RIOCAN INVESTOR PRESENTATION Year-end 2014 February 13, 2015

Forward Looking Statements

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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.

One of North America’s Largest Retail REITS

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340 retail properties in Canada & U.S.

80 million sqft total portfolio

$8.4 billion market cap

54 million sqft owned

$15.1 billion enterprise value

~86% revenue generated by national and anchor tenants

~7,700 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

As at December 31, 2014 at RioCan’s interest

CT MA

BC

AB

ON

QC SA MB

NB

NFLD

292 retail properties

44 million sqft

84% annualized rental revenue

TX

GTA

48 retail properties

10 million sqft

16% annualized rental revenue

5

Property Portfolio – Canada

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Calgary

Edmonton

Vancouver

Toronto

Montreal Ottawa

BC

AB

ON

QC

Annualized Rental Revenue by Major Market

9.7%

Major markets

combined, 73.3%

Rest of Canada, 26.7%

6.1%

3.8% 3.9%

7.0%

42.8%

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PA

VA

Property Portfolio – U.S.

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RI CT

NH MA

TX

Regional Market Strategy & Focus Annualized Rental Revenue by State

NY

MD

NJ

WV

56.9%

2.5%

1.8% 7.1%

0.9%

0.7%

3.0%

2.5% 20.1%

2.4%

2.1%

48 retail properties

10 million sqft

As at December 31, 2014 at RioCan’s interest 7

Property Type Mix - Canada

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Office, 5.2%

Urban Retail, 8.9%

Enclosed Shopping Centre, 17.8%

Non-Grocery Anchor, 4.6%

Grocery Anchored Centre, 19.6%

New Format Retail, 43.9%

As at December 31, 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% 84 2,024 7.4

2 Walmart 3.7% 33 4,000 11.5

3 Canadian Tire Corporation (ii) 3.5% 89 2,020 7.9

4 Metro/Super C/Loeb/Food Basics 3.1% 57 2,119 6.3

5 Cineplex/Galaxy Cinemas 3.0% 29 1,336 9.3

6 Winners/HomeSense/Marshalls/TJ Max 2.7% 75 1,697 6.9

7 Target Corporation 1.9% 26 2,184 12.7

8 Staples/Business Depot 1.6% 48 946 5.2

9 Sobeys Inc. 1.6% 36 991 10.4

10 Cara/Prime Restaurants 1.5% 110 472 6.5

(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 December 31, 2014

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Lease Rollover Profile Broadly Distributed Lease Expiries

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3,949 4,587 3,798

4,579 5,149

2015 2016 2017 2018 2019

736 502

730 1,059

1,527

2015 2016 2017 2018 2019

% Square Feet expiring / portfolio NLA Canadian Portfolio As at December 31, 2014

U.S. Portfolio As at December 31, 2014

’000s Square Feet

’000s Square Feet

9.9% 11.5% 9.5% 11.5% 12.9%

5.0% 7.3% 10.6% 15.2%

7.3%

Occupancy since 1996 Historical Occupancy Rates 1996 to 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% 97.0%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

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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 1,241

2009 2010 2011 2012 2013 2014

Operating FFO*

280 329

380 440

492

2009 2010 2011 2012 2013 2014

517

Operating FFO* Per Unit

1.22 1.33

1.43 1.52

1.63 1.68

2009 2010 2011 2012 2013 2014

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Years ended December 31st

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

13.0% CAGR

6.6% CAGR

10.3% CAGR

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

Revenues*

274 269 271

300 306

292 290

307 308 304 306

323

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

Operating FFO

103 106 115 116

124 121 124 124 127 127 134 130

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

Operating FFO Per Unit

0.37 0.37

0.40 0.39

0.41 0.40

0.41 0.41 0.42 0.42

0.43 0.42

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

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2012

2012

2012 2013

* At RioCan’s interest

2013

2013

2014

2014

2014

Financial Highlights (in millions)

Distributions to Unitholders

228 261 281 285 293 316 313

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 1.02

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

Financial Highlights

$ per unit Payout Ratio

Quarter % Change Q4 2014 Q4 2013 Q4 2014 Q4 2013

Distribution 0.0% 0.3525 0.3525 n/a n/a

FFO nm 0.40 0.40 88.1% 88.1%

OFFO 2.4% 0.42 0.41 83.9% 86.0%

AFFO nm 0.37 0.37 95.3% 95.3%

Canada United States

Q4 2014 2014 Q4 2014 2014 Same Store NOI Growth 0.6% 2.0% 4.4% 3.0%

Same Property NOI Growth 0.4% 1.6% 4.4% 3.0%

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$ per unit Payout Ratio

Year Ended Dec. 31 2014 2013 2014 2013 Distribution 0.0% 1.41 1.41 n/a n/a

FFO 5.8% 1.65 1.56 85.4% 90.4%

OFFO 3.1% 1.68 1.63 83.9% 86.5%

AFFO 2.0% 1.51 1.48 93.4% 95.3%

Financial Highlights • RioCan's Operating FFO increased 5% to $517 million for the year ended December 31, 2014 compared

to $492 million for the same period in 2013. On a per unit basis, Operating FFO increased by $0.05 or 3% to $1.68 compared to $1.63 during 2013;

