#1metro Liberty Village Lobey & Provigo save on foods FIRST CAPITAL 01201 ash tradition URBAN FARE WINNERS City Mal CityMarket Q1 2022 Investor Presentation#2FORWARD-LOOKING STATEMENTS AND NON-IFRS FINANCIAL MEASURES This material may contain forward-looking statements, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend" and similar expressions to the extent they relate to First Capital REIT ("First Capital") or its management. The forward-looking statements are not historical facts but reflect First Capital's current beliefs and are based on information currently available to management. Certain material factors and assumptions were applied in providing these forward-looking statements, many of which are beyond our control. Management believes that the forward-looking statements are based upon reasonable assumptions; however, management can give no assurance that actual results will be consistent with those expressed or implied in these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied in these forward-looking statements. Additional information about the risks and uncertainties that could cause actual results to differ materially, and the material factors or assumptions that were applied in providing these forward-looking statements, are contained in our various securities filings, including our Management's Discussion and Analysis for the year ended December 31, 2021 and the quarter ended March 31, 2022 (the “MD&A”) and our current Annual Information Form, all of which are available on SEDAR at www.sedar.com and on our website at www.fcr.ca. You should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. These forward-looking statements are made as of May 4, 2022. Except as required by securities law, First Capital undertakes no obligation to publicly update or revise any such statements whether to reflect new information, the occurrence of future events or circumstances, or otherwise. Additionally, past performance, including the key operating metrics described in this presentation, is not indicative of future results given the risks and uncertainties described in detail in our MD&A, including with respect to the global pandemic. This material references certain non-IFRS financial measures, including but not limited to FFO, FFO per unit, NOI and NAV. These non-IFRS measures are further defined and discussed in the MD&A, which should be read in conjunction with this material and the conference call. Since these non-IFRS measures do not have standardized meanings prescribed by IFRS, they may not be comparable to similar measures reported by other issuers. First Capital uses and presents the above non-IFRS measures as management believes they are commonly accepted and meaningful financial measures of operating performance. Reconciliations of certain non-IFRS measures to their nearest IFRS measures are included in the MD&As. These non-IFRS measures should not be construed as alternatives to net income or cash flow from operating activities determined in accordance with IFRS as measures of First Capital's operating performance. All figures in this presentation are as of March 31, 2022 unless otherwise noted. First Capital 2#3TABLE OF CONTENTS 1.0 Company Snapshot 2.0 Highlights - Recent Financial and Operating Results 3.0 Thriving Neighbourhoods 4.0 Density Pipeline and Development 4.1 Active Developments 4.2 Near, Medium & Long Term Developments... 5.0 Environmental, Social and Governance (ESG) 4 5-7 8-20 21-23 24 - 33 34-38 39 - 48 49 - 53 6.0 Financial Strength and Flexibility Appendix - Profiling Thriving Neighbourhoods - Super Urban and Top Tier Suburban... 54-71 First Capital 3#41.0 COMPANY SNAPSHOT (TSX: FCR.UN) First Capital is a leading owner, operator and developer of grocery anchored and mixed-use real estate located in Canada's most densely populated cities. First Capital's focus is on creating thriving urban neighbourhoods to generate value for businesses, residents, communities and our investors. 