RIOCAN INVESTOR PRESENTATION Third Quarter 2014 November 27, 2014

RIOCAN INVESTOR PRESENTATION Third Quarter 2014 November 27, 2014

Forward Looking Statements 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. 2

One of North America s Largest Retail REITS 340 retail properties in Canada & U.S. 80 million sqft total portfolio 54 million sqft owned $ 7.9 billion market cap $ 14.7 billion enterprise value ~7,600 tenancies ~87% revenue generated by national and anchor tenants 3

Core Strengths Dominant platform, geographically diversified Conservative balance sheet / financial strength 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 4

Property Portfolio BC GTA AB SA MB QC NFLD ON QC NB 292 retail properties 44 million sqft 85% annualized rental revenue 48 retail properties 10 million sqft 15% annualized rental revenue PA VA MA CT TX As at September 30, 2014 at RioCan s interest 5

Property Portfolio Canada Annualized Rental Revenue by Major Market Rest of Canada, 26.7% Major markets combined, 73.3% BC 3.7% 6.2% AB 3.7% Edmonton QC 7.1% Vancouver Calgary ON 9.8% 42.7% Ottawa Montreal Toronto 6 6

Property Portfolio U.S. Regional Market Strategy & Focus Annualized Rental Revenue by State 2.1% 48 retail properties 10 million sqft 56.5% 2.6% 19.9% WV PA 2.5% VA NY MD NJ NH MA CT RI 2.9% 0.6% 2.0% 6.5% 1.8% TX 2.6% As at September 30, 2014 at RioCan s interest 7 7

Property Type Mix - Canada As at September 30, 2014 Office, 5.4% Urban Retail, 8.8% Enclosed Shopping Centre, 17.9% New Format Retail, 44.0% Non-Grocery Anchor, 4.5% Grocery Anchored Centre, 19.4% 8

Strong Tenant Relationships 9 9

Strong Tenant Relationships Top 10 Canada & US Combined As at September 30, 2014 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) (ii) Loblaws/Shoppers Drug Mart includes No Frills, Fortinos, Zehrs and Maxi. Canadian Tire Corporation includes Canadian Tire/PartSource/Mark s/sport Mart/ Sport Chek/Sports Experts/National Sports/Atmosphere. 10 10

Lease Rollover Profile Broadly Distributed Lease Expiries Canadian Portfolio As at September 30, 2014 000s Square Feet % Square Feet expiring / portfolio NLA 3,559 4,624 3,675 4,422 1,225 3.1% 9.0% 11.7% 9.3% 11.1% U.S. Portfolio As at September 30, 2014 000s Square Feet 2014 2015 2016 2017 2018 69 0.7% 389 493 3.9% 4.9% 1,146 737 11.4% 7.3% 2014 2015 2016 2017 2018 11

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% 97.7% 97.6% 97.4% 97.4% 97.6% 97.4% 97.1% 96.9% 96.9% 97.0% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q3 2014 12

Financial Highlights

Financial Highlights Revenues (at RioCan s interest in millions of $ except per unit amounts) 12% CAGR 882 758 1,195 1,114 988 Operating FFO* 15% CAGR 329 280 492 440 380 2009 2010 2011 2012 2013 Operating FFO* Per Unit 7.5% CAGR 1.43 1.33 1.22 1.52 1.63 2009 2010 2011 2012 2013 Years ended December 31st 2009 2010 2011 2012 2013 * Note: FFO reported under IFRS for 2010 onwards, excludes trading gain income 14

Quarterly Financial Highlights Revenues* (in millions of $ except per unit amounts) 246 285 267 274 269 271 306 300 308 304 306 292 290 Operating FFO 134 115 116 124 121 124 124 127 127 97 100 103 106 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2011 2012 2013 2014 Operating FFO Per Unit 0.42 0.42 0.41 0.41 0.41 0.40 0.40 0.39 0.43 0.37 0.36 0.37 0.37 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2011 2012 2013 2014 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2011 2012 2013 2014 * At RioCan s interest 15

Financial Highlights Distributions to Unitholders (in millions) 401 367 318 343 297 426 432 Distributions to Unitholders per Unit 1.3275 1.36 1.38 1.38 1.38 1.38 1.41 1.41 228 261 281 285 293 316 315 0.99 1.04 1.13 1.14 1.07 1.01 1.04 1.02 2008 2009 2010 2011 2012 2013 2014* 2007 2008 2009 2010 2011 2012 2013 2014* Distributions to Unitholders net of DRIP Distributions per Unit net of DRIP * annualized 16

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% 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% 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% 17

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. 18

Occupancy and Leasing Profile Financial Summary 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% 19

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 * At RioCan s interest 20

RioCan Capital Structure 100% Total Assets* $14.4 Billion 100% Total Enterprise Value* $14.7 Billion 75% 52.2% 75% 54.1% 50% 25% 0% 1.9% 13.2% 32.7% Book Value* 50% 25% 0% 1.9% 12.6% 31.3% Market Value Common Units - 309 million units outstanding, $7.9 billion market capitalization Preferred Units - $278 million market capitalization Debentures - $1.9 billion Mortgages & Lines of Credit - $4.6 billion * At RioCan s interest 21