• RioCan’s Operating FFO increased by 5% to $130 million for the three months ending December 31, 2014 (“fourth quarter”) compared to $124 million in the fourth quarter of 2013. On a per unit basis, Operating FFO increased 2% to $0.42 from $0.41 in the same period of 2013;

• During the fourth quarter, RioCan and Tanger celebrated the successful Grand Opening of the expanded Tanger Factory Outlets in Cookstown, Ontario and the Tanger Factory Outlets Centre in Kanata, Ontario, which is the first newly constructed outlet centre by RioCan and Tanger;

• For the year ended December 31, 2014, RioCan transferred approximately one million square feet of

development space at RioCan's interest to the income producing portfolio;

• RioCan’s concentration of rental revenue in Canada’s six major markets at December 31, 2014 increased to 73.3% from 71.7% at December 31, 2013. When incorporating RioCan's acquisition and disposition activities completed subsequent to year-end, RioCan's concentration of rental revenue in Canada’s six major markets is 73.9%;

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Financial Highlights • For the year ended December 31, 2014, RioCan renewed 4.2 million square feet in the Canadian

portfolio at an average rent increase of $1.84 per square foot, representing an increase of 11.4%;

• For the year ended December 31, 2014, RioCan's same store growth was 2.0% in Canada and 3.0% in the US;

• As at December 31, 2014, RioCan had ownership interests in 15 properties under development that will, upon completion, comprise approximately 7.3 million square feet (4.0 million at RioCan’s interest), all located in major markets in Canada;

• During the quarter, RioCan completed the offering of 4.8 million Trust units at $26.25 per Unit for gross proceeds of $126 million; and

• Subsequent to the year-end, RioCan announced the offering of $300 million Series W senior unsecured debentures. The debentures carry a coupon of 3.287% and will mature on February 12, 2024. RioCan also announced the redemption of US$100 million 4.10% Series N debentures (due September 2015) and $225 million 4.499% Series O debentures (due January 2016).

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Financial Summary

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Occupancy and Leasing Profile 2014 2013

Fourth

quarter Third

quarter Second quarter

First quarter

Fourth quarter

Third quarter

Second quarter

First quarter

Committed occupancy 97.0% 97.0% 96.9% 96.8% 96.9% 97.0% 96.7% 97.0% Economic occupancy 96.0% 96.0% 95.9% 95.7% 95.8% 95.5% 95.4% 95.8% NLA leased but not paying rent (thousands of square

feet) 512 488 520 519 542 716 642 615 Annualized rental impact (millions) $15.7 $15.5 $15.3 $13.0 $14.0 $17.0 $15.0 $15.0 Retention rate – Canada 85.0% 91.7% 88.8% 91.2% 97.0% 91.1% 95.9% 68.3%

% increase in average net rent per sq ft –Canada 11.8% 12.9% 13.9% 7.0% 8.8% 11.2% 12.0% 13.4%

Retention rate – US 78.3% 92.2% 97.3% 86.4% 98.2% 98.4% 92.0% 98.8% % increase in average net rent per sq ft – US 7.1% 9.3% 7.0% 8.3% 4.8% 3.8% 4.3% 2.3% Average in place rent (psf) $16.15 $16.01 $16.00 $16.01 $16.08 $16.07 $15.77 $15.77 Same store growth – Canada 0.6% 1.9% 2.0% 3.1% 2.7% 2.2% 0.6% 0.1% Same store growth – US 4.4% 3.7% 1.4% 3.0% 1.7% 0.9% 1.4% 1.4%

Target’s Departure from Canada • On January 15, 2015, Target Corporation (Target) announced plans to

discontinue its Canadian operations through its indirect wholly-owned subsidiary, Target Canada, and that it was utilizing the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) to wind down its operations.

• At December, 31, 2014 RioCan had 26 Target locations representing 1.9% of total annualized rental revenue with an average remaining lease term of 12.7 years.

• All but one of these leases are guaranteed through an indemnity arrangement with Target, generally for the lesser of (i) the remaining term of each lease and (ii) ten years. The one lease that is not covered by the Target indemnity is guaranteed by Walmart Canada.

• Consistent with past practice, RioCan will seek to re-lease vacant spaces that are ultimately created by Target’s withdrawal from the Canadian market.

• In some cases, RioCan’s lease agreements include a co-tenancy clause which would allow certain other tenants to pay a reduced rent amount and, in certain instances, terminate their lease. These situations are all being evaluated on a case by case basis, and any exercises of such clauses are not expected to be material.

