been capitalized). (2) Debt service coverage defined as: Adjusted EBITDA for the period, divided by total interest expense and scheduled mortgage principal amortization (including interest that has been capitalized). (3) Fixed charge coverage is defined as: Adjusted EBITDA for the period, divided by total interest expense (including interest that has been capitalized) and distributions to common and preferred unitholders. (4) Net operating debt to Operating EBITDA is defined as: the average debt outstanding (net of cash) for the period less debt related to property under development divided by Operating EBITDA (5) Adjusted to exclude interest capitalized.


Growth Strategy

Future Growth Drivers

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Future Growth Drivers

Institutional Relationships

Organic Growth

Acquisitions

Development Pipeline

Land Use Intensification

Organic Growth Canadian Portfolio

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Lease Expires

(thousands except psf and % amounts Portfolio NLA 2014 2015 2016 2017 2018

Total 39,383 1,758 3,946 4,736 3,677 4,440 Square Feet expiring/portfolio NLA 4.5% 10.0% 12.0% 9.3% 11.3%

Total average net rent psf $16.50 $18.07 $16.75 $16.82 $18.73 $17.67

Ability to add growth through rental renewals with 47% of leases renewing over next five years.

• In Q2 2014 achieved renewal rent increases of 13.9% or $2.26 psf with an average renewal rate of $18.50. • Retention rate of 88.8% in Q2 2014

$12

$13

$14

$15

$16

$17

$18

$19

$20

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

2008 2009 2010 2011 2012 2013 YTD 2014 2014Remainder

2015 2016 2017 2018

RioCan Lease Maturity Schedule and Renewal History

Square feet renewed/expiring (left axis) Achieved Renewal Rent PSF Expiring Rent PSF

Organic Growth U.S. Portfolio

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Lease Expires (thousands except % amounts) Portfolio NLA 2014 2015 2016 2017 2018 Total 9,948 329 483 493 738 1,146 Square Feet expiring/portfolio NLA 3.3% 4.9% 5.0% 7.4% 11.5%

0%20%40%60%80%

100%

2014 2015 2016 2017 2018

Leases Expiring Total Portfolio Cumulative

Square Feet expiring/portfolio NLA

Ability to add growth through rental renewals with approx. 1/3 of leases renewing over next five years. • In Q2 2014 achieved renewal rent increases of 7.0% or $1.44 psf with an average renewal rental rate of $22.17 psf • Maintained a retention rate of 97.3% in Q2 2014

Acquisitions Track Record – Acquisitions 2011 – Q2 2014

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Location Cap Rate RioCan’s Purchase Price

(millions)

Canada 6.4% 506

United States 6.9% 567

2011 Acquisitions 6.6% $1,073 Canada 5.7% 543

United States 6.8% 383

2012 Acquisitions 6.1% $926 Canada 5.3% 571 United States 6.6% 278 2013 Acquisitions 5.7% $849 Canada 6.5% 35 United States 8.0% 10 First six months 2014 Total 6.8% $45 Grand Total 2011-Q2 2014 6.2% $2,893

US Operating Platform and Dissolution of US JV’s

• In the fourth quarter of 2012 RioCan dissolved its JV with Cedar Realty Trust and opened its first office outside Canada in Mount Laurel, New Jersey. Then, in Q4 2013, RioCan dissolved its joint ventures with Retail Properties of America Inc. (RPAI) and Dunhill Partners, which resulted in RioCan owing a 100% interest in 18 properties in Texas (RioCan owns one additional property in Texas through an 80/20 interest with Kimco).

• As a result of these transactions RioCan opened two regional offices (one in Mount Laurel, New Jersey and Dallas, Texas) and has developed an operating platform to manage the assets internally.

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Region Number of Assets Total NLA Occupancy

% of Annualized Rental Revenue

Northeast 28 4,709,793 97.7% 7.0%

Texas 19 5,238,405 95.8% 9.2%

Total/W.A. 47 9,948,198 96.7% 16.2%

High quality assets with a focus towards grocery anchored centres

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Riverpark, Houston Alamo Ranch, San Antonio

Stop N Shop Plaza, Bridgeport, CT

Town Square Plaza, Reading, PA

Shaw’s Plaza, Raynham, MA

Loyal Plaza, Williamsport, PA

Extracting Value by Recycling Capital

• RioCan continues to evaluate its portfolio in order to selectively dispose of assets as a means of recycling capital, and also to increase the portfolio weighting to the six major markets in Canada. Since the start of 2013 to June 30, 2014, the Trust disposed of $773 million of properties. As part of actively managing and improving the portfolio mix, RioCan will continue to identify properties for disposition. The pace of dispositions is expected to be reduced for the balance of 2014, but will continue.

