Why can two investors look at the same opportunity and come away with different conclusions? Investment decisions are rarely driven by a single factor. Two sophisticated investors can evaluate the same opportunity, review the same information, and arrive at entirely different conclusions. In this conversation, CEO Rob Kumer and Chief Capital Officer Aliyah Mohamed explore how investor objectives, portfolio considerations and strategic priorities can influence decision-making and shape investment strategies. Video Transcript Rob Kumer: Different investors will have their own way of looking at the world. And they'll have their own needs and wants for their own particular investment strategies and portfolios. It might be a portfolio construction decision. It might be a liquidity decision. It might be a balance sheet decision. It might just be a reflection of how they view the world and how they view events unfolding in that world. But let's take the simplest example of two counterparties taking the opposite decision on the same investment. And that's when they're acting as counterparties to one another. One party is selling an asset at a certain price, the other party is buying the same asset at the same price. That's what makes the market. And there could be any number of reasons why either of those parties are, you know, there are specific reasons why both of those parties are making that particular decision, on that particular day, for that particular asset, at that particular price. One sees the world one way, one sees the world in many ways, maybe the opposite way. And so, they can transact. That's the simplest example of two sophisticated investors making the opposite decision on the same asset at the same price. Aliyah Mohamed: Yeah, and it's great. It's exactly as you say, it makes the market. You've got different groups with different mandates. They've got different ESG policies, different governance requirements, different views in the world. And so I think, you know, there's a number of factors that can drive a different decision for the exact same investment. And getting to know what those factors are and understanding those kind of decisioning criteria for our LPs is part of what we do when we're building our relationships. Rob Kumer: The last part that I would add to that is it's our job to develop investment solutions and investment products for our customers, for our limited partners, for our investors that reflect their views of the world, their liquidity needs, their investment mandates, and to go and help them execute on that. And so we can do that through our debt strategies if you're looking for a debt fund product, through our equity strategies if you're looking for an equity fund product, we can develop a separately managed account mandate, which is a custom-tailored mandate that reflect the exact, precise needs and wants of one specific investor. So we can do all of that, and that's really what KingSett specializes in. It's in developing investment solutions that reflect our investors and our limited partners views of the world and what they need and want in investing in real estate.

Why doesn't a return target tell the full story? Return targets often dominate investment discussions, but they only tell one part of the story. Behind every investment decision are considerations such as risk, liquidity, governance and long-term objectives. CEO Rob Kumer and Chief Capital Officer Aliyah Mohamed discuss why understanding the investor behind the capital is just as important. Video Transcript Rob Kumer: They always start with return metrics and return targets. And as long as I've been representing KingSett in the market, one of the very first questions I get typically is, what's the minimum return you need to invest? And I always respond, you know, in a very similar way, which is to say that the return in isolation really isn't an important number. And it's all, it’s all in the context of the risk that we'd be taking on by making the investment. And we talk at KingSett about premium risk-weighted returns, and by that we're really driving home that point in that when we're making an investment, when we're buying a piece of real estate, when we're making a loan, when we're developing a building, whatever it is, we're investing capital expecting to generate a certain return, but we're doing it because the return we're expecting to make, we feel properly compensates us for the risk we're taking on by making the investment. And so that's really the full side of the equation. The reason individuals often focus so much on return is because the return is so easy to measure. The return shows up in a spreadsheet. It shows up in a financial model. It's easy to put on a piece of paper. It's what people talk about – cap rates, ROEs, IRRs, all of these digits on a page which, which demonstrate return. Risk is something that's much more nebulous. It's more difficult to describe. It's more difficult to measure. And so, a lot of people don't spend a lot of time talking about it. But the fact is that here we probably spend more time focused on downside, focused on risk, focused on what could go wrong over the life of an investment. And so, in the end, we have to feel that the return we're getting properly compensates us for the risk we're taking on. And that to me encapsulates really what we do here best. Aliyah Mohamed: I think those are great points. And, you know, I would add on to that, if we zoom out and look at LPs and how they evaluate opportunities kind of across their portfolio, in addition to the returns that they're seeking, understanding the risk that comes with generating those returns, I think there is some other fit criteria that they have at the top of their mind. What is the timing, the liquidity timing for this investment, and how does that fit with what their capital needs are? What's the governance around it? Is it through a fund structure? Is it through an SMA? Is it direct? You know, how does this asset and this risk and return that they're bringing on fit with the rest of their portfolio? So, I think there's, you know, these – return is a core part of the investment decision that you make day to day with a specific investment. And I think it kind of filters up into all these other factors that LPs have to consider. And so, you know, going back to that concept of return driving a decision, I think you're right. There's so much more to it than just the return. Rob Kumer: Yeah. And the last part I'd add to that is to say that the way we've built our business here at KingSett, between all of our various debt funds, all of the equity funds, and then the SMA accounts, you know, in the middle, we play in every part of the capital stack, and we play in all of the asset classes in all of the markets across the country. And so, as we're surveying the market and the opportunities that, you know, come across our desks and trying to evaluate whether or not we find them compelling, if we find something that's compelling, there's somewhere in our world where we can put it because we span the entire risk-return matrix. And that's really what we're talking about. It's a risk in the context of the return.

