1. a developing story 2004 ANNUAL UNITHOLDERS MEETING

2. paul godfrey chairman

3. the past year 20042003 % increase a) rental revenue 549,147,000500,376,0009.7% b) recurring distributable income (per unit) $1.353$1.2637.1% (10 yr. 12.3%) c) funds from operations (per unit) $1.390$1.3205.3% (10 yr. 10.3%)

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5. growth in total assets ($ millions) 2004 increase – 4.3% 10 year total growth – 2,922.2%

6. 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

7. growth in market capitalization ($ millions) 2004 increase – 19.6% 10 year total growth – 7,027.3% Current market capitalization – more than $3.6 billion

8. growth in rental revenue ($ millions) 549 2004 increase – 9.7% 10 year total growth – 3,632.1% 10 year compounded annual growth – 43.6%

9. growth in recurring distributable income ($ millions) 2004 increase – 14.4% 10 year total growth – 6,255.2% 10 year compounded annual growth – 51.5%

10. growth in recurring distributable income per unit ($) 2004 increase – 7.1% 10 year total growth – 217.6% 10 year compounded annual growth – 12.3%

11. growth in funds from operations ($ millions) 2004 increase – 13.1% 10 year total growth – 5,123.5% 10 year compounded annual growth – 48.5%

12. growth in funds from operations per unit ($) 2004 increase – 5.3% 10 year total growth – 165.3% 10 year compounded annual growth – 10.3%

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14. 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 Capital February 2005

15. 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

16. Theres 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

17. 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 Financial March 2, 2005

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19. edward sonshine, q.c. president & c.e.o.

20. 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

21. the dominant retail landlord in Canada # of shopping centres square footage (millions) 2x Simon, 4x Kimco 460 1880

22. a full service real estate entity retail space per capita in Canada is less than 62% of the U.S. CanadaU.S. GLA 398,100,0005,860,000,000 Population 31,747,670290,788,976 Shopping Centre GLA per capita 12.520.2

23. 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

24. the dominant retail landlord in Canada barriers to entry (concentration amongst retailing)

25. the dominant retail landlord in Canada barriers to entry (concentration amongst retailing)

26. the dominant retail landlord in Canada barriers to entry (concentration amongst retailing) RENO LANSING REVY

27. the dominant retail landlord in Canada barriers to entry (concentration amongst retailing) RENO LANSING REVY

28. the dominant retail landlord in Canada barriers to entry (concentration amongst retailing)

29. RDI per unit target growth 4% -5% annually

30. how to grow RDI the creation of fee income streams the right team in the development of retail real estate

31. Calgary, Alberta 650,000 square feet RioCan Signal Hill Centre

32. 25% of portfolio constructed in the last eight years

33. Toronto, Ontario Pre- Construction 450,000 square feet RioCan Marketplace

34. Toronto, Ontario June 12, 2004 RioCan Marketplace

35. Toronto, Ontario August 16, 2004 RioCan Marketplace

36. Toronto, Ontario November 11, 2004 RioCan Marketplace

37. Milton, Ontario 285,000 square feet RioCan Centre Milton

38. Calgary, Alberta 700,000 square feet RioCan Beacon Hill

39. Edmonton, Alberta 550,000 square feet RioCan Centre Edmonton

40. Oakville, Ontario 600,000 square feet RioCan Centre Burloak

41. consistent moderate leverage leverage at book

42. leverage at NAV and market *based on an average of available public research estimates

43. return over past year 36.8%

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