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Managem ent Presentation Presentation October 2 0 1 0 Forw ard Looking Statem ents Forw ard Looking Statem ents Certain information included in this presentation contains forward- looking statements within the meaning of applicable securities

  1. Financial Highlights I FRS Update I FRS Update • RioCan has elected to use the “fair value” model for the valuation of its income properties and properties under development (collectively, “Investment Property”) as provided under International Financial Reporting Standards (“IFRS”) ; • The transition to IFRS is expected to increase the carrying value of RioCan’s Investment Properties, as at January 1, 2010, by approximately $1.6 billion, to $6.9 billion. This $6.9 billion value compares to the historical cost amount under current Canadian GAAP (“GAAP”) of $5.3 billion as at January 1, 2010; • RioCan primarily used the Direct Capitalization Income Approach method to value its income properties. Individual properties were valued using capitalization rates in the range of 6.0% to 9.0% applied to stabilized net operating income (“NOI”), resulting in an overall weighted average capitalization rate for the portfolio of approximately 7.1% . As at January 1 , 2 0 1 0 Overall Portfolio Prim ary Market Secondary Market Retail Class W eighted Range W eighted Range W eighted Range Average Cap. Average Cap. Average Cap. Rate* Rate* Rate* Enclosed Shopping Centre 8.00% 7.0% - 9.0% 7.80% 7.5% - 8.8% 8.10% 7.0% - 9.0% Mixed Use 7.20% 6.0% - 8.8% 7.00% 6.0% - 7.9% 8.30% 7.8% - 8.8% Grocery Anchored Shopping y pp g 7.30% 6.5% - 9.0% 7.20% 6.5% - 8.5% 7.50% 6.8% - 9.0% Centre Non-Grocery Anchored Centre 7.30% 6.0% - 9.0% 6.90% 6.0% - 7.5% 7.70% 7.0% - 9.0% New Format Retail 6.80% 6.3% - 8.5% 6.70% 6.3% - 7.3% 7.20% 6.4% - 8.5% Urban Retail 6.70% 6.0% - 7.3% 6.70% 6.0% - 7.3% n/ a n/ a Total Weighted Average 7 .1 0 % 6 .0 % - 9 .0 % 6 .9 0 % 6 .0 % - 8 .8 % 7 .5 0 % 6 .4 % - 9 .0 % * at RioCan’s Interest 13

  2. Financial Highlights Financial Highlights • Content Three m onths ended ( in $ ’0 0 0 s except per unit Sept. 3 0 , June 3 0 , Sept. 3 0 , % Change am ounts) 2 0 1 0 2 0 1 0 2 0 0 9 YoY $216,643 $220,989 $189,022 14.6% Total Revenues $89,331 $89 331 $92 750 $92,750 $71,600 $71 600 24 8% 24.8% FFO FFO $0.36 $0.38 $0.30 20.0% FFO per Unit June 3 0 , Sept. 3 0 , 2 0 1 0 2 0 1 0 Sept. 3 0 ,2 0 0 9 $85,220 $84,091 $81,036 Distributions to unitholders $0.35 $0.35 $0.35 Distributions to unitholders per Unit $1.38 $1.38 $1.38 Distributions per Unit (annualized) Distributions to unitholders net of distribution reinvestment $71,574 $71,671 $66,592 plan Distributions to unitholders net of distribution reinvestment $0.29 $0.29 $0.28 plan per Unit $13,646 $12,420 $14,444 Unit issue proceeds under distribution reinvestment plan 16.0% 14.8% 17.8% Distribution reinvestment plan participation rate 6,500,777 6,108,605 5,649,857 Total assets 4,188,620 4 188 620 3 936 205 3,936,205 3 533 360 3,533,360 Debt (mortgages and debentures payable) Debt (mortgages and debentures payable) 57.1% 57.0% 55.7% Debt to Aggregate Assets 42.0% 45.9% 45.5% Debt to total capitalization 5,781,685 4,646,674 4,233,672 Market capitalization 9,970,305 8,582,879 7,767,032 Total capitalization 14

  3. Financial Highlights Financial Highlights Three Months Ended Sept. 30, Nine Months Ended Sept. 30, 2010 2009 2010 2009 Rental revenue $ 205,800 $ 179,928 14% $ 610,954 $ 542,921 13% Property operating costs 66,354 62,238 7% 202,432 195,561 4% Net operating income 139,446 117,690 18% 408,522 347,360 18% Fees and other income 4,410 3,931 12% 12,622 11,223 12% Interest income 3,573 4,966 (28%) 11,603 13,237 (12%) Gains (loss) on properties held for resale 2,860 197 nm 17,064 67 nm 150,289 126,784 449,811 371,887 Interest expense 53,201 49,616 7% 158,368 142,130 11% General and administrative expense 6,011 5,464 10% 19,282 18,095 7% IFRS and SIFT implementation costs 1,144 39 nm 2,217 230 nm Restructuring costs g – 65 nm – 1,357 , nm Non ‐ controlling interest 602 – nm 1,572 – nm FFO 89,331 71,600 25% 268,372 210,075 28% Amortization expense 45,596 41,260 11% 135,545 123,054 10% Future income tax expense (recovery) 4,900 1,900 nm 9,994 700 nm Non controlling interest Non ‐ controlling interest (337) (337) – nm nm (720) (720) – nm nm Net earnings 39,172 28,440 38% 123,553 86,321 43% Net earnings per Unit – basic $ 0.16 $ 0.12 33% $ 0.51 $ 0.38 34% Net earnings per Unit – diluted $ 0.16 $ 0.12 33% $ 0.50 $ 0.38 32% FFO per Unit $ 0.36 $ 0.30 20% $ 1.10 $ 0.92 20% 15

  4. Financial Highlights Net Operating I ncom e – Year over Year Net Operating I ncom e – Year over Year Three Months Ended Sept. 30, Nine Months Ended Sept. 30, (thousands of dollars) 2010 2009 2010 2009 Same store (i) $112,003 $110,708 1.2% $333,568 $326,462 2.2% Land use intensification 1,082 600 nm 4,149 1,780 nm Same properties (ii) 113,085 111,308 1.6% 337,717 328,242 2.9% 2010 and 2009 acquisitions q 8,424 , – nm 24,213 , – nm Greenfield development 5,273 4,216 25.0% 14,360 11,662 23.1% NOI before adjustments 126,781 115,525 9.7% 376,290 339,904 10.7% Lease cancellation fees 4,704 232 nm 12,378 1,045 nm Straight ‐ lining of rents 1,306 1,180 10.7% 5,191 4,071 27.5% Differential between contractual and market rents 751 753 (0.2%) 2,347 2,340 0.3% NOI $133,542 $117,690 13.5% $396,206 $347,360 14.1% (i) Same store refers to those properties that were owned by RioCan and had consistent leasable area in both periods (ii) Same properties refer to those income properties that were owned by RioCan throughout both periods. 16

  5. Financial Highlights Net Operating I ncom e – Sequential Quarter over Quarter Net Operating I ncom e – Sequential Quarter over Quarter (thousands of dollars) September 30, 2010 June 30, 2010 Increase / Three months ended (decrease) Same store (i) $121,694 $121,689 0.0% Land use intensification 889 721 23.3% Same properties (ii) p p ( ) 122,583 , 122,410 , 0.1% Acquisitions 1,324 325 nm Greenfield development 2,874 2,620 9.7% NOI before adjustments NOI before adjustments 126 781 126,781 125,355 125 355 1 1% 1.1% Lease cancellation fees 4,704 5,752 nm Straight ‐ lining of rents 1,306 1,489 (12.3%) Differential between contractual and market rents Differential between contractual and market rents 751 751 769 769 (2 3%) (2.3%) NOI $133,542 $133,365 0.1% “nm” – not meaningful. (i) Same store refers to those income properties that were owned by RioCan and had (i) S f h i i h d b Ri C d h d consistent leasable area in both periods. 17 (ii) Same properties refer to those income properties that were owned by RioCan throughout both periods.

  6. Financial Highlights Q4 of 2 0 1 0 Outlook Q4 of 2 0 1 0 Outlook • Robust acquisition activity that was completed in the nine months of 2010 and late 2009 will have an impact in the remainder of 2010 and 2011. • In the fourth quarter of 2009 RioCan completed total acquisitions of $257 million at an average cap rate of 7.5% • To Sept. 30 RioCan completed total acquisitions of $663 million at an average cap rate of 7.7 % – $324.5 million Canadian Acquisitions at 7.3% cap rate – $338.6 million US Acquisitions at 8.0% cap rate • RioCan is very well positioned with a strong balance sheet to continue to capitalize on acquisition opportunities expected in the remainder of 2010 and into 2011 • Contractual Rent Steps • Interest savings on maturing debt are expected to continue in 2011 • Mortgage debt maturing for the remainder of 2010 and in 2011 currently carries an average interest rate of 5.8% providing an opportunity for g p g pp y RioCan to reduce interest expense at current interest rates • Closing the gap – economic occupancy versus committed occupancy • High quality, clean core income 18

  7. Acquisition Activity y q

  8. Acquisition Activity YTD Acquisitions YTD Acquisitions Capitalization Capitalization Purchase Price Purchase Price NLA NLA Rate ( $ ’0 0 0 s) Canada 7.3% 334,987 1,432,854 US US 7 9% 7.9% 479 552 479,552 3 303 786 3,303,786 Total 7 .7 % 8 1 4 ,5 3 9 4 ,7 3 6 ,6 4 0 20

  9. Acquisition Activity YTD Acquisitions - Canada YTD Acquisitions - Canada RioCan's RioCan's Property nam e and • Content purchase price NLA ( in sqft) at ow nership location Capitalization rate ( i) ( '0 0 0 s) RioCan's interest Year Built Asset class Major tenants interest Acquisitions Completed in Q1 2010 Market at Citadel 7.5% 17,413 51,029 2007/ 2008 Non-Grocery Shoppers Drug Mart 100% Village, St. Albert, AB Anchored Summerwood Centre, 7.5% 29,524 83,911 2008/ 2009 Grocery Save On Foods, 100% Sherwood Park, AB Anchored Shoppers Drug Mart Timberlea Landing, 8.2% 63,063 105,467 2008 Mixed use ATB, Regional 100% Fort McMurray, AB Municipality of Wood Buffalo Chapman Mills 6.8% 11,884 53,979 -- New Format Walmart, Galaxy 75% Marketplace, Ottawa, Retail Cinemas, Winners, ON (Additional 12.5% Staples interest) Total Canadian 7 .8 % 1 2 1 ,8 8 4 2 9 4 ,3 8 6 Acquisitions Q1 Acquisitions Completed in Q2 2010 i Q2 2010 Halton Hills, 7.2% 10,275 75,366 1979 Grocery Food Basics (36,002), 100% Georgetown, ON Anchored Dollarama (10,970), TD Bank (10,000), Bulk Barn (5,000) Clappison Crossing, 7.3% 20,554 133,628 2007 New Format Walmart (151,448), 100% Flamborough ON Flamborough, ON Retail Retail Rona (98,546), LCBO, Rona (98 546) LCBO (Additional (11,882), Bank of 50% interest) Nova Scotia (5,380) Corbett Centre, 7.3% 8,728 36,515 2008 New Format HomeDepot* , 100% Fredericton, NB Retail Costco* ,Michael’s (Additional (17,438),Winners 37.5% interest) 37.5% interest) (29,948), Dollarama (29,948), Dollarama (10,301), PetSmart (9,589) Total Canadian 7 .3 % 3 9 ,5 5 7 2 4 5 ,5 0 9 21 Acquisitions Q2 (i) Excludes closing costs and other acquisition related costs.