A dedicated mandate focused on income-generating industrial real estate in Canada's major markets. Defining the Strategy In May 2026, UPP partnered with KingSett to establish a dedicated industrial real estate mandate focused on income-generating, multi-tenant properties in Canada's major markets. The partnership was built around a shared long-term perspective on investing and a focus on creating value through active ownership. UPP prioritized portfolio construction, investment performance, governance and sustainability in shaping the strategy. KingSett's experience in Canadian industrial real estate, established relationships across the market and approach to integrating sustainability into investment and asset management aligned well with these objectives. Together, UPP and KingSett developed a framework to source, acquire and manage industrial assets across Canada. Building the Foundation To support the strategy, UPP and KingSett created an account structure that reflects the mandate’s investment, governance and sustainability priorities. Tailored Investment Parameters: UPP and KingSett defined the mandate’s sector focus, return targets, leverage and hold period at the outset. Dedicated Governance: a dedicated Investment Committee oversees the account within a governance framework designed around UPP’s requirements. UPP receives monthly portfolio updates, quarterly reports, bi-annual executive meetings and annual budgets and appraisals. These touchpoints provide direct access to the Investment and Asset Management teams overseeing acquisitions, dispositions and asset operations. Sustainability Considerations: the teams assess environmental and sustainability considerations during due diligence and incorporate them into ongoing asset management, including capital planning for building systems. From Strategy to Portfolio Since establishing the mandate, UPP and KingSett have completed three industrial acquisitions, with a fourth in progress. Two of the completed investments, along with the property currently under contract, originated through off-market transactions identified through KingSett's ongoing opportunity gathering and relationship network. Together, the four investments would represent approximately 50% of committed capital, including equity invested at acquisition and capital reserved for follow-on investment. Portfolio Timeline Portfolio Snapshot 10-30 ALDEN - Markham, ON PARK 61 - Calgary, AB 16311 117 AVENUE NW - Edmonton, AB Portfolio Progress 9 Number of Properties 3 Acquisitions completed 1 Acquisition in progress 3 of 4 Acquisitions sourced off-market ~50% Committed capital represented, incl. follow-on investment As of October 2026. Learn More The UPP mandate shows how a Separately Managed Account can translate an investor's objectives into a focused real estate portfolio. Learn more about KingSett's approach to customized investment strategies.

(Toronto, ON) October 30, 2026 – Cadillac Fairview ("CF") today announced the expansion of its joint venture with KingSett Capital ("KingSett") to include three major retail destinations across Canada. As part of this partnership growth, CF has completed the sale of a 50% non-managing co-ownership interest in two landmark retail properties to KingSett’s Real Estate Growth LP No. 9, marking the second and third co-owned assets between the two firms. KingSett’s acquisition of a co-ownership interest in CF Fairview Pointe Claire in Quebec and CF Markville in Ontario join its existing co-ownership interest in CF Masonville Place in Ontario. Cadillac Fairview retains a 50% managing interest and will continue to manage and operate all three properties. "We are very proud to expand our relationship with KingSett Capital, a highly respected and like-minded institutional investor that shares our long-term vision for best in class shopping centres," said Sal Iacono, President & Chief Executive Officer, Cadillac Fairview. "This milestone is a powerful testament to the strength and operational excellence of our management platform, as well as the enduring value and national reach of our portfolio." "Growing our co-ownership partnership with KingSett across these three prime Canadian assets underscores strong market confidence in premier retail destinations," said Marco Ding, Executive Vice President, Investments, Cadillac Fairview. "We look forward to combining our shared expertise to drive sustainable, long-term performance and unlock exceptional value across the joint portfolio." “We continue to see compelling opportunities in high-quality Canadian retail, particularly in well-located centres that serve growing communities,” said Rob Kumer, Chief Executive Officer, KingSett Capital. “Expanding our partnership through CF Fairview Pointe Claire and CF Markville reflects the long-term opportunity we see in the sector and our confidence in Cadillac Fairview as a best-in-class retail operator. We look forward to building on this relationship and creating value together in the years ahead.” About Cadillac Fairview Cadillac Fairview ("CF") is one of the largest owners, operators, investors and developers of best-in-class office, retail, multi-family residential, industrial and mixed-use properties in Canada. Wholly owned by the Ontario Teachers’ Pension Plan, with assets under management of $26 billion, CF manages a portfolio of landmark properties across Canada. Visit cadillacfairview.com for more information. About KingSett Capital KingSett Capital (“KingSett”) is Canada’s leading private equity real estate investment firm with over $19 billion of assets under management. Founded in 2002, KingSett creates value through a broad portfolio of custom real estate investments, financing solutions and asset classes backed by strong core values, an entrepreneurial approach and a Canada-first platform. Today, the firm has over 170 employees in Toronto, Montreal and Vancouver.

Leasing and value creation strategy amidst challenging office market 70 York Street, a 210,000 square foot Class ‘A’ office building in Toronto’s financial core, was sold to Desjardins Global Asset Management in an off-market transaction. KingSett’s involvement with the asset highlights the firm’s ability to execute a leasing and value creation strategy amidst a challenging office market, while underscoring the resilience of well-located office assets. We are pleased to have facilitated a transaction that adds a premier office asset to Desjardins’ portfolio at a time when return-to-office mandates are strengthening and office leasing activity continues to gain momentum. In March 2024, the KingSett Senior Mortgage Fund LP assumed control of the downtown office tower after the borrower foreclosed on the property. At the time, the 17-storey building was 48% leased, having faced leasing disruption following the departure of a major tenant. Immediately following the ownership transition, KingSett’s Asset Management team implemented a comprehensive asset stabilization strategy, including an asset assessment to identify value creation opportunities and a targeted leasing program featuring “Ready Set Go” furnished model suites with flexible lease terms that cater to tenants requiring smaller spaces. Through our active asset management approach, the team completed 78,000 square feet of new leasing and 24,000 square feet of renewals by November 2025, increasing occupancy to 90%. This outcome reflects KingSett’s platform strength and its ability to navigate complex situations. Leveraging deep asset management expertise, the team developed and executed a targeted strategy to stabilize a challenged asset within the lending portfolio. KingSett continues to hold strong conviction in assets with compelling fundamentals, and we’re pleased to have delivered a successful outcome for all parties.

