The Past YearThe Past Year

43%

23%

RioCan

REITs

The Past YearThe Past Year 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.

20012001 20002000 % Increase% Increase

Rental Rental RevenueRevenue

$344,000,000 $301,000,000 14%

Net EarningsNet Earnings $159,000,000 $122,000,000 31%

Net Earnings Net Earnings Per Unit Per Unit

$1.11 $0.93 19%

Distributable Distributable Income Per Income Per UnitUnit

$1.29 $1.19

9%

Growth In Total Assets($millions)Growth In Total Assets($millions)

131 198368

796

1,149

2,1612,415

2,708

94 95 96 97 98 99 00 01

2001 Increase – 12% 5 Year Total Growth – 636%

2001 Increase – 12% 5 Year Total Growth – 636%

Growth In Market Capitalization($millions)Growth In Market Capitalization($millions)

46 109289

632718

1,054

1,779

1,333

94 95 96 97 98 99 00 01

2001 Increase – 34%5 Year Total Growth – 516%

2001 Increase – 34%5 Year Total Growth – 516%

Growth In Rental Revenue($millions)Growth In Rental Revenue($millions)

15 2239

87

151

230

301

344

94 95 96 97 98 99 00 01

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%

Growth In Total Distributable Income($millions)

Growth In Total Distributable Income($millions)

4 817

40

65

113

156

186

94 95 96 97 98 99 00 01

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%

Distributable Income Per Unit($)

Distributable Income Per Unit($)

0.4

0.560.65

0.78

0.95

1.191.29

1.09

94 95 96 97 98 99 00 01

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%

“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- Sam Damiani, CFA TD Newcrest

“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

“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

“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

“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

“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

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.

Quality Of RevenueQuality Of RevenueCurrentCurrent 20002000 19991999 19981998

National & National & Anchor Tenants Anchor Tenants as % of Gross as % of Gross RevenueRevenue

76.4% 75.7% 73.0% 70.9%

Top Sources Of Revenue By TenantAs Of March 31, 2002

Top Sources Of Revenue By TenantAs Of March 31, 2002

TenantTenant % of Revenue% of Revenue Weighted Average Weighted Average Remaining Lease Remaining Lease Term (Yrs)Term (Yrs)

1. Wal-Mart 5.6% 14.9

2. A&P 5.1% 11.3

3. Zellers 5.1% 12.4

4. Famous Players 4.1% 19.0

5. Loblaws Co. 3.8% 8.9

Future GrowthFuture Growth Acquisitions. New Developments. Redevelopments. Generate more income from

existing assets.

Acquisitions. New Developments. Redevelopments. Generate more income from

existing assets.

Future Growth – AcquisitionsFuture Growth – Acquisitions

Acquisition of close to $1 billion in 2002.

Acquisition of close to $1 billion in 2002.

Future Growth – AcquisitionsFuture 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.

Future Growth – DevelopmentTrinity Common

Future Growth – DevelopmentTrinity Common

Future Growth – DevelopmentRioCentre Newmarket

Future Growth – DevelopmentRioCentre Newmarket

Future Growth – DevelopmentRioCentre Oakville

Future Growth – DevelopmentRioCentre Oakville

Future Growth – DevelopmentFuture Growth – Development

Future Growth – DevelopmentMarketplace

Future Growth – DevelopmentMarketplace

Future Growth – DevelopmentFuture Growth – Development

7 new projects.7 new projects.

1.2 million square feet.1.2 million square feet.

Future Growth – DevelopmentFuture Growth – DevelopmentNewmarket

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

Shoppers World BramptonShoppers World Brampton

Shoppers World BramptonShoppers World Brampton

Future Growth – RedevelopmentShoppers World Brampton

Future Growth – RedevelopmentShoppers World Brampton

$ 4.72 million

$ 8.5 million

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 – RedevelopmentShoppers World Brampton

Future Growth – RedevelopmentShoppers World Brampton

Future Growth – Joint VentureFuture Growth – Joint Venture

KimcoKimco

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.

RioCan/KimcoRioCan/Kimco1) 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 million3) Access to American tenants.3) Access to American tenants.

170,000

261,000

2001

2002

Q1 New Leases(Square Feet)Q1 New Leases(Square Feet)

RioCan – Last YearRioCan – Last Year

Total Annual Return30.41%

Total Annual Return30.41%

RioCan – This YearRioCan – This Year

Total Annual Return36.35%

Total Annual Return36.35%

20.29%20.29%

Total Return on InvestmentSince IPO (8 Year Compounded Annual Return)

Total Return on InvestmentSince IPO (8 Year Compounded Annual Return)

9.39%

20.29%

TSE 300

RioCan

Total Return on InvestmentSince IPO (8 Year Compounded Annual Return)

Total Return on InvestmentSince IPO (8 Year Compounded Annual Return)