Investor UpdateQ4 2014

2

Cautionary Statements

Forward-Looking Statements

This presentation contains forward-looking information within the meaning of applicable securities laws. These statements include, but are not limited to, statements concerning

the REIT’s objectives, its strategies to achieve those objectives, as well as statements with respect to management’s beliefs, plans, estimates, and intentions, and similar

statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Readers should not place undue reliance on

any such forward-looking statements.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the REIT to

be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Actual results and developments are likely to

differ, and may differ materially, from those expressed or implied by the forward-looking statements contained herein.

Such forward-looking statements are based on a number of assumptions that may prove to be incorrect, including, but not limited to, the continued availability of mortgage

financing and current interest rates; the extent of competition for properties; assumptions about the markets in which the REIT and its subsidiaries operate; the global and North

American economic environment; and changes in governmental regulations or tax laws.

Although the forward-looking information contained in this presentation is based upon what management believes are reasonable assumptions, there can be no assurance that

actual results will be consistent with these forward-looking statements. Certain statements included in this presentation may be considered “financial outlook” for purposes of

applicable securities laws, and such financial outlook may not be appropriate for purposes other than this presentation. Except as required by applicable law, the REIT undertakes

no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Non-IFRS Measures

This presentation contains financial measures that do not have a standardized meaning under International Financial Reporting Standards (“IFRS”) as prescribed by the

International Accounting Standards Board. Slate Retail uses the following non-IFRS financial measures: Funds from Operations (“FFO”), Adjusted Funds from Operations

(“AFFO”) on an aggregate and per unit basis and Net Operating Income (“NOI”). Management believes that in addition to conventional measures prepared in accordance with

IFRS, investors in the real estate industry use these non-IFRS financial measures to evaluate the REIT’s performance and financial condition. Accordingly, FFO and AFFO are

used by real estate industry analysts, investors and management as supplemental measures of operating performance of investment property. Management uses AFFO and FFO

in addition to net income to report operating results. FFO is an industry standard for evaluating operating performance. AFFO differs from FFO in that AFFO excludes from its

definition certain non-cash revenues and expenses recognized under IFRS, such as straight-line rent and the amortization of finance costs, but also includes capital and leasing

costs incurred during the period, but capitalized for IFRS purposes. Management also uses AFFO to evaluate the cash generation performance of the REIT available to fund

distributions to unitholders, which is why certain non-cash items are excluded and capital expenditures capital and leasing costs are deducted. NOI is used by real estate industry

analysts, investors and management to measure operating performance of the REIT’s properties. NOI represents total property revenues less property operating and

maintenance expenses. Accordingly, NOI excludes certain expenses included in the determination of net income such as investment property fair value gains and indirect

operating expenses and financing costs. These items are excluded from NOI in order to provide results that are more closely related to a property’s results of operations. Certain

items, such as interest expense, while included in FFO, AFFO and net income, do not affect the operating performance of a real estate asset and are often incurred at the REIT

level as opposed to the property level. As a result, management uses only those income and expense items that are incurred at the property level to evaluate a property’s

performance.

Use of Estimates

The preparation of the REIT financial statements in conformity with IFRS requires management to make estimates, judgments and assumptions that affect the reported amounts

of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the

reporting period. Management’s estimates are based on historical experience and other assumptions that are believed to be reasonable under the circumstances. Actual results

could differ from those estimates under different assumptions.

Business Overview

4

Slate Retail REIT

TSX LISTED U.S. ASSET BASEAFFO PAYOUT

RATIO

MONTLY

DISTRIBUTIONS

SLATE

SPONSORSHIP

SRT.U (USD)

SRT.UN (CAD) 100% 67.9% USD6.3¢/UNIT ~8% EQUITY

• Company: The only Canadian REIT with 100% U.S. grocery-anchored asset base

• Strategy: Build scale in target markets; diversify across the top U.S. grocery retailers

• Portfolio: 41 properties in 19 states; 66% of the portfolio is within the top 50 U.S. MSAs

• High Quality Tenancy: Leading U.S. grocery retailers and other national brand tenants

