#1Provigo DD LCBO LCBO metro Liberty Village DOLLARAMA metro Goodlife 24 FITNESS HOUR Lobey & CANADIAN TIRE Tires Parts Service FIRST CAPITAL Saje BROWNSSOCIALHOUSE BRUNCH LUNCH DINNER SPORTS Q2 2023 Investor Presentation EN#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, 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 August 2, 2023. 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. 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 June 30, 2023 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) 6.0 Financial Strength and Flexibility Appendix I - Profiling Thriving Neighbourhoods - Super Urban and Top Tier Suburban.. Appendix II - Active and Recent Developments.......... 4 5-7 8 - 20 21-23 24 - 25 26-27 28 - 38 39-43 44 - 58 59-71 First Capital 3#41.0 COMPANY SNAPSHOT (TSX: FCR.UN) First Capital owns, operates and develops grocery-anchored, open-air centres in neighbourhoods with the strongest demographics in Canada. 144 neighbourhoods $7.3b enterprise value Major market focus Super Urban Top Tier Suburban 22.3m sf of gross leasable area (19.4m sf at FCR share) 24.8m sf of future incremental density As of June 30, 2023 First Capital 4#5⚫ FIRST CAPITAL - 2.0 Highlights Recent Financial and Operating Results#62.0 HIGHLIGHTS - Q2 2023 • Executing upon the Enhanced Capital Allocation and Portfolio Optimization Plan announced in September, 2022 Announced in April 2023, that the company entered into firm agreements to sell four properties totaling $184m To date, First Capital has completed or has under firm agreement, approximately $460m of dispositions (46% of the two-year target) under the Plan, at a premium to IFRS value, and with a cumulative yield of less than 3% Q2 2023 FFO per unit of $0.30, +7.6% YoY • FFO per unit of $0.29 unchanged YoY, excluding OGLE(1) Q2 2023 SP NOI growth of 2.2% • Primarily due to higher variable revenues and rent escalations • Leasing and Occupancy Strong leasing activity: 287k sf of new leasing plus 510k sf of renewals at average net rental rate increase of 14% • $22.97 net rent psf +1.1% (+$0.25) YoY: Primarily due to renewal lifts, and rent escalations • Occupancy of 95.9%: 0.3% lower than Q1 2023 (96.2%), and 0.4% higher than Q2 2022 (95.6%) (1) OGLE Other Gains/(Losses) and Expenses First Capital 6#72.0 HIGHLIGHTS - Q2 2023 BALANCE SHEET, LIQUIDITY AND ASSET QUALITY Maintaining a Flexible Balance Sheet and Liquidity Position $938m, including $796m of availability on revolving credit facilities and $142m of cash on proportionate basis ~ ⚫ Unencumbered properties with an IFRS value of $6.3b (65% of total assets) • Q2 2023 Debt to EBITDA of 10.1x (1) (versus 10.9x at Q2 2022) Enhancing Asset Quality • • Asset quality has never been higher due to extensive disposition program, ongoing urban investments, and new leasing activity Invested $120m in Q2 2023 primarily in development, redevelopment and a strategic acquisition 5km population is 295,000. Leader amongst North American peers 5km household income +25% from 2016 to $132k. Leader amongst Canadian peers o Average base rent +18% from 2016 to $22.97 psf. Leader amongst Canadian peers (1) Net debt to Adjusted EBITDA was 10.3x as at June 30, 2023. Excluding non-recurring costs related to Unitholder activism, the ratio was 10.1x First Capital 7#8FIRST CAPITAL ash tradition mics west elm save on foods 3.0 Thriving Neighbourhoods#93.0 NEIGHBOURHOOD INVESTMENT STRATEGY Through the expertise and collaboration of our team, we create thriving properties which generate value for businesses, investors and our neighbourhoods. Thriving properties... Thriving neighbourhoods ⚫ Invest in high-quality, grocery anchored and mixed-use properties to build positions of scale in targeted super urban and top tier suburban neighbourhoods 。 Fully integrate retail with other uses, to create thriving urban neighbourhoods 。 