Investor Presentaiton

$1,200 TOTAL RETURNS TO UNIT HOLDERS CONTINUE TO GROW (as of February 10, 2020) $1,000 $800 $600 $400 $200 $0 14.8% AVERAGE ANNUAL RETURN SINCE IPO Nov-02 Nov-03 SMARTCENTRES REIT | Q4 2019 INVESTOR PRESENTATION Nov-04 Nov-05 Nov-06 Nov-07 Nov-08 Nov-09 Nov-10 Nov-11 Nov-12 Nov-13 Nov-14 Nov-15 SmartCentres - TSX Capped REIT TSX Composite Nov-16 Nov-17 Nov-18 Nov-19 60 $1,090.27 $626.35 $446.23

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