148 neighbourhoods Major market 22.5m sf of gross leasable area (19.6m sf at FCR share) $8.4b enterprise value urban focus across Canada 23.3m sf of future incremental density As of March 31, 2022 First Capital 4#5FIRST CAPITAL - 2.0 Highlights Recent Financial and Operating Results#62.0 HIGHLIGHTS - Q1 2022 Q1 FFO per unit, excluding OGLE(1) amounts, was $0.28, +14% YoY Q1 2022 SP NOI growth of 1.9% Primarily due to rent escalations and lower BDE, partially offset by lower same property occupancy (-20 bps) and lower lease termination fees YoY Strong NAVPU growth, new high of $24.55 Growth of 9.8% year over year ($22.35) and 1.2% quarter over quarter ($24.26) Leasing and Occupancy Very strong leasing activity: 77k sf of new leasing plus 838k sf of renewals at average net rental rate increase of 7.5% $22.57 net rent psf +2.6% (+$0.58) YoY (new high): Primarily due to openings at higher rents than closures, rent steps, renewal lifts and dispositions. Occupancy of 95.5%: down from Q4 2021 (96.1%) and Q1 2021 (95.8%) (1) OGLE = Other Gains/Losses and Expenses; Q1 2022 FFO per unit was $0.25, +1.6% YoY First Capital#72.0 HIGHLIGHTS - Q1 2022 BALANCE SHEET, LIQUIDITY AND ASSET QUALITY Maintaining a Strong Balance Sheet and Liquidity Position . $655m of cash and undrawn credit facilities, as at March 31, 2022 • • Unencumbered properties with an IFRS value of ~$7.5b (~74% of total assets) $4.5m disposition in Q1 2022; $253m of investment properties HFS as at March 31, 2022 Enhancing Asset Quality • . Asset quality has never been higher due to extensive disposition program, new leasing activities, and ongoing urban investments Invested $65m in Q1 2022 in development and redevelopment, primarily in Toronto and Montreal 5km population is 300,000. Leader amongst North American peers o 5km household income +22% from 2016 to $129k. Leader amongst Canadian peers 。 Average base rent +16% from 2016 to $22.57 psf. Leader amongst Canadian peers First Capital 7#8ash tradition anics west elm save on foods 3.0 Thriving Urban Neighbourhoods#93.0 NEIGHBOURHOOD INVESTMENT STRATEGY Creating thriving urban neighbourhoods to generate value for businesses, residents, communities and our investors • • • • Investing in high-quality, mixed-use, and grocery anchored properties to build positions in targeted high growth super urban and top tier suburban neighbourhoods Fully integrating retail with other uses to create thriving urban neighbourhoods Optimizing the portfolio through active asset management and by concentrating capital in dense, high growth neighbourhoods Surfacing substantial unrecognized value in our 23.3m sf of density pipeline through entitlements and development Actively managing our balance sheet to maintain financial strength and flexibility and a competitive cost of capital First Capital 9#103.0 THRIVING NEIGHBOURHOODS Proximity to transit, "Walk Score", and most importantly population density are key criteria by which we evaluate the potential of our neighbourhoods. We have significantly improved these metrics over time through our investment and disposition activity and we intend to maintain our industry leadership position. >99% Public Transit Of portfolio within 5-minute walk of public transit 71 Walk Score Average walk score for our portfolio = 'Very Walkable' 2nd highest category of 5 300k A Average population density within a 5-km radius of each of our properties Population First Capital 10#113.0 THRIVING NEIGHBOURHOODS - FAIR VALUES ACROSS CANADA'S MAJOR CITIES Western Canada Neighbourhoods Vancouver, Calgary, Edmonton Central Canada Toronto Eastern Canada Montreal, Ottawa 41 Neighbourhoods 66 Neighbourhoods 41 GLA 6.2m GLA 8.6m GLA 4.8m Fair Value % 30% Fair Value % 54% Fair Value % 16% Vancouver 10% Edmonton 10% Calgary 13% SW Ontario 3% 40% Toronto Kitchener/Waterloo/Guelph 14% Montreal 5% Ottawa 5% First Capital 11#123.0 THRIVING NEIGHBOURHOODS - NORTH AMERICAN LEADER IN POPULATION DENSITY FCR Portfolio Demographic Metrics versus Peer Group: Q1 2022 (1) 300,000 150,000 140,000 $129,000 US $116,500 $115,000 FIRST CAPITAL FIRST CAPITAL Q1 2022 US Peers (2) CDN Peers (3) Q1 2022 US Peers (2) CDN Peers (3) 5 km Population As of March 31, 2022 (1) Source: Sitewise, Environics Analytics (2021 estimates) (2) US Peers include: Federal Realty and Regency Centers - Source: Company Reports (3) Canadian Peers include: Riocan, SmartCentres, Choice Properties (Retail only) 5 km Average Household Income Property portfolio based on 2021 AIF for SmartCentres and Choice Properties, Source: Company Reports, Sitewise, Environics Analytics First Capital 12#133.0 THRIVING NEIGHBOURHOODS - GROWTH IN 5KM POPULATION DENSITY Q1 2022 5km population of 300,000 people . Up 93,000 or 45% from December 2016 