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Management PresentationJune 2008

Forward-looking Statements• Certain information included in this presentation contains forward-lookingstatements within the meaning of applicable securities laws including, amongothers, statements concerning our 2008 objectives, our strategies to achievethose objectives, as well as statements with respect to management's beliefs,plans, estimates, and intentions, and similar statements concerninganticipated future events, results, circumstances, performance or expectationsthat are not historical facts. Certain material factors, estimates or assumptionswere applied in drawing a conclusion or making a forecast or projection asreflected in these statements and actual results could differ materially fromsuch conclusions, forecasts or projections.• Additional information on the material risks that could cause our actual resultsto differ materially from the conclusions, forecast or projections in thesestatements and the material factors, estimates or assumptions that wereapplied in drawing a conclusion or making a forecast or projection as reflectedin the forward-looking information can be found in our annual information formand annual report that are available on our website and at www.sedar.com.• Except as required by applicable law, RioCan undertakes no obligation topublicly update or revise any forward-looking statement, whether as a result ofnew information, future events or otherwise.2

Only six metropolitan markets withinCanada have in excess ofone million people4

Canada’s Six High Growth MarketsMarket 1996 20061996-2006% change changeToronto, Ontario 4,263,759 5,113,149 19.92% 849,390Montréal, Quebec 3,326,447 3,635,571 9.29% 309,124Vancouver, British Columbia 1,831,665 2,116,581 15.56% 284,916Ottawa-Gatineau, Ontario/Quebec 998,718 1,130,761 13.22% 132,043Calgary, Alberta 821,628 1,079,310 31.36% 257,682Edmonton, Alberta 862,597 1,034,945 19.98% 172,348Total 12,104,814 14,110,317 16.57% 2,005,503Source - Statistics Canada5

Shopping Centre GLA per Capita•Canada = 14.0 sf / capita•U.S. = approx. 30.0 sf / capita• Relatively little competition for retailers in Canada6

More people ⇒ greater retail sales ⇒more demand for space and higherrents ⇒ higher growth ⇒ greaterliquidity ⇒ greater value creation ⇒more value added andintensification opportunities7

RIOCAN OVERVIEW8

Current Overview of RioCan• Largest REIT in Canada• Enterprise value of approximately $7.7 billion• 216 shopping centres, including 14 under development, from coast-tocoast• Occupancy rate of 96.6% (at March 31, 2008)• Over 5,300 tenancies• Concentration on properties located in Canada’s six high growth markets• Calgary, Edmonton, Montreal, Ottawa, Toronto and Vancouver• In other markets such as Quebec City, Kingston, Sudbury or Moncton thestrategy is to own the dominant unenclosed new format retail centre• RioCan has largely become the Urban Market REIT9

Gross Revenue from Six High Growth MarketsAs at March 31, 2008CityEXISTINGEXISTING & DEVELOPMENTS# of % of % of Total # of % of % of TotalCentres GLA Total GLA Gross Income Gross Income Centres GLA Total GLA Gross Income Gross IncomeToronto, ON 50 9,084,987 28.4% 248,344,668 34.6% 57 10,251,587 29.7% 279,955,717 35.7%Ottawa, ON 20 2,397,651 7.5% 64,870,224 9.0% 21 2,429,451 7.0% 65,888,724 8.4%Montreal, QC 17 3,465,638 10.8% 72,445,692 10.1% 17 3,465,638 10.0% 72,445,692 9.2%Calgary, AB 10 1,764,136 5.5% 42,594,240 5.9% 11 2,613,936 7.6% 66,237,096 8.4%Edmonton, AB 6 780,358 2.4% 20,672,568 2.9% 6 816,858 2.4% 21,893,150 2.8%Vancouver, BC 9 1,066,843 3.3% 27,757,476 3.9% 9 1,066,843 3.1% 27,757,476 3.5%TOTAL 112 18,559,613 57.9% 476,684,868 66.4% 121 20,644,313 59.8% 534,177,855 68.0%10

Asset Type as a % of Gross RevenueAs at March 31, 2008New Format Retail 47.2%Grocery Anchored Centre 19.9%Enclosed Shopping Centre 15.5%Urban Retail 7.6%Office 6.0%Non-Grocery Anchored Strip 3.8%11

Stability of Revenue StreamsNational and Anchor Tenants1995 = 68% of portfolio revenueCurrent = 82.4% of portfolio revenue12