Transaction maximizes value and provides immediate liquidity for First Capital unitholders Total consideration of $24.40 per unit represents a premium of 17% to First Capital's 20-day volume-weighted average price and a premium of 8% to First Capital's Net Asset Value of $22.57 per unit Transaction received unanimous support from the First Capital Board of Trustees, which recommends First Capital unitholders vote IN FAVOUR of the Transaction The First Capital Board of Trustees and the First Capital Special Committee have obtained fairness opinions from RBC Capital Markets and National Bank Capital Markets KingSett to acquire First Capital’s issued and outstanding units, including approximately $4.4 billion of First Capital assets, comprising a needs-based retail portfolio, high-street retail properties, development and other financial assets Choice Properties to acquire approximately $5.0 billion of First Capital’s necessity-based neighbourhood shopping centres, which will materially strengthen its leading retail portfolio and drive incremental long-term growth and value creation Choice Properties to host call with investment community today at 8 a.m. ET, details included below Not for distribution to U.S. News Wire Services or dissemination in the United States (Toronto, ON) April 16, 2026 – First Capital REIT ("First Capital" or the "REIT") (TSX: FCR.UN), KingSett Capital, on behalf of KingSett Real Estate Growth LP No. 8 and other investors, (collectively "KingSett"), and Choice Properties REIT (“Choice Properties”) (TSX: CHP.UN) today announced that they have entered into an agreement (the “Arrangement Agreement”) pursuant to which KingSett and Choice Properties will acquire First Capital in a unit and cash transaction valued at approximately $9.4 billion, including the assumption of certain debt (the "Transaction"). Under the terms of the Arrangement Agreement, First Capital unitholders will receive consideration of $19.24 in cash and 0.3186 units of Choice Properties per First Capital unit, which represents total consideration of $24.40 per First Capital unit (the "Transaction Price") based on the closing unit price of Choice Properties on April 15, 2026. The Transaction Price represents a premium of 17% to First Capital's 20-day volume-weighted average price through April 15, 2026, and a premium of 8% to First Capital's Net Asset Value of $22.57 per unit. Additionally, the Transaction Price represents a premium of 12% and 21% to First Capital's closing unit price and 90-day volume-weighted average price through April 15, 2026, respectively. Upon close of the Transaction, Choice Properties will acquire approximately $5.0 billion of high-quality retail assets from First Capital (the “Choice Properties Acquisition Portfolio”). KingSett will acquire approximately $4.4 billion of First Capital assets and all of First Capital's issued and outstanding units. Paul Douglas, Chair of First Capital’s Board of Trustees, said, “We are pleased to deliver immediate value to our investors through this Transaction. Supported by the recommendation of a Special Committee comprised of independent trustees, the First Capital Board believes this Transaction is in the best interests of First Capital unitholders. Accordingly, the Board recommends that unitholders vote in favour of the Transaction.” “This is an excellent transaction for our investors, which recognizes their longstanding support and commitment to First Capital,” added Adam Paul, First Capital’s President and Chief Executive Officer. “I am deeply grateful to our employees, many of whom will continue to support the assets acquired by KingSett and Choice Properties, as well as to my partners on the executive leadership team, who have remained singularly focused on what was in the best interests of First Capital unitholders, and whose diligence and work ethic were critical in bringing us to this point.” Rob Kumer, Chief Executive Officer at KingSett Capital, said, “This Transaction comes at a time when we are seeing renewed optimism and positive momentum in Canadian real estate. We have partnered with Choice Properties to align the right assets with our respective strategies to deliver maximum value to First Capital’s unitholders. We look forward to working with First Capital’s tenants, partners and other stakeholders in the years ahead.” Rael Diamond, President and Chief Executive Officer of Choice Properties, said, “This is an exciting and transformative transaction that will solidify Choice Properties as Canada's leading REIT. Choice Properties is acquiring best-in-class, necessity-based neighbourhood shopping centres that will significantly strengthen our portfolio. We believe this is a unique and compelling opportunity that will increase our presence in urban markets and further diversify our tenant base. Importantly, we expect the combination of these assets with our existing portfolio will deliver enhanced long-term growth and value for our unitholders.” Benefits to First Capital Unitholders Attractive Premium – The Transaction Price represents an all-time high unit price, a premium of 17% to First Capital’s 20-day volume-weighted average price through April 15, 2026 and a premium of 8% to First Capital's Net Asset Value of $22.57 per unit. Immediate Liquidity – The Transaction provides immediate liquidity to First Capital unitholders, offering a total consideration mix of 79% cash and 21% units of Choice Properties. Continued Growth Opportunity – The Transaction provides First Capital unitholders with the opportunity to participate in the continued growth of many of First Capital’s assets, as well as the broader Choice Properties portfolio, through ownership of Choice Properties units. The combined portfolio delivers enhanced national scale, enabling greater support for tenant growth and attracting best-in-class talent, while also benefiting from Choice Properties’ proven ability to create value at the property level. Benefits to Choice Properties Unitholders Acquisition of Best-in-Class Assets – The Choice Properties Acquisition Portfolio is comprised of core necessity-based shopping centres, located in urban neighbourhoods with the strongest demographics in Canada. The Choice Properties Acquisition Portfolio materially strengthens Choice Properties’ national retail portfolio with exposure of approximately 83% and 92% to MTV[i] and VECTOM[ii] markets, respectively, in addition to increasing third-party retail tenant exposure by nearly 50% on a GLA basis. Complementary and Strategic Fit – The Choice Properties Acquisition Portfolio is strategically aligned and highly complementary to Choice Properties’ integrated commercial real estate platform, providing enhanced cash flow growth and enabling greater service and opportunities for Choice Properties’ tenants and partners. Positioned