RIOCAN INVESTOR PRESENTATION Third Quarter...

RIOCAN INVESTOR PRESENTATION Third Quarter 2014 November 27, 2014

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.

http://www.sedar.com/

One of North America’s Largest Retail REITS

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340 retail properties in Canada & U.S.

80 million sqft total portfolio

$7.9 billion market cap

54 million sqft owned

$14.7 billion enterprise value

~87% revenue generated by national and anchor tenants

~7,600 tenancies

Core Strengths

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Strong, reliable distribution yield provided to investors

Stable, diversified portfolio of national retail tenants

Disciplined growth strategy in Canada and U.S.

Positioned to benefit from robust development pipeline and acquisitions

Experienced, performance driven management team

Dominant platform, geographically diversified

Conservative balance sheet / financial strength

QC

PA

VA

Property Portfolio

As at September 30, 2014 at RioCan’s interest

CT MA

BC

AB

ON

QC SA MB

NB

NFLD

292 retail properties

44 million sqft

85% annualized rental revenue

TX

GTA


10 million sqft

15% annualized rental revenue

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Property Portfolio – Canada

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Calgary

Edmonton

Vancouver

Toronto

Montreal Ottawa

BC

AB

ON

QC

Annualized Rental Revenue by Major Market

9.8%

Major markets

combined, 73.3%

Rest of Canada, 26.7%

6.2%

3.7% 3.7%

7.1%

42.7%

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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

56.5%

2.6%

1.8% 6.5%

2.0%

0.6%

2.9%

2.6% 19.9%

2.5%

2.1%


10 million sqft

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

Property Type Mix - Canada

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Office, 5.4%

Urban Retail, 8.8%

Enclosed Shopping Centre, 17.9%

Non-Grocery Anchor, 4.5%

Grocery Anchored Centre, 19.4%

New Format Retail, 44.0%

As at September 30, 2014

Strong Tenant Relationships

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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) 4.20% 84 2,024 7.6

2 Walmart 3.80% 33 4,000 12.1

3 Canadian Tire Corporation (ii) 3.50% 89 2,002 8.1

4 Metro/Super C/Loeb/Food Basics 3.20% 57 2,119 6.5

5 Cineplex/Galaxy Cinemas 3.10% 29 1,336 9.5

6 Winners/HomeSense/Marshalls 2.70% 75 1,685 7.1

7 Target Corporation 2.10% 27 2,305 12.4

8 Staples/Business Depot 1.60% 48 946 5.3

9 Cara/Prime Restaurants 1.60% 110 472 6.7

10 Sobeys Inc. 1.50% 36 940 7.6

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

As at September 30, 2014

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Lease Rollover Profile Broadly Distributed Lease Expiries

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1,225

3,559 4,624

3,675 4,422

2014 2015 2016 2017 2018

69 389 493

737 1,146

2014 2015 2016 2017 2018

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

U.S. Portfolio As at September 30, 2014

’000s Square Feet

’000s Square Feet

3.1%

9.0% 11.7% 9.3% 11.1%

0.7%

3.9% 4.9% 7.3% 11.4%

Occupancy since 1996 Historical Occupancy Rates 1996 to Q3 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 Q32014

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Financial Highlights

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

Revenues

758 882

988 1,114

1,195

2009 2010 2011 2012 2013

Operating FFO*

280 329

380 440

492

2009 2010 2011 2012 2013

Operating FFO* Per Unit

1.22 1.33

1.43 1.52

1.63

2009 2010 2011 2012 2013

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Years ended December 31st

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

15% CAGR

7.5% CAGR

12% CAGR

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

Revenues*

246

267 274 269 271

285

306

292 290 300

308 304 306

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

Operating FFO

97 100 103 106 115 116

124 121 124 124 127 127 134

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

Operating FFO Per Unit

0.37 0.36

0.37 0.37

0.40 0.39

0.41 0.40

0.41 0.41 0.42 0.42

0.43

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

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2011 2012

2011 2012

2011 2012 2013

* At RioCan’s interest

2013

2013

2014

2014

2014

Financial Highlights (in millions)

