Investor Update Q Westhaven Town Center Franklin, TN. The Shoppes at Locust Grove Locust Grove, GA. Mooresville Town Square Mooresville, NC

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1 Mooresville Town Square Mooresville, NC The Shoppes at Locust Grove Locust Grove, GA Westhaven Town Center Franklin, TN Canton Shopping Center Canton, MI Roxborough Marketplace Littleton, CO Cambridge Crossings Troy, MI Investor Update Q3 2018

2 COMPANY OVERVIEW Focused on U.S. grocery-anchored shopping centers with resilient cash flows that generate excess yield 100% Grocery-anchored 1 TSX SRT.UN/SRT.U Track record of distribution growth $ Properties 2 All U.S. locations 10.9 Million Square Feet $0.79 $0.82 $ % CAGR $1.32 Billion Dollar Enterprise Value 3 8.8% Current Dividend Yield 4 $ Excludes properties under development 2 As of September 30, Amounts are in USD 4 Annual $0.855 distribution divided by October 15, 2018 stock price of $9.75 Slate Asset Management L.P. 2

3 PERFORMANCE UPDATE Quarterly 11.1% 12.5% 8.3% 22.0% 15.6% $21,891 $25,551 $0.31 $0.32 Q Q Q Q Q Leasing Spreads (New & Renewal) Q Q NOI Annual Q Q FFO per unit 9.6% 6.0% 12.5% 13.1% 15.0% $69,465 $85,066 $100,772 $1.25 $1.26 $ Leasing Spreads (New & Renewal) NOI FFO per unit 1 YTD figures annualized Slate Asset Management L.P. 3

4 Westhaven Town Center Franklin, TN Portfolio 4 SLATE ASSET MANAGEMENT

5 DIVERSIFIED PORTFOLIO Well diversified geographically with 86 properties totaling 10.9 million square feet in 21 states and 23 major metropolitan areas 1 Pennsylvania North Carolina Top Five States (Rank by ABR 1 ) 15.6% Florida 11.3% North Carolina 10.8% Pennsylvania 9.5% Georgia 8.8% South Carolina South Carolina Georgia Florida Top Five Tenants (Rank by ABR 1 ) 7.7% Walmart 5.8% Kroger 4.0% Publix 3.9% Ahold Delhaize 3.5% Southeastern Grocers 75.1% Remaining tenants (1,259 leases) 1 Average base rent as of September 30, 2018 Slate Asset Management L.P. 5

6 NECESSITY-BASED TENANCY We derive the majority of our income from retailers that provide in-person services and leverage their physical stores to provide complimentary e-commerce solutions Supermarkets & Grocery 1 39% 90.2% tenant retention since inception Liquor Stores 1% Dollar Stores 1% Pharmacy 1% Other Necessity-Based & Daily Needs 16% Sporting & Footwear 2% Financial Institutions 4% Medical & Personal Services 14% Drivers of long-term stable cash flow 100% grocery anchored centers Department & Discount 7% Fitness Facilities 4% Restaurants 13% 94.3% occupancy rate 1 Includes Walmart Slate Asset Management L.P. 6

7 LAST MILE FOOD DISTRIBUTION Grocery-anchored neighborhood shopping centers are located close to households serving as critical food distribution points Neighbourhood 72.2% Avg. Household Income $76,735 Population 113,593 Power Centers 8.3% Avg. Household Income $62,584 Population 100,887 Community Centers 19.5% Avg. Household Income $83,812 Population 126,273 Note: data is based on 5-mile figures Slate Asset Management L.P. 7

8 Mooresville Town Square Mooresville, NC Growth & Value Creation 8 SLATE ASSET MANAGEMENT

9 ORGANIC INCOME GROWTH Significant runway remains to increase expiring rents upward to current market rents spread to market rents $13.97 $10.61 $9.82 $10.77 $ % $ % 10.5% 12.7% 13.0% Sq. Ft. Expiring ,362,180 1,147,155 1,383,128 1,420,888 4,733,706 Percentage of Portfolio GLA Expiring Average Expiring Base Rent Actual 2018 New & Renewal Rent Slate Asset Management L.P. 9

10 STABLE DISTRIBUTION GROWTH 120.0% 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% 20.0% Higher yields in U.S. markets & organic growth drive outsized distribution growth 100.0% Industry leading low payout ratio supports distribution 9.0% 18.0% 16.7% 16.7% 90.0% 8.6% 8.0% 16.0% 80.0% 14.0% 12.0% 10.0% 13.8% 13.0% 12.0% 70.0% 60.0% 50.0% 6.8% 6.2% 5.9% 6.0% 6.0% 7.1% 7.0% 6.0% 8.0% 40.0% 5.0% 6.0% 30.0% 4.0% 4.0% 2.0% 0.0% Slate Retail 1 REIT Plaza Retail REIT Choice Properties REIT SmartCenters REIT 2.1% 0.0% RioCan REIT CT REIT Crombie REIT 20.0% 10.0% 0.0% Slate Retail REIT Plaza Retail REIT Choice SmartCenters Properties REIT REIT RioCan REIT CT REIT Crombie REIT 3.0% 2.0% Growth in distribution per unit - $CAD E FFO Payout Ratio Distribution yield 1 In $USD 2 Since Slate Retail TSX listing in April 2014 Slate Asset Management L.P. 10