for Long-term Growth – The quality of the Choice Properties Acquisition Portfolio and diversification of tenants is expected to enhance Choice Properties’ ability to outperform across market cycles and deliver higher cash flow and net asset value growth over the long-term. Enhanced Capital Markets Profile – With greater scale and liquidity, Choice Properties will strengthen its capital markets profile. Choice Properties is committed to maintaining a disciplined capital structure and investment-grade credit rating and has a clear path to near-term deleveraging. Choice Properties Transaction Details The approximate $5.0 billion Choice Properties Acquisition Portfolio comprises approximately $4.8 billion, or 8.0 million square feet, of income producing assets, along with approximately $0.2 billion of properties under development. The Choice Properties Acquisition Portfolio is expected to generate full-year NOI of approximately $235 million in 2027, with an annual growth rate of approximately 3.5% in the near-term. Choice Properties intends to finance its acquisition of the Choice Properties Acquisition Portfolio through a combination of debt and equity. This includes the issuance of 68.6 million units of Choice Properties to First Capital unitholders valued at $1.1 billion based on Choice Properties’ closing unit price on April 15, 2026, a $0.6 billion equity investment from George Weston Limited (“GWL”) (TSX: GWL) for 38.0 million units, the assumption of First Capital's $2.3 billion of outstanding unsecured debentures, and the assumption of approximately $0.4 billion of existing in-place mortgages. The remaining consideration is expected to be financed via the issuance of new unsecured debentures by Choice Properties. Choice Properties expects pro forma annualized net debt to adjusted EBITDA to be approximately 8.5x following closing of the Transaction. Choice Properties will maintain a disciplined capital structure and has a clear path to deleveraging through i) strong EBITDA growth from Choice Properties’ combined portfolio; and ii) disciplined investment capital management through balanced capital recycling and development consistent with recent levels. Choice Properties expects net debt to adjusted EBITDA to decline to low-8x in the near-term, with a long-term target of 7.5x. Choice Properties has a proven track record of successfully reducing leverage following transformational acquisitions as demonstrated by its acquisition of Canadian REIT for $6.0 billion in 2018. Concurrent with Transaction completion, Choice Properties will assume First Capital’s $2.3 billion of outstanding unsecured debentures as successor entity to First Capital, in accordance with the trust indenture. KingSett Transaction Details KingSett has secured, on a firm, committed basis, all financing required to complete the Transaction. Funding for the Transaction will be provided by KingSett Real Estate Growth LP No. 8 and fully underwritten debt financing from TD Securities Inc. and Desjardins Group. The Transaction is not subject to any financing condition. Additional Transaction Details The Transaction will be implemented by way of a statutory plan of arrangement under the Canada Business Corporations Act. Implementation of the Transaction will be subject to, among other things, the following unitholder approvals to be obtained at a special meeting of First Capital unitholders to approve the proposed Transaction (the "Meeting"): i) the approval of at least two‑thirds of votes cast by First Capital unitholders, and ii) the approval of not less than a simple majority of the votes cast by First Capital unitholders, excluding the votes of any First Capital unitholder whose votes are required to be excluded for the purposes of “minority approval” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions, in each case present in person or represented by proxy at the Meeting. In addition to unitholder approval, the Transaction is subject to court approval, compliance with the Competition Act and certain other closing conditions customary in transactions of this nature. The Arrangement Agreement contains customary terms and conditions, including non-solicitation covenants from First Capital and a "fiduciary out" that allows the Board of Trustees to accept a superior proposal in certain circumstances, subject to a "right to match" in favour of KingSett and Choice Properties and payment of a $187.5 million termination fee. First Capital expects to hold the Meeting to vote on the Transaction in June 2026. The Transaction is expected to close in the second half of 2026. First Capital will continue to pay its normal monthly distributions in the ordinary course, consistent with past practice through closing of the Transaction. In connection with the Transaction, Choice Properties will acquire the Choice Properties Acquisition Portfolio and assume certain First Capital liabilities, and KingSett will acquire the First Capital units. A portion of the aggregate consideration payable to First Capital unitholders will take the form of a special distribution that will be payable at closing alongside the remaining consideration. Following completion of the Transaction, First Capital units are expected to be delisted from the TSX and the REIT will cease to be a reporting issuer in all applicable Canadian jurisdictions. Further details regarding the terms of the Arrangement Agreement will be publicly filed by First Capital and Choice Properties under their respective profiles on SEDAR+ at www.sedarplus.ca. Additional information regarding the terms of the Arrangement Agreement, the background to the transaction, the rationale for the recommendations made by the First Capital Special Committee and Board of Trustees and how First Capital unitholders can participate in and vote at the special meeting to be called to consider the transaction will be provided in the management information circular for the special meeting of First Capital unitholders, which will also be filed on www.sedarplus.ca. First Capital unitholders are urged to read these and other materials when they become available. First Capital Board of Trustees’ Recommendation After consultation with its financial and legal advisors and receiving the unanimous recommendation of the Special Committee of independent trustees of First Capital, the Board of Trustees of First Capital unanimously determined that the Transaction is in the best interests of First Capital unitholders and has approved entering into the Arrangement Agreement. The Board of Trustees of First Capital unanimously recommends that First Capital unitholders vote in favour of the Transaction. RBC Capital Markets and National Bank Capital Markets have each provided a fairness opinion to the Board of Trustees, that, subject to assumptions, limitations and