Paul Godfrey, C.M. Chairman

RIOCAN 16 th Annual & Special Meeting

RIOCAN Today

The Management Team

 Retention of expiring leases in Q1 were 91.7% up from 77% at Q  Same property net operating income was flat in Q1 09 and down 4.3% from Q1 08  84.4% of rental revenue from national & anchor tenants  We are well diversified

 Retention of expiring leases in Q1 were 91.7% up from 77% at Q  Same property net operating income was flat in Q1 09 and down 4.3% from Q1 08  84.4% of rental revenue from national & anchor tenants  We are well diversified

 Retention of expiring leases in Q1 were 91.7% up from 77% at Q1 08  Same property net operating income was flat in Q1 09 and down 4.3% from Q4 08  84.4% of rental revenue from national & anchor tenants  We are well diversified

 Retention of expiring leases in Q1 were 91.7% up from 77% at Q  Same property net operating income was flat in Q1 09 and down 4.3% from Q1 08  84.4% of rental revenue from national & anchor tenants  We are well diversified

Edward Sonshine, Q.C. President and C.E.O.

“We find ourselves in uncertain times. The cause of the current economic uncertainty and negativity is different than those of previous eras; after all, whoever heard of subprime mortgages until the last couple of years? But when one looks back over the various financial storms that we have been witness to over the last 20 years, one sees that while the specific causes are always different, the impact, particularly in the real estate business, is fairly predictable. Less availability of capital, tighter lending standards, slower lease commitments from national tenants, and increasing defaults from tenants already on the edge.” May 27, 2008

Dead or Wounded

S&P/TSX Downturn  September 2, 2008 closed at 13,299.54

S&P/TSX Downturn  September 2, 2008 closed at 13,  February 27, 2009 closed at 8,123.02

S&P/TSX Downturn  September 2, 2008 closed at 13,  February 27, 2009 closed at 8,  38.9%

2009 Review

RioCan’s Strategy 1 A focus on high growth markets

RioCan’s Strategy 1 A focus on high growth markets 2/3 of all our revenue comes from the six high growth markets

RioCan’s Strategy A focus on national and anchor tenants 2

RioCan’s Strategy A focus on national and anchor tenants March 1999 Revenue 73.7% 2

RioCan’s Strategy A focus on national and anchor tenants March 1999 Revenue 73.7% March 2009 Revenue 84.4% 2

RioCan’s Strategy Stayed in Canada – 100% Canadian 3

RioCan’s Strategy Stayed in Canada – 100% Canadian 3

Our portfolio is weathering this downturn

Portfolio  Occupancy rates dipped to

Portfolio  Occupancy rates dipped to 96.6%

Hug your banker

 Commercial Mortgage Backed Securities (CMBS) market is virtually non-existent Liquidity in Marketplace

 Commercial Mortgage Backed Securities (CMBS) market is virtually non-existent  Non-traditional real estate lenders either ceased to exist or are not doing any new business Liquidity in Marketplace

 Commercial Mortgage Backed Securities (CMBS) market is virtually non-existent  Non-traditional real estate lenders either ceased to exist or are not doing any new business  Traditional mortgage lenders did not grow their mortgage lending businesses last year Liquidity in Marketplace

 Commercial Mortgage Backed Securities (CMBS) market is virtually non-existent  Non-traditional real estate lenders either ceased to exist or are not doing any new business  Traditional mortgage lenders did not grow their mortgage lending businesses last year  Canadian banking system can’t fill the lending gap Liquidity in Marketplace

“The proof is in the pudding”

Unsecured Debentures  RioCan did last deal before the markets closed - September $120 million

Unsecured Debentures  RioCan did last deal before the markets closed - September $120 million  RioCan also did first deal when markets opened up - April $180 million

Cost of Debt  2009 – unsecured debt 8.33%

Cost of Debt  2009 – unsecured debt 8.33%  As at May 1, weighted average cost of debt 6.75%

Cost of Debt  2009 – unsecured debt 8.33%  As at May 1, weighted average cost of debt 6.75%  2009 estimated average cost of new debt 6%

RioCan has not only been able to ensure adequate liquidity throughout, but we are actually in as strong a capital position today as we probably have ever been

Strong Balance Sheet  We will have approx. $200M in cash at the end of 2009

Strong Balance Sheet  We will have approx. $200M in cash at the end of 2009  Credit facilities of $290M

Strong Balance Sheet  We will have approx. $200M in cash at the end of 2009  Credit facilities of $290M  12% of our properties are unencumbered as of March 31, 2009

2009

Looking at 2010 and beyond

What are we doing to get back on our growth targets?

 Opportunistic acquisition Getting Back on Our Growth Targets Montreal Portfolio

 Opportunistic acquisition  Six properties – grocery anchored Getting Back on Our Growth Targets Montreal Portfolio

 Opportunistic acquisition  Six properties – grocery anchored  Defensive category Getting Back on Our Growth Targets Montreal Portfolio

On the lookout for other opportunistic acquisitions Getting Back on Our Growth Targets

Getting Back on Our Growth Targets Avenue Road Development

Getting Back on Our Growth Targets Queen and Portland

Several other development projects in 2010 Getting Back on Our Growth Targets

Future growth prospects in residential density next to existing shopping centres Getting Back on Our Growth Targets

Refinancing of maturing debt in 2010 will contribute materially to our income growth Getting Back on Our Growth Targets

Continue to seek out accretive acquisitions Getting Back on Our Growth Targets

Distribution and distribution policy

Bill C-52