Optimize the portfolio through active asset management and leasing Surface substantial unrecognized value in our density pipeline through the zoning, entitlement and development process Actively re-allocate our capital through the monetization of a portion of our growing pipeline of density entitlements and certain other assets where value-creation objectives have been achieved, with the re- deployment of this capital into more impactful initiatives Manage our balance sheet to maintain financial strength and flexibility and a competitive cost of capital First Capital 9#103.0 ENHANCED CAPITAL ALLOCATION & PORTFOLIO OPTIMIZATION PLAN In September 2022, the Trust announced its Enhanced Capital Allocation and Portfolio Optimization Plan ("the Plan"), which aims to monetize more than $1 billion of typically low-and-no-yielding, and sought-after assets over a two-year period where value enhancing goals have been achieved The Plan aims to capitalize on the success of many years of value creation efforts that have yielded a pipeline of specific assets that are now prime for monetization The objective of the Plan is to reorient the REIT's portfolio by increasing exposure to short-to-medium-term net operating income and FFO growth, while at the same time maintaining a prudent yet meaningful pipeline of development assets that provide significant future optionality to the REIT and reducing debt Execution on the plan To date, First Capital has completed or has under firm agreement, approximately $460m of dispositions 。 this represents 46% of the two-year target under the Plan o at a solid premium to IFRS carrying value 。 cumulative yield of <3% О Enhanced Capital Allocation & Portfolio Optimization Plan Presentation First Capital 10#113.0 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 84 Walk Score Of portfolio within 5-minute walk of public transit Average walk score for our portfolio = 'Very Walkable' 2nd highest category of 5 295k Average population density within a 5-km radius of each of our properties Population First Capital 11#123.0 THRIVING NEIGHBOURHOODS - FAIR VALUES ACROSS CANADA'S MAJOR CITIES Western Canada Neighbourhoods Vancouver, Calgary, Edmonton Central Canada Toronto Eastern Canada Montreal, Ottawa 40 Neighbourhoods 65 Neighbourhoods 39 GLA 6.2m GLA 8.6m GLA 4.6m Fair Value % 30% Fair Value % 54% Fair Value % 16% Vancouver 12% Edmonton 7% Calgary 11% SW Ontario 2% 48% Toronto Kitchener/Waterloo/Guelph 4% 12% Montreal 4% Ottawa First Capital 12 12#133.0 TAKING A HIGH-QUALITY PORTFOLIO ON TO NEW HEIGHTS ~ $3.2 b of total investment and disposition activities in 2019 to YTD 2023 2019 - YTD 2023 $ Amount 5km Average Population 5km Average Household Income Acquisitions $627m 540,000 $139,000 Development Spend $591m 418,000 $129,000 Investment Total $1,218m 481,000 $134,000 Dispositions $1,939m (1) 227,000 $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 13#143.0 THRIVING NEIGHBOURHOODS - NORTH AMERICAN LEADER IN POPULATION DENSITY FCR Portfolio Demographic Metrics versus Peer Group: Q2 2023 (1) 295,000 FIRST CAPITAL Q2 2023 164,000 151,500 US $142,000 $132,000 $121,000 FIRST CAPITAL US Peers (2) CDN Peers (3) Q2 2023 US Peers (2) CDN Peers (3) 5 km Population 5 km Average Household Income As of June 30, 2023 (1) Source: Sitewise, Environics Analytics (2022 estimates) (2) US Peers include: Federal Realty and Regency Centers - Source: Company Reports (3) Canadian Peers include: Riocan, SmartCentres, Choice Properties (Retail only) Property portfolio based on 2022 AIF for SmartCentres and Choice Properties, Source: Company Reports, Sitewise, Environics Analytics First Capital 14#153.0 STRONG HISTORICAL GROWTH IN NAV PER UNIT +3.2% CAGR 2016 -Q2 2023 $18.25 $19.53 $23.39 $22.59 $22.34 $21.85 $24.26 $23.13 $23.48 2015 2016 2017 2018 2019 2020 2021 2022 Q2 2023 First Capital 15#163.0 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% 2.5% 5.7% 5.1% 3.0% 2.6% (2) 0.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD 2023 -2.0% -2.6% (1 13-year average, -4.0% including pandemic years (2010-2022) -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 16#173.0 CONSISTENTLY HIGH PERFORMANCE IN RENEWAL LEASING SPREADS Lease Renewal Rate Increases (1) 9.2% 14.0% 12.0% 10-year pre-pandemic average (2010-2019) 10.0% 9.2% 8.0% 6.0% 4.0% 13-year average, including pandemic years 2.0% (2010-2022) 11.2% (2) 0.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD 2023 (1) Represents increase on total portfolio basis. Includes all renewals including contractual fixed rate renewals. (2) The Trust achieved 13.0% increase YTD 2023 when comparing the net rental rate in the last year of the expiring term to the average (vs first year) net rental rate over the renewal term First Capital 17#183.0 TOP 20 RETAIL TENANTS Contribute 45.4% of annualized minimum rent (AMR) Investment Rank # Tenant AMR Grade 1. Loblaws 10.5% 11. 