#1INVESTOR PRESENTATION March 2022 amazon GRANITE REIT 6#2PRESENTATION OF CERTAIN INFORMATION Unless otherwise indicated in this presentation, all information is presented as of December 31, 2021 and all financial information that is identified as current refers to the period ending December 31, 2021. For definitions of certain non-IFRS performance measures and non-IFRS ratios used in this presentation including funds from operations ("FFO"), adjusted funds from operations ("AFFO"), FFO payout ratio, AFFO payout ratio, net operating income calculated on a cash basis ("NOI-cash basis"), net leverage ratio, earnings before interest, income taxes, depreciation and amortization ("EBITDA"), available liquidity, total debt and net debt, unencumbered asset coverage ratio, indebtedness ratio, and interest coverage ratio, please refer to Appendix A and B on pages 23 and 24. For reconciliation of these non-IFRS performance measures and non- IFRS ratios, please refer to Granite's Management Discussion and Analysis ("MD&A") in the Annual Report 2021 (available on Granite's website https://granitereit.com/investors/financial-reports-and-filings/). This presentation may contain statements that, to the extent they are not recitations of historical fact, constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation, including the United States Securities Act of 1933, as amended, the United States Securities Exchange Act of 1934, as amended, and applicable Canadian securities legislation. Forward-looking statements and forward-looking information may include, among others, statements regarding Granite's future plans, goals, strategies, intentions, beliefs, estimates, costs, objectives, capital structure, cost of capital, tenant base, tax consequences, economic performance or expectations, or the assumptions underlying any of the foregoing. Words such as "outlook", "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "believe", "intend", "plan", "forecast", "project", "estimate", "seek" and similar expressions are used to identify forward-looking statements and forward-looking information. Forward-looking statements and forward-looking information should not be read as guarantees of future events, performance or results and will not necessarily be accurate indications of whether or the times at or by which such future performance will be achieved. Undue reliance should not be placed on such statements. There can also be no assurance that: Granite's expectations regarding various matters, including the following, will be realized in a timely manner, with the expected impact or at all: the impact of the COVID-19 pandemic and government measures to contain it, including with respect to Granite's ability to weather the impact of the COVID-19 pandemic, the effectiveness of measures intended to mitigate such impact, and Granite's ability to deliver cash flow stability and growth and create long-term value for unitholders; Granite's ability to implement its ESG+R program and related targets and goals; the expansion and diversification of Granite's real estate portfolio and the reduction in Granite's exposure to Magna and the special purpose properties; Granite's ability to accelerate growth and to grow its net asset value and FFO and AFFO per unit; Granite's ability to find and integrate satisfactory acquisition, joint venture and development opportunities and to strategically deploy the proceeds from recently sold properties and financing initiatives; Granite's sale from time to time of stapled units under its ATM Program; Granite's intended use of the net proceeds of its equity and debenture offerings to fund potential acquisitions and for the other purposes described previously; the potential for expansion and rental growth at the properties in Mississauga and Ajax, Ontario and Whitestown, Indiana and the enhancement to the yields of such properties from such potential expansion and rental growth; the construction of and development yield of the site in Houston, Texas; the expected