• Embedded Growth: Below market rents, limited new supply, repositioning opportunities

• U.S. Style REIT: Conservative AFFO payout ratio structured for income and growth

5

2014 Key Performance Indicators

Three months ended

December 31, 2014

Operating period ended

December 31, 2014

Actual Forecast(2) Actual Forecast(2)

Rental revenue $14,508 $10,930 $35,779 $31,878

Net operating income (“NOI”)(1) $10,085 $7,570 $24,956 $21,717

Number of units outstanding 19,606 16,000 17,185 16,000

Funds from operations (“FFO”)(1) $3,500 $4,857 $12,425 $14,072

FFO per unit(1) $0.18 $0.30 $0.72 $0.88

Adjusted funds from operations (“AFFO”)(1) $5,496 $4,095 $13,792 $11,894

AFFO per unit(1) $0.28 $0.26 $0.80 $0.74

Total assets $648,166 $648,166

Total debt $365,538 $365,538

Portfolio Occupancy 96% 96%

AFFO payout ratio(1) 67.9% 67.9%

Debt / GBV ratio 56.4% 56.4%

Interest coverage ratio 3.89x 3.89x(1) See Non-IFRS Measures on p. 2.(2) Forecast as presented in Management Information Circular dated February 3, 2014.

6

80.0%

65.1% 64.3%

77.6% 78.4%

84.6%

47.6%

85.5%

82.5%83.5%

81.1% 80.6%

90.8%

67.9%

Kimco DDR Brixmor Regency Weingarten Equity One CedarRealty

RioCan ChoiceProperties

First Capital Calloway CT REIT Crombie Slate Retail

Conservative AFFO Payout Ratio

71.1% average payout ratio

84.0% average payout ratio

Slate Retail’s conservative approach provides stability and frees up cash flow

for future growth opportunities

Source: CIBC, SNL Financial, FactSet Fundamentals (as at Mar 18, 2015)

7

Why Grocery-Anchored Retail?

• The grocery business is non-cyclical, less susceptible to economic fluctuation

• Grocery retail is a defensive asset class; least threatened by spread of e-commerce

• Assets provide stable cash flow streams with embedded growth

• Low cost basis coupled with significant opportunity for capital appreciation delivers a

“total returns” strategy

• Hard assets with below market in-place rents offer protection against inflation

• The U.S. economy is improving, and what’s good for the U.S. economy is good for

U.S. commercial real estate

A pure-play strategy that, we believe, offers several attractive characteristics in

a volatile investment landscape

8

Why Grocery-Anchored Retail?

Grocery retail is a defensive asset class, least threatened by spread of

e-commerce—99% of purchases remain in-store.

81%

88%

93%

75%

89%

97%

99%

U.S. consumer purchases in 2013; percent of purchases in-store

Drugs, health and beauty aids

$503

Clothing

$358

Computers, electronics, appliances

$272

Furniture

$257

Toys and sporting goods

$128

Books, magazines, music and videos

$120 billion

Grocery and alcohol

$884

Source: Kantar Group, U.S. Commerce Dept.

Management Strategy

10

Slate Asset Management LP

Slate was founded on three key principals:

1. Great real estate investing starts with putting real estate first.

2. Think entrepreneurially and find opportunities where others don’t think to look.

3. The best investors are owners too, working shoulder to shoulder their partners.

Slate Retail REIT

(TSX:SRT.un/SRT.u)

Slate Office REIT

(TSX:SOT.un)

U.S. Opportunity

(No. 3) (not listed)

Pure-plays in U.S. grocery-anchored retail

comprising 56 properties in over 20 states

Majority Canadian

suburban office

Private Alternative Investments

Canadian core and suburban office portfolios;

western Canadian industrial and retail properties

Privately held in partnership w/ institutions Public REITs w/ institutional and retail unitholders

