Management Investor Presentation. First Quarter 2017 June 15, 2017

Management Investor Presentation First Quarter 2017 June 15, 2017

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 Proportionate Share (or Interest), Funds From Operations ( FFO ), Adjusted FFO ( AFFO ), Operating FFO ( OFFO ), Net Operating Income ( NOI ), Adjusted Earnings before interest, taxes, depreciation and amortization ( Adjusted EBITDA ), Debt to Adjusted EBITDA,, Adjusted Unitholders Equity, Same Store NOI, and Same Property NOI, Interest Coverage, Debt Service Coverage, Fixed Charge Coverage, 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 period ended March 31, 2017. RioCan uses these measures to better assess the Trust s underlying performance and provides these additional measures so that investors may do the same. FORWARD LOOKING INFORMATION Certain information included in this presentation contains forward-looking statements within the meaning of applicable securities laws including, among others, statements concerning our objectives, our strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Certain material factors, estimates or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in these statements and actual results could differ materially from such conclusions, forecasts or projections. Additional information on the material risks that could cause our actual results to differ materially from the conclusions, forecast or projections in these statements and the material factors, estimates or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information can be found in our most recent annual information form and annual report that are available on our website and at www.sedar.com. Except as required by applicable law, RioCan undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. 2 2

One of North America s Largest Retail REITS 300 properties in Canada 64 million sqft total portfolio 46 million sqft owned $ 8.5 billion market cap ~6,400 tenancies $ 14.6 billion enterprise value ~85% revenue generated by national and anchor tenants This slide contains references to non-gaap Measures. For a definition of such measures please refer to RioCan s March 31, 2017 MD&A. 3

Core Strengths Dominant platform, geographically diversified across Canada with emphasis on the Country s six largest markets Conservative balance sheet / financial strength Strong, reliable distribution yield provided to investors Stable, diversified portfolio of national retail tenants Disciplined growth strategy in Canada through acquisition and development Positioned to benefit from robust development pipeline and acquisitions Experienced, performance driven management team 4

Annualized Rental Revenue by Province & Major Market As at March 31, 2017 Alberta 15.1% Quebec 8.6% BC 9.0% Eastern Canada 1.9% Manitoba / Saskatchewan 1.0% Ontario 64.4% BC 8.4% 4.9% 5.8% AB Edmonton QC 5.2% Vancouver Calgary ON 11.4% 39.7% Ottawa Montreal Toronto 5

Strong Tenant Relationships Top 10 Tenants As at March 31, 2017 Top 10 Tenant Name Annualized Rental Revenue Number Of Locations NLA (Sq. Ft. In 000s) Weighted Avg Remaining Lease Term (Yrs) 1 (i) 5.0% 91 2,544 7.3 2 ( (ii) 4.9% 82 2,115 7.5 3 4.3% 29 3,607 9.9 4 4.0% 27 1,443 7.9 5 3.7% 71 1,917 7.3 6 3.5% 50 2,058 6.5 7 1.9% 107 522 5.7 8 1.8% 13 1,517 11.4 9 1.7% 28 928 9.2 10 1.6% 80 725 5.7 (i) (ii) Canadian Tire Corporation includes Canadian Tire/PartSource/Mark s/sport Mart/ Sport Chek/Sports Experts/National Sports/Atmosphere. Loblaws/Shoppers Drug Mart includes No Frills, Fortinos, Zehrs and Maxi. 6

Lease Rollover Profile Broadly Distributed Lease Expiries % Square Feet expiring / portfolio NLA As at March 31, 2017 000s Square Feet 4,759 5,381 4,911 5,257 2,072 11.1% 12.5% 11.4% 12.2% 4.8% 2017 2018 2019 2020 2021 7

Occupancy since 1996 Historical Committed Occupancy Rates 1996 to Q1 2017 96.0% 96.0% 96.1% 95.0% 95.0% 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% 95.6% 96.2% 94.0% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017* * As at March 31, 2017 8

