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## Geographic diversification 

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. 

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## Equity One – U.S. Investment, $211 million 

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 

## ONTARIO 

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) 

## QUEBEC 

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 

## ALBERTA 

Calgary (4) Edmonton (3) Leduc Lethbridge Red Deer Sherwood Park (3) St. Albert 

## SASKATCHEWAN 

Regina (2) 

## NEWFOUNDLAND 

St. John's 

## NOVA SCOTIA 

Dartmouth 