• Current asset sales plan involves selling centres in lower growth and secondary markets; • These asset sales will further enhance RioCan’s strategy to be focused in Canada’s high population, high

growth markets;

– RioCan’s concentration in Canada’s six high growth markets is now 73% (Year end 2012 68%) – Capital from asset sales redeployed into acquisitions and development activities.

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RioCan’s plan to recycle capital into higher growth assets will provide for enhanced returns to unitholders and a reduced need for access to public equity markets to raise capital.

Extracting Value by Recycling Capital Growth in Canada’s 6 Major Markets

RioCan’s program of recycling capital is to shift the portfolio’s geographic allocation away from low growth markets into Canada’s six high growth major markets. Markets with highest population growth will outperform smaller markets with little growth or negative populations statistics.

2008 2012 Q2 2014

65.9% 67.5%

73.0%

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Development Activity

At June 30, 2014 • Total developments comprise 9.7 million square feet, including shadow anchors (6.4 million square feet included in Greenfield

developments and 3.3 million square feet of Urban intensification projects). • RioCan’s interest consists of 3.5 million square feet of Greenfield development and 1.6 million square feet of Urban

intensification projects. • Total estimated development spending of $64 million for the remainder 2014 ($144 million for the full year 2014) on

Greenfield and Urban intensification activities. Overall development spending in the next five to seven years will range from $100 million to $200 million per year.

• RioCan’s active development pipeline totals approximately $1.1 billion, with an additional $47 million of mezzanine funding commitments.

• Generate unlevered yield on an individual basis of between 6% to 10%, with a weighted average of 8.0% to 9.0%. • Recent Urban Development projects include Spadina and Front Street, Yonge & Eglinton Northeast corner, Bathurst & College,

and 740 Dupont in the GTA and Herongate Mall in Ottawa, ON. • In July 2012, RioCan formed a JV with Allied Property REIT to develop sites in major markets on a non exclusive basis across

Canada. • RioCan, Allied Properties and Diamond Corp entered into a joint venture arrangement and have acquired two parcels which

comprise “The Well” site in downtown Toronto, a mixed use development comprising more than 3 million square feet of retail, office and residential space.

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Development Pipeline Greenfield developments through in-house capabilities and with partners, such as Allied Properties, KingSett Capital, and Canada Pension Plan Investment Board (CPPIB)

Development Activity Development Pipeline

36

RioCan’s development program consists of 16 projects that are expected to add 9.7 million square feet (5.1 million square feet at RioCan’s interest) over the next six years. • 1.1 million square feet is already

income producing

• Key component of RioCan’s organic growth strategy

• Focused on well located urban and suburban developments in Canada’s six major markets

* Subject to preleasing and market conditions

RioCan’s development portfolio is expected to add considerable value to the overall investment property portfolio over the next 3-5 years. These assets are expected to generate higher yields than what can currently be achieved in the acquisition market and create higher quality assets than what are currently available for purchase.

-

200

400

600

800

1,000

1,200

2014 2015 2016 2017 2018 2019

Pipe

line

NLA

(000

's Sq

. Ft.)

Committed Non-committed

Development Activity - Current Portfolio

3.5%

58.1% 37.7%

0.7%

Property Type as a % of Development Portfolio

Outlet Centre New Format Retail

Urban Retail Non-Grocery Anchored

37

Alberta 19.2%

New Brunswick 4.4%

Ottawa* 6.4%

Suburban GTA* 22.3%

Toronto* 38.9%

Other Ontario* 8.8%

Ontario 76.4%

Development Portfolio by Geographic Diversification

* % of total portfolio

Development Activity Current Portfolio – Greenfield and Urban Intensification Projects

GTA Developments

Greenfield Developments • 1860 Bayview Ave • Eglinton & Warden • The Stockyards • Westney Road & Taunton • RioCan Centre Vaughan • Windfield Farms Urban Intensification • Bathurst & College • Yonge & Eglinton Northeast

Corner • College and Manning • Dupont Street • The Well • King & Portland

Calgary Developments Greenfield Developments • East Hills • McCall Landing • Sage Hill Urban Intensification • CPA Lands

Ottawa Developments Greenfield Developments • Grant Crossing • Herongate Mall • Shoppers City East • Tanger Outlets - Kanata

Greenfield Development Corbett Centre, Fredericton, NB

Greenfield Development Flamborough Power Centre, Hamilton, ON

Toronto Development Projects

Greenfield Developments 1860 Bayview Ave Eglinton & Warden The Stockyards

Urban Intensification Bathurst & College Yonge & Eglinton Northeast Corner College and Manning Dupont Street The Well King & Portland

Properties not mapped: Westney Road and Taunton, RioCan Centre Vaughan, Windfield Farms

39

Calgary Development Projects

Greenfield Developments East Hills McCall Landing Sage Hill

Urban Intensification Calgary East village (CPA Lands)

40

Ottawa Development Projects Greenfield Developments

Grant Crossing Herongate Mall Shoppers City East Tanger Outlets - Kanata


42

• RioCan, Allied Properties and Diamond Corp announced in November 2012 that they had entered into a joint venture arrangement to acquire the Globe and Mail site in downtown Toronto. In April 2013, the partners also purchased an adjacent parcel.