qualifications set out in such opinions, the consideration to be received by the First Capital unitholders pursuant to the Transaction is fair, from a financial point of view, to unitholders. Members of First Capital’s board and management, representing approximately 0.5% of First Capital’s units, have agreed to vote their units in favour of the Transaction. KingSett Real Estate Growth LP No. 8, which owns approximately 3.8% of First Capital units, has also agreed to vote those units in favour of the Transaction. Choice Properties Conference Call, Webcast, and Investor Presentation Choice Properties will host a conference call this morning, April 16, 2026, at 8:00 AM ET with a simultaneous audio webcast. To access via teleconference please dial 1 (888) 596-4144 or 1 (646) 968-2525 and enter the event passcode: 8617729#. The link to the audio webcast and an Investor Presentation prepared by Choice Properties for the Transaction will be available on www.choicereit.ca/investors. Advisors RBC Capital Markets is acting as financial advisor to First Capital. Stikeman Elliott LLP is acting as legal counsel to First Capital. National Bank Capital Markets is acting as financial advisor to the Special Committee. Desjardins Capital Markets is acting as exclusive financial advisor and Bennett Jones LLP is acting as legal counsel to KingSett. TD Securities Inc. is acting as exclusive financial advisor and Osler, Hoskin & Harcourt LLP is acting as legal counsel to Choice Properties and McCarthy Tétrault LLP is acting as competition counsel to Choice Properties. About First Capital First Capital owns and operates, acquires, and develops open-air grocery-anchored shopping centres in neighbourhoods with the strongest demographics in Canada. About KingSett Capital KingSett Capital (“KingSett”) is Canada’s leading private equity real estate investment firm with over $19 billion of assets under management. Founded in 2002, KingSett creates value through a broad portfolio of custom real estate investments, financing solutions and asset classes backed by strong core values, an entrepreneurial approach and a Canada-first platform. Today, the firm has over 170 employees in Toronto, Montreal and Vancouver. KingSett offers a variety of equity and credit investment strategies in Canadian real estate. KingSett Real Estate Growth LP No. 8 is the current vintage of the firm’s flagship fund series, with flexibility to invest in all real estate asset types across the entire capital stack. The Growth Funds have collectively completed more than $38 billion of transactions since 2002. About Choice Properties Choice Properties is Canada’s leading Real Estate Investment Trust, guided by a clear purpose: to create places where people thrive. This is how Choice Properties builds enduring value. As a national owner, operator, and developer of high-quality commercial and residential real estate, Choice Properties goes beyond managing assets. It creates spaces that strengthen how tenants and communities live, work, and connect. Choice Properties’ strategy is grounded in industry leadership across sustainability, community engagement, and social impact, embedded throughout the business. Choice Properties’ core values of Care, Ownership, Respect and Excellence guide its actions and decisions, shaping how it operates, builds, and grows. For more information, visit Choice Properties' website at www.choicereit.ca/investors and Choice Properties’ issuer profile at www.sedarplus.ca. Forward-Looking Information Certain statements contained in this document constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to the future outlook of First Capital, KingSett Capital or Choice Properties and anticipated events or results and may include statements regarding the financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes, plans and objectives of or involving First Capital, KingSett Capital or Choice Properties. Particularly, statements regarding the Transaction, including the proposed timing and various steps contemplated in respect of the Transaction, the ability to complete the Transaction and the other transactions contemplated by the Arrangement Agreement, including the parties’ ability to satisfy the conditions to the consummation of the Transaction, the receipt of the required unitholder approval, regulatory approval, court approval and other closing conditions customary in transactions of this nature, the possibility of any termination of the Arrangement Agreement in accordance with its terms, the expected benefits to the parties and their respective unitholders and other stakeholders of the Transaction, and statements regarding the plans, objectives and intentions of First Capital, KingSett Capital and Choice Properties, including concerning the Transaction, are forward-looking statements. In some cases, forward-looking information can be identified by such terms such as “may” , “might” , “will” , “could” , “should” , “would” , “occur” , “expect” , “plan” , “anticipate” , “believe” , “intend” , “estimate” , “predict” , “potential” , “continue” , “likely” , “schedule” , “anticipate” , “foresee” , “goal” , “seek” , “strive” , “aspire” , “pledge” , “aim” , or the negative thereof or other similar expressions concerning matters that are not historical facts. These forward-looking statements have been based on factors and assumptions about future events and financial trends, including about the timing and steps for advancing and completing the Transaction. Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond the control of First Capital, Choice Properties or KingSett Capital. These risks and uncertainties include, among other things, the factors and risks disclosed by each of First Capital and Choice Properties in their publicly filed disclosure documents. The forward-looking statements made in this document relate only to events or information as of the date on which the statements are made in this document. Except as required by law, no party undertakes any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. These forward-looking statements are made as of April 15, 2026 and neither First Capital nor Choice Properties nor KingSett Capital assumes any obligation to update or revise them to reflect new events or circumstances, except as required by law. ## Investor contacts: First Capital Neil Downey Executive Vice President, Enterprise Strategies & CFO (416) 530-6634 neil.downey@fcr.ca Choice Properties Erin Johnston Chief Financial Officer, Choice Properties REIT (647) 294-8724 Erin.Johnston@choicereit.ca Media contacts: First Capital Dan Gagnier/Riyaz Lalani Gagnier Communications FirstCapital@gagnierfc.com Choice Properties Jordan Fisher Edelman Smithfield ChoiceProperties@edelmansmithfield.com KingSett Capital David Ryan FGS Longview David.Ryan@fgslongview.com [i] “MTV” refers to Montreal, Toronto, Vancouver [ii] “VECTOM” refers to Vancouver, Edmonton, Calgary, Toronto, Ottawa, Montreal

