Mr. Neil Downey of First Capital reports

FIRST CAPITAL RECEIVES COURT APPROVAL FOR ARRANGEMENT WITH KINGSETT CAPITAL AND CHOICE PROPERTIES REIT

The Ontario Superior Court of Justice (Commercial List) has issued a final order approving the previously announced plan of arrangement pursuant to the arrangement agreement dated April 16, 2026, between, among others, the REIT, KingSett Real Estate Growth LP No. 8 and Choice Properties Real Estate Investment Trust. On completion of the arrangement, unitholders of First Capital will be entitled to receive, for each outstanding unit of First Capital held, a combination of $19.24 in cash and 0.3186 of a unit in the capital of Choice Properties.

The arrangement, which was announced on April 16, 2026, and approved by unitholders at a special meeting held on June 23, 2026, is expected to close in the fourth quarter of 2026, assuming that required approvals are obtained and all other conditions are satisfied.

Unitholders who have questions or require assistance submitting their REIT units in connection with the arrangement may contact Computershare Investor Services Inc., the depositary engaged in connection with the arrangement, by phone at 1-800-564-6253 (within North America) or 1-514-982-7555 (outside of North America) or by e-mail at corporateactions@computershare.com.

About First Capital Real Estate Investment Trust

First Capital owns, operates, acquires and develops open-air grocery-anchored shopping centres in neighbourhoods with the strongest demographics in Canada.

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