Making FCR a leader amongst our North American peer group (1) Achieved long-term goal of 300k people by 2021 in Q3 2020 250,000 +20% 215,000 207,000 300,000 +20% 304,000 300,000 290,000 2016 2017 2018 2019 2020 2021 Q1 2022 5 km Population (1) North American Peer group includes: Riocan, SmartCentres, Choice Properties, Federal, and Regency Centres First Capital 13#143.0 STRONG HISTORICAL GROWTH IN NAV PER UNIT +4.9% $25.00 CAGR 2016 - Q1 2022 $24.00 $23.00 $22.00 $21.00 $20.00 $19.00 $18.00 $18.25 $19.53 $23.39 $22.59 $21.85 $22.34 $22.26 $24.55 $17.00 2015 2016 2017 2018 2019 2020 2021 Q1 2022 $16.00 First Capital 14#153.0 SOLID LONG TERM PERFORMANCE; RESILIENCY IN THE FACE OF SIGNIFICANT ADVERSITY Same Property NOI Growth 2.9% 8.0% 6.0% 10-year 4.0% pre-pandemic average (2010-2019) 2.0% 2.3% II. 5.7% 1.9% 2.6% (2 0.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q1 2022 -2.0% -2.6% (1 12-year average, -4.0% including pandemic years (2010-2021) -6.0% -8.0% (1) Ex-COVID Same Property NOI growth of (2.6%) adjusts for bad debt expense increase and wage subsidy. (2) Ex-COVID Same Property NOI growth of 2.6% adjusts for bad debt expense decrease and wage subsidy decrease. -7.1% First Capital 15#163.0 CONSISTENTLY HIGH PERFORMANCE IN RENEWAL LEASING SPREADS Lease Renewal Rate Increases (1) 9.2% 10-year pre-pandemic average (2010-2019) 9.2% 12.0% 10.0% 8.0% 6.0% 4.0% 12-year average, including pandemic years 2.0% (2010-2021) 7.5% (2) 0.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q1 2022 (1) Represents increase on total portfolio basis. Includes all renewals and contractual fixed rate renewals. (2) The Trust achieved a 8.9% lease renewal rate increase in Q1 2022 when comparing the net rental rate in the last year of the expiring term to the average net rental rate over the renewal term. First Capital 16#173.0 STRATEGIC AND DIVERSIFIED RETAIL TENANT MIX # of Stores % of Rent Other Necessity-Based Retailers 474 18.1 Walmart Grocery Stores 125 17.2 Loblaws Sobeys Medical, Professional & 1,329 15.7 Alberta Health Services Personal Services QSR, Chains and Cafes 910 13.3 M KFC Pharmacies Other Tenants DÖLLANAMA (1 BulkBarn WINNERS PETSMART metro save on foods WHOLE FOODS Longo's ups Allstate. You'good H&R BLOCK RECIPE Tim Hortons SHOPPERS 120 9.2 DRUG MART Rexall LONDON DRUGS Jean Coutu MCKESSON # Brunet 464 8.3 Indigo west elm SleepCountry NORDSTROM SHERWIN WILLIAMS CC CHANEL TOKYO SMOKE Banks & Credit Unions 186 8.1 Fitness Facilities Liquor Stores שד 76 3.7 GoodLife FITNESS CIBC BMO MA RBC LAIFITNESS. Desjardins NATIONAL BANK Orangetheory CANYTIME WORLD FITNESS GYM 89 3.3 LCBO BEER STORE BC LIQUORSTORE SAQ ALCANNA Other Restaurants 55 65 1.5 TEMPLE KITCHEN Daycare & Learning Centres 107 1.6 MATH HAN KUMON As at March 31, 2021 hub RESTAURANT good food good people, good times Loondocks brightpath OXFORD AINING Hids& WESTERN CELLARS 财富 WINDFIELDS Grandeur Palace Willowbrae ACADEMY ROTHEWOOD ACADEMY First Capital 17#183.0 TOP 20 RETAIL TENANTS Contribute 45% of annualized minimum rent (AMR) AMR Investment Grade Investment Rank # Tenant AMR Grade CIBC 10.4% 11. 1.4% 12. LOWE'S 1.4% Rank # Tenant 1. Loblaws 2. Sobeys + 5.5% 3. metro 3.2% 13. WINNERS* 1.4% 4. 2.7% 14. LCBO 1.3% 5. Walmart 2.3% 15. MCKESSON 1.3% 6. ID 2.0% 16. Longos 1.1% rbi 7. save on foods 1.8% 17. 1.1% - 8. Good Life 1.8% 18. 1.1% FITNESS. 9. 1.7% 19. BMO RBC 1.0% DOLLARAMA 10. 1.7% 20. LONDON DRUGS 1.0% First Capital 18#193.0 PORTFOLIO QUALITY HAS NEVER BEEN BETTER $2.5b of investment activity in 2019 to Q1 2022 FCR's portfolio demonstrated resilience through more than 12-months of mandated business closures and/or significant operating restrictions, and it continues to do so, with the recent 2021 and Q1 2022 results. 