New partnership focused on the acquisition and active management of light industrial assets in Canada's major urban markets Not for distribution to U.S. News Wire Services or dissemination in the United States (Toronto, ON) May 7, 2026 – KingSett Capital (“KingSett”) and University Pension Plan Ontario (“UPP”) today announced a strategic partnership to invest in income-generating industrial real estate assets across Canada’s major urban markets. The partnership will focus on acquiring multi-tenant, light industrial buildings in supply-constrained markets, taking a selective approach to assets where active management can enhance long-term value creation. Canada’s industrial sector continues to benefit from structural tailwinds, including evolving supply chains, population growth, and limited availability. These factors support resilient demand and rental growth across key markets. Industrial assets also play a critical role in enabling efficient distribution and logistics networks across Canada. This partnership is the first of its kind for KingSett and builds on UPP’s targeted exposure to industrial real estate, further diversifying its portfolio while increasing allocation to income-generating assets. As UPP continues to evolve its real estate portfolio, it remains focused on investments that enhance diversification, manage risk, and deliver durable returns to support the delivery of pensions over the long term. “We are thrilled to partner with KingSett to establish a dedicated Canadian industrial strategy aligned with our goal of building a resilient real estate portfolio focused on value creation over the long term,” said Peter Martin Larsen, Senior Managing Director, Head of Private Markets at UPP. “This investment is designed to provide exposure to industrial assets, such as warehousing and light manufacturing facilities in close proximity to urban centres, underpinned by strong domestic demand and attractive inflation protection. Through this partnership, we are selectively deepening our position in a sector supported by strong fundamentals, enhancing our ability to deliver secure, stable pensions for our members. KingSett brings deep expertise across market cycles, a long-standing presence in Canada’s major industrial hubs, and a proven track record of creating value through active asset management.” Over the past 24 years, KingSett’s total transaction volume involving industrial assets exceeds $13 billion. By acquiring and owning individual properties over this period, KingSett has gained direct and specific insight into asset performance and evolving trends in industrial real estate. “We are delighted to begin a long-term strategic partnership with UPP and grateful for their support,” said Rob Kumer, CEO of KingSett Capital. “The Canadian industrial sector is at an inflection point: Investors, developers and tenants are adjusting to an evolving trade relationship with the US, new supply chains, and the need to improve efficiencies to remain competitive in this environment. KingSett is well positioned to leverage our relationships, scale and platform to navigate this environment and build a portfolio of industrial properties designed to deliver sustainable premium risk-weighted returns for UPP.” “This partnership, which complements the balance of our existing fund strategies, marks an important milestone for KingSett. We are introducing a highly customized investment solution that is designed to meet the specific needs and objectives of an institutional investor like UPP. We are aiming to expand on this type of program as an important differentiator for our investor-partners and as a driver of growth for KingSett in the years to come,” added Mr. Kumer. About UPP University Pension Plan Ontario (“UPP”) is a jointly sponsored defined benefit pension open to all Ontario university sector employers and employees. UPP manages $12.8 billion in pension assets as of December 31, 2024 and proudly serves over 46,000 members across six universities and 19 sector organizations. The plan invests to deliver secure, stable pension benefits for members today and for generations to come. For more information, please visit myupp.ca and follow UPP on LinkedIn. About KingSett Capital KingSett Capital (“KingSett”) is Canada’s leading private equity real estate investment firm with over $19 billion of assets under management. Founded in 2002, KingSett creates value through a broad portfolio of custom real estate investments, financing solutions and asset classes backed by strong core values, an entrepreneurial approach and a Canada-first platform. Today, the firm has over 170 employees in Toronto, Montreal and Vancouver. ## For more information, please contact: UPP media@universitypensionplan.ca KingSett Capital David Ryan FGS Longview David.Ryan@fgslongview.com

(Toronto, ON) August 13, 2026 – KingSett Capital (“KingSett”) is pleased to announce the first close of KingSett Real Estate Growth LP No. 9 ("LP9"), securing $1.835 billion of committed capital from Canadian pension plans, institutional investors and family offices. The close includes KingSett's longstanding investment partners, together with new relationships. "We are grateful for the trust our investors continue to place in KingSett," said Rob Kumer, Chief Executive Officer. "Many of our partners have invested alongside us across multiple market cycles, some for over 20 years. That trust is something we work to earn with every vintage, and their continued commitment, together with the addition of new investor relationships, is meaningful as we launch LP9." Positioned for the Next Investment Cycle The fund launches during a period of transition that KingSett believes is creating compelling opportunities across Canadian real estate. As markets continue to adjust, the firm sees the potential to acquire high-quality assets at attractive valuations while remaining measured and selective in its capital deployment. "We are encouraged by the support LP9 has received from longstanding partners and new investors," said Aliyah Mohamed, Chief Capital Officer. "It reflects confidence in Canadian commercial real estate, and in KingSett’s track record of sourcing opportunities, deploying capital selectively and creating value through disciplined execution." Eight Vintages, One Strategy Launched in 2002, KingSett's Growth Funds focus on identifying event-driven value creation opportunities across Canadian real estate. Since inception, KingSett has applied the same core approach – sourcing investments, executing business plans and realizing value through active asset management. Over eight fund vintages, KingSett has completed more than $39 billion of total transactions on behalf of its Growth Funds, across a broad range of sectors and market environments. "With LP9 now launched, we are actively pursuing investment opportunities across the market," added Kumer. "We are grateful for the relationships we have built with buyers, vendors, lenders, operating partners and advisors over the years. Those connections remain an important source of insight and opportunity as we build our new investment pipeline and execute on behalf of our investors.” Learn more about KingSett’s Growth Funds: www.kingsettcapital.com/growth-funds

