Investor Presentation September 2014

Based on Second Quarter 2014

Forward Looking Statements

Certain statements contained in this document constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to the Choice Properties REIT’s (the “Trust”) future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes, plans and objectives of or involving the Trust. Particularly, statements regarding future results, performance, achievements, prospects or opportunities for the Trust or the real estate industry are forward-looking statements. In some cases, forward-looking information can be identified by such terms such as ‘‘may’’, ‘‘might’’, ‘‘will’’, ‘‘could’’, ‘‘should’’, ‘‘would’’, ‘‘occur’’, ‘‘expect’’, ‘‘plan’’, ‘‘anticipate’’, ‘‘believe’’, ‘‘intend’’, ‘‘estimate’’, ‘‘predict’’, ‘‘potential’’, ‘‘continue’’, ‘‘likely’’, ‘‘schedule’’, or the negative thereof or other similar expressions concerning matters that are not historical facts. The Trust has based these forward-looking statements on factors and assumptions about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs, including that the Canadian economy will remain stable over the next 12 months, that inflation will remain relatively low, that interest rates will remain stable, that tax laws remain unchanged, that conditions within the real estate market, including competition for acquisitions, will be consistent with the current climate, that the Canadian capital markets will provide the Trust with access to equity and/or debt at reasonable rates when required and that Loblaw will continue its involvement with the Trust. Although the forward-looking statements contained in this document are based upon assumptions that management of the Trust believes are reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements. Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond the Trust’s control, that may cause the Trust’s or the industry’s actual results, performance, achievements, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the factors discussed under ‘‘Enterprise Risks and Risk Management’’ section the Trust’s 2014 Second Quarter Report to Unitholders. The forward-looking statements made in this report relate only to events or information as of the date on which the statements are made in this document. Except as required by law, the Trust undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

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Our History – A Solid Pedigree in Retail Real Estate

Canada’s Largest Retailer

>2,400 stores

~70 million sq. ft.

Growth Oriented Public Real Estate Entity

456 Properties

37.6 million sq. ft.

3

The Launch of Choice Properties REIT

$460M in Equity

$600M in Public

Debentures

>$7B Value

4

Our Portfolio1 – Geographically Diverse

444 Retail Properties

1 Office

9 Warehouses

37.6 million sq. ft.

456 Properties

Note 1 - Reflect acquisitions completed post-IPO Note 2 – As at June 30, 2014

180 ONTARIO RETAIL

47 ALBERTA

RETAIL

37

25

102 QUEBEC RETAIL 19

11 11

9

3

SASKATCHEWAN RETAIL

MANITOBA RETAIL

PRINCE EDWARD ISLAND RETAIL

NEWFOUNDLAND & LABRADOR RETAIL

NOVA SCOTIA RETAIL

BRITISH COLUMBIA

RETAIL

SURREY, BC WAREHOUSE 1

CALGARY, AB WAREHOUSE 1

REGINA, SK WAREHOUSE 1

ONTARIO WAREHOUSE +

INDUSTRIAL

2 BRAMPTON, ON

OFFICE 1 NEW BRUNSWICK WAREHOUSE 3

LAVAL, QC WAREHOUSE 1

ST. JOHN’S, NL WAREHOUSE 1

NEW BRUNSWICK RETAIL

1 Industrial

SURREY, BC LAND

1 Land

5

97.7% Occupied2

Highlights

1. Loblaw – principal tenant and non-discretionary food store anchor

2. Strategic pipeline for long-term value creation

3. Solid capital structure with strong balance sheet and investment grade ratings

4. Sound growth strategy to enhance portfolio and provide stable, predictable and growing monthly distributions

5. Experienced internal management team with proven track record of owning, managing and developing retail real estate

6

Loblaw Companies Limited

Principal tenant 10 – 18 year initial lease terms

88% of GLA1

91% of base rent1

Strong balance sheet and long history of investment grade credit ratings

Rated “BBB” by DBRS and S&P

Recently completed acquisition of Canada’s largest pharmacy retailer, Shoppers Drug Mart

Mutually beneficial business relationship Strategic Alliance Agreement

1 As at June 30, 2014

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Strong Banner Recognition Across Canada

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Highlights

1. Loblaw – principal tenant and non-discretionary food store anchor

2. Strategic pipeline for long-term value creation

3. Solid capital structure with strong balance sheet and investment grade ratings

4. Sound growth strategy to enhance portfolio and provide stable, predictable and growing monthly distributions

5. Experienced internal management team with proven track record of owning, managing and developing retail real estate

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Well positioned to deliver growth and build value with strategic pipeline of opportunities

10.0

3.5

1.0

4.5

Dedicated acquisition pipeline from

Loblaw’s remaining portfolio of approximately 10 million sq. ft.