  10. Acquisition Activity YTD Acquisitions - Canada YTD Acquisitions - Canada RioCan's • INSERT Q3 Acquisitions purchase NLA ( in sqft) RioCan's Property nam e price ( i) at RioCan's Asset ow nership and location Capitalization rate ( '0 0 0 s) interest class Major tenants interest Gatineau Walmart 6.7% 51,239 287,765 2006 New Walmart (158,801), 100% Centre, Gatineau, Format Golf Town (18,761) QC Retail Hamilton Walmart 6.7% 49,436 214,486 2008/ 2009 New Walmart (133,555), 100% Centre, Hamilton, Format Dollar Giant ON Retail (10,118) Niagara Square, 8.4% 7,050 57,343 1977/ 1987/ Enclosed Cineplex (45,853), 30% Niagara Falls, ON 2008 Shopping Winners (31,967), (Additional 15% (Additional 15% Center Center Sport Chek Sport Chek interest) (20,160), Future Shop (20,027) RioCan Centre 7.5% 19,508 99,395 2008/ 2009 New Canadian Tire 100% Gravenhurst, Format (76,403), Sobeys Gravenhurst, ON Retail (41,360) (Additional 66 67% (Additional 66.67% interest) Vaudreuil Shopping 7.6% 23,144 118,330 2006/ 2007 New Super C* , Canadian 100% Centre, Vaudreuil- Format Tire* , Bureau en Dorion, QC Retail Gros (20,000), Golf Town (15,000) Wharncliffe Centre, , 7.0% 12,687 , 60,711 , 1991 Grocery y No Frills (40,140) ( , ) 100% London, ON Anchored Total Canadian 7 .0 % 1 6 3 ,0 6 4 8 3 8 ,0 3 0 Acquisitions Q3 March Road, n/ a 10,482 54,929 2010/ 2011 New Sobeys (50,836), 50% Ottawa, ON Format Pharma Plus Retail (11,953) Total Canadian Total Canadian 7 3 % 7 .3 % 3 3 4 9 8 7 3 3 4 ,9 8 7 1 4 3 2 8 5 4 1 ,4 3 2 ,8 5 4 Acquisitions YTD 22

  11. Acquisition Activity y Investment in the US q

  12. Rationale for US I nvestm ent Rationale for US I nvestm ent • RioCan’s objective is to take a measured and defensive approach to its investment in the U.S. – The U.S. market has yielded a greater number of attractive opportunities than what were available in Canada – Targeting defensive retail assets (primarily grocery-anchored retail) • Grocery anchored retail traditionally viewed as most defensive category due to non- discretionary nature y • Attractive Cap rate of 8.5% for the initial portfolio transaction with Cedar • Subsequent Cedar JV acquisitions at a cap rate range of 7.5% to 8.3% • Attractive Cap rate of 7.7% for the portfolio transaction with Inland Western – JV allows RioCan to partner with a strong, experienced and well- connected U S management team that maintains an equity interest connected U.S. management team that maintains an equity interest to best align interests – Total proposed and completed property acquisitions represent less than 10% of gross real estate assets – RioCan has sought transactions where its position as a strong capital RioCan has sought transactions where its position as a strong capital partner can provide an enhanced liquidity position for future growth for our partners and in return RioCan has the benefit of local expertise and an experienced partner – Expanded relationship with recent acquisitions with Kimco 24

  13. Acquisition Activity YTD Acquisitions YTD Acquisitions – United States United States NLA ( in sqft) RioCan's Capitalization RioCan's purchase at RioCan's ow nership Property nam e and location rate price ( i) ( '0 0 0 s) interest Year Built Asset class Major tenants interest Acquisitions Completed in Q1 2010 Franklin Village Plaza, Franklin, MA 8.5% 45,995 306,217 1987/ 2005 Grocery Stop&Shop (75,000), 80% Anchored Marshalls (26,890), / Office Bath & Body Works (2,500), Bank of America (2,550) Columbus Crossing, Philadelphia, 8.5% 20,645 113,734 2001 Grocery Super Fresh (61,506), 80% PA Anchored Old Navy (25,000), ACMoore (22,000) ( , ) Town Square Plaza, Reading, PA 8.3% 16,064 102,109 2008 New Format Giant Food 80% Retail Supermarkets (73,727), ACMoore (21,600) Total US Acquisitions Q1 8 .5 % 8 2 ,7 0 4 5 2 2 ,0 6 0 Acquisitions Completed in Q2 2010 Loyal Plaza, Williamsport, PA 8.5% 22,963 235,060 1969/ 2000 Grocery Giant Food 80% Anchored Supermarkets (66,935), K-Mart (102,558), Staples (20,555), Eckerd Drugs (10,908) Stop&Shop Plaza Bridgeport CT Stop&Shop Plaza, Bridgeport, CT 8 5% 8.5% 7 304 7,304 43 609 43,609 2006 Grocery 2006 Grocery Stop&Shop (54,510) Stop&Shop (54 510) 80% 80% Anchored Shaw’s Plaza, Raynham, MA 8.5% 16,572 141,288 1984 Grocery Shaw’s 80% Anchored Supermarkets (60,748), Marshalls (25,752), CVS (10,125) Total US Acquisitions Q2 8 .5 % 4 6 ,8 3 9 4 1 9 ,9 5 7 (i) Excludes closing costs and other acquisition related costs. 25

  14. Acquisition Activity YTD Acquisitions – United States YTD Acquisitions United States RioCan's NLA ( in sqft) RioCan's purchase price at RioCan's ow nership Property nam e and location Cap rate ( i) ( '0 0 0 s) interest Year Built Asset class Major tenants interest Acquisitions Com pleted in Q3 2 0 1 0 Inland Western Inland Western Bear Creek Shopping Center, 7.7% 12,987 70,330 2001 Grocery HEB Supermarket (61,805), 80% Anchored GNC (1,300), Papa John's Houston, TX (1,500) Cypress Mill Plaza, Houston, 7.7% 12,228 93,125 2005 New Format Walmart* , Home Depot* , 80% Retail Hobby Lobby (59,898), Palais TX Royale (24,000), Dollar Tree (9,998) New Forest Crossing, 7.7% 13,683 118,452 2005 New Format Lowe's* , Walmart* , Big Lots 80% Retail Retail (34 076) Ross Dress for Less (34,076), Ross Dress for Less Houston, TX H t TX (30,047), Petsmart (18,975) 7.7% 38,898 281,907 Cedar 2001 New Format Target* , Lowe's* , Genuardi's 80% Creekview Centre, 7.6% 21,653 108,869 Retail Supermarket (Safeway) Warrington, PA (48,966), LA Fitness (38,000). Bed, Bath & Beyond (25,000) Monroe Marketplace, 7.6% 35,392 272,814 2008 New Format Target* , Giant Foods 80% Retail R il S Supermarket (127,000), k (127 000) Sellinsgrove, PA Kohl's (68,430), Dick's Sporting Goods (51,119), Best Buy (22,504), Michael's (20,649), PetSmart (18,156), Staples (14,730) New River Valley Centre, 7.6% 22,751 131,730 2007 New Format Best Buy (30,041), Ross Dress 80% Retail for Less (30,037), Bed Bath & Christiansburg, VA Beyond (24,152), Staples (20 443) PetSma t (17 878) (20,443), PetSmart (17,878), Old Navy (15,413) 2009 New Format Costco* , Lowe's* , Best Buy 80% Pitney Road Plaza, Lancaster, 7.6% 9,127 36,732 Retail (45,915) PA Sunrise Plaza, Forked River, 7.6% 21,766 203,168 2007 New Format Home Depot (130,601), Kohl's 80% Retail (96,171), Staples (20,388) NJ 2007 Grocery Home Depot* , Stop & Shop 80% Montville Commons 7.7% 15,844 94,333 Anchored (63,000) Shopping Center, Montville, CT CT 2009 New Format Target* , Lowe's (171,069), 80% Exeter Commons, Reading, 7.8% 43,630 287,257 Retail Giant Foods Supermarket PA (81,715), Staples (18,008) 26 7.7% 170,163 1,134,904 Total US Acquisitions Q3 7 .7 % 2 0 9 ,0 6 1 1 ,4 1 6 ,8 1 1 (i) Excludes closing costs and other acquisition related costs.

  15. Acquisition Activity YTD Acquisitions – United States Subsequent to Quarter End YTD Acquisitions United States Subsequent to Quarter End RioCan's NLA ( in sqft) RioCan's purchase price at RioCan's ow nership Property nam e and location Cap rate ( i) ( '0 0 0 s) interest Year Built Asset class Major tenants interest Acquisitions Com pleted Subsequent to the Quarter End Cedar Cedar Home Depot* , Sports Authority Cross Keys Place, 8.3% $21,120 118,538 2007 New Format 80% (42,000), Bed Bath & Beyond Turnersville, NJ Retail (35,005), AC Moore (21,305), Old Navy (19,234) Gettysburg Marketplace, Giant Food (66,674), 80% 7.8% 16,198 68,640 1998 Grocery Blockbuster (5,010), Hallmark Gettysburg, PA Anchored (4,500) Marlboro Crossing, 7.8% 10,200 52,278 1993 Grocery Giant Food (60,951) 80% U Upper Marlboro, MD M lb MD Anchored A h d Northland Center, Giant Food (65,075), CVS 80% 7.8% 8,362 86,608 1988 Grocery (10,920) State College, PA Anchored Towne Crossing, Bed Bath & Beyond (40,000), 80% 7.8% 15,504 83,134 1980 Non- Michael’s (20,000) Richmond, VA Grocery Anchored York Marketplace, 7.8% 23,827 244,568 1955/ 2004 Grocery Lowe’s Home (125,353), Giant 80% Food (74,600), Office Max Food (74,600), Office Max York PA York, PA Anchored Anchored (23,500), Super Shoes (20,000) 7.9% 95,211 653,766 Inland Western Coppell Town Center, 7.7% 9,312 73,086 2000Grocery Tom Thumb (63,150), Starbucks 80% (2,050), UPS Store (1,500) Dallas-Fort Worth, TX Anchored Suntree Square q 7.7% 9,426 , 77,112 1993/ 2001Grocery , / y Tom Thumb (63,556), Starbucks 80% (1,960), Subway (1,200), Dallas-Fort Worth Anchored T-mobile (2,000) 7.7% 18,738 150,198 Kimco Las Palmas Marketplace, 2002/ 2008 New Format Lowe’s (179,421), Kohl’s 31.7% (86,800), Ross Dress for Less El Paso, TX Retail (33,419), Babies R’Us (30,570), Bed Bath & Beyond (30,172), Office Depot (29,491), Michael’s (23,694) Total US Acquisitions Subsequent 7 .8 % $ 1 4 0 ,9 4 8 1 ,0 0 6 ,2 0 1 to 09/ 30 27 Total US Acquisitions YTD 7 .9 % $ 4 7 9 ,5 5 2 3 ,3 0 3 ,7 8 6 (i) Excludes closing costs and other acquisition related costs.

  16. Acquisition Activity Map of Northeastern US acquisitions* Map of Northeastern US acquisitions* 28 * completed or under contract

  17. Acquisition Activity Map of Texas acquisitions* Map of Texas acquisitions* 29 * completed or under contract

  18. Acquisition Activity Recently Com pleted Acquisitions – Exeter Com m ons Recently Com pleted Acquisitions – Exeter Com m ons • Recently developed (2009) new format retail centre in Reading, PA • 361,000 Square feet on 37 acres • Well anchored centre with strong Target shadow anchor • 98% Leased • L Low near term lease t l rollover, with only 3.6% of leases set to expire over next five years y • Attractive cap rate 7.75% • Total purchase price $53 million ($42.4 million at RioCan’s 80% interest) 30

  19. Acquisition Activity New Markets – I nland W estern Retail REI T New Markets – I nland W estern Retail REI T • Eight Grocery-anchored and New Format Retail centres in Texas • Major urban markets of Dallas-Fort Worth, Houston, Austin – These three cities combined have a population in excess of 14 million people • Well anchored centres 5 of 8 are grocery anchored and one is a Walmart anchored property • 100% Leased • Attractive cap rate 7.7% • Total purchase price $123 million at RioCan’s 80% interest 31

  20. Acquisition Activity Recently Announced Acquisitions – I nland W estern Retail REI T Recently Announced Acquisitions – I nland W estern Retail REI T NLA ( i NLA ( in sqft) at ft) t RioCan's interest Property nam e and location Asset class Major tenants Year Built Southpark Meadows I, Austin 213,472 New Format Retail Walmart 2004 Riverpark Shopping Center I & 197,524 New Format Retail HEB Supermarket 2002 II, Houston Bear Creek Shopping Center, Bear Creek Shopping Center, 70 330 Grocery Anchored 70,330 Grocery Anchored HEB Supermarket HEB Supermarket 2001 2001 Houston Suntree Square, Dallas- Fort 77,112 Grocery Anchored Tom Thumb (Safeway) 1991 Worth Coppell Town Center, Dallas-Fort 73,086 Grocery Anchored Tom Thumb (Safeway) 1998 Worth 73,816 New Format Retail Kroger (shadow) , Office 1997/ 2002 Great Southwest Crossing, Depot, PetSmart Dallas-Fort Worth New Format Retail Walmart , Lowe’s 2001 (shadow) 118,452 New Forest Crossing, Dallas-Fort Big Lots, PetSmart Worth Cypress Mill Plaza, Houston 93,125 New Format Retail Walmart, Home Depot 2004 (Shadow), Hobby Lobby Total US Acquisitions 9 1 6 ,9 1 7 32

  21. Acquisition Activity Recently Announced Acquisitions – I nland W estern REI T Selected Photos Selected Photos Suntree Square, Dallas-Fort Worth Riverpark Shopping Center, Houston Coppell Town Center Dallas-Fort Worth Coppell Town Center, Dallas Fort Worth Southpark Meadows Austin Southpark Meadows, Austin 33

  22. US Partners I nland W estern Retail Real Estate Trust I nc I nland W estern Retail Real Estate Trust, I nc. • Transaction with Inland Western represents an opportunity to expand into Texas with an experienced partner experienced partner – Self administered, publically registered, non listed real estate investment trust • Owns and operates a portfolio of 294 primarily multi tenant shopping centres aggregating ~ 46 million SF of GLA • Total Assets = US$6.0B • Large asset concentration in Texas ~ 20% by GLA L t t ti i T 20% b GLA • Diversified portfolio of predominantly multi-tenant retail (Neighbourhood Centres, Community Centres, Power Centres, and Lifestyle Centres make up approximately ¾ of GLA) • Diversified tenant base no single tenant represents more than 2.6% of annualized base rent – Largest tenant is Target g g • Announced acquisition of eight new format and grocery-anchored retail centres – Dominant local grocers • HEB HEB – local privately owned grocer l l i t l d – 300 stores in Texas and Mexico – Has been in operation for over 100 years • Tom Thumb – One of two banners operated by Safeway in Texas – Safeway is one of North America’s leading food and drug retailers operating over Safeway is one of North America s leading food and drug retailers operating over 1,700 stores in Canada and the US – Operates 112 stores under the Randall’s and Tom Thumb banner 34 in Texas