(Toronto, ON) September 10, 2026 — KingSett Capital (“KingSett”) today celebrated the opening of West Square Phase 1, a purpose-built rental community that delivers 494 new homes, including 217 affordable rental units, and marks the first completed ground-up, purpose-built rental housing development for the KingSett Affordable Housing Fund. "Our West Square development is about creating high-quality homes where residents across different income levels, household sizes and stages of life can build their lives and feel part of a community,” said Jeff Thomas, Group Head, Development at KingSett Capital. “Seeing residents begin to make West Square their home is an important milestone for everyone who contributed to the project. We are proud of what’s been accomplished through a shared commitment to housing, sustainability and the surrounding community.” “West Square demonstrates what can be achieved when the City of Toronto, Government of Canada and the private sector work together to address Toronto’s housing needs. This project is one of 50 affordable housing projects currently under construction across Toronto that will help create over 14,000 new homes, including more than 4,200 affordable homes,” said Hugh Clark, Executive Director, Housing Development Office, City of Toronto. Located in Toronto’s Etobicoke neighbourhood, West Square Phase 1 comprises two towers: West Square Parkview (15 Gibbs Road), an 11-storey building with 217 affordable rental units and West Square Cityview (25 Gibbs Road), a 30-storey market rental tower with 277 units. Residents will have access to a range of amenities in each building, and the development will be complemented by a new 22,000-square-foot city park that will open this fall at the southeast corner of the site, extending the community well beyond the buildings themselves. Both buildings achieved the Canada Green Building Council's Zero Carbon Building Design (ZCB-D) Standard in 2024, and are powered by a shared geothermal system. Green roofs and 33 EV charging stations further support the project’s sustainable design. “West Square reflects what can be achieved when the public and private sectors work together around a shared objective,” added Thomas. “We are grateful to the partners, government representatives and community stakeholders whose contributions helped bring this project to life.” The development was supported by construction financing through the federal government’s Apartment Construction Loan Program, administered by CMHC, as well as financial incentives provided through the City of Toronto’s Rental Housing Supply Program. “Our government is committed to working with our partners to build more homes in our community. Through the Apartment Construction Loan Program, we are taking action to increase the supply of new rental housing,” said Yvan Baker, Member of Parliament for Etobicoke Centre. “Thank you to all our partners and people behind the scenes who helped bring this project to completion, I wish the new residents great success in their new homes.” West Square Phase 2 will build on the already established community through Phase 1, adding 641 purpose-built rental homes across two additional buildings. Designed to meet the Canada Green Building Council’s ZCB-D Standard, Phase 2 will use a fully electric, low-carbon mechanical system as KingSett continues to expand the range of housing available at West Square. About KingSett Capital KingSett Capital (“KingSett”) is Canada’s leading private equity real estate investment firm with over $19 billion of assets under management. Founded in 2002, KingSett creates value through a broad portfolio of custom real estate investments, financing solutions and asset classes backed by strong core values, an entrepreneurial approach and a Canada-first platform. Today, the firm has over 170 employees in Toronto, Montreal and Vancouver. About KingSett Affordable Housing Fund The KingSett Affordable Housing Fund invests in the creation of high-quality housing across Canada's core rental markets. The Fund seeks sustainable risk-weighted returns by scaling a portfolio of urban housing communities with a meaningful affordability component through development, financing and strategic partnerships. ## For more information, please contact: KingSett Capital David Ryan FGS Longview David.Ryan@fgslongview.com

Jon Love and Rob Kumer share observations on today's land market The precise timing of land value recovery is always difficult to predict. Land liquidity will rebound in value when developers are confident that they can launch and sell a project. Rob Kumer, Chief Executive Officer Land liquidity follows development feasibility, not investor sentiment. Land does not reprice in isolation; it must reflect the economic feasibility of a project. In today’s environment, economic feasibility is constrained by regulatory timelines and elevated costs - particularly from fees, taxes and limited absorption. As a result, developers have retreated from the market, limited new land acquisition, and are preserving their existing inventory. The housing market must absorb supply before land liquidity resurfaces. Excess supply delivered between 2025 and 2027 will need to work its way through the system prior to a rebound in land liquidity. Until the inventory is absorbed, land liquidity will remain muted, along with limited new project launches. Today's inactivity is seeding tomorrow's recovery. With no new projects launching, the forward supply pipeline is materially constrained. This results in very limited new supply for 2028/2029 – creating the conditions for a tightening market, a price rebound and land liquidity. The trigger condition is clear: developers won’t buy land until they’re confident that they can sell. I've been around this for a long time and cycles are always the same; a down cycle is followed by stabilization, growth and recovery. Jon Love, Executive Chair & Founder Timing is uncertain. Direction and recovery are not. While it’s difficult to pinpoint whether recovery begins in 2026, 2027, or 2028 – the broader pattern is consistent across cycles: periods of contraction move through stabilization and then to recovery. Historically, once conditions turn, recovery in land markets is rapid and decisive.