• Project is expected to be in excess of 3 million square feet of mixed use space including retail, office residential uses that will be built out in phases.

• The joint venture will be structured on a 40/40/20 basis between RioCan, Allied and Diamond. RioCan and Allied would act as joint development and construction managers. Upon completion of any projects RioCan would act as property manager for any retail portion of the property and Allied would act as property manager for any office portion

RioCan, Allied Properties REIT, & Diamond Corporation Joint Venture


43


THE WELL – Potential Layout and Vision

Current vision for the site includes mix use of office retail and residential uses with inspiration drawn from other open air mixed retail properties in Europe.


44

THE WELL – Potential Layout and Vision



45

• RioCan and Allied Properties announced in July 2012 that they had entered into a joint venture arrangement on a non exclusive basis to acquire sites in the urban areas of major Canadian cities that are suitable for mixed use intensification.

• The joint venture is structured on a 50/50 basis between RioCan and Allied. RioCan and Allied would act as joint development and construction managers. Upon completion of any projects RioCan would act as property manager for any retail portion of the property and Allied would act as property manager for any office portion

• First two sites to be developed are: – College and Manning which will be developed into a

mixed use complex with approx. 126,000 square feet and – King and Portland which will be developed into a mixed

use complex with approx. 496,000 square feet in Toronto, Ontario.

RioCan & Allied Properties REIT Joint Venture King & Portland

College and Manning


46

Sage Hill, Calgary

• Sage Hill Crossing, a 32 acre greenfield development site in Northwest Calgary.

• RioCan owns the development on a 50/50 basis with KingSett Capital.

• Development commenced in 2013.

• Once completed, the anticipated gross leasable area is 392,000 square feet of retail use.

• The property is 72% preleased with Walmart and Loblaws slated to be the anchor tenants.

• Other major tenants include, RBC, Scotiabank, McDonalds, Liquor Depot and London Drugs.

• The property is expected to be completed in 2016.

• RioCan is responsible for the development, management and leasing of the property.


• 2.8 acre site located in the East Village area of downtown Calgary, Alberta. One of Calgary’s few remaining privately owned blocks.

• The site was acquired on a 50/50 joint venture basis with KingSett Capital.

• The intention is for two residential towers to be erected upon the retail podium.

• RioCan and KingSett, have entered into a conditional agreement with developer, Embassy BOSA Inc., to sell up to $30 million in air rights (representing 600,000 square feet) above the site, along with approximately $40 million in cost reimbursement for infrastructure works.

• Development is anticipated to commence in 2015.

• RioCan is responsible for the development, management and leasing of the property.

47

Calgary East Village Potential Design

Development Pipeline Recent Completions

48

The Stockyards - St. Clair & Weston, Toronto 552,000 sqf. two storey retail – Opened Spring 2014

Development Partners: Trinity and Canada Pension Plan Investment Board (“CPPIB”)

• This unique site at the corner of St. Clair and Weston Road in Toronto, Ontario features Canada’ first purpose built Target Store;

• On March 31, 2014, RioCan acquired its partner Trinity’s 25% interest in the site, as a result RioCan owns 50% of this landmark property. RioCan manages and leases the property on behalf of the joint venture.

Development Pipeline Recent Completions

49

The Stockyards - St. Clair & Weston, Toronto

Land Use Intensification – Residential Potential Greater Toronto Area Case Study

• RioCan’s Urban Platform holds a number of sites where the possibility for additional density through residential exist: – Properties with the greatest potential for residential intensification are located on or near transit lines

(highlighted above in the GTA market) • Capitalize on trend in Canada’s six high growth markets towards “densifying” existing urban locations, driven by:

– Prohibitive costs of expanding infrastructure beyond urban boundaries – Maximizing use of mass transit – Generate higher yields as land is already owned

• RioCan has a number of potential sites located in other major markets such as, Tillicum Centre in Victoria, BC and Brentwood Village Mall in Calgary Alberta

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N

12

1. 2955 Bloor Street 2. 740 Dupont Ave 3. College & Manning 4. 491 College Street 5. Dufferin Plaza 6. King & Portland 7. Lawrence Square 8. Markington Square 9. Queensway Cineplex 10. RioCan Hall 11. RioCan Leaside 12. RioCan Marketplace 13. RioCan Scarborough 14. Yonge Sheppard Centre 15. Sunnybrook Plaza 16. The Well 17. Northeast Yonge & Eglinton

“Densifying” existing urban locations

51

Yonge Eglinton Centre - Toronto, Ontario

• RioCan acquired the property in 2007 and launched revitalization and expansion plan to capitalize on area’s residential intensification significant increases in NOI and occupancy

Creating New Cash Flow Sources

52

RioCan Yonge Eglinton Centre –The Cube

Location: Toronto, Ontario Intersection: Yonge & Eglinton Total Proposed GLA: 45,000 square feet Design Concept: Urban Retail Construction Start: Q2 2013 Expected Completion: 2015 RioCan Interest: 100% RioCan has leased the media screens to CBS Outdoor Canada, which will generate additional revenue at the site.