  23. US Partners Cedar Shopping Centers I nc Cedar Shopping Centers, I nc. • Transaction with Cedar was a first step towards growing a US platform with an experienced partner. Cedar is a fully integrated U.S. REIT with an experienced partner. Cedar is a fully integrated U.S. REIT – Owns and operates a portfolio of 131 primarily supermarket-anchored shopping centres aggregating ~ 15 million SF of GLA – Equity Market Cap = US$576MM; Total Enterprise Value = US$2.2B Total Assets = US$1.6B – – Large asset concentration in eastern 2/ 3rds of Pennsylvania with a presence in Large asset concentration in eastern 2/ 3rds of Pennsylvania, with a presence in Massachusetts, Connecticut, NJ, Virginia and Maryland – Diversified tenant base – with the exception of Royal Ahold, no single tenant represents more than 2.8% of annualized base rent • Cedar, like a number of U.S. REITs in the current environment, required a balance sheet recapitalization, notwithstanding that its underlying real b l h t it li ti t ith t di th t it d l i l estate assets have continued to perform well • Transaction with RioCan provided Cedar with an enhanced liquidity position and a strong capital partner for future growth and in return RioCan has the benefit of local expertise and an experienced partner RioCan has the benefit of local expertise and an experienced partner. • To date RioCan has acquired or announced the acquisition of nine properties that total approximately 1.6 million square feet • RioCan has an equity ownership position in Cedar of approximately 14% or 9.4 million common shares o 9 o o o s a s 35

  24. Capital Structure p

  25. Conservative Debt Profile Conservative Debt Profile • Debt-to-Gross Book Value (historical cost) of 57.1% at September 30, 2010 (56.9% net of cash); • Total operating lines - $303 million with approximately $247.4 million available • 73 properties unencumbered by debt • For the quarter ended September 30, 2010, interest coverage was approximately 2.48x and g pp y debt service coverage was 1.92x • Approximately 75% of RioCan’s debt was secured • • Floating rate debt - 3 5% of total debt Floating rate debt 3.5% of total debt 37

  26. Unsecured Debenture Covenants Unsecured Debenture Covenants • Maintain at all times a ratio of Consolidated • Maintain at all times a ratio of Consolidated EBITDA to Consolidated Interest Expense of not less than 1.65 to 1 • Maintain a debt to gross book value of assets ratio of less than or equal to 60% assets ratio of less than or equal to 60% • Maintain at all times an Adjusted Unitholders’ Equity of at least $1 billion. 38

  27. Modest Leverage, Strong I nterest Coverage Modest Leverage, Strong I nterest Coverage • RioCan has consistently adhered to a conservative debt policy even through periods of considerable growth – Leverage of 57.1% at September 30, 2010; – 60% max permitted under covenant – Interest coverage well in excess of the 1.65x maintenance covenant covenant 2.7x 2.8x 2.7x 2.6x 2.6x 2 9x 2.9x 2 9x 2.9x 2 9x 2.9x 2.6x 2.2x 2.5x Leverage Interest Coverage 57.1% 56.6% 56.3% 55.6% 54.9% 53.9% 53.8% 53.1% 51.9% 48.2% 47.3% 39

  28. Debt Maturity Schedule Debt Maturity Schedule • Long-term, staggered debt maturity profile • • 5 6% Overall WAIR 5.6% Overall WAIR • 4.4 Year weighted avg. term to maturity • Minimal floating rate debt exposure (3.5% of total debt) • Financing mortgages today at well below 5% (4.25% -4.5% ) Debentures payable Mortgages payable $000s Scheduled principal amortization 1,200,000 8.00% Wtd . Avg. Interest Rate 1,000,000 7.00% 6.46% 800,000 5.82% 5.65% 6.00% 5.42% 5.30% 600,000 5.81% 5.00% e on Maturing Debt 5.01% 400,000 4.00% 200,000 0 3.00% 2010 2011 2012 2013 2014 2015 Thereafter 40 As at September 30, 2010

  29. Leverage at Historic Cost & Stock Market Value Leverage at Historic Cost & Stock Market Value Net of Cash 56.9% • As at September 30, 2010 Market 42.1% Historic Cost 57.1% 41

  30. Capital Structure Capital Structure Book Value = $6.5 billion $ Enterprise Value = $10.0 p $ Gross Book Value = $7.4 billion $ billion 31.1% 42.2% 50.8% 11.0% 14.9% 18.0% 57.9% 42.9% 31.3% Mortgages= $3.1 Debentures = $1.1 Equity = 252 million 42 billion billion units outstanding

  31. Conservative Com m itm ents to Developm ent Pipeline Developm ent Pipeline As at September 30, 2010 in millions $60 Co-Ownerships - Other $50 $50 $1 $1 Co-Ownerships - Trinity/CPPIB $2 Co-Ownerships - Trinity $40 RioCan Owned Developments $25 $30 $20 $1 $0 $10 $21 $9 $3 $5 $3 $0 $0 2010 2011 2012+ 43

  32. Debt Maturities by Lender Debt Maturities by Lender Contractual Principal Balance by Type of Lender Scheduled Life ( thousands Principal I nsurance Mortgage Pension Unsecured of dollars) Am ortization I ndustry Conduit Banks Funds Other Debentures Total As at As at September 30, 2010: For the year ended Dec. 31 2010 17,537 12,598 – – – 847 – 30,982 2011 72,294 8,941 53,952 26,787 4,679 65,649 200,000 432,302 2012 71,366 59,682 107,374 69,810 – – 220,000 528,232 2013 66,425 110,351 107,513 186,723 – 8,926 150,000 629,938 2014 56,707 115,821 6,592 261,675 5,922 34,772 180,000 661,489 2015 45,174 133,462 99,751 249,399 55,471 107,942 253,150 944,349 Thereafter 89,633 370,177 146,108 134,946 92,070 39,534 100,000 972,468 Total Total 4 1 9 1 3 6 4 1 9 ,1 3 6 8 1 1 0 3 2 8 1 1 ,0 3 2 5 2 1 2 9 0 5 2 1 ,2 9 0 9 2 9 3 4 0 9 2 9 ,3 4 0 1 5 8 ,1 4 2 1 5 8 1 4 2 2 5 7 ,6 7 0 2 5 7 6 7 0 1 ,1 0 3 ,1 5 0 1 1 0 3 1 5 0 4 1 9 9 7 6 0 4 ,1 9 9 ,7 6 0 44

  33. Borrow ings YTD in 2 0 1 0 Borrow ings YTD in 2 0 1 0 Quarter ended September 30, Nine months ended September 30, Mortgages Payable 2010 2010 (thousands of dollars, Weighted Weighted Average except other data) h d ) A Average A Average Term to T Contractual Contractual Contractual Contractual Maturity Debt Interest Rate Debt Interest Rate (years) New borrowings: Fixed rate term mortgages $242,740 4.72% $584,833 5.01% 5.77 - Floating rate term mortgages - 12,450 2.91% 5.00 Construction 5,667 3.85% 16,359 3.42% 1.34 Total $248,387 4.70% $613,642 4.92% 5.64 45

  34. Assets Available to Finance Assets Available to Finance • Content PRINCIPAL BALANCE OF DEBT MONITORING NBV of IPP 2009 NUMBER OF (in thousands) (in thousands) At September 30 At September 30, ANNUALIZED ANNUALIZED 2010 2010 2011 2011 PROPERTIES NOI (1) 2010 Collateral – Income Properties Encumbered Assets with Debt 2 61,943 6,463 12,598 - Maturing in 2010 g Encumbered Assets with Debt 8 224,696 19,945 - 121,977 Maturing in 2011 Unencumbered Assets at 73 791,799 66,355 - - September 30, 2010 Construction Financing on Properties Under 2 - - - 19,630 Development (2) VTB on Properties Under 1 33,957 2,581 847 - Development Development Unsecured Debt Maturity - - - - 200,000 TOTAL 86 1,112,395 95,344 13,445 341,607 (1) Excluding impact of straight-line rents and the differential between contractual and market rents. 46 (2) Projects include components that are income producing at September 30, 2010. NBV shown represents amounts in IPP only

  35. Looking Ahead g

  36. Future Grow th Drivers Future Grow th Drivers • Organic Growth – Contractual Rent Steps – contractual rent steps should generate $1.4 million in 2010 and $3.6 million in 2011 – Positive leasing spreads on maturing leases should provide positive same property NOI growth – Interest savings on maturing debt: 2010 and 2011 maturities currently carry an average interest rate of 5.8% providing an opportunity for RioCan to reduce interest expense at current interest rates – Closing the gap – economic occupancy versus committed occupancy provides an annual NOI impact of approximately $11.6 million • Acquisition Activity – RioCan intends to continue to be an active acquirer in 2011 – $663 million was completed in the first three quarters of 2010 $663 million was completed in the first three quarters of 2010 – $349 million completed or under contract after Sept. 30, 2010 – RioCan is very well positioned with a strong balance sheet to capitalize on acquisition opportunities expected in 2010 and 2011 • Greenfield Development p – completions from 2009 will provide additional income in 2010 – As at September 30, 2010, Greenfield Development projects comprise approximately 8.4 million square feet, of which RioCan’s ownership interest is approximately 3.4 million square feet. Once complete these developments should generate strong returns and improve the overall quality of the portfolio. g g p q y p 48

  37. Future Grow th Drivers Greenfield Land Use Institutional Organic Growth Acquisitions Development Intensification Relationships

  38. I nterest Savings I nterest Savings • RioCan’s debt ladder staggers maturities such that there are no single years with a large exposure to maturing debt. i l ith l t t i d bt • This enables RioCan to take advantage of low interest rate environments and insulates the impact of higher interest rate p g environments. • In 2010 by refinancing maturing debt with an interest rate in excess of 7% into debt with an average interest rate of excess of 7% into debt with an average interest rate of 4.96% RioCan has generated annual interest savings $6.7 million on refinanced mortgage debt. 50

  39. Debt Maturity Schedule Debt Maturity Schedule • Long-term, staggered debt maturity I n $ 0 0 0 ’s profile Mortgage Average Potential I nterest Savings if Maturities in 2 0 1 1 I nterest refinanced at • 5.6% Overall WAIR Rate • 4 4 Yea 4.4 Year weighted avg. term to eighted a g te m to 4 2 5 % 4 .2 5 % 4 .5 0 % 4 5 0 % 4 .7 5 % 4 7 5 % maturity $232,302 5.78% $3,554 $2,973 $2,393 • Minimal floating rate debt exposure (3.5% of total debt) • Financing mortgages today at well below 5% (4.25% 4.5% ) below 5% (4.25% -4.5% ) Debentures payable Mortgages payable $000s Scheduled principal amortization 1,200,000 8.00% Wtd . Avg. Interest Rate 1,000,000 7.00% 6.46% 800,000 5.82% 5.65% 6.00% 5.42% 5.30% 600,000 5.81% 5.00% e on Maturing Debt 5.01% 400,000 4.00% 200,000 0 3.00% 2010 2011 2012 2013 2014 2015 Thereafter 51 As at September 30, 2010

  40. Occupancy Analysis Occupancy Analysis As at September 30, 2010 • RioCan’s committed occupancy rate of 97.1% . Included in thi this rate is 492,000 square feet of leased but not yet open t i 492 000 f t f l d b t t t space, resulting in an economic occupancy rate of 95.8% • The gap of leased but not yet paying rent represents an additional $11.6 million of annualized rental revenue '000s Occupied 100.0% 1200 Occupancy 1000 97.5% 97 5% 800 1.30% 97.1% 600 95.0% 400 200 95.8% 92.5% 0 Q4 2010 Q1 Q2 Q3 90.0% 2011 2010 30 ‐ Jun ‐ 10 Monthly rent commencing Cumulative monthly rent commencing 52

  41. Portfolio Leasing Activity Portfolio Leasing Activity • YTD in Canada RioCan has renewed 2.8 million square feet at and average rent increase of $1.53 per square f foot or 9.7% t 9 7% • Retained 95% of expiring leases • Vacancies YTD as a result of unanticipated vacancies were 322 000 square feet at RioCan’s interest a were 322,000 square feet at RioCan s interest, a significant improvement from the 655,000 square feet at RioCan’s interest incurred in the same period in 2009 53

  42. Portfolio Leasing Activity Portfolio Leasing Activity New Grocery Enclosed Non-Grocery quarter ended Sept. 30, 2010 Urban Total Format Anchored Shopping Anchored Office Retail (sq ft in thousands) (sq t t ousa ds) Retail Retail Centre Centre Centre Centre Centre Centre Renewals at market rental rates Square feet renewed 456 97 182 100 66 10 1 Average net rent psf 21.43 24.35 20.83 20.30 17.02 44.26 19.50 Increase in average net rent psf 2.39 3.61 1.87 1.37 2.24 11.26 0.90 Fixed rental rate options in favour of our t tenants t Square feet renewed 485 213 52 219 – 1 – Average net rent psf 10.72 14.98 13.57 5.84 – 33.00 – Increase in average net rent psf 0.37 0.70 0.05 0.12 – 1.00 – Total: Square feet renewed 9 4 1 3 1 0 2 3 4 3 1 9 6 6 1 1 1 Average net rent psf 1 5 .9 1 1 7 .9 2 1 9 .2 1 1 0 .3 6 1 7 .0 2 4 3 .5 8 1 9 .5 Increase in average net rent psf 1 .3 5 1 .6 1 1 .4 7 0 .5 1 2 .2 4 1 0 .6 3 0 .9 0 Percent Increase 9 .3 % 9 .9 % 8 .3 % 5 .2 % 1 5 .2 % 3 2 .3 % 4 .8 % Canadian portfolio 54

