Q4 2018 Conference Call Presentation

February 12, 2019

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 Proportionate Share (or Interest), Funds From Operations (“FFO”), Net Operating Income (“NOI”), Adjusted Earnings before interest,

taxes, depreciation and amortization (“Adjusted EBITDA”), Debt to Adjusted EBITDA, Same Property NOI, Interest Coverage, Debt Service Coverage, Fixed Charge

Coverage, and Total Enterprise Value as well as other measures discussed 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 year ended December 31, 2018. RioCan uses these measures to better assess the Trust’s underlying performance and provides these additional measures so

that investors may do the same.

NON-GAAP MEASURES

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.

The forward looking information contained in this presentation is made as of the date hereof.

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 most recent 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.

FORWARD LOOKING INFORMATION

Q4 | RioCan | 01

FORWARD LOOKING ADIVISORY & NON-GAAP MEASURES

$1.68

$1.79

$1.85

2016 2017 2018

83.6%

78.8% 77.9%

2016 2017 2018

• FFO/unit increased $0.06 or 3.3% from 2017 to 2018 despite:

o Nearly $1.0B asset sales in 2018

o $7.5M in severance costs

• FFO/unit growth of 4.7% from 2017 to 2018 excluding severance costs

• FFO/unit growth of 9.9% since 2016

Target is to be below 80%

FFO Payout Ratio FFO per Unit

FUNDS FROM OPERATIONS (“FFO”) & PAYOUT RATIO

Q4 | RioCan | 02

Total Portfolio

SPNOI Growth

Committed Occupancy

Major Markets

96.6% 97.1%

2017 2018

97.6% 97.7%

2017 2018

2.1% 2.2%

2017 2018

2.2%

2.6%

2017 2018

Total Portfolio Major Markets

OPERATIONAL HIGHLIGHTS

Q4 | RioCan | 03

Disposition Progress as of December 31, 2018

Transaction type Value (M) • Sale prices to-date are materially in line with IFRS value

• $1.5B progress since the October 2017 announcement

represents approximately 73% of the $2.0B disposition target

• Dispositions span a broad range of secondary markets

• 22.9M RioCan units purchased and cancelled since October

2017 at an average purchase price of $24.51 per unit for a

total cost of $561.2M

Closed and Firm $1,265

Conditional $191

Total to Date $1,456

Weighted Average Cap Rate 6.68%

76.1%

85.4% >90%

2017 2018 Vision

% of Revenues from Major Markets

40.9% 46.8%

>50%

2017 2018 Vision

% of Revenues from GTA

ACCELERATION OF MAJOR MARKET STRATEGY

Q4 | RioCan | 04

HIGH-PERFORMANCE PORTFOLIO

Q4 | RioCan | 05

High occupancy and strong net rent growth (8-year average net rent CAGR ─ 3.2%)

97.3% 97.5% 97.2%

96.9% 97.0%

94.0%

95.6%

96.6% 97.1%

$14.82

$15.21

$16.07

$16.63 $16.69

$17.11

$17.59

$17.75

$19.07

$14.00

$15.00

$16.00

$17.00

$18.00

$19.00

$20.00

90.0%

95.0%

100.0%

2010 2011 2012 2013 2014 2015 2016 2017 2018

Committed Occupancy Average Net Rent

Target

departure

Sears

departure

Co

mm

itte

d O

ccu

pan

cy

Av

era

ge N

et

Ren

t P

er

Sq

uare

Fo

ot

(PS

F)

PSF

DEVELOPMENT PROGRESSING WELL

ePlace - Near Completion Frontier Phase I - Near Completion

491 College St. W. - Completed King Portland Centre - Completed

Bathurst College Centre - Near Completion

Key Statistics (2018)

Development on the Balance Sheet $ 1.2B

Development as a % of Total Assets

(Max permitted 15%) 8.5%

Development Completions:

- NLA Completed (in SF) 799,000

- Costs Transferred $550.9M

Development Expenditures $473.4M

DEVELOPMENT PROGESSING WELL

Q4 | RioCan | 06

• Estimates of development yield and value creation are as follows for five urban intensification and

greenfield development projects that are complete or close to completion:

• As of December 31, 2018, $165.4 million of the incremental value creation has been recognized

through property IFRS fair market values, applicable interim and fee income, and inventory gains

Ownership

(For data in this

table)

Total Estimated

Net Project Costs

Estimated

Stabilized NOI

Estimated Yield

on Total Costs

Estimated Future

Stabilized Value

Estimated

Residential

Inventory Gains

Total Estimated

Incremental

Value Creation

Yonge Eglinton

Northeast Corner

(ePlace) 1

100% $223.2M $11.8M 5.3% $327.3M $14.0M $118.1M

King Portland

Centre 50% $86.4M $5.5M 6.4% $129.9M $12.5M $56.0M

Bathurst

College Centre 100% $109.4M $5.2M 4.8% $115.4M N/A $6.0M

Gloucester

(Frontier) 2 50% $34.1M $1.8M 5.3% $44.8M N/A $10.7M

Sage Hill 3 100% $120.8M $8.5M 7.0% $161.0M N/A $40.2M

TOTAL $573.9M $32.8M 5.7% $778.4M $26.5M $231.0M

1. Total estimated project costs include estimated project costs for the Trust's current 50% interest, net of applicable interim and fee income during the development period, plus the cost of acquiring

the remaining 50% interest in the residential rental tower at costs plus $10 million and the remaining 50% interest in the retail component based on stabilized retail NOI at a 7.0% capitalization rate

pursuant to the existing agreements with our project partners. Both transactions are expected to close in 2019.

2. Total estimated net project costs include land costs for this phase one development. Excluding the cost of the phase one land which has been owned by the Trust since 1999 as part of the 7.1-acre

shopping center, the estimated development yield would be 5.8%.