Distributions to Unitholders

228 261 281 285 293 316 315

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

* annualized

Financial Highlights $ per unit Payout Ratio

Quarter % Change Q3 2014 Q3 2013 Q3 2014 Q3 2013

Distribution 0.0% 0.3525 0.3525 n/a n/a

FFO 5.0% 0.42 0.40 83.9% 88.1%

OFFO 4.9% 0.43 0.41 82.0% 86.0%

AFFO 5.4% 0.39 0.37 90.4% 95.3%

Canada United States

Q3 2014 Q3 2013 Q3 2014 Q3 2013 Same Store NOI Growth 1.9% 2.2% 3.7% 0.9%

Same Property NOI Growth 1.5% 1.9% 3.7% 0.9%

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First Nine Months Distribution 0.0% 1.0575 1.0575 n/a n/a

FFO 6.9% 1.24 1.16 85.3% 91.2%

OFFO 4.1% 1.27 1.22 83.3% 86.7%

AFFO 3.6% 1.14 1.10 92.8% 96.1%

Financial Highlights • RioCan’s concentration of rental revenue in Canada’s six major markets increased to 73.3% from 71.7% at

December 31, 2013;

• Subsequent to the Quarter End, RioCan and Tanger celebrated the successful Grand Openings of the Tanger Factory Outlets Centre in Kanata, Ontario, which is the first newly constructed outlet centre by RioCan and Tanger and the Tanger Factory Outlets in Cookstown, ON the recently renovated and expanded enclosed mall purchased by the co-owners in 2011;

• During the third quarter, RioCan transferred 520,000 square feet of development space at RioCan's interest to the income producing portfolio. For the first nine months RioCan transferred approximately one million square feet of development space at RioCan's interest to the income producing portfolio;

• RioCan renewed 1.1 million square feet in the Canadian portfolio during the third quarter at an average rent increase of $2.01 per square foot, representing an increase of 12.9%;

• During the third quarter, RioCan acquired interests in three income properties in Canada at an aggregate purchase price of approximately $84 million at RioCan’s interest at a weighted average capitalization rate of 5.6%;

• During the quarter, RioCan completed the offering of an additional $100 million Series V debentures, which carry a coupon of 3.746% and maturity date of May 30, 2022. The debentures were issued at a premium and carried an effective rate of 3.587%, making the effective rate on the full $250 million of Series V debentures 3.682%; and

• Subsequent to the quarter end, RioCan completed the issuance of 4.8 million units at a price of $26.25 per unit for gross proceeds of $126 million.

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Financial Summary

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Occupancy and Leasing Profile 2014 2013

2012

Third quarter

Second quarter

First quarter

Fourth quarter

Third quarter

Second quarter

First quarter

Fourth quarter

Committed occupancy 97.0% 96.9% 96.8% 96.9% 97.0% 96.7% 97.0% 97.4% Economic occupancy 96.0% 95.9% 95.7% 95.8% 95.5% 95.4% 95.8% 95.9% NLA leased but not paying rent (thousands of square feet) 488 520 519 542 716 642 615 711 Annualized rental impact (millions) $15.50 $15.30 $13.00 $14.00 $17.00 $15.00 $15.00 $15.00 Retention rate – Canada 91.7% 88.8% 91.2% 97.0% 91.1% 95.9% 68.3% 94.3%

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

Retention rate – US 92.2% 97.3% 86.4% 98.2% 98.40% 92.0% 98.8% 87.6% % increase in average net rent per sq ft – US 9.3% 7.0% 8.3% 4.8% 3.8% 4.3% 2.3% 5.1% Average in place rent (psf) $16.01 $16.00 $16.01 $16.08 $16.07 $15.77 $15.77 $15.70 Same store growth – Canada 1.9% 2.0% 3.1% 2.7% 2.2% 0.6% 0.1% 0.2% Same store growth – US 3.7% 1.4% 3.0% 1.7% 0.9% 1.4% 1.4% 1.9%

Conservative Debt Profile

• Debt-to-Total Assets of 44.6% at September 30, 2014. Including the equity offering completed after the quarter end, RioCan’s Debt-to-Total Assets would be approximately 44%

• Total operating lines $715 million • Unencumbered pool has a fair value of $2.7 billion • Floating rate debt 8.1% of aggregate debt • Strong coverage ratios in Q3 2014:

• EBITDA interest coverage of 2.89x • Debt service coverage of 2.18x and • Fixed charge coverage of 1.08x