2. Sobeys 5.5% Investment Rank # Tenant AMR Grade RONA 1.4% CIBC 12. 1.4% 3. metro 3.2% 13. LCBO 1.3% 4. 3.0% 14. 1.3% MCKESSON 5. Walmart 2.1% 15. 1.3% WINNERS* 6. TD 2.0% 16. 1.1% 7. save on foods 1.9% 17. Longo's 1.1% rbi 8. DOLLARAMA 1.9% 18. 1.1% International 9. GoodLife 1.8% 19. BMO M 1.0% FITNESS 20. 10. 1.6% LONDON DRUGS 0.9% RBC First Capital 18#193.0 STRATEGIC AND DIVERSIFIED RETAIL TENANT MIX % of Rent # of locations 123 Loblaws Sobeys metro save on foods WHOLE FOODS Longo's ups Allstate. You're in good hands H&R BLOCK Ehete Hair Collier's Grocery Stores 17.5 Medical, Professional & 15.5 1,291 Personal Services Alberta Health Services QSR, Chains and Cafes 13.2 922 M Other Necessity-Based 12.6 382 CANADIA Retailers Pharmacies 9.2 118 SHOPPERS DRUG MART IZZA KFC RECIPE THE DEPOT HOME Rexall™ LONDON DRUGS Staples Tim Hortons MEC Jean Coutu MCKESSON Other Tenants 8.0 470 Indigo west elm SleepCountry EQ3 SHERWIN WILLIAMS Banks & Credit Unions 8.1 184 ID CIBC BMO RBC Value-Based Retailers 5.6 83 83 Fitness Facilities Liquor Stores Walmart 3.8 81 GoodLife FITNESS planet fitness DOLLARAMA (1) LAIFITNESS 3.1 87 LCBO BEER STORE BC LIQUORSTORE WINNERS Orangetheory PETSMART Brunet C CHANEL BALENCIAGA Desjardins NATIONAL BANK BulkBarn KANYTIME 4FITNESS. WORLD GYM SAQ ALCANNA.. WESTERN CELLARS WINDFIELDS Grandeur Palaes hub RESTAURANT good food, good people. good times Loondocks Other Restaurants 1.8 72 NODO Daycare & Learning Centres 1.6 105 KUMON brightpath MATH READING SUCCESS OXFORD " Willowbrae® ACADEMY LEARNING kids & COMPANY ROTHEWOOD ACADEMY 19#20Q2 2023 NEW TENANT OPENINGS BR BASKIN ROBBINS™ MELTWICH BASKIN ROBBINS OPEN DOLLARAMA $ PIEROGI House KFC NOODLEBOX. M THE KINGS HEAD EATERY & MUSIC ROOM OPEN Less 24 MELTWICH Grilled Cheese, Pative, Pies, Bagers, Shakes & Mare mr. PUFFS Chung Chun RICE HOTDOG UniverCell KEEPING YOU CONNECTED KINTON RAMEN Chatime #CHOPPED LEAF Accessories GALORE PIEROGI House SUBWAY PIEROG KIELBASA SCHNITZEL feel good after you eat.#21⚫ FIRST CAPITAL 4.0 Density Pipeline and Development#224.0 SIGNIFICANT FUTURE DENSITY PIPELINE Total development inventory of 25m sf Included IFRS values are: Future incremental 7.8m sf; value of $593m 1071 King St West Toronto, ON Yonge & Roselawn Toronto, ON density Properties under 194k sf; value of $82m construction Residential inventory 365k sf; value of $193m 2150 Lake Shore Blvd W Toronto, ON First Capital 22 22#234.0 FUTURE INCREMENTAL DENSITY - ENTITLEMENTS PROGRAM • FCR submitted entitlement applications for 16.6m sf or 67% of its incremental density pipeline • FCR expects to recognize increased IFRS values as previously submitted and future submissions are approved • • 8.3m sq ft zoned to date; expecting up to 9m sf of additional density approvals over the 2023 - 2025-time horizon The company anticipates this will increase density value by approximately $700m, based on current market conditions Entitlement Applications (millions, sf) Residential Commercial Total Existing Incremental Zoned Pre-2019 3.0 0.7 3.7 0.2 3.5 3.6 2019 8.1 1.0 9.1 0.5 8.5 5.5 2020 2.5 0.3 2.8 0.1 2.7 0.1 2021 1.5 1.5 0.1 1.4 0.3 2022 1.6 1.7 0.1 1.6 Total Entitlement Applications 16.7 2.0 18.8 1.0 17.7 9.5 Dispositions (1) (1.1) (0.1) (1.2) (1.2) (1.2) Total Entitlement Applications - net 15.7 1.9 17.6 1.0 16.6 8.3 (1) Disposed of 1.0m sf of density at Place Panama (Phase I) in Q4 2020 and 0.2m sf of density at Yonge & Roselawn in Q4 2022. Both were secured through FCR's entitlements program First Capital 23#24AAAAA HARRA T ⚫ FIRST CAPITAL 4.1 Active Developments#254.1 ACTIVE DEVELOPMENTS - DEVELOPING IN THRIVING NEIGHBOURHOODS Active Developments = 560k sf, Total projected cost at $502m (Refer to Appendix II on pages 62-67 for individual project profiles) At FCR's share As at June 30, 2023 Estimated GLA upon completion at FCR's share (thousands of square feet) Project Ownership Interest % Type Residential Commercial Total Stanley Park Mall, Kitchener, ON 100% Retail 61 61 200 West Esplanade, Vancouver, BC 