3. The estimated yield on the Trust's original 50% interest in this project is 8.4%. In February 2019 the Trust acquired the remaining 50% ownership interest for $70.4 million, which is higher than the

estimated net project costs of the Trust's original 50% interest in the project. The blended yield on this project is therefore 7.0%.

DEVELOPMENT YIELD AND VALUE CREATION

Q4 | RioCan | 07

As at

Dec 31, 2018 Target

Properties Under Development (“PUD”) & Residential Inventory $1.2B N/A

PUD and Residential Inventory as % of Gross Assets – Per Line of

Credit and Credit Facilities Agreements 8.5% ~ 10%1

Investment in Greenfield Development and Residential Inventory as

% of Unitholder’s Equity – Per Declaration of Trust 5.3% N/A

Current PUD and InventoryBalance

Annual Development Spend Annual DevelopmentCompletions

Target PUD and InventoryBalance *

$1.2B

$400M-$500M

< $1.5B

$300M-$600M

1. Maximum permitted is 15%. RioCan targets this metric to be no more than 10% (except for short-term fluctuations as large projects are completed)

• RioCan is committed to self-funding its development program and maintaining a strong balance sheet

FUNDING DEVELOPMENT

Q4 | RioCan | 08

CONSISTENTLY ABOVE 95%

Capital Structure Metrics

Target 20181

Debt to Adjusted EBITDA <8.0x 7.88x

Debt to Total Assets 38% - 42% 42.1%

Interest Coverage >3.0x 3.63x

Debt Service Coverage >2.25x 3.05x

Fixed Coverage >1.10x 1.15x

Unencumbered Assets N/A $8.0B

Unencumbered Assets to Unencumbered Debt >2.0x 2.31x

NOI % from Unencumbered Assets >50% 59.1%

Unsecured vs. Secured Debt 60% / 40% 58% / 42%

FFO Payout Ratio <80% 77.9%

PRUDENT CAPITAL MANAGEMENT & FLEXIBLE CAPITAL STRUCTURE

STRONG BALANCE SHEET

Q4 | RioCan | 09 1. Metrics are calculated based on RioCan’s proportionate share

KEY METRICS IN CANADA’S SIX MAJOR MARKETS

1. Excludes 16 active properties under development with 2.2M sf at RioCan’s interest

2. Excludes 12 active properties under development with 1.7M sf at RioCan’s interest Q4 | RioCan | 10

171 assets 1

29.8M SF

85.4% of

annualized revenue

11M+ SF zoned

for development

2.6%

SPNOI growth 97.7% committed

occupancy

Calgary

Edmonton

Vancouver

Toronto

Montreal Ottawa

7 assets

1.8M SF

12 assets

1.7M SF

14 assets

3.2M SF

20 assets

3.0M SF

35 assets

4.8M SF

83 assets2

15.3M SF

Q4 | RioCan | 11

BURLINGTON CENTRE - REDEVELOPMENT COMPLETION

Q4 | RioCan | 12

STRATEGIC REDEVELOPMENT

Lawrence Square, Toronto ON Yonge Sheppard Centre, Toronto ON

THE ABILITY TO UNLOCK INTRINSIC VALUE

Deep executive bench

operating one of the largest

and longest-running

REITs in Canada.

Long track record of

driving success and value,

resulting in respect, trust

and deep relationships.

Uniquely integrated to

drive the highest returns and

best use of every property

for continued optimization.

Proven balance of

calculated risk-taking

and prudent financial

management.

Q4 | RioCan | 13

Q4 | RioCan | 14

SUCESSFULLY DELIVERING DEVELOPMENT PROJECTS

Q4 | RioCan | 15

SUCESSFULLY DELIVERING – FRONTIER PHASE I, OTTAWA, ON

Gloucester Silver City, Ottawa, ON

Frontier Phases I-IV Frontier Phase I

Frontier Phase I

Proposed

Q4 | RioCan | 16

TRANSFORMING TORONTO’S WEST SIDE – THE WELL

KEY DIFFERENTIATORS STRATEGIC PRIORITIES

Strengthen Canada’s leading major market portfolio by focusing on properties

within fast-growing, high-population and high-income areas in order to achieve

higher occupancy and rent growth.

CONCENTRATE WITHIN MAJOR MARKETS

Strategically evolve our tenant mix to stay ahead of changing consumer trends

and drive strong results from operating efficiency and ancillary revenue.

DRIVE ORGANIC GROWTH

25 YEARS OF

REIT LEADERSHIP

STRONG

BALANCE SHEET

LEADING MAJOR

MARKET PORTFOLIO

UNPARALLELED

DEVELOPMENT

PIPELINE Bring our major market assets to their highest and best use by capitalizing on opportunities

to intensify transit-oriented properties with mixed-use and residential developments,

generating new sources of cash flow and NAV growth from completions.

UNLOCK INTRINSIC VALUE

Utilize our diversified and strong tenant base, disciplined and staggered development approach,

sophisticated management team and fortress balance sheet to control development risks, embed

sustainability and diversify our portfolio.

MANAGE RISK EFFECTIVELY

Q4 | RioCan | 17

SUCESSFULLY EXECUTING AND DELIVERING RESULTS

Edward Sonshine, O.Ont., Q.C. Chief Executive Officer

Q4 | RioCan | 18

CEO COMMENTS

Q4 | RioCan | 19

Edward Sonshine, O.Ont., Q.C. Chief Executive Officer

Jonathan Gitlin

Chief Operating Officer

Qi Tang

Senior Vice President & Chief Financial Officer

Contact Information RioCan Yonge Eglinton Centre 2300 Yonge Street P.O. Box 2386 Toronto, ON M4P 1E4

(T) 1-800-465-2733 or (416) 866-3033