$2.5 billion AUM

11

Fully Integrated U.S. Operations Platform

Asset

Management

Finance/

Reporting

Investor

RelationsLegal

Bankers Trust

GMAC

First National Financial

Fortress Investment Group

Lonestar

Truscan

Brookfield Asset Management

CB Richard Ellis

CIBC

Cushman & Wakefield

Deloitte

GE Capital

Goodmans LLP

Oxford Properties

A dedicated U.S. operations team draws upon experience from preeminent

names in commercial real estate finance, brokerage and asset management

Acquisitions/

Dispositions

Blair Welch

CEO

Brady Welch

CFO

12

Business Strategy

Poised for growth and well-positioned to be a leader in the U.S. grocery-

anchored retail sector

1. Build a North American

Platform with Superior

Management and Expert

Leadership

• “Total Returns” approach; manager acts as investor first

• Highly skilled senior leadership with significant U.S. experience

• Majority independent board with relevant skillsets

2. Leverage Asset Management

Expertise to Enhance

Property Cash Flows and

Create Long Term Value

• Leverage established anchor tenant relationships

• Deploy expert leasing and property management professionals

• Prudent use of historically low financing to enhance returns

3. Grow the Portfolio Through

Accretive Acquisitions in New

and Existing Markets

• Cultivate reputation of preferred counter-party

• Maintain robust pipeline of accretive acquisitions

• Acquire only what you would be “comfortable owning forever”

13

A Pure-Play with Large Market Presence

Among its North American peers, Slate Retail in the only vehicle with a 100%

grocery-anchored asset base

North American REITs/REOCs portfolio exposure to grocery-anchored centres

Source: GMP Securities, Company Reports

100% 98%

87% 86%84%

75% 75% 74% 73%71%

64%

57%

50%

22%20%

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A Pure-Play with Large Market Presence

Slate Retail also ranks high among Canadian REITs/REOCs in exposure to

major urban markets

Canadian REITs/REOCs exposure to markets with >1 million population

Source: GMP Securities, Company Reports

9%

19%

28% 28%

45%

66%

72%

85%

Plazacorp Crombie Retrocom Choice Calloway Slate Retail RioCan First Capital

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Building Scale in High Quality U.S. Urban Centres

Dallas-Ft Worth

Orlando

Minneapolis-St Paul

A geographically diverse portfolio with 66% of leasable area located in large

U.S. markets with over 1 million population.

Tampa

Denver

Jacksonville

Philadelphia

Raleigh-Durham

Atlanta

Nashville

Washington, DCPittsburgh Cleveland

DetroitMilwaukee

Cincinnati

Charlotte

Boston

Richmond

Columbia

StateAsset

Count% of Portfolio(1)

Minnesota 2

Ohio 3

Pennsylvania 4

New Hampshire 1

Connecticut 1

Michigan 2

Wisconsin 2

Illinois 1

Colorado 1

Kentucky 1

Tennessee 3

Alabama 1

Texas 1

Maryland 1

Virginia 4

North Carolina 5

South Carolina 2

Georgia 1

Florida 5

Total 41

5.4%

7.8%

12.7%

3.8%

2.9%

6.7%

4.6%

1.5%

2.0%

1.8%

7.1%

1.3%

3.4%

2.9%

6.1%

13.8%

2.2%

2.0%

12.0%

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Parent Co. Store Brand(s) % GLA % Rent

Wal-Mart Stores, Inc 10.5% 6.4%

Super Valu, Inc. 5.1% 5.6%

Delhaize America 5.0% 5.5%

Bi-Lo Holdings Inc. 4.8% 4.7%

The Kroger Co. 8.5% 4.7%

Roundy's Supermarkets 2.5% 2.4%

Ahold USA 1.3% 2.6%

Publix Super Markets 2.5% 2.0%

Giant Eagle, Inc. 2.3% 1.7%

Lowes Foods, LLC. 1.7% 1.5%

Albertsons LLC 1.3% 1.3%

Total 45.5% 38.4%

A strategic selection the largest, most respected names in the U.S. grocery

retailing business

Diverse, Strong Performing Grocery Tenant Base

The additional of other national brand tenants including banks, fast food, dollar

stores and pharmacies raises the Portfolio Rent to approximately 70%

17

Urban Centres With >1

Million Population51 6

Significant U.S. Growth Opportunity

United States

Source: U.S. Census Bureau , Progressive Grocer, Statistics Canada , Canadian Grocer