Financial Highlights Funds From Operations ( FFO ) FFO FFO Per Unit 10.0% 622 CAGR 5.6% 548 CAGR 507 471 427 340 1.47 1.28 1.56 1.65 1.95 1.68 2011 2012 2013 2014 2015* 2016* 2011 2012 2013 2014 2015* 2016* Note: FFO includes results from continuing and discontinued operations. As previously disclosed effective January 1, 2017 RioCan will no longer report Operating Funds from Operations ( OFFO ). * 2015 includes net settlement amount from Target of $88 million. 2016 decline reflects the lost FFO as a result of the sale of the U.S. portfolio and no Target settlement as in 2015. This slide contains references to non-gaap Measures. For a definition of such measures please refer to RioCan s March 31, 2017 MD&A. 9

Financial Highlights On a continuing operations basis, Funds From Operations ("FFO") increased 31% to $143 million for the First Quarter, as compared to $109 million in the first quarter of 2016; Same property NOI grew by 1.5%, or $2.5 million in the First Quarter as compared to the same period in 2016; Committed occupancy improved 140 basis points to 96.2% at March 31, 2017 as compared to 94.8% at March 31, 2016; Achieved renewal rent increases of 8.2% with a retention rate of 88.6% in the First Quarter as compared to a renewal rent increase of 6.2% with a retention rate of 84.4% in the same period in 2016 This slide contains references to non-gaap Measures. For a definition of such measures please refer to RioCan s March 31, 2017 MD&A. 10

Financial Highlights RioCan's Total Debt to Total Assets ratio was 40.5% (40.8% at RioCan's proportionate share) as at March 31, 2017 as compared to 45.4% (45.6% at RioCan's proportionate share) at March 31, 2016, providing sufficient financial capacity for RioCan to pursue its development and intensification program; As part of RioCan's ongoing capital recycling program, RioCan sold a portion of its marketable securities and recognized a gain of $11.5 million related to the sale in the First Quarter of 2017; Subsequent to March 31, 2017, the Trust exercised its option to extend the maturity date on its operating line of credit to May 31, 2022. This slide contains references to non-gaap Measures. For a definition of such measures please refer to RioCan s March 31, 2017 MD&A. 11

Financial Highlights ($ millions) Three months ended March 31, 2017 March 31, 2016 % Change Revenue 289,669 283,831 2.1% FFO 142,764 142,631 nm FFO from continuing operations 142,934 108,760 31.4% FFO (per unit - diluted) 0.44 0.44 nm ACFO 117,583 122,263 (3.8%) nm not material Q1 2017 Same Property NOI Growth 1.5% This slide contains references to non-gaap Measures. For a definition of such measures please refer to RioCan s March 31, 2017 MD&A. 12

Financial Highlights Distributions to Unitholders (in millions) 426 433 453 458 401 367 318 340 297 Distributions to Unitholders per Unit 1.36 1.38 1.38 1.38 1.38 1.41 1.41 1.41 1.41 228 261 281 285 293 316 312 365 397 1.04 1.14 1.14 1.07 1.01 1.04 1.02 0.97 1.22 2008 2009 2010 2011 2012 2013 2014 2015 2016 2008 2009 2010 2011 2012 2013 2014 2015 2016 Distributions to Unitholders net of DRIP Total Distributions to Unitholders Distributions per Unit net of DRIP Total Distributions per Unit to Unitholders * Distribution net of DRIP increased as a result of a lower DRIP participation rate (6.3% @ Q1 2017). 13

Conservative Debt Structure Growth in Asset vs Debt (at RioCan s interest) Debt Assets 14,344 3,260 5,334 CAGR 12.7% 2008 2009 2010 2011 CAGR 7.4% 5,878 2012 2013 2014 In millions 2015 Debt 2016 Assets This slide contains references to non-gaap Measures. For a definition of such measures please refer to RioCan s March 31, 2017 MD&A. 14

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 Leverage Interest Coverage 3.4x 3.5x 2.9x 2.9x 2.6x 2.6x 2.7x 2.8x 2.9x 2.7x 2.6x 2.5x 2.5x 2.7x 2.8x 2.9x 3.1x 2.2x 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% 43.8% 46.3% 40.0% 40.8% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 2017 At RioCan s interest This slide contains references to non-gaap Measures. For a definition of such measures please refer to RioCan s March 31, 2017 MD&A. 15