3.5 million sq. ft. of at grade

development from properties with existing excess density – target to develop approximately 1.0 sq. ft. in the next five years

4.5 M sq. ft. of ancillary GLA presents

opportunity to enhance portfolio value through renewed focus on leasing / merchandising, operations and capital improvements

Lobl

aw P

ortf

olio

Inte

nsifi

catio

n

Anci

llary

GLA

10

Highlights

1. Loblaw – principal tenant and non-discretionary food store anchor

2. Strategic pipeline for long-term value creation

3. Solid capital structure with strong balance sheet and investment grade ratings

4. Sound growth strategy to enhance portfolio and provide stable, predictable and growing monthly distributions

5. Experienced internal management team with proven track record of owning, managing and developing retail real estate

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Capital Structure

($000’s) Unaudited

As at June 30, 2014

Credit Facility $91,721

Senior Unsecured Debentures $2,550,000

Class C LP Units $925,000

Total Debt & Class C LP Units $3,566,721

Equity $4,086,091

Total Enterprise Value (TEV) $7,652,812

Debt & Class C LP Units to TEV 47%

Unit price: $10.65 88,336,592 Trust Units

and 295,333,962 Class B LP Units O/S 1

Senior unsecured debt Interest rates based on

short-term floating rates

1. Loblaw held 21,500,000 Trust Units and all of the Class B LP units. George Weston held 20,752,297 Trust Units

Issued through 10 separate series of notes

Conservative leverage

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1 Senior unsecured debentures only 2 Class C LP units are redeemable at Loblaw’s option beginning in 2027. REIT has the option to settle in cash or Class B LP units or any combination

thereof 3 Excludes credit facility

300

200 200

300

200

300

400

250

200 200

300 300 325

-

100

200

300

400

500

600

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Prin

cipa

l ($M

)

Debt Maturity Schedule 3

LP Public Maturities REIT Public Maturities Class C Redemption Dates

“BBB” Investment Grade Rating

S&P and DBRS

Well distributed debt maturity profile with no more than $450M maturing in one year

Weighted average term to maturity of 5.8 years 1,2

Weighted average coupon rate of 3.58% 1

Minimal near term refinancing risk (no maturities until April 2016) $500M unsecured revolving credit facility provides liquidity and financial flexibility (matures July 2018)

Debt Profile

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Choice Properties’ conservative financing strategy has resulted in considerable headroom in each of its financial covenants A summary of the financial covenants for Choice Properties’ public debentures is shown below:

Debt Covenants

1 Includes Class C LP Units

Test Incurrence / Maintenance

Unsecured Debentures

Q2 2014 Result

Leverage Test 1 Cons. Indebtedness to Aggregate Assets Incurrence <= 65% 46%

Debt Service Coverage Test 1 Consolidated EBITDA to Debt Service Maintenance >= 1.5x 3.4x

Unencumbered Asset Value Test Unencumbered Assets to Unsecured Indebtedness Maintenance >= 1.5x 2.9x

Secured Indebtedness Test Cons. Secured Indebtedness to Aggregate Assets Incurrence <= 40% 0%

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Highlights

1. Loblaw – principal tenant and non-discretionary food store anchor

2. Strategic pipeline for long-term value creation

3. Solid capital structure with strong balance sheet and investment grade ratings

4. Sound growth strategy to enhance portfolio and provide stable, predictable and growing monthly distributions

5. Experienced internal management team with proven track record of owning, managing and developing retail real estate

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Our Objectives

Provide unitholders with stable, predictable and growing monthly cash distributions

Enhance value of property portfolio to maximize unitholder value

Expand asset base while increasing AFFO per unit through accretive acquisitions and site intensification

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17

Our Growth Strategy

Intensification potential ~3.5M sq. ft. of at-grade GLA expansion potential, ~1.0M sq. ft. slated for development within 5 years