  43. Organic Grow th – Lease Expires Organic Grow th Lease Expires LEASE EXPIRIES (in thousands, except psf Portfolio 2010 2011 2012 2013 2014 and percentage amounts) NLA (i) Square Feet: New Format Retail 17,635 220 1,186 1,216 1,445 1,501 Grocery Anchored Centre 7,571 170 966 1,003 560 1,229 Enclosed Shopping Centre 6,297 237 675 631 675 721 Non-Grocery Anchored Centre 1,873 40 87 119 201 138 Urban Retail 1,295 9 58 136 165 314 Office 1,583 91 260 94 143 102 Total 36,254 767 3,232 3,199 3,189 4,005 Square feet expiring/portfolio NLA NLA 2 10% 2.10% 8 90% 8.90% 8.80% 8 80% 8 80% 8.80% 11 00% 11.00% Average rent psf : New Format Retail 16.33 18.2 17.30 17.30 17.67 18.09 Grocery Anchored Centre 14.33 17.71 14.16 14.40 17.21 13.59 Enclosed Shopping Centre 11.13 13.41 11.97 12.35 14.58 13.60 Non-Grocery Anchored Centre 12.21 14.52 15.83 14.35 14.28 15.34 Urban Retail Urban Retail 22 36 22.36 25 63 25.63 19 43 19.43 29 20 29.20 15 11 15.11 16 97 16.97 Office 12.84 9.58 13.14 11.43 10.90 12.72 Total average net rent psf 14.86 15.49 14.91 15.63 16.28 15.58 55 (i) for the remainder of 2010

  44. Future Grow th Drivers Greenfield Land Use Institutional Organic Growth Acquisitions Development Intensification Relationships

  45. Future Grow th Drivers Acquisitions Acquisitions • RioCan has completed over $800 million of acquisitions year to date and over $1.2 billion over the past 12 months th • Year to date acquisitions have been completed at a weighted average cap rate of 7 7% weighted average cap rate of 7.7% • Financing used to complete these acquisitions has been completed at interest rates below 5% completed at interest rates below 5% Capitalization Purchase Price NLA Rate ( $ ’0 0 0 s) C n d Canada 7.3% 334,987 1,432,854 US 7.9% 479,552 3,303,786 Total 7 .7 % 8 1 4 ,5 3 9 4 ,7 3 6 ,6 4 0

  46. Acquisition Activity Assets Under Contract Assets Under Contract NLA (in RioCan’s sq.ft.) at RioCan’s C Capitalization it li ti purchase h Ri C RioCan’s ’ A Asset t Y Year ownership hi Property name and location Rate price (‘000s) interest class builtMajor tenant(s) and NLA interest CANADA Keswick Walmart, Keswick, ON 7.0% 20,942 122,061New 2010Walmart (151,000) 75% Format Retail Brant Power Centre, 7.4% 15,050 57,539New 2004Home Outfitters (32,000), Best 50% Burlington, ON Format Buy (31,000) Retail Millwoods Town Centre 7.7% 26,070 160,460Enclosed 1975Canadian Tire (88,000), Edmonton, AB Shopping Safeway (49,000), Zellers Centre (123,000) Repentigny Shoppers Drug Mart, 7.0% 5,450 17,000Non ‐ 2009Shoppers Drug Mart (17,000) 100% Montreal, QC Grocery Anchored Queensway, 6.0% 15,725 55,366New 2000Cineplex (87,510) 50% Toronto, ON Format Retail Total Canada 7.1% 83,237 412,426 UNITED STATES Inland Portfolio (remaining) Inland Portfolio (remaining) 7.7% 7 7% 69 142 69,142 484 812Various 484,812Various VariousVarious VariousVarious 80% 80% Red Rose Commons, 7.6% 28,471 210,762New 1998Home Depot*, Weis Markets*, 80% Lancaster, PA Format Sports Authority (43,091), Retail HH Greg (32,296), Office Max (30,078), PetSmart (28,710), Barnes & Noble (26,306) Whitehall Mall, 7.6% 16,296 278,751New 1965 Sears (212,850), Kohl’s 50% Whitehall PA Whitehall, PA Format Format /1998 /1998(81,785), Bed Bath & Beyond (81 785) Bed Bath & Beyond Retail (43,971), Gold’s Gym (27,213), Michael’s (22,965) 58 Total US 7.7% 113,909 974,325 Total 7.4% 197,146 1,386,751

  47. Future Grow th Drivers Greenfield Land Use Institutional Organic Growth Acquisitions Development Intensification Relationships

  48. Strong Developm ent Pipeline Strong Developm ent Pipeline • Greenfield developments through in-house capabilities and with partners, such as Trinity and Canada Pension Plan Investment Board (CPPIB) At Septem ber 3 0 , 2 0 1 0 • Total G eenfield de elopments comp ise 8 5 million sq a e feet incl ding shado Total Greenfield developments comprise 8.5 million square feet, including shadow anchors ancho s • RioCan’s owned interest consists of 3.6 million square feet • Total estimated project cost is $1.6 billion, with RioCan’s interest being approx. $743 million • Invested $363 million in these projects • RioCan’s funding obligations, before construction financing is $379 million ($46 million is for current development and $333 million is for potential future development) current development and $333 million is for potential future development) – In addition, RioCan will fund approx. $166 million under mezzanine lending program to certain partners, primarily Trinity Developments ($24 million is for current development and $142 million is for potential future development) • Generate unlevered yield between 7% to 11% , at a weighted average of 8.5% to 9.5% Strategic sales to CPPI B Strategic sales to CPPI B • In Q1 2008, RioCan and Trinity sold a 50% non-managing interest in the Jacksonport development in Calgary and St. Clair Avenue and Weston Road in Toronto development to CPPIB. In Q1 2010 RioCan successfully completed the rezoning of St Clair and Weston, which generated a total gain of $3.3 million • In October 2008, CPPIB purchased at 37.5% non-managing ownership interest in two of three phases in East Hills in Calgary. In Q1 2010 RioCan successfully completed the rezoning h h i E Hill i C l I Q1 2010 Ri C f ll l d h i of East Hills, which generated a total gain of $4.0 million • Significantly reduced development exposure on the three projects of $667 million • The sales to CPPIB enabled RioCan to recoup 100% of its equity in these projects • The sales further strengthened our existing relationship to Canada’s largest pension fund 60

  49. Strong Developm ent Pipeline Strong Developm ent Pipeline Lowe’s Centre Orleans RioCan is currently developing its 39 acre site at Lowe’s Centre Orleans at Innes Road and Belcourt Boulevard in Ottawa, Ontario into a 417,000 square foot new format retail centre. This joint venture development with our partner, Trinity, is anchored by Lowe’s Home Improvement Warehouse which owns its own location and has commenced operations. Other major tenants at the property include Allstate j p p y Insurance, CIBC, and Empire Theatres, which have all commenced operations. Construction is expected to commence in 2011 on an additional phase, which will feature a national supermarket tenant of approximately 35,000 square feet. Hazeldean Construction has commenced at RioCan’s joint venture development on Hazeldean Road, in Ottawa. This 33 acre site is currently being developed into a 393,000 square foot new format d l d i t 393 000 f t f t retail centre. The site will be anchored by Lowe’s Home Improvement Warehouse, which will own its own store. Lowe’s is expected to open in late 2010. RioCan has also commenced construction of the first phase of this property which will include Michael’s, Winners, HomeSense, and Bouclair. 61

  50. Strong Developm ent Pipeline Strong Developm ent Pipeline Okotoks RioCan has commenced construction at its Okotoks site in Okotoks, Alberta, located approximately 40 kilometres south of Calgary. This 31 acre property is a joint venture development with g y p p y j p Trinity and is currently being developed into a 434,000 square foot new format retail centre. The site is anchored by a 93,000 square foot Home Depot, which owns its own store. Costco, which will also own its own location, has begun construction and expects to open in the third quarter of 2010. 62

  51. Future Grow th Drivers Greenfield Land Use Institutional Organic Growth Acquisitions Development Intensification Relationships

  52. Land Use I ntensification Land Use I ntensification • Capitalize on trend in Canada’s six high growth markets towards “densifying” growth markets towards densifying existing urban locations, driven by: • Prohibitive costs of expanding infrastructure beyond urban boundaries beyond urban boundaries • Environmental concerns • Maximizing use of mass transit Maximizing use of mass transit • Generate high yields as land is already owned 64

  53. Yonge Eglinton Centre Toronto Ontario Toronto, Ontario • One of RioCan’s largest acquisitions at $223 million (acquired in January 2007) o (acqu ed Ja ua y 00 ) – 750,126 sq. ft. of office area and 264,391 sq. ft. of retail area • RioCan has launched a thorough revitalization and expansion plan that will capitalize on the area’s residential p intensification – Improvements to parking increased revenues by $500,000 – 46,000 sq. ft. of new retail, and a connection to the office towers and ingress/ egress to the food court and i / t th f d t d subway – A combined 12-storey, 210,000 sq. ft. expansion of the office towers – received Toronto City Council approval for received Toronto City Council approval for its development plans and is currently submitting plans for site plan approval, and subject to receipt of all approvals, it is expected that construction can begin in 2011 • Ri C RioCan’s leasing and capital improvement ’ l i d it l i t efforts have resulted in significant increases in NOI and occupancy 65

  54. Creating New Cash Flow Sources RioCan Yonge Eglinton Centre RioCan Yonge Eglinton Centre 66

  55. Creating New Cash Flow Sources RioCan Yonge Eglinton Centre – Proposed Retail Addition RioCan Yonge Eglinton Centre – Proposed Retail Addition 67

  56. Creating New Cash Flow Sources RioCan Yonge Eglinton Centre – Proposed Vertical Addition RioCan Yonge Eglinton Centre – Proposed Vertical Addition � Potential to add 210,000 square feet of office space Potential to add 210,000 square feet of office space 68

  57. Urban I ntensification 1 7 1 7 Avenue Road Toronto ON 1 7 1 7 Avenue Road, Toronto, ON • Rezoning urban properties to accommodate mixed use projects became RioCan REIT’s focus in the last several years • 1717 Avenue Road, Toronto � Assembled a city block over four year period located in one of the busiest nodes in Toronto on Avenue Road, between Fairlawn Avenue and St. Germain Avenue � The block was made up of four, one storey, properties, the largest being 21,000 sq. ft. strip centre anchored by an LCBO and Blockbuster � Ideal property for redevelopment into a mixed-use facility, in keeping with the trend i d f ili i k i i h h d of urban intensification � Residential air rights sold to Tribute Communities, who are developing this mixed-use property � RioCan REIT retained ownership of the RioCan REIT retained o nership of the retail portion and shares in a portion of the profits created on the sale of the condominiums � The residential component is 89% sold � The retail component is 90% leased � The retail component is 90% leased 69

  58. Urban I ntensification Queen & Portland Toronto ON Queen & Portland, Toronto, ON • One acre parking lot acquired in January 2006 • S Southwest corner of Queen and Portland Streets, f Q S occupying the entire length of the block • Ideal property for redevelopment into a mixed-use facility, in keeping with the trend of urban intensification • Development includes retail footprint - Loblaws occupying the bulk of the ground floor and all of the second floor, with a flagship Joe Fresh store and a Loblaws supermarket, while Winners will be occupying the third floor • Total retail space is 92,000 sq ft over three levels - 100% leased • Five-storey residential condominium, above the retail, unaffected by change – 85% sold • Residential air rights sold to Tribute Communities, who will develop this mixed-use property • RioCan REIT retained ownership of the retail portion and shares in a portion of the profits created on the sale of the condominiums 70

  59. Tillicum Centre Victoria BC Victoria, BC • Acquired in July 2002, expansion initiated in 2004 • 62,000 sq. ft. addition anchored 62,000 sq. ft. addition anchored by introduction of two marquee tenants • Fabricland relocated to a larger store and TD Bank also took occupancy during phase 2 • Despite various construction challenges owing to site’s geography, RioCan’s development team was able to development team was able to deliver on schedule and within budget • Mixed-use expansion scheduled for commencement in 2009, , and will feature 294,000 sq. ft. • In addition to improving tenant quality and aesthetics, the return on investment (“ROI”) t i t t (“ROI”) since acquisition has increased 71 by more than 100 bps

  60. Future Grow th Drivers Greenfield Land Use Institutional Organic Growth Acquisitions Development Intensification Relationships

  61. I nstitutional Relationships I nstitutional Relationships • Through the years RioCan has developed strong institutional relationships strong institutional relationships • Leverage RioCan’s capital to enhance returns and increase scale of investments • Generate additional revenue streams – Property and asset management fees 73

  62. I nstitutional Relationships I nstitutional Relationships Strong Partnerships Type Total Property Partner Partner of Partner o a t e GLA (sf) G (s ) GLA (sf) G (s ) Cedar Public 2,717,091 543,418 Inland Western Public 352,383 70,477 Kimco Public 8,885,608 4,442,804 CPPIB Institutional 1,793,971 896,986 Trinity Trinity Private Private 2 174 530 2,174,530 812 355 812,355 Kimco/Trinity Public/Private 331,283 220,855 Kimco/Fieldgate Public/Private 28,222 23,848 RRVLP (TIAA-CREF, OMERS) Public / Institutional 382,291 324,947 Sun Life Institutional 758,597 499,585 CMHC CMHC Private Private 370 454 370,454 185 227 185,227 Devimco – Quebec Hydro Private 1,128,134 564,067 Effort Properties Private 147,234 73,617 Bayfield Private 1,357,645 950,352 The Wynn Group Private 98,580 73,935 Fi First Gulf t G lf P i Private t 386 718 386,718 193 359 193,359 Tawse Private 244,409 122,205 Trinity / Shenkman / Tamuz Private 378,055 158,608 Frum Development Group Private 276,330 138,165 Dale-Vest Marketvest Private 66,720 40,352 Total 21,878,255 10,335,162 In addition to RioKim JV and CPPIB strategic alliance, RioCan REIT maintains numerous 74 other partnerships where partners rely on RioCan’s expertise in leasing, property management and development

