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RioCan Real Estate Investment Trust Announces Results of Voting at RioCan's Annual and Special Meeting

TORONTO, ONTARIO -- (Marketwired) -- 05/28/14 -- RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) today announced the results of the votes held at its May 28, 2014 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 142,715,104, representing 46.88% of RioCan's outstanding units.

Each of the nominee Trustees listed in the Trust's Management Information Circular dated April 11, 2014 was elected as a Trustee, without a vote by ballot being conducted. RioCan received proxies with regard to voting on the nine Trustees nominated for election, directing as set forth in the table below:


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                                      Vote                                 
Name of Nominee                        For         %  Withold Vote        %
---------------------------------------------------------------------------
Bonnie Brooks                  140,038,358     99.34       936,985     0.66
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Clare R. Copeland              123,412,129     87.54    17,563,214    12.46
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Raymond M. Gelgoot             132,625,400     94.08     8,349,943     5.92
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Paul Godfrey, C.M., O.Ont.     134,453,374     95.37     6,521,969     4.63
---------------------------------------------------------------------------
Dale H. Lastman                132,594,803     94.06     8,380,540     5.94
---------------------------------------------------------------------------
Sharon Sallows                 140,296,198     99.52       679,145     0.48
---------------------------------------------------------------------------
Edward Sonshine, O.Ont., Q.C.  140,227,972     99.47       747,371     0.53
---------------------------------------------------------------------------
Luc Vanneste                   140,108,395     99.39       866,948     0.61
---------------------------------------------------------------------------
Charles M. Winograd            140,390,711     99.59       584,632     0.41
---------------------------------------------------------------------------

Appointment of Auditors

Ernst & Young LLP, Chartered Accountants, 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 directors to fix their remuneration) as follows:


------------------------------------------------
                                                
Vote For             %   Withold Vote          %
------------------------------------------------
141,827,430      99.39        864,551       0.61
------------------------------------------------

Special Business - Resolution approving the Deferred Unit Plan and Non-binding Say-on-pay Advisory Resolution

The ordinary resolution authorizing and approving the adoption by RioCan of the Deferred Unit Plan was passed. No ballot was required as proxies were received in favour of this resolution as follows:


-----------------------------------------------
                                               
Vote For             %  Against Vote          %
-----------------------------------------------
139,106,360      98.68     1,867,645       1.32
-----------------------------------------------

The ordinary resolution authorizing and approving the non-binding say-on-pay advisory resolution set forth in the Circular on the Trust's approach to executive compensation was passed. No ballot was required as proxies were received in favour of this resolution as follows:


------------------------------------------------
                                                
Vote For             %   Against Vote          %
------------------------------------------------
134,757,636      95.59      6,216,381       4.41
------------------------------------------------

About RioCan

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $14.5 billion as at March 31, 2014. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 340 retail properties containing approximately 82 million square feet, including 47 grocery anchored and new format retail centres containing 13 million square feet in the United States as at March 31, 2014. RioCan's portfolio also includes 16 properties under development in Canada. For further information, please refer to RioCan's website at www.riocan.com.

Contacts:
RioCan Real Estate Investment Trust
Rags Davloor
Executive Vice President & CFO
(416) 642-3554
www.riocan.com

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