Geographic diversification Equity One – U.S. Investment, $211 million We own a quality portfolio of supermarket anchored shopping centres in growing metropolitan areas, primarily in Ontario, Quebec and Alberta. We apply our local market knowledge and economies of scale to enhance value.  THIS PART CUT AWAY FOR HELD-BACK GATEFOLD THIS AREA HELD BACK 1/8” 3 First Capital Realty Annual Report 2003 First Capital Realty is the second largest shareholder of Equity One (18% of common equity), an owner, developer and operator of neighbourhood and community shopping centres located primarily in the southern United States. • Strong presence in growing urban markets in Florida, Texas and Georgia • The dominant player in Florida • 190 properties aggregating 20.7 million sq. ft. of GLA  • Traded on the New York Stock Exchange (EQY) • Market cap approximately US$1.2 billion • Investment grade credit ratings from S&P and Moody’s 94 properties as of April 2004 Alberta Saskatchewan Ontario Quebec Newfoundland  and tia 38 1 2 1 38 14 Other 1.6% Ontario 52.7% Annual minimum rent by province Quebec 24.9% Alberta 20.8% ONTARIO QUEBEC ALBERTA SASKATCHEWAN NEWFOUNDLAND NOVA SCOTIA Ajax (2) Brampton (2) Brantford Burlington Cambridge Hamilton Kitchener London (2) Markham Mississauga (2) Newmarket Oakville Ottawa (4) Peterborough (2) Pickering St. Catharines  Stratford Tillsonburg (2) Toronto (5) Waterloo (2)  Whitby (2) Windsor (2) Delson Châteauguay Chicoutimi Gatineau (5) Île Perrot (2) Lachenaie Laval (3) Lévis Longueuil (3) Montréal (14) Québec City (2) Repentigny (2) Sept-Îles Trois-Rivières Calgary (4) Edmonton (3) Leduc Lethbridge Red Deer Sherwood Park (3) St. Albert Regina (2) St. John's Dartmouth