RioCan Real Estate Investment Trust Announces Appointment of Cynthia Devine as Chief Financial Officer

TORONTO, ONTARIO–(Marketwired – Feb. 4, 2015) – RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) today announced that it has appointed Cynthia Devine as Chief Financial Officer of RioCan effective March 16, 2015.

“Ms. Devine is a recognized and highly respected business leader in Canada. In addition to her financial acumen, her experience with Tim Hortons provides her with an excellent background and unique understanding of our tenant’s operations and retailers’ concerns,” said Edward Sonshine, Chief Executive Officer of RioCan. “We are very pleased that Cynthia has agreed to join RioCan, and look forward to her becoming a senior member of the RioCan team.”

Ms. Devine was the Chief Financial Officer at Tim Hortons from 2003 until 2014, and is a director of Empire Company Limited. Ms. Devine has served as a senior executive in a financial capacity at Maple Leaf Foods and Pepsi-Cola Canada, where she was CFO. Ms. Devine was also a member of the Board of Directors of ING Direct Canada from 2009 until its sale to Scotiabank in 2012.

In 2010, Ms. Devine was awarded Canada’s CFO of the year and was recognized as one of Canada’s Top 100 Most Powerful Women in 2008 and 2012.

Ms. Devine holds an Honors Business Administration degree from the Richard Ivey School of Business at the University of Western Ontario. Ms. Devine is a Fellow of the Institute of Chartered Accountants of Ontario.

About RioCan

RioCan is Canada’s largest real estate investment trust with a total capitalization of approximately $14.7 billion as at September 30, 2014. It owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 340 retail properties containing more than 80 million square feet, including 48 grocery anchored and new format retail centres containing 13 million square feet in the United States as at September 30, 2014. RioCan’s portfolio also includes 15 properties under development in Canada. For further information, please refer to RioCan’s website at www.riocan.com.