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Conservative Debt Profile

• Debt-to-Total Assets of 43.8% at December 31, 2014. • Total operating lines $718 million • Unencumbered pool has a fair value of $2.8 billion • Floating rate debt 7.8% of aggregate debt • Strong coverage ratios in 2014:

• EBITDA interest coverage of 2.89x • Debt service coverage of 2.20x and • Fixed charge coverage of 1.08x

22 * At RioCan’s interest

RioCan Capital Structure

33.5%

13.5% 1.9%

51.0%

0%

25%

50%

75%

100%

Book Value*Common Units - 316 million units outstanding, $8.4 billion market capitalizationPreferred Units - $282 million market capitalizationDebentures - $1.9 billionMortgages & Lines of Credit - $4.6 billion

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30.4%

12.3% 1.9%

55.4%

0%

25%

50%

75%

100%

Market Value

Total Assets* – $14.7 Billion Total Enterprise Value* – $15.1 Billion

* At RioCan’s interest

Conservative Debt Structure Growth in Asset vs Debt

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2008

2009

2010

2011

2012

2013

2014

3,260

3,663 4,410

5,034 5,717

5,988

6,483

5,338 5,862 8,886 10,767 12,888 13,554 14,720

Debt

Assets

CAGR – 19.2%

CAGR – 12.6%

At RioCan’s Interest

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% 43.6% 44.0% 43.8%

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 2014

Leverage Interest Coverage

25 * At RioCan’s interest

Debt Maturity Schedule

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• Long-term, staggered debt maturity profile. • 4.12% overall WAIR and 3.95 year weighted avg. term to maturity at RioCan’s interest. • Low floating rate debt exposure (7.8% of total debt) at RioCan’s interest.

4.10% 4.47%

3.62% 3.56% 3.93%

4.32%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

500

1,000

1,500

2,000

2,500

3,000

2015 2016 2017 2018 2019 Thereafter

Scheduled principal amortizationMortgages payableFloating Rate Mortgages and Lines of CreditDebentures payable

$ Millions

Weighted Avg. Interest Rate on M

aturing Debt

798 699

1,133 880

541

2,389

Adjusted for issuance of $300 million Series W, and the redemption of Series N (US$100 million) and O ($225 million)

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Leverage and Coverage Ratios & Targets 3 Months 12 Months

Targeted Ratios

Dec. 31/14

Dec. 31/146

Dec. 31/14

Dec. 31/13

Interest coverage ratio1,5 >3.00x 2.84x 3.21x 2.89x 2.83x

Debt service coverage ratio2 >2.25x 2.16x 2.37x 2.20x 2.10x

Fixed charge coverage ratio3 >1.1x 1.05x 1.10x 1.08x 1.06x

Net operating debt to operating EBITDA ratio4 <6.5x 7.96x 7.96x 7.67x 7.24x

Unencumbered Assets ($millions) $2,776 $2,068

Unsecured Debentures ($millions) $1,866 $1,456

Unencumbered Assets to Unsecured Debt >200% 149% 142%

(1) Interest coverage defined as: Adjusted EBITDA for the period, divided by total interest expense (including interest that has been capitalized except where otherwise noted). (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) Coverage ratios excludes a yield maintenance charge of $2.9 million incurred during 2014 related to the early redemption of a development property mortgage as the Trust does not consider its inclusion as an accurate measure of RioCan's ability to meet normal annualized interest cost requirements. (6)Adjusted to exclude interest capitalized to properties under development.

* At RioCan’s interest

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 Expiries

(thousands except psf and % amounts Portfolio NLA 2015 2016 2017 2018 2019

Total 39,994 3,949 4,587 3,798 4,580 5,150 Square Feet expiring/portfolio NLA 9.9% 11.5% 9.5% 11.5% 12.9%

Total average net rent psf $16.69 $17.54 $17.30 $18.82 $17.52 $17.19

Ability to add growth through rental renewals with 44% of leases renewing over next five years. • In 2014 achieved renewal rent increases of 11.4% or $1.84 psf with an average renewal rate of $18.00 psf. • Retention rate of 90.2% in 2014

$12

$13

$14

$15

$16

$17

$18

$19

$20

0

1,000

2,000

3,000

4,000

5,000

6,000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

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 Expiries (thousands except % amounts) Portfolio NLA 2015 2016 2017 2018 2019 Total 10,030 735 502 730 1,059 1,527 Square Feet expiring/portfolio NLA 7.3% 5.0% 7.3% 10.6% 15.2%

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 and leasing of vacant space. • 45% of US Leases will expire over the next five years creating the potential for organic rental growth in the US portfolio • In 2014, achieved renewal rent increases of 7.8% or $1.60 psf with an average renewal rental rate of $22.16 psf • Maintained a retention rate of 93.4% in 2014 • Achieved same store rent growth of 3.0% in 2014

Organic Growth

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Occupancy December 31, 2014 December 31, 2013

Canada US Total Canada US Total

Majors (>10,000 sf) 98.9% 99.9% 99.1% 98.8% 99.7% 99.0%

Small Shop (<10,000 sf) 93.2% 88.9% 92.6% 93.1% 88.2% 92.3%

Blended 97.0% 97.1% 97.0% 96.9% 96.8% 96.9%

Leasing Activity Canada US

Year ended December 31, (per square foot) 2014 2013 2014 2013

New Leasing $22.19 $18.97 $21.34 $21.96

Renewal Leasing $18.00 $18.22 $22.16 $12.96

% increase in average net rent psf 11.4% 11.0% 7.8% 3.9%

Acquisitions Track Record – Acquisitions 2011 – 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 5.8% 149 United States 6.6% 42 2014 Acquisitions 5.9% $191 Grand Total 2011-Q3 2014 6.1% $3,039

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 98.0% 6.8%

Texas 20 5,320,878 96.3% 9.0%

Total/W.A. 48 10,030,671 97.1% 15.8%

As at December 31, 2014

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 February 13, 2015, the Trust disposed of $895 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 2015, but will continue.

