A developing story 2004 ANNUAL UNITHOLDERS MEETING

a developing story

2004ANNUALUNITHOLDERSMEETING

paul godfrey

chairman

the past year

20042004 20032003 % increase% increasea) rental revenue 549,147,00

0500,376,0

009.7%

b) recurring distributable income (per unit)

$1.353 $1.263 7.1%(10 yr. 12.3%)

c) funds from operations (per unit)

$1.390 $1.320 5.3%(10 yr. 10.3%)

a developing story

2004ANNUALUNITHOLDERSMEETING

growth in total assets ($ millions)

2004 increase – 4.3%10 year total growth – 2,922.2%

growth in distributions to unitholders per unit ($)

2004 increase – 7.7%10 year total growth – 185.6%

10 year compounded annual growth – 11.1%1.23

growth in market capitalization ($ millions)

2004 increase – 19.6%10 year total growth – 7,027.3%

Current market capitalization – more than $3.6 billion

growth in rental revenue ($ millions)

549

2004 increase – 9.7%10 year total growth – 3,632.1%

10 year compounded annual growth – 43.6%

growth in recurring distributable income ($ millions)

2004 increase – 14.4%10 year total growth – 6,255.2%

10 year compounded annual growth – 51.5%

growth in recurring distributable income per unit ($)

2004 increase – 7.1%10 year total growth – 217.6%

10 year compounded annual growth – 12.3%

growth in funds from operations ($ millions)

2004 increase – 13.1%10 year total growth – 5,123.5%

10 year compounded annual growth – 48.5%

growth in funds from operations per unit ($)

2004 increase – 5.3%10 year total growth – 165.3%

10 year compounded annual growth – 10.3%

a developing story

2004ANNUALUNITHOLDERSMEETING

“We continue to rate RioCan as one of our top picks in the REIT sector and consider it a core holding. Indeed, we consider RioCan as the

highest quality REIT in our coverage universe. We think RioCan is capable of delivering 3%-4%

annual distribution growth, while offering an unprecedented level of portfolio

diversification.”

- Himalaya Jain, Scotia CapitalFebruary 2005

“We continue to believe that RioCan has many incremental growth opportunities, which could take time to realize, but position it well (vis-à-vis its peers) in an expensive real

estate market. We rate RioCan as Outperform, as we believe it offers one of the best risk/return prospects across our coverage

universe.”- Karine MacIndoe, BMO Nesbitt Burns

February 15, 2005

“There’s more than one way to grow RDI.”- Neil Downey, RBC Capital Markets

March 1, 2005

“We are reiterating our Sector Perform, Average Risk rating. We continue to view

RioCan units as one of our ‘core’ REIT holdings.”- Neil Downey, RBC Capital Markets

January & March 2005

“RioCan continues to creatively use its size and expertise to drive added value for

unitholders in various capacities and once again demonstrates its leadership in the

Canadian REIT industry.”- Michael Smith, National Bank FinancialMarch 2, 2005

a developing story

2004ANNUALUNITHOLDERSMEETING

edward sonshine, q.c.

president& c.e.o.

a full service real estate entity

operating 188 shopping centres

46 million sq/ft of prime real estate (including partners’ and shadow anchors)

ownership of about 31 million sq/ft

the dominant retail landlord in Canada# of shopping centres square footage (millions)

2x Simon, 4x Kimco

4601880

a full service real estate entity retail space per capita in Canada is less than 62% of

the U.S.CanadaCanada U.S.U.S.

GLA 398,100,000 5,860,000,000Population 31,747,670 290,788,976Shopping Centre GLA per capita

12.5 20.2

the dominant retail landlord in Canada

difficulty and cost of obtaining retail zoning

limited number of financing alternatives

concentration amongst retailers (lack of alternative tenants)

barriers to entry

the dominant retail landlord in Canadabarriers to entry(concentration amongst retailing)

the dominant retail landlord in Canadabarriers to entry(concentration amongst retailing)

the dominant retail landlord in Canadabarriers to entry(concentration amongst retailing)

RENO

LANSING

REVY

the dominant retail landlord in Canadabarriers to entry(concentration amongst retailing)

RENO

LANSING

REVYREVY

the dominant retail landlord in Canadabarriers to entry(concentration amongst retailing)

RDI per unit target growth

4% -5% annually

how to grow RDI

the creation of fee income streams

the right team in the development of retail real estate

Calgary, Alberta

650,000 square feet

RioCan Signal Hill CentreRioCan Signal Hill Centre

25% of portfolio constructed in the last eight years

Toronto, OntarioPre- Construction 450,000 square feet

RioCan MarketplaceRioCan Marketplace

Toronto, OntarioJune 12, 2004

RioCan MarketplaceRioCan Marketplace

Toronto, OntarioAugust 16, 2004

RioCan MarketplaceRioCan Marketplace

Toronto, OntarioNovember 11, 2004

RioCan MarketplaceRioCan Marketplace

Milton, Ontario

285,000 square feet

RioCan Centre MiltonRioCan Centre Milton

Calgary, Alberta700,000 square feet

RioCan Beacon HillRioCan Beacon Hill

Edmonton, Alberta550,000 square feet

RioCan Centre RioCan Centre EdmontonEdmonton

Oakville, Ontario

600,000 square feet

RioCan Centre BurloakRioCan Centre Burloak

consistent moderate leverage

leverage at book

leverage at NAV and market

53.8%44.1%

39.1%

Book NAV * Market

*based on an average of available public research estimates

return over past year

36.8%

a developing story

2004ANNUALUNITHOLDERSMEETING