20 * At RioCan’s interest

RioCan Capital Structure

32.7%

13.2% 1.9%

52.2%

0%

25%

50%

75%

100%

Book Value*Common Units - 309 million units outstanding, $7.9 billion market capitalizationPreferred Units - $278 million market capitalizationDebentures - $1.9 billionMortgages & Lines of Credit - $4.6 billion

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31.3%

12.6% 1.9%

54.1%

0%

25%

50%

75%

100%

Market Value

Total Assets* – $14.4 Billion Total Enterprise Value* – $14.7 Billion


Conservative Debt Structure Growth in Asset vs Debt

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2008

2009

2010

2011

2012

2013

Sept.2014

3,260

3,663 4,410

5,034 5,717

5,988

6,467

5,338 5,862 8,886 10,767 12,888 13,554 14,423

Debt

Assets

CAGR – 18.9%

CAGR – 12.7%

Modest Leverage, Strong Interest Coverage

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

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

47.3% 48.2% 51.9% 53.1% 53.8% 53.9% 56.6% 56.3% 54.9% 55.6% 49.1% 46.4% 43.5% 44.0% 44.6%

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 Q3 2014

Leverage Interest Coverage

23 * At RioCan’s interest

Debt Maturity Schedule

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• Long-term, staggered debt maturity profile. • 4.14% overall WAIR and 4.09 year weighted avg. term to maturity at RioCan’s interest. • Low floating rate debt exposure (8.1% of total debt) at RioCan’s interest.

3.7%

4.5% 4.4%

3.6% 3.6%

4.4%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

0

500

1,000

1,500

2,000

2,500

3,000

2014 2015 2016 2017 2018 Thereafter

Scheduled principal amortization Mortgages payable

Debentures payable Weighted average interest rate$ Millions

Weighted Avg. Interest Rate on M

aturing Debt

214

807 923 1,153 874

2,495

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Leverage and Coverage Ratios & Targets 3 Months 12 Months

Targeted Ratios

Sept. 30/14

Sept. 30/145

Dec. 31/135

Sept. 30/13

Dec. 31/13

Interest coverage ratio1 >2.75x 2.98x 3.30x 3.10x 2.89x 2.83x

Debt service coverage ratio2 >2.25x 2.29x 2.47x 2.26x 2.18x 2.10x

Fixed charge coverage ratio3 >1.1x 1.11x 1.15x 1.10x 1.08x 1.06x

Net operating debt to operating EBITDA ratio4 <6.5x 7.56x 7.56x 7.49x 7.61x 7.24x

Unencumbered Assets ($millions) $2,684 $2,068

Unsecured Debentures ($millions) $1,862 $1,456

Unencumbered Assets to Unsecured Debt >130% 144% 142%

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


Growth Strategy

Future Growth Drivers

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Future Growth Drivers

Institutional Relationships

Organic Growth

Acquisitions

Development Pipeline

Land Use Intensification

Organic Growth Canadian Portfolio

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Lease Expires

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

Total 39,675 1,224 3,559 4,624 3,675 4,422 Square Feet expiring/portfolio NLA 3.1% 9.0% 11.7% 9.3% 11.1%

Total average net rent psf $16.51 $17.86 $17.12 $16.97 $18.70 $17.66

Ability to add growth through rental renewals with 44% of leases renewing over next five years. • In Q3 2014 achieved renewal rent increases of 12.9% or $2.01 psf with an average renewal rate of $17.57. • Retention rate of 90.2% in Q3 2014

$12

$13

$14

$15

$16

$17

$18

$19

$20

0500

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

2008 2009 2010 2011 2012 2013 YTD 2014 2014Remainder

2015 2016 2017 2018

RioCan Lease Maturity Schedule and Renewal History

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

Organic Growth U.S. Portfolio

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Lease Expires (thousands except % amounts) Portfolio NLA 2014 2015 2016 2017 2018 Total 10,030 69 388 493 737 1,146 Square Feet expiring/portfolio NLA 0.7% 3.9% 4.9% 7.3% 11.4%

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. • In Q3 2014 achieved renewal rent increases of 8.0% or $1.59 psf with an average renewal rental rate of $21.52 psf • Maintained a retention rate of 93.4% in Q3 2014