development and construction of an e-commerce and logistics warehouse on the acquired land in Fort Worth, Texas; the construction of the distribution/light industrial facility on the 13-acre site in Altbach, Germany; the construction of a modern distribution facility on the 50.8 acre site in Murfreesboro, Tennessee; the development of three modern distribution facilities in Lebanon, Tennessee, and the yield from the development; the development of a multi-phased business park on the 92.2 acre site in Brantford, Ontario, and the potential yield from the project; the timing of payment of associated unpaid construction costs and holdbacks; Granite's ability to dispose of any non-core assets and the potential yield of the facility on satisfactory terms; Granite's ability to meet its target occupancy goals; Granite's ability to secure sustainability or other certifications for any of its properties; the impact of the refinancing of the term loans on Granite's returns and cash flow; and the amount of any distributions and distribution increase. Forward-looking statements and forward-looking information are based on information available at the time and/or management's good faith assumptions and analyses made in light of Granite's perception of historical trends, current conditions and expected future developments, as well as other factors Granite believes are appropriate in the circumstances. Given the impact of the COVID-19 pandemic and government measures to contain it, there is inherently more uncertainty associated with our assumptions as compared to prior periods. Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond Granite's control, that could cause actual events or results to differ materially from such forward-looking statements and forward-looking information. Important factors that could cause such differences include, but are not limited to, the impact of the COVID-19 pandemic and government measures to contain it, and the resulting economic downturn, on Granite's business, operations and financial condition; the risk that the pandemic or such measures intensify; the duration of the pandemic and related impacts; the risk of changes to tax or other laws and treaties that may adversely affect Granite REIT's mutual fund trust status under the Income Tax Act (Canada) or the effective tax rate in other jurisdictions in which Granite operates; economic, market and competitive conditions and other risks that may adversely affect Granite's ability to expand and diversify its real estate portfolio and dispose of any non-core assets on satisfactory terms; and the risks set forth in the "Risk Factors" section in Granite's AIF for 2021 dated March 9, 2022, filed on SEDAR at www.sedar.com and attached as Exhibit 1 to the Trust's Annual Report on Form 40-F for the year ended December 31, 2021 filed with the SEC and available online on EDGAR at www.sec.gov, all of which investors are strongly advised to review. The "Risk Factors" section also contains information about the material factors or assumptions underlying such forward-looking statements and forward-looking information. Forward-looking statements and forward-looking information speak only as of the date the statements and information were made and unless otherwise required by applicable securities laws, Granite expressly disclaims any intention and undertakes no obligation to update or revise any forward-looking statements or forward-looking information contained in this presentation to reflect subsequent information, events or circumstances or otherwise. 2#3GRANITE HIGHLIGHTS2 ORGANIZATIONAL PRINCIPLES Long-term total return focused PORTFOLIO OVERVIEW 122 income-producing properties + 12 development properties/land FINANCIAL PERFORMANCE 80% LTM AFFO POR³ Conservative and flexible capital structure 55.9M square feet with 99.7% occupancy 26% net leverage ratio³ Platform strength and active asset management Institutional quality real estate portfolio $8.1B in property value High quality and creditworthy tenant base GRT.UN on TSX and GRP.U on NYSE Market Cap. of ~$6.2B and EV of ~$8.3B Investment grade ratings with stable outlook (BBB (high) / Baa2) Alignment with unitholders 5.8 years of weighted average lease term 1 Market capitalization and enterprise value are as of March 4, 2022. Global Industrial Real Estate Platform 2 Excludes assets held for sale and reflects adjustments for subsequent events. Refer to the "Subsequent Events" section in Appendix C on page 25. 