Today Proposed


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The Sheppard Centre, Toronto Location: Toronto, Ontario

Intersection: Yonge & Sheppard

Total GLA: 678,000 square feet

Design Concept: Urban Retail

Expected Construction Start: Late 2014

Anticipated Completion: 2016

RioCan Interest 50%

• Plans include substantial renovation of retail space including a new four storey retail addition fronting Sheppard Avenue and substantial upgrade to the interior retail space.

• When complete will add approximately 110,000 square feet of new retail space.

• Plans also contemplate the addition of a new 39 storey residential tower containing 300,000 square feet.

• Fast growing area of North Toronto

• Anchored by Shoppers Drug Mart and Winners • Conditional agreements in place with:

• Longo’s • LA Fitness

Potential Design


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Location: Toronto, Ontario

Intersection: Yonge & Eglinton

Total Proposed GLA: 54,000 square feet*

Design Concept: Urban Retail


RioCan Interest 50%

Yonge & Eglinton Northeast Corner - Toronto, Ontario

• 1.1 acre site has been approved for redevelopment by the city of Toronto with a 58 storey tower at corner of Yonge and Eglinton and a 36 storey tower fronting Roehampton Avenue (first street north of Eglinton).

• Condominium portion of the project is over 94% pre-sold.

• North tower to be developed as rental residential. Current plans are for 458 unit residential apartment building.

• Construction commenced in Q2 2014.

• Demolition of the current TD branch and remaining residential apartment building is scheduled for Q4 2014.

* RioCan will purchase 100% of the retail space at a 7% capitalization rate upon completion of the project.


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Intersection: 740 Dupont Street

Total Proposed GLA: 277,000 square feet

Design Concept: Urban Retail/Residential


RioCan Interest 100%

740 Dupont - Toronto, Ontario


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420 Bathurst Street, Toronto


Intersection: Bathurst & College

Total Proposed GLA: 145,000 square feet

Design Concept: Urban Retail/Office


Urban Intensification

• Located at the busy intersection of Bayview Avenue and Eglinton Avenue in midtown Toronto

• The site benefits from excellent demographics and is a probable location for a stop along the proposed Eglinton subway line

• The property is an excellent location for a mixed use, retail/residential redevelopment project.

57

RioCan has a number of Urban Intensification opportunities in the GTA market Sunnybrook Plaza, Toronto, ON

Queensway Cineplex, Toronto, ON

• Located in Western Toronto at the corner of The Queensway and Islington Avenue with access to the Queen Elizabeth Way (QEW)

• The Currently anchored by Cineplex, which will be expanded to include VIP screens. This centre is an ideal property for additional density and potential redevelopment into a mixed-use facility, in keeping with the trend of urban intensification

Urban Intensification – Completed Projects

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Queen & Portland, Toronto, ON

Before

After


Intersection: Portland & Queen


Design Concept: Mixed-use facility Construction Completed: 2011

Urban Intensification – Completed Projects

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1717 Avenue Road, Toronto, ON


Intersection: 1717 Avenue Road


Design Concept: Mixed-use facility Construction Completed: 2011

Canadian Outlet Centre Development

• In 2011, RioCan entered into an exclusive joint venture for the acquisition, development and leasing of sites across Canada that are suitable for development or redevelopment as outlet shopping centres similar in concept and design to those within the existing Tanger U.S. portfolio.

• In December 2011, RioCan and Tanger acquired the Cookstown Outlet Mall, located about 45 minutes north of Toronto. A 161,000 square foot outlet centre with the addition of a further 158,000 square feet of retail space currently under construction and is expected to be completed in the fourth quarter of 2014.

• In November 2012, RioCan and Tanger acquired two sites in the Montreal area, Les Factoreries Saint-Sauveur, and Le Carrefour Champetre (Bromont Outlet Centre). The Montreal sites are existing centres which will be expanded and re-branded as Tanger Outlet Centers.

• The joint venture currently has a 52.5 acre site in Kanata, Ontario, which broke ground on the first phase of a 354,000 square foot development during the second quarter 2013, which is expected to be completed in the fourth quarter of 2014.

