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Slide 2 Paul Godfrey, C.M. Chairman Slide 3 Slide 4 RIOCAN 16 th Annual & Special Meeting Slide 5 Slide 6 RIOCAN Today Slide 7 The Management Team Slide 8 Slide 9 Retention of expiring leases in Q1 were 91.7% up from 77% at Q1 2008 Same property net operating income was flat in Q1 09 and down 4.3% from Q1 08 84.4% of rental revenue from national & anchor tenants We are well diversified Slide 10 Retention of expiring leases in Q1 were 91.7% up from 77% at Q1 2008 Same property net operating income was flat in Q1 09 and down 4.3% from Q1 08 84.4% of rental revenue from national & anchor tenants We are well diversified Slide 11 Retention of expiring leases in Q1 were 91.7% up from 77% at Q1 08 Same property net operating income was flat in Q1 09 and down 4.3% from Q4 08 84.4% of rental revenue from national & anchor tenants We are well diversified Slide 12 Retention of expiring leases in Q1 were 91.7% up from 77% at Q1 2008 Same property net operating income was flat in Q1 09 and down 4.3% from Q1 08 84.4% of rental revenue from national & anchor tenants We are well diversified Slide 13 Slide 14 Edward Sonshine, Q.C. President and C.E.O. Slide 15 Slide 16 We find ourselves in uncertain times. The cause of the current economic uncertainty and negativity is different than those of previous eras; after all, whoever heard of subprime mortgages until the last couple of years? But when one looks back over the various financial storms that we have been witness to over the last 20 years, one sees that while the specific causes are always different, the impact, particularly in the real estate business, is fairly predictable. Less availability of capital, tighter lending standards, slower lease commitments from national tenants, and increasing defaults from tenants already on the edge. May 27, 2008 Slide 17 Dead or Wounded Slide 18 Slide 19 Slide 20 S&P/TSX Downturn September 2, 2008 closed at 13,299.54 Slide 21 S&P/TSX Downturn September 2, 2008 closed at 13,299.54 February 27, 2009 closed at 8,123.02 Slide 22 S&P/TSX Downturn September 2, 2008 closed at 13,299.54 February 27, 2009 closed at 8,123.02 38.9% Slide 23 2009 Review Slide 24 RioCans Strategy 1 A focus on high growth markets Slide 25 RioCans Strategy 1 A focus on high growth markets 2/3 of all our revenue comes from the six high growth markets Slide 26 RioCans Strategy A focus on national and anchor tenants 2 Slide 27 RioCans Strategy A focus on national and anchor tenants March 1999 Revenue 73.7% 2 Slide 28 RioCans Strategy A focus on national and anchor tenants March 1999 Revenue 73.7% March 2009 Revenue 84.4% 2 Slide 29 RioCans Strategy Stayed in Canada 100% Canadian 3 Slide 30 RioCans Strategy Stayed in Canada 100% Canadian 3 Slide 31 Our portfolio is weathering this downturn Slide 32 Portfolio Occupancy rates dipped to Slide 33 Portfolio Occupancy rates dipped to 96.6% Slide 34 Slide 35 Hug your banker Slide 36 Commercial Mortgage Backed Securities (CMBS) market is virtually non-existent Liquidity in Marketplace Slide 37 Commercial Mortgage Backed Securities (CMBS) market is virtually non-existent Non-traditional real estate lenders either ceased to exist or are not doing any new business Liquidity in Marketplace Slide 38 Commercial Mortgage Backed Securities (CMBS) market is virtually non-existent Non-traditional real estate lenders either ceased to exist or are not doing any new business Traditional mortgage lenders did not grow their mortgage lending businesses last year Liquidity in Marketplace Slide 39 Commercial Mortgage Backed Securities (CMBS) market is virtually non-existent Non-traditional real estate lenders either ceased to exist or are not doing any new business Traditional mortgage lenders did not grow their mortgage lending businesses last year Canadian banking system cant fill the lending gap Liquidity in Marketplace Slide 40 The proof is in the pudding Slide 41 Unsecured Debentures RioCan did last deal before the markets closed - September 2007 - $120 million Slide 42 Unsecured Debentures RioCan did last deal before the markets closed - September 2007 - $120 million RioCan also did first deal when markets opened up - April 2009 - $180 million Slide 43 Cost of Debt 2009 unsecured debt 8.33% Slide 44 Cost of Debt 2009 unsecured debt 8.33% As at May 1, weighted average cost of debt 6.75% Slide 45 Cost of Debt 2009 unsecured debt 8.33% As at May 1, weighted average cost of debt 6.75% 2009 estimated average cost of new debt 6% Slide 46 RioCan has not only been able to ensure adequate liquidity throughout, but we are actually in as strong a capital position today as we probably have ever been Slide 47 Strong Balance Sheet We will have approx. $200M in cash at the end of 2009 Slide 48 Strong Balance Sheet We will have approx. $200M in cash at the end of 2009 Credit facilities of $290M Slide 49 Strong Balance Sheet We will have approx. $200M in cash at the end of 2009 Credit facilities of $290M 12% of our properties are unencumbered as of March 31, 2009 Slide 50 2009 Slide 51 Looking at 2010 and beyond Slide 52 What are we doing to get back on our growth targets? Slide 53 Opportunistic acquisition Getting Back on Our Growth Targets Montreal Portfolio Slide 54 Opportunistic acquisition Six properties grocery anchored Getting Back on Our Growth Targets Montreal Portfolio Slide 55 Opportunistic acquisition Six properties grocery anchored Defensive category Getting Back on Our Growth Targets Montreal Portfolio Slide 56 On the lookout for other opportunistic acquisitions Getting Back on Our Growth Targets Slide 57 Getting Back on Our Growth Targets Avenue Road Development Slide 58 Slide 59 Getting Back on Our Growth Targets Queen and Portland Slide 60 Slide 61 Several other development projects in 2010 Getting Back on Our Growth Targets Slide 62 Future growth prospects in residential density next to existing shopping centres Getting Back on Our Growth Targets Slide 63 Refinancing of maturing debt in 2010 will contribute materially to our income growth Getting Back on Our Growth Targets Slide 64 Continue to seek out accretive acquisitions Getting Back on Our Growth Targets Slide 65 Distribution and distribution policy Slide 66 Bill C-52 Slide 67