11 VALUE CREATION OPPORTUNITY Progress to date exemplifies opportunity to grow NOI and create value Projected incremental income of $3.8M drives potential value creation of $54.1M across 7 wholly-owned active redevelopment projects 1 Estimated incremental yield of ~10% on total redevelopment spend of $37.8M Estimated Annual Income for Active Redevelopment Illustrative Value Creation From Active Redevelopments $9.4M $142.2M Value Creation $16.3M $3.8M Costs $37.8M $5.6M $5.6M $88.1M $88.1M Series 1 Series 2 Pre-Development Income Projected Incremental NOI Acquisition Value Est. Value at Stabilization Cost Basis Costs Value Creation 1 Includes North Augusta Plaza completed in Q Slate Asset Management L.P. 11

12 VALUE CREATION OPPORTUNITY Current $37.8M Future $50M - $75M ~10% yield on investment $3.8M Projected Incremental NOI $54.1M Value Creation + Investment Redevelopment Approach Driven by tenant demand not vice-versa Visible value creation; longer lease term, improved tenant mix, stronger tenant credit Build to own long-term Risk Management Pre-leased prior to build-out Phased construction Experienced team Leverage long-standing relationships North Augusta Plaza Hocking Valley Mall Slate Asset Management L.P. 12

13 Mooresville Consumer Square Mooresville, NC Financial Metrics 13 SLATE ASSET MANAGEMENT

14 FINANCIAL STRENGTH Ample liquidity and limited near term debt maturities $ years Million Dollar Deployable Capital Availability Weighted Average Debt Maturity 98.8% 4.06% % Fixed Rate Debt Weighted Average Interest Rate 1 Consolidated Debt $600,000,000 $500,000,000 $400,000,000 $300,000, % 28.4% 2.64x 86.4% Interest Coverage Ratio 2 1 Includes the cost of interest rate swaps 2 For the three months ended September 30, Includes impact of Slate Retail REIT s extension option % Flexible bank debt $200,000,000 $100,000,000 $0 11.4% 0.9% Revolver Term Loan Mortgage Slate Asset Management L.P. 14

15 MANAGEMENT PLATFORM Slate Retail benefits from the ability to leverage the entire $6.0B Slate Asset Management platform and the expertise of more than 70 real estate professionals Annual asset management fee equal to 40 bps of Gross Book Value Performance fee totaling 15% of FFO per unit above $1.30 (plus inflation mechanism). Calculation of FFO does not include gain from sales Acquisition fee equal to 75 bps of gross acquisition cost, capitalized upon closing No leasing, property management, construction, re-financing or disposition fees 5-year term(s) with internalization mechanism at $750M market cap ($CAD) equal to 1x trailing twelve month fees Total trailing twelve month fees of $5.9M 1 Slate Asset Management L.P. and insiders own 7.4% of Slate Retail REIT REIT Comparison General & Administrative Expense US REITs (in $USD) 2 Canadian REITS (in $CAD) 2 (September 30, 2018) Slate Retail REIT Brixmor Kimco Realty Regency Centers First Capital Crombie REIT Plaza Retail REIT G&A (quarterly figure) $ 2,665 $ 21,320 $ 48,000 $ 16,776 $ 11,494 $ 4,626 $ 2,720 Total assets 1,472,898 8,850,547 10,070,477 11,145,717 11,181,730 4,063,543 1,061,956 Total revenue $ 35,699 $ 313,030 $ 187,528 $ 264,751 $ 281,412 $ 104,143 $ 26,260 G&A as % of total assets 0.2% 0.2% 0.5% 0.1% 0.1% 0.1% 0.3% G&A as % of total revenue 7.5% 6.8% 25.6% 6.3% 6.3% 4.4% 10.4% 1 For the twelve months ended September 30, As of June 30, 2018 Slate Asset Management L.P. 15

