Mr. Robert McKee reports

FIRM CAPITAL PROPERTY ANNOUNCES EXCHANGE APPROVAL OF NORMAL COURSE ISSUER BID

Firm Capital Property Trust has received approval from the TSX Venture Exchange to commence a normal course issuer bid to purchase up to 2,829,746 of its trust units, being equal to 10 per cent of the public float (as defined in the policies of the exchange) as at April 3, 2020. Pursuant to the policies of the exchange, the bid will commence on April 8, 2020, and will end on the earlier of April 7, 2021, or at such time as the bid has been completed or the bid is terminated at the trust's discretion.

The board of trustees of the trust is of the opinion that the recent market prices of its trust units do not reflect the underlying value of its assets and future prospects, and that repurchasing its trust units is one way of creating unitholder value. Accordingly, the board has determined that the purchase of trust units through the bid is in the best interests of the trust and its unitholders, as it will increase the proportionate unit interest of remaining unitholders.

All trust units purchased pursuant to the bid will be made on the open market through the facilities of the exchange by Canaccord Genuity Corp. on behalf of the trust, and the purchase and payment for the acquired trust units will be made by the trust in accordance with the requirements of the exchange.

To the knowledge of the trust, no trustee, senior officer, or other insider of the trust, or any associate of such person, or any associate or affiliate of the trust, currently intends to sell any trust units into the bid. However, sales by such persons through the facilities of the exchange or any other available market or alternative trading system in Canada may occur if the personal circumstances of any such person change or if any such person makes a decision unrelated to the bid. The benefits to any such person whose trust units are purchased would be the same as the benefits available to all other holders whose trust units are purchased.

About Firm Capital Property Trust

Firm Capital Property Trust is focused on creating long-term value for unitholders, through capital preservation and disciplined investing to achieve stable distributable income. In partnership with management and industry leaders, the trust's plan is to co-own a diversified property portfolio of multiresidential, flex industrial, net lease convenience retail and core service provider professional space. In addition to stand-alone accretive acquisitions, the trust will make joint acquisitions with strong financial partners and acquisitions of partial interests from existing ownership groups, in a manner that provides liquidity to those selling owners and professional management for those remaining as partners.

We seek Safe Harbor.