50% Mixed-Use (rental) 24 5 29 Brampton Corners, Brampton, ON 100% Retail 4 4 Cedarbrae Mall, Toronto, ON 100% Retail 63 63 Edenbridge Condos, Toronto, ON 50% Mixed-Use (condo, retail) 122 4 126 400 King St. W., Toronto, ON 35% Mixed-Use (condo, retail) 151 12 163 138 Yorkville Ave., Toronto ON 33% Mixed-Use (condo, retail) 92 21 113 Total at FCR's share 389 170 559 First Capital 25#26⚫ FIRST CAPITAL TENANT C 400 KING TENANT B 4.2 Near, Medium & Long Term Developments#274.2 NEAR, MEDIUM & LONG TERM DEVELOPMENTS 1071 King - Liberty Village (GFA 194k sf)(1) 227 Purpose-built rental units Toronto, ON Yonge & Roselawn (GFA 515k sf) (1) Toronto, ON 548 Purpose-built rental units & ancillary retail 2150 Lake Shore Blvd W (GFA 7.5m sf) (1) Toronto, ON Master-planned, mixed-use high-density neighbourhood (1) At 100%. Refer to Appendix II on pages 68-70 for individual project profiles. First Capital 27#285.0 Environmental, Social and Governance (ESG) FIRST CAPITAL ALWA БОМЕТА NEW#295.0 ESG INITIATIVES GREEN LEASE LEADER GOLD GRES B Ⓡ 2022 2022 Green Lease Leader by Institute for Market Transformation ISS>>> High 2022 ESG scores (1) PRIME status Environmental: 2 Social: 4 Governance: 2 (as of Jul 2023) 7 78 8 81 82 77 2019 2020 2021 2022 Achieved GRESB 4-star rating Score 82 (2022), up from 77 (2019) MSCI AAA ESG Rating (2022) (1) On a scale of 1-10, with 1 being the highest First Capital 29#305.0 ESG INITIATIVES 2022 CANADA'S GREENEST EMPLOYERS Winner in the Canada's Greenest Employers Competition THE CAREER DIRECTORY 2022 CANADA'S BEST EMPLOYERS FOR RECENT GRADUATES Selected for inclusion in "The Career Directory" for 2021 & 2022 as one of Canada's Best Employers for Recent Graduates 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 2022 SME Canada's Top Small & Medium Employers GREATER TORONTO'S TOP 2022 EMPLOYERS Recognized as one of Greater Toronto's Top 100 Employers (3rd consecutive year) First Capital 30#315.0 ESG INITIATIVES CM BOMA BEST® 170 Properties certified 17.8m sf (2022) ☑ BOMA TOBY® AWARDS Excellence in Building Management Received The Outstanding Building of the Year Award ("TOBY") from BOMA International for 85 Hanna INTERNATIONAL WELL HEALTH SAFETY RATED 2021 WELL LDING INSTITUTE 7.1m sf Achieved WELL Health- Safety Rating (35 properties) •CANADA GREEN BUILDING C CONSEIL LEED CANADA SILVER-ARGENT BU BATIMEABLE DU CANA 2015 127 LEED-certified projects > 4.4m sf (2022) First Capital 31#325.0 ESG ROADMAP (2020-2024) Environment • 2030 greenhouse gas (GHG) reduction target to achieve reduction of 46% in Scope 1 & 2 emissions has been validated and approved by the Science Based Targets initiative (SBTi). (Achieved) ⚫In 2023, prepare decarbonatization plan for each property asset incorporating capital planning and reduction initiatives with implementation timelines. Completed property asset plans will roll up to a national portfolio greenhouse gas reduction dashboard modeled to achieve FCR SBTI 2030 target and long-term net-zero target • Targeting a 50% average waste diversion rate by December 31, 2023 • Install electric vehicle charging stations at all properties, where feasible, by December 31, 2024 (over 300 chargers installed as of 2022, with an additional 140 planned for 2023-24) Social Launched the FCR Thriving Neighbourhoods Foundation, with focus on 4 pillars: Food Insecurity/Poverty, Mental Health, Social Justice and Youth (achieved) •Developed and implemented a Retail Tenant Guide to Sustainable Operation (achieved) • Hosted 'FCR Tenant Sustainability Forum' with sustainability leads from national tenants to foster relationships and facilitate brainstorming around joint actions to reduce GHG emissions (achieved) •Strive to be in the Top 100 Toronto employers ranking annually Governance Aligned disclosures with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations (achieved) • 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 32 32#335.0 ESG INITIATIVES • 2030 GHG reduction target validated by the Science-Based Target Initiative (SBTI): 46% in Scope 1 & 2 GHG emissions from 2019 baseline 27,000 GHG Emissions • • • Achieved 9% decrease in GHG emissions over 2019 baseline (2019-2022) 26,000 • Achieved 7% decrease in energy consumption over 2019 baseline (2019-2022) 25,000 Released our 2022 ESG Report: www.fcr.ca/esg-2022report 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 Over $600,000 in donations through employee-led charitable Emissions (tCO₂e) 24,000 23,000 22,000 giving to fight food insecurity (Second Harvest, food banks) and mental health initiatives (Kids Help Phone) 21,000 Over 300 electric vehicle chargers installed as of 2022, with an additional 140 planned for 2023-24 Joined forces with Choice Properties to host our first collaboration for climate Action Forum lu 20,000 2019 2020 2021 2022 First Capital 33#345.0 ENHANCING THRIVING NEIGHBOURHOODS THROUGH PUBLIC ART 31 Public Art Installations commissioned across our portfolio FITNESS Independent CityMarket epoc Supporting Public Art partnerships with Concordia University Fine Arts EMILY WING SIOB care CARR UNIVERSITY OCAD UNIVERSITY OF ART+ DESIGN ос AD U FYidoctors ZEBRA PUBLIC ART MGMT First Capital 34#35• 5.0 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: Continuing our employee-led ED&I Council into its third year • Established a vision and mandate to frame our progression Continued with our partnerships with Pride at Work, Canadian Centre for Diversity & Inclusion, and Matrix 360 on how to advocate and build a pipeline of diverse talent • We launched the, "Everyone is Welcome Campaign" in our offices, at our properties, and in our neighbourhoods Pledged to end systemic racism with BlackNorth Initiative by enhancing diversity and inclusion strategies Completing the first 3 Year Action Plan with great success Partnered with The Humphrey Group to provide inclusive leadership training for senior and executive leaders Matrix 360 PRIDE AT WORK CANADA CCDI BLACK ORTH First Capital 35 35#365.0 STRONG GENDER DIVERSITY METRICS ACROSS THE ORGANIZATION THE CAREER DIRECTORY 2022 CANADA'S BEST EMPLOYERS FOR RECENT GRADUATES O EXECUTIVE MEMBERS ■ 33% Women 67% Men BOARD MEMBERS ■ 30% Women 70% Men Selected for inclusion in "The Career Directory" for 2021 & 2022 as one of Canada's Best Employers for Recent Graduates Over 50% of management positions are held by females MANAGEMENT ROLES ■ 55% Women 45% Men TOTAL EMPLOYEES ■ 61% Women 39% Men As of June 30, 2023 First Capital 36 36#375.0 FCR THRIVING NEIGHBOURHOOD FOUNDATION • The FCR Thriving Neighbourhoods Foundation, founded in 2020, is an employee-led organization supporting registered charities and philanthropic initiatives that support the neighbourhoods in which we operate The Foundation has four pillars of focus including Food Insecurity, Mental Health, Youth Initiatives and Social Justice. For 2022/2023 we are focused on our Mental Health pillar as selected by FCR staff ww wwF WWF W W ліна-т WWF (. FCR Thriving Neighbourhoods Foundation First Capital 37#385.0 FCR THRIVING NEIGHBOURHOOD FOUNDATION ACHIEVEMENTS Food Insecurity In 2020, over $66,000 was raised and donated to food banks across Canada For 2021, we partnered with Second Harvest. We raised $338,000 to provide meals for Canadian families. These funds rescued and redistributed over 939,000 pounds of food, preventing 3.5 million pounds of GHG from entering our atmosphere Mental Health For 2022/2023 we've partnered with Kids Help Phone to raise funds in support of their Counsellor in the Classroom program Throughout 2022 we raised $196,000 through multiple staff led initiatives including summer and winter raffles, and our 2022 CRE Softball Classic For 2023, we have a goal of getting at least 85% of FCR staff to use their FCR provided volunteer day, to support an organization in their community that is important to them. As of the end of July, 56% of FCR staff have used a volunteer day, translating to over 900 hours of volunteering across the country SECOND HARVEST FOOD RESCUE KHP First Capital 38#39FIRST CAPITAL the liberty 6.0 Financial Strength and Flexibility#406.0 CAPITAL STRUCTURE (1) $9.3B Gross Asset Value (2) $1.5B Secured Debt $7.3B Enterprise Value Mortgages Secured Facilities Total Secured 20% $2.8B Unsecured Debentures Unsecured Debt Unsecured Term Loans $5.0B IFRS Equity (pre-tax) (1) As of June 30, 2023 (2) Excludes Accounts Payables and other liabilities (3) Weighted average interest rate 38% Unsecured Revolving Facilities ($800m total capacity) Total