RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: REI.UN) today announced the completion of a comprehensive request for proposal (“RFP”) process for external audit services. Following this process, RioCan’s Board of Trustees has approved the appointment of PricewaterhouseCoopers LLP (“PwC”) as the Trust’s external auditor for fiscal 2026. Ernst & Young LLP (“EY”) will continue in its role as external auditor through the financial year ending December 31, 2025.

In alignment with RioCan’s commitment to strong governance and oversight, the Audit Committee initiated the RFP in recognition of EY’s long tenure as the Trust’s external auditor. After a thorough evaluation, the Board of Trustees, on the recommendation of the Audit Committee, selected PwC based on its depth of expertise, qualifications, and independence. RioCan extends its sincere appreciation to EY for its nearly 20 years of service, during which it has provided valuable insight and professional stewardship.

At the Trust’s request, EY will resign as external auditor effective on the first business day following the filing of the Trust’s audited consolidated financial statements for the year ending December 31, 2025 and EY’s auditor’s report thereon. PwC will be appointed the same day to fill the resulting vacancy and will serve until the Trust’s 2026 annual meeting of unitholders. At that meeting, RioCan intends to propose PwC’s appointment as external auditor for the ensuing year.

About RioCan

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 September 30, 2025, our portfolio is comprised of 173 properties with an aggregate net leasable area of approximately 32 million square feet (at RioCan's interest). To learn more about us, please visit www.riocan.com.

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