37,000grocery stores

<1% owned by

largest landlord

~20% owned by

largest landlord

Canada

2,400 grocery stores

Large, fragmented U.S. investment landscape provides opportunity to develop scale

18

Targeting High-Quality, Mispriced Assets

80

100

120

140

160

180

200

220

240

Significant opportunity exists for well financed players in non-major markets

Pre-Downturn Downturn Recovery

Unprecedented

Valuation Gap

Top 6 markets

Other major MSAs

>1 million population

Moody’s RCA National All Property CPPI

(Dec 2000 = 100)

2000 2007 2010

Slate launches U.S. platform

SRT lists on TSX

Source: Real Capital Analytics

2014

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Limited Supply of New Shopping Centres

Net Completions of U.S. Community and Neighbourhood Shopping Centres 1999-2013 (Left)

Grocery-Anchored Supermarkets and Shopping Centres Occupancy (Right)

Since 2006 there has been an approximate 92% drop in the delivery of new

U.S. shopping centres.

Source: CoStar (occupancy data only available beginning in 2007)

784 755

647611

692

783

883 890847

751

351

134 112 89 69

94.5%

94.1%

93.4%

93.0%

93.2%

93.4%

93.9%

92.8%

93.0%

93.2%

93.4%

93.6%

93.8%

94.0%

94.2%

94.4%

94.6%

0

100

200

300

400

500

600

700

800

900

1000

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

20

Acquisition Criteria

Target assets include grocery-anchored retail properties that are…

1. Available at a discount-to-peak and/or replacement value;

2. Located in large U.S. markets with sustainable/improving population and employment

statistics;

3. Anchored by a top grocery retailer with an established sales and profitability;

4. Situated in well-developed sub-markets with limited risk of new development; and,

5. Accretive to Adjusted Funds from Operations on a per unit basis.

Despite the abundance of U.S. grocery-anchored acquisition opportunities, we

remain focused our disciplined acquisition strategy

Q4 2014 Highlights

22

Significant Acquisition Activity

Since Q2 2014 SRT has acquired, or committed to acquire, 16 additional

grocery-anchored assets, increasing leasable area by approximately 50%.

New grocers to the portfolio

beginning in Q4 2014:

*Committed acquisition

Asset Market State Square FeetPurchase

Price (000s)

Per

Square

Foot

Occupancy Anchor (Parent)

North Summit Square Winston-Salem NC 224,530 $15,800 $70 98% Sam's Club (Walmart)

East Little Creek Norfolk VA 69,620 9,900 142 100% Farm Fresh (Supervalu)

Waterbury Plaza Hartford CT 141,443 27,200 192 100% Stop & Shop (Ahold)

Wellington Park Raleigh NC 102,787 15,500 151 91% Lowes Foods

Seminole Oaks Tampa FL 63,572 11,400 179 97% Winn-Dixie

Smithfield Shopping Plaza Newport News VA 134,644 12,300 91 92% Farm Fresh (SuperValu)

Forest Plaza Fond du Lac WI 123,028 16,900 137 100% Pick 'n Save (Roundy's)

Stonefield Square Louisville KY 90,991 12,600 138 92% The Fresh Market

Oakland Commons Bloomington IL 73,705 8,200 111 96% Jewel-Osco (Albertsons)

Derry Meadows Boston NH 186,997 24,400 130 93% Hannaford (Delhaize)

