About First Capital Real Estate Investment Trust

First Capital Realty Inc. engages in acquiring, developing, redeveloping, owning and operating neighbourhood and community shopping centres. Portfolio The company’s portfolio of income-producing shopping centres as of December 31, 2008 consisted of interests in 171 properties, including five under development, totaling approximately 20.0 million square feet of gross leasable area and 6 land sites in the planning stage for future retail development. The company intends to operate primarily in and around its target urban markets of the Greater Toronto area including the Golden Horseshoe area and London; Calgary; Edmonton; the Greater Vancouver area including Vancouver Island; the Greater Montreal area; the Ottawa and Gatineau region and Quebec City. Equity One, Inc. The company, as of December 31, 2008, owned approximately 18.5% of Equity One, the assets of which are similar to those of the company. Equity One is a fully integrated, real estate investment trust in the United States specializing in the acquisition, asset management, development and redevelopment of retail properties located in strategic metropolitan areas across the United States. Equity One owns or has interests in 156 properties in the U.S. totaling approximately 16.0 million square feet consisting of 146 shopping centres, six non-retail properties and four parcels of land. As of December 31, 2008, the company had interests in 327 properties totaling approximately 36.0 million square feet of gross leasable area, including properties held through its investment in Equity One. Principal Subsidiaries The company’s Canadian shopping centres and development properties are owned directly or through direct and indirect wholly-owned subsidiaries of the company except for Orleans Gardens in Ottawa, Ontario; McLaughlin Corners in Brampton, Ontario; College Square in Ottawa, Ontario; Kanata Terry Fox in Ottawa, Ontario; Hunt Club –Petro-Canada in Ottawa, Ontario; Hwy 12/Hwy 93 in Midland, Ontario; Les Galeries de Lanaudière in Lachenaie, Quebec; Place Nelligan in Gatineau, Quebec; Place Bordeaux in Gatineau, Quebec; Royal Oak in Calgary, Alberta; West Oaks Mall in Vancouver, British Columbia; Dickson Trail in Airdrie, Alberta and Bow Valley Crossing in Calgary, Alberta, in which the company has partial interests of approximately 50%. The company has one principal subsidiary or equity investment, First Capital Holdings Trust, a 100% owned trust established under the laws of Ontario. Significant Events Additional Space and Adjacent Land Parcels: In 2008, the company acquired one land site adjacent to an existing property held for development and seven land parcels at or adjacent to existing properties adding 12.5 acres of commercial land. History First Capital Realty Inc. was founded in 1957.