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| 1. | Amendment to the      Stockholders Agreement. The Stockholders Agreement is hereby      amended as follows: |
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| 2. | References. All      references in the Stockholders Agreement to "this Agreement" shall      hereafter refer to the Stockholders Agreement as amended      hereby. |
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| 3. | Counterparts.      This Third Amendment may be executed in one or more counterparts, each of      which shall be deemed an original, but all of which together shall      constitute one and the sameinstrument. |
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| 4. | Full Force and      Effect. The Stockholders Agreement, as amended by this Third      Amendment, shall continue in full force and effect, and nothing herein      contained shall be construed as a waiver or modification of existing      rights and obligations under the Stockholders Agreement, except as such      rights or obligations are expressly modified  hereby. |
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| 5. | Governing Law.      This Third Amendment will be governed by and construed in accordance with      the laws of the State ofFlorida. |
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|   | EQUITY      ONE, INC.                                      |
|--------|------------------------------------------------------------|
|   |                                                       |
|   |                                                       |
|   | By:                                                        | /s/ Arthur L. Gallagher |
|   | Name:      Arthur L. Gallagher                             |
|   | Title:   General      Counsel and Secretary |
|   |                                                       |
|   |                                                       |
|   | ALONY      HETZ PROPERTIES & INVESTMENTS LTD.          |
|   |                                                       |
|   |                                                       |
|   | By:                                                        | /s/ Nathan Hetz |
|   | Name:   Nathan      Hetz                    |
|   | Title:         C.E.O.                       |
|   |                                                       |
|   |                                                       |
|   | By:                                                        | /s/      Varda Levy |
|   | Name:      Varda Levy                                      |
|   | Title:         CFO                          |
|   |                                                       |
|   |                                                       |
|   | GAZIT-GLOBE      (1982) LTD.                               |
|   |                                                       |
|   |                                                       |
|   | By:                                                        | /s/ Chaim Katzman |
|   | Name:      Chaim Katzman                                   |
|   |                                                       |
|   |                                                       |
|   | M.G.N.      (USA), INC.                                    |
|   |                                                       |
|   |                                                       |
|   | By:                                                        | /s/ Chaim Katzman |
|   | Name:      Chaim Katzman                                   |
|   |                                                       |
|   |                                                       |
|   | GAZIT      (1995), INC.                                    |
|   |                                                       |
|   |                                                       |
|   | By:                                                        | /s/ Chaim Katzman |
|   | Name:      Chaim Katzman                                   |

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