Debt Maturity Schedule Long-term, staggered debt maturity profile. The weighted average contractual interest rate at March 31, 2017 was 3.44% with a 3.55 year weighted avg. term to maturity as compared to 3.54% and 3.42 years at Dec. 31, 2016. Floating rate debt exposure at RioCan s interest 15.1% $ Millions 2,400 2,000 1,600 1,200 800 400 0 3.42% 3.44% 930 Scheduled principal amortization Floating Rate Mortgages and Lines of Credit Weighted average interest rate 792 3.97% 686 3.22% Mortgages payable Debentures payable 2.93% 866 1,111 1,410 3.17% 2017 2018 2019 2020 2021* Thereafter** 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Weighted Avg. Interest Rate on Maturing Debt *Reflects $300 million issuance of Series Z unsecured debenture with a coupon rate of 2.194% ** Reflects maturity extension of Line of Credit to May 31, 2022 16

Leverage and Coverage Ratios & Targets Rolling 12 Months Ended At RioCan s interest Mar. 31/17 Dec. 31/16 Interest coverage ratio 3.54x 3.36x Debt service coverage ratio 2.75x 2.61x Fixed charge coverage ratio 1.10x 1.10x Debt to Adjusted EBITDA 7.90x 8.10x Distributions as a percentage of FFO 83.9% 71.2%* Unencumbered Assets to Unsecured Debt 236% 240% Debt to Assets (as at) 40.8% 40.0% % NOI generated by unencumbered assets 52.9% 49.5% Targeted Ratios >3.00X >2.25X >1.10X <8.0X <80% >200% 38% - 42% >50% * includes Target settlement. Excluding the settlement the FFO payout ratio would be 82.6% This slide contains references to non-gaap Measures. For a definition of such measures please refer to RioCan s March 31, 2017 MD&A. 17

Future Growth Drivers Organic Growth JV Partners Acquisitions Development Land Use Intensification 18

Organic Growth Diversified lease rollover profile with less than 50% of leases renewing through 2020. In Q1 2017, achieved renewal rent increases of 8.2% or $1.44 psf with an average renewal rate of $19.13 psf. Retention rate of 88.6% in the quarter. Lease Expiries (thousands except psf and % amounts) Portfolio NLA 2017 2018 2019 2020 2021 Total 43,064 2,072 4,759 5,381 4,911 5,257 Square Feet expiring/portfolio NLA 4.8% 11.1% 12.5% 11.4% 12.2% Total average net rent psf $20.41 $18.66 $19.02 $17.82 $17.97 Square feet ('000s) 6,000 5,000 4,000 3,000 2,000 1,000 0 RioCan Lease Maturity Schedule and Renewal History 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 2017 2017 remaining 2018 2019 2020 2021 $21 $20 $19 $18 $17 $16 $15 $14 $13 $12 $11 $10 Rent PSF Square feet expiring (left axis) Square feet renewed (left axis) Achieved Renewal Rent PSF Expired Rent PSF Expiring Rent PSF 19

Organic Growth Occupancy and Leasing Profile Last eight quarters 2017 2016 2015 First Quarter Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter Third Quarter Second Quarter Committed occupancy (%) 96.2 95.6 95.3 95.1 94.8 94.0 93.2 93.1 In-place occupancy (%) 94.4 93.6 93.6 92.9 92.8 93.3 92.4 92.5 Retention rate (%) 88.6 84.0 83.1 91.6* 84.4 81.4 89.8 87.7 Increase in average net rent per sf. (%) 8.2 8.1 6.6 3.3* 6.2 4.0 8.6 9.5 Annualized incremental IFRS rental income represented by the gap between committed and economic occupancy is $16.2 million and includes amounts related to Target backfill progress as applicable. Of the 804,000 square feet of NLA and $16.2 million of annualized incremental IFRS rent, 64.2% of the NLA and 43.7% of the incremental IFRS rent relates to the leasing of former Target space and leasing of other tenant space in development projects expected to be completed in 2017. * The renewal rate increase in Q2 2016 was below average as it was impacted by one renewal during the quarter with a large national tenant in a secondary market that renewed at a rent lower than the contractual rent due on expiry. Excluding this tenant renewal, the increase in average net rent per square foot would be $1.34 or 6.9%. However, as a result of securing this tenant the retention ratio increased to above 90% in Q2 2016. This slide contains references to non-gaap Measures. For a definition of such measures please refer to RioCan s March 31, 2017 MD&A. 20