5km Average Household Income 2019 - Q1 2022 $ Amount 5km Average Population Acquisitions $523m 552,000 $143,000 Development Spend $436m 424,000 $128,000 Investment Total $959m 493,000 $136,000 Dispositions $1,537m (1) 159,000 $106,000 (1) Including the monetization of FCR's former partner's 50% interest in 2150 Lake Shore Boulevard W, Etobicoke for a net price of $100m (sale price, net of option exercise price) First Capital 19#203.0 PREMIER PORTFOLIO HIGHEST RENTS IN SECTOR FCR's Q1 2022 base rent per square foot is 30% higher than peer group average 3.1% FCR Average rent growth 5 year CAGR 1.1% Peer Average rent growth 5 year CAGR $22.57 $20.27 $18.75 Q1 2022 Peer Group Average $17.32 Q1 2017 Peer Group Average $16.36 $15.49 $14.76 FIRST CAPITAL RIO CAN REAL VISION SOLID GROUND ■FCR $ Growth since Q1 2017 (1) Rates for Crombie and Choice are average expiring rent as in-place rent is not disclosed. (1) Crombie FCR Q1 2017 Base Rent Choice (1) Properties SMARTCENTRES $Growth since Q1 2017 Q1 2017 Base Rent First Capital 20#21FIRST CAPITAL 4.0 Density Pipeline and Development#224.0 SIGNIFICANT FUTURE DENSITY PIPELINE Total development inventory of 23.3m sf Included IFRS values are: Future incremental density 7.1m sf; value of $521m 1071 King St West Toronto, ON Yonge & Roselawn Toronto, ON Properties under construction 84k sf; value of $28m Residential inventory 364k sf; value of $140m 2150 Lake Shore Blvd W Toronto, ON First Capital 22 22#234.0 FUTURE INCREMENTAL DENSITY - ENTITLEMENTS PROGRAM · FCR submitted entitlement applications for 15.1m sf or 65% of its incremental density pipeline · FCR expects to recognize increased IFRS values as previously submitted and future submissions are approved sf in millions Residential Commercial Total Incremental Pre-2019 Entitlement Applications (1) 3.0 0.7 3.7 3.5 2019 Entitlement Applications 8.1 1.0 9.1 8.5 2020 Entitlement Applications 2.5 0.3 2.8 2.7 2021 Entitlement Applications 1.5 0.0 1.5 1.4 Total Entitlement Applications 15.1 2.0 17.1 16.1 (1) Disposed of Place Panama (Phase I) in Q4 2020 which included 1.0m sf of previously zoned density First Capital 23#24FIRST CAPITAL 4.1 Active Development#254.1 ACTIVE DEVELOPMENTS - DEVELOPING IN THRIVING NEIGHBOURHOODS Active Developments = 448k sf > SHOP 200 West Esplanade (GLA 58k sf) North Vancouver, BC Centre Commercial Wilderton (GLA 625k sf) Montreal, QC Edenbridge Kingsway (GLA 252k sf) Toronto, ON First Capital 25#264.1 ACTIVE DEVELOPMENTS - DEVELOPING IN THRIVING NEIGHBOURHOODS BRAND 400 King Street West (GLA 463k sf) Toronto, ON 138 Yorkville (GLA 313k sf) Toronto, ON First Capital 26#27Future Active Development 200 West Esplanade North Vancouver, BC Demographics 2021 Estimates Population Average Household Income Gross Leasable Area (at 100%) D Canada Trust Note: Rendering is for illustrative purposes. Elements of the completed project may differ. 5KM 264,000 $116,000 Residential GLA (75 Rental Units) 48,000 sf Retail GLA Total GLA FCR Interest 50% Partner 10,000 sf 58,000 sf 50% CRESSEY Target Completion Date H2 2023 First Capital 27#28Active Development Centre Commercial Wilderton Montreal, QC Demographics 2021 Estimates 5KM Population 638,000 Average Household Income $102,000 Property Statistics Site Area Pre-redevelopment GLA 5 acres 112,000 sf Post Redevelopment GLA Retail GLA (FCR Interest 100%) 125,000 sf Residential GLA Total GLA 500,000 sf 625,000 sf Banque Royale W WILDERTON Banque Royale OU Key Tenants metro PHARMAPRIX Tim Hortons RBC Note: Rendering is for illustrative purposes. Elements of the completed project may differ. First Capital 28#29BANK THE KINGSWAY ASHLEY ROAD JEWELRY ROYAL YORK ROAD LAMBETH ROAD Active Development Edenbridge Kingsway Humbertown, Toronto, ON Demographics 2021 Estimates Population Average Household Income Site Area Gross Leasable Area (at 100%) Future Retail GLA Residential GLA Total GLA FCR Interest 50% Residential Partner 5KM 347,000 $136,000 1.8 acres (Phase 1) 8,000 sf 244,000 sf 252,000 sf 100% Commercial 50% Residential TRIDEL® Target Completion Date H2 2025 Note: Rendering is for illustrative purposes. Elements of the completed project may differ. First Capital 29#30TENANT C TENANTA TENANT Future Active Development 400 King Street West Toronto, ON Demographics 2021 Estimates Population Average Household Income Gross Leasable Area (at 100%) Residential GLA Retail GLA 5KM 582,000 $139,000 426,000 sf 37,000 sf Total GLA 463,000 sf FCR Interest 50% Partner 35% PLAZACORP Target Completion Date H2 2026 Note: Rendering is for illustrative purposes. Elements of the completed project may differ. First Capital 30#31140 YORK LES Note: Rendering is for illustrative purposes. Elements of the completed project may differ. Future Active Development 138 Yorkville Avenue Toronto, ON Demographics 2021 Estimates Population Average Household Income Gross Leasable Area (at 100%) Residential GLA Retail GLA Total GLA FCR Interest 5KM 775,000 $147,000 272,000 sf 41,000 sf 313,000 sf 