1. 2003 ANNUAL UNITHOLDERS MEETING

2. EDWARD SONSHINE, Q.C. President & CEO

3. ACHIEVEMENTS OF THE LAST 10 YEARS 1.In 1995, we became the first REIT in Canada to internalize our management structure 2.Early in 1998, our assets at book crossed over the $1 billion threshold 3.In 1999, we completed the takeover of RealFund  Our assets increased to almost $2 billion

4. ACHIEVEMENTS OF THE LAST 10 YEARS 4.In 2000, we internalized property level accounting and management 5.In 2001, we started a joint venture with Kimco and provided all property management, leasing and construction management services and was appropriately compensated for so doing 6.In 2003, the creation and organization of the RioCan Retail Value Limited Partnership (partnership with TIAA-CREF and OMERS)

5. Over our first decade of existence, we delivered for our unitholders a total return of 19.95% annually to December 31, 2003

6. SHOPPING CENTRE PORTFOLIO  179 shopping centres  Over 36 million square feet  Occupied by almost 5,000 tenants  40% of the total space is new format retail constructed within the last 5 or 6 years

7. RioCan’s TOP 10 RETAILERS

8. 80% of gross revenue comes from national tenants RioCan’s TOP 10 RETAILERS

10.  Tenant renewal rate has averaged 95%  Vacancy rate has rarely exceeded 4% RioCan’s TOP 10 RETAILERS

11. RioCan A full service real estate entity with about 650 employees in offices across Canada

12. DEBT RATIO  Current debt ratio is approximately 53%  Our total debt against the fair market value of our assets is probably less than 45%  Standard & Poor’s and Dominion Bond Rating Service rate our unsecured debt as investment grade  The highest stability rating of any REIT in Canada

13. GREENFIELD DEVELOPMENT & EXPANSION PROGRAM These programs will add approximately 1 million square feet of new retail space annually for at least the next 4 or 5 years

14. RECURRING INCOME STREAMS  Source of growth - the creation of recurring income streams  Enable RioCan to meet its RDI growth targets

15. The total return would have been 22.02% RioCan THIS PAST YEAR

16. 2003 ANNUAL UNITHOLDERS MEETING