The Death of the Mall? Media reports fail to recognize differences between Canada and the U.S. 21

Key Differences Between Canadian and U.S. Retail Canada simply has far less retail space per capita (60%) than they have in the United States. The number of anchors in the United States is far greater. Contributing to the increased supply of space. Our geography - Canada is essentially a country that is 100 miles deep and 3,000 miles wide. Making shipping and delivery costs more expensive. 22

The Death of the Mall? RioCan s approach to the evolving retail landscape What is RioCan doing to manage the changing retail environment? Core strategy of Urban retail Capitalizing on core demographic trends of increasing urbanization Convenience, ease of pickup for goods Intensification strategy puts increased density of consumers adjacent to retail offerings Flexible box sizes to suit tenant needs Tenant Mix Fastest growing tenant categories are in the experiential retail space Fitness, Food and Beverage, Entertainment These categories also work best in highly populated markets with solid demographics Grocery/Necessity based retail Grocery and needs based retail remains defensive against e-commerce Prepared food offerings from major grocers remains a core area of growth for the grocery segment 23

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 in the six major markets in Canada. These asset sales will further enhance RioCan s strategy to shift the portfolio s geographic allocation away from low growth markets to Canada s high population, high growth markets; RioCan s concentration in Canada s six high growth markets is 75.4% (Year end 2004-57.7%) and is expected to continue to increase as the result of the development completions. Capital from asset sales redeployed into development and acquisition activities. Markets with highest population growth will outperform smaller markets with little growth or negative population statistics. 75.4% 57.7% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1 2017 RioCan s plan to continue 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. 24

Development Activity - Current Portfolio (thousands of square feet) NLA - 100% NLA - RioCan% Greenfield Development 2,099 1,001 Urban Intensification 3,861 2,154 Sub-total 5,960 3,155 Expansion & Redevelopment 1,797 1,271 Total 7,757 4,426 Development Portfolio by Geographic Diversification (by NLA) Toronto 57% Alberta 16% Ottawa 8% Suburban GTA 19% (thousands of dollars) 2017 remainder 2018 2019 2020+ Total Greenfield Development 14,146 68,601 22,146 72,281 177,174 Urban Intensification 151,490 275,721 258,626 308,270 994,107 Expansion & Redevelopment 110,475 76,491 19,616 73,833 280,415 Total RioCan Share of Construction Expenditures 276,111 420,813 300,388 454,384 1,451,696 Projected proceeds from dispositions (i) (44,754) (26,813) - (101,964) (173,531) Projected development costs, net of dispositions $231,357 $394,000 $300,388 $352,420 $1,278,165 Committed 249,644 310,882 225,347 155,181 941,054 Non-Committed (18,287) 83,118 75,041 197,239 337,111 Total $231,357 $394,000 $300,388 $352,420 $1,278,165 (i) Projected proceeds from dispositions represents conditional land and air right sales, which management considers as reductions to its overall development expenditures. 25

Land Use Intensification Residential Potential Transit Oriented Development Toronto 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 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 Prohibitive costs of urban housing Toronto s average single family detached house price now exceeds $1.5 million Maximizing use of mass transit Generate higher yields as land is already owned RioCan has a number of potential sites located in other markets such as Tillicum Centre in Victoria, BC 26

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. RioCan is committed to ensuring that the individual properties in its portfolio are utilized to their highest and best use, and 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 to diversify RioCan s retail portfolio. RioCan has focused on mixed use projects containing a mix of condominium and multi-unit rental residential buildings. RioCan has identified nearly 50 properties that it deems to be strong intensification opportunities all located in Canada s six major markets. Yonge Sheppard Centre 27

