Mr. Richard Dufresne of George Weston reports

GEORGE WESTON LTD. COMMITS $600 MILLION EQUITY INVESTMENT TO CHOICE PROPERTIES REIT IN CONNECTION WITH ITS PROPOSED ACQUISITION OF REAL ESTATE ASSETS FROM FIRST CAPITAL REIT

George Weston Ltd. has committed to a $600-million equity investment in Choice Properties REIT. The commitment has been made in connection with Choice Properties' expected acquisition of approximately $5.0-billion of assets from First Capital REIT announced earlier today.

Richard Dufresne, president and chief financial officer of GWL, said: "We are pleased to support Choice Properties in this strategic and defining transaction. This acquisition is expected to enhance the quality of Choice Properties' portfolio and strengthen its long-term growth profile. Our continued majority ownership underscores our confidence in Choice Properties' ability to deliver stable and growing cash flows and create long-term value for its unitholders and GWL shareholders."

Choice Properties is expected to finance the acquisition through the issuance of approximately $1.7-billion of new equity, with the balance financed through debt, including the assumption of certain debt of First Capital.

GWL intends to finance the equity commitment through a combination of its existing credit facilities and the issuance of additional indebtedness. GWL's equity commitment, which is to be financed concurrent with the closing of the acquisition, will result in the issuance of approximately 38.0 million Choice Properties trust units. Upon completion of the acquisition, GWL is expected to maintain its majority ownership position in Choice Properties with an approximate 58-per-cent interest. The investment is not expected to impact GWL's current share buyback program.

Additional details on the acquisition are provided in Choice Properties' press release issued earlier today.

Conference call and webcast

George Weston will host a conference call this morning, April 16, 2026, at 9 a.m. ET with a simultaneous audio webcast. To access via teleconference please dial 647-932-3411 or toll-free 800-715-9871 and use the conference ID 9783167.

About George Weston Ltd.

George Weston is a Canadian public company founded in 1882. The company operates through its two reportable operating segments, Loblaw Companies Ltd. and Choice Properties REIT. Loblaw provides Canadians with grocery, pharmacy, health and beauty, apparel, general merchandise, financial services, and wireless mobile products and services. Choice Properties owns, operates and develops high-quality commercial and residential properties across Canada.

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