Top Ten Tenants13

Stability of Revenue StreamsAs at March 31, 2008Percentage ofWeightedannualized gross average remainingTop 10 Tenants rental revenue lease term (yrs)1. Famous Players/Cineplex/Galaxy5.6% 14.8Cinemas2. Metro/A&P/Dominion/Super5.4% 9.6C/Loeb/Food Basics3. Zellers/The Bay/Home Outfitters 3.6% 8.54. Loblaws/No3.6% 6.8Frills/Fortinos/Zehrs/Maxi5. Canadian Tire/PartSource/Mark's3.6% 12.1Work Wearhouse6. Wal-Mart 3.3% 10.17. Winners/HomeSense 3.2% 5.88. Staples/Business Depot 2.5% 8.99. Reitmans/Penningtons/Smart1.9% 5.2Set/Addition Elle/Thyme Maternity10. Shoppers Drug Mart 1.7% 9.8Total 34.4%14

Geographic Diversification as a % of Gross RevenueAs at March 31, 2008Ontario 62.9%Quebec 16.9%Alberta 9.8%BC 6.0%New Brunswick 2.4%Saskatchewan 0.6%Manitoba 0.5%PEI 0.5%Newfoundland 0.4%15

Consistent Moderate Leverage• As per RioCan’s Declaration of Trust, leverage can be no more than60% of (adjusted) historic book cost of assets60.0%55.0%50.0%45.0%40.0%35.0%30.0%25.0%20.0%53.1%53.8%53.9% 56.6% 56.3%56.2%51.9%47.3% 48.2%2000200120022003200420052006200731-Mar-0816

Equity Issue• In April 2008, RioCan issued 7.1 million units on a bought-deal basis at$21.05 per unit for net cash proceeds of approximately $144 million.• Proceeds are expected to be used, among other items, to repayindebtedness incurred under RioCan’s operating credit facilities, tofund current and future acquisition and development programs, and forgeneral trust purposes.• Debt to aggregate asset ratio after giving effect to this equity issuewould have been 54.1%, and RioCan could therefore incur additionalindebtedness of approximately $844 million and still not exceed the60% leverage limit.17

Leverage at Historic Cost and MarketAs at March 31, 200860.0%56.2%Notes:* Market Value per unit of $20.70based on the closing price ofRioCan’s units on the TSX onMonday, March 31, 200855.0%50.0%45.0%40.0%35.0%30.0%25.0%42.1%20.0%• At March 31, 2008, interest coverage was in excess of 2.6x, well above thecurrent 1.65x maintenance test• 50 assets unencumberedHistoric CostMarket*18

Contractual Debt Repayment ScheduleAs at March 31, 2008(unaudited - in thousand of dollars, except percentage amounts)Scheduled Percentage Principal maturities:principal Principal Total of total debt weighted average interestFuture repayments by year of maturity amortization maturities debt outstanding rate (contractual)2008 $ 43,019 $ 271,013 $ 314,032 9.8% 5.6%2009 55,346 345,124 400,470 12.5% 6.2%2010 47,668 347,548 395,216 12.4% 6.7%2011 43,037 269,062 312,099 9.8% 5.5%2012 41,222 421,866 463,088 14.5% 5.9%2013 36,093 315,520 351,613 11.0% 5.8%2014 31,751 90,223 121,974 3.8% 6.7%2015 30,540 110,465 141,005 4.4% 5.0%2016 24,658 206,785 231,443 7.3% 5.6%2017 16,942 284,968 301,910 9.5% 5.2%2018 10,245 21,176 31,421 1.0% 6.6%2019 6,302 - 6,302 0.2% 7.1%2020 2,132 - 2,132 0.1% 7.9%2023 - 5,400 5,400 0.2% 7.2%2024 - 6,950 6,950 0.2% 6.4%2026 - 100,000 100,000 3.1% 6.0%2034 - 6,933 6,933 0.2% 6.8%$ 388,955 $ 2,803,033 $ 3,191,988 100.0% 5.9%5.2 years weighted average term to maturity19

Debentures OutstandingAs at March 31, 2008• Total Unsecured Debentures - $880,000,000:• $110,000,000 Series D senior unsecured, maturity on September 21, 2009, bearingcontractual interest at 5.29% per annum, and payable semi-annually.• $100,000,000 Series J senior unsecured, maturity on March 24, 2010, bearingcontractual interest at 4.938% per annum, and payable semi-annually.• $200,000,000 Series F senior unsecured, maturity on March 8, 2011, bearingcontractual interest at 4.91% per annum, and payable semi-annually.• $100,000,000 Series H senior unsecured, maturity on June 15, 2012, bearingcontractual interest at 4.70% per annum, and payable semi-annually.• $120,000,000 Series K senior unsecured, maturity on September 11, 2012, bearingcontractual interest at 5.70% per annum, and payable semi-annually.• $150,000,000 Series G senior unsecured, maturity on March 11, 2013, bearingcontractual interest at 5.23% per annum, and payable semi-annually.• $100,000,000 Series I senior unsecured, maturity on February 6, 2026, bearingcontractual interest at 5.953% per annum, and payable semi-annually.• On January 4, 2008, RioCan repaid the $110,000,000 Series E debentures payable attheir maturity.• At March 31, 2008, S&P provided RioCan with an entity credit rating of BBB and a creditrating of BBB- relating to its senior unsecured debentures payable; DBRS provided acredit rating of BBB (high) relating to RioCan’s debentures.20