Land Use Intensification Residential Potential Greater Toronto Area Case Study 28

Land Use Intensification Residential Potential Hurontario Main LRT (Mississauga and Brampton LRT) With three shopping centres and approximately 82 acres of land on this LRT line, RioCan is very well positioned to take advantage of future intensification opportunities. Shoppers World Brampton RioCan Grand Park RioCan Sandalwood Square Shopping Centre 29

Land Use Intensification Residential Potential RioCan s residential development plans include amenities that meet or exceed offerings in current condominium developments providing a competitive advantage over that of existing residential stock. 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 has established a team to carry forward the residential rental development initiative, drawing from its existing areas of expertise. The team is comprised of existing RioCan executives as well as third-party consultants. On certain projects RioCan has partnered with developers/managers that have residential development and management expertise. As the initiative continues to grow, additional resources will be added to the platform to facilitate such growth. 30

Development Activities Residential Intensification RioCan has filed applications for rezoning projects which, upon completion, should comprise a total of 12.1 million square feet, which will include residential rental units, condominiums for sale (primarily through the sale of air rights) and commercial gross leaseable area. Property Location RioCan Ownership % Estimated square feet upon completion: (at 100%) (Partner) FIRST PHASE Commercial Residential (i) Total Yonge Eglinton Northeast Corner (v) Toronto, ON 50% (Metropia / Bazis) 56,000 774,000 830,000 College & Manning (iii) (v) Toronto, ON 50% (Allied) 6,000 57,000 63,000 Dupont Street (v) Toronto, ON 100% 29,000 168,000 197,000 Yonge Sheppard Centre (iv) (v) Toronto, ON 50% (KingSett) 216,000 295,000 511,000 King-Portland Centre (iii) (v) Toronto, ON 50% (Allied) 301,000 116,000 417,000 Tillicum Centre (ii) (v) Victoria, BC 100% 18,000 275,000 293,000 Markington Square (ii) (v) Toronto, ON 100% 40,000 267,000 307,000 Gloucester phase II (ii) (v) Gloucester, ON 100% 216,000 216,000 Fifth & Third (v) Calgary, AB 100% 184,000 650,000 834,000 Windfields Farm Oshawa, ON 50% 819,000 637,000 1,456,000 Brentwood Village (ii) Calgary, AB 100% 10,000 164,000 174,000 Sunnybrook Plaza (ii) Toronto, ON 100% 43,000 303,000 346,000 Clarkson Village (v) 35,000 426,000 461,000 The Well Toronto, ON 40% (Allied / Diamond) 1,530,000 1,441,000 2,971,000 Southland Crossing (ii) Calgary, AB 100% 12,000 182,000 194,000 Queensway Cineplex (ii) Toronto, ON 50% (Talisker) 11,000 209,000 220,000 Mill Woods Town Centre (ii) Edmonton, AB 40% (Bayfield) 20,000 188,000 208,000 RioCan Grand Park (ii) GTA, ON 100% 18,000 235,000 253,000 Dufferin Plaza (ii) Toronto, ON 100% 61,000 578,000 639,000 Elmvale Acres (ii) Ottawa, ON 100% 25,000 147,000 172,000 Westgate Shopping Centre (ii) Ottawa, ON 100% 25,000 162,000 187,000 RioCan Scarborough Centre (ii) Toronto, ON 100% 600,000 188,000 788,000 RioCan Leaside Centre (ii) Toronto, ON 100% 132,000 230,000 362,000 Total 4,191,000 7,908,000 12,099,000 (i) (ii) (iii) (iv) (v) Residential gross leaseable area (GLA) represents residential rental units that will produce long-term rental income as well as condominium units and/or air rights that will be sold (where applicable). The costs associated with the residential rental units are included in the Urban Intensification and Expansion & Redevelopment tables in the Properties Under Development section of this MD&A (where applicable). The Urban Intensification and Expansion & Redevelopment tables currently do not include potential residential density contemplated for this property, but will be updated to include residential density as the development plan is finalized. GLA excludes the square footage that is currently generating income. Commercial square footage to be developed at Sheppard Centre represents redevelopment of existing enclosed mall retail space. 31 As at the date of this report, RioCan has obtained planning approvals for the development of this site.