• Currently have a site under contract in the Calgary market.

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• 161,000 square foot outlet centre with the construction in progress to add a further 158,000 square feet of retail space. • Construction on the expansion began in Q2 2013 with completion expected in Q4 2014.

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Cookstown Outlet Mall Purchased in December 2011 with Tanger Factory Outlet Centers.

Before

After


• 52.5 acre site, approximately 20 kilometres west of Ottawa • Currently being developed into a 353,000 square foot

outlet centre • Development began in Q2 2013 with completion expected

in Q4 2014.

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Tanger Outlets - Kanata On April 23, 2013 RioCan and Tanger purchased the West Kanata Lands

Appendix

Development Tables

Greenfield Development Portfolio Greenfield Development Properties Estimated square feet upon completion of the Anticipated date of development project development completion

Total Retailer Total Potential RioCan’s estimated owned RioCan’s Partners’ leasing % Current future (thousands of square feet) Interest Partners Anchors development anchors(i) interest interests activity(ii) Leased development developments

1860 Bayview Avenue, Toronto, ON* 100% Whole Foods 76 — 76 — 68 89% Q3 2015 2015

Corbett Centre, Fredericton, NB 100% Home Depot, Costco, Winners, HomeSense 466 242 224 — 190 85% Q3 2014 2015

East Hills, Calgary, AB* 40% CPPIB / Sidorski / Tristar

Walmart, Cineplex/Galaxy Cinemas 979 155 330 494 254 31% Q1 2015 2017

Eglinton Avenue & Warden Avenue, Toronto, ON 100% Target Corporation 169 — 169 — 157 93% Q4 2014 2015

Grant Crossing, Ottawa, ON 60% Trinity / Shenkman Lowes, Winners 399 128 163 108 223 82% Q4 2014 2016

Herongate Mall, Ottawa, ON 75% Trinity Food Basics 168 — 126 42 89 53% Q1 2015 2015

McCall Landing, Calgary, AB* 50% CPPIB 862 182 340 340 — —% — 2016 (iii)

Sage Hill, Calgary, AB* 50% KingSett Walmart, Loblaws, London Drugs 392 — 196 196 283 72% Q3 2015 2016

Shoppers City East, Ottawa, ON* 62.8% Trinity / Soloway 211 156 35 20 — —% 2016

Tanger Outlets - Kanata, Kanata, ON* 50% Tanger 354 — 177 177 180 51% Q4 2014 2015

The Stockyards, Toronto, ON 50% CPPIB Target Corporation, Winners, HomeSense 552 — 276 276 464 84% Q4 2014 2014

Westney Road & Taunton Road, Ajax, ON 20% Sun Life Sobeys Inc. 174 — 35 139 111 64% — 2016

Greenfield Developments – Committed 4,802 863 2,147 1,792 2,019 51%

Flamborough Power Centre, Hamilton, ON 100% Target Corporation 267 — 267 — 187 70% 2016

RioCan Centre Vaughan Ph 3, Vaughan, ON* 31.25% Trinity / Strathallan 109 — 34 75 — —% 2015

Windfield Farms, Oshawa, ON * 100% 1,214 156 1,058 — — —% 2016 (iii)

Greenfield Developments-Non Committed 1,590 156 1,359 75 187 13%

Total Greenfield Developments 6,392 1,019 3,506 1,867 2,206 41%

(i) Retailer owned anchors include both completed and contemplated sales. (ii)Leasing activity includes leasing that is conditional on receiving municipal approvals and meeting construction deadlines. (iii) The first phases are expected to be substantially complete by the dates indicated. * Property represents one of RioCan’s 16 properties under development. 64