33% Co-development Partner g Greybrook Realty Partners 33% Passive Partner Target Completion Date 33% H1 2026 First Capital 31#32Recent Development Completion Station Place Toronto, ON Demographics 2021 Estimates Population 5KM 272,000 Average Household Income $147,000 Station Place Gross Leasable Area (at 100%) mi WAY Retail GLA 43,000 sf Residential GLA (333 Rental Units) 267,000 sf Total GLA FCR Interest 310,000 sf 35% Dundas St. W First Capital 32 50% Partner CENTURION ADOTT MANAGEMENT Key Tenants A BOY FARM#33ENTS $3.99 $3.99 $4.99 $4.99 PRIN $4.99 Farm Boy Approved ་་་་་། ་་་་་་།་་ We guarantee the best quality products every time you visit! Recently Development Completion Station Place SEAFOOD HAMS FARM BOY MAPLE WOOD SMOKED BACON DAIRY GROUND MEA FARM BOY 5555 Station- -Place Connected Rentals Renting station aceca 416-23-7779 For rel inquiries 416-530-2438 FARM BOY FARM BOY Farm Boy opens amidst construction completion September 2021 Opening First Capital 33#34FIRST CAPITAL 400 KING TEN TENANT C TENANT B 4.2 Near, Medium & Long Term Developments#354.2 NEAR, MEDIUM & LONG TERM DEVELOPMENTS WISTING 1071 King - Liberty Village (GFA 196k sf) Toronto, ON Yonge & Roselawn (GFA 513k sf) Toronto, ON 2150 Lake Shore Blvd W (GFA 7.5m sf) Toronto, ON First Capital 35#36Note: Rendering is for illustrative purposes. Elements of the completed project may differ. Future Near Term Development 1071 King Street West Toronto, ON Demographics 5KM 2021 Estimates Population 579,000 Average Household Income $127,000 Gross Floor Area (at 100%) Residential GFA (227 Rental Units) 191,000 sf Retail GFA Total GFA FCR Interest 33% Partner 5,000 sf 196,000 sf 67% hullmark Targeted Start 2022 First Capital 36#37HEART & STROKE DAAR Note: Rendering is for illustrative purposes. Elements of the completed project may differ. Future Medium & Long Term Development Yonge & Roselawn Toronto, ON Demographics 5KM 2021 Estimates Population 485,000 Average Household Income $209,000 Current Retail GLA 42,000 sf Future Residential GFA (~539 Rental Units) 443,000 sf Future Retail GFA Total Future GFA FCR Interest 70,000 sf 513,000 sf 100% Targeted Start 2023 First Capital 37#382150 Lake Shore Future Medium & Long Term Development 2150 Lake Shore Blvd W Former Christie Cookie Site, Toronto, ON Demographics 2021 Estimates 5KM Population Average Household Income 263,000 $127,000 Planned Gross Floor Area (at 100%) Residential GFA (~7,500 Units) 6,300,000 sf Non-Residential GFA 1,200,000 sf Total GFA 7,500,000 sf FCR interest 50% GARDENER EXPRESS WAY Note: Rendering is for illustrative purposes. Elements of the completed project may differ. 50% Partner Targeted Start Pemberton 2024 First Capital 38#395.0 Environmental, Social and Governance (ESG) FIRST CAPITAL Hazelton Hotel 39#405.0 ESG INITIATIVES CM BOMA BEST® 167 Properties certified 87% of portfolio GLA (2021) GRES B REAL ESTATE Sector Leader 2021 GRESB Development Benchmark Score 87 (2021), up from 69 (2020) (1) On a scale of 1-10, with 1 being the highest 2022 CANADA'S GREENEST EMPLOYERS Winner in the Canada's Greenest Employers Competition (2022) ISS▷ High 2021 ESG scores (1) Environmental: 2 Social: 2 Governance: 2 (2021) GRES B 2021 1st in our Peer group Standing Investments Benchmark Achieved 4-star rating Score 81 (2021), up from 78 (2020) First Capital 40#415.0 ESG INITIATIVES CANADA GREEN BUILDING LEED CANADA SILVER ARGENT 2015 DU BÂTIMENT COUNCIL. DURABLE 125 LEED-certified projects > 4.1m sf (2021) MSCI AA ESG Rating (2021) BOMA TOBYⓇ AWARDS Excellence in Building Management Received 2 "The Outstanding Building of the Year" Award and Certificate of Excellence at 3 of our properties. 2021 SME Canada's Top Small & Medium Employers GREATER TORONTO'S TOP 2021 EMPLOYERS Recognized as one of Greater Toronto's Top 100 Employers (2nd consecutive year) First Capital 41#425.0 ESG INITIATIVES TERNATIONAL WELL HEALTH-SAFETY RATED 2021 BUILDING WELL 7.1m sf Achieved WELL Health- Safety Rating (35 properties) GREEN LEASE LEADER GOLD 2021 Green Lease Leader by Institute for Markey Transformation TCFD TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES First Canadian REIT to be a signatory in support of the Task Force on Climate- Related Financial Disclosure THE GLOBE AND MAIL 2021 REPORT ON BUSINESS WOMEN LEAD HERE Honouree in the Globe & Mail's "2021 Women Lead Here" list (2nd consecutive