• In January 2015, RioCan completed the sale of five income properties, located in Quebec, totalling $120 million at a weighted average capitalization rate of 6.8%. The debt associated with these properties was $21 million with a weighted average interest rate of 4.1%.

• Current asset sales plan involves selling centres in lower growth and secondary markets;

– No dispositions under conditional contract – Land dispositions under conditional contract of $18 million (no debt associated with these properties) – Further land parcels with a fair value of $41 million being marketed (no debt associated with these properties) – Income properties with a fair value of $11 million are currently being marketed (no debt associated with these properties)

• 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 73.9% (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 population statistics.

2008 2012 02/2015*

65.9% 67.5%

73.9%

36

* Includes impact of recent acquisitions/dispositions

Development Activity

At December 31, 2014 • Total developments comprise 8.4 million square feet, including shadow anchors (2.9 million square feet included in Greenfield

developments and 4.1 million square feet of Urban intensification projects and 1.4 million square feet of Expansion and Redevelopment).

• RioCan’s aggregate net interest is 4.9 million square feet, comprising 1.8 million square feet of Greenfield development, 2.1 million square feet of Urban intensification projects and 1.0 million square feet of Expansion and Redevelopment.

• Total estimated development spending of approximately $150 million in 2015 on Greenfield, Urban intensification, and Expansion & Redevelopment activities. Overall development spending in the next five years will range from $150 million to $250 million per year.

• Estimated spending on RioCan’s active development pipeline totals approximately $1.4 billion. • Generate unlevered yield on an individual basis of between 6% to 10%, with a weighted average of 7% to 8%. • Recent Urban Development projects include The Well (Spadina and Front Street), Yonge & Eglinton Northeast corner, Bathurst

& College, and 740 Dupont in the Greater Toronto Area and the CPA Site in Calgary, Alberta. • RioCan has filed applications for rezoning on eight projects which, upon completion, should comprise a total of 5.8 million

square feet, of which 2.7 million square feet will be residential rental units held for long-term rental income, 1.0 million square feet will be condominiums for sale and 2.1 million square feet will be incremental commercial gross leasable area. This would permit RioCan to have an interest in approximately 3,369 residential units.

37

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

38

RioCan’s development/redevelopment program consists of 38 projects that are expected to add 8.4 million square feet (4.9 million square feet at RioCan’s interest) over the next six years. • 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 six 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

1,400

2015 2016 2017 2018 2019 2020

Pipe

line

NLA

(000

's Sq

. Ft.)

Committed Non-committed

Development Activity - Current Portfolio

46.6% 53.4%

Property Type as a % of Development Portfolio

New Format Retail Urban Retail

39

Alberta 14.8%

Suburban GTA* 27% Toronto*

51%

Other Ontario* 7%

Ontario 85.2%

Development Portfolio by Geographic Diversification

* % of total portfolio

Development Activity Current Portfolio – Greenfield and Urban Intensification Projects

GTA Developments

Greenfield Developments • RioCan Centre Vaughan • Windfield Farms Urban Intensification • The Stockyards

(completed) • 1860 Bayview Ave • Bathurst & College • Yonge & Eglinton Northeast

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

Calgary Developments Greenfield Developments • East Hills • Sage Hill Urban Intensification • East Village (CPA Lands)

Ottawa Developments

Greenfield Developments • Tanger Outlets – Kanata

(completed)

Greenfield Development Flamborough Power Centre, Hamilton, ON

40

Toronto Development Projects and Recent Completions

Key Development Projects Eglinton & Warden (completed) The Stockyards (completed) 1860 Bayview Ave 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

41

Calgary Development Projects Greenfield Developments

East Hills Sage Hill

Urban Intensification Calgary East village (CPA Lands)

42

Ottawa Development Projects and Recent Completions

Key Development Projects Grant Crossing (completed) Herongate Mall (completed) Tanger Outlets – Kanata (Phase I completed)

43

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

44

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 Properties where zoning applications have been filed.

Development Activities - Residential Intensification Investment Rationale

• Demand for professionally managed, quality apartment units in Canada remains high.

• Rental rates in key major markets, like Toronto, have reached a level where the economics are attractive for redeveloping certain centres in urban, transit oriented locations. RioCan owns the underlying land, often at irreplaceable locations, thus giving it the unique opportunity to create a tremendous amount of value.

Market CMHC Reported Vacancy Rate October 2014

Toronto, Ontario 1.6%

Ottawa, Ontario 2.6%

Calgary, Alberta 1.4%

Edmonton, Alberta 1.7%

Vancouver, BC 1.0%

• The addition of a residential component will enhance the value of the underlying retail element of RioCan’s property.

• It is a sector that allows a steady and continuous income stream with a growth profile that will serve as a hedge against inflation. The residential rental sector serves as a healthy diversification to RioCan’s retail portfolio.

• Given the extent of this initiative, RioCan will possess a scale that will result in numerous efficiencies going forward. Residential rental properties will typically attract favourable financing terms based on the availability of CMHC insurance.

• RioCan is committed to ensuring that the individual properties in its portfolio are utilized to their highest and best use. RioCan has focused on mixed use projects containing predominantly multi-residential rental buildings. RioCan has identified 50 properties that it deems to be strong intensification opportunities all located in Canada’s six major markets.

