Top 25 tenants Investment highlights At a glance Top 25 tenants annual minimum rent by type Lease expirations 2 First Capital Realty Annual Report 2003 THIS AREA HELD BACK 1/8” • Growth strategy applied to a low-risk sector • High-quality, well-located portfolio • Track record of growth through accretive acquisitions • Strong returns from development and  redevelopment activities • Equity position in growing U.S. shopping centre REIT • Experienced, entrepreneurial and aligned management team 1 Loblaws 2 Sobeys 3 Zellers 4 Canadian Tire / Mark’s Work Wearhouse 5 Shoppers Drug Mart 6 Wal-Mart 7 Canada Safeway 8 A&P 9 Metro 10 CIBC 11 TD Canada Trust 12 Scotiabank Acquisition and development expenditures 25 Toys ‘R’ Us 24 A Buck or Two 23 Pharmacie Jean Coutu 22 Chapters / Coles 21 Pharma Plus 20 Winners 19 Blockbuster 18 Reitmans Group 17 Rogers 16 Royal Bank 15 Tim Hortons / Wendy’s 13 Future Shop 14 LCBO $ millions 2003 2002 Acquisitions of income- producing properties $ 253 $ 168 Acquisitions of land, development  and redevelopment activity $ 93 $ 66 Total investment $ 346 $ 234 December 2000 April 2004 40 properties 94 properties 135%  5.6 million  11.8 million  square feet square feet 111% ➞ ➞ Discount retailers 18% Supermarkets and drug stores 51% Banks and government 12% Other retailers and services 19% 4.5% 5.8% 7.6% 9.7% 10.5% 7.3% 4.6% 6.0% 7.4% 5.8% 08 09 10 11 12 Thereafter 04 05 06 07 13 30.8%