In Closing Going Forward First Capital Realty has a consistent track record of increasing dividend payments to shareholders. Increasing dividends per share Over the last three years our attention has been focused on strengthening the Company’s balance sheet and creating the financial flexibility that has allowed us to grow our business. Now we will direct our full attention to further maximizing the value of our portfolio, grow our existing business and increase funds from operations while maintaining our financial discipline. To accomplish these goals, we will continue to apply our growth strategy to what we believe is a very low risk sector of the real estate business.  Accretive acquisitions of neighbourhood and community shopping centres in our targeted urban markets will grow the size and enhance the quality of our portfolio. By building critical mass in our markets, we will generate further economies of scale and operating synergies while creating a position of influence in each market to attract the best tenants, generate stable occupancies and grow our cash flow. Three years ago the Company’s portfolio was primarily concentrated in the Greater Toronto Area and Edmonton. Since then we have significantly increased our presence in the greater Montreal area, the Ottawa region and the City of Calgary. While we intend to continue to expand in all the markets where we currently operate, we will also expand our geographic diversification, targeting new urban markets in Canada, such as Quebec City and Vancouver, that meet our investment criteria. We will continue to be proactive and invest in our properties to meet the needs of our tenants and to enhance the value of our portfolio. We believe we invest more in our assets than most other landlords in order to remain competitive. By creating a high-quality portfolio, we attract and retain the highest quality tenants. Dori J. Segal President and Chief Executive Officer April 14, 2004 We will continue to focus on our long-term objectives in 2004 and believe we are well positioned to increase value for our shareholders, tenants and business partners. To First Capital Realty’s investors, I would like to express my appreciation for your confidence. As well, I would like to thank our tenants and joint-venture partners for their support, and my fellow co-workers for their dedication and hard work. I am also pleased to welcome two new members to our senior management team, Karen Weaver, our Chief Financial Officer, and Brian Kozak, Vice President, Western Canada. Lastly, I would like to thank our Board of Directors, under the leadership of our Chairman, Chaim Katzman, for their counsel and guidance. We are committed to maintaining high standards of governance. Since we came aboard, good governance, transparency and full disclosure have been an important part of First Capital’s corporate culture. Our Board of Directors has been comprised of a majority of independent members with fully independent Audit and Corporate Governance Committees. Selective property developments and redevelopments will also remain an important element of our strategy to build value, as these investments increase our participation in growth markets and enhance the returns of our portfolio.  94 $0.48 95 $0.57 96 $0.77 97 $0.81 98 $0.85 99 $0.89 00 $0.93 01 $0.99 02 $1.09 03 $1.14