Mr. Neil Downey reports

FIRST CAPITAL REIT RECEIVES UNITHOLDER APPROVAL FOR PREVIOUSLY ANNOUNCED PLAN OF ARRANGEMENT

First Capital Real Estate Investment Trust's previously announced internal reorganization by way of a plan of arrangement has received approval of approximately 99.58 per cent of the votes eligible to be cast at the special meeting of the REIT's unitholders held earlier today. The total number of trust units represented by unitholders present in person or by proxy at the meeting was 172,575,765, representing over 81.23 per cent of the REIT's issued and outstanding trust units. A final report on voting results in respect of the meeting will be filed by the REIT under the REIT's issuer profile on SEDAR+.

As previously announced, the internal reorganization will be effected by way of the arrangement under the Business Corporations Act (Ontario) and the Trustee Act (Ontario), and will be subject to court approval at a hearing which is expected to occur at 10 a.m. Toronto time on Nov. 27, 2025. Any unitholder and any other interested party who wish to participate or present evidence or arguments at the hearing in respect of the final order should refer to the management information circular of the REIT dated Oct. 24, 2025, and the interim order dated Oct. 27, 2025, each filed by the REIT under the REIT's issuer profile on SEDAR+.

The arrangement is expected to become effective on Nov. 30, 2025, subject to receipt of the final order.

About First Capital Real Estate Investment Trust

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

We seek Safe Harbor.