Q1 2019 Conference Call Presentation

May 7, 2019

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, Funds From Operations (“FFO”), Net Operating Income (“NOI”), Adjusted Earnings before interest, taxes, depreciation and amortization

(“Adjusted EBITDA”), Debt to Adjusted EBITDA, Same Property NOI, Interest Coverage, Debt Service Coverage, Fixed Charge Coverage, and Total Enterprise Value

as well as other measures discussed 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 March 31, 2019. RioCan uses these measures to better assess the Trust’s underlying performance and provides these additional measures so that

investors may do the same.

NON-GAAP MEASURES

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.

The forward looking information contained in this presentation is made as of the date hereof.

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 most recent 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.

FORWARD LOOKING INFORMATION

Q1 | RioCan | 02

FORWARD LOOKING ADVISORY & NON-GAAP MEASURES

78.0% 77.9%

$0.46

$0.47

• FFO/unit increased from $0.46 to $0.47 from Q1 2018 to Q1 2019 despite:

o $1.0B in asset sales since Q1 2018

o $1.0M increase in unit-based compensation costs due to mark-to-market adjustment

o $0.9M one-time IFRS debt modification cost

o $0.5M lease up loss in connection with the lease up of our first residential rental building

o $4.4M lower realized gains due to lower volume of marketable securities sold

Target is to be

below 80%

FFO Payout Ratio * FFO per Unit

FUNDS FROM OPERATIONS (“FFO”) & PAYOUT RATIO

Q1 | RioCan | 03

Q1 2018 Q1 2019 Q1 2018 Q1 2019

* For the twelve months ended

94.1%

95.6% 96.7% 96.9% 96.6% 96.9%

Avg. Net Rents Blended Leasing Spread (commercial only)

$17.93 $19.16

OPERATIONAL HIGHLIGHTS

Q1 | RioCan | 04

Overall Commercial Portfolio Office

Committed Occupancy

8.3%

10.7%

Avg. Rents and Leasing Spreads

Q1 2018 Q1 2019 Q1 2018 Q1 2019

+30 bps

+6.9%

+150 bps

+240 bps

Q1 2018 Q1 2019 Q1 2018 Q1 2019

Retail

Q1 2018 Q1 2019

+20 bps

1.4%

2.5%

1.7%

2.9%

OPERATIONAL HIGHLIGHTS

Q1 | RioCan | 05

RENT BREAKDOWN Q1 2019

SAME PROPERTY NOI GROWTH

Total Portfolio

Major Markets

Q1 2019 Q1 2019 (Excl. Bombay/Bowring and

Incl. Completed Developments)

Q1 2019

Grocery / Pharmacy /

Liquor / Restaurants

28%

Personal Services 22%

Value Retailers 14%

Specialty Retailers

10%

Furniture & Home 10%

Department Stores & Apparel

8%

Movie Theatres 5%

Entertainment & Hobby

3%

3%

since 2007

6%

since 2007

8%

since 2007

74% OF RENT FROM NECESSITY-BASED

AND SERVICE-ORIENTED TENANTS

Q1 2019 (Excl. Bombay/Bowring and

Incl. Completed Developments)

DEVELOPMENT PROGRESSING WELL RESIDENTIAL RENTAL

Q1 | RioCan | 06

• 36 storey, 466-unit rental

building

• 203 units leased with 78

units occupied (as of

March 31, 2019)

• Rents averaging $3.85

per square foot (for

market rent units)

• Stabilization by mid-2020

• $0.5M lease-up loss in

the first quarter of

operations; $5.2M gains

recognized in the quarter

on eCondos

• 23 storey, 228-unit rental

building

• 126 units pre-leased with

rent per square foot

averaging $2.48

• First occupancy in mid-

2019 with stabilization in

mid-2020

• Zoning approved for four

residential towers (up to

840 units)

• Construction for Phase 2

accelerated to Q2 2019

RESIDENTIAL RENTAL

Q1 | RioCan | 07

Disposition Progress as of May 6, 2019

Transaction type Value (M)

• Sale prices to-date are materially in line with IFRS value

• $1.5B progress since the October 2017 announcement which

encompasses 75 properties

• Dispositions span a broad range of secondary markets

Closed and Firm $1,294

Conditional / LOI $ 177

Total to Date $1,471

Weighted Average Cap Rate 6.69%

MAJOR MARKET STRATEGY

Q1 | RioCan | 08

85.4% 87.5%

>90%

YE 2018 Q1 2019 Vision

% of Revenues from Major Markets

46.8% 47.6%

>50%

YE 2018 Q1 2019 Vision

% of Revenues from GTA

Progress on our two key strategic metrics

DEVELOPMENT PROGRESSING WELL

RioCan Hall - 126 John Street, Toronto, Ontario

Key Statistics (Q1 2019)

