Paul Godfrey,C.M. Chairman

RioCan’s Strong Trading Performance 264% increase in the unit price since January 1, 1996 Source - RBC Capital Markets

Relative Price Performance RioCan vs. Major Indices 264% 165% 92% 56%

264% Source - RBC Capital Markets 164% 149% 105% 99% 11% 89% Relative Price Performance RioCan vs. REIT Comparables

Total Returns to 2005 RioCan REIT 56.6%35.5%-3.0%2.8%22.7%41.5%12.3%33.2%24.9%36.9%25.1% Morgan Stanley U.S. REIT Index (RMZ) 35.9%18.6%-16.9%-4.6%26.8%12.8%3.6%36.7%31.5%12.1%14.3% S&P 500 TR Index 23.0%33.4%28.6%21.0%-9.1%-11.9%-22.1%28.7%10.9%4.9%9.1% Dow Jones Industrial Average TR Index 28.7%24.9%18.1%27.2%-4.7%-5.4%-15.0%28.3%5.3%1.7%9.8% NASDAQ Composite Index 22.7%21.6%39.6%85.6%-39.3%-21.1%-31.5%50.0%8.6%1.4%7.7% Source - RBC Capital Markets Comparison of RioCan’s Performance to Investment Alternatives

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

Asset Size (thousands) 12 Year Asset Growth

14,350,000 square feet of leasable area Cost of $1.65 billion Cap rate of 9.84% $110 per square foot Active in Acquisitions ( )

Capital had become abundant Pension funds, realized that retail real estate properties were excellent investments Changing Strategies

In 2005, RioCan sold 22 properties totalling almost 3.4 million square feet Annual net operating income in excess of $30 million Changing Strategies

A portfolio of properties that will have longevity, security and growth potential Changing Strategies

Calgary Edmonton Montreal Ottawa Toronto Vancouver Canada’s Six Urban Markets

Source – Statistics Canada Province year % change British Columbia3,290,8144,196, % Alberta2,547,1663,201, % Ontario10,297,87512,392, % Quebec7,003,8767,542, % Manitoba1,105,6681,170, % Prince Edward Island 130,539137, % Nova Scotia909,637936, % New Brunswick740,120751, % Saskatchewan1,007,114995, % Newfoundland and Labrador 578,037517, % Total Canada27,697,53031,946, % Canadian Population Growth

Market year growth 15 year % change Toronto, Ontario3,988,0545,203,5711,215, % Montreal, Quebec3,269,0843,606,652337, % Vancouver, British Columbia 1,608,3302,159,994551, % Ottawa-Gatineau, Ontario/Quebec 939,4131,142,669203, % Calgary, Alberta749,7811,037,136287, % Edmonton, Alberta839,2541,001,636162, % Total Six Markets11,393,91614,151,6582,757, % Total Canada27,697,53031,946,3164,248, % Total Six Markets as a % of Canada 41.14%44.30% Source – Statistics Canada Canada’s Six Urban Markets

More people = greater retail sales = more demand for space and higher rents Canada’s Six Urban Markets

Toronto 30.4% Ottawa 10.0% Montreal 9.3% Calgary 6.1% Vancouver 4.0% Edmonton 2.6% Other 37.6% Gross Revenue from Six Urban Markets

RIOCAN CENTRE, KINGSTON, ON Other Quality Markets

Greenfield developments with partners and through in-house capabilities RioCan’s Development Program

Total development = 5.5 million square feet, excluding shadow anchors RioCan’s owned interest = 3.5 million square feet RioCan’s Development Program Greenfield Development

RIOCAN BEACON HILL, CALGARY, AB RioCan’s Strategy Greenfield Development

RIOCAN CENTRE BURLOAK, OAKVILLE, ON RioCan’s Strategy Greenfield Development

RIOCAN CENTRE BURLOAK, OAKVILLE, ON 100 acres zoned for 400,000 square feet of retail use Restriction on store sizes and prohibition against supermarket use Greenfield Development The Process

RIOCAN CENTRE BURLOAK, OAKVILLE, ON November 2003 applied to expand retail zoning to 550,000 square feet Loosening size restrictions and eliminating supermarket ban Greenfield Development The Process

RIOCAN CENTRE BURLOAK, OAKVILLE, ON City of Oakville City of Burlington The Region of Halton The Halton Conservation Authority The Ontario Ministry of Transportation RioCan’s Strategy The Approval Process

RIOCAN CENTRE BURLOAK, OAKVILLE, ON Return on investment of 9% RioCan’s Strategy Greenfield Development

RIOCAN MEADOWS, EDMONTON, AB RioCan’s Strategy Greenfield Development

RIOCAN CENTRE BURLOAK, OAKVILLE, ON RIOCAN MEADOWS, EDMONTON, AB RIOCAN BEACON HILL, CALGARY, AB RioCan’s Strategy Greenfield Development

New Format Retail 47.5% Grocery Anchored Centre 22.9% Enclosed Shopping Centre 19.0% Urban Retail 5.9% Non-Grocery Anchored Strip 3.9% Other0.8% Asset Type as a % of Gross Revenue

2007 – 589,000 square feet 2008 – 607,000 square feet 2009 – 749,000 square feet The Best Real Estate in the Best Markets New Format Retail Expiries

Rental rates have grown significantly in the six urban markets since we built these facilities Rental Rates

$16 per square foot $25 per square foot RIOCAN BEACON HILL, CALGARY, AB SIGNAL HILL CENTRE, CALGARY, AB Rental Rates

$17 per square foot $27 per square foot RIOCAN CENTRE BURLOAK, OAKVILLE, ON TRINITY COMMON, BRAMPTON, ON Rental Rates

TRIBUTE COMMUNITIES, AVENUE ROAD RioCan’s Strategy Redevelopment and Expansion of Existing Properties

LAWRENCE SQUARE, TORONTO, ON RioCan’s Strategy Redevelopment and Expansion of Existing Properties

Asset Management Business is an important contributor to RDI RDI Contributor

Return over past year 16.6% Unitholder Return