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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, Ontario, 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

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

At KingSett Capital, our values define who we are. Our Management Committee shares the core value they're prioritizing into 2026. "I would say it's relationships. It's core to our business. Everything we do relies on a relationship, whether it's our leasing program, our operating program, debt, anything we do involves a relationship. So for me, relationships are key." William (Bill) Logar, Chief Asset Management Officer "The one core value I'd like to see the team focused on in 2026 is intensity, intensity in putting capital to work. This will set us up for success and strengthen our returns." Scott Coates, President, KingSett Mortgage Corporation "When capital tightens, intensity is the key driver that moves projects forward." Jeff Thomas, Group Head, Development "Integrity shows up in how we underwrite, how we communicate, how we interact with our partners. When we lead with integrity, everything else follows." Aliyah Mohamed, Chief Capital Officer "Everything we do in the investment team is about relationships. It's so important to build them, to maintain them, to curate them, to honour them over the long-term and build friendships amongst those who you intend to do business with." Colin Baryliuk, Chief Investment Officer "When it comes to our core values, I think about them more as acting symbiotically. They all act together and feed off one another, and ultimately lead to the cornerstone of what I think of as the foundation of KingSett's edge, which is the power of our relationships. And that's, at the end of the day, the guiding light that marches us forward." Rob Kumer, Chief Executive Officer

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.

Ranked first in North America and first globally KingSett Capital is pleased to announce that it has achieved global leader recognition in the 2022 Global Real Estate Sustainability Benchmark (“GRESB”) Assessment for the second year in a row. In the GRESB report released October 18, 2022, KingSett ranked first in North America and first globally, advancing the firm’s sustainability leadership status in real estate. “KingSett has been a proud participant in the GRESB Survey since 2015, and we continue to lead the commercial real estate market and out-perform our previous achievements,” said Jon Love, CEO of KingSett Capital. “We are grateful to our people, partners and customers who helped make this achievement possible. We are committed to our sustainability strategy and continue to expand our efforts and ambitions, seeking to make an impact and build long-term value for all our stakeholders and communities.” In the 2022 GRESB report, KingSett achieved a Five Star Rating for the fifth year in a row; KingSett ranked first in its peer group for the third year in a row; and it ranked first globally within its peer group of non-listed core funds for the second year in a row. KingSett also ranked first in Canada and first across the Americas in the Developments Benchmark, leading all companies who participated in the benchmark in these regions. 1st Globally: Diversified Office / Residential / Non-Listed / Core 1st in its Regional Sector: Diversified Office / Residential / Americas 1st in its Peer Group: Office / Residential / Core A copy of the 2022 GRESB report is available at www.gresb.com . About GRESB Global Real Estate Sustainability Benchmark Report (“GRESB”) is the global industry standard for ESG benchmarking. It assesses and compares the management attributes and performance across real estate companies (public, private and direct) globally. GRESB collects information on material ESG issues aligned with what investors and the industry care about. In 2022, GRESB represented over 1,820 funds/firms reporting on US $8.6 trillion AUM.

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.

