FIRST CAPITAL DEFLECTS FROM CORE UNDERPERFORMANCE ISSUES BY ATTACKING UNITHOLDER

• Ewing Morris was aware of the baseless allegations prior to issuing its letter to unitholders
• Fact remains First Capital has consistently underperformed its peers for a prolonged period of time
• Ewing Morris has requested modest change to the First Capital Board to restore First Capital's premium valuation for the benefit of First Capital and all of its unitholders

TORONTO, Oct. 7, 2022 /CNW/ - Regrettably, rather than address the issues of sustained underperformance and undervaluation, First Capital REIT ("First Capital") and its Board of Trustees ("Board") have elected to divert unitholder resources to entrench one trustee and attack Ewing Morris, a concerned unitholder, with baseless claims that are irrelevant in the context of value creation. We have no confidence that the same people executing the same strategy will reverse First Capital's underperformance; change is needed. First Capital's response today further evidences the need to remove a proven underperforming Chair and add aligned and highly qualified new trustees.

Ewing Morris has previously responded to First Capital's alleged concerns of securities law non-compliance. Ewing Morris maintains an impeccable culture of compliance and remains in full compliance with all securities regulations.

We encourage unitholders to review our public letter released on October 6, 2022 which contains more details pertaining to our concerns and proposed changes to the Board.

Sincerely, 

John Ewing                                                                         Darcy Morris

Co-Founder & CIO                                                           Co-Founder & CEO

Advisors

McCarthy Tétrault LLP is acting as legal counsel to Ewing Morris.

Additional Information

The information contained in this public letter does not and is not meant to constitute a solicitation of a proxy within the meaning of applicable corporate and securities laws. While Ewing Morris may take additional steps in the future, which may include requisitioning a meeting of unitholders of FCR, soliciting proxies of unitholders, filing a dissident information circular and/or other actions or steps, no such decision has yet been made, nor has any requisition of a meeting been submitted to FCR. There is currently no record date or meeting that has been called and unitholders are not being asked to execute or not execute a proxy with respect to any matter (including any potential nominees of Ewing Morris).

About Ewing Morris:

Ewing Morris & Co. Investment Partners Ltd. is a value driven Canadian investment firm established in September 2011 by John Ewing and Darcy Morris. Our aim is to achieve preservation and growth of capital for our Limited Partners by focusing on inefficient markets. We do this by relying on fundamental analysis, high conviction and the use of flexible capital. We manage strategies with a focus on small and mid-cap companies. We manage investments for individuals as well as charitable organizations, institutions and corporations.

SOURCE Ewing Morris & Co. Investment Partners Ltd.

MEDIA CONTACT: [email protected], Tel: [phone]; www.ewingmorris.com.