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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
Page 1 and 2: Management PresentationJune 2008
Page 4 and 5: Only six metropolitan markets withi
Page 6 and 7: Shopping Centre GLA per Capita•Ca
Page 8 and 9: RIOCAN OVERVIEW8
Page 10 and 11: Gross Revenue from Six High Growth
Page 12 and 13: Stability of Revenue StreamsNationa
Page 14 and 15: Stability of Revenue StreamsAs at M
Page 16 and 17: Consistent Moderate Leverage• As
Page 18 and 19: Leverage at Historic Cost and Marke
Page 22 and 23: Future Growth Drivers• Organic gr
Page 24 and 25: Organic Growth - Leasing ActivityAs
Page 26 and 27: Creating New Cash Flow SourcesRioCa
Page 28 and 29: Creating New Cash Flow SourcesRioCa
Page 30 and 31: Land Use Intensification• Capital
Page 32 and 33: Land Use Intensification1717 Avenue
Page 34 and 35: Land Use IntensificationQueen and P
Page 36 and 37: Greenfield Development ProjectsAs a
Page 38 and 39: Greenfield DevelopmentRioCan Centre
Page 40 and 41: Greenfield DevelopmentEast Hills, C
Page 42 and 43: Canada Pension Plan Investment Boar
Page 44: RioCan Yonge Eglinton Centre2300 Yo

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