Investment poised to transform Toronto’s landmark hotel into a sustainability leader within the hospitality industry (Toronto, ON) October 7, 2022 – The Canada Infrastructure Bank (“CIB”), Fairmont Royal York and KingSett Capital today announced an agreement which will see the CIB finance $38 million toward significant energy retrofits at the landmark hotel. The CIB’s financing will help Fairmont Royal York become a leader in sustainable accommodations. The hotel, which first opened in 1929, will target a zero-carbon balance and pursue the Canada Green Building Council’s Zero Carbon Building Standard Certification in 2023. The investment will result in a significant reduction in carbon emissions, with the aim of reducing the iconic hotel’s emissions by over 80 percent. “The CIB’s investment solution will help decarbonize a historic Canadian landmark, paving the way forward for future green retrofits within the hospitality sector,” said Ehren Cory, CEO, Canada Infrastructure Bank. “Our partnership with KingSett Capital enables a greener tourism economy and we stand ready to develop more innovative investments, accelerate projects and help meet climate change targets.” To date, the CIB has committed more than $800 million toward building energy retrofits. The financing will help cover upfront capital costs of the retrofits to enable the decarbonization of the hotel. “We are proud to be partnering with the CIB to fund the decarbonization of the iconic Fairmont Royal York,” said Jon Love, CEO, KingSett Capital. “This initiative, made possible by the CIB, adds strength and resilience to one of our core assets and advances KingSett’s sustainability strategy. We are focused on setting meaningful reduction targets, executing decarbonization programs for our core assets and, most importantly, doing what is right for our stakeholders and the environment.” Fairmont Royal York, part of world-leading hospitality group Accor, is committed to taking a leading role in the travel industry’s sustainable development. This large-scale initiative marks a new era in the hotel’s legacy as one of Toronto’s most renowned destinations with more than 1.5 million annual visitors. “Fairmont has a longstanding history of environmental stewardship, and this important effort is a transformative step in the hotel’s journey toward minimizing climate change and reinforcing our pledge to our planet. We are fortunate to have steadfast partners that share our commitment to environmental sustainability, as well as our enthusiasm for ushering in the next chapter in hospitality,” said Edwin Frizzell, Regional Vice President, Accor Central Canada and General Manager, Fairmont Royal York. “With the travel industry’s vibrant recovery came an increased expectation around sustainability, and it is our responsibility to continue to embrace impactful sustainability practices that reduce our environmental footprint and contribute to a better future for all.” The financing is expected to close in late 2022. Quick Facts: According to the Hotel Association of Canada, prior to the COVID-19 pandemic, the accommodations industry generated nearly $22 billion in revenue annually and employed over 300,000 people. Fairmont Royal York is one of two hotel properties owned by KingSett Capital-managed funds. The CIB seeks to invest up to $5 billion in green infrastructure which supports climate change action and sustainable economic growth. The CIB’s investments are subject to approval by its Board of Directors. About KingSett Capital KingSett Capital is Canada’s leading private equity real estate investment firm. Founded in 2002, KingSett has raised $15.4 billion of equity for its Growth, Income, Urban, Mortgage, Residential Development and Affordable Housing strategies, executing over $50 billion in transactions life to date. Currently, KingSett has $17 billion of assets under management in a $20 billion portfolio. KingSett continues to seek to further invest in decarbonization strategies for all of its properties, looking to enhance resilience and sustainability. About Fairmont Royal York Timeless and iconic for over 90 years, Fairmont Royal York celebrates a new era as Toronto’s landmark hotel with the revitalized Fairmont Gold, renovated lobby and new dining venues. With contemporary railway-inspired design, CLOCKWORK Champagne & Cocktails hosts a bubbly cocktail offering with tasteful metropolitan fare. Steps from the lobby, REIGN features three dining experiences: REIGN Restaurant serves sophisticated cuisine from the bounty of Canada’s rich landscape; REIGN Bar toasts to Toronto’s Jazz-Age revival with a prestigious wine list, signature tasting boards, and live entertainment; while REIGN Bakery creates a charming morning ritual with artisanal-roasted coffee and freshly baked goods. Renowned as the city’s cocktail den, the legendary LIBRARY Bar returns with the Birdbath Martini crafted as a masterpiece. For upscale luxury, Fairmont Gold is a hotel-within-a-hotel featuring elegantly appointed suites, premium services, and an exclusive lounge on the 18th floor. The place of occasion, Fairmont Royal York is the city’s destination for glamorous wedding celebrations and inspiring events – embracing a legacy that is famous for generations. Media Contact KingSett Capital David Ryan Managing Director, Edelman Smithfield T: 416 455 1927 E: david.ryan@edelmansmithfield.com

Certification marks major milestone in KingSett’s Decarbonization Strategy (Toronto, ON) February 27, 2023 – KingSett Capital’s Scotia Plaza building at 100 Yonge Street in downtown Toronto has achieved the prestigious Zero Carbon Building – Performance Standard certification. This marks a major milestone in KingSett Capital’s Three-Phase Decarbonization Strategy as the firm works towards a decarbonization goal of 35% of carbon emissions across its CREIF portfolio by 2027. 100 Yonge is a Class “A” office building with 275k square feet of space and is the second building in our portfolio after 40 King Street West to receive this certification. KingSett’s Decarbonization Strategy has included replacing end-of-life boilers and chillers, upgrading air handlers with heat recovery, and installing air source heat pumps to replace the existing heating plant. Thanks to these efforts, 549 tonnes of carbon emissions will be eliminated annually – a 76% reduction – equivalent to removing 118 passenger vehicles from the road. These results exceed the Carbon Risk Real Estate Monitor (“CRREM”) guidelines for Canadian office building emissions by 2050, which are aligned with the Paris Climate Agreement and Science Based Targets Initiative (“SBTi”). About KingSett Capital KingSett Capital is a pioneer in the Canadian private equity real estate industry, co-investing with institutional and ultra-high net worth clients to deliver sustainable, premium risk-weighted returns. With over $17 billion in assets under management and a $19 billion portfolio, KingSett has a proven track record of success, having raised $15.4 billion in equity for its Growth, Income, Urban, Mortgage, Residential Development and Affordable Housing strategies since its founding in 2002.