Stadium Center Port Huron MI 92,365 5,300 57 93% Kroger

Westminster Plaza Denver CO 97,013 12,670 131 98% Safeway

Glidden Crossing DeKalb IL 98,683 16,600 168 94% Schnucks

Ocean Plaza Myrtle Beach SC 66,497 5,500 83 91% Kroger

Roxborough Marketplace* Littleton CO 107,818 15,600 145 88% Safeway

City Center Plaza* Westland MI 97,670 12,500 128 97% Kroger

Total 1,771,363 $222,370 $126 95%

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Strong Leasing Fundamentals

Tenant Size Deal Type Summary 2014 YTD Q4 2014 Q3 2014

>10,000 square feet

Renewal

Leases signed 4 0 3

Square feet 107,933 0 97,703

Average rent $6.42 0 $6.25

Rental spread 2.4% n/a 2.0%

New

Leases signed 0 0 0

Square feet 0 0 0

Average rent $0.00 $0.00 $0.00

<10,000 square feet

Renewal

Leases signed 59 21 22

Square feet 165,980 66,462 42,151

Average rent $15.39 $16.83 $18.11

Rental spread 7.3% 5.7% 6.5%

New

Leases signed 23 7 7

Square feet 59,557 20,029 17,208

Average rent $13.42 $12.76 $17.62

Robust leasing activity in 2014 included significant rental rate growth and

enhancement in overall tenant quality

24

Staggered Lease Maturities

Leasable Area Expiring in Square Feet and as a % of Portfolio Leasable Area

A stable expiry profile ensures cash flow stability

2015 2016 2017 2018 2019

6.9%8.2%

14.1%

15.5%14.7%

40.5%

327,903 387,711

668,758

744,950 697,413

1,917,574

100,320 36,075

187,601

369,238427,524

1,040,652

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

2015 2016 2017 2018 2019 2020 +

% of Total Leasable Area Total Square Feet Anchor Square Feet

Case Study: Uptown Station

26

Case Study: Uptown Station

• Purchased by Slate in Q2 2013 for $33 million ($110 PSF) representing an unlevered yield (cap

rate) of ~8%

• Approximately 50% of leasable area is comprised of national brand tenants

• Winn-Dixie’s annual sales are among the highest chain-wide

Uptown Station is 95% occupied and serves as a community focal point for

Ft Walton Beach, FL

27

Case Study: Uptown Station

Upon acquisition, Slate Retail embarked on a

comprehensive revitalization program for the

shopping centre including:

• Targeted capital improvements such as

landscaping, parking lot and roof repairs

• Tenant relations & community engagement

Significant value enhancement has been

achieved since assuming ownership

• Over 94,000 square feet of leasing

• A ~5% increase in occupancy

• 5-year early term extension with grocery

anchor Winn-Dixie

After completing value-add initiatives, Slate

Retail refinanced Uptown Station with a 10-year

fixed rate mortgage loan at 3.80%:

• The lender valued the asset at a 6.75% cap

rate; repatriated ~20% of initial equity

investment ($3 million)

• No increase in overall loan-to-value ratio

• Equity was reinvested: Slate Retail

purchased a property for $5.5 million with no

dilution, increasing portfolio NOI by ~$400k

Photo: Flag raising ceremony at Uptown Station; the State of

Florida’s largest American flag.

Governance & Alignment

29

Experienced, Majority Independent Board of Trustees

Slate Retail REIT Committee

Independent Audit Investment

Compensation,

Governance and

Nomination

Tom Farley (Chairman)

Brookfield Canada Office PropertiesYes

Sam Altman, JD, CFA

Joddes LimitedYes

Colum Bastable, FCA (IRL)

Cushman & WakefieldYes

Patrick Flatley

Fidelity National Title InsuranceYes

Peter Tesché, CFA

P.T. Lloyd AssociatesYes

Blair Welch

Slate Retail REITNo

Brady Welch

Slate Retail REITNo

Committee Chair

Drawing on a strategic combination of skillsets that include vast real estate,

legal, finance and cross-border experience.

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Alignment and Fee Structure

Slate owns approximately 8% ownership of the REIT

Manager Fee Summary

Asset management 0.4% of GBV

Acquisition 0.75% of gross acquisition cost

Manager incentive 15% of FFO in excess of $1.28 (plus inflation hurdle)

Financing

None

Disposition

Property Management

Leasing

Construction

Financial Overview

32

Understanding Fiscal 2014 and Q4 Results

The following is a summary of accounting matters, that have previously been

discussed, that significantly impact Slate Retail’s consolidated financial

statements prepared in accordance with IFRS:

• Pursuant to the Combination Transaction, Slate U.S. Opportunity (No. 2) Realty Trust (“SUSO 2”) was identified as the “accounting acquirer”,

primarily as a result of unitholders of SUSO 2 holding a controlling interest in Slate Retail units post-Combination Transaction.

