2. The Past Year

3.  Unitholder approval to increase leverage to 60%.  Strategic alliance between RioCan and Kimco Realty Corporation.  Unitholder approval to increase leverage to 60%.  Strategic alliance between RioCan and Kimco Realty Corporation.

4. 20012000 % Increase Rental Revenue $344,000,000$301,000,000 14% Net Earnings $159,000,000$122,000,000 31% Net Earnings Per Unit $1.11 $0.93 19% Distributable Income Per Unit $1.29 $1.19 9%

6. Growth In Total Assets ($millions) 2001 Increase – 12% 5 Year Total Growth – 636% 2001 Increase – 12% 5 Year Total Growth – 636%

7. Growth In Market Capitalization ($millions) 2001 Increase – 34% 5 Year Total Growth – 516% 2001 Increase – 34% 5 Year Total Growth – 516%

8. Growth In Rental Revenue ($millions) 2001 Increase – 14% 5 Year Total Growth – 785% 5 Year Compounded Annual Growth – 55% 2001 Increase – 14% 5 Year Total Growth – 785% 5 Year Compounded Annual Growth – 55%

9. Growth In Total Distributable Income ($millions) 2001 Increase – 19% 5 Year Total Growth – 994% 5 Year Compounded Annual Growth – 61% 2001 Increase – 19% 5 Year Total Growth – 994% 5 Year Compounded Annual Growth – 61%

10. Distributable Income Per Unit ($) 2001 Increase – 9% 5 Year Total Growth – 99% 5 Year Compounded Annual Growth – 15% 2001 Increase – 9% 5 Year Total Growth – 99% 5 Year Compounded Annual Growth – 15%

11. “RioCan’s premium valuation relative to other commercial real estate REITs is warranted for its size, liquidity and proven management. BUY RioCan for its diversification, stability and attractive tax- efficient current yield.” - Sam Damiani, CFA TD Newcrest

12. “With 22 million square feet of gross leaseable area in 144 shopping centres, RioCan REIT has become Canada’s ‘brand name’ in retail real estate. We rate RioCan’s units Outperform.” -Neil Downey, CA, CFA RBC Capital Markets -Neil Downey, CA, CFA RBC Capital Markets

13. “In today’s competitive retail marketplace, RioCan’s focus on the value and discount sector, including big-box retailers, has allowed it to outperform the more traditional retail formats. We are maintaining our BUY recommendation.” -Harry Rannala Raymond James -Harry Rannala Raymond James

14. “RioCan offers stable income and growth potential with a capable in-house management and a clear shopping centres focus. We rate the units as Buy.” -Rossa O’Reilly, CFA CIBC World Markets -Rossa O’Reilly, CFA CIBC World Markets

15. “We believe RioCan remains among the best operators, with limited competition and strong partners across our coverage universe. We are maintaining our Outperform rating and target price of $13.” -Ron Rimer, CA BMO Nesbitt Burns Research -Ron Rimer, CA BMO Nesbitt Burns Research

16. “We continue to rate REI an Intermediate-term Buy, and Long-term Strong Buy. We anticipate that investors should earn a low to mid-teens total return over twelve months.” -Louis Forbes, Director Merrill Lynch -Louis Forbes, Director Merrill Lynch

17.  Assets of $2.8 billion.  Almost 150 shopping centres.  $400 million gross revenue.  3,500 tenants.  23 million square feet of retail.  Assets of $2.8 billion.  Almost 150 shopping centres.  $400 million gross revenue.  3,500 tenants.  23 million square feet of retail.

18. Quality Of Revenue Current200019991998 National & Anchor Tenants as % of Gross Revenue 76.4%75.7%73.0%70.9%

19. Top Sources Of Revenue By Tenant As Of March 31, 2002 Tenant % of Revenue Weighted Average Remaining Lease Term (Yrs) 1. Wal-Mart5.6%14.9 2. A&P5.1%11.3 3. Zellers5.1%12.4 4. Famous Players4.1%19.0 5. Loblaws Co.3.8% 8.9

21. Future Growth  Acquisitions.  New Developments.  Redevelopments.  Generate more income from existing assets.  Acquisitions.  New Developments.  Redevelopments.  Generate more income from existing assets.

22. Future Growth – Acquisitions

23.  Acquisition of close to $1 billion in 2002.

26. Future Growth – Acquisitions  2.5 million square feet.  $354 million.  1.3 million square feet.  2.5 million square feet.  $354 million.  1.3 million square feet.

27. Future Growth – Development Trinity Common

28. Future Growth – Development RioCentre Newmarket

29. Future Growth – Development RioCentre Oakville

30. Future Growth – Development

31. Future Growth – Development Marketplace

32. Future Growth – Development 7 new projects. 1.2 million square feet.

33. Future Growth – Development Newmarket  400,000 square feet  Loblaws and Costco Newmarket  400,000 square feet  Loblaws and Costco Dufferin & Steeles  250,000 square feet  Loblaws Dufferin & Steeles  250,000 square feet  Loblaws

34. Shoppers World Brampton

36. Future Growth – Redevelopment Shoppers World Brampton $ 4.72 million $ 8.5 million

37.  Purchase price $48 million.  Renovations of $22 million.  Yields 12% against cost.  Purchase price $48 million.  Renovations of $22 million.  Yields 12% against cost. Future Growth – Redevelopment Shoppers World Brampton

38. Future Growth – Joint Venture

39. Kimco  40 years of operation.  525+ shopping centres.  In 41 states and Canada.  70 million square feet of retail space.  40 years of operation.  525+ shopping centres.  In 41 states and Canada.  70 million square feet of retail space.

41. RioCan/Kimco 1)Equity investment in RioCan of $26+ million. 2)50/50 joint venture for acquisition of income properties in Canada.  16 shopping centres  3 million square feet  Cost of $443 million 1)Equity investment in RioCan of $26+ million. 2)50/50 joint venture for acquisition of income properties in Canada.  16 shopping centres  3 million square feet  Cost of $443 million 3)Access to American tenants.

43. Q1 New Leases (Square Feet)

44. RioCan – Last Year Total Annual Return 30.41% Total Annual Return 30.41%

45. RioCan – This Year Total Annual Return 36.35% Total Annual Return 36.35%

46. 20.29% Total Return on Investment Since IPO (8 Year Compounded Annual Return)