  63. I nstitutional Relationships I nstitutional Relationships RioKim Joint Venture Brentwood Village • Ri C RioCan REIT and Kimco Realty REIT d Ki R lt Corporation, a U.S. REIT listed on the NYSE which also focuses on the ownership of shopping centres, each have a 50% interest in RioKim joint 50% interest in RioKim joint venture • Invested over $1.2 billion in 45 properties since 2001 comprising over 9.3 million sq. ft. Tillicum Centre of GLA of GLA • In September 2008, created a second joint venture partnership with Kimco (RioKim II) with the acquisition of a 10 properties portfolio in central and eastern p Canada • RioCan provides asset and property management, development and leasing services to RioKim 75

  64. I nstitutional Relationships I nstitutional Relationships CPPIB Joint Venture RioCan Centre Burloak - Before • I O t b In October 2004, RioCan REIT and 2004 Ri C REIT d CPPIB announced an agreement to acquire premier regional power centres in Canada on a 50/ 50 basis as a core, long-term holding strategy strategy • Today, RioCan and CPPIB are partners in over 1.3 million sq. ft. of completed regional power centres and approximately 3.0 million sq. ft. RioCan Centre Burloak - After of planned development projects of planned development projects • RioCan provides property and asset management, leasing, development and construction management services for the co-ownership 76

  65. I nstitutional Relationships I nstitutional Relationships CPPIB Strategic Alliance Grandview Corners • • Acq i ed in Decembe 2009 on a Acquired in December 2009 on a 50-50 basis • Unique asset located in the Greater Vancouver Area market of Surrey • Diverse and strong tenant mix Diverse and strong tenant mix • 42 acre site • 529,827 sq. ft. anchored by a 217,278 sq. ft. Walmart • Other major tenants include The Brick, Future Shop, Indigo St. Clair & W eston • RioCan has completed the rezoning for its St. Clair and Weston Road development with Trinity and Canada Pension Plan Investment Board (“CPPIB”) in Toronto Board ( CPPIB ) in Toronto. • Construction is anticipated to commence in the fourth quarter of 2010. • The 19 acre site is ultimately expected to feature a 570,000 square foot property situated within a unique two storey retail. f format t 77

  66. I nstitutional Relationships I nstitutional Relationships CPPIB Strategic Alliance In September 2008 the Trust and Trinity sold a 50% non-managing interest in two developments to CPP Investment Board. The two developments are Jacksonport located in Calgary, Alberta and St. Clair Avenue and Weston Road located in Toronto, Ontario. Additionally, in October 2008 RioCan and Trinity sold a 37.5% non-managing ownership interest in East Hills phases I and III a development featuring approximately 115 acres in Calgary Alberta to CPP interest in East Hills, phases I and III, a development featuring approximately 115 acres in Calgary, Alberta, to CPP Investment Board. East Hills • RioCan has successfully completed the rezoning requirements for its E East Hills development with Trinity, t Hill d l t ith T i it CPPIB and the original vendor in Calgary, Alberta. • The East Hills development consists of three phases. Phase I and III comprise approximately 111 acres and Phase II comprises approximately 37 acres. Jacksonport • Jacksonport, located at 36th Street NE and Country Hills Boulevard NE in Calgary is a Country Hills Boulevard NE in Calgary, is a 105 acre development site. • Will be developed into a new format retail centre • Upon completion, the development is expected to feature approximately 1.1 million square feet of retail space square feet of retail space. 78

  67. Sum m ary Sum m ary • Canada’s largest REIT • Seasoned management team • Seasoned management team • Excellent portfolio, solid tenants and diversified • Focus on urban markets • 86% of annualized rental revenue from national tenants national tenants • Conservative debt profile and access to capital • Strong institutional relationships • Solid development pipeline 79

  68. Senior Management Appendix A pp

  69. Experienced Managem ent Team Experienced Managem ent Team • Extensive experience in Canadian real estate market – Multi-disciplinary team with experience across a wide spectrum of real estate classes EDWARD SONSHINE, Q.C EDWARD SONSHINE, Q.C . – President & Chief Executive Officer, RioCan REI T • CEO of RioCan REIT since late 1993 and has overseen its growth from an asset base of under $100 million to its current enterprise value which is in excess of $8 billion • Previously practiced law for 15 years, during which he was awarded his Queen’s Counsel in 1983 • Member of the board of directors of Royal Bank of Canada, Chair of Chesswood y , Income Fund and Chair of Mount Sinai Hospital Foundation FREDERIC WAKS FREDERIC WAKS – Senior Vice President & Chief Operating Officer, RioCan REI T • COO of RioCan REIT since 1995 • Began real estate career in 1981 with Royal LePage, where he earned the honourable designation of Rookie of the Year in the Commercial Division and President’s Round designation of Rookie of the Year in the Commercial Division and President s Round Table • In 1984, he joined First Plazas as Vice President of Leasing/ Marketing. Moved to Dominion Trust in 1988, where he took on the position of Senior Vice President. From 1993 to 1995, acted as Vice-President, Retail Leasing for Confederation Life. RAGS DAVLOOR CA RAGS DAVLOOR CA – Senior Vice President & Chief Financial Officer RioCan REI T RAGS DAVLOOR, CA RAGS DAVLOOR, CA – Senior Vice President & Chief Financial Officer, RioCan REI T • CFO of RioCan REIT since 2008 • Over 25 years of real estate, management, finance, accounting and tax experience • Began his career with Arthur Anderson & Co where he spent 8 years in audit, tax and advisory roles, followed by over 10 years at O&Y Properties and O&Y REIT ultimately becoming CFO and p io to coming to RioCan at TD Sec becoming CFO, and prior to coming to RioCan at TD Securities as a Vice President ities as a Vice P esident and Director in corporate finance for two years, where he was focused 81 on real estate industry coverage.

  70. Supplemental Information Package Appendix B pp

  72. THIRD QUARTER 2010 SUPPLEMENTAL INFORMATION PACKAGE Q3 AFTER THE STORM TRUST INVESTMENT ESTATE REAL

  73. THIRD QUARTER 2010 Table of Contents Supplemental Information Package Real Estate Portfolio Fact Sheet.........................................1 FINANCIAL INFORMATION Operational and Financial Highlights..................................2 Consolidated Balance Sheets..............................................3 Consolidated Statement of Earnings...................................4 Consolidated Statement of Cash Flows..............................5 Results of Operations..........................................................6 Summary of Consolidated Debt...........................................7 INVESTMENT ACTIVITY Acquisitions.........................................................................8 Greenfield Development Projects................................11–15 Expansion and Redevelopment Projects...........................16 REAL ESTATE INFORMATION Leasing Activity..................................................................18 Renewal Activity.................................................................19 Property Ownership by Geographic Area..........................23 Portfolio Geographic Diversification.................................24 Occupancy..........................................................................24 Economic Versus Committed Occupancy..........................24 Top 50 Tenants..................................................................25 Top 10 Tenants – Canada...................................................26 Top 10 Tenants – US..........................................................26 Lease Expiries by Geographic Area...................................27 GENERAL General Information..........................................................28

  74. REAL ESTATE PORTFOLIO FACT SHEET Fact Sheet as at Sept 30, 2010 Canadian Properties US Properties Grand Total Net Leaseable Area ("NLA") (sq. ft.): Retail Office Total Retail Office Total Total Income Producing Properties 34,671,228 1,583,434 36,254,662 2,403,823 51,758 2,455,581 38,710,243 Properties Under Development 2,438,232 – 2,438,232 – – – 2,438,232 Total 37,109,460 1,583,434 38,692,894 2,403,823 51,758 2,455,581 41,148,475 Number of Tenancies 6,400 Occupancy Canadian Properties American Properties Total Retail 97.2% 98.4% 97.3% Office 92.2% 85.5% 91.9% Total: 97.0% 98.1% 97.1% Geographic Diversification Number of properties Percentage Income Properties of annualized producing under rental revenue properties development Total Ontario 56.3% 155 7 162 Quebec 16.5% 42 42 Alberta 11.6% 26 3 29 British Columbia 6.1% 14 14 New Brunswick 1.9% 6 1 7 Saskatchewan 0.5% 1 1 Manitoba 0.7% 2 2 Prince Edward Island 0.4% 1 1 Newfoundland 0.3% 2 2 Nova Scotia 0.1% 1 1 USA 5.6% 18 18 100.0% 268 11 279 Anchor and National Tenants (including US) Percentage of annualized rental revenue Percentage of total NLA Anchor and National Tenants 86.0% 83.9% Top Ten Sources of Revenue by Tenant (including US) Percentage of Weighted average remaining Ranking Tenant annualized rental revenue lease term (yrs) 1. Famous Players/Cineplex/Galaxy Cinemas 4.7% 12.6 Metro/A&P/Super C/Loeb/Food Basics 2. 4.6% 8.6 3. Walmart 4.4% 13.2 Canadian Tire/PartSource/Mark's Work Wearhouse 4. 3.8% 11.6 5. Zellers/The Bay/Home Outfitters 3.3% 9.1 Winners/HomeSense 6. 2.8% 4.8 7. Loblaws/No Frills/Fortinos/Zehrs/Maxi 2.7% 5.7 Staples/Business Depot 8. 2.2% 7.4 9. Reitmans/Penningtons/Smart Set/Addition-Elle/Thyme Maternity 1.9% 5.1 Shoppers Drug Mart 10. 1.7% 10.4 Total 32.1% Lease Expiries – Canada Lease expiries (NLA) Retail Class Total NLA 2010 2011 2012 2013 2014 New Format Retail 17,635,189 220,178 1,185,950 1,215,433 1,444,571 1,500,515 31.6% 1.2% 6.7% 6.9% 8.2% 8.5% Grocery Anchored Centre 7,570,736 170,447 966,236 1,003,289 559,559 1,229,087 51.9% 2.3% 12.8% 13.3% 7.4% 16.2% Enclosed Shopping Centre 6,297,125 236,555 674,690 631,282 675,400 721,438 46.7% 3.8% 10.7% 10.0% 10.7% 11.5% Non-Grocery Anchored Centre 1,873,343 40,077 87,452 118,952 201,054 137,723 31.2% 2.1% 4.7% 6.3% 10.7% 7.4% Urban Retail 1,294,833 9,171 58,215 136,161 165,060 314,474 52.8% 0.7% 4.5% 10.5% 12.7% 24.3% Office 1,583,434 90,495 259,876 93,739 143,163 102,111 43.5% 5.7% 16.4% 5.9% 9.0% 6.4% Total 36,254,662 766,923 3,232,419 3,198,856 3,188,807 4,005,348 2.1% 8.9% 8.8% 8.8% 11.0% Average net rent per square foot $ 14.86 $ 15.49 $ 14.91 $ 15.63 $ 16.28 $ 15.58 Lease Expiries – US Lease expiries (NLA) Retail Class Total NLA 2010 2011 2012 2013 2014 New Format Retail 1,354,257 1,072 5,886 23,394 62,145 19,744 8.3% 0.1% 0.4% 1.7% 4.6% 1.5% Grocery Anchored Centre 1,049,566 45,089 71,780 91,724 45,489 93,079 40.9% 4.3% 14.7% 8.7% 4.3% 8.9% Enclosed Shopping Centre 0 0 0 0 0 0 0.0% 0.0% 0.0% 0.0% 0.0% Non-Grocery Anchored Centre 0 0 0 0 0 0 0.0% 0.0% 0.0% 0.0% 0.0% Urban Retail 0 0 0 0 0 0 0.0% 0.0% 0.0% 0.0% 0.0% Office 51,758 4,645 11,159 4,329 9,932 3,654 65.1% 9.0% 21.6% 8.4% 19.2% 7.1% Total 2,455,581 50,806 88,825 119,447 117,566 116,477 2.1% 3.6% 4.8% 4.8% 4.8% Average net rent per square foot $ 17.10 $ 21.61 $ 19.64 $ 17.25 $ 15.01 $ 16.73 Third Quarter Ended September 30, 2010 Supplemental Information Package 1

