REI.UN RioCan Real Estate Investment Trust

RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: REI.UN) today announced the results of the votes held at its June 13, 2023 annual and special meeting of unitholders (the “Meeting”).

The total number of units represented by unitholders present in person or by proxy at the Meeting was 171,503,612, representing 57.19% of RioCan’s 299,863,315 outstanding units entitled to be voted.

Each of the nominee Trustees listed in the Trust's Management Information Circular dated April 28, 2023 was elected as a Trustee. RioCan received proxies with regard to voting on the ten Trustees nominated for election, as set forth in the table below:

Name of Nominee	VotesFor	%	Votes Withheld	%
Bonnie Brooks, C.M.	167,568,595	98.28%	2,925,948	1.72%
Richard Dansereau	168,939,585	99.09%	1,554,958	0.91%
Janice Fukakusa, C.M.	164,778,895	96.65%	5,715,648	3.35%
Jonathan Gitlin	167,461,088	98.22%	3,033,455	1.78%
Marie-Josée Lamothe	168,026,477	98.55%	2,468,066	1.45%
Dale H. Lastman, C.M., O.Ont.	165,871,126	97.29%	4,623,417	2.71%
Jane Marshall	162,278,696	95.18%	8,215,847	4.82%
Edward Sonshine, O.Ont., K.C.	163,259,506	95.76%	7,235,037	4.24%
Siim A. Vanaselja	158,491,643	92.96%	12,002,900	7.04%
Charles M. Winograd	164,047,876	96.22%	6,446,667	3.78%

Appointment of Auditors

Ernst & Young LLP was reappointed as the auditor of the Trust until the next annual meeting of unitholders by resolution passed by a majority of the unitholders. Management received proxies to vote for the appointment of the auditor (and to authorize the Trustees to fix their remuneration) as follows:

VotesFor	%	Votes Withheld	%
168,938,215	98.50%	2,569,364	1.50%

Amendments to the Amended and Restated Deferred Unit Plan

The ordinary resolution authorizing and approving the amendments to the Trust’s Amended and Restated Deferred Unit Plan approved by the Board of Trustees on February 15, 2023 was approved as follows:

VotesFor	%	Votes Against	%
163,722,842	96.03%	6,765,676	3.97%

Say-On-Pay Non-Binding Advisory Vote

The non-binding say-on-pay vote on the Trust’s approach to executive compensation was passed as follows:

VotesFor	%	Votes Against	%
129,513,536	75.97%	40,974,982	24.03%

The Board takes the views of unitholders seriously and will continue to expand its engagement with unitholders and take unitholder feedback into consideration for future decisions. Consistent with our approach to say-on-pay, we will disclose to unitholders as soon as practicable, and no later than six months from today, a summary of feedback received and any changes to the executive compensation program made or anticipated.

About RioCanRioCan is one of Canada’s largest real estate investment trusts. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at March 31, 2023, our portfolio is comprised of 191 properties with an aggregate net leasable area of approximately 33.5 million square feet (at RioCan's interest) including office, residential rental and 11 development properties. To learn more about us, please visit www.riocan.com.

Information contact:
Kim Lee
Vice President, Investor Relations, RioCan REIT
(416) 646-8326
klee@riocan.com