Conservative Debt Structure Growth in Asset vs Debt Debt Assets 5,338 5,862 8,886 10,767 12,888 13,554 14,423 3,260 3,663 4,410 CAGR 18.9% 2008 2009 2010 5,034 5,717 5,988 6,467 2011 CAGR 12.7% 2012 2013 Sept. 2014 22

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 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 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% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q3 2014 * At RioCan s interest 23

Debt Maturity Schedule $ Millions 3,000 2,500 2,000 1,500 1,000 500 0 Scheduled principal amortization Mortgages payable Debentures payable Weighted average interest rate 4.5% 4.4% 4.4% 3.7% 3.6% 3.6% 1,153 807 923 874 214 2,495 2014 2015 2016 2017 2018 Thereafter 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% Weighted Avg. Interest Rate on Maturing Debt 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. 24

Leverage and Coverage Ratios & Targets 3 Months 12 Months Targeted Ratios Sept. Sept. 30/14 30/14 5 Dec. 31/13 5 Sept. 30/13 Dec. 31/13 Interest coverage ratio 1 >2.75x 2.98x 3.30x 3.10x 2.89x 2.83x Debt service coverage ratio 2 >2.25x 2.29x 2.47x 2.26x 2.18x 2.10x Fixed charge coverage ratio 3 >1.1x 1.11x 1.15x 1.10x 1.08x 1.06x Net operating debt to operating EBITDA ratio 4 <6.5x 7.56x 7.56x 7.49x 7.61x 7.24x Unencumbered Assets ($millions) Unsecured Debentures ($millions) Unencumbered Assets to Unsecured Debt $2,684 $2,068 $1,862 $1,456 >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. * At RioCan s interest 25

Growth Strategy

Future Growth Drivers Acquisitions Organic Growth Development Pipeline Future Growth Drivers Institutional Relationships Land Use Intensification 27

Organic Growth Canadian Portfolio 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 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 RioCan Lease Maturity Schedule and Renewal History 2008 2009 2010 2011 2012 2013 YTD 2014 2014 Remainder 2015 2016 2017 2018 Square feet renewed/expiring (left axis) Achieved Renewal Rent PSF Expiring Rent PSF $20 $19 $18 $17 $16 $15 $14 $13 $12 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 28

Organic Growth U.S. Portfolio 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 Square Feet expiring/portfolio NLA 100% 80% 60% 40% 20% 0% Leases Expiring Total Portfolio Cumulative 2014 2015 2016 2017 2018 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% 29

Organic Growth 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% Canada Leasing Activity 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% 30

Acquisitions Track Record Acquisitions 2011 Q3 2014 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 31

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. 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% 32

High quality assets with a focus towards grocery anchored centres Shaw s Plaza, Raynham, MA Loyal Plaza, Williamsport, PA Stop N Shop Plaza, Bridgeport, CT Town Square Plaza, Reading, PA Alamo Ranch, San Antonio Riverpark, Houston 33

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. 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. 34

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. 73.3% 65.9% 67.5% 2008 2012 Q3 2014 35

Development Pipeline Development Activity Greenfield developments through in house capabilities and with partners, such as Allied Properties, KingSett Capital, and Canada Pension Plan Investment Board (CPPIB) 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 Activity Development Pipeline 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. 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 Pipeline NLA (000's Sq. Ft.) 1,600 1,400 1,200 1,000 800 600 400 200 Focused on well located urban and suburban developments in Canada s six major markets - 2014 2015 2016 2017 2018 2019 Committed Non-committed * Subject to preleasing and market conditions 37

Development Activity - Current Portfolio Property Type as a % of Development Portfolio Development Portfolio by Geographic Diversification 0.8% 47.5% 51.7% Alberta 21% Ontario 79% Suburban GTA* 24% Ottawa* 4% Toronto* 45% Other Ontario* 6% * % of total portfolio New Format Retail Urban Retail Non-Grocery Anchored 38

Development Activity Current Portfolio Greenfield and Urban Intensification Projects Calgary Developments Greenfield Developments East Hills McCall Landing Sage Hill Urban Intensification East Village (CPA Lands) 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 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

Development Pipeline RioCan, Allied Properties REIT, & Diamond Corporation Joint Venture 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 43

Development Pipeline RioCan, Allied Properties REIT, & Diamond Corporation Joint Venture 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. 44

Development Pipeline RioCan, Allied Properties REIT, & Diamond Corporation Joint Venture THE WELL Potential Layout and Vision 45

Development Pipeline RioCan & Allied Properties REIT Joint Venture King & Portland 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 College and Manning 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. 46

