Mr. Dori Segal reports

FIRST CAPITAL REALTY ANNOUNCES NORMAL COURSE ISSUER BID FOR CONVERTIBLE DEBENTURES

First Capital Realty Inc. intends to make a normal course issuer bid (NCIB) for the series of convertible unsecured subordinated debentures shown in the associated table.

Name                  Ticker symbol                                                              Description

Series D debentures        FCR.DB.D    5.70% convertible unsecured subordinated debentures due June 30, 2017
Series E debentures        FCR.DB.E    5.40% convertible unsecured subordinated debentures due Jan. 31, 2019
Series F debentures        FCR.DB.F    5.25% convertible unsecured subordinated debentures due Jan. 31, 2019
Series G debentures        FCR.DB.G   5.25% convertible unsecured subordinated debentures due March 31, 2018
Series H debentures        FCR.DB.H   4.95% convertible unsecured subordinated debentures due March 31, 2017
Series I debentures        FCR.DB.I    4.75% convertible unsecured subordinated debentures due July 31, 2019
Series J debentures        FCR.DB.J    4.45% convertible unsecured subordinated debentures due Feb. 28, 2020

All convertible debentures purchased under the NCIB will be cancelled.

First Capital Realty will enter into one or more predefined automatic securities purchase plans with its broker from time to time during the course of its NCIB to enable purchases of convertible debentures under the NCIB to be made at times when First Capital Realty would ordinarily not be permitted to, due to its self-imposed internal blackout periods, insider trading rules or otherwise, subject to certain parameters. The series and classes of convertible debentures subject to an automatic plan may vary. Outside of these restricted periods, convertible debentures will be purchased in accordance with management's discretion.

As of Aug. 14, 2014, First Capital Realty had $42,903,300 principal amount of Series D debentures outstanding, $56,947,000 principal amount of Series E debentures outstanding, $56.99-million principal amount of Series F debentures outstanding, $50-million principal amount of Series G debentures outstanding, $74,886,000 principal amount of Series H debentures outstanding, $52.5-million principal amount of Series I debentures outstanding and $57,398,000 principal amount of Series J debentures outstanding. Under the NCIB, First Capital Realty may purchase such convertible debentures, representing 10 per cent of the public float thereof as of Aug. 14, 2014, up to the limits shown in the associated table.

               LIMIT ON PURCHASES (PRINCIPAL AMOUNT)

                            Total limit (1)     Daily limit (2)

Series D debentures             $4,289,530              $5,400
Series E debentures             $5,694,700              $4,700
Series F debentures             $5,689,000             $10,700
Series G debentures             $4,975,000              $8,900
Series H debentures             $7,488,600              $7,300
Series I debentures             $5,250,000              $6,800
Series J debentures             $5,739,800             $14,600
          
(1) Represents 10 per cent of the public float
(2) Represents the maximum principal amount of convertible debentures
    that may be purchased over the Toronto Stock Exchange during the
    course of one trading day. This amount is equal to the greater of
    $1,000 principal amount of the applicable convertible debentures
    and 25 per cent of the average daily trading volume of such
    debentures for the six-month period ended July 31, 2014. Permitted
    block purchases are exempt from the applicable daily limit.

In addition to purchases under the NCIB, First Capital Realty may, from time to time, make other purchases of its convertible debentures in accordance with applicable securities laws and rules of the applicable stock exchange.

First Capital Realty believes that its convertible debentures may trade in a range that may not fully reflect the value of the convertible debentures. As a result, First Capital Realty believes that the purchase of convertible debentures from time to time can be undertaken at prices that make the acquisition of such securities an appropriate use of the company's available funds. In addition, purchases, including purchases under the NCIB, may increase the liquidity of the convertible debentures.

First Capital Realty intends to commence the NCIB on Aug. 27, 2014. The NCIB will expire on Aug. 26, 2015, or such earlier date as First Capital Realty completes its purchases pursuant to the NCIB. First Capital Realty has purchased $1,058,000 principal amount of Series D debentures, $67,000 principal amount of Series E debentures, $510,000 principal amount of Series F debentures, $114,000 principal amount of Series H debentures and $156,000 principal amount of Series J debentures in the past 12 months at weighted-average prices per debenture of $103.73, $102.10, $102.59, $101.18 and $97.47, respectively. All purchases made under the NCIB will be made through the facilities of the TSX or other Canadian marketplaces, and in accordance with applicable rules at market prices prevailing at the time of purchase. The actual amount of convertible debentures that may be purchased under the NCIB is subject to, and cannot exceed, limits referred to in the associated table, and the timing of such purchases will be determined by First Capital Realty.

We seek Safe Harbor.