• As required under IFRS, the April 2014 Combination Transaction is accounted for as a “business combination” whereby SUSO 2 acquired

Slate U.S. Opportunity (No. 1) Realty Trust (‘SUSO 1”) and Grocery Anchored Retail Limited Partnerships (“GAR”).

• Slate Retail’s consolidated financial statements are issued under the name “Slate Retail REIT”. The comparative and pre-Combination

Transaction balances and results of operations reflect only a continuation of SUSO 2 from an accounting perspective.

• Goodwill recognized on completion on the Combination Transaction was primarily the result of the requirement to recognize a deferred tax

liability. Accordingly, the amount recognized as goodwill was not supportable and was immediately written-off.

• To provide better comparability, the MD&A compares the forecast presented in the February 3, 2014 Management Information Circular,

adjusted to reflect the Combination Transaction closing date on April 15, 2014

33

Financial Highlights

(1) To increase comparability between the Forecast and the actual results, the REIT's results from operations includes the period from April 1 to September 30, 2014 ("Operating

Period"). The Operating Period ended September 30, 2014 includes the full period earnings of Slate U.S. Opportunity (No. 2) Realty Trust from April 1, 2014 and the acquisition of

Slate U.S. Opportunity (No. 1) Realty Trust and the GAR portfolio on April 15, 2014

US$ THOUSANDSEXCEPT PER UNIT AMOUNTS

THREE MONTHS ENDED DECEMBER 31, 2014

VARIANCEOPERATING PERIOD ENDED

DECEMBER 31, 2014 (1) VARIANCE

Actual Forecast $ % Actual Forecast $ %

Property Revenue $14,508 $10,930 $3,578 32.7% $35,779 $31,878 $3,901 12.2%

Net Operating Income (NOI) 10,085 7,570 2,515 33.2% 24,956 21,717 3,239 14.9%

Funds From Operations (FFO) 3,500 4,857 (1,357) (27.9)% 12,425 14,072 (1,647) (11.7)%

FFO per WA Class U Unit2 0.18 0.30 (0.12) (40.0)% 0.72 0.88 (0.16) (18.2)%

FFO excluding de-recognition of loan costs 6,383 4,857 1,526 —% 15,308 14,072 1,236 8.8%

Revised FFO per WA Class U Unit2 0.33 0.30 0.03 (40.0)% 0.89 0.88 0.01 1.1%

Adjusted FFO (AFFO) 5,496 4,095 1,401 34.2% 13,792 11,894 1,898 16.0%

AFFO per WA Class U Unit2 0.28 0.26 0.02 7.7% 0.80 0.74 0.06 8.1%

34

Net Operating Income

For the 29 Initial Properties, NOI is below forecast by $175 in the fourth quarter. The variance results from changes made to the calculations of year-end recovery estimates,

based on prior year changes.

Overall, NOI for the REIT is higher than forecast by $2,515 in the fourth quarter, which is driven to the acquisitions of the 12 new investment properties during the Operating

Period.

THREE MONTHS ENDED DECEMBER 31, 2014

US$ THOUSANDSEXCEPT PER UNIT AMOUNTS ACTUAL FORECAST DIFFERENCE

Rental Revenue $10,819 $10,930 ($111)

Straight-line Rent Revenue (326) (126) (200)

Property Operating Expenses (2,040) (3,225) 1,185

IFRIC 21 Property Tax Adjustment (1,058) (9) (1,049)

Initial Properties NOI $7,395 $7,570 ($175)

Twelve new investment properties 2,690 — 2,690

Total NOI $10,085 $7,570 $2,515

35

Funds from Operations and Adjusted Funds From Operations

1) Calculated on a fully-diluted basis assuming the conversion of all SUSO 1 class A units and SUSO 1 class I units into Class U Units at their respective conversion ratios and the

redemption of all outstanding Class B LP2 Units and GAR B Exchangeable Units for Class U Units.(2) Excluding REIT start-up costs and REIT offering costs.