Organic Growth

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Occupancy September 30, 2014 December 31, 2013 September 30, 2013

Canada US Total Canada US Total Canada US Total

Majors (>10,000 sf) 98.9% 99.9% 99.1% 98.8% 99.7% 99.0% 98.7% 99.7% 98.9%

Small Shop (<10,000 sf) 93.2% 88.2% 92.4% 93.1% 88.2% 92.3% 93.2% 90.7% 92.9%

Blended 97.0% 96.9% 97.0% 96.9% 96.8% 96.9% 96.9% 97.4% 97.0%

Leasing Activity Canada US

Three months ending September 30, (per square foot) 2014 2013 2014 2013

New Leasing $20.65 $19.49 $24.39 $22.06

Renewal Leasing $17.57 $20.66 $20.11 $11.72

% increase in average net rent psf 12.9% 11.2% 9.3% 3.8%

Acquisitions Track Record – Acquisitions 2011 – Q3 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% 87 United States 6.6% 42 First nine months 2014 Total 6.1% $129 Grand Total 2011-Q3 2014 6.2% $2,977

US Operating Platform and Dissolution of US JV’s

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

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

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Region Number of Assets Total NLA Occupancy

% of Annualized Rental Revenue

Northeast 28 4,709,793 97.8% 7.1%

Texas 20 5,320,878 96.1% 8.0%

Total/W.A. 48 10,030,671 96.9% 15.1%

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 September 30, 2014, the Trust disposed of $775 million of properties. As part of actively managing and improving the portfolio mix, RioCan will continue to identify properties for disposition. The pace of dispositions is expected to be reduced for the balance of 2014, but will continue.

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

– Dispositions under conditional contract of $186 million ($50 million of debt associated with these properties) – Land dispositions under conditional contract of $14 million (no debt associated with these properties) – Further land parcels with a IFRS fair value of $25 million 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% (Year end 2012 68%) – Capital from asset sales redeployed into acquisitions and development activities.

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

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

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

2008 2012 Q3 2014

65.9% 67.5%

73.3%

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Development Activity

At September 30, 2014 • Total developments comprise 9.9 million square feet, including shadow anchors (4.4 million square feet included in Greenfield

developments and 4.4 million square feet of Urban intensification projects and 1.1 million square feet of Expansion and Redevelopment).

• RioCan’s interest consists of 2.4 million square feet of Greenfield development and 2.1 million square feet of Urban intensification projects and 0.8 million square feet of Expansion and Redevelopment.

• Total estimated development spending of $26 million for the remainder 2014 ($203 million for the full year 2014) on Greenfield and Urban intensification activities. Overall development spending in the next five to seven years will range from $100 million to $200 million per year.

• RioCan’s active development pipeline totals approximately $1.4 billion, with an additional $3 million of mezzanine funding commitments.

• Generate unlevered yield on an individual basis of between 6% to 10%, with a weighted average of 7.0% to 8.0%. • Recent Urban Development projects include Spadina and Front Street, Yonge & Eglinton Northeast corner, Bathurst & College,

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

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

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

36

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

37

RioCan’s development/redevelopment program consists of 36 projects that are expected to add 9.9 million square feet (5.4 million square feet at RioCan’s interest) over the next six years. • 0.4 million square feet is currently

income producing

• Key component of RioCan’s organic growth strategy

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

* Subject to preleasing and market conditions

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

-

200

400

600

800

1,000

1,200

1,400

1,600

2014 2015 2016 2017 2018 2019

Pipe

line

NLA

(000

's Sq

. Ft.)

Committed Non-committed

Development Activity - Current Portfolio

51.7% 47.5%

0.8%

Property Type as a % of Development Portfolio

New Format Retail Urban Retail Non-Grocery Anchored

38

Alberta 21%

Ottawa* 4%

Suburban GTA* 24%

Toronto* 45%

Other Ontario* 6%

Ontario 79%

Development Portfolio by Geographic Diversification

* % of total portfolio

Development Activity Current Portfolio – Greenfield and Urban Intensification Projects

GTA Developments

Greenfield Developments • 1860 Bayview Ave • The Stockyards

(completed) • Westney Road & Taunton • RioCan Centre Vaughan • Windfield Farms Urban Intensification • Bathurst & College • Yonge & Eglinton Northeast