Jon Love joins the Tales from Movers & Influencers podcast for a candid conversation about the lessons that have shaped his career In this episode of TMI | Tales From Movers & Influencers, host Leanne Dufault sits down with Jon Love, KingSett Capital Executive Chair and Founder, for a candid conversation about the lessons that shaped one of Canada’s most iconic real estate careers, and the principles that still guide how he leads today. Jon walks through his early start as a retail stockbroker (his real-world “MBA”), his rapid rise at Oxford Properties through multiple market cycles, and the mindset required to navigate uncertainty without losing optimism. He shares the “go dark” reset that helped spark KingSett, how values and culture become the real competitive advantage, and why the most underrated career skill is learning how to be curious and relevant in every room you enter. Jon and Leanne also talk succession planning, leadership vs. management, the power of showing up in person, and why business leaders should speak up more, especially when it comes to Canada’s economic future. Topics include: Jon's path from stockbroker, to Oxford, to building KingSett The three "assets" that helped him lead through the early 90's downturn Why culture is values in action: integrity, transparency, respect Curiosity + relevance: the simplest framework for building relationships (and careers!) Why "ideas before you enter the room" changes everything Succession planning: empowering successors, sharing economics, migrating relationships Leadership vs. management (and the role patience plays) Why LinkedIn matters, and why business leaders should share their views Visit TMI | Tales From Movers & Influencers on Youtube or listen to full episodes on Spotify. Content Credit: Spacebound Productions

TORONTO, April 21, 2022 (GLOBE NEWSWIRE) -- The Multiple Sclerosis Society of Canada is pleased to introduce the MS Million Dollar Tower Challenge, a breathtaking new event with the goal of raising $4 million for critical multiple sclerosis (“MS”) research initiatives in Canada. The Tower Challenge, sponsored by KingSett Capital to celebrate the firm’s 20th anniversary, will see fundraisers rappel from the rooftop of 700 University Avenue in downtown Toronto on May 9, 10 and 11, 2022. To donate to the MS Million Dollar Tower Challenge and support the participants as they take the leap for MS on May 9 to 11, please visit: www.mstowerchallenge.ca. Funds raised by the Tower Challenge, which have already surpassed $3 million to date, will contribute to the MS Acts of Greatness campaign, a bold vision to raise $75 million, accelerate the pace of MS breakthroughs in Canada and empower people living with MS to live their best lives. The event will see over 140 participants across approximately 30 teams take the leap for MS. The fundraising teams include KingSett Capital employees, KingSett Advisory Board members, and the firm’s business partners, as well as members of the Canadian MS community. “I am thrilled by the tremendous support the MS Million Dollar Tower Challenge has received from our friends, colleagues, business partners, and members of the MS community,” said Jon Love, CEO of KingSett Capital. “Like many others across Canada, this is a personal cause for my family. Our son Jason was diagnosed with MS 11 years ago. While he is doing well, the experience focused our family’s attention on fighting this disease, which impacts more Canadians per capital than anywhere else in the world. I will proudly be one of the first off the side of 700 University in May.” “The MS Society is honoured to collaborate with Jon, his wife Nancy, and the team at KingSett to create this inspiring event as part of our Acts of Greatness Campaign,” said David White, Vice President of Philanthropy, MS Society of Canada. “Thanks to the generous support of KingSett, all proceeds from the MS Million Dollar Tower Challenge will go directly to accelerating research and enhancing the quality of life of those affected by MS. Based on the incredible support we’ve received so far, I am confident it will move us closer to finding a cure for this complex and unpredictable disease.” Founded in 2002, KingSett Capital has grown to be Canada’s leading real estate private equity investment business with assets approaching $20 billion. The KingSett platform includes the ownership of 700 University. In 2023, 700 University will undergo a substantial repositioning, including a revamped retail base, the addition of four floors of new Life Science office space added to the top of the office tower, and the addition of a 56-storey purpose built rental residential tower. About KingSett Capital KingSett Capital is Canada's leading private equity real estate investment firm. Founded in 2002, KingSett has raised $13.4 billion of equity for its Growth, Income, Urban, Mortgage and Affordable Housing strategies, executing over $50 billion in transactions life to date. Currently, KingSett has $17 billion of assets under management in a $19 billion portfolio. KingSett continues to seek further opportunities to invest in a wide range of real estate properties, developments, joint ventures and mortgage lending. About multiple sclerosis and the MS Society of Canada Canada has one of the highest rates of multiple sclerosis (“MS”) in the world. On average, 12 Canadians are diagnosed every day. MS is a chronic autoimmune disease of the central nervous system (brain, spinal cord). It is considered an episodic disability meaning that the severity and duration of illness and disability can vary and are often followed by periods of wellness. It can also be progressive. Most people are diagnosed with MS between the ages of 20 and 49 and the unpredictable effects of the disease will last for the rest of their lives. The MS Society provides information, support and advocacy to people affected by MS, and funds research to find the cause and cure for the disease, bringing us closer to a world free of MS. Please visit mssociety.ca or call 1-800-268-7582 for more information, to get involved, or to support Canadians affected by MS by making a donation.