45

Development Activities Residential Intensification

Potential GLA (square feet at 100%)

Property Location

Application Submission Date Ownership (%) Commercial

Residential Rental (i) Condominium Total

Residential Rental Units

Yonge Eglinton Northeast Corner Toronto, ON Jan-12 50% (Metropia/Bazis) 54,000 384,498 491,491 929,989 465 Sunnybrook Plaza Toronto, ON Dec-14 100% 24,928 374,791 — 399,719 426 College & Manning Toronto, ON Sep-13 50% (Allied) 5,887 55,746 — 61,633 77 740 Dupont Street Toronto, ON Jul-14 100% 81,918 189,549 — 271,467 225 Sheppard Centre Toronto, ON May-13 50% (Kingsett) 104,000 319,000 — 423,000 399 King & Portland Toronto, ON Aug-13 50% (Allied) 245,345 106,208 — 351,553 139 The Well Toronto, ON 40% (Allied / Diamondcorp) 1,608,698 940,000 466,206 3,014,904 1,343 Tillicum Victoria, BC Feb-09 50% 18,143 300,000 — 318,143 295 TOTAL 2,142,919 2,669,792 957,697 5,770,408 3,369

RioCan has filed applications for rezoning eight projects which, upon completion, should comprise a total of 5.8 million square feet, of which 2.7 million square feet will be residential rental units held for long-term rental income, 1.0 million square feet will be condominiums for sale and 2.1 million square feet will be incremental commercial gross leasable area. This would permit RioCan to have an interest in approximately 3,369 residential units.

RioCan intends to file applications to rezone 17 additional properties by the end of 2015. These proposed redevelopments are expected to produce approximately 8.6 million square feet, of which 6.2 million square feet is expected to be residential. This would permit RioCan to have an interest in an additional 8,713 residential units. As these projects are in preliminary stages, there can be no assurance that any of these developments will be undertaken and if so, on what terms.

46

47

Location: Toronto, Ontario

Intersection: Yonge & Eglinton

Total Proposed GLA: 54,000 square feet*

Design Concept: Urban Retail

Anticipated Completion: 2017

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 98% pre-sold, 606 of the 621 units have been sold.

• North tower to be developed as rental residential. Current plans are for 465 unit residential apartment building.

• Construction commenced in Q2 2014.

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

Creating New Cash Flow Sources Residential 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.

• RioCan has filed for rezoning into a 400,000 sf mixed use, retail/residential redevelopment project including 25,000 sf of retail and 375,000 sf of residential including 426 units.

48

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

Today

Proposed

Creating New Cash Flow Sources Residential Intensification

Creating New Cash Flow Sources

49

The Sheppard Centre, Toronto Location: Toronto, Ontario

Intersection: Yonge & Sheppard

Total GLA: 423,000 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 104,000 square feet of new retail space.

• Plans also contemplate the addition of a new 39 storey residential tower containing 319,000 square feet including 399 rental units.

• Fast growing area of North Toronto

• Anchored by Shoppers Drug Mart and Winners • Agreements in place with Longo’s and LA Fitness

Potential Design

Creating New Cash Flow Sources Residential Intensification

50

Location: Toronto, Ontario

Intersection: 740 Dupont Street

Total Proposed GLA: 271,467 square feet

Total Proposed Units: 225

Design Concept: Urban Retail/Residential

Anticipated Completion: 2017

RioCan Interest 100%

740 Dupont - Toronto, Ontario

Development Pipeline

51

• 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. The combined parcels are approximately 7.7 acres.

• Project is expected to be approximately 3 million square feet of mixed use space including approximately 1.6 million sf of retail and office space and 1.4 million sf of residential space (0.9 million sf rental and 0.5 million sf as condominium space) 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

Development Pipeline

52

RioCan, Allied Properties REIT, & Diamond Corporation Joint Venture

THE WELL – Potential Layout and Vision

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

Development Pipeline

53

THE WELL – Potential Layout and Vision

RioCan, Allied Properties REIT, & Diamond Corporation Joint Venture

Development Pipeline

54

• 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: – King and Portland which will be developed into a mixed

use complex with approx. 351,553 square feet including 139 residential units in Toronto, Ontario. In Q4, 2014 RioCan purchased an additional parcel at 499 Adelaide St. West which will form part of the assembly.

– College and Manning will be developed into a mixed use complex with approx. 125,000 square feet. The site, which received zoning approval in the third quarter of 2014, will include 5,887 square feet of retail and 77 residential units in an eight-storey mixed-use building.

RioCan & Allied Properties REIT Joint Venture King & Portland

College and Manning

Development Pipeline

• 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 that will be anchored by a 102,000 square foot Loblaws.

• RioCan and KingSett, have entered into an 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 H2 2015.

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

55

Calgary East Village Potential Design

Current Site

Development Pipeline

56

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 394,000 square feet of retail use.

• The property is 75% preleased with Walmart and Loblaws slated to be the anchor tenants. Walmart commenced operations in January 2015.

• 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.

