B U Il D in G F O R T O M O R R

TOMORROW

STRENGTHENING TODAY, TODAY, STRENGTHENING BUILDING FOR BUILDING

Annual and Special Meeting | June 2020 RioCan’s AGM 2020 PROGRAM

• Welcome & Administrative Matters • Financial Statements • Nomination & Election of Board Trustees • Re-Appointment of the Auditor • Amendment to Declaration of Trust • Executive Compensation • Business Overview, Edward Sonshine • Operations Overview, Jonathan Gitlin • Q&A • Voting Results

NON-GAAP FORWARD LOOKING MEASURES INFORMATION

RioCan’s consolidated financial Certain information included in this presentation contains forward-looking statements within the meaning of applicable statements are prepared in accordance securities laws including, among others, statements concerning our objectives, our strategies to achieve those with IFRS. Consistent with RioCan’s objectives, as well as statements with respect to management's beliefs, plans, estimates, and intentions, and similar management framework, management statements concerning anticipated future events, results, circumstances, performance or expectations that are not uses certain financial measures to historical facts. Certain material factors, estimates or assumptions were applied in drawing a conclusion or making a assess RioCan’s financial performance, forecast or projection as reflected in these statements and actual results could differ materially from such conclusions, which are not generally accepted forecasts or projections. accounting principles (GAAP) under IFRS. Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan’s current estimates and assumptions, which are subject to numerous risks and uncertainties. Such risks and uncertainties The following measures, Funds From include, but are not limited to, the effects of COVID-19 on the businesses, operations and financial positions of RioCan Operations (“FFO”), Net Operating and its tenants, as well as on consumer behaviors and the economy in general, including the length, spread and severity Income (“NOI”), Adjusted Earnings of the pandemic; the nature and length of the restrictive measures implemented or to be implemented by various levels before interest, taxes, depreciation of governments in Canada; RioCan’s tenants' ability to pay rents as required under their leases; the availability of various and amortization (“Adjusted support programs that are or may be offered by the various levels of government in Canada and worldwide; domestic EBITDA”), Debt to Adjusted EBITDA, and global supply chains; timelines and costs related to the Trust’s development projects; the pace of property lease up Same Property NOI, Interest and rents and yields achieved upon development completion; potential changes in leasing activities, market rents and Coverage, Debt Service Coverage, property valuations; the availability and extent of rent deferrals offered or to be offered by the Trust; domestic and global Fixed Charge Coverage, and Total credit and capital markets, and the Trust’s ability to access capital on favourable terms or at all, and its ability to maintain Enterprise Value as well as other its current credit ratings; total market return and the dividend yield of the Trust’s Units; and the health and safety of our measures discussed in this employees, tenants and people in the communities that our properties serve. For more information on other risks, presentation, do not have a uncertainties and assumptions that could cause the Trust's actual results to differ from current expectations, refer to the standardized definition prescribed by “Risks and Uncertainties” section in RioCan’s First Quarter 2020 MD&A for the period ended March 31, 2020 and in its IFRS and are, therefore, unlikely to be most recent Annual Information Form, available at www.sedar.com and at www.riocan.com. comparable to similar measures presented by other reporting issuers. The forward looking information contained in this presentation is made as of the date hereof. Except as required by applicable law, RioCan undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. 5 RioCan Hall

Paul Godfrey, Chairman of the Board CHAIRMAN REMARKS 6 2323 Yonge St. 2345 Yonge St. Edward Sonshine, CEO BUSINESS OVERVIEW 642 King St.

Jonathan Gitlin, President & COO OPERATIONS UPDATE Unitholder TOTAL RETURN Assuming distributions are re-invested

Q1 2020 COVID-19 Impact

Q1 2020

9 Strategic Canadian MAJOR MARKET POSITIONING

Edmonton 7.2%

Calgary 10.2% Montreal Vancouver Toronto 4.5% 4.9% 51.0% Ottawa

12.4% 10 1Percentage of annualized rental revenue as of Q1 2020 Consistently Delivering HIGH QUALITY INCOME

Committed Occupancy Average Net Rent PSF

11 1Canadian commercial properties only Focussed on Canada’s MAJOR MARKETS

% of Annualized % of Annualized Rental Revenue in Major Markets Rental Revenue in GTA

RioCan Q1 2020

Peer 90.2% 51.0% Average

70.0%1 29.8%2

1 Peers include First Capital REIT, SMART REIT, and CT REIT; based on company reports as of March 31, 2020 2 Peers include First Capital REIT and CT REIT; based on company reports as of March 31, 2020 12 3 Source: DemoStats – 2019 - Trends, ©2020 Environics Analytics RioCan CURBSIDE COLLECT

13 Tremendous Pipeline of VALUE CREATION

6.1M SF (15%)

Zoning Approved 15.1M SF (36%) Zoning Applications 42M SF1 Submitted Future Estimated Density 20.8M SF (49%)

1 As of Q1 2020 14 Greater Toronto Area (GTA) 30.4 M SF1 DEVELOPMENT

PIPELINE TORONTO PEARSON INTERNATIONAL AIRPORT GTA Development 30.4 M SF1 Pipeline Avg. Population ~322k2 Avg. Household ~$129k2 Income

Selected RioCan Developments, Including Under Construction, Completed and Future Development Projects

TTC – Existing UNION TTC – Under Development STATION TTC – Station Planned Rapid Transit Line

15 1 Includes approved and submitted zoning applications and future estimated density, as of Q1 2020, at RioCan’s Interest 2 Within 3 km of RioCan’s Development properties in the GTA. Source: DemoStats – 2019 - Trends, ©2020 Environics Analytics OTTAWA TORONTO FRONTIER eCENTRAL 16 CALGARY BRIO 17 CALGARY BRIO 18 YORKVILLE, TORONTO 11YV 19 HWY 401

SHEPPARD AVE

YONGE ST

TORONTO

PIVOT 22 HWY 7 HWY 400

HWY 407

HWY 7

VAUGHAN, ON RIOCAN COLOSSUS CENTRE 24 1 Source: DemoStats – 2019 - Trends, ©2020 Environics Analytics VAUGHAN, ON RIOCAN COLOSSUS CENTRE 25 TORONTO KING PORTLAND CENTRE & KINGLY 26 1 Source: DemoStats – 2019 - Trends, ©2020 Environics Analytics TORONTO KING PORTLAND CENTRE & KINGLY 27 1 Source: DemoStats – 2019 - Trends, ©2020 Environics Analytics TORONTO THE WELL 28 1 Source: DemoStats – 2019 - Trends, ©2020 Environics Analytics TORONTO THE WELL DEVELOPMENT PROGRESS 29 1 Source: DemoStats – 2019 - Trends, ©2020 Environics Analytics TORONTO THE WELL 30