year) First Capital 42#435.0 ESG ROADMAP (2020-2024) Environment Social Governance Establish near-term and long-term GHG reduction targets, with the goal of net- zero emissions by 2050, or sooner • Target a 50% average waste diversion rate by December 31, 2023 Install electric vehicle charging stations at all properties by December 31, 2024 •Launch the FCR Thriving Neighbourhoods Foundation, with focus on 4 pillars: Food Insecurity/Poverty, Mental Health, Social Justice and Youth (achieved) • Develop and implement a Retail Tenant Guide to Sustainable Operation (achieved) • Strive to be in the Top 100 Employers ranking annually • Align disclosures with the Task Force on Climate- related Financial Disclosures (TCFD) recommendations • Participate in sustainable financing opportunities (achieved) •Assign a Board Trustee as responsible for ESG strategy oversight (achieved) • Employ ESG Taskforce to embed ESG Roadmap in business planning, monitor progress and assign accountability (achieved) First Capital 43#445.0 ESG INITIATIVES • 10% decrease in Greenhouse Gas (GHG) emissions (2016-2020) GHG Emissions • 10% decrease in 2020 energy consumption, relative to 2019 25,000 24,500 • Completed our 5-year national commitment to convert all our exterior and parking lot lighting to energy- efficient LED (2016-2020) 24,000 23,500 . • Incorporated sustainability-linked feature into our $450m unsecured operating facility Launched the FCR Equity, Diversity & Inclusion (ED&I) Council and developed a three-year 2021-2023 ED&I Action Plan Emissions (tCO2e) 23,000 22,500 22,000 21,500 • FCR Thriving Neighbourhoods Foundation Fall 21,000 fundraiser in support of Second Harvest raised over $281,000 20,500 20,000 Installed 250 electric vehicle stations across 76 properties 2016 2017 2018 2019 2020 First Capital 44#455.0 ENHANCING THRIVING NEIGHBOURHOODS THROUGH PUBLIC ART 29 Public Art Installations commissioned across our portfolio OVER FITNESS dependent CityMarket IN epoc PH Supporting Public Art partnerships with Concordia University Fine Arts WING SHOB eye care FYidoctors EMILY CARR UNIVERSITY OCAD UNIVERSITY OF ART+ DESIGN Ос AD U First Capital 45#465.0 STRONG GENDER DIVERSITY METRICS ACROSS THE ORGANIZATION THE GLOBE 2021 REPORT ON BUSINESS AND WOMEN LEAD HERE MAIL Honouree in the Globe and Mail's "2021 Women Lead Here" list (2nd consecutive year) Over 50% of management positions are held by females As of March 31, 2022 EXECUTIVE MEMBERS BOARD MEMBERS ■ 43% Women 57% Men ■ 33% Women 67% Men MANAGEMENT ROLES TOTAL EMPLOYEES ■ 53% Women 47% Men ■ 58% Women 42% Men First Capital 46#475.0 FCR EQUITY, DIVERSITY & INCLUSION (ED&I) First Capital is committed to sustaining an equitable, diverse, and inclusive culture of belonging, where all employees have an equal opportunity to thrive, love what they do and grow their careers. First Capital continues to evolve and build an action framework to support a more diverse and inclusive workplace, believing that it is an essential and foundational core value that enables greater collaboration, innovation, and connection to each other for a more sustainable workplace and culture. • • • ● ED&I Initiatives include but not limited to: • Created an employee-led ED&I council Established a vision and mandate to frame our progression Partnered with Pride at Work and Canadian Centre for Diversity & Inclusion on how to advocate and build a pipeline of diverse talent Offered information sessions for learning on indigenous cultures through the University of Saskatchewan on National Truth and Reconciliation Day, September 30th, 2021 Pledged to end systemic racism with BlackNorth Initiative by enhancing diversity and inclusion strategies Developed a 3 year action plan that will guide FCR's ED&I initiatives PRIDE AT WORK CANADA CCDI LACKNO First Capital 47#485.0 FCR THRIVING NEIGHBOURHOODS FOUNDATION • The FCR Thriving Neighbourhoods Foundation is an employee-led organization that supports registered charities and philanthropic initiatives that support the neighbourhoods in which we operate. • Since its inception in 2020, we've been solely focused on food insecurity - one of our foundation's four main pillars, which also include mental health, youth initiatives, and social justice. • • • In the Fall of 2021, the Foundation partnered with Canada's largest food rescue organization, Second Harvest, in