Greenfield Development Portfolio Development Expenditures

Greenfield Development Expenditures Estimated remaining construction Acquisition and development expenditures incurred to date expenditures to complete RioCan’s interest Estimated Amount Amount RioCan’s project cost included in included in Partners’ RioCan’s Partners’ (thousands of dollars) Interest (100%) (i) IPP PUD Total interest Total interest interest Total 1860 Bayview Avenue, Toronto, ON 100% $56,831 $— $27,429 $27,429 $— $27,429 $29,402 $— $29,402 Corbett Centre, Fredericton, NB 100% 46,772 32,468 4,599 37,067 — 37,067 9,705 — 9,705 East Hills, Calgary, AB 40% 201,279 483 65,382 65,865 86,063 151,928 19,740 29,610 49,350 Eglinton Avenue & Warden Avenue, Toronto, ON 100% 44,895 36,019 4,587 40,606 — 40,606 4,289 — 4,289 Grant Crossing, Ottawa, ON 60% 72,253 38,607 1,966 40,573 25,679 66,252 3,600 2,400 6,000 Herongate Mall, Ottawa, ON 75% 49,649 17,050 10,127 27,177 8,489 35,666 10,488 3,496 13,984 McCall Landing, Calgary, AB 50% 157,685 — 49,292 49,292 33,316 82,608 37,538 37,538 75,076 Sage Hill, Calgary, AB 50% 105,498 12 18,844 18,856 17,594 36,450 34,524 34,524 69,048 Shoppers City East, Ottawa, ON (ii) 63% 16,214 132 20,293 20,425 11,474 31,899 (9,850) (5,835) (15,685) Tanger Outlets - Kanata, Kanata, ON 50% 128,407 90 41,238 41,328 39,355 80,683 23,862 23,862 47,724 The Stockyards, Toronto, ON 50% 184,491 82,359 2,119 84,478 81,274 165,752 9,369 9,369 18,738 Westney Road & Taunton Road, Ajax, ON 20% 52,867 6,963 2,455 9,418 31,783 41,201 2,333 9,333 11,666 Fair value adjustments — 21,715 21,715 — 21,715 — — — Greenfield Developments – Committed 1,116,841 214,183 270,046 484,229 335,027 819,256 175,000 144,297 319,297 Flamborough Power Centre, Hamilton, ON 100% 57,261 31,296 7,236 38,532 — 38,532 18,729 — 18,729 RioCan Centre Vaughan Ph 3, Vaughan, ON 31.25% 45,659 — 7,460 7,460 11,038 18,498 8,488 18,673 27,161 Windfield Farms, Oshawa, ON 100% 223,476 — 51,327 51,327 — 51,327 172,149 — 172,149 Fair value adjustments — 4,455 4,455 — 4,455 — — — Greenfield Developments – Non Committed 326,396 31,296 70,478 101,774 11,038 112,812 199,366 18,673 218,039 Total Greenfield Developments $1,443,237 $245,479 $340,524 $586,003 $346,065 $932,068 $374,366 $162,970 $537,336 (i) Proceeds from sale to shadow anchors reduce projected cost. (ii) Reflects proceeds from a potential land parcel sale

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Greenfield Development Projects Estimated remaining development activity to be funded by RioCan 2014 2015 2016 & Thereafter Future Development Total RioCan’s RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine (thousands of dollars) interest interest financing interest financing interest financing interest financing interest financing 1860 Bayview Avenue, Toronto, ON 100% $686 $— $28,717 $— $— $— $— $— $29,403 $— Corbett Centre, Fredericton, NB 100% 2,979 — — — — — 6,726 — 9,705 — East Hills, Calgary, AB 40% 9,623 1,504 3,261 510 3,337 521 3,519 550 19,740 3,085 Eglinton Avenue & Warden Avenue, Toronto, ON 100% 307 — — — — — 3,982 — 4,289 — Grant Crossing, Ottawa, ON 60% 65 22 77 26 353 118 3,105 1,035 3,600 1,201 Herongate Mall, Ottawa, ON 75% 2,655 885 513 171 — — 7,320 2,440 10,488 3,496 McCall Landing, Calgary, AB 50% 1,033 — 2,091 — 2,143 — 32,271 — 37,538 — Sage Hill, Calgary, AB 50% 7,632 — 17,062 — — — 9,830 — 34,524 — Shoppers City East, Ottawa, ON (ii) 63% 385 123 789 251 828 264 -11,852 -3,774 -9,850 -3,136 Tanger Outlets - Kanata, Kanata, ON 50% 23,293 — 569 — — — — — 23,862 — The Stockyards, Toronto, ON 50% 9,369 — — — — — — — 9,369 — Westney Road & Taunton Road, Ajax, ON 20% — — — — — — 2,333 — 2,333 — Greenfield Developments – Committed 58,027 2,534 53,079 958 6,661 903 57,234 251 175,001 4,646 Flamborough Power Centre, Hamilton, ON 100% — — — — — — 18,729 — 18,729 — RioCan Centre Vaughan Ph 3, Vaughan, ON 31.25% 117 70 239 143 — — 8,132 4,879 8,488 5,092 Windfield Farms, Oshawa, ON 100% 1,283 — 2,631 — 2,762 — 165,473 — 172,149 — Greenfield Developments – Non Committed 1,400 70 2,870 143 2,762 — 192,334 4,879 199,366 5,092 Total Greenfield Developments $59,427 $2,604 $55,949 $1,101 $9,423 $903 $249,568 $5,130 $374,367 $9,738

Greenfield Development Portfolio Development Expenditures

(ii) Reflects proceeds from a potential land parcel sale.

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Urban Intensification Properties

(i) Retailer owned anchors include both completed and contemplated sales. (ii) Leasing activity includes leasing that is conditional on receiving municipal approvals and meeting construction deadlines. (iii) The first phases are expected to be substantially complete by the dates indicated. (iv) Includes amounts for offices and retail components only (not residential). * Property represents one of RioCan’s 16 properties under development.