First Canadian landlord to commit to WiredScore Portfolio WiredScore, the company setting the global standard for technology in the built world, has today announced 39 global landlords and KingSett Capital is proud to be listed. Technology is a core part of KingSett’s strategy, and we are committed to delivering a best-in-class, technology-enabled experience across our buildings, today and in the future. The future is smart, and smart buildings help us deliver superior technology integration while achieving operational efficiency. As the first Canadian landlord to commit to WiredScore Portfolio, KingSett has certified over 6 million square feet of office space in Canada, with an additional 5 buildings committed to certification and all future developments are committed to targeting the same certification. We believe this certification provides a number of tangible benefits as we look to make our portfolio future-ready with technological infrastructure that will create dynamic and resilient spaces. In addition, this certification provides us with the dedicated tools to measure, improve and promote connectivity performance in a clear, efficient and impactful manner. Arie Barendrecht, Founder and CEO, WiredScore, commented: “If the last few years have taught us anything, it’s that we have all come to expect best-in-class levels of connectivity in our buildings, enabling a seamless transition between the home, office and back again. As a result, we have seen first-hand just how technology is fast becoming a core pillar of how our clients are delivering their portfolios. Yet the macro environment and the pace of change of technology means it’s never been more challenging to create tech-enabled spaces. We are therefore proud to be working with some of the world’s most forward-looking landlords and developers who not only understand the benefits of a technology-first approach in their real estate, but are constantly improving it to create a first-class experience for their building users. By implementing sound digital infrastructure as a minimum requirement across their portfolios, our clients are not only creating dynamic and resilient spaces people really want to be in, but they are sustainably future-proofing their buildings for generations to come.” About WiredScore Portfolio The Portfolio award is given to landlords and developers who have committed to delivering a best-in-class, technology-enabled experience across a significant portion of their portfolio, now and in the future. WiredScore Portfolio brings with it a number of tangible benefits for landlords looking to make their portfolio future-ready with technological infrastructure that will meet evolving needs of occupiers. In addition, it provides clients with dedicated tools to measure, improve and promote the connectivity performance in a clear, efficient and impactful manner.

Recognition of market-leading technology, processes, and automation to deliver world-class service Scotia Plaza’s 40 King Street West has achieved SmartScore Gold Certification, making it one of the smartest places to work in the world. This certification demonstrates the building’s cutting-edge innovation through the use of market-leading technology, processes, and automation to deliver world-class service to all users of the building. 40 King Street West is located in the financial district of Toronto, Canada. The building achieved this certification through a range of initiatives which include the implementation of a smart building strategy, the deployment of a tenant engagement app, and the establishment of a stringent cybersecurity policy. Moreover, the installation of a smart technology foundation (base building network) has also allowed for rapid deployment of new connected devices and systems. The achievement of SmartScore Gold Certification at Scotia Plaza’s 40 King Street West reflects KingSett’s commitment to innovation and sustainability in its portfolio. It showcases the potential of smart buildings to create highly sustainable, inspirational, cost-efficient, and future-proof spaces for the benefit of all building users. About SmartScore SmartScore is a globally recognized smart building certification developed by WiredScore. It is the global standard for smart buildings and helps landlords and developers build cutting-edge smart buildings that deliver exceptional user experiences, drive cost efficiency, meet high standards of sustainability, and are fully future-ready. The SmartScore certification has four levels, and buildings that meet the strict criteria for reliable, secure, and future-ready in-building technology are awarded one of these levels to reflect their excellence.