Development Activities Residential Intensification Gloucester City Centre Residential Area 7.1 acre development site located adjacent to RioCan's Gloucester Silver City Shopping Centre in Ottawa, Ontario. RioCan and Killam entered into 50/50 joint venture to develop the property. RioCan will act as the development manager, and upon completion, Killam will act as the residential property manager. The site has zoning approval for a total of four residential towers containing up to an aggregate of 840 units. Site work has commenced and occupancy is anticipated in mid-2019. The first phase of the development will include a 217,000 square foot, 23-storey tower containing approximately 222 units. This leading edge development will maximize efficiency with the incorporation of a geothermal energy system for the building's heating and cooling. 32

Investing for the Future - Creating New Cash Flow Sources Residential Intensification Yonge & Eglinton Northeast Corner - Toronto, Ontario Location: Intersection: Total Proposed Retail GLA: Proposed Rental Residential Units: Design Concept: Toronto, Ontario Yonge & Eglinton 56,000 square feet* 462 Units Urban Retail Anticipated Completion: 2018 & 2019 RioCan Interest 50% Located across the street from RioCan s head office 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 100% pre-sold. North tower to be developed as rental residential. Current plans are for a 462 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. 33

Investing for the Future Creating New Cash Flow Sources Residential Intensification RioCan has a number of Urban Intensification opportunities in the GTA market Sunnybrook Plaza, Toronto, ON Acquired in 2007 for $22.8 million. Located at the busy intersection of Bayview Avenue and Eglinton Avenue in midtown Toronto. Proposed The site benefits from excellent demographics and is adjacent to a stop along the proposed Eglinton LRT line. RioCan has filed for rezoning to permit a 346,000 sf mixed use, retail/residential redevelopment project including 43,000 sf of retail and 303,000 sf of residential in 350 units. Recently entered into a joint venture with Concert Real Estate Corporation to develop the project: Concert will pay RioCan $26.3 million for a 50% interest in the development. Both parties will share in the development costs on a 50/50 basis. Concert will be the development manager and property manager for residential portion on completion. RioCan will be the retail property manager on completion. 34

Investing for the Future Creating New Cash Flow Sources Residential Intensification Sheppard Centre, Toronto Location: Toronto, Ontario Intersection: Yonge & Sheppard Total Commercial GLA: 216,000 square feet Residential: 295,000 square feet Design Concept: Urban Retail Retail Renovation commenced: Q1 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. Retail portion currently undergoing renovations Plans also contemplate the addition of a new 39 storey residential tower containing 295,000 square feet of residential rental space. In June 2015, RioCan and its partner received zoning approval Anchored by Shoppers Drug Mart, Winners, and three major banks. Agreements in place with Longo s and LA Fitness Potential Design 35

Development Pipeline RioCan, Allied Properties REIT, & Diamond Corporation Joint Venture RioCan and its partners have received an Official Plan Amendment from The City of Toronto for approximately 3.1 million sf. of Gross Floor Area. Project is expected to be approximately 3.0 million sf. of mixed use space including approximately 1.5 million sf. of retail and office space and 1.5 million sf. of residential space. The site is approximately 7.7 acres. 36

Development Pipeline RioCan, Allied Properties REIT, & Diamond Corporation Joint Venture The joint venture is structured on a 40/40/20 basis between RioCan, Allied and Diamond. RioCan and Allied will act as joint development and construction managers. Upon completion of any projects RioCan will act as property manager for any retail portion of the property and Allied will act as property manager for any office portion. Entered into an agreement with Tridel and Woodbourne to sell the residential density at the project. RioCan will retain a 50% interest in one of the towers. Demolition and site work commenced in Q2 2017 37

The Well RioCan, Allied Properties REIT, & Diamond Corporation Joint Venture Exterior Concept Open air pedestrian walkway 38