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

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

Ottawa Developments Greenfield Developments • Herongate Mall • Shoppers City East • Tanger Outlets – Kanata

(completed)

Greenfield Development Flamborough Power Centre, Hamilton, ON

Toronto Development Projects and Recent Completions

Greenfield Developments 1860 Bayview Ave Eglinton & Warden (completed) The Stockyards (completed)

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

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

40

Calgary Development Projects

Greenfield Developments East Hills McCall Landing Sage Hill

Urban Intensification Calgary East village (CPA Lands)

41

Ottawa Development Projects Greenfield Developments

Grant Crossing Herongate Mall Shoppers City East Tanger Outlets – Kanata (completed)

42


43

• 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 retail, office residential uses that will be built out in phases.

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

RioCan, Allied Properties REIT, & Diamond Corporation Joint Venture


44


THE WELL – Potential Layout and Vision

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


45

THE WELL – Potential Layout and Vision



46

• 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. 496,000 square feet in Toronto, Ontario.

– College and Manning will be developed into a mixed use complex with approx. 124,000 square feet. The site, which received zoning approval in the third quarter of 2014, will include 5,800 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


47

Sage Hill, Calgary

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

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

• Development commenced in 2013.

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

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

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

• The property is expected to be completed in 2016.

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


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

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

• The intention is for two residential towers to be erected upon the retail podium 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 2015.

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

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Calgary East Village Potential Design

Current Site

Development Pipeline Recent Completions

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

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

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

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

• At September 30, 2014 the site was 92% leased. 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.

Development Pipeline Recent Completions

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The Stockyards - St. Clair & Weston, Toronto

Land Use Intensification – Residential Potential Greater Toronto Area Case Study

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

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

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

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

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N

12

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

“Densifying” existing urban locations

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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

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RioCan Yonge Eglinton Centre –The Cube

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

Today Proposed


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The Sheppard Centre, Toronto Location: Toronto, Ontario

Intersection: Yonge & Sheppard

Total GLA: 678,000 square feet

Design Concept: Urban Retail

Expected Construction Start: Late 2014

Anticipated Completion: 2016

RioCan Interest 50%

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

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

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

• Fast growing area of North Toronto

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

• Longo’s • LA Fitness

Potential Design


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Location: Toronto, Ontario

Intersection: Yonge & Eglinton

Total Proposed GLA: 54,000 square feet*

Design Concept: Urban Retail


RioCan Interest 50%

Yonge & Eglinton Northeast Corner - Toronto, Ontario

• 1.1 acre site has been approved for redevelopment by the city of Toronto with a 62 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 97% pre-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.


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Intersection: 740 Dupont Street

Total Proposed GLA: 277,000 square feet

Design Concept: Urban Retail/Residential


RioCan Interest 100%

740 Dupont - Toronto, Ontario


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420 Bathurst Street, Toronto


Intersection: Bathurst & College

Total Proposed GLA: 145,000 square feet

Design Concept: Urban Retail/Office


Urban Intensification

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

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

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

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

Queensway Cineplex, Toronto, ON

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

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

Urban Intensification – Completed Projects

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Queen & Portland, Toronto, ON

Before

After


Intersection: Portland & Queen


Design Concept: Mixed-use facility Construction Completed: 2011

Urban Intensification – Completed Projects

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1717 Avenue Road, Toronto, ON


Intersection: 1717 Avenue Road


Design Concept: Mixed-use facility Construction Completed: 2011

Canadian Outlet Centre Development

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

• In 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.

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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:

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

Before After

• 52.5 acre site, approximately 20 kilometres west of Ottawa • Development began in Q2 2013, and the 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.

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Tanger Outlets - Kanata

Outlet Centre Development Completed Projects

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 16 properties under development.