New development opportunities

In partnership with Loblaw or proven third-party

Right of first offer to acquire additional Loblaw properties

Pipeline of ~10 million sq. ft. of GLA

Opportunity to acquire properties developed or acquired by Loblaw

Third-party acquisitions Focus on high quality supermarket anchored properties

Contractual rent increases

13 years average term to maturity for Loblaw leases 5 years average term to maturity for ancillary tenants

Leasing Focused marketing and merchandising for current vacancy and lease renewal

Property management Annualized capital ~$30M ~93% recoverable or directly paid by tenants

Development Acquisitions Active Management

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Intensification – Brown’s Line, Toronto

10K LCBO

10k Dollarama

Before 31K - Existing

Lakeshore Bld W

to Brown’s Line

Under Construction Current

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Development – 24th Ave & 160th St, Surrey

Under Construction 50K Retail

46K Retail

15K Retail

Gas Bar Under Construction

24th

Ave

nue

160th Street

120K

Proposed

Existing

Concept Only

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Redevelopment – Example

Existing Complete

Proposed Mixed-Use (Retail / Res)

Existing 20k Retail

Residential (Rental)

15K Retail 40K Food Store

Existing Concept Only

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Highlights

1. Loblaw – principal tenant and non-discretionary food store anchor

2. Strategic pipeline for long-term value creation

3. Solid capital structure with strong balance sheet and investment grade ratings

4. Sound growth strategy to enhance portfolio and provide stable, predictable and growing monthly distributions

5. Experienced internal management team with proven track record of owning, managing and developing retail real estate

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Chief Operating Officer

Management

President & CEO John Morrison

Chief Financial Officer Bart Munn CPA, CA

Jane Marshall

Over 30 years experience in Real Estate

Former President and CEO, Primaris REIT and President, Real Estate Management, Oxford Properties Group

Over 30 years experience in Real Estate

Former CFO, Calloway REIT and Vice President, CFO, Morguard

20 years experience as an executive in Loblaw’s Real Estate division

Former Executive Vice President Loblaw Properties & Business Strategy 22

Board Of Trustees

Trustees Position/Title Independent Committees Principal Occupation

Galen G. Weston Ontario, Canada Chair No — Executive Chairman, Loblaw

John Morrison Ontario, Canada

Trustee, President and Chief Executive Officer No — President and Chief Executive Officer

of Choice Properties

Christie J.B. Clark Ontario, Canada Trustee Yes Governance, Compensation

and Nominating Committee Corporate Director

Graeme Eadie Ontario, Canada Trustee Yes Audit Committee

Senior Vice President, Head of Real Estate Investments for Canada Pension Plan Investment Board

Michelle Felman Connecticut, United States

Trustee Yes Governance, Compensation and Nominating Committee Consultant, Vornado Realty Trust

Michael P. Kitt Ontario, Canada Trustee Yes

Audit Committee, Governance, Compensation and Nominating Committee

Executive Vice President, Canada for Oxford Properties Group

Daniel F. Sullivan Ontario, Canada

Lead Trustee Yes

Governance, Compensation and Nominating Committee (Chair)

Corporate Director

Paul R. Weiss Ontario, Canada Trustee Yes Audit Committee (Chair) Corporate Director

Kerry D. Adams Ontario, Canada Trustee Yes

Audit Committee, Governance, Compensation and Nominating Committee

President, K. Adams and Associates Limited

INDEPEN

DENT

23

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Our Plans for 2014

Create value through development and redevelopment

Deliver 95K sq. ft. of retail GLA (Toronto and Stoney Creek, ON)

Begin construction of 120K sq. ft. of retail space for delivery in 2015 (Surrey, BC)

File municipal applications - future projects to be initiated

Grow asset base through accretive acquisitions

Acquire additional properties from Loblaw

Pursue desirable assets from other vendors, if opportunities arise

Increase cash flow and enhance property value

Implement new systems and processes

Internalize property management platform including the hiring of experienced professionals

Drive performance through leasing, merchandising and effective capital investments

Maximize portfolio occupancy

Development Acquisitions Active Management

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Conclusion

37.6 M sq. ft. of geographically diverse properties

Canada’s largest retailer as principal tenant and anchor

Opportunity for development and redevelopment

Dedicated pipeline for growth from Loblaw’s remaining portfolio of properties

Strong balance sheet and investment grade ratings

Experienced internal management team with proven track record of owning, managing and developing retail real estate

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Investor Presentation September 2014