  75. OPERATIONAL AND FINANCIAL HIGHLIGHTS Operational Information (thousands of square feet, except other data) As at September 30, 2010 June 30, 2010 December 31, September 30, US Canada Total US Canada Total 2009 2009 ** Number of properties: Income properties 18 250 268 8 246 254 243 234 Under development (i) – 11 11 – 11 11 12 13 Portfolio occupancy 98.1% 97.0% 97.1% 96.2% 97.0% 97.0% 97.4% 97.3% Net leasable area (“NLA”) at 100%* 4,002 55,193 59,185 1,425 54,549 55,974 54,301 52,102 Net leasable area (“NLA”) at RioCan’s interest: Total portfolio 2,455 36,255 38,710 1,039 35,476 36,515 35,103 33,920 Average in place rent $ 17.10 $ 14.86 $ 14.99 $ 18.02 $ 14.97 15.06 $ 14.40 $ 14.33 Completed Greenfield Development and land use intensification activities during the quarter ended – 9 9 – 10 10 39 230 Acquired during the quarter ended 1,417 838 2,255 420 245 665 1,194 231 Greenfield Development pipeline upon completion: Total project NLA – 8,446 8,446 – 8,493 8,493 8,480 8,623 RioCan’s interest of project NLA – 3,397 3,397 – 3,289 3,289 2,956 3,044 Percentage of portfolio rental revenue derived from: Six Canadian high growth markets (annualized) (ii) n/a 61.7% 61.7% n/a 63.8% 63.8% 66.3% 66.4% US market (annualized) 5.6% n/a 5.6% 3.1% n/a 3.1% n/a n/a National and anchor tenants (annualized) 86.0% 85.5% 84.5% 84.2% Largest tenant (annualized) 18.3% 4.9% 4.7% 33.3% 5.0% 4.9% 5.0% 5.1% Number of employees (excluding seasonal) 585 591 592 574 (i) The number of properties under development excludes those properties with phased development where tenancies have already commenced operations. These properties are included in the number of income properties. (ii) See discussion in “About RioCan”. * Includes retail owned anchors ** US portfolio information is only applicable beginning in the fourth quarter of 2009. Financial Information Three months ended September 30, Nine months ended September 30, 2010 2009 2010 2009 Total revenue $ 216,643 $ 189,022 $ 652,243 $ 567,448 Net earnings $ 39,172 $ 28,440 $ 123,553 $ 86,321 Net earnings per Unit – basic $ 0.16 $ 0.12 $ 0.51 $ 0.38 Net earnings per Unit – diluted $ 0.16 $ 0.12 $ 0.50 $ 0.38 FFO (i) $ 89,331 $ 71,600 $ 268,372 $ 210,075 FFO per Unit $ 0.36 $ 0.30 $ 1.10 $ 0.92 Distributions to unitholders $ 85,220 $ 81,036 $ 253,043 $ 236,284 Distributions to unitholders per Unit $ 0.345 $ 0.345 $ 1.035 $ 1.035 Distributions per Unit (annualized) $ 1.38 $ 1.38 $ 1.38 $ 1.38 Distributions to unitholders net of distribution reinvestment plan $ 71,574 $ 66,592 $ 211,988 $ 194,128 Distributions to unitholders net of distribution reinvestment plan per Unit $ 0.29 $ 0.28 $ 0.87 $ 0.85 Unit issue proceeds under distribution reinvestment plan $ 13,646 $ 14,444 $ 41,055 $ 42,156 Distribution reinvestment plan (“DRIP”) participation rate $ 16.0% 17.8% 16.2% 17.8% (i) A non generally accepted accounting principle (“GAAP”) measurement for which a reconciliation to net earnings can be found in RioCan’s discussion under “FFO”. Third Quarter Ended September 30, 2010 Supplemental Information Package 2

  76. CONSOLIDATED BALANCE SHEETS (unaudited – in thousands) As at September 30, As at December 31, 2010 2009 ASSETS Real estate investments Income properties $ 5,683,339 $ 5,042,151 Properties under development 360,522 263,293 Investments 59,236 50,219 Properties held for resale 9,433 8,730 Mortgages and loans receivable 208,283 235,683 6,320,813 5,600,076 Receivables and other assets 147,593 114,633 Cash and equivalents 32,371 146,842 $ 6,500,777 $ 5,861,551 LIABILITIES Mortgages payable and lines of credit $ 3,090,721 $ 2,669,054 Debentures payable 1,097,899 994,167 Accounts payable and other liabilities 218,345 192,644 Future income taxes 143,987 140,158 4,550,952 3,996,023 NON-CONTROLLING INTEREST 37,898 8,443 UNITHOLDERS’ EQUITY Unitholders’ equity 1,911,927 1,857,085 $ 6,500,777 $ 5,861,551 Debt Ratio Analysis At September 30, 2010 (unaudited – in thousands of dollars, except percentage amounts) September 30, 2010 Leverage ratio (Note 1) 57.1% % of debt at fixed rates 96.5% % of debt at floating rates 3.5% Note 1 Leverage Ratio Calculation Contractual debt Mortgages payable per balance sheet $ 3,090,721 Debentures payable per balance sheet 1,097,899 Add: Unamortized debt financing costs 16,412 Less: Unamortized differential between contractual and market interest rates on liabilities assumed at the acquisition of properties (5,272) $ 4,199,760 Aggregate assets Total assets per balance sheet $ 6,500,777 Add: Accumulated amortization of income properties 849,580 $ 7,350,357 Leverage Ratio (Defined by RioCan's Declaration of Trust) $ 4,199,760 / $ 7,350,357 57.14% Additional debt permitted to be at 60% leverage (($7,350,357 X 60%) – $4,199,760) / (1 – 60%) $ 526,136 Additional debt permitted to be at 59% leverage (($7,350,357 X 59%) – $4,199,760) / (1 – 59%) $ 334,026 The accompanying notes are an integral part of the consolidated financial statements Third Quarter Ended September 30, 2010 Supplemental Information Package 3

  77. CONSOLIDATED STATEMENTS OF EARNINGS (unaudited – in thousands, except per unit amounts) For the three months ended September 30, For the nine months ended September 30, 2010 2009 2010 2009 Revenue Rentals $ 205,800 $ 179,928 $ 610,954 $ 542,921 Fees and other income 4,410 3,931 12,622 11,223 Interest 3,573 4,966 11,603 13,237 Gain on properties held for resale 2,860 197 17,064 67 Total revenue 216,643 189,022 652,243 567,448 Expenses Property operating costs 66,354 62,238 202,432 195,561 Interest 53,201 49,616 158,368 142,130 General and administrative 6,011 5,464 19,282 18,095 Transition costs 1,144 104 2,217 1,587 Amortization 45,596 41,260 135,545 123,054 Total expenses 172,306 158,682 517,844 480,427 Earnings before income taxes and non-controlling interest 44,337 30,340 134,399 87,021 Future income tax expense 4,900 1,900 9,994 700 Non-controlling interest 265 – 852 – Net earnings $ 39,172 $ 28,440 $ 123,553 $ 86,321 Net earnings per unit – basic $ 0.16 $ 0.12 $ 0.51 $ 0.38 Net earnings per unit – diluted $ 0.16 $ 0.12 $ 0.50 $ 0.38 Weighted average number of units outstanding – basic 246,314 234,806 244,284 227,836 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited – in thousands) For the three months ended September 30, For the nine months ended September 30, 2010 2009 2010 2009 Net earnings $ 39,172 $ 28,440 $ 123,553 $ 86,321 Other comprehensive income (loss), net of tax Unrealized (loss) gain on interest rate swap agreements (3,657) (443) (2,992) 1,173 Unrealized loss on translation of self- sustaining foreign operations (4,536) – (1,960) – Unrealized gain (loss) on available-for-sale securities 94 – (7,056) – Reclassification of available-for-sale marketable securities to net earnings upon disposition – 622 – – Other comprehensive (loss) income (8,099) 179 (12,008) 1,173 Comprehensive income $ 31,073 $ 28,619 $ 111,545 $ 87,494 The accompanying notes are an integral part of the consolidated financial statements Third Quarter Ended September 30, 2010 Supplemental Information Package 4

  78. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited – in thousands, except per unit amounts) For the three months For the nine months ended September 30, ended September 30, 2010 2009 2010 2009 CASH FLOWS PROVIDED BY (USED IN): Operating activities Net earnings $ 39,172 $ 28,440 $ 123,553 $ 86,321 Items not affecting cash Amortization 46,116 41,626 136,685 124,102 Recognition of rents on a straight-line basis (1,544) (1,181) (5,705) (4,074) Unit based compensation expense 634 476 1,592 1,567 Amortization of the differential between contractual and market rents on in-place leases (1,143) (752) (2,940) (2,340) Future income tax expense 4,900 1,900 9,994 700 Properties held for resale 2,593 1,141 (1,380) 6,815 Acquisition and development of properties held for resale (1,229) (1,585) (2,721) (8,695) Changes in non-cash operating items and other 11,267 (5,773) (9,379) (22,536) Non-controlling interest 265 – 852 – Cash flows provided by operating activities 101,031 64,292 250,551 181,860 Investing activities Acquisition of income properties and properties under development (344,500) (24,532) (560,516) (78,720) Capital expenditures on income properties (44) (362) (1,903) (1,613) Capital expenditures on properties under development (31,553) (32,845) (59,645) (68,232) Maintenance capital expenditures recoverable from tenants (2,066) (1,207) (5,579) (2,105) Maintenance capital expenditures not recoverable from tenants (1,876) (768) (2,761) (2,179) Tenant installation costs (11,815) (5,445) (26,073) (17,483) Mortgages and loans receivable Advances (13,591) (7,254) (41,078) (55,847) Repayments 3,815 24,712 54,760 41,001 Investment in available-for-sale securities – 14,567 (19,559) 1,105 Cash flows used in investing activities (401,630) (33,134) (662,354) (184,073) Financing activities Mortgages payable Borrowings 245,927 89,780 607,549 385,243 Repayments (144,130) (59,730) (338,771) (173,009) Advances drawn against line of credit (3,044) – (3,044) – Issue of debentures payable 102,416 (71) 102,416 178,538 Repayment of debentures payable – (79,681) – (134,681) Distributions paid (84,276) (80,926) (251,962) (234,676) Distributions paid to non controlling interest (6,808) – (6,808) – Units issued under distribution reinvestment plan 13,895 14,757 41,799 43,170 Units repurchased under normal course issuer bid – – – (3,426) Issue of units 143,663 (137) 146,153 143,761 Cash flows provided by (used in) financing activities 267,643 (116,008) 297,332 204,920 Increase (decrease) in cash and equivalents during the period (32,956) (84,850) (114,471) 202,707 Cash and equivalents, beginning of period 65,327 298,934 146,842 11,377 Cash and equivalents, end of period $ 32,371 $ 214,084 $ 32,371 $ 214,084 Supplemental cash flow information Acquisition of real estate investments through assumption of liabilities and mortgages given by vendors $ 51,936 $ 15,978 $ 157,798 $ 15,978 Acquisition of real estate in settlement of mortgage receivable 14,298 – 23,136 – Mortgages taken back on property dispositions – – – (4,361) Interest paid 62,273 57,159 173,990 154,981 Cash equivalents, end of period 1,733 97,987 1,733 97,987 Distributions to unitholders per unit 0.345 0.345 1.035 1.035 The accompanying notes are an integral part of the consolidated financial statements Third Quarter Ended September 30, 2010 Supplemental Information Package 5

  79. RESULTS OF OPERATIONS The components of RioCan’s consolidated net earnings for each respective period are as follows: Three months ended Nine months ended September 30, Increase September 30, Increase 2010 2009 (decrease) 2010 2009 (decrease) (thousands of dollars, except per Unit amounts) Rental revenue $ 205,800 $ 179,928 14% $ 610,954 $ 542,921 13% Property operating costs 66,354 62,238 7% 202,432 195,561 4% Net operating income 139,446 117,690 18% 408,522 347,360 18% Fees and other income 4,410 3,931 12% 12,622 11,223 12% Interest income 3,573 4,966 (28%) 11,603 13,237 (12%) Gains on properties held for resale 2,860 197 nm 17,064 67 nm 150,289 126,784 449,811 371,887 Interest expense 53,201 49,616 7% 158,368 142,130 11% General and administrative expense 6,011 5,464 10% 19,282 18,095 7% IFRS and SIFT implementation costs 1,144 39 nm 2,217 230 nm Restructuring costs – 65 nm – 1,357 nm Non-controlling interest 602 – nm 1,572 – nm FFO (i) 89,331 71,600 25% 268,372 210,075 28% Amortization expense 45,596 41,260 11% 135,545 123,054 10% Future income tax expense 4,900 1,900 nm 9,994 700 nm Non-controlling interest – amortization expense (337) – (720) – nm Net earnings $ 39,172 $ 28,440 38% $ 123,553 $ 86,321 43% Net earnings per Unit – basic $ 0.16 $ 0.12 33% $ 0.51 $ 0.38 34% Net earnings per Unit – diluted 0.16 0.12 33% 0.50 0.38 32% FFO per Unit (i) $ 0.36 $ 0.30 20% $ 1.10 $ 0.92 20% “nm” – not meaningful (i) Refer to the discussion under FFO. NET OPERATING INCOME Consolidated NOI for the three and nine months ended September 30, 2010 and 2009 is as follows: Three months ended Nine months ended September 30, Increase September 30, Increase 2010 2009 (decrease) 2010 2009 (decrease) (thousands of dollars) Base rent $ 135,515 $ 117,820 15% $ 397,741 $ 350,538 13% Percentage rent 821 965 (15%) 2,282 2,357 (3%) Rents subject to tenants’ sales thresholds 1,316 1,482 (11%) 4,067 4,430 (8%) Property taxes and operating cost recoveries 63,444 59,430 7% 194,486 184,551 5% 201,096 179,697 598,576 541,876 Lease cancellation fees 4,704 231 nm 12,378 1,045 nm Rental revenue 205,800 179,928 14% 610,954 542,921 13% Recoverable property taxes and operating costs 64,580 59,369 9% 198,121 185,927 7% Non-recoverable property operating and site administration costs 1,774 2,869 (38%) 4,311 9,634 (55%) Property operating costs 66,354 62,238 7% 202,432 195,561 4% NOI $ 139,446 $ 117,690 18% $ 408,522 $ 347,360 18% NOI as a percentage of rental revenue (excluding the impact of lease cancellation fees) 67% 65% 2% 66% 64% 2% “nm” – not meaningful. Third Quarter Ended September 30, 2010 Supplemental Information Package 6

