Investor Presentation February/March 2012

For the period ended December 31, 2011.

Committed to Quality

• Ramco-Gershenson is a leading shopping center REIT focused on the ownership of high-quality shopping centers in major metropolitan markets.

• The Company’s assets primarily consist of large, multiple-anchor shopping centers and market dominant supermarket centers.

• Our business plan is centered on three key objectives:

• Increasing the quality of our income stream through the lease-up of existing vacancies and the replacement of underperforming tenancies with leading national retailers as well as the pursuit of opportunities to add value through redevelopment.

• Acquiring high-quality properties in metropolitan markets with capital recycled from the disposition of lesser quality, non-core assets.

• Maintaining a strong balance sheet that promotes financial flexibility.

• Listed on the NYSE since 1996.

2

Major Accomplishments in 2011

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All of the Company’s 2011 achievements support our commitment to quality:

Improved the core portfolio leased occupancy rate to 93.5% at year-end, compared to 91.0%

at the end of 2010.

Signed 14 mid-box leases with national retailers including Bed, Bath & Beyond, buy buy Baby,

Marshalls, Ross Dress for Less, Michaels, PetSmart, DSW Shoe Warehouse, and LA Fitness.

Increased same-center net operating income by 1.4%.

Sold four non-core shopping centers for a total of $58 million, including the fourth quarter

sale of Taylors Square, the Company’s only center in South Carolina, at an average cap rate of

7.0%.

Entered the St. Louis, Missouri market acquiring two high-quality, market-dominant shopping

centers with an aggregate purchase price of $77 million, at an average cap rate of 7.5%.

Closed over $400 million in financing, including $100 million of convertible preferred stock at

7.25%, $130 million in unsecured term loans, and a new $175 million unsecured line of credit.

Improved debt to EBITA to 7.0x, compared to 8.5x in 2010.

Our Properties and Markets

Focused on Metropolitan Markets

5 1MSA per US Census Bureau. Annualized base rents reported at 100%. 2Based on a three-mile trade area. 3Includes anchor-owned space.

• 80% of the Company’s total annualized base rents come from ten leading MSA markets.[1]

• The Company’s centers in these markets have an average trade area population of 66,217 and an average household income of $83,191. [2]

• The centers in these markets are primarily:

• Large, multiple-anchor shopping centers with approximately 225,000 square feet and average over 2 anchors per center.[3]

• Market-dominant supermarket anchored centers producing above average sales of $445 per square foot.

• Have an average leased occupancy rate of 93.7%.

Ramco’s top markets.

Metro Detroit

Indianapolis Columbus

Ft. Lauderdale/P. Beach

Milwaukee

Jacksonville

Atlanta

Chicago

St. Louis

Tampa/Sarasota

A Focus on High-Quality Properties:

Large, Multiple-Anchor Shopping Centers

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The Company’s shopping centers are predominantly multiple-anchor properties:

• 87% of shopping centers in our top markets are anchored by two or more national retailers.[1]

• Characteristics of our multiple-anchor shopping centers:

• Located in metropolitan markets with high barriers to entry.

• Positioned at dominant retail intersections.

• Diversified tenant mix of value oriented, destination retailers.

• Resilient to market downturns with multiple-anchor tenancies, while providing catalyst for strong NOI growth potential.

1Based on Annualized Base Rents as of December 31, 2011, for those properties in the

Company’s top ten markets.

A Focus on High-Quality Properties:

Market Dominant Supermarket Centers

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The Company’s shopping center portfolio also includes market dominant grocery-anchored properties:

• 50% of shopping centers in our top markets are anchored by the leading supermarket in their respective trade areas.[1][2]

• Characteristics of our market dominant supermarket shopping centers:

• High average annual sales of $445 per square foot.

• Top supermarket tenants include Publix, Kroger, Jewel-Osco, Meijer, and Whole Foods.

• Typically part of a shopping center that has at least one additional anchor tenant.

1Based on Annualized Base Rents as of December 31, 2011, for those centers in the

Company’s top ten markets. 2 Includes centers with one or more anchor and anchor-owned space.

Promoting Diverse, Credit-Quality Tenants

8 1Source: Latest tenant filings per CreditRiskMonitor for the quarter ended December 31, 2011.

Includes the combined wholly-owned and joint venture portfolio.