Development Pipeline Recent Completions

57

The Stockyards - St. Clair & Weston, Toronto 551,000 sqf. two storey retail – Opened Spring 2014

Partner: Canada Pension Plan Investment Board (“CPPIB”)

• This unique site at the corner of St. Clair and Weston Road in Toronto, Ontario; • 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; • The property opened in the Spring of 2014, and during the third quarter 2014 an additional fourteen tenants

(including Sport Chek, Roots, Banana Republic and RBC Royal Bank) totalling approximately 57,000 square feet commenced operations.

“Densifying” existing urban locations

58

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

59

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

Urban Intensification

60

420 Bathurst Street, Toronto

Location: Toronto, Ontario

Intersection: Bathurst & College

Total Proposed GLA: 145,000 square feet

Design Concept: Urban Retail/Office

Anticipated Completion: 2016

Urban Intensification – Completed Projects

61

Queen & Portland, Toronto, ON

Before

After

Location: Toronto, Ontario

Intersection: Portland & Queen

Total GLA: 91,000 square feet

Design Concept: Mixed-use facility Construction Completed: 2011

Urban Intensification – Completed Projects

62

1717 Avenue Road, Toronto, ON

Location: Toronto, Ontario

Intersection: 1717 Avenue Road

Total GLA: 91,000 square feet

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 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.

• In the fourth quarter of 2014 the joint venture opened/expanded two Tanger Factory Outlet Centers. The first in Kanata, Ontario in the Ottawa market, which was the first ground up development by RioCan and Tanger. The other completed centre was the Tanger Factory Outlet Center in Cookstown, Ontario in the Greater Toronto market at the newly expanded Cookstown Mall location that was acquired by the joint venture in 2011.

63

Outlet Centre Development Completed Projects

• 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 and was completed in Q4 2014. • Site includes 80 designer stores including:

64

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

Before After

• 52.5 acre site, approximately 20 kilometres west of Ottawa • Development began in Q2 2013, and the initial phase comprising 353,000 square foot outlet centre was completed

in Q4 2014. • The grand opening on October 17, 2014 was very well received with tenants reporting sales above expectations. • A second 54,000 square foot phase will commence construction in 2015 which will include a 28,000 sf Saks Off Fifth

location.

65

Tanger Outlets - Kanata Outlet Centre Development

Appendix

Development Tables

Greenfield Development Portfolio

(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 15 properties under development.

67

Greenfield Development Properties Estimated square feet upon completion of the Anticipated date of development project development completion (thousands of square feet) Total

estimated development

Retailer owned anchors(i)

RioCan’s interest

Partners’ interests

Total leasing activity(ii)

% Leased

Current development

Potential future developments

RioCan’s Interest Partners Anchors

East Hills, Calgary, AB * 40% CPP / Lansdowne / Tristar

Walmart, Cineplex 916 160 302 454 276 37% Q3 2015 2017

Flamborough Power Centre, Hamilton, ON * 100% — — 283 — 283 — 195 69% Q1 2016 2016

Sage Hill, Calgary, AB * 50% Kingsett Walmart, Loblaws, London Drugs 394 — 197 197 294 75% Q2 2016 2016

Greenfield Developments –Committed 1,593 160 782 651 765 53%

RioCan Centre Vaughan, Vaughan, ON Ph 3 * 31% Trinity / Strathallan 96 74 7 15 — —% 2016

Windfield Farms, Oshawa, ON * 100% — 1,214 157 1,057 — — —% — 2017 (iii) Greenfield Developments –Non-committed 1,310 231 1,064 15 — —% Total Greenfield Developments 2,903 391 1,846 666 765 30%

Greenfield Development Portfolio Development Expenditures

(i) Proceeds from sale to shadow anchors reduce projected cost. (ii) Credits reflect proceeds from a potential land parcel sale.

68

Greenfield Development 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 East Hills, Calgary, AB 40% $313,426 $483 $68,728 $69,211 $88,310 $157,521 $62,362 $93,543 $155,905 Flamborough Power Centre, Hamilton, ON 100% 61,565 31,391 7,448 38,839 — 38,839 22,727 — 22,727 Sage Hill, Calgary, AB 50% 110,644 21 21,639 21,660 19,924 41,584 34,530 34,530 69,060 Fair value adjustments — 14,447 14,447 — 14,447 — — — Greenfield Developments – Committed 485,635 31,895 112,262 144,157 108,234 252,391 119,619 128,073 247,692 RioCan Centre Vaughan, Vaughan, ON Ph 3 (ii) 31% 10,395 — 7,649 7,649 11,081 18,730 (2,605) (5,730) (8,335) Windfield Farms, Oshawa, ON 100% 223,476 — 52,595 52,595 — 52,595 170,881 — 170,881 Fair value adjustments — 4,326 4,326 — 4,326 — — — Greenfield Developments - Non-committed 233,871 — 64,570 64,570 11,081 75,651 168,276 (5,730) 162,546 Total Greenfield Developments 719,506 31,895 176,832 208,727 119,315 328,042 287,895 122,343 410,238

Greenfield Development Portfolio Development Expenditures

(i) Credits reflects proceeds from a potential land parcel sale.

