For 2004, our business objectives are: First Capital Realty has a very focused and clear strategy on managing and growing the Company’s business, and management believes it is well positioned to continue to deliver increased value to investors. Management remains optimistic that the Company will be able to continue expansion of its portfolio through accretive acquisitions and development activities in 2004. The Company’s superior locations and well maintained properties should continue to attract and retain tenants that provide customers with daily necessities. As a result, management is confident that the quality of the Company’s real estate will continue to generate stable cash flows in 2004 and superior returns on investment over the long term. • to increase the size of the Company’s income-producing portfolio while maintaining asset quality; • to increase the cash flow from operations through increased rental rates and portfolio occupancy; • to continue to grow the business at approximately the same debt ratio as at year-end 2003; and, • to increase the number of the Company’s publicly traded common shares and the public market capitalization. First Capital Realty Annual Report 2003 43