• The Company continually evaluates its tenant roster and proactively manages its retail exposure.

• Recently Kmart dropped off the Company’s top ten tenant list.

• The Company capitalizes on its strong retailer relationships to replace underperforming tenants with national credits that have long-term growth potential.

• The Company’s portfolio is well-balanced with national and regional tenancies. Local tenants represent less than 20% of the overall tenant profile.

Top Ten Tenants Credit Rating

S&P/Moody's [1] Number of

Leases

% of Annualized

Base Rental Revenue

T.J. Maxx/Marshalls A/A3 23 4.4%

Home Depot BBB+/A3 3 2.0%

Dollar Tree NR/NR 31 1.9%

Publix Super Market NR/NR 8 1.8%

OfficeMax B-/B1 11 1.7%

Jo-Ann Fabrics B2/B 6 1.6%

Burlington Coat Factory NR/NR 5 1.5%

PetSmart BB/NR 7 1.5%

Bed Bath & Beyond/buy buy Baby BBB+/NR 6 1.4%

Best Buy BBB-/Baa2 5 1.4%

Leasing and Asset

Management Initiatives

Adding High-Quality National Retailers

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In 2011, the Company continued to improve the quality of its shopping center portfolio by filling mid-box vacancies, terminating and refilling dark but paying retailers, and replacing at risk tenants with high-quality national retailers.

• Signed 14 new mid-box leases with national, credit-quality tenants including; Bed, Bath & Beyond, buy buy Baby, Marshalls, Michaels, PetSmart, DSW Shoe Warehouse, and LA Fitness.

• Proactively responded to Border’s pending bankruptcy by releasing two of three stores to national credit anchors.

• Leased 9 of 11 vacancies created by the bankruptcy of Linens ‘N Things and Circuit City.

• Generating creative solutions to accommodate mid-box anchors’ smaller format stores.

• All mid-box retailers signed in 2010 and 2011 will be in occupancy by the end of 2012 achieving full year income effect in 2013.

2011 2010

Number of new mid-box leases signed 14 23

Unleased mid-boxes 8 15

Dark and Paying Anchors 4 9

Re-Anchoring Case Study

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Mission Bay Plaza Boca Raton, FL

• Mission Bay is a 260,000 square foot dominant, multiple-anchored shopping center that commands average base rents of approximately $21.00 per square foot.

• Re-anchoring project involved the replacement of a vacated Albertson’s store with Golfsmith and The Fresh Market.

• The value-add project also included the signing of a new 20 year land lease with TD Bank.

• Signed over 20,000 square feet of small shop space in tandem with the re-anchoring project.

• Center is currently 93.0% leased.

Toys “R” Us

LA Fitness

Office Max

Albertsons

Re-Anchoring Case Study

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Marketplace of Delray Delray Beach, FL

• The Marketplace of Delray is a 230,000 square foot dominant, multiple-anchored shopping center in a large and affluent trade area.

• Value-add re-anchoring project included the downsizing of Office Depot to their newest format.

• Downsizing allowed for the addition of Dollar Tree and Ross Dress for Less.

• Signed over 15,000 square feet of small shop space in tandem with re-anchoring project.

Vacant Local Anchors

Office Depot

Winn-Dixie

Beall’s Outlet

Ramp-Up in Leasing Efforts Producing Results

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In 2011, Ramco-Gershenson was successful in improving efficiencies in its lease process:

• Implemented new short-form lease reducing cost and time spent on lease documentation.

• Compressed the timeline from securing tenant interest through execution to store opening.

• Initiated program of fixed CAM charges with annual increases.

Improving Operating Metrics Year-End 2011 Year-End 2010

Leasing Velocity 2,029,980 SF 2,461,752 SF

Average Base Rent, per square foot $11.32 $10.98

Renewal Retention Rate 82% 75%

Renewal Leasing Spreads 1.5% -6.0%

Comparable Lease Spreads[1] 1.4% n/a

Leased Occupancy 93.5% 91.0%

Same Center NOI 1.4% -1.6%

The Company’s commitment to an aggressive leasing effort produced improved operating results:

1For spaces vacant less than 12 months.

Capital Recycling

Enhancing Quality through Capital Recycling

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Dispositions:

• Identified $25-50 million of non-core properties to be sold in 2012.