69

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 East Hills, Calgary, AB 40% $10,193 $— $1,973 $— $2,072 $— $48,124 $— $62,362 $— Flamborough Power Centre, Hamilton, ON 100% — $— — $— — — 22,727 $— 22,727 $— Sage Hill, Calgary, AB 50% 19,533 $— 7,137 $— — — 7,861 $— 34,531 $— Greenfield Developments –Committed 29,726 — 9,110 — 2,072 — 78,712 — 119,620 — RioCan Centre Vaughan, Vaughan, ON Ph 3 (i) 31% 239 143 251 151 — — (3,095) (1,857) (2,605) (1,563) Windfield Farms, Oshawa, ON 100% 2,630 — 2,761 — 2,899 — 162,591 — 170,881 — Greenfield Developments –Non-committed 2,869 143 3,012 151 2,899 — 159,496 (1,857) 168,276 (1,563) Total Greenfield Developments 32,595 143 12,122 151 4,971 $— 238,208 (1,857) 287,896 (1,563)

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 15 properties under development.

70

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 Anchors estimated owned RioCan’s Partners’ leasing % Current future

Interest Partners 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

Bathurst Street & College Street, Toronto, ON * 100% — 145 145 — 52 36% — 2017

CPA Lands, Calgary, AB * 50% Kingsett Loblaws 174 — 87

87 102 59% — 2019

NE Yonge Eglinton, Toronto, ON (iv) * 50% Metropia / Bazis — 438 — 219 219 18 4% — 2017

Urban Intensification-Committed 833 — 527 306 240 29%

College & Manning, Toronto, ON * 50% Allied — 114 — 57

57 59 52% — 2018

Dupont Street, Toronto, ON * 100% — — 271 — 271 — — —% — 2020

The Well, Toronto, ON (iv)* 40% Allied / Diamond — 2,548 — 1,019 1,529 — —% — 2019 (iii)

King & Portland, Toronto, ON * 50% Allied — 352 —

176 176 48 14% — 2018

Urban Intensification - Non-committed 3,285 — 1,523

1,762 107 3%

Total Urban Intensification 4,118 — 2,050

2,068 347 8%

Urban Intensification Properties Development Expenditures

71

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

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 1860 Bayview Avenue, Toronto, ON 100% $56,831 $— $28,044 $28,044 $— $28,044 $28,787 $— $28,787 Bathurst Street & College Street, Toronto, ON 100% 89,836 — 25,572 25,572 — 25,572 64,264 — 64,264 CPA Lands, Calgary, AB 50% 126,414 — 11,387 11,387 10,528 21,915 52,250 52,250 104,500 NE Yonge Eglinton, Toronto, ON 50% 207,375 126 20,306 20,432 20,416 40,848 83,256 83,256 166,512 Fair value adjustments (4,549) (4,549) (4,549) Urban Intensification – Committed 480,456 126 80,760 80,886 30,944 111,830 228,557 135,506 364,063 College & Manning, Toronto, ON 50% 52,420 8,539 4,506 13,045 11,879 24,924 13,748 13,748 27,496 Dupont Street, Toronto, ON 100% 98,450 — 14,953 14,953 — 14,953 83,497 — 83,497 The Well, Toronto, ON 40% 1,566,995 632 76,872 77,504 109,543 187,047 551,980 827,970 1,379,950 King & Portland, Toronto, ON 50% 128,419 10,349 14,380 24,729 22,752 47,481 40,469 40,469 80,938 Fair value adjustments — 19,236 19,236 — 19,236 — — — Urban Intensification - Non-committed 1,846,284 19,520 129,947 149,467 144,174 293,641 689,694 882,187 1,571,881 Total Urban Intensification $2,326,740 $19,646 $210,707 $230,353 $175,118 $405,471 $918,251 $1,017,693 $1,935,944

Urban Intensification Properties Development Expenditures

72

Urban Intensification Projects Estimated remaining development activity to be funded by RioCan 2015 2016 2017 & 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% $28,787 $— $— $— $— $— $— $— $28,787 $— Bathurst Street & College Street, Toronto, ON 100% 1,279 — 1,343 — 1,410 — 60,233 — 64,265 — CPA Lands, Calgary, AB 50% 569 — 598 — 628 — 50,455 — 52,250 — NE Yonge Eglinton, Toronto, ON (i) 50% — — — — — — — — — — Urban Intensification – Committed 30,635 — 1,941 — 2,038 — 110,688 — 145,302 — College & Manning, Toronto, ON 50% $225 — $237 — $497 — $12,790 — $13,749 — Dupont Street, Toronto, ON 100% 748 — 785 — 1,649 — 80,316 — 83,498 — The Well, Toronto, ON 40% 3,844 — 4,036 — 12,713 — 531,388 — 551,981 — King & Portland, Toronto, ON 50% 719 — 755 — 1,585 — 37,410 — 40,469 — Urban Intensification – Non-committed 5,536 — $5,813 — $16,444 — $661,904 — 689,697 — Total Urban Intensification $36,171 $— $7,754 $— $18,482 $— $772,592 $— $834,999 $—

(i) Cost to complete to be financed by construction line.

