An anonymous director reports

RIOCAN REAL ESTATE INVESTMENT TRUST ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange (TSX) has approved RioCan Real Estate Investment Trust's notice of intention to make a normal course issuer bid for a portion of its trust units as appropriate opportunities arise from time to time. RioCan's normal course issuer bid will be made in accordance with the requirements of the TSX.

Pursuant to the notice, RioCan is authorized to acquire up to a maximum of 29,319,995 of its 294,519,013 outstanding units, or approximately 10 per cent of the public float of 293,199,954 units as of Oct. 31, 2025, over the next 12 months. Purchases under the normal course issuer bid will be made through the facilities of the TSX or through a Canadian alternative trading system, and in accordance with applicable regulatory requirements at a price per unit equal to the market at the time of acquisition. The number of units that can be purchased pursuant to the bid is subject to a current daily maximum of 155,941 units (which is equal to 25 per cent of 623,766 units, being the average daily trading volume on the TSX during the last six months), subject to RioCan's ability to make one block purchase of units per calendar week that exceeds such limits.

Units purchased under the normal course issuer bid will be cancelled upon their purchase or may be used to satisfy RioCan's obligation to deliver units under RioCan's restricted equity unit plan and/or performance equity unit plan. RioCan intends to finance the purchases out of its available cash and undrawn credit facilities. Under its previous normal course issuer bid, which expires on Nov. 11, 2025, RioCan was authorized to acquire a total of 29,878,867 units. RioCan purchased a total of 5,559,193 units under its previous normal course issuer bid at a weighted average price of $17.99.

RioCan may begin to purchase units on Nov. 12, 2025, and the bid will terminate on Nov. 11, 2026, or such earlier time as RioCan completes its purchases pursuant to the bid or provides notice of termination. RioCan believes that the purchase of its units may represent an investment opportunity for the trust and an appropriate and desirable use of its funds based on market conditions, unit price and other factors.

RioCan has adopted an automatic securities purchase plan (ASPP) in connection with its normal course issuer bid that contains strict parameters regarding how its units may be repurchased during times when it would ordinarily not be permitted to purchase units due to regulatory restrictions or self-imposed blackout periods. Pursuant to the ASPP, purchases will be made by RioCan's designated broker based on pre-established purchasing parameters, in accordance with the rules of the TSX, applicable securities laws and the terms of the ASPP. The ASPP has been precleared by the TSX and will be implemented effective immediately. All purchases made under the ASPP will be included in computing the number of units purchased under RioCan's normal course issuer bid. Outside of predetermined blackout periods, units may be purchased under the normal course issuer bid at such times as RioCan may determine in compliance with TSX rules and applicable securities laws.

About RioCan Real Estate Investment Trust

RioCan meets the everyday shopping needs of Canadians through the ownership, management and development of necessity-based and mixed-use properties in densely populated communities. As at Sept. 30, 2025, the trust's portfolio comprises 173 properties with an aggregate net leasable area of approximately 32 million square feet (at RioCan's interest).

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