• Sales will generate capital for investment in high-quality centers in target markets.

• Recycling program goals include improving the Company’s trade area demographic profile and portfolio quality as well as reducing the concentration in its top two markets by diversifying into strong markets.

Acquisition Criteria:

• Metropolitan, in-fill locations with high average household incomes.

• Multiple-anchor or market dominant supermarket anchored centers.

• Opportunities to drive additional income and value.

High-Quality Acquisition

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Town & Country Town and County (St. Louis), Missouri

Acquisition Highlights:

• Affluent trade area with 3 mile population of 65,771 and average household incomes of $115,790.

• Anchored by Whole Foods, one of only two Whole Foods in the metropolitan area. Shadow-anchored by Target.

• Lease-up, outparcel, and mid-box pad opportunity.

• Second acquisition of a multiple-anchor shopping center, with a market dominant grocer, in metropolitan St. Louis.

Value-Added Redevelopment

and Development

Redevelopment and Development Opportunities

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Redevelopment

• The Company has a long history of adding value to its shopping centers through creative redevelopments completing over 50 projects in the past 15 years.

• Two redevelopments are currently under construction:

• An expanded Whole Foods (35,000 SF) at Shops on Lane in Arlington, OH, which is also anchored by Bed, Bath & Beyond.

• A new LA Fitness (45,000 SF) at Peachtree Hill in Duluth, GA, which is also anchored by Kroger.

Development

• Multiple-anchor Parkway Shops development project commenced in Jacksonville, Florida adjacent to the Company’s River City Marketplace shopping center. The combination of the two centers solidifies the Company’s retail dominance in the North Jacksonville, Florida area.

• Goal of selling or developing 20%, or approximately $16 million, of non-productive land in 2012.

In Process Redevelopment

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• Dominant, upscale shopping center in close proximity to The Ohio State University is being expanded to meet the needs of a growing trade area.

• Approximately doubling the size of Whole Foods to new prototype store while eliminating 10,000 square feet of unproductive shop space.

• Upon completion, the Whole Foods/Bed, Bath & Beyond anchored shopping center will be 100% occupied.

Demographics (3 mile): Population 116,585 HH Income $64,239 Scheduled Completion Date: September 2012

Shops on Lane Avenue Upper Arlington (Columbus), Ohio

Parkway Shops Development

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Project Specifications: • Phase 1: Approximately 90,000 square feet, anchored by Dick’s Sporting Goods and Marshalls, plus 20,000 SF of small shop space. • Anchors represent approximately 80% of GLA. • Planned outparcel sales of approximately $6.0 million. • 11% return on incremental costs. • Adjacent to the Company’s 900,000 square foot River City Marketplace.

Existing River City Marketplace

Building and Maintaining a

Strong Balance Sheet

Continuing to Fortify a Sound Capital Structure

22 .

The Company has focused its efforts on reducing leverage, improving debt metrics, increasing liquidity, and enhancing financial flexibility. The following 2011 activities supported these goals:

• Raised $100 million of convertible preferred stock at 7.25%.

• Closed a new three-year $175 million unsecured line of credit.

• Closed a new five-year $75 million unsecured term loan at a fixed rate of 3.47%.

• Closed a new seven-year $60 million unsecured term loan at a fixed rate of 4.20%.

• Generated $58 million in non-core asset sales.

• Increased pool of unencumbered assets to approximately $565 million.

Improved Capital Structure

23 1Total Net Consolidated Debt includes capital lease obligations, net of cash. 2Excludes pro rata share of unconsolidated joint venture debt. 3Based upon year-to-date EBITDA annualized.

Improving Debt Metrics December 31, 2011 December 31, 2010

Total Net Consolidated Debt[1][2] $512.7 million $568.1 million

Average Term[2] 6.1 years 4.7 years

Debt to EBITDA[3] 7.0x 8.5x

Interest Coverage Ratio[3] 2.5x 2.0x

Fixed Charge Coverage Ratio[3] 1.8x 1.8x

Unencumbered Assets $565 million <$100 million

At December 31, 2011, the Company had $12 million in cash and $144 million in borrowing capacity under its $175 million unsecured line of credit.

Eliminating Near-Term Debt Maturities

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• Extended average consolidated debt maturities to 6.1 years in 2011, compared to 4.7 years in 2010.