Expansion & Redevelopment Portfolio Development Expenditures

73

Expansion & Redevelopment 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 2015 2016 2017+

491 College Street, Toronto, ON 50% LCBO 30 $5.1 $5.1 $10.2 $4.0 $0.3 $4.3 $0.3 $0.3 $4.2

Brentwood Village, Calgary, AB 50% Retail Podium 40 2.9 2.9 5.8 7.0 1.4 8.4 1.2 0.3 —

Centre St. Martin, Laval, Québec 100% Giant Tiger 40 4.3 — 4.3 2.4 2.5 4.9 1.7 — —

Corbett Centre, Fredericton, NB 100% Sleep Country Canada 32 7.6 — 7.6 — 3.2 3.2 1.2 3.2 —

Eglinton Avenue & Warden Avenue, Toronto, ON 100% Dentist, Mucho Burrito, Popeyes 15 4.0 — 4.0 4.4 0.6 5.0 3.2 0.2 —

Grant Crossing, Ottawa, ON 60% TBD 41 6.4 4.3 10.7 0.4 0.9 1.3 0.1 5.4 —

Herongate Mall, Ottawa, ON 75% Dollarama, Petsmart 67 8.9 3.0 11.9 5.8 6.8 12.6 2.1 — —

Kennedy Commons, Toronto, ON 50% Sleep Country, Sunset Grill 21 1.6 1.6 3.2 1.8

0.3 2.1 1.4 — —

Mill Woods Town Centre, Edmonton, AB 40% LensCrafters, Cellicon 10 0.4 0.5 0.9 1.1 0.2 1.3 0.2 — —

RioCan Colossus Centre, Vaughan, ON 100% TBD 116 29.1 — 29.1 17.4 4.9 22.3 10.8 8.4 5.0

RioCan Hall, Toronto , ON 100% Michael's 32 2.8 — 2.8 14.6 0.6 15.2 2.3 — —

Shoppers City East, Ottawa, ON * 63% Shoppers Drug Mart, Beer Store 34 5.2 3.1 8.3 18.5 2.4 20.9 0.6 2.2 —

Tanger Outlets - Kanata, Kanata, ON 50% Saks Off 5th 79 13.3 13.3 26.6 5.8 3.1 8.9 0.8 9.4 —

The Stockyards, Toronto, ON 50% TBD 20 1.7 1.7 3.4 6.7 0.7 7.4 0.6 0.4 —

West Ridge Place 100% Petsmart, Fit for Less 23 0.9 — 0.9 2.9 0.3 3.2 0.6 — —

Yonge & Eglinton Centre, Toronto, ON 100% Winners, Joe Fresh, Cineplex Expansion

45 86.2 — 86.2 8.6 64.7 73.3 21.5 — —

Yonge Sheppard Centre, Toronto, Ontario 50% Longos, LA Fitness, Mall Renovation (ii)

104 79.1 79.1 158.2 7.6 2.0 9.6 33.3 37.2 6.6

Fair Value Adjustments — — — — (1.3) — (1.3) — — —

Total Committed Expansion and Redevelopment properties 749

259.5

114.6

374.1

107.7

94.9

202.6 81.9 67.0 15.8

(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. Condo related

NLA and costs are excluded from the table * Property represents one of RioCan’s 15 properties under development.

Expansion & Redevelopment Portfolio Development Expenditures

(i) Historical Costs - Carrying amounts transferred from IPP for former anchors targeted for redevelopment.

74

Expansion & Redevelopment Development Continued 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 December 31, 2014 interest Tenant(s) NLA interest interest Total costs(i) interest to date 2015 2016 2017+

Brookside Mall, Fredericton, NB 50% TBD 70 $2.1 $2.1 $4.2 $ 0.3 $1.0 $1.3 — $1.1 —

Les Factoreries Tanger - Bromont, Bromont, Quebec 50% TBD 70 8.9 8.9 17.8 1.3 0.1 1.4 — 8.8 —

Les Factoreries Tanger - Saint-Sauveur, Saint Sauveur, Quebec 50% TBD 19 3.1

3.1

6.2

0.3

0.1

0.4 —

3.0 —

Mega Centre Notre-Dame, Dorothee, Quebec 100% TBD 181 39.0 — 39.0 12.5 1.5 14.0 — 37.5 —

RioCan Centre Barrie, Barrie, Ontario 100% TBD 26 8.2 — 8.2 1.5 0.9 2.4 — 7.3 —

RioCan Centre Burloak, Oakville, Ontario 50% TBD 141 8.0 8.0 16.0 5.0 1.1 6.1 0.1 2.7 4.0

Timiskaming Square, New Liskeard, ON 100% TBD 79 3.5 — 3.5 1.4 0.6

2.0 — 3.0 —

Westney Road & Taunton Road, Ajax, ON 100% TBD 62 32.8 — 32.8 10.6 0.5 11.1 0.3 32.0 —

Fair Value Adjustments — — — — (6.9) —

(6.9) — — —

Total Non-committed Expansion and Redevelopment properties 648 105.6 22.1 127.7 26.0 5.8 31.8 0.4 95.4 4.0

Total 1,397 365.1 136.7 501.8 133.7 100.7 234.4 82.3 162.4 19.8

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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”), Adjusted FFO, Operating Funds From Operations (“Operating FFO”), Net Operating Income (“NOI”), Adjusted Earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), Operating EBITDA, Net Consolidated Debt to Adjusted EBITDA, Net Operating Debt to Operating EBITDA, Adjusted Unit holders Equity, Same Store NOI, and Same Property NOI, and Total Enterprise Value 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 year ended December 31, 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.