3 For definitions of Granite's non-IFRS performance measures and non-IFRS ratios, refer to Appendix A and B on page 23 and 24. 4 Granite investment grade ratings are as per DBRS/Moody's. 11 consecutive annual distribution increases March 2022 3#4១ GRANITE HIGHLIGHTS - ESG+R ENVIRONMENTAL Promote energy efficiency and sustainable practices at our properties Reduce use of resources and promote waste diversion Exceed required standards where feasible in our developments Promote use of public transit through financial support Encourage the use of local and recycled materials SOCIAL Promote employee well- being Financial support for gym memberships & public transit Promote volunteerism and community support Employee engagement monitoring GOVERNANCE 100% independent Board excluding CEO Experienced and diverse board Internally managed RESILIENCE Program aligned with Task Force on Climate-Related Financial Disclosures ("TCFD") framework Assess physical and transition climate-change risks in underwriting/due diligence process Robust governance policies with CGN Committee oversight Regular portfolio evaluation of climate-change risks and strategies to mitigate risks Implement various sustainability projects Provide a 24/7 support and counselling resource Whistle-blower hotline and reporting process Work with property teams to ensure mitigation measures and emergency response plans are in place Committed to enhancing Granite's ESG+R program and reporting in 2022 March 2022 4#5ESG-GRESB 2021 GRES B Public Disclosure 2021 1st Northern America | Industrial Out of 10 Granite ranked 1st in the North American Industrial GRESB public disclosure group GRES B 65 REAL ESTATE 100 GRESB Score GRESB Average 73 Green Star Peer Average 52 member Granite 3rd and sole Canadian entity in the North American Industrial peer group for Standing Investments March 2022 5#6ESG -$1B GREEN BONDS USE OF NET PROCEEDS (AS AT DEC 31, 2021¹) ១ 2027 Debentures Location 2028 Debentures Eligible Green Certification Date Allocation Location Eligible Green Certification Date Allocation LEED Lancaster, TX, USA LEED Silver Q1-19 $106.1 Fort Worth, TX, USA Two Green Globes² Q3-222 $20.9 BREEAM Weert, NED BREEAM "Excellent" Q2-20 31.9 Murfreesboro, TN, USA Two Green Globes² Q4-222 35.1 Plainfield, IN, USA Two Green Globes Q2-20 34.1 Lebanon, TN, USA Two Green Globes² Q1-232 11.6 BREEAM Ede, NED BREEAM "Very Good" Q3-20 21.4 Mississauga, ON, Canada Two Green Globes² Q3-222 9.2 BREEAM ****** Tilburg, NED BREEAM "Excellent" Q3-20 83.8 BREEAM Bleiswijk, NED BREEAM "Very Good" Q3-20 66.2 LEED Antioch, IL, USA LEED Silver Q3-21 56.5 Altbach, GER DGNB DGNB Gold² Q2-222 39.7 Houston, TX, USA Two Green Globes² Q2-232 45.0 Fort Worth, TX, USA Two Green Globes² Q3-222 10.6 > 15% improvement Other LED lighting projects in energy efficiency Various Total Net Proceeds Allocated % of Net Proceeds Allocated 1.6 $496.9 100% Total Net Proceeds Allocated % of Net Proceeds Allocated $76.8 15.4% Granite has allocated $573.7M (58%) of Green Bond net proceeds to Eligible Green Investments 1 Granite has committed to providing annual updates on green bond allocation. 