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Greenfield Development Properties Estimated square feet upon completion of the Anticipated date of development project development completion (thousands of square feet) Total Retailer Total Potential RioCan’s estimated owned RioCan’s Partners’ leasing % Current future Interest Partners Anchors development anchors(i) interest interests activity(ii) Leased development developments 1860 Bayview Avenue, Toronto, ON* 100% Whole Foods 76 — 76 — 68 89% Q3 2015 2015

East Hills, Calgary, AB* 40% CPPIB / Sidorski / Tristar Walmart, Cineplex 916 160 302 454 266 35% Q3 2015 2017

Herongate Mall, Ottawa, ON 75% Trinity Food Basics 168 — 126 42 90 54% Q1 2015 2016 McCall Landing, Calgary, AB* 50% CPPIB 863 169 347 347 — —% 2017

Sage Hill, Calgary, AB* 50% KingSett Walmart, Loblaws, London Drugs 394 — 197 197 291 74% Q3 2015 2016

Shoppers City East, Ottawa, ON* 63% Trinity / Soloway 211 156 35 20 — —% 2016

Westney Road & Taunton Road, Ajax, ON 20% Sunlife Sobeys 174 — 35 139 112 64% — 2016 Greenfield Developments – Committed 2,802 485 1,118 1,199 827 36% Flamborough Power Centre, Hamilton, ON 100% Target 267 — 267 — 187 70% 2016

RioCan Centre Vaughan, Vaughan, ON Ph 3* 31.25% Trinity / Strathallan 96 74 7 15 — —% 2016

Windfield Farms, Oshawa, ON * 100% 1,214 157 1,057 — — —% 2016 (iii) Greenfield Developments-Non Committed 1,577 231 1,331 15 187 14% Total Greenfield Developments 4,379 716 2,449 1,214 1,014 28%

Greenfield Development Portfolio Development Expenditures

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

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Greenfield Development 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 $— $27,734 $27,734 $— $27,734 $29,097 $— $29,097 East Hills, Calgary, AB 40% 233,000 483 67,254 67,737 87,781 155,518 30,993 46,489 77,482 Herongate Mall, Ottawa, ON 75% 49,617 17,017 11,680 28,697 8,960 37,657 8,971 2,990 11,961 McCall Landing, Calgary, AB 50% 193,000 — 50,019 50,019 33,494 83,513 54,743 54,743 109,486 Sage Hill, Calgary, AB 50% 108,674 17 19,379 19,396 17,922 37,318 35,678 35,678 71,356 Shoppers City East, Ottawa, ON (ii) 63% 16,214 151 20,548 20,699 11,529 32,228 (10,057) (5,957) (16,014) Westney Road & Taunton Road, Ajax, ON 20% 54,594 6,868 2,447 9,315 31,264 40,579 2,803 11,212 14,015 Fair value adjustments — 1,780 1,780 — 1,780 — — — Greenfield Developments – Committed 711,930 24,536 200,841 225,377 190,950 416,327 152,228 145,155 297,383 Flamborough Power Centre, Hamilton, ON 100% 57,184 31,367 7,339 38,706 — 38,706 18,478 — 18,478 RioCan Centre Vaughan, Vaughan, ON Ph 3 (ii) 31.25% 10,395 — 7,552 7,552 11,062 18,614 (2,568) (5,650) (8,218) Windfield Farms, Oshawa, ON 100% 223,476 — 51,972 51,972 — 51,972 171,504 — 171,504 Fair value adjustments — 4,201 4,201 — 4,201 — — — Greenfield Developments – Non Committed 291,055 31,367 71,064 102,431 11,062 113,493 187,414 -5,650 181,764 Total Greenfield Developments $1,002,985 $55,903 $271,905 $327,808 $202,012 $529,820 $339,642 $139,505 $479,147