• Only $15.0 million of debt maturing in 2012.

[1]$75 million term loan shown assuming company exercises option to extend maturity one year from 2015 to 2016.

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

2012 2013 2014 2015 2016 2017 2018 2019+

($ in

mill

ions)

Mortgage Unsecured JV Mortgage (at pro rata share)

$15.0

$82.4

$31.3

$92.2

$77.1

Debt Maturity Schedule as of December 31, 2011

$89.7[1]

$113.4

$86.2

2012 FFO Guidance

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The Company’s 2012 business plan is focused on three key objectives; driving high-quality NOI in its core shopping centers, executing on a capital recycling program designed to increase overall portfolio quality, and maintaining a sound capital structure.

The Company’s FFO guidance for the full-year 2012 is $0.94 to $1.02 per diluted share.

The 2012 guidance is based on the following key assumptions:

Core portfolio leased occupancy of between 93.0% - 94.0%.

An increase in same-center net operating income of 1.0% - 2.0%.

Management and leasing fees of approximately $3.0 million.

General and administrative expenses of approximately $19.0 million.

Gains on land sales of $1.0 million to $2.0 million.

Acquisitions of $25 million to $50 million.

Dispositions of non-core assets of up to $50 million.

Quality of FFO Strengthened in 2012

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An ever increasing percentage of FFO is being generated by the Company’s core operations. This improvement in the quality of FFO between 2011 and 2012 is reflected in the following accomplishments and assumptions:

Improving income quality achieved through leases with national,

creditworthy tenants such as TJ Maxx, Bed, Bath & Beyond, and Ross Dress

for Less.

Increasing and sustainable income from joint ventures.

Lower lease termination fees and gains on land sales expected.

Lower leverage in a primarily fixed rate debt structure.

A stronger impact from cash rents weighed against a projected negative

impact from straight-line rents.

Long-Term Strategic Objectives

• Generate sustainable same-center NOI growth of between 2.5% to 3.5% each year, through aggressive leasing and asset management initiatives.

• Execute on a capital recycling program designed to grow the Company, enhance the quality of the portfolio and increase market concentration in targeted trade areas through the acquisition of high-quality shopping centers and the disposition of non-core properties.

• Continue to maintain a strong, flexible balance sheet to support the achievement of the Company’s long-term goals.

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Safe Harbor Statement

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Information included herein contains forward-looking statements within the meaning of Section 27A of the Securities Act of

1933, as amended, or the “Securities Act”, and Section 21E of the Securities Exchange Act of 1934, as amended, or the

“Exchange Act.” You can identify these forward-looking statements by our use of the words “believe,” “anticipate,” “plan,”

“expect,” “may,” “might,” “should,” “will,” “intend,” “estimate,” “predict” and similar expressions, whether in the negative or

affirmative. These forward-looking statements represent our expectations or beliefs concerning future events, including:

statements regarding future developments and joint ventures, rents, returns, and earnings; statements regarding the

continuation of trends; and any statements regarding the sufficiency of our cash balances and cash generated from

operating, investing, and financing activities for our future liquidity and capital resource needs. We caution that although

forward-looking statements reflect our good faith beliefs and reasonable judgment based upon current information, these

statements are not guarantees of future performance and are qualified by important factors that could cause actual results

to differ materially from those in the forward-looking statements, because of risks, uncertainties, and factors including, but

not limited to: the final size of the offering; our success or failure in implementing our business strategy; economic

conditions generally and in the commercial real estate and finance markets specifically; our cost of capital, which depends

in part on our asset quality, our relationships with lenders and other capital providers; our business prospects and outlook;

changes in governmental regulations, tax rates and similar matters; and our continuing to qualify as a REIT. Further, we

have included important factors under the heading “Risk Factors” and elsewhere in our Annual Report on Form 10-K for

the year ended December 31, 2010, and other periodic reports, that we believe could cause our actual results to differ

materially from the forward-looking statements that we make. All forward-looking statements are made as of the date

hereof or the date specified herein, based on information available to us as of such date. Except as required by law, we do

not undertake any obligation to update our forward-looking statements or the risk factors contained herein to reflect new

information or future events or otherwise. You are cautioned not to place undue reliance on forward-looking statements.

Investor Presentation February/March 2012

For the period ended December 31, 2011.