BOTH LEADING INDEPENDENT PROXY ADVISORS RECOMMEND FIRST CAPITAL UNITHOLDERS VOTE IN FAVOUR OF THE ARRANGEMENT

• Both leading proxy advisory firms, ISS and Glass Lewis, have issued reports recommending unitholders vote IN FAVOUR of the previously announced plan of arrangement with KingSett Capital and Choice Properties REIT.
• The Board of Trustees unanimously recommends approval. The special meeting is scheduled for June 23, 2026, with a proxy voting deadline of June 19, 2026.
• Consideration remains $19.24 in cash plus 0.3186 of a Choice Properties unit per First Capital unit, implying a total value of $24.40 per unit.
• The transaction is expected to close in the fourth quarter of 2026, subject to unitholder, court, and regulatory approvals.

• The proxy advisor recommendations are a routine, expected procedural step in a transaction announced in April. They remove a minor governance overhang but add zero new economic value.
• The stock has already converged to within ~4% of the $24.40 offer price. The market's revealed expectation (via the price chart) was deal completion.
• There is no surprise beat, no guide raise, and no new strategic catalyst. The news is fully consistent with prior expectations and the current price action.

First Capital REIT is a Canadian real estate investment trust focused on grocery-anchored retail properties. The core portfolio is valued at ~$7.5 billion, representing 84% of total real estate investments. The company has been executing a three-year strategic roadmap focused on stability, growth, and portfolio optimization. On April 16, 2026, it announced a definitive agreement to be acquired by KingSett Capital and Choice Properties REIT in a $9.4 billion transaction, subject to approvals.