  80. SUMMARY OF CONSOLIDATED DEBT As at September 30, 2010 and December 31, 2009, RioCan’s capital structure was as follows: September 30, December 31, Increase 2010 2009 (decrease) (thousands of dollars, except percentage amounts) Capital: Mortgages payable $ 3,090,721 $ 2,669,054 $ 421,667 Debentures payable 1,097,899 994,167 103,732 Unitholders’ equity 1,911,927 1,857,085 54,842 Total capital $ 6,100,547 $ 5,520,306 $ 580,241 Debt to Aggregate Assets ratio 57.1% 55.6% 1.5% CONTRACTUAL DEBT REPAYMENT Contractual Principal maturities Weighted Weighted Weighted Scheduled average average average (thousands of dollars, except principal Mortgages interest Debentures interest interest percentage amounts) As at September 30, 2010 amortization payable rate payable rate Total rate Year ending December 31: 2010 (i) $ 17,537 $ 13,455 5.82% $ – – $ 30,982 5.82% 2011 72,294 160,008 5.78% 200,000 4.91% 432,302 5.30% 2012 71,366 236,866 6.01% 220,000 5.25% 528,232 5.65% 2013 66,425 413,513 5.49% 150,000 5.23% 629,938 5.42% 2014 56,707 424,782 5.75% 180,000 8.33% 661,489 6.46% 2015 45,174 646,025 5.01% 253,150 5.02% 944,349 5.01% Thereafter 89,633 782,835 5.79% 100,000 5.95% 972,468 5.81% $ 419,136 $ 2,677,474 $ 1,103,150 $ 4,199,760 (i) Amounts pertain to the remaining three months of 2010 Interest coverage and debt service coverage ratios are as follows: Interest Coverage and Debt Service Coverage Ratios Rolling 12 month Analysis for the period ended (i) (ii) September 30, June 30, September 30, Q3 2010 Annualized 2010 2010 2009 Interest coverage ratio 2.48 2.42 2.36 2.38 Debt service coverage ratio 1.92 1.87 1.82 1.82 (i) Interest coverage defined as: GAAP net earnings for a rolling twelve month period, before net interest expense, income taxes and income property amortization (including provisions for impairment) divided by total interest expense (including interest that has been capitalized). (ii) Debt service coverage defined as: GAAP net earnings for a rolling twelve month period, before net interest expense, income taxes and income property amortization (including provisions for impairment) divided by total interest expense and scheduled mortgage principal amortization (including interest that has been capitalized). Third Quarter Ended September 30, 2010 Supplemental Information Package 7

  81. ACQUISITIONS DURING 2010 During the three months ended September 30, 2010, RioCan completed total acquisitions of $ 372 million, representing RioCan’s proportionate share of the purchase price, ($ 427.7 million, representing 100% of the purchase price and including closing costs) comprised of approximately 2.3 million additional square feet. During the nine months ended September 30, 2010, RioCan completed total acquisitions of $ 663 million, representing RioCan’s proportionate share of the purchase price, ($ 752.3 million, representing 100% of the purchase price and including closing costs) comprised of approximately 3.7 million additional square feet. Weighted Average RioCan’s NLA (in Remaining purchase sqft) at Lease Largest RioCan’s Capitalization price (i) RioCan’s Asset Year % Term tenant(s) ownership Property name and location rate (‘000s) interest class (ii) Built Leased (years) (iii) and NLA interest CANADA Gatineau Walmart Centre, 6.7% $ 51,239 287,765 NFR 2006 98.5% 12 Walmart (158,801), 100% Gatineau, QC Golf Town (18,761) Hamilton Walmart Centre, 6.7% 49,436 214,486 NFR 2008/ 99.3% 11 Walmart (133,555), 100% Hamilton, ON 2009 Dollar Giant (10,118) Niagara Square, 8.4% 7,050 57,343 ESC 1977/ 83.3% 13 Cineplex (45,853), 30% Niagara Falls, ON 1987/ Winners (31,967), (Additional 15% interest) 2008 Sport Chek (20,160), Future Shop (20,027) RioCan Centre Gravenhurst, 7.5% 19,508 99,395 NFR 2008/ 100% 18 Canadian Tire (76,403), 100% Gravenhurst, ON (Additional 2009 Sobeys (41,360) 66.67% interest) Vaudreuil Shopping Centre, 7.6% 23,144 118,330 NFR 2006/ 100% 9 Super C*, Canadian Tire*, 100% Vaudreuil-Dorion, QC 2007 Bureau en Gros (20,000), Golf Town (15,000) Wharncliffe Centre, 7.0% 12,687 60,711 GA 1991 100% 7 No Frills (40,140) 100% London, ON Total Canada 7.0% 163,064 838,030 UNITED STATES Inland Western Portfolio Acquisitions: Bear Creek Shopping Center, 7.7% 12,987 70,330 GA 2001 100% 5 HEB Supermarket 80% Houston, TX (61,805), GNC (1,300), Papa John’s (1,500) Cypress Mill Plaza, Houston, TX 7.7% 12,228 93,125 NFR 2005 100% 7 Walmart*, Home Depot*, 80% Hobby Lobby (59,898), Palais Royale (24,000), Dollar Tree (9,998) New Forest Crossing, Houston, 7.7% 13,683 118,452 NFR 2005 100% 4 Lowe’s*, Walmart*, Big 80% TX Lots (34,076), Ross Dress for Less (30,047), Petsmart (18,975) 7.7% 38,898 281,907 Cedar Creekview Centre, Warrington, 7.6% 21,653 108,869 NFR 2001 100% 7 Target*, Lowe’s*, 80% PA Genuardi’s Supermarket (Safeway) (48,966), LA Fitness (38,000). Bed, Bath & Beyond (25,000) Monroe Marketplace, 7.6% 35,392 272,814 NFR 2008 100% 12 Target*, Giant Foods 80% Sellinsgrove, PA Supermarket (127,000), Kohl’s (68,430), Dick’s Sporting Goods (51,119), Best Buy (22,504), Michael’s (20,649), PetSmart (18,156), Staples (14,730) Third Quarter Ended September 30, 2010 Supplemental Information Package 8

  82. Weighted Average RioCan’s NLA (in Remaining purchase sqft) at Lease Largest RioCan’s Property name and Capitalization price (i) RioCan’s Asset Year % Term tenant(s) ownership location rate (‘000s) interest class (ii) Built Leased (years) (iii) and NLA interest New River Valley Centre, 7.6% 22,751 131,730 NFR 2007 100% 7 Best Buy (30,041), 80% Christiansburg, VA Ross Dress for Less (30,037), Bed Bath & Beyond (24,152), Staples (20,443), PetSmart (17,878), Old Navy (15,413) Pitney Road Plaza, 7.6% 9,127 36,732 NFR 2009 100% 9 Costco*, Lowe’s*, 80% Lancaster, PA Best Buy (45,915) Sunrise Plaza, 7.6% 21,766 203,168 NFR 2007 97.3% 22 Home Depot (130,601), 80% Forked River, NJ Kohl’s (96,171), Staples (20,388) Montville Commons 7.7% 15,844 94,333 GA 2007 100% 10 Home Depot*, 80% Shopping Center, Stop & Shop (63,000) Montville, CT Exeter Commons, 7.8% 43,630 287,257 NFR 2009 100% 15 Target*, Lowe’s (171,069), 80% Reading, PA Giant Foods Supermarket (81,715), Staples (18,008) 7.7% 170,163 1,134,904 Total US 7.7% 209,061 1,416,811 Third Quarter 2010 7.4% 372,125 2,254,841 Acquisitions CANADA Halton Hills 7.2% 10,275 75,366 GA 1979 100% 9 Food Basics (36,002), 100% Georgetown, ON Dollarama (10,970), TD Bank (10,000), Bulk Barn (5,000) Clappison Crossing 7.3% 20,554 133,628 NFR 2007 100% 18 Walmart (151,448), 100% Flamborough, ON Rona (98,546), (Additional 50% interest) LCBO (11,882), Bank of Nova Scotia (5,380) Corbett Centre 7.3% 8,728 36,515 NFR 2008 100% 9 Home Depot*, Costco*, 100% Fredericton, NB Michael’s (17,438), (Additional 37.5% interest) Winners (29,948), Dollarama (10,301), PetSmart (9,589) Total Canada 7.2% 39,557 245,509 UNITED STATES Cedar “Initial Portfolio” Acquisitions: Loyal Plaza 8.5% 22,963 235,060 GA 1969/ 100% 22 Giant Food Supermarkets 80% Williamsport, PA 2000 (66,935), K-Mart (102,558), Staples(20,555), Eckerd Drugs (10,908) Stop & Shop Plaza 8.5% 7,304 43,609 GA 2006 100% 20 Stop & Shop (54,510) 80% Bridgeport, CT Shaw’s Plaza 8.5% 16,572 141,288 GA 1984 93.7% 22 Shaw’s Supermarkets 80% Raynham, MA (60,748), Marshalls (25,752), CVS (10,125) Total US 8.5% 46,839 419,957 Second Quarter 2010 7.9% 86,396 665,466 Acquisitions Third Quarter Ended September 30, 2010 Supplemental Information Package 9

  83. Weighted Average RioCan’s NLA (in Remaining purchase sqft) at Lease Largest RioCan’s Property name and Capitalization price (i) RioCan’s Asset Year % Term tenant(s) ownership location rate (‘000s) interest class (ii) Built Leased (years) (iii) and NLA interest CANADA Portfolio Acquisition: Market at Citadel Village 7.5% 17,413 51,029 NGA 2007/ 97.4% 10 Shoppers Drug Mart (17,020) 100% St. Albert, AB 2008 Summerwood Centre 7.5% 29,524 83,911 GA 2008/ 100% 16 Save-On-Foods (41,265), 100% Sherwood Park, AB 2009 Shoppers Drug Mart (16,911) Timberlea Landing 8.2% 63,063 105,467 MIX 2008 100% 13 ATB, Regional Municipality of 100% Fort McMurray, AB Wood Buffalo 7.9% 110,000 240,407 Chapman Mills Marketplace 6.8% 11,884 53,979 NFR 100% 8 Walmart (130,000), 75% Ottawa, ON (Additional Galaxy Cinemas (26,905), 12.5% interest) Winners (26,240), Staples (25,890), Loblaws* (115,000) Total Canada 7.8% 121,884 294,386 UNITED STATES Cedar “Initial Portfolio” Acquisitions: Franklin Village Plaza 8.5% 45,995 244,974 GA/Office 1987/ 87.2% 14 Stop & Shop (75,000), 80% Franklin, MA 2005 Marshalls (26,890), Bath & Body Works (2,500), Bank of America (2,550) Columbus Crossing 8.5% 20,645 113,734 GA 2001 100% 14 Super Fresh (61,506), 80% Philadelphia, PA Old Navy (25,000), AC Moore (22,000) 8.5% 66,640 358,708 Town Square Plaza 8.3% 16,064 102,109 NFR 2008 100% 16 Giant Food Supermarkets 80% Reading, PA (73,727), AC Moore (21,600) Total US 8.5% 82,704 460,817 First Quarter 2010 8.1% $204,588 755,203 Acquisitions YTD 2010 Acquisitions: Canada 7.3% 324,505 1,377,925 US 8.0% 338,604 2,297,585 YTD 2010 Acquisitions 7.7% 663,109 3,675,510 (i) Excludes closing costs and other acquisition related costs. (ii) “GA” – Grocery Anchored; “NGA” – Non Grocery Anchored; “MIX” – Mixed Use; “NFR” – New Format Retail; “ESC” – Enclosed Shopping Centre (iii) Weighted average based on gross rental revenue. * – Shadow Anchor Third Quarter Ended September 30, 2010 Supplemental Information Package 10

