RioCan: A Developing Story of Growth and Success

1. 2004 ANNUAL UNITHOLDERS MEETING a developing story

2. paul godfrey chairman

3. the past year

4. 2004 ANNUAL UNITHOLDERS MEETING a developing story

5. growth in total assets($ millions) 2004 increase – 4.3% 10 year total growth – 2,922.2%

6. growth in distributions to unitholders per unit ($) 2004 increase – 7.7% 10 year total growth – 185.6% 10 year compounded annual growth – 11.1% 1.23

7. growth in market capitalization ($ millions) 2004 increase – 19.6% 10 year total growth – 7,027.3% Current market capitalization – more than $3.6 billion

8. growth in rental revenue ($ millions) 2004 increase – 9.7% 10 year total growth – 3,632.1% 10 year compounded annual growth – 43.6% 549

9. growth in recurring distributable income ($ millions) 2004 increase – 14.4% 10 year total growth – 6,255.2% 10 year compounded annual growth – 51.5%

10. growth in recurring distributable income per unit ($) 2004 increase – 7.1% 10 year total growth – 217.6% 10 year compounded annual growth – 12.3%

11. growth in funds from operations ($ millions) 2004 increase – 13.1% 10 year total growth – 5,123.5% 10 year compounded annual growth – 48.5%

12. growth in funds from operations per unit ($) 2004 increase – 5.3% 10 year total growth – 165.3% 10 year compounded annual growth – 10.3%

13. 2004 ANNUAL UNITHOLDERS MEETING a developing story

14. “We continue to rate RioCan as one of our top picks in the REIT sector and consider it a core holding. Indeed, we consider RioCan as the highest quality REIT in our coverage universe. We think RioCan is capable of delivering 3%-4% annual distribution growth, while offering an unprecedented level of portfolio diversification.” • Himalaya Jain, Scotia Capital • February 2005

15. “We continue to believe that RioCan has many incremental growth opportunities, which could take time to realize, but position it well (vis-à-vis its peers) in an expensive real estate market. We rate RioCan as Outperform, as we believe it offers one of the best risk/return prospects across our coverage universe.” • Karine MacIndoe, BMO Nesbitt Burns • February 15, 2005

16. Neil Downey, RBC Capital Markets • March 1, 2005 “There’s more than one way to grow RDI.” “We are reiterating our Sector Perform, Average Risk rating. We continue to view RioCan units as one of our ‘core’ REIT holdings.” • Neil Downey, RBC Capital Markets • January & March 2005

17. “RioCan continues to creatively use its size and expertise to drive added value for unitholders in various capacities and once again demonstrates its leadership in the Canadian REIT industry.” • Michael Smith, National Bank Financial • March 2, 2005

18. 2004 ANNUAL UNITHOLDERS MEETING a developing story

19. edward sonshine, q.c. president & c.e.o.

20. a full service real estate entity • operating 188 shopping centres • 46 million sq/ft of prime real estate (including partners’ and shadow anchors) • ownership of about 31 million sq/ft

21. the dominant retail landlord in Canada square footage (millions) # of shopping centres 2x Simon, 4x Kimco 1880 460

22. a full service real estate entity • retail space per capita in Canada is less than 62% of the U.S.

23. the dominant retail landlord in Canada barriers to entry • difficulty and cost of obtaining retail zoning • limited number of financing alternatives • concentration amongst retailers (lack of alternative tenants)

24. the dominant retail landlord in Canada barriers to entry (concentration amongst retailing)

25. the dominant retail landlord in Canada barriers to entry (concentration amongst retailing)

26. the dominant retail landlord in Canada barriers to entry (concentration amongst retailing) REVY RENO LANSING

27. the dominant retail landlord in Canada barriers to entry (concentration amongst retailing) REVY REVY RENO LANSING

28. the dominant retail landlord in Canada barriers to entry (concentration amongst retailing)

29. RDI per unit target growth 4% -5% annually

30. how to grow RDI • the creation of fee income streams • the right team in the development of retail real estate

31. RioCan Signal Hill Centre Calgary, Alberta 650,000 square feet

32. 25% of portfolio constructed in the last eight years

33. RioCan Marketplace Toronto, Ontario Pre- Construction 450,000 square feet

34. RioCan Marketplace Toronto, Ontario June 12, 2004

35. RioCan Marketplace Toronto, Ontario August 16, 2004

36. RioCan Marketplace Toronto, Ontario November 11, 2004

37. RioCan Centre Milton Milton, Ontario 285,000 square feet

38. RioCan Beacon Hill Calgary, Alberta 700,000 square feet

39. RioCan Centre Edmonton Edmonton, Alberta 550,000 square feet

40. RioCan Centre Burloak Oakville, Ontario 600,000 square feet

41. consistent moderate leverage leverage at book

42. leverage at NAV and market *based on an average of available public research estimates

43. return over past year 36.8%

44. 2004 ANNUAL UNITHOLDERS MEETING a developing story