a developing story 2004 ANNUAL UNITHOLDERS MEETING

paul godfrey chairman

the past year % increase a) rental revenue 549,147,000500,376,0009.7% b) recurring distributable income (per unit) $1.353$ % (10 yr. 12.3%) c) funds from operations (per unit) $1.390$ % (10 yr. 10.3%)

a developing story 2004 ANNUAL UNITHOLDERS MEETING

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

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

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

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

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

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

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

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

a developing story 2004 ANNUAL UNITHOLDERS MEETING

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

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

Theres more than one way to grow RDI. - Neil Downey, RBC Capital Markets March 1, 2005 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

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

a developing story 2004 ANNUAL UNITHOLDERS MEETING

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

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

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

a full service real estate entity retail space per capita in Canada is less than 62% of the U.S. CanadaU.S. GLA 398,100,0005,860,000,000 Population 31,747,670290,788,976 Shopping Centre GLA per capita

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

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

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

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

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

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

RDI per unit target growth 4% -5% annually

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

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

25% of portfolio constructed in the last eight years

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

Toronto, Ontario June 12, 2004 RioCan Marketplace

Toronto, Ontario August 16, 2004 RioCan Marketplace

Toronto, Ontario November 11, 2004 RioCan Marketplace

Milton, Ontario 285,000 square feet RioCan Centre Milton

Calgary, Alberta 700,000 square feet RioCan Beacon Hill

Edmonton, Alberta 550,000 square feet RioCan Centre Edmonton

Oakville, Ontario 600,000 square feet RioCan Centre Burloak

consistent moderate leverage leverage at book

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

return over past year 36.8%

a developing story 2004 ANNUAL UNITHOLDERS MEETING