GUARANTEEGuarantee • June 15th, 2025 • OntarioWHEREAS pursuant to the terms and conditions of a letter credit agreement dated as of October 3, 2024 (as the same may be amended, supplemented, extended, renewed, restated, replaced or superseded from time to time, the “Credit Agreement”) between Desjardins Financial Security Life Assurance Company (the “Lender”), as lender, RioCan-HBC (Ottawa) Holdings Inc. (the “Borrower”), as borrower, RioCan-HBC (Ottawa) Limited Partnership, by its general partner, RioCan-HBC (Ottawa) GP, Inc., as beneficial owner, and RioCan Real Estate Investment Trust (the “Guarantor”) and RioCan-HBC Limited Partnership by its general partner RioCan-HBC General Partner Inc. (“RioCan- HBC”), as guarantors, the Lender has agreed to make a mortgage loan in the sum of $56,525,000.00 to the Borrower, secured by, inter alia, a charge/mortgage of land (the "Mortgage") against the property municipally known as 73, 85, 87 Rideau Street, Ottawa, Ontario K1N 5X1 (the “Property”);