an effort help to combat food insecurity. Thanks to the generous donations from our staff and corporate partners, we raised an outstanding $281,000, which will provide 562,000 meals for Canadian families facing food insecurity. These funds will rescue and redistribute over 780,000 pounds of food, and as a result, will prevent 2.9 million pounds of greenhouse gases from entering our atmosphere - the equivalent of taking 400 cars off the road this entire year. - SECOND HARVEST SECOND HARVEST FOOD RESCUE First Capital 48#49FIRST CAPITAL the liberty 6.0 Financial Strength and Flexibility#506.0 CAPITAL STRUCTURE (1) Enterprise Value $8.4b (1) As of March 31, 2022 (2) Weighted average interest rate $b WAIR (2) Mortgages 1.2 3.5% 15% Secured Facilities 0.1 2.8% Total Secured 1.3 3.5% Unsecured Debentures 2.2 4.0% 38% Unsecured Term Loans 0.7 2.8% Unsecured Revolving Facilities 0.3 1.6% ($800m total capacity) Total Unsecured 3.2 3.5% Total Debt 4.5 3.5% 47% Trust & Exchangeable Units 4.0 (220m units) First Capital 50#516.0 FINANCIAL STRENGTH AND FLEXIBILITY 74% of Q1 2022 assets As at Q1 2021 2020 2019 2018 2017 2022 Unsecured revolving credit $800 $800 $800 $800 $800 $800 facilities (million) Unencumbered assets (billion) $7.5 $7.4 $7.0 $7.0 $7.3 $7.4 Unencumbered assets to unsecured debt 2.3x 2.3x 2.1x 2.2x 2.5x 2.4x Secured debt as % of total assets 12.3% 12.7% 15.2% 14.6% 14.1% 12.7% Net debt to total assets 43.8% 43.9% 47.3% 46.7% 42.2% 43.8% Net debt to EBITDA 11.1 11.2x 12.0x 10.0x 9.6x 9.8x EBITDA interest coverage 2.4x 2.3x 2.1x 2.4x 2.5x 2.5x First Capital 51#526.0 WELL-STAGGERED TERM DEBT MATURITIES ($MILLIONS) Weighted Average Interest Rate 3.7% $900 Term to Maturity 4.0 years $800 95% of Term Debt is Fixed Rate $700 4.2% 4.2% 4.0% $600 $500 2.9% $400 $300 $200 $100 Unsecured Term Loans 5.5% Mortgages 5.0% Senior Unsecured Debentures 4.5% Weighted Average Effective Interest % 4.0% 3.7% 3.6% 3.5% 3.5% 3.4% 3.5% 3.3% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 2022 2023 2024 As of March 31, 2022 % Due (1) 6.4% 12.9% 13.1% 2025 11.1% 2026 2027 2028 2029 2030 2031 20.7% 14.9% 8.9% 6.1% 4.4% 1.4% (1) Not including principal amortization First Capital 52#536.0 FFO PAYOUT RATIO: CREATING MEANINGFUL FLEXIBILITY TO ADVANCE OUR STRATEGIC OBJECTIVES Enhancing Financial Strength and Flexibility through Temporary Distribution Cut $350 85% 82% $302 $300 $287 78% $284 $250 $236 $237 $261 74% $225 71% 70% $200 $150 $100 $63 $50 38% 38% $0 2015 2016 2017 2018 2019 2020 2021 Q1 2022 FFO excl OGLE/unit $1.05 $1.10 $1.16 $1.21 $1.24 $1.02 $1.07 $0.28 Cash Distributions per unit $0.86 $0.86 $0.86 $0.86 $0.86 $0.86 $0.43 (2) $0.11 ACFO less Distributions $25m (1) $32m $34m $55m $49m $15m $141m $20m (1) Annual retained operating cash (2) Reduced annualized distribution per unit to $0.43 from $0.86 effective January 2021 distribution paid to unitholders in February 2021 First Capital 53#54Appendix Profiling Thriving Neighbourhoods Super Urban and Top Tier Suburban FIRST CAPITAL metro 54#55Super Urban Neighbourhood Bloor-Yorkville Toronto, ON Demographics 2021 Estimates Population Average Household Income Gross Leasable Area 5KM One Bloor 744,000 $148,000 Yorkville Village 315,000 sf 101 Yorkville YORKVILLE AVENUE One Bloor East 85,000 sf The Webster Hazelton Hotel 49,000 sf Total Bloor/Yorkville 449,000 sf Future Density 117,000 sf Key Tenants 98 Rexall polestar NORDSTROM THE WEBSTER Cick-st HAZELTON AVENUE AVENUE ROAD Yorkville Village BLOOR STREET W First Capital 55#56SUPER URBAN NEIGHBOURHOOD - BLOOR-YORKVILLE Avenue Rd. Bloor-Yorkville FIRST CAPITAL Hazelton Ave. C YORKVILLE VILLAGE Yorkville Ave. B A EVILLAGE A 138 Yorkville Avenue B Yorkville Village Mall C Hazelton Hotel First Capital 56#57YORKVILLE VILLAGE ACHIEVES #1 DESTINATION STATUS FOR NEW RETAIL International retailers continue to enter the Canadian market in 2021 and 2022, and many chose Yorkville Village for their first location, including: ياللا ba&sh Contemporary women's fashion brand (FRANCE) (2020) COUPLE Lab-grown, sustainable diamonds and engagement rings (USA) (2020) polestar High performance electric car brand (SWEDEN) (2020) Source: Retail Insider (January 4, 2021) THE WEBSTER Multi-brand luxury retailer (USA) (2021) First Capital 57#58Hazelton Hotel & ONE Restaurant Yorkville Village Hazelton Hotel achieves 5 star rating in Forbes