THREE MONTHS ENDED DECEMBER 31, 2014 OPERATING PERIOD ENDED DECEMBER 31, 2014

US$ THOUSANDSEXCEPT PER UNIT AMOUNTS

Actual Forecast Variance Actual Forecast Variance

Property Revenue $14,508 $10,930 $3,578 $35,779 $31,878 $3,901

Straight-line Rent Adjustment (375) (126) (249) (550) (369) (181)

Property Operating Expenses (2,483) (3,225) 742 (5,958) (9,608) 3,650

IFRIC 21 Property Tax Adjustment (1,565) (9) (1,556) (4,315) (184) (4,131)

Net Operating Income $10,085 $7,570 $2,515 $24,956 $21,717 $3,239

Straight-line Rent Adjustment 375 126 249 550 369 181

G&A (2) (1,340) (770) (570) (3,084) (2,310) (774)

Interest Expense (5,620) (2,069) (3,551) (9,997) (5,704) (4,293)

FFO $3,500 $4,857 ($1,357) $12,425 $14,072 ($1,647)

FFO excluding de-recognition of loan costs $6,383 $4,857 $1,526 $15,308 $14,072 $1,236

Straight-line Rent Adjustment (375) (126) (249) (550) (369) (181)

Amortization of Finance Charges 2,913 — 2,913 3,381 — 3,381

Mark-to-market Adjustments on Debt (131) (17) (114) (320) (48) (272)

Capital and Leasing Costs (411) (619) 208 (1,144) (1,761) 617

AFFO $5,496 $4,095 $1,401 $13,792 $11,894 $1,898

FFO per WA Class U Unit (1) $0.18 $0.30 ($0.12) $0.72 $0.88 ($0.16)

Revised FFO per WA Class U Unit (1) $0.33 $0.30 $0.03 $0.89 $0.88 $0.01

AFFO per WA Class U Unit (1) $0.28 $0.26 $0.02 $0.80 $0.74 $0.06

36

Comparable Retail Portfolio Transactions

Transaction Date Cap Rate Comments

Kimco acquires Blackstone's 67% interest

in “Kimstone” JVExpected closing Q1 2015 6.0%

39 grocery-anchored shopping centres

and power centres; valued at ~$250/SF

EDENS acquisition of AmREIT ($765M) Expected closing Q1 2015 5.5%

Offer price implies 23.7x 2014 AFFO; 1.5

million square feet; 95% occupied; ~40%

premium to unit price

Washington Prime acquisition of Glimcher Jan 2015 6.0%

$4.2 billion deal (cash and stock);

combined company will own 119 assets

(68 million square feet)

Vornado Realty Trust retail REIT spin-off Jan 2015 5.8%“Urban Edge Properties” comprises 81

strip centres and 4 enclosed malls

Kite realty acquisition of Inland Jul 2014 6.6%KRG purchases Inland Diversified for

$2.1 billion (57 assets / 10.2 million SF)

Blackstone-DDR JV Jun 2014 7.1%BX and DDR form a JV to acquire 76

shopping centres for $2.0 billion

Blackstone acquires portion of EDENS Dec 2013 5.5%BX paid $780M for 29% stake in SC-

based shopping centre owner

Source: KeyBanc Capital Markets, Company Reports

37

A Significant Value Proposition

Estimated strip centre cap rates, in place rents and occupancy (Q4 2014)