Fiscal Conservatism• From 1999 to present, RioCan has decreased its payout ratio100%95%90%85%97.4%93.0%90.1% 88.9%87.1%85.3%80.4%78.5%PAYOUT RATIO88.2%88.9%86.7%89.7%87.9%Note: 2005 FFO adjusted toexclude impact of costs ofearly extinguishment ofdebentures80%75%70%65%1999Payout as a % of Funds from Operations76.9% 77.6%72.8%Payout as a % of Funds from Operations including DRP20002001200220032004Year-Ended December 31200570.5%65.9%2006200721

Future Growth Drivers• Organic growth• Land use intensification• Greenfield development• Acquisitions22

Organic Growth – Lease RenewalsAs at March 31, 2008Lease expiries (NLA)Retail Class Total NLA 2008 (1) 2009 2010 2011 2012New Format Retail 14,405,773 342,295 925,915 975,699 1,390,590 1,026,7112.4% 6.4% 6.8% 9.7% 7.1%Grocery Anchored Centre 6,770,153 351,786 881,302 919,998 1,003,473 1,029,3845.2% 13.0% 13.6% 14.8% 15.2%Enclosed Shopping Centre 6,459,487 326,576 564,439 793,864 789,221 436,7395.1% 8.7% 12.3% 12.2% 6.8%Non-Grocery Anchored Strip 1,447,117 91,582 136,287 109,616 101,235 132,0136.3% 9.4% 7.6% 7.0% 9.1%Urban Retail 1,297,886 127,427 87,686 60,735 68,034 117,0979.8% 6.8% 4.7% 5.2% 9.0%Office 1,581,713 64,882 200,563 272,361 335,383 54,8844.1% 12.7% 17.2% 21.2% 3.5%Total 31,962,129 1,304,548 2,796,192 3,132,273 3,687,936 2,796,828Total NLA 2008 (1) 2009 2010 2011 2012Square feet 31,962,129 1,304,548 2,796,192 272,361 335,383 54,884Square feet expiring/portfolio NLA 4.1% 8.7% 9.8% 11.5% 8.8%Average net rent per square foot $14.09 $16.31 $15.22 $14.12 $14.17 $15.60(1) Tenant lease expiries for the nine months ended December 31, 2008.Lease expiries (NLA)23

Organic Growth – Leasing ActivityAs at March 31, 2008• At March 31, 2008, RioCan’s leasing activity was 1.6 million square feet and wascomprised of the following:(in thousands, except per square foot (psf) amounts) Square feet Average net rent psfRenewals 1,036 $10.94New leasing:Existing portfolio 288 $14.89Greenfield development 319 $16.25• During the first quarter, RioCan retained approximately 77% of its expiring leases at anaverage net rent increase of $1.09 per square foot. The components of these renewals,which include anchor tenants, are as follows:(in thousands, except psf amounts)Square feet Average net rent psfIncrease in averagenet rent psfRenewals at market rental rates 220 $21.31 $3.69Fixed rental rate options in favour of our tenants 816 $8.15 $0.391,036 $1.0924

Creating New Cash Flow SourcesRioCan Yonge Eglinton Centre, Toronto, ON25

Creating New Cash Flow SourcesRioCan Yonge Eglinton Centre, Toronto, ONOccupancy RateNet OperatingIncome AnnualizedReturn onInvestmentAt Acquisition87.8%$13.275 million5.85%Forecast as atDecember 200898.9%$18.735 million7.72%26

Creating New Cash Flow SourcesRioCan Yonge Eglinton Centre, Toronto, ON – Proposed Retail Addition27

Creating New Cash Flow SourcesRioCan Yonge Eglinton Centre, Toronto, ON – Proposed Retail Addition28

Creating New Cash Flow SourcesRioCan Yonge Eglinton Centre, Toronto, ON – Proposed Vertical Addition29

Land Use Intensification• Capitalize on trend in Canada’s six high growth marketstowards “densifying” existing urban locations, driven by:• Prohibitive costs of expanding infrastructure beyondurban boundaries• Environmental concerns• Maximizing use of mass transit• Pipeline of approximately 4.9 million square feet(predominately residential but considerable retail and someoffice)30

Land Use Intensification1717 Avenue Road, Toronto, ON• On July 4, 2007, RioCan received theOntario Municipal Board’s decisionapproving the mixed-useredevelopment of 1717 Avenue Road.• The development includes the landuse intensification of an existingRioCan owned retail facility.• Upon completion, the new 6-storeybuilding will total approximately170,000 square feet, including 5-storeys of residential space, alongwith approximately 25,000 square feetof street retail space.• The residential component, which isbeing developed and marketed byTribute Communities, isapproximately 60% pre-sold.31