Unsecured Total Debt $b WAIR (3) 1.4 3.8% 0.1 5.9% 1.5 3.9% 1.9 4.0% 0.9 4.3% 2.8 4.1% 4.3 4.0% 42% Trust & Exchangeable Units 3.1 (212m units) First Capital 40#416.0 FINANCIAL STRENGTH AND FLEXIBILITY Q2 2023 2022 2021 2020 2019 2018 2017 Unsecured revolving credit facilities (million) $800 $800 $800 $800 $800 $800 $800 65% Unencumbered assets (billion) $6.3 $6.6 $7.4 $7.0 $7.0 $7.3 $7.4 of Q2 2023 assets unencumbered Unencumbered assets (2) to unsecured debt 2.3x 2.3x 2.3x 2.1x 2.2x 2.5x 2.4x Secured debt as % of total assets Net debt to total assets Net debt to EBITDA EBITDA interest coverage 16.1% 13.6% 12.7% 15.2% 14.6% 14.1% 12.7% 44.5% 44.0% 43.9% 47.3% 46.7% 42.2% 43.8% 10.1x(1) 10.2x 11.2x 12.0x 10.0x 9.6x 9.8x 2.3x 2.4x 2.3x 2.1x 2.4x 2.5x 2.5x (1) Net debt to Adjusted EBITDA was 10.3x as at June 30, 2023. Excluding non-recurring costs related to Unitholder activism, the ratio was 10.1x (2) Using 10 quarter average capitalization rate First Capital 41#426.0 WELL-STAGGERED TERM DEBT MATURITIES ($M) WAIR 3.8% Term to Maturity 3.2 years $900 Unsecured Term Loans 5.5% Mortgages 5.1% 5.0% $800 Senior Unsecured Debentures 94% of Term Debt is Fixed Rate $700 4.1% 4.2% Weighted Average Effective Interest % 4.5% 4.0% 4.0% $600 3.7% 3.6% 3.4% 3.5% 3.5% 3.3% 3.5% $500 3.0% $400 2.5% 2.0% $300 1.5% $200 1.0% $100 0.5% $- 0.0% 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 % Due (1) 7.4% 16.4% 19.6% 17.4% 14.4% 8.6% 5.9% 4.2% 1.4% 4.7% As of June 30, 2023 (1) Excluding principal amortization First Capital 42#436.0 OFFO PAYOUT RATIO: MAINTAINING FINANCIAL FLEXIBILITY TO ADVANCE OUR STRATEGIC OBJECTIVES $350 84% 82% $302 $287 $300 78% $284 79% $261 74% 71% $250 $237 $236 69% $261 $225 $200 $150 $100 $50 40% $117 48% $0 2015 2016 2017 2018 2019 2020 2021 2022 YTD 2023 FFO excluding OGLE -FFO excluding OGLE Payout Ratio FFO excl OGLE/unit $1.05 $1.10 $1.16 $1.21 $1.24 $1.02 $1.07 $1.20 $0.54 Cash Distributions per $0.86 $0.86 $0.86 $0.86 $0.86 $0.86 $0.43 (2) $0.58 (3) $0.43 unit ACFO less Distributions $25m (1) $32m $34m $55m $49m $15m $141m $119m $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) (3) Reinstated annual distribution per unit to $0.86 from $0.43 effective September 2022 (distribution paid to unitholders October 2022) First Capital 43#44Appendix I Profiling Thriving Neighbourhoods Super Urban and Top Tier Suburban FIRST CAPITAL CORNELIUS#45Super Urban Neighbourhood Bloor-Yorkville Toronto, ON Demographics 2022 Estimates Population Average Household Income Gross Leasable Area 5KM One Bloor 774,000 $152,000 Yorkville Village 315,000 sf 101 Yorkville YORKVILLE AVENUE One Bloor East 85,000 sf The Webster Total Bloor/Yorkville 400,000 sf Future Density 115,000 sf Key Tenants WHOLE FOODS Rexall polestar Chick filsh CC ballroom THE WEBSTER CHANEL HAZELTON AVENUE AVENUE ROAD Yorkville Village BLOOR STREET W First Capital 45#46SUPER URBAN NEIGHBOURHOOD - BLOOR-YORKVILLE EVILLAGE Avenue Rd. Bloor-Yorkville Hazelton Ave. B A Yorkville Ave. 1144 EQUINOX YORKVILLE VILLAGE A 138 Yorkville Avenue (Development) B Yorkville Village (Retail) First Capital 46#47New Tenant Opening THE WEBSTER T Yorkville Village The Webster another first to market international retailer in the FCR Portfolio November 2021 Opening First Capital 47#48Super Urban Neighbourhood Liberty Village Toronto, ON Property Statistics 2022 Estimates 5KM 567,000 Ireshi EAT ENERGIZE Population Average Household Income $130,000 Gross Leasable Area Acreage Future Density 495,000 sf 14.1 freshi 755,000 sf freshi We're Open! TAKEOUT CURBSIDE Loblaws metro Longos SHOPPERS DRUG MART Key Tenants ID CIBC RBC Tim Hortons LCBO PETSMART First Capital 48#49Super Urban Neighbourhood King High Line Liberty Village, Toronto, ON Property Statistics 2022 Estimates Population 5KM 561,000 $130,000 Average Household Income KING ST. W Gross Leasable Area Retail GLA FCR Interest Key Tenants Longo's com SHOPPERS DRUG MART PETSMART WINNERS 154,000 sf 100% Commercial M kids& wework. King High Line SmartTrack T First Capital 49#50Top Tier Suburban Neighbourhood Olde Oakville Market Place Oakville, ON Demographics 2022 Estimates 5KM Population 124,000 Average Household Income $215,000 ROUTE Gross Leasable Area Retail GLA 125,000 sf Key Tenants