Urban Intensification Properties Estimated square feet upon completion of the Anticipated date of development project development completion (thousands of square feet) Total Retailer Total Potential RioCan’s estimated owned RioCan’s Partners’ leasing % Current future Interest Partners development anchors(i) interest interests activity(ii) Leased development developments

Bathurst & College, Toronto, ON* 100% — 145 — 145 — — —% 2016

CPA Lands, Calgary, AB* 50% KingSett 214 107 107 — —% 2016

Yonge & Eglinton Northeast Corner, Toronto, ON* 50% Metropia / Bazis 174 87 87 — —% 2017

Urban Intensification-Committed 533 — 339 194 — —%

College & Manning,Toronto, ON* 50% Allied 126 63 63 59 47% 2017

Dupont Street, Toronto, ON* 100% 85 85 — — —% 2017

The Well, Toronto, ON (iv)* 40% Allied / Diamond 2,060 824 1,236 — —% 2019 (iii)

King & Portland, Toronto, ON* 50.00% Allied 496 248 248 48 10% 2017

Urban Intensification-Non-Committed 2,767 — 1,220 1,547 107 4%

Total Urban Intensification 3,300 — 1,559 1,741 107 3%

Urban Intensification Expenditures Estimated remaining construction Acquisition and development expenditures incurred to date expenditures to complete RioCan’s interest RioCan’s Estimated Amount Amount % project cost included in included in Partners’ RioCan’s Partners’ (thousands of dollars) ownership (100%) (i) IPP PUD Total interest Total interest interest Total Bathurst Street & College Street, Toronto, ON 100% $86,870 $— $24,492 $24,492 $— $24,492 $62,377 $— $62,377 CPA Lands, Calgary, AB 50% 119,739 — 10,934 10,934 10,328 21,262 49,239 49,239 98,478 Yonge & Eglinton Northeast Corner, Toronto, ON 50% 103,778 116 15,619 15,735 14,867 30,602 36,588 36,588 73,176 Fair value adjustments — -5,469 -5,469 — -5,469 — — — Urban Intensification – Committed 310,387 116 45,576 45,692 25,195 70,887 148,204 85,827 234,031 College & Manning, Toronto, ON 50% 51,032 7,890 4,794 12,684 11,626 24,310 13,361 13,361 26,722 Dupont Street, Toronto, ON 100% 52,252 — 14,072 14,072 — 14,072 38,181 — 38,181 The Well, Toronto, ON 40% 947,546 349 74,692 75,041 107,013 182,054 306,197 459,295 765,492 King & Portland, Toronto, ON 50% 128,419 10,423 13,202 23,625 21,947 45,572 41,424 41,424 82,848 Fair value adjustments — -4,372 -4,372 — -4,372 — — — Urban Intensification - Non-Committed 1,179,249 18,662 102,388 121,050 140,586 261,636 399,163 514,080 913,243 Total Urban Intensification 1,489,636 18,778 147,964 166,742 165,781 332,523 547,367 599,907 1,147,274

Urban Intensification Properties Development Expenditures

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(i) Proceeds from sale to shadow anchors reduce projected cost, and exclude potential condominium residential units.

Urban Intensification Projects Estimated remaining development activity to be funded by RioCan 2014 2015 2016 & Thereafter Future Development Total RioCan’s RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine (thousands of dollars) interest interest financing interest financing interest financing interest financing interest financing Bathurst Street & College Street, Toronto, ON 100% $612 $— $1,255 $— $1,318 $— $59,192 $— $62,377 $— CPA Lands, Calgary, AB 50% 273 — 560 — 588 — 47,817 — 49,238 — Yonge & Eglinton Northeast Corner, Toronto, ON 50% 1,637 1,637 4,922 4,922 30,028 30,028 — — 36,587 36,587 Urban Intensification – Committed 2,522 1,637 6,737 4,922 31,934 30,028 107,009 — 148,202 36,587 College & Manning, Toronto, ON 50% 120 — 246 — 258 — 12,737 — 13,361 — Dupont Street, Toronto, ON 100% 352 — 721 — 1,514 — 35,593 — 38,180 — The Well, Toronto, ON 40% 1,867 — 3,828 — 12,058 — 288,444 — 306,197 — King & Portland, Toronto, ON 50% 330 — 677 — 710 — 39,707 — 41,424 — Urban Intensification – Non Committed 2,669 — 5,472 — 14,540 — 376,481 — 399,162 — Total Urban Intensification 5,191 $1,637 $12,209 $4,922 $46,474 $30,028 $483,490 $— 547,364 $36,587