The Well RioCan, Allied Properties REIT, & Diamond Corporation Joint Venture Floorplan Market Hall The Well will bring a truly unique modern market concept to Toronto with food shopping, discovery, learning and tasting. The old-world inspired Food Market will be brimming with fresh local produce, quality meat and seafood and artisan food and beverage. Food Hall The Well s Food Hall will transform the traditional food court into an elegant, urban food experience. Here upscale kitchens will offer an exciting array of multicultural food to satiate Toronto foodies whether they want to grab something on the go or stay and linger. 39

Development Pipeline RioCan & Allied Properties REIT Joint Venture 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. King Portland Centre The joint venture is structured on a 50/50 basis between RioCan and Allied. Upon completion of any projects RioCan will act as property manager for any retail portion of the property and Allied will act as property manager for any office portion. First two sites to be developed are: King Portland Centre which will be developed into a mixed use complex with approx. 417,000 square feet of gross floor area in Toronto, Ontario. Office component 75% leased with Shopify and Indigo announced. Construction commenced development of this project Q2 2016. College and Manning College and Manning will be developed into a mixed use complex with approx. 122,000 square feet, including 59,000 square feet that is currently income producing, 57,000 square feet of residential density, and 6,000 square feet of retail. 40

Development Pipeline Fifth and Third East Village Potential Design 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. RioCan purchased KingSett s 50% interest in the property in Q2 2015, resulting in a 100% interest in the property. The site is zoned for the proposed development and RioCan has submitted for a development permit, which was approved by the Calgary Planning Commission in Q4 2015. Current Site RioCan has 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. The intention is for two residential towers to be erected upon the planned retail podium that will be anchored by Loblaws City Market/Shoppers Drug Mart. Development commenced in Q2 2016. 41

Development Pipeline Greenfield Development Sage Hill Crossing, 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, with completion expected in 2018. 329,000 square feet of this development has been transferred to income producing as at March 31, 2017. Once completed, the anticipated gross leasable area is 394,000 square feet of retail use. The property is 93% leased with Walmart and Loblaws as anchor tenants. Walmart commenced operations in January 2015. Loblaws opened in January 2016. Other major tenants include, RBC, Scotiabank, McDonalds, Liquor Max, Bulk Barn and London Drugs. RioCan is responsible for the development, management and leasing of the property. 42

Creating Value in existing urban locations RioCan Yonge Eglinton Centre The Cube Location: Toronto, Ontario Intersection: Yonge & Eglinton Total GLA: 45,000 square feet Design Concept: Urban Retail Construction Start: Q2 2013 Completed: 2015 RioCan Interest: 100% Occupancy: Retail 98%, Office 99% RioCan has leased the media screens to CBS Outdoor Canada, which generates additional revenue at the site. Before After 43

Creating Value Backfill of Target spaces BURLINGTON MALL Rental revenue from vacated target space will generate will be about 36 PERCENT HIGHER ($3.9 million per year) than what was generated by Target. Increased tenant DIVERSITY Improved foot traffic and greater customer APPEAL 44

Creating Value Windfields Farm 100+ acre site at Hwy 407 and Simcoe Road in Oshawa Ontario. Near University of Ontario Institute of Technology Originally purchased with retail uses in mind Market for retail development of that size (> 1 million square feet) is not there Extracting value by partnering with Tribute Communities for residential together with commercial development Will generate sizable gains in 2018 through 2020 as townhouse units are completed. Phase one of 169 townhomes virtually sold out. FUTURE RESIDENTIAL TRIBUTE JOINT VENTURE 45

Urban Intensification Bathurst College Centre, Toronto Location: Toronto, Ontario Intersection: Bathurst & College Total Proposed GLA: 146,000 square feet % Leased 62% Design Concept: Urban Retail/Office Anticipated Completion: 2018 46

Appendix A Sears Canada Exposure On June 13, 2017 Sears Canada announced that it has significant doubt as to the company s ability to continue operations. Limited exposure to Sears Canada majority via Sears Whole Home banner. RioCan s 29 th largest tenant: 381k square feet (at RioCan s interest), generating 0.6% of RioCan s Annualized rental revenue. Nine locations Seven Whole Home Stores: average size approx. 45k square feet Two department stores Oakville Place, Timmins Square (vacating July 2017, RioCan owns a 30% interest) 47