Metropolitan Statistical Area State Cap RateRent Per

Square Foot Occupancy Metropolitan Statistical Area State Cap Rate

Rent Per

Square Foot Occupancy

Atlanta GA 6.5% $ 12.67 91% Miami FL 5.9% $ 15.03 92%

Baltimore MD 6.2% $ 15.75 97% Greensboro NC 7.2% $ 10.96 91%

Boston MA 6.1% $ 16.95 98% Houston TX 6.5% $ 13.62 96%

Buffalo NY 7.2% $ 10.22 90% Jacksonville FL 6.5% $ 12.42 89%

Charleston SC 6.8% $ 10.87 90% Memphis TN 7.0% $ 12.00 94%

Charlotte NC 6.5% $ 14.11 91% Minneapolis MN 6.7% $ 12.68 95%

Charlottesville VA 6.2% $ 21.10 96% Nashville TN 7.0% $ 10.39 94%

Chicago IL 6.4% $ 15.18 95% New York NY 5.6% $ 22.10 96%

Cincinnati OH 7.2% $ 12.33 96% Orlando FL 6.6% $ 14.88 90%

Cleveland OH 7.2% $ 11.28 92% Philadelphia PA 6.4% $ 16.01 95%

Columbus OH 7.0% $ 11.96 97% Pittsburgh PA 6.8% $ 10.25 98%

Dallas-Ft Worth TX 6.5% $ 16.07 94% Raleigh-Durham NC 6.6% $ 14.30 95%

Dayton OH 7.2% $ 10.03 92% Richmond VA 6.5% $ 14.04 95%

Denver CO 6.5% $ 14.88 91% Tampa FL 6.5% $ 12.41 91%

Detroit MI 7.5% $ 10.76 92% Washington, DC DC 5.9% $ 22.59 96%

National 6.4% $ 14.57 94%

Slate Retail REIT 7.7% $ 9.65 96%

Source: Greet Street Advisors

38

Canada/U.S. REIT/REOC Trading Comparables (as at Mar 18, 2015)

Source: CIBC, SNL Financial, FactSet Fundamentals, company reports

2015E AFFO Implied

Unit Price

Since

Listing

Market Cap

(Millions)

TEV

(Millions)

Premium to

Analyst

NAV Dist. Yield AFFO Yield Multiple

Payout

Ratio Debt/GBV Cap Rate

Value

PSF

Canadian Retail Comparables (CAD)

RioCan REIT $28.05 2.0% $8,863 $15,520 6.0% 5.0% 5.9% 17.0 x 85.5% 44.9% 5.7% $194

Choice Properties $11.43 7.0% $4,393 $8,090 2.5% 5.7% 6.9% 14.5 x 82.3% 45.7% 6.1% $207

First Capital Realty $19.60 9.9% $4,327 $7,958 2.7% 4.4% 5.3% 19.0 x 83.5% 42.4% 5.5% $325

Calloway REIT $29.18 8.6% $3,978 $6,970 (1.5%) 5.5% 6.8% 14.8 x 81.1% 51.4% 6.1% $258

CT REIT $13.03 12.8% $2,427 $4,408 11.7% 5.1% 6.3% 15.8 x 80.6% 45.0% 5.8% $220

Crombie REIT $13.18 (1.8%) $1,721 $3,811 (8.7%) 6.8% 7.5% 13.4 x 90.8% 53.7% 6.6% $212

Average 6.4% 2.1% 5.4% 6.4% 15.8 x 84.0% 47.2% 6.0% $236

U.S. Retail Comparables (USD)

Kimco $27.06 20.1% $11,164 $16,619 6.3% 3.5% 4.4% 22.6 x 80.0% 37.7% 5.6% $142

DDR $18.94 11.7% $6,816 $12,394 0.1% 3.6% 5.6% 17.9 x 65.1% 45.7% 6.2% $99

Brixmor $26.33 23.9% $7,828 $14,070 0.5% 3.4% 5.3% 18.8 x 64.3% 53.7% 6.3% $162

Regency Centers $68.07 29.9% $6,407 $8,639 5.0% 2.9% 3.8% 26.6 x 75.8% 39.4% 5.3% $197

Weingarten Realty $36.52 18.4% $4,474 $6,730 (3.8%) 3.8% 4.8% 20.9 x 78.9% 40.0% 5.8% $137

Equity One $27.35 23.5% $3,418 $5,015 7.8% 3.2% 3.7% 27.1 x 87.1% 36.6% 5.2% $324

Cedar Realty Trust $7.54 24.4% $615 $1,471 (2.0%) 2.7% 5.6% 18.0 x 47.6% 42.8% 6.9% $160

Average 21.7% 2.0% 3.3% 4.7% 21.7 x 71.3% 42.3% 5.9% $174

Slate Retail REIT

(USD)$9.89 (26.5%) $249 $593 (27.9%) 7.6% 11.6% 8.6 x 65.7% 50.6% 7.9% $117