United States Unitholders

RioCan Real Estate Investment Trust (“RioCan”) is a resident of Canada for income tax purposes and is therefore not required to calculate, and does not calculate, its "earnings and profits" pursuant to Section 312 of the Internal Revenue Code and the Treasury Regulations issued under such Section. However, RioCan has elected pursuant to the Treasury Regulations issued under the U.S. Internal Revenue Code to be treated as a corporation for U.S. federal income tax purposes. As a result, RioCan understands that a portion of its distributions paid to U.S. unitholders may be considered to be paid out of its "earnings and profits" if such a calculation were required to be made by RioCan and therefore would potentially qualify as "qualified dividend income" for U.S. income tax purposes. Accordingly, U.S. unitholders will need to consult with their own tax advisers regarding the reporting of the distributions paid by RioCan on their U.S. income tax returns.

A U.S. unitholder who holds an investment in RioCan in registered form with CIBC Mellon Trust Company or other person who is a "U.S. middleman" under Treasury Regulations issued under the U.S. Internal Revenue Code may receive a tax reporting form indicating that 100% of the distributions paid by RioCan to the U.S. unitholder are "qualified dividend income". Not withstanding such reporting, U.S. unitholders will need to consult with their own tax adviser in order to determine the portion of such amount required to be reported in their U.S. income tax returns as "qualified dividend income".

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