Board of Directors Steven K. Ranson, C.A. President and Chief Executive Of fi cer Home Equity Income Trust Toronto, Ontario President and Chief Executive Of fi cer, Home Equity Income Trust. Mr. Ranson has over 20 years experience in fi nancial services and capital markets. Chaim Katzman  Chairman  First Capital Realty Inc. Aventura, Florida Chairman of the Company. Also serves as Chairman and Chief Executive Of fi cer of Equity One, Inc. and Chairman of Gazit-Globe, the Company ’ s largest shareholder. Dori J. Segal  President and Chief Executive Of fi cer  First Capital Realty Inc. Toronto, Ontario President and Chief Executive Of fi cer of the Company. Also, President and Director of Gazit-Globe, and Director of Equity One, Inc. Moshe Ronen  Barrister and Solicitor Thornhill, Ontario Legal practice focused on business and real estate law and public policy. Mr. Ronen is a member of the Board of Directors of several institutions including North York General Hospital and the Jewish National Fund. Gary M. Samuel Partner, Crown Realty Partners Toronto, Ontario Partner in Crown Realty, a private real estate investment and management company. Previously, Chief Executive Of fi cer of Royop Properties Corporation and Chief Executive Of fi cer of Canadian Real Estate Investment Trust. Jon Hagan, C.A. Consultant  –  JN Hagan Consulting Toronto, Ontario Principal, JN Hagan Consulting, Director of Bentall Corporation. Mr. Hagan has over 25 years experience with leading Canadian real estate companies. Mr. Hagan has served in senior positions at real estate corporations including Cadillac Fairview Corporation, Empire Company Limited and Cambridge Shopping Centres Limited. John Harris Private Real Estate Investor Toronto, Ontario A private real estate investor with over 20 years experience in the real estate investment and capital markets. Mr. Harris served in senior positions at real estate investment banking  fi rms including Merrill Lynch Canada Inc., Midland Walwyn and Deutsche Bank. Richard J. Steinberg Partner, Fasken Martineau DuMoulin LLP Toronto, Ontario Legal practice focused on securities law, corporate fi nance and mergers and acquisitions. Serves on the Legal Advisory Group to the General Counsel of the Ontario Securities Commission. Seymour Temkin, C.A. Senior Business Advisor, Goodmans LLP Toronto, Ontario Senior Business Advisor with the REITs and Income Funds Group at Goodmans. Previously headed the Canadian Real Estate Practice at Deloitte & Touche in Canada for 15 years. Mr. Temkin has over 30 years of public accounting experience. Nathan Hetz, C.P.A. Chief Executive Of fi cer and Director Alony Hetz Properties and Investments Ltd. Ramat Gan, Israel Chief Executive Of fi cer and Director of Alony Hetz Properties, a real estate investment company. Also serves as a Director of Equity One, Inc. Previously a Director of United Mizrahi Bank Ltd. 69 First Capital Realty Annual Report 2003