Greenfield Development Portfolio Development Expenditures

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

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Greenfield Development Projects Estimated remaining development activity to be funded by RioCan 2014 2015 2016 & Thereafter Future Development Total RioCan’s RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine (thousands of dollars) interest interest financing interest financing interest financing interest financing interest financing 1860 Bayview Avenue, Toronto, ON 100% $347 $— $28,751 $— $— $— $— $— $29,098 $— East Hills, Calgary, AB 40% 4,837 756 7,127 1,114 1,622 253 17,407 2,720 30,993 4,843 Herongate Mall, Ottawa, ON 75% 1,166 389 1,598 533 — — 6,206 2,069 8,970 2,991 McCall Landing, Calgary, AB 50% 313 — 1,258 — 1,290 — 51,883 — 54,744 — Sage Hill, Calgary, AB 50% 3,112 — 17,138 — — — 15,428 — 35,678 — Shoppers City East, Ottawa, ON (i) 63% 195 62 789 251 828 264 (11,869) (3,780) (10,057) (3,203) Westney Road & Taunton Road, Ajax, ON 20% — — — — — — 2,803 — 2,803 — Greenfield Developments – Committed 9,970 1,207 56,661 1,898 3,740 517 81,858 1,009 152,229 4,631 Flamborough Power Centre, Hamilton, ON 100% 57 — 2,423 — — — 15,998 — 18,478 — RioCan Centre Vaughan Ph 3, Vaughan, ON 31.25% 59 35 239 143 — — (2,866) (1,720) (2,568) (1,542) Windfield Farms, Oshawa, ON 100% 650 — 2,631 — 2,763 — 165,460 — 171,504 — Greenfield Developments – Non Committed 766 35 5,293 143 2,763 — 178,592 (1,720) 187,414 (1,542) Total Greenfield Developments 10,736 1,242 61,954 2,041 6,503 517 260,450 (711) 339,643 3,089

Urban Intensification Properties

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

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

Bathurst & College, Toronto, ON* 100% — 145 — 145 — 6 35% 2017

CPA Lands, Calgary, AB* 50% KingSett 196 98 98 102 52% 2017

Yonge & Eglinton Northeast Corner, Toronto, ON* 50% Metropia / Bazis 346 — 173 173 — —% 2017

Urban Intensification-Committed 687 — 416 271 108 10%

College & Manning,Toronto, ON* 50% Allied 124 — 62 62 59 48% 2018

Dupont Street, Toronto, ON* 100% 187 — 187 — — —% 2018

The Well, Toronto, ON (iv)* 40% Allied / Diamond 2,908 — 1,163 1,745 — —% 2019 (iii)

King & Portland, Toronto, ON* 50% Allied 496 — 248 248 48 10% 2018

Urban Intensification-Non-Committed 3,715 — 1,660 2,055 107 3%

Total Urban Intensification 4,402 — 2,076 2,326 215 5%

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Urban Intensification Properties Development Expenditures

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

Urban Intensification Expenditures Estimated remaining construction Acquisition and development expenditures incurred to date expenditures to complete RioCan’s interest RioCan’s Estimated Amount Amount % project cost included in included in Partners’ RioCan’s Partners’ (thousands of dollars) ownership (100%) (i) IPP PUD Total interest Total interest interest Total Bathurst Street & College Street, Toronto, ON 100% $87,137 $— $24,994 $24,994 $— $24,994 $62,143 $— $62,143 CPA Lands, Calgary, AB 50% 119,528 — 11,086 11,086 10,358 21,444 49,042 49,042 98,084 Yonge & Eglinton Northeast Corner, Toronto, ON 50% 207,375 126 16,505 16,631 16,132 32,763 87,306 87,306 174,612 Fair value adjustments — (565) (565) — (565) — — — Urban Intensification – Committed 414,040 126 52,020 52,146 26,490 78,636 198,491 136,348 334,839 College & Manning,Toronto, ON 50% 52,616 7,889 4,925 12,814 11,703 24,517 14,050 14,050 28,100 Dupont Street, Toronto, ON 100% 107,600 — 14,495 14,495 — 14,495 93,105 — 93,105 The Well, Toronto, ON 40% 1,566,995 409 75,681 76,090 108,027 184,117 553,151 829,726 1,382,877 King & Portland, Toronto, ON 50% 128,419 10,440 13,390 23,830 22,005 45,835 41,292 41,292 82,584 Fair value adjustments — (4,498) (4,498) — (4,498) — — — Urban Intensification - Non-Committed 1,855,630 18,738 103,993 122,731 141,735 264,466 701,598 885,068 1,586,666 Total Urban Intensification 2,269,670 18,864 156,013 174,877 168,225 343,102 900,089 1,021,416 1,921,505

Urban Intensification Properties Development Expenditures

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Urban Intensification Projects Estimated remaining development activity to be funded by RioCan 2014 2015 2016 & Thereafter Future Development Total RioCan’s RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine (thousands of dollars) interest interest financing interest financing interest financing interest financing interest financing Bathurst Street & College Street, Toronto, ON 100% $312 $— $1,265 $— $1,329 $— $59,237 $— $62,143 $—