WHOLE FOODS SHOPPERS LCBO DRUG MART MARKET RBC Indigo Brightens up f And oatmea Organic Thi Stackers 2 for $5 WHOLE FOODS MARKET designer's optical First Capital 50#51Super Urban Neighbourhood Griffintown Montreal, QC Demographics 2022 Estimates Population Average Household Income Retail GLA PHARMAPRIX metro Key Tenants RBC DOLLARAMA 5KM Downtown Montréal 423,000 Peel Block $113,000 255,000 sf ID SAQ WINNERS Tim Hortons EFE LLL 1000 Wellington 110 Peel First Capital 51#52Top Tier Suburban Neighbourhood Appleby Village Burlington, ON Demographics 5KM 2022 Estimates Population 99,000 Average Household Income $149,000 FORTINGS DOLLARANA Gross Leasable Area STORE BEER Retail GLA 210,000 sf Key Tenants FORTINOS DOLLARAMAL BMOM Rexall petvalu LCBO BEER STORE Ah Womens Fitness First Capital 52 52#53Calgary's Premier Super Urban Neighbourhood Mount Royal Village Calgary, AB Demographics 2022 Estimates Population Average Household Income Gross Leasable Area Acreage 5KM 233,000 COLNESS DRUGS $155,000 as spa 369,000 sf URBAN GoodLife FITNESS SHOPPERS DRUG MART CANADIAN TIRE Key Tenants FARE Tim Hortons west elm COPEMAN DOLLARAMA 4.1 Good FITNESS pasis spa MOUNT ROYAL VILLAGE Goodlif BROMASSOCALHOUSE First Capital 53#54Top Tier Suburban Neighbourhood Pemberton Plaza North Vancouver, BC Demographics 2022 Estimates 5KM Population 203,000 Average Household Income $132,000 Gross Leasable Area Retail GLA Key Tenants save on foods White Spot D 99,000 sf MYSTORE Willowbro Vancity T save on foods First Capital 54 54#55Super Urban Neighbourhood The Brewery District Edmonton, AB Demographics 2022 Estimates Population Average Household Income Gross Leasable Area (at 100%) FCR Interest 5KM 213,000 $100,000 295,000 sf Loblaws GoodLife FITNESS SHOPPERS DRUG MART Key Tenants ID DSW MEC WINNERS DOLLARAMA (1) 50% 田 Sholo WINNERS City Market DSW OP EN WINNER CityMarket First Capital 55#56Top Tier Suburban Neighbourhood Cranston Market Calgary, AB Demographics 2022 Estimates 5KM Population 126,000 Average Household Income $162,000 Gross Leasable Area Retail GLA 84,000 sf Key Tenants Sobeys SUBWAY Sobeys LIQUOR PETRO-CANADA Tobey First Capital 56 56.#57Super Urban Neighbourhood False Creek Village Vancouver, BC Demographics 2022 Estimates 5KM Population 435,000 Average Household Income $122,000 Retail GLA Key Tenants URBAN FARE LONDON DRUGS 63,000 sf ID SUBWAY LEGACY LIQUOR STORE CRAFT False Creek Village First Capital 57#58Top Tier Suburban Neighbourhood Leaside Village Toronto, ON Demographics 5KM 2022 Estimates Population 495,000 Average Household Income $191,000 Gross Leasable Area Retail GLA Longo's CIBCO SmileSgrad Key Tenants PETSMART SHOPPERS DRUG MART LINEN CHEST 198,000 sf BEER STORE LC Tim Hortons. Jon a fresh tradition G GROCERY GATEWAY SHOP ONLINE. ANYTHING FRESHER LONGO'S FRESHNESS. SILL CROWING WAY-Langel First Capital 58#59Appendix II Active & Recent Developments FIRST CAPITAL ESS CityMarket Yonge CityMarket CityMaket V OPEN C Express delivery is now available at store CityMarket ChyMarket express WIENCE 08 CAPITAL#60Recent Development Completion Station Place Toronto, ON Demographics 2022 Estimates Population 5KM 272,000 Average Household Income $151,000 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 / 50% partner 35% / Key Tenant A 310,000 sf CENTURION ASSET MANAGEMENT ARM BOY Dundas St. W F First Capital 60#61Recent Development Completion Centre Commercial Wilderton Montreal, QC Demographics 5KM 2022 Estimates Population 635,000 Average Household Income $107,000 Property Statistics Pre-redevelopment GLA 112,000 sf Post Redevelopment GLA Retail GLA (FCR Interest 100%) 125,000 sf Residential GLA (not owned by FCR) 225,000 sf Total GLA 350,000 sf metro Tim Hortons ANYTIME FITNESS Key Tenants PHARMAPRIX DOLLARAMA LI RBC SAQ W First Capital 61#62STANLEY PARK DENTAL CARE Walmart petvalu NAILS TO SALON Active Development Stanley Park Mall Kitchener, ON Demographics 5KM 2022 Estimates Population 137,000 Average Household Income $92,000 Gross Leasable Area Zehrs Zehrs Square Feet Under Active Development 61,000 sf STARBUCKS PHARMACY Retail GLA 189,000 sf a Target Completion Date • H2 2023 Construction of a new purpose built 61k sf Canadian Tire store replacing the former 54k sf Walmart Site was