ANNUAL GENERAL MEETING

May 29, 2018

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 period ended March 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.

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NON-GAAP MEASURES

FORWARD LOOKING INFORMATION

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 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.

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Paul V Godfrey

Chairman

CHAIRMANS REMARKS

VALUE PROPOSITION AND FOUR STRATEGIC PILLARS

CANADA’S MAJOR MARKET

PORTFOLIO

STRONG BALANCE

SHEET

STRATEGIC ACQUISITIONS

UNLOCKING INTRINSIC

VALUE

DRIVING ORGANIC GROWTH

$

REAL VISION, SOLID GROUND

COMMITTED AND IN-PLACE OCCUPANCY

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2016 2017 2018

96.6%96.6%96.8%96.7%96.2%

95.6%95.3%95.1%

95.7%95.6%96.0%

95.2%

94.4%

93.6%93.6%

92.9%

Q1Q4Q3Q2Q1Q4Q3Q2

Committed Occupancy In Place Occupancy

40 bps increase

130 bps increase

RIOCAN LEADERSHIP TEAM

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• Strong executive bench with a

wealth of experience and

proven track record

• Trusted and respected, with

deep industry knowledge and

relationships

Andrew Duncan

SVP Developments

18 years in

Development,

12 years in Real

Estate

Danny Kissoon

SVP Operations

32 years in Real

Estate

Ed Sonshine O.Ont.,

Q.C. Founder and

CEO

Jeff Ross,

SVP Leasing &

Tenant Construction

30 years in Real

Estate

Jennifer Suess

SVP General Counsel

& Corporate

Secretary

16 years in Law with a

focus on Real Estate

John Ballantyne,

SVP Asset

Management

24 years in Real

Estate

Jonathan Gitlin,

SVP Investments

& Residential

18 years in

Real Estate

Qi Tang,

SVP and CFO

20 years in Finance

& Real Estate

Rags Davloor

President and COO

25 years in Real

Estate, Operations

& Finance

EXPERIENCE, INTEGRITY AND FORESIGHT

INCREASED DISTRIBUTION

GROWTH IN FFO AND CONFIDENCE

IN CONTINUED GROWTH

INCREASED DISTRIBUTION BY 3 CENTS

OR 2.1% TO $1.44 PER UNIT PER YEAR

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THANK YOU TO RETIRING BOARD MEMBER

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Clare Copeland

WELCOME TO THE BOARD OF TRUSTEES

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Richard Dansereau

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Frank King

ANNUAL GENERAL MEETING

May 29, 2018

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OPENING REMARKS

Edward Sonshine O.Ont., Q.C.

Chief Executive Officer

COMMITTED OCCUPANCYCOUPLED WITH STRONG RENT GROWTH

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97.4% 97.6% 97.4% 96.9% 97.0%94.0%

95.6%96.6% 96.6%

$14.82

$15.21

$15.70

$16.08

$16.69

$17.11

$17.59$17.75

$17.93

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14

15

16

17

18

19

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

2010 2011 2012 2013 2014 2015 2016 2017 Q1 2018

Committed Occupancy Average Net Rent

Target Departure Sears Closures

CANADA VERSUS UNITED STATES RETAIL ENVIRONMENT

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• 735 Locations

• $7.1 Billion Net Sales USD for

year ended Jan. 2017

• No accepted bids for the U.S.

operations

• 82 Locations

• $821 Million Net Sales USD for

year ended Jan. 2017

• Fairfax Financial acquired the

Canadian operations for $300

million

STRONG SAME PROPERTY NOI GROWTH

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(1.8%)

0.5%

2.1%

2.6%

2015 2016 2017 Q1 2018

Same Property NOI Growth

Target Departure

EVOLVING & RESILIENT TENANT MIX

Retailer

Category

% of

Rent Q1

2018

Change

since

2007

Key Brands

Grocery/ Pharmacy

Liquor/

Restaurant

27.8% 3.3%

Personal Services 20.3% 4.2%

Value Retailers 15.1% 2.5%

Specialty Retailers 10.1% 0.0%

Furniture and

Home10.0% 1.6%

Department Stores/

Apparel8.8% (7.5%)

Movie Theatres 4.6% (1.7%)

Entertainment and

Hobby3.3% (2.4%)