KingSett Founder Jon Love Transitions to Executive Chair "This transition formalizes the expanded leadership role Rob has played so well over the last several years and marks the culmination of a well-planned, multi-year leadership succession at the firm.” Jon Love, Executive Chair & Founder (Toronto, ON) November 27, 2023 – KingSett Capital Inc. announced today that Jon Love will become Executive Chair of the firm and Rob Kumer will be elevated to Chief Executive Officer, effective January 1st, 2024. As Executive Chair and KingSett’s majority owner, Mr. Love will maintain oversight and responsibility for KingSett, guide the firm’s strategy, and serve on the KingSett fund boards. As CEO, Mr. Kumer will be responsible for executive management, working with Mr. Love to establish KingSett’s strategy and drive results for the firm’s funds. Mr. Kumer will continue to serve as Chair of KingSett’s Management and Investment Committees. “This transition formalizes the expanded leadership role Rob has played so well over the last several years and marks the culmination of a well-planned, multi-year leadership succession at the firm,” said Mr. Love. “KingSett has assembled a management committee and team of professionals that bring extraordinary depth of experience and cross-platform expertise. They are ready to lead KingSett forward into the next decade, focusing on our core mandate – delivering sustainable premium risk weighted returns for our investors.” “I am grateful for the opportunity to serve as KingSett’s CEO and help lead the firm into the next phase of its growth and investor performance,” said Mr. Kumer. “I will be focused on maintaining KingSett’s strong culture and values, which have been fundamental to our success. I want to thank Jon for the trust he has shown in me, and I want to thank our investors and board members, and our valued partners for the confidence they continue to show in KingSett.” As part of this transition, Colin Baryliuk will join the firm’s Management Committee and assume the role of Chief Investment Officer previously held by Mr. Kumer. Mr. Baryliuk joined KingSett in 2008 and has held increasingly senior roles over time, including most recently Group Head, Property Investments. Mr. Baryliuk will be responsible for day-to-day management of the Investments team including allocation of team resources and oversight of investment underwriting, transaction negotiation and due diligence. Additionally, Scott Coates, who joined KingSett in 2006, will be elevated to President, KingSett Mortgage Corp., an evolution in title that reflects his central role and his success in building and leading the firm’s national commercial and residential mortgage lending business, a key component of the KingSett Capital platform. The changes to Mr. Baryliuk and Mr. Coates’ roles also take effect January 1, 2024. Mr. Kumer joined KingSett in 2004 as an analyst. He has assumed increasingly senior roles over the years including Chief Investment officer and Chair of KingSett’s Investment Committee in 2018. He was appointed President and Chair of the firm’s Management Committee in 2021. As the firm’s President and CIO, he has had responsibility for guiding and executing KingSett’s investment strategy and leading the Investments team which sources, underwrites and structures investment transactions for KingSett’s various Fund strategies. In addition, Mr. Kumer provides oversight of KingSett’s mortgage lending business and serves as Fund Manager for KingSett’s Growth Funds and Urban Fund. Mr. Kumer holds a degree in Honours Business Administration from the Ivey Business School at Western University, where he is now a member of the school’s Advisory Board.  Mr. Kumer also serves as Vice-Chair of the Board of the Sinai Health System Foundation. About KingSett Capital Founded in 2002, KingSett Capital is a leading Canadian private equity real estate firm that co-invests with institutional and ultra-high net worth clients to deliver sustainable, premium risk-weighted returns. KingSett manages over $18 billion in assets across its Growth, Income, Urban, Mortgage, Residential Development and Affordable Housing strategies. Media Contact David Ryan Managing Director, Edelman Smithfield T: 416 455 1927 E: david.ryan@edelmansmithfield.com