successfully turned over to the tenant this Spring Canadian Tire will open their new space during the first half of 2024 First Capital 62#63Canada Trust Active Development 200 West Esplanade North Vancouver, BC Demographics 2022 Estimates 5KM Population 265,000 Average Household Income $122,000 Current Gross Leasable Area (at 100%) Residential GLA (75 Rental Units) 48,000 sf Retail GLA Total GLA FCR Interest 50% Partner 10,000 sf 58,000 sf 50% CRESSEY Rendering Target Completion Date H2 2023 Note: Rendering is for illustrative purposes. Elements of the completed project may differ. First Capital 63#64Active Development Cedarbrae Mall Toronto, ON Demographics 5KM 2022 Estimates Population 296,000 Average Household Income $92,000 Gross Floor Area Square Feet Under Active Development 62,000 sf Retail GLA 476,000 sf STOP Target Completion Date H1 2024 An extensive retail renovation within the former Walmart box, the reimagined two-storey space totaling 136k sf will include substantial exterior improvements The 16 individual ground floor units will consist of several larger format spaces facing the exterior of the mall as well as many small-sized interior facing units catering to local businesses redarbrae zall -548 BMO Bank of Montreal CIBC CIBC Banking Centre WINNERS PHARMAC First Capital 64#65str பட F14 BANK Active Development Edenbridge Kingsway Humbertown, Toronto, ON Demographics 2022 Estimates Population Average Household Income Current Site Area Gross Floor Area (at 100%) Retail GFA Residential GFA Total GFA FCR Interest 50% Residential Partner 5KM 359,000 $139,000 1.8 acres 7,400 sf 247,000 sf 254,400 sf 100% Commercial 50% Residential TRIDEL® Rendering Target Completion Date H2 2025 Note: Rendering is for illustrative purposes. Elements of the completed project may differ. First Capital 65#66T FACTORY TENANT C Active Development 400 King Street West Toronto, ON Demographics 5KM 2022 Estimates Population 582,000 Average Household Income $143,000 Current Gross Floor Area (at 100%) Residential GFA (612 Rental Units) 427,000 sf Non-Residential GFA Total GFA FCR Interest 50% Partner 37,000 sf 464,000 sf 35% PLAZACORP Rendering Target Completion Date H2 2026 Note: Rendering is for illustrative purposes. Elements of the completed project may differ. First Capital 66#67Active Development 138 Yorkville Avenue Toronto, ON Demographics 5KM 2022 Estimates Population 777,000 Average Household Income $152,000 Gross Floor Area (at 100%) Current Residential GFA Retail GFA Total GFA FCR Interest (1) Co-development Partner Passive Partner Rendering Target Completion Date (1) FCR-owned retail GFA is 21k sf. Note: Rendering is for illustrative purposes. Elements of the completed project may differ. 274,000 sf 40,000 sf 314,000 sf 33%/100% g Greybrook Realty Partners 33% 33% H2 2028 First Capital 67#68Note: Rendering is for illustrative purposes. Elements of the completed project may differ. Near Term Development 1071 King Street West Toronto, ON Demographics 5KM 2022 Estimates Population 578,000 Average Household Income $131,000 Gross Floor Area (at 100%) Residential GFA (227 Rental Units) 189,000 sf Retail GFA Total GFA FCR Interest 33% Partner 5,000 sf 194,000 sf 67% hullmark Rendering Targeted Start H2 2023 First Capital 68#69Near Term Development Yonge & Roselawn Toronto, ON Demographics 2022 Estimates Population Average Household Income Gross Floor Area (at 100%) 5KM 485,000 $213,000 Future Residential GFA (548 Rental Units) 449,000 sf Future Retail GFA Total Future GFA FCR Interest 25% Partner 65,000 sf 514,000 sf 75% W woodbourne Targeted Start H2 2023 Rendering Note: Rendering is for illustrative purposes. Elements of the completed project may differ. First Capital 69#70GARDINER EXPRESSWAY Medium & Long Term Development 2150 Lake Shore Blvd W Former Christie Cookie Site, Toronto, ON Demographics 2022 Estimates 5KM Population 273,000 Average Household Income $131,000 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% Partner Targeted Start Rendering Note: Rendering is for illustrative purposes. Elements of the completed project may differ. 50% Pemberton 2025 First Capital 70#71metro Liberty Village 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 Investor [email protected] fcr.ca TSX: FCR.UN