  84. GREENFIELD DEVELOPMENT PROJECTS Highlights of RioCan’s development pipeline as at September 30, 2010, are as follows: As at September 30, 2010 Estimated square feet upon completion of the development project RioCan’s interest Retailer RioCan’s Potential Total owned and Income Under Future RioCan’s % estimated anchors partners’ producing development Developments Total Total (thousands of square feet, except percentage amounts) ownership development (ii) interests (“IPP”) (“PUD”) (iii) RioCan partner RioCan owned: Avenue Road, Toronto, ON 100% 21 – 21 – 21 – 21 – RioCan Centre Barrie, Barrie, ON 100% 261 – 261 220 20 21 261 – Clappison’s Crossing, Hamilton, ON 100% 317 – 317 267 44 6 317 – Corbett Centre, Fredericton, NB 100% 474 242 232 100 42 90 232 – Eglinton Avenue & Warden Avenue, Toronto, ON 100% 169 – 169 116 28 25 169 – RioCan Gravenhurst, Gravenhurst, ON 100% 301 – 301 150 – 151 301 – Queen Street & Portland Street, Toronto, ON 100% 91 – 91 – 91 – 91 – RioCan Renfrew Centre, Renfrew, ON 100% 210 74 136 53 – 83 136 – 1,844 316 1,528 906 246 376 1,528 – Co-ownerships: Trinity Grant Crossing, Ottawa, ON 33.3% 401 128 273 – 57 34 91 182 Highway 401 & Thickson Road – Phase I, Whitby, ON 25% 205 – 205 24 – 26 50 155 Lowe’s Centre Orleans, Ottawa, ON 33.3% 397 142 255 19 45 22 86 169 Cimarron Shopping Centre, Okotoks, AB 50% 433 244 189 – 39 56 95 94 RioCan Centre Vaughan, Vaughan, ON Ph 2 & 3 (i) 31.25% 300 – 300 – – 94 94 206 Stouffville, ON 83.5% 179 – 179 – – 149 149 30 1,915 514 1,401 43 141 381 565 836 CPPIB/Trinity East Hills, Calgary, AB 37.5% 1,586 – 1,586 – – 595 595 991 Jacksonport, Calgary, AB 25% 1,141 427 (iv) 714 – – 179 179 535 St. Clair Avenue & Weston Road, Toronto, ON 25% 570 – 570 – – 142 142 428 3,297 427 2,870 – – 916 916 1,954 Other Westney Road & Taunton Road, Ajax, ON 20% 173 – 173 9 4 22 35 138 Windfield Farms, Oshawa, ON 33.3% 1,217 156 1,061 – – 354 354 707 1,390 156 1,234 9 4 376 389 845 Total Development NLA 8,446 1,413 7,033 958 391 2,049 3,398 3,635 Lands Under Conditional Contract Alberta 370 Ontario 971 PEI 660 Total Lands Under Conditional Contract 2,001 Total Development Projects 10,447 RioCan is committed to property development and redevelopment opportunities, and is focused on completing the construction of the development pipeline underway, on time and on budget, and continuing to make progress on leasing. As a result of the current economic environment, it is expected that the commencement of construction for several of the development projects will be deferred until economic conditions warrant. Potential anchor tenants are currently more cautious in committing to new developments, which will impact the timing of several developments, as RioCan will not commence construction until it has secured the requisite leasing commitments and appropriate risk-adjusted returns. Our estimated development project square footage and development costs are subject to change, which may be material, as assumptions regarding, among other items, anchor tenants, land sales to shadow anchors, tenant rents, building sizes, project completion timelines and project costs, are updated periodically based on revised site plans, our cost tendering process and continuing tenant negotiations. (i) RioCan purchased Trinity and Strathallen’s interests in Phase 1 of this property in September 2009. (ii) Retailer owned anchors include both completed and sale transactions under contract. (iii) Future development projects will be deferred until economic conditions warrant. RioCan will not commence construction until it has secured the requisite leasing commitments and appropriate risk-adjusted returns. (iv) Retailer owned anchor contemplated in the site plan (for projection purposes only). Third Quarter Ended September 30, 2010 Supplemental Information Package 11

  85. As at September 30, 2010 Anticipated date of development completion RioCan’s Leasing Potential % activity Current future (thousands of square feet, except percentage amounts) ownership (i) % leased development developments Anticipated anchors (ii) RioCan owned: Avenue Road, Toronto, ON 100% 19 90% Q2 2011 – RioCan Centre Barrie, Barrie, ON 100% 240 92% Q4 2010 2013 Loblaws, Lowe’s Clappison’s Crossing, Hamilton, ON 100% 296 93% Q1 2012 2012 Rona, Wal-Mart, Staples Corbett Centre, Fredericton, NB 100% 108 47% Q3 2011 2012-2013 Home Depot *, Costco *, Winners Eglinton Avenue & Warden Avenue, 100% 144 85% Q4 2010 2012 Zellers Toronto, ON RioCan Gravenhurst, Gravenhurst, ON 100% 150 50% – 2012-2013 Canadian Tire, Sobeys Queen Street & Portland Street, Toronto, ON 100% 91 100% Q3 2011 – Loblaws, Winners RioCan Renfrew Centre, Renfrew, ON 100% 53 39% – 2012-2013 Loblaws *, Staples 1,101 72% Co-ownerships: Trinity Grant Crossing, Ottawa, ON 33.3% 149 55% 2010-2011 2011-2012 Lowe’s*, Winners Highway 401 & Thickson Road – Phase I, 25% 99 48% – 2011-2013 Rona Whitby, ON Lowe’s Centre Orleans, Ottawa, ON 33.3% 178 70% 2010-2011 2011-2012 Lowe’s*, Food Basics Cimarron Shopping Centre, Okotoks, AB 50% 65 34% Q1 2011 2011-2012 Home Depot *, Costco *, Winners RioCan Centre Vaughan, Vaughan, ON Ph 2 & 3 31.25% – 0% – 2012-2013 Stouffville, ON 83.5% – 0% – 2012-2013 491 35% CPPIB/Trinity East Hills, Calgary, AB 37.5% – – – 2012-2014 (iii) - Jacksonport, Calgary, AB 25% – – – 2012-2014 (iii) - St. Clair Avenue & Weston Road, Toronto, ON 25% – – – 2011-2013 (iii) - – – Other Westney Road & Taunton Road, Ajax, ON 20% 65 38% Q2 2011 2012-2013 Sobeys Windfield Farms, Oshawa, ON 33.3% – – – 2014 (iii) - 65 38% 1,657 24% RioCan is committed to property development and redevelopment opportunities, and is focused on completing the construction of the development pipeline underway, on time and on budget, and continuing to make progress on leasing. As a result of the current economic environment, it is expected that the commencement of construction for several of the development projects will be deferred until economic conditions warrant. Potential anchor tenants are currently more cautious in committing to new developments, which will impact the timing of several developments, as RioCan will not commence construction until it has secured the requisite leasing commitments and appropriate risk-adjusted returns. Our estimated development project square footage and development costs are subject to change, which may be material, as assumptions regarding, among other items, anchor tenants, land sales to shadow anchors, tenant rents, building sizes, project completion timelines and project costs, are updated periodically based on revised site plans, our cost tendering process and continuing tenant negotiations. (i) Leasing activity includes leasing that is conditional on receiving municipal approvals and meeting construction deadlines. (ii) Anchors that are retailer owned are designated with an asterisk (*). (iii) The first phases are expected to be substantially complete by the dates indicated. Third Quarter Ended September 30, 2010 Supplemental Information Package 12

  86. As at September 30, 2010 Estimated remaining construction Acquisition and development expenditures incurred to date expenditures to complete RioCan’s interest RioCan’s Estimated Amount Amount % project cost included included in Partners’ RioCan’s Partners’ (thousands of dollars) ownership (100%) (i) in IPP PUD Total interest Total interest interest Total RioCan owned: Avenue Road, Toronto, ON 100% $ 24,431 $ – $ 22,210 $ 22,210 $ – $ 22,210 $ 2,221 $ – $ 2,221 RioCan Centre Barrie, Barrie, ON 100% 38,605 27,632 4,042 31,674 – 31,674 6,931 – 6,931 Clappison’s Crossing, Hamilton, ON 100% 52,209 33,767 8,288 42,055 – 42,055 10,154 – 10,154 Corbett Centre, Fredericton, NB 100% 45,287 18,668 6,122 24,790 – 24,790 20,497 – 20,497 Eglinton Avenue & Warden Avenue, Toronto, ON 100% 44,624 23,270 15,799 39,069 – 39,069 5,556 – 5,556 RioCan Gravenhurst, Gravenhurst, ON 100% 61,036 30,539 8,762 39,301 – 39,301 21,735 – 21,735 Queen Street & Portland Street, Toronto, ON 100% 38,078 (ii) – 27,029 27,029 – 27,029 11,049 – 11,049 RioCan Renfrew Centre, Renfrew, ON 100% 29,198 11,098 3,150 14,248 – 14,248 14,950 – 14,950 333,468 144,974 95,402 240,376 – 240,376 93,093 – 93,093 Co-ownerships: Trinity Grant Crossing, Ottawa, ON 33.3% 68,699 – 10,682 10,682 21,365 32,047 12,217 24,434 36,651 Highway 401 & Thickson Road – Phase I, Whitby, ON 25% 40,465 4,768 671 5,439 16,318 21,757 4,677 14,031 18,708 Lowe’s Centre Orleans, Ottawa, ON 33.3% 60,131 4,948 7,109 12,057 24,116 36,173 7,987 15,971 23,958 Cimarron Shopping Centre, Okotoks, AB 50% 46,208 – 9,631 9,631 9,630 19,261 13,475 13,472 26,947 RioCan Centre Vaughan, Vaughan, ON Ph 2 & 3 31.25% 60,577 – 6,930 6,930 20,708 27,638 10,293 22,646 32,939 Stouffville, ON 83.5% 41,931 – 20,091 20,091 3,970 24,061 14,921 2,949 17,870 318,011 9,716 55,114 64,830 96,107 160,937 63,570 93,503 157,073 CPPIB/Trinity East Hills, Calgary, AB 37.5% 339,765 – 21,497 21,497 35,829 57,326 105,916 176,524 282,440 Jacksonport, Calgary, AB 25% 183,044 – 13,045 13,045 39,136 52,181 32,715 98,148 130,863 St. Clair Avenue & Weston Road, Toronto, ON 25% 135,622 – 8,088 8,088 24,264 32,352 25,817 77,453 103,270 658,431 – 42,630 42,630 99,229 141,859 164,448 352,125 516,573 Other Westney Road & Taunton Road, Ajax, ON 20% 48,115 2,450 2,339 4,789 19,154 23,943 4,834 19,338 24,172 Windfield Farms, Oshawa, ON 33.3% 192,244 – 10,708 10,708 21,416 32,124 53,374 106,746 160,120 240,359 2,450 13,047 15,497 40,570 56,067 58,208 126,084 184,292 $ 1,550,269 $ 157,140 $ 206,193 $ 363,333 $ 235,906 $ 599,239 $ 379,319 $ 571,712 $ 951,031 RioCan is committed to property development and redevelopment opportunities, and is focused on completing the construction of the development pipeline underway, on time and on budget, and continuing to make progress on leasing. As a result of the current economic environment, it is expected that the commencement of construction for several of the development projects will be deferred until economic conditions warrant. Potential anchor tenants are currently more cautious in committing to new developments, which will impact the timing of several developments, as RioCan will not commence construction until it has secured the requisite leasing commitments and appropriate risk-adjusted returns. Our estimated development project square footage and development costs are subject to change, which may be material, as assumptions regarding, among other items, anchor tenants, land sales to shadow anchors, tenant rents, building sizes, project completion timelines and project costs, are updated periodically based on revised site plans, our cost tendering process and continuing tenant negotiations. (i) Proceeds from sale to shadow anchors reduce projected cost. (ii) Estimated project cost has been reduced by a $11.5 million lease termination payment in January 2009. Third Quarter Ended September 30, 2010 Supplemental Information Package 13

  87. As at September 30, 2010 Estimated remaining development activity to be funded by RioCan 2010 2011 2012 & Thereafter Future Development RioCan’s % RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine RioCan’s Mezzanine (thousands of dollars) ownership interest financing interest financing interest financing interest financing RioCan owned: Avenue Road, Toronto, ON 100% $ 834 $ – $ 1,386 $ – $ – $ – $ – $ – RioCan Centre Barrie, Barrie, ON 100% 285 – 62 – 62 – 6,522 – Clappison’s Crossing, Hamilton, ON 100% 1,039 – 7,409 – – – 1,706 – Corbett Centre, Fredericton, NB 100% 334 – 1,289 – 141 – 18,733 – Eglinton Avenue & Warden Avenue, Toronto, ON 100% 1,764 – 81 – – – 3,709 – RioCan Gravenhurst, Gravenhurst, ON 100% 118 – 86 – 68 – 21,462 – Queen Street & Portland Street, Toronto, ON 100% 869 – 10,180 – – – – – RioCan Renfrew Centre, Renfrew, ON 100% 47 – 192 – 177 – 14,534 – 5,290 – 20,685 – 448 – 66,666 – Co-ownerships: Trinity Grant Crossing, Ottawa, ON 33.3% 1,188 2,376 3,883 7,767 491 982 6,654 13,308 Highway 401 & Thickson Road – Phase I, Whitby, ON 25% 2 2 1 1 – – 4,675 4,675 Lowe’s Centre Orleans, Ottawa, ON 33.3% 684 1,367 3,554 7,107 251 502 3,497 6,995 Cimarron Shopping Centre, Okotoks, AB 50% 2,002 1,001 1,028 514 342 171 10,101 5,050 RioCan Centre Vaughan, Vaughan, ON Ph 2 & 3 31.25% 64 – 1,306 – 94 – 8,830 – Stouffville, ON 83.5% 199 39 178 35 178 35 14,366 2,839 4,139 4,785 9,950 15,424 1,356 1,690 48,123 32,867 CPPIB/Trinity East Hills, Calgary, AB 37.5% 135 67 536 268 990 495 104,254 52,127 Jacksonport, Calgary, AB 25% 134 134 262 262 502 502 31,817 31,817 St. Clair Avenue & Weston Road, Toronto, ON 25% 9 9 298 298 287 287 25,224 25,224 278 210 1,096 828 1,779 1,284 161,295 109,168 Other Westney Road & Taunton Road, Ajax, ON 20% 182 – 281 – 41 – 4,167 – Windfield Farms, Oshawa, ON 33.3% 416 – 375 – 335 – 52,246 – 598 – 656 – 376 – 56,413 – $ 10,305 $ 4,995 $ 32,387 $16,252 $3,959 $ 2,974 $ 332,497 $ 142,035 RioCan is committed to property development and redevelopment opportunities, and is focused on completing the construction of the development pipeline underway, on time and on budget, and continuing to make progress on leasing. As a result of the current economic environment, it is expected that the commencement of construction for several of the development projects will be deferred until economic conditions warrant. Potential anchor tenants are currently more cautious in committing to new developments, which will impact the timing of several developments, as RioCan will not commence construction until it has secured the requisite leasing commitments and appropriate risk-adjusted returns. Our estimated development project square footage and development costs are subject to change, which may be material, as assumptions regarding, among other items, anchor tenants, land sales to shadow anchors, tenant rents, building sizes, project completion timelines and project costs, are updated periodically based on revised site plans, our cost tendering process and continuing tenant negotiations. Third Quarter Ended September 30, 2010 Supplemental Information Package 14

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