Three-year decarbonization process included retrofitting the 363,000 square-foot 26-storey commercial building (Vancouver, BC) January 18, 2024 – KingSett Capital, Crestpoint Real Estate Investments Ltd. (in joint venture with Vestcor Inc.) and Reliance Properties Ltd., co-owners of Arthur Erickson Place on West Georgia Street in downtown Vancouver, today announced that the iconic building has achieved the Zero Carbon Building – Performance (“ZCB”) Standard certification from the Canada Green Building Council (“CAGBC”). This certification marks an important milestone for the co-owners of Arthur Erickson Place, the building’s tenants, and the City of Vancouver as a meaningful step towards reaching their overall sustainability and net-zero goals. Achieving ZCB Performance certification for Arthur Erickson Place demonstrates the building’s energy efficiency and the investment its co-owners have made to minimize carbon emissions from its operations. The three-year decarbonization process, which began in 2022, involved an innovative retrofitting of the 363,000 square-foot 26-storey commercial building. The process is expected to be complete in 2025, at which point Arthur Erickson Place will have reduced its carbon emissions by 97 percent. Arthur Erickson Place’s new sustainable mechanical upgrades and features include optimized HVAC controls as well as new electric boilers, heat pumps, air handling units, a rooftop beehive installation to promote biodiversity and a spacious outdoor plaza. The achievement demonstrates the commitment by the building’s owners to create pathways to a net-zero future while creating a safe and healthy work environment for their tenants. The decarbonization of Arthur Erickson Place will result in: The reduction of carbon emissions from the building by 97% by 2025. A 40% reduction in the building’s energy consumption. The equivalent of removing approximately 140 gas-powered cars from the road each year. Ensuring the building exceeds its individual requirement to meet the Global Paris Agreement’s goal of limiting the rise in global temperature to 1.5C. Further validation of the business case for fuel switching and electrification in Canada. “This achievement for Arthur Erickson Place is an important milestone in KingSett’s decarbonization program. It strengthens a key asset in our portfolio and advances our value enhancement strategy. In collaboration with our partners, we continue to demonstrate that complex, deep carbon retrofits of iconic buildings like Arthur Erickson Place and the Royal York Hotel can be done in a way that is economically viable and environmentally impactful.” Rob Kumer, CEO, KingSett Capital “Earning the ZCB Performance Standard certificate for Arthur Erickson Place demonstrates Crestpoint’s commitment to improving the communities in which we live, invest and operate. Retrofitting AEP took tremendous creativity and innovation. We’re excited to share this success with our partners, tenants and with the City of Vancouver, which is an important market for Crestpoint.” Kevin Leon, CEO, Crestpoint Real Estate Investments Ltd. “This project is particularly special to Reliance Properties because we’ve called Vancouver home for over 50 years and are constantly striving to enhance the tenant experience. Attaining Zero Carbon Building Performance certification for this building contributes to the health and well-being of our tenants and towards a sustainable future, which is something we are incredibly proud of.” Jon Stovell, President, Reliance Properties Ltd. About KingSett Capital Founded in 2002, KingSett Capital is a leading Canadian private equity real estate firm that co-invests with institutional and ultra-high net worth clients to deliver sustainable, premium risk-weighted returns. KingSett manages over $18 billion in assets across its Growth, Income, Urban, Mortgage, Residential Development and Affordable Housing strategies. About Crestpoint Real Estate Investments Ltd. Crestpoint is a real estate investment and asset management firm founded in 2011 with over $9.9 billion in assets under management. The Crestpoint team is comprised of over 40 real estate investment professionals based in our head office in Toronto. With properties located from coast to coast in Canada, Crestpoint’s current portfolio is comprised of over 320 buildings and over 35 million square feet with exposure to the office, industrial, retail and multi-family sectors. Crestpoint is an affiliate of the Connor, Clark & Lunn Financial Group Ltd. (“CCLFG”), a multi-boutique investment manager that provides a broad range of traditional and alternative investment products and services to individuals, advisors and institutional investors. Today, CCLFG and its affiliates, including Crestpoint, collectively manage over $110 billion in assets and have close to 700 employees. About Reliance Properties Ltd. Reliance Properties Ltd. is focused on enhancing the urban experience in Vancouver through creative solutions to development challenges. Reliance Properties is a privately owned company that has been contributing to Vancouver’s architectural heritage for more than fifty years. From Coal Harbour luxury to award-winning heritage restorations, Reliance continues to create innovative residential and office developments designed to enhance the urban experience. Reliance provides proactive management and maintenance for all its properties and provides in-house leasing, maintenance, architectural and tenant improvement services. The company focuses on developing long-term tenant relationships and today, many Reliance tenants have been with the firm for over thirty years. Media Contact Dora Yiu Director, Marketing T: 416 687 6737 E: dyiu@kingsettcapital.com