Development Pipeline 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. 47

Development Pipeline Calgary East Village 2.8 acre site located in the East Village area of downtown Calgary, Alberta. One of Calgary s few remaining privately owned blocks. Potential Design 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. Current Site Development is anticipated to commence in 2015. RioCan is responsible for the development, management and leasing of the property. 48

Development Pipeline Recent Completions The Stockyards - St. Clair & Weston, Toronto 551,000 sqf. two storey retail Opened Spring 2014 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 Partners: Trinity and Canada Pension Plan Investment Board ( CPPIB ) 49

Development Pipeline Recent Completions The Stockyards - St. Clair & Weston, Toronto 50

Land Use Intensification Residential Potential Greater Toronto Area Case Study 12 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 N 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 51

Densifying existing urban locations 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 52

Creating New Cash Flow Sources RioCan Yonge Eglinton Centre The Cube Today Proposed 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. 53

Creating New Cash Flow Sources 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% Potential Design 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 54

Creating New Cash Flow Sources Yonge & Eglinton Northeast Corner - Toronto, Ontario Location: Toronto, Ontario Intersection: Yonge & Eglinton Total Proposed GLA: 54,000 square feet* Design Concept: Urban Retail Anticipated Completion: 2017 RioCan Interest 50% 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. 55

Creating New Cash Flow Sources 740 Dupont - Toronto, Ontario Location: Toronto, Ontario Intersection: 740 Dupont Street Total Proposed GLA: 277,000 square feet Design Concept: Urban Retail/Residential Anticipated Completion: 2017 RioCan Interest 100% 56

Creating New Cash Flow Sources 420 Bathurst Street, Toronto Location: Toronto, Ontario Intersection: Bathurst & College Total Proposed GLA: 145,000 square feet Design Concept: Urban Retail/Office Anticipated Completion: 2016 57

Urban Intensification RioCan has a number of Urban Intensification opportunities in the GTA market Sunnybrook Plaza, Toronto, ON 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. 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 58

Urban Intensification Completed Queen & Portland, Toronto, ON Projects Location: Toronto, Ontario Intersection: Portland & Queen Total GLA: 91,000 square feet Design Concept: Mixed use facility Construction Completed: 2011 After Before 59

Urban Intensification Completed 1717 Avenue Road, Toronto, ON Projects Location: Toronto, Ontario Intersection: 1717 Avenue Road Total GLA: 91,000 square feet Design Concept: Mixed use facility Construction Completed: 2011 60

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. 61

Outlet Centre Development Cookstown Outlet Mall Purchased in December 2011 with Tanger Factory Outlet Centers. 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: Before After 62

Outlet Centre Development Completed Projects Tanger Outlets - Kanata 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. 63

Appendix Development Tables

Greenfield Development Portfolio 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 CPPIB / Sidorski / East Hills, Calgary, AB* 40% Walmart, Cineplex 916 160 302 454 266 35% Q3 2015 2017 Tristar 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% (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. 65

Greenfield Development Portfolio Development Expenditures 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 (i) Proceeds from sale to shadow anchors reduce projected cost. (ii) Reflects proceeds from a potential land parcel sale 66

Greenfield Development Portfolio Development Expenditures 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 (i) Credits reflects proceeds from a potential land parcel sale. 67

Urban Intensification Properties 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 CPA Lands, Calgary, AB* 50% KingSett 196 Yonge & Eglinton Northeast Corner, Toronto, ON* 50% Metropia / Bazis 346 Urban Intensification-Committed 687 College & Manning,Toronto, ON* 50% Allied 124 Dupont Street, Toronto, ON* 100% 187 The Well, Toronto, ON (iv)* 40% Allied / Diamond 2,908 King & Portland, Toronto, ON* 50% Allied 496 Urban Intensification-Non-Committed 3,715 Total Urban Intensification (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. 145 98 173 416 62 187 1,163 248 1,660 6 35% 2017 98 102 52% 2017 173 % 2017 271 108 10% 62 59 48% 2018 % 2018 1,745 % 2019 (iii) 248 48 10% 2018 2,055 107 3% 4,402 2,076 2,326 215 5% 68

Urban Intensification Properties Development Expenditures 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 (i) Proceeds from sale to shadow anchors reduce projected cost, and exclude potential condominium residential units. 69

Urban Intensification Properties Development Expenditures 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 $ 70

Expansion & Redevelopment Portfolio Development Expenditures 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% Eglinton Avenue & Warden Avenue, Toronto, ON 100% Sleep Country Canada Dentist, Mucho Burrito, Popeyes 32 7.6 7.6 2.3 2.3 0.8 4.5 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% Yonge Sheppard Centre, Toronto, Ontario 50% Winners, Joe Fresh, Cineplex Expansion Longos, LA Fitness, Mall Renovation (ii) 45 86.1 86.1 8.6 54.0 62.6 8.6 23.5 113(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 (i) (ii) Historical Costs - Carrying amounts transferred from IPP for former anchors targeted for redevelopment. Yonge Sheppard Centre's interior mall retrofit is excluded from NLA, however, it is included in estimated project costs. 71

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. 72