16 REIT/REOC TRADING COMPS Retail REITs 17.x 8.2x 15.x 9.2x 8.9x 9.4x 7.3x 9.1x 9.3x 10.x 8.x 6.x Residential REITs 26.3x 24.7x 17.6x 13.x 11.x 9.x 13.1x 13.1x 12.3x 11.8x 10.5x 10.5x At $12.39 NAV 9.6x 4.x 2.x.x -2.x -4.x 7.5x InterRent REIT CAPREIT Killam REIT Slate Retail REIT¹ 2018E FFO Multiple Industrial REITs 15.4x 15.3x 14.9x 7.5x -6.x 7.x -8.x 7.5x 5.x RioCan REIT SmartCenters REIT Choice Properties REIT Plaza Retail REIT CT REIT Crombie REIT Slate Retail REIT¹ -10.x Granite REIT Summit Industrial Income REIT WPT Industrial REIT Slate Retail REIT¹ 2018E FFO Multiple Debt / 2018E EBITDA 2018E FFO Multiple 1 In $USD Slate Asset Management L.P. 16

17 REIT/REOC TRADING COMPS Canadian Retail Comparables - C$ Price Market 2018E FFO 2018E AFFO Debt / Implied TEV / Payout Payout 2018E 15-Oct-18 Cap TEV Yield Multiple Multiple GBV Cap Rate Owned SF Ratio Ratio EBITDA ($ millions) Choice Properties $11.86 $7,913 $15, % 11.4 x 71.1% 13.8 x 86.2% 48.6% 8.9 x 6.2% $222 RioCan REIT $23.84 $7,456 $13, % 13.5 x 81.4% 15.0 x 90.9% 41.6% 8.2 x 5.9% $320 First Capital Realty $18.80 $4,790 $9, % 15.4 x 70.3% 17.1 x 78.1% 43.2% 10.2 x 5.7% $392 SmartCentres REIT $29.52 $4,682 $9, % 12.9 x 76.5% 13.8 x 82.0% 45.5% 9.2 x 6.1% $266 CT REIT $12.21 $2,611 $5, % 10.5 x 62.8% 12.7 x 76.0% 46.2% 7.3 x 6.7% $198 Crombie REIT $12.60 $1,907 $4, % 10.4 x 73.7% 12.4 x 87.3% 52.4% 9.1 x 6.7% $233 Plaza Retail REIT $4.11 $426 $ % 12.2 x 82.8% 13.1 x 89.2% 53.6% 9.4 x 7.2% $162 Average 6.1% 12.3 x 74.1% 14.0 x 84.2% 47.3% 8.9 x 6.4% $256 U.S. Retail Comparables - US$ Regency Centers $61.92 $10,468 $14, % 16.6 x 59.6% 20.0 x 71.7% 30.4% 4.9 x 5.9% $324 Kimco $14.99 $6,317 $12, % 10.3 x 77.2% 13.9 x 103.6% 37.0% 6.3 x 7.8% $187 Brixmor Property Group $15.33 $4,639 $10, % 7.8 x 56.0% 10.3 x 74.1% 48.7% 6.6 x 8.6% $123 SITE Centers Corp. $11.99 $2,209 $6, % 7.5 x 50.0% 9.4 x 62.9% 41.4% 9.7 x 7.9% $129 Weingarten Realty Investors $27.51 $3,523 $5, % 11.9 x 68.1% 14.8 x 84.9% 35.4% 5.1 x 7.2% $220 Acadia Realty Trust $26.85 $2,188 $4, % 19.3 x 77.7% 23.3 x 93.9% 36.0% 10.7 x 5.3% $461 Cedar Realty Trust $3.94 $348 $1, % 6.8 x 34.6% 10.0 x 51.0% 39.7% 7.3 x 8.7% $131 Average 5.7% 11.5 x 60.5% 14.5 x 77.5% 38.4% 7.2 x 7.3% $225 Slate Retail REIT C$ $12.56 $578 $1, % 7.5 x 65.5% 10.1 x 87.8% 58.6% 9.3 x 7.8% $153 Slate Retail REIT US$ $9.75 $424 $1, % 7.5 x 65.5% 10.1 x 87.8% 58.6% 9.3 x 7.8% $116 Source: CIBC, SNL Financial, FactSet, company reports Slate Asset Management L.P. 17

18 ANALYST COVERAGE Company Analyst BMO Jenny Ma CIBC Sumayya Hussain GMP Securities Himanshu Gupta Raymond James Johann Rodrigues RBC Capital Markets Michael Smith Echelon Partners Stephan Boire Slate Asset Management L.P. 18

19 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 ), Net Operating Income ( NOI ), and Earnings Before Interest, Taxes, Depreciation and Amortization ( EBITDA ). 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, these non-ifrs financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for performance measures prepared in accordance with IFRS. In addition, they do not have standardized meanings and may not be comparable to measures used by other issuers in the real estate industry or other industries. 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. Slate Asset Management L.P. 19

20 Investor Relations Slate Retail REIT Slate Asset Management L.P. 121 King St W, Suite 200 Toronto, ON M5H 3T9 slateam.com Slate Asset Management L.P. 20