Land Use Intensification1717 Avenue Road, Toronto, ON32

Land Use IntensificationQueen and Portland, Toronto, ON33

Land Use IntensificationQueen and Portland, Toronto, ON34

Greenfield Development• Greenfield developments through in-house capabilities andwith partners• At March 31, 2008:• Total greenfield developments = 7.9 million square feet,excluding shadow anchorsRioCan’s owned interest = 3.5 million square feet• Total pipeline = 4.9 million square feet35

Greenfield Development ProjectsAs at March 31, 2008Leasable Area (sq. ft.) 1CurrentLeasedOwnership Total Income Under Under Retailer ownedProperty Interest Development Producing Development Development AnchorsProjects Currently Under DevelopmentEast Hills, Calgary, AB 50% 1,586,000 - 1,586,000 - -Eglinton Avenue & Warden Avenue, Toronto, ON 100% 163,000 - 163,000 135,000 -Fredericton, NB 62.5% 474,000 - 243,000 146,000 231,000Gravenhurst, ON 33.3% 261,000 - 216,000 125,000 45,000March Road, Ottawa, ON 60% 103,000 - 53,000 16,000 50,000Paris, ON 62.5% 145,000 - 42,000 36,000 103,000Queen Street & Portland Street, Toronto, ON 100% 106,000 - 106,000 82,000 -Stouffville, ON 34% 151,000 - 110,000 70,000 41,000Strathallen, Vaughan, ON 31.25% 484,000 - 484,000 - -Taunton Road & Garrard Road, Whitby, ON 100% 147,000 - 147,000 147,000 -Westney Road & Taunton Road, Ajax, ON 20% 156,000 - 156,000 85,000 -Weston Road, Toronto, ON 60% 570,000 - 570,000 - -Barrie Essa Road, Barrie, ON 100% 131,000 72,000 59,000 - -Clappison's Crossing, Hamilton, ON 50% 308,000 100,000 208,000 138,000 -Highway 401 & Thickson Road - Phase I, Whitby, ON 25% 204,000 99,000 105,000 - -RioCan Beacon Hill, Calgary, AB 40% 785,000 384,000 142,000 136,000 259,000RioCan Centre Burloak, Oakville, ON 50% 552,000 331,000 123,000 123,000 98,000RioCan Centre Milton, Milton, ON 100% 291,000 119,000 52,000 44,000 120,000RioCan Elgin Mills Crossing, Richmond Hill, ON 50% 444,000 225,000 98,000 80,000 121,000RioCan Meadows, Edmonton, AB 50% 490,000 252,000 73,000 47,000 165,000RioCan Renfrew Centre, Renfrew, ON 100% 210,000 45,000 91,000 8,000 74,000Summerside Shopping Centre, London, ON 20% 177,000 119,000 17,000 16,000 41,000Total Projects Currently Under Development 7,938,000 1,746,000 4,844,000 1,434,000 1,348,000RioCan's Interest 892,150 2,592,225Lands Under Conditional ContractNote:Alberta 1,543,0001. All amounts are show n at 100% ow nership.Ontario 2,736,000PEI 575,000Total Lands Under Conditional Contract 4,854,000Total Development Projects 12,792,00036

Greenfield DevelopmentRioCan Centre Burloak, Oakville, ON – pre-development37

Greenfield DevelopmentRioCan Centre Burloak, Oakville, ON – post-development38

Greenfield DevelopmentRioCan Elgin Mills Crossing, Richmond Hill, ON39

Greenfield DevelopmentEast Hills, Calgary, AB40

Greenfield DevelopmentEast Hills, Calgary, AB41

Canada Pension Plan Investment Board(CPPIB) Strategic Alliance• In October 2004, RioCan and CPPIB announced an agreement toacquire premier regional power centres in Canada on a 50/50 basis• During the second quarter of 2006, entered into a firm agreement withCPPIB to sell, on a forward sale basis, the following:• a 50% interest in each of RioCan Centre Burloak, located inOakville and RioCan Meadows, located in Edmonton• RioCan (22.5%) and Trinity Development Group Inc. (27.5%)agreed to sell a 50% interest in RioCan Beacon Hill, located inCalgary• Projects are now substantially completed and gains realized to dateare $32.2 million (which includes RioCan’s June 24th closing later thismonth)42

Return to UnitholdersYear ended December 31, 2007-8.4%10 year compounded annual return toDecember 31, 200717.0%Year to date 2008 (through May 29, 2008)Canadian REIT Index –1.4%US REIT Index 9.1%RioCan REIT 0.6%43

RioCan Yonge Eglinton Centre2300 Yonge Street, Suite 500, PO Box 2386Toronto, ON416-866-3033 / 1-800-465-2733www.riocan.com44