CPA Lands, Calgary, AB 50% 139 — 561 — 589 — 47,752 — 49,041 —

Yonge & Eglinton Northeast Corner, Toronto, ON 50% — — — — — — — — — —

Urban Intensification – Committed 451 — 1,826 — 1,918 — 106,989 — 111,184 —

College & Manning,Toronto, ON 50% 62 — 249 — 262 — 13,477 — 14,050 —

Dupont Street, Toronto, ON 100% 181 — 734 — 1,541 — 90,649 — 93,105 —

The Well, Toronto, ON 40% 946 — 3,831 — 12,069 — 536,305 — 553,151 —

King & Portland, Toronto, ON 50% 167 — 678 — 712 — 39,735 — 41,292 —

Urban Intensification – Non Committed 1,356 — 5,492 — 14,584 — 680,166 — 701,598 —

Total Urban Intensification 1,807 $— $7,318 $— $16,502 $— $787,155 $— 812,782 $—

Expansion & Redevelopment Portfolio Development Expenditures

(i) Historical Costs - Carrying amounts transferred from IPP for former anchors targeted for redevelopment. (ii) Yonge Sheppard Centre's interior mall retrofit is excluded from NLA, however, it is included in estimated project costs. 71

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 September 30, 2014 interest Tenant(s) NLA interest interest Total costs(i) interest to date 2014 2015 2016+

491 College Street, Toronto, ON 50% 24 $ 4.5 $ 4.5 $ 9.0 $ 4.0 $ 0.2 $ 4.2 $— $— $ 4.3

Corbett Centre, Fredericton, NB 100% Sleep Country Canada 32 7.6 — 7.6 — 2.3 2.3 0.8 — 4.5

Eglinton Avenue & Warden Avenue, Toronto, ON 100% Dentist, Mucho Burrito, Popeyes 15 4.0 — 4.0 4.4 0.3 4.7 0.7 0.7 2.3

Grant Crossing, Ottawa, ON 60% TBD 41 6.4 4.3 10.7 0.7 0.4 1.1 0.2 0.2 5.7

Kennedy Commons, Toronto, ON 50% Sleep Country Canada, Kitchen Stuff, McDonald's

21 1.6 1.6 3.2 1.8 0.5 2.3 0.7 0.5 —

RioCan Colossus Centre, Vaughan, ON 100% TBD 116 27.3 — 27.3 17.4 4.2 21.6 0.6 6.4 16.0

Tanger Outlets - Ottawa, Ottawa, ON 50% TBD 79 13.3 13.3 26.6 5.8 2.2 8.0 — — 11.1

Yonge & Eglinton Centre, Toronto, ON 100% Winners, Joe Fresh, Cineplex Expansion 45 86.1 — 86.1 8.6 54.0 62.6 8.6 23.5 —

Yonge Sheppard Centre, Toronto, Ontario 50% Longos, LA Fitness, Mall Renovation (ii) 113(ii) 66.6 66.6 133.2 7.6 0.7 8.3 1.5 22.5 41.9

Fair Value Adjustments (0.2) — (0.2) — — —

Total Committed Expansion and Redevelopment properties 486 217.4 90.3 307.7 50.1 64.8 114.9 13.1 53.8 85.8

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

Carrefour Neufchatel, Neufchatel, Quebec 100% TBD 22 4.5 — 4.5 1.4 0.1 1.5 — — 4.4

Flamborough Walmart Centre, Flamborough, Ontario 100% TBD 5 1.3 — 1.3 0.1 0.5 0.6 — — 0.9

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 37.7 — 37.7 11.0 3.0 14.0 — — 34.7

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 7.7 7.7 15.4 2.8 1.0 3.8 — — 6.7

RioCan Meadows, Edmonton Alberta 50% TBD 23 3.0 3.0 6.0 2.8 1.0 3.8 — — 1.9

Timiskaming Square, New Liskeard, ON 100% TBD 79 3.5 — 3.5 1.4 0.5 1.9 — — 3.0

Fair Value Adjustments — — — — (1.2) — (1.2) — — —

Total Non-committed Expansion and Redevelopment properties 636 80 24.8 104.8 21.7 8.2 29.9 — — 71.8 Total 1,122 $297.4 $115.1 $412.5 $71.8 $73.0 $144.8 $13.1 $53.8 $157.6

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

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