ADAPTING TO THE EVER CHANGING RETAIL ENVIRONMENT

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SAGE HILL CROSSINGCALGARY, ALBERTA

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• 372,000 square foot

development

• Completed in 2017

• Walmart opened in

2015 and Loblaws and

opened in early 2016

• Site is nearly 100%

leased

EAST HILLS CALGARY, ALBERTA

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• RioCan owns a 40%

interest in the 900,000

square foot development

• Cineplex opened in Q1

2018

• Final phase of the site is

expected to be completed

in 2021

DISPOSITION PROGRESS TO DATE

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• Sales prices to-date are in line with IFRS value

• Including conditional transactions total dispositions to date represent 40% of disposition target

Benefits Include:

• Improved portfolio quality and resilience to the changing retail environment

• Enhanced growth profile

• Newer assets and less capex

STRONG SAME PROPERTY NOI GROWTH

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• Same property NOI increased $4.3

million

• $2.7 million or 63% of the increase is

related to higher occupancy, renewal

rate growth and contractual rent

increases

• $1.5 million is due to Target backfills

and other development completions,

net of $0.7 million negative impact of

Sears closures

OVER A DECADE OF INTENSIFICATION EXPERIENCE

• Development has been an

internalized function for RioCan

since 2003

• Increased RioCan’s presence in

Canada’s six major markets

• Grown in expertise to handle

mixed-use retail and residential

development

• Added strength to handle

complex development in urban

locations

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1717 Avenue Road

Shoppes on Queen

(Queen and Portland)

INTENSIFICATION STRATEGYDEVELOPMENT PROCESS FOR EXISTING INCOME PRODUCING PROPERTY

Project Evaluation and Market Research

Leasing Strategy

Development Planning Zoning, Design, Planning

Development & Construction

Income Producing Asset Until Development Commences

Year 1 Year 2 - 3 Year 4-5 Year 6-7

SOURCES OF TREMENDOUS NAV GROWTH

• Strong, major market, urban transit

focused development pipeline

• Five to seven year head start over

our peers

• Nearly 50% or 12.2M sf with

zoning approved

ROBUST DEVELOPMENT PIPELINE

1. Includes 22.2M of incremental NLA and 4.0M of NLA which is currently income producing. All data at Riocan’s interest.

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Zoned, 12.2m sf, 46.5%

Application submitted, 5.5m sf, 21.1%

Future est. density, 8.5m sf, 32.4%

Total Pipeline by Zoning Status(26.2M* sf)

RIOCAN LIVING

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Each RioCan Living project is supported by:

• Impeccable management backed by the

proven track record of RioCan.

• Easy access to major commuter routes.

• Best in class architecture in iconic locations.

• Animated, community-focused event

programming.

• Best in class communal amenities that cater

to you.

• Retail experiences curated by the retail

experts.

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RIOCAN LIVINGNORTHEAST YONGE AND EGLINTON (eCENTRAL)

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RIOCAN LIVINGKING AND PORTLAND (KINGLY)

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RIOCAN LIVINGGLOUCESTER (FRONTIER)

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UNLOCKING THE VALUE OF TRANSIT-ORIENTED ASSETSBRAMPTON/MISSISSAUGA HIGHLIGHTS: SELECTED HIGH DENSITY LOCATIONS

Shoppers World Brampton

RioCan Sandalwood

Square

RioCan Grand Park

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UNLOCKING THE VALUE OF TRANSIT-ORIENTED ASSETSBRAMPTON/MISSISSAUGA HIGHLIGHTS: SELECTED HIGH DENSITY LOCATIONS

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UNLOCKING THE VALUE OF TRANSIT-ORIENTED ASSETSBRAMPTON/MISSISSAUGA HIGHLIGHTS: SELECTED HIGH DENSITY LOCATIONS

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UNLOCKING THE VALUE OF TRANSIT-ORIENTED ASSETSBRAMPTON/MISSISSAUGA HIGHLIGHTS: SELECTED HIGH DENSITY LOCATIONS

THE WELL

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• Excavation has

commenced for

The Well

• Confident that we

will be able to

announce the

lead tenants for

the office tower

later this year

THE WELL

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THE WELL

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CHANGES TO RIOCAN’S BOARD OF TRUSTEES

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Clare Copeland Richard Dansereau

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Q&A