Development Completions:

- NLA Completed (in sf) 92,000

- Costs Transferred $101.8M

Development Expenditures: $92.5M

Active Urban Intensification Projects:

- Average Net Rents (psf) $32.26 1

DEVELOPMENT PROGRESSING WELL

Q1 | RioCan | 09

• All development projects are located in

Canada's six major markets and includes

71.1% or 18.7 million square feet of

residential projects (at RioCan’s interest) 1. Based on 811,000 square feet of committed or in-place leases as of May 6, 2019

2. Increase of 2.1M sf of zoning applications submitted from Q4 2018 due to new applications including application for RioCan Hall in Toronto

Zoned, 11.2M sf, 42.6%

Application submitted, 7.5M sf, 28.5%

Future est. density, 7.6M sf, 28.9%

Total Pipeline by Zoning Status (26.3M sf)

2

• Updated estimates for development yield and value creation for five urban intensification and

greenfield development projects that are complete or close to completion are shown below:

DEVELOPMENT YIELD AND VALUE CREATION

Q1 | RioCan | 10

$574.9M

Total

Estimated Net

Project Costs 1

$33.1M

Estimated

Stabilized

NOI

$791.7M

Estimated

Future Stabilized

Value 2

5.8%

Estimated Yield on

Total Costs (10 bps higher than

previous estimate)

$243.3M

Total Estimated

Incremental

Value Creation3

Bathurst College Centre, Toronto

King and Portland Centre, Toronto

ePlace, Toronto Frontier, Ottawa

Frontier, Ottawa

Sage Hill, Calgary

1. Total estimated net project costs include the cost of acquiring the remaining 50% interest in the residential rental tower and the remaining 50% interest in

the retail component at ePlace

2. Excludes condo gains

3. Includes $26.5M of condo gains. Of the total estimated incremental value creation of $243.3M, $176.3M has been recognized through property fair

market values, applicable interim and fee income and applicable condo gains

As at

Mar 31, 2019 Target

Properties Under Development (“PUD”) & Residential Inventory $1.2B N/A

PUD and Residential Inventory as % of Gross Assets – Per Line of

Credit and Credit Facilities Agreements 8.4% ~ 10%1

Investment in Greenfield Development and Residential Inventory as

% of Unitholder’s Equity – Per Declaration of Trust 4.8% N/A

Current PUD and InventoryBalance

Annual Development Spend Annual DevelopmentCompletions

Target PUD and InventoryBalance *

$1.2B

$400M-$500M

< $1.5B

$300M-$600M

1. Maximum permitted is 15%. RioCan targets this metric to be no more than 10% (except for short-term fluctuations as large projects are

completed)

• RioCan is committed to self-funding its development program and maintaining a strong balance sheet

FUNDING DEVELOPMENT

Q1 | RioCan | 11

CONSISTENTLY ABOVE 95%

Capital Structure Metrics

Target Q1 20191

Debt to Adjusted EBITDA <8.0x 7.94x

Debt to Total Assets 38% - 42% 42.2%

Interest Coverage >3.0x 3.55x

Debt Service Coverage >2.25x 3.01x

Fixed Coverage >1.10x 1.15x

Unencumbered Assets N/A $8.0B

Unencumbered Assets to Unencumbered Debt >2.0x 2.29x

NOI % from Unencumbered Assets >50% 59.6%

Unsecured vs. Secured Debt 60% / 40% 58% / 42%

FFO Payout Ratio <80% 77.9%

PRUDENT CAPITAL MANAGEMENT & FLEXIBLE CAPITAL STRUCTURE

STRONG BALANCE SHEET

Q1 | RioCan | 12 1. Metrics are calculated based on RioCan’s proportionate share

Jonathan Gitlin,

President &

Chief Operating Officer

Q1 | RioCan | 13

PRESIDENT & COO COMMENTS

Edward Sonshine, O.Ont., Q.C.

Chief Executive Officer

Q1 | RioCan | 14

CEO COMMENTS

Q1 | RioCan | 15

Edward Sonshine, O.Ont., Q.C. Chief Executive Officer

Jonathan Gitlin

President & Chief Operating Officer

Qi Tang

Senior Vice President & Chief Financial Officer

Contact Information RioCan Yonge Eglinton Centre 2300 Yonge Street P.O. Box 2386 Toronto, ON M4P 1E4

(T) 1-800-465-2733 or (416) 866-3033