Travel Guide 2022 Forbes TRAVEL GUIDE April 2022 First Capital 58#59THE WEBSTER T New Tenant Opening Yorkville Village The Webster successfully opens in Canada's top real estate November 2021 Opening First Capital 59#60Super Urban Neighbourhood Liberty Village Toronto, ON Property Statistics 2021 Estimates Population Average Household Income 5KM 568,000 $126,000 Gross Leasable Area freshi reshill EAT ENERGIZE 395,000 sf Retail GLA freshi 328,000 sf Residential GLA Office GLA Total GLA Acreage 109,000 sf 832,000 sf 14.1 freshi We're Open! TAKEOUT DELIVERY CURBSIDE PICK-UP FRESH PRODUCE Future Density Key Tenants Loblaws metro longos CIBC RBC Tim Hortons SHOPPERS DRUG MART 755,000 sf LCBO PETSMART First Capital 60#61Super Urban Neighbourhood King High Line Liberty Village, Toronto, ON Gross Leasable Area (at 100%) Retail GLA 154,000 sf Residential GLA (506 Residential Units) 322,000 sf Total GLA Property Statistics Acreage FCR Interest Key Tenants 476,000 sf 2.8 100% Commercial 50% Residential Longo's SHOPPERS PETSMART WINNERS kids COMPOT M wework. King St. W SmartTrack ar First Capital 61#62Super Urban Neighbourhood Griffintown Montreal, QC Demographics 2021 Estimates 5KM Population 412,000 Average Household Income $108,000 Retail GLA Acreage 255,000 sf # Brunet D metro PHARMAPRIX Key Tenants Tim Hortons M DOLLARAMA. RBC WINNERS 3.2 540 Downtown Montréal Peel Block 1000 Wellington 110 Peel First Capital 62#63Calgary's Premier Super Urban Neighbourhood Mount Royal Village Calgary, AB Demographics 2021 Estimates Population Average Household Income Gross Leasable Area Acreage Good Life FITNESS. SHOPPERS Goodlife Key Tenants FARE Tim Hortons west elm COFEMAR 5KM 232,000 Good $149,000 DRUGS FITNESS FNESS ITNESS GoodEFITNESS GROWS CAHOUSE 375,000 sf 4.1. asis spa Abasis spa First Capital 63#64Super Urban Neighbourhood The Brewery District Edmonton, AB Demographics 2021 Estimates 5KM Population 211,000 Average Household Income $96,000 Gross Leasable Area (at 100%) Retail GLA Office GLA Total GLA FCR Interest 261,000 sf 37,000 sf 298,000 sf Good Life Loblaws Key Tenants FITNESS. SHOPPERS DRUG MART TD BMO WINNERS' 田 50% Shojo IZAKAYA WINNERS City Market DSW W OP EN WINNERS CityMarket First Capital 64#65Super Urban Neighbourhood False Creek Village Vancouver, BC Demographics 2021 Estimates 5KM Population 438,000 Average Household Income $115,000 Retail GLA Key Tenants LONDON DRUGS FARE 63,000 sf ID SUBWAY® LEGACY LIQUOR STORE CAIFY False Creek Village First Capital 65#66Top Tier Suburban Neighbourhood Olde Oakville Market Place Oakville, ON Demographics 2021 Estimates 5KM Population 122,000 Average Household Income $212,000 FRE ROUTE Gross Leasable Area Retail GLA 125,000 sf Key Tenants WHOLE FOODS SHOPPERS LCBO DRUG MART RBC Indigo Brightens up life. And oatme Organic Thin Stickers 2 for $5 WHOLE FOODS MARKET rance designer's optical First Capital 66#67Top Tier Suburban Neighbourhood Leaside Village Toronto, ON Demographics 2021 Estimates 5KM Population 495,000 Average Household Income $187,000 Gross Leasable Area Retail GLA 119,000 sf Key Tenants Longos CIBCO PETSMART FEER STORE Long a fresh tradition GROCERY GATEWAY SHOP ONLINE. ANYTHING FRESHER LONGO'S FRESHNESS. SILL GROWING ERI WAY-Longe B THANK YOU First Capital 67#68Top Tier Suburban Neighbourhood Appleby Village Burlington, ON Demographics 2021 Estimates 5KM Pita Pit Chi Population 98,000 Average Household Income $146,000 Gross Leasable Area Retail GLA 210,000 sf FORTINOS DOLLARATER (1) BMO Rexall Key Tenants petvalu LCBO BEER STORE HARVEY'S HARVEY'S Womens Fitness First Capital 68#69Top Tier Suburban Neighbourhood Pemberton Plaza North Vancouver, BC Demographics 2021 Estimates 5KM Population 203,000 Average Household Income $125,000 Gross Leasable Area Retail GLA 77,000 sf JASTO FUEL Key Tenants Willowbroe save on foods TD ACADEMY Vancity save on foods First Capital 69#70Top Tier Suburban Neighbourhood Cranston Market Calgary, AB Demographics 2021 Estimates 5KM 123,000 Population $157,000 Average Household Income A Gross Leasable Area Retail GLA Key Tenants Sobeys + SUBWAY 84,000 sf Sobeys LIQUOR PETRO-CULADA Jober First Capital 70#71HET B LANDING St FIRST CAPITAL Adam Paul President & CEO Neil Downey Executive VP, Enterprise Strategies & CFO First Capital Shops at King Liberty 85 Hanna Ave, Suite 400 Toronto, ON Tel: 416-504-4114 fcr.ca TSX: FCR.UN