Urban Intensification Properties Development Expenditures

69

Expansion & Redevelopment Portfolio Development Expenditures

(i) Historical Costs - Carrying amounts transferred from IPP for former anchors targeted for redevelopment. (ii) Yonge Sheppard Centre's interior mall retrofit is excluded from NLA, however, it is included in estimated project costs. 70

Development expenditures Sub-total Estimated remaining Estimated project cost to date at Costs development activity (thousands of square feet, millions of dollars) RioCan’s Project RioCan’s Partners’ Historical RioCan’s Incurred at RioCan’s interest As at June 30, 2014 interest Tenant(s) NLA interest interest Total costs(i) interest to date 2014 2015 2016+ 491 College Street, Toronto, ON 50% LCBO 24 $5 $5 $10 $4 $— $4 $4 $— $—

Collingwood Centre, Collingwood, ON

100%

Winners, Bed Bath & Beyond, Sport Check, Carter's 77 13 — 13 2 3 5 10 — —

Kennedy Commons, Toronto, ON 50% LA Fitness, Michaels 85 6 6 12 9 5 14 1 — —

Mississauga Plaza, Toronto, On 100% LA Fitness 50 3 — 3 11 — 11 3 — — Niagara Falls Plaza, Niagara Falls, ON 100% LA Fitness 41 9 — 9 1 1 2 8 — — Northumberland Square, Miramichi, NB 100% Winners 20 4 — 4 — 1 1 2 — — RioCan Colossus Centre, Vaughan, ON 100% TBD 154 9 — 9 17 1 18 1 8 —

Tanger Outlets Cookstown, Innisfil, Ontario 50%

Multiple international brands 158 29 29 58 7 12 19 17 — —

Timmins Square, Timmins, ON 30% TBD 16 1 2 3 — — — 1 — —

Yonge & Eglinton Centre, Toronto, ON 100%

Winners, Joe Fresh, Cineplex Expansion 45 65 — 65 9 48 57 11 6 —

Yonge Sheppard Centre, Toronto, Ontario 50%

Longos, LA Fitness, Mall Retrofit (ii) 113(ii) 67 67 134 8 1 9 3 22 41

Fair Value Adjustments 11 — 11 — — —

Total Committed Expansion and Redevelopment properties 783 211 109 320 79 72 151 61 36 41

Brookside Mall, Fredericton, NB 50% TBD 70 2 2 4 — 1 1 — 1 — Carrefour Neufchatel, Neufchatel, Quebec 100% TBD 22 4 — 4 1 — 1 — 4 — Flamborough Walmart Centre, Flamborough, Ontario 100% TBD 5 1 — 1 — — — — 1 — Les Factoreries Tanger - Bromont, Bromont, Quebec 50% TBD 70 9 9 18 1 — 1 — 9 — Les Factoreries Tanger - Saint-Sauveur, Saint Sauveur, Quebec 50% TBD 19 3 3 6 — — — — 3 — Mega Centre Notre-Dame, Dorothee, Quebec 100% TBD 181 38 — 38 11 3 14 — 11 23 RioCan Centre Barrie, Barrie, Ontario 100% TBD 26 8 — 8 1 1 2 — 7 — RioCan Centre Burloak, Oakville, Ontario 50% TBD 141 7 7 14 3 1 4 — 1 5 RioCan Meadows, Edmonton Alberta 50% TBD 23 3 3 6 3 1 4 — 2 — Timiskaming Square, New Liskeard, ON 100% TBD 79 4 — 4 1 — 1 — 3 — Fair Value Adjustments — — — — -1 — -1 — — —

Total Non-committed Expansion and Redevelopment properties 636 79 24 103 20 7 27 — 42 28

Total 1,419 $290 $133 $423 $99 $79 $178 $61 $78 $69

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Non-GAAP Measures RioCan’s consolidated financial statements are prepared in accordance with IFRS. Consistent with RioCan’s management framework, management uses certain financial measures to assess RioCan’s financial performance, which are not generally accepted accounting principles (GAAP) under IFRS. The following measures, RioCan’s Interest, Funds From Operations (“FFO”), Operating Funds From Operations (“Operating FFO”), Net Operating Income (“NOI”), Adjusted Earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), Adjusted Unit holders Equity, Same Store NOI, and Same Property NOI, as well as other measures discussed elsewhere in this presentation, do not have a standardized definition prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures presented by other reporting issuers. Non GAAP measures should not be considered as alternatives to net earnings or comparable metrics determined in accordance with IFRS as indicators of RioCan’s performance, liquidity, cash flow, and profitability. For a full definition of these measures, please refer to the “Non-GAAP Measures” in RioCan’s Management’s Discussion and Analysis for the first quarter ended June 30, 2014. RioCan uses these measures to better assess the Trust’s underlying performance and provides these additional measures so that investors may do the same.

Documents

Management Investor Presentation - Q2 2014