Ms. Stephen is a corporate director. She is currently a member of the board of trustees, and a member of the investment and governance committees and chair of the compensation committee of First Capital REIT Inc. and a member of the board of directors, a member of the executive committee and chair of the compensation committee of The Macerich Company. Ms. Stephen retired from her position as Executive Vice President, Investments at The Cadillac Fairview Corporation Limited (“Cadillac Fairview”) at the end of 2011. In this position, she was responsible for developing and executing investment strategy. She executed over $9 billion of transactions, including Cadillac Fairview’s first investments in the United Kingdom and Brazil. Ms. Stephen was previously a trustee of Boardwalk Real Estate Investment Trust, a director of Multiplan Empreendimentos Imobiliaros, a public real estate company listed on the Brazil stock exchange, and was also a member of the board of directors of the Pension Real Estate Association (PREA). She has served as Director, Real Estate with the Ontario Teachers’ Pension Plan Board, where she initiated the United States real estate investment program and led the team that privatized Cadillac Fairview. Ms. Stephen was also previously a member of the Investor Advisory Committee of the National Association of Real Estate Investment Trusts (NAREIT) and a director of Canada’s Walk of Fame. Ms. Stephen obtained an undergraduate degree in business from St. Francis Xavier University and is a Chartered Professional Accountant, Chartered Accountant.