2 Development is in progress, the green certification is being pursued and certification is expected by the date herein. March 2022 6#7GRANITE'S EVOLUTION Then December 31, 2011 - Investment Property Summary 14.1M SF Special Purpose $1,089M Now - December 31, 20214 0.7M SF Flex/Office² $158M 5.1M SF Industrial/Warehouse² $994M 13.8M SF Multi-Purpose² $802M $1.9B Value 27.9 94% 11% $1.5B $2.14 ~$700M 8.9M SF Special Purpose $1,113M 9 Properties Under Development and 3 Land Held for Development $244M ១ $8.1B Value 41.2M SF Distribution/E-commerce³ $5,602M 55.9 22% 26%5 $6.2B1 $3.935 ~$1.1B GLA (MSF) Magna % of GLA Net Leverage Market Cap FFOPU Incremental Debt Capacity @ 35% GLA (MSF) Magna % of GLA Ratio Net Leverage Ratio Market Cap LTM FFOPU Incremental Debt Capacity @ 35% Transforming the portfolio while creating value and maintaining financial flexibility Market capitalization is as at March 4, 2022. 2 Multi-Purpose property type has been split and renamed into two new categories: Industrial/Warehouse and Flex/Office as of Q1 2021. 3 Modern warehouse has been renamed to Distribution/E-commerce as of Q1 2021. 4 Excludes assets held for sale and reflects adjustments for subsequent events. Refer to the "Subsequent Events" section in Appendix C on page 25. 5 For definitions of Granite's non-IFRS performance measures and non-IFRS ratios, refer to Appendix A and B on page 23 and 24. March 2022 7#8PORTFOLIO TRANSFORMATION STRATEGY Target markets with superior economic conditions and market fundamentals Proximity to major MSAs Focus on modern facilities that meet the demands of E-Commerce and traditional distribution users Modern characteristics Invest selectively/opportunistically in evolving property types and markets benefiting from technological advancement & E-Commerce trends Available labour Strategic location Lower capex requirements Cold Storage (Food & Pharma) Potential for expansion or redevelopment Multi-level fulfillment Population growth Strategic location within market Liquidity Transport facilities Major infrastructure Captive tenancy Focusing on characteristics that meet current and evolving user demand March 2022 8#9FINANCIAL PERFORMANCE Historical Operating Performance ($M)² $340 $274 $265 $245 $248 $223 $216 $214 $204 $188 $187 $183 $181 $185 $173 $162 $154 $158 $145 $138 $394 Distributions and Payout Ratios 1,2 71% 91% 82% 81% 80% 77% 75% 3.10 79% 73% 78% 78% 3.00 $299 71% 2.90 2.80 68% 68% 2.72 2.60 $235 $216 2.43 2.30 2.21 2014 2015 2016 2017 2018 2019 2020 2021 2014 2015 Revenue Adj. EBITDA Adj. FFO 2016 2017 2018 2019 2020 2021 2022F FFO Payout % AFFO Payout % I Distributions per Unit Consistent annual revenue and FFO growth. Distribution increase of 3.3% announced for 2022. 1 2019 Distributions excludes the special distribution paid in January 2019 of $1.20 per unit. 2 For definitions of Granite's non-IFRS performance measures and non-IFRS ratios, refer to Appendix A and B on page 23 and 24. March 2022 9#10GRT HISTORICAL PERFORMANCE Total Return vs TSX Composite & TSX Capped REIT Indices Cumulative Total Return % 445% COVID-19 420% 395% 370% 345% 320% 295% 270% 245% 220% 195% 170% 145% 120% 95% 70% 45% 20% -5% 200% 180% 160% 140% Annualized Total Return % ១ 3Yr 5Yr TSX Composite Index Q2 2012 120% Q4 2012 Q2 2013 Q4 2013 Q2 2014 Q4 2014 Q2 2015 Q4 2015 Q2 2016 Q4 2016 Q2 2017 Q4 2017 Q2 2018 Q4 2018 Q2 2019 Q4 2019 Granite REIT TSX Capped REIT Index Granite REIT ■TSX Capped REIT Index Granite has steadily outperformed the TSX and Capped REIT Total Return indices Total return data is as at December 31, 2021. 100% 80% 60% Q2 2020 40% Q4 2020 TSX Composite Index Q2 2021 Q4 2021 20% 0% 1Yr 2Yr March 2022 10#11GLOBALLY DIVERSIFIED PORTFOLIO¹ 5 countries - 134 properties – 55.9 million square feet CANADA 34 properties 6.4M SF UNITED STATES 62 properties 32.8M SF 2 GERMANY 14 properties 4.3M SF NETHERLANDS 15 properties 1 4.9M SF Special Purpose Properties Global footprint with scale in North America & Western Europe 1 Excludes assets held for sale and reflects adjustments for subsequent events. Refer to the "Subsequent Events" section in Appendix C on page 25. AUSTRIA 9 properties 7.5M SF 4 March 2022 11#12PORTFOLIO SEGMENTATION BY GEOGRAPHY1 By Income Producing Property Fair Value By Annualized Revenue $789M $58.9M $32.7M 16% 10% 21% 9% (+)$1,649M $566M 7% $29.0M 8% $774M 10% $7.9B $365M 16% $60.0M $4,090M 52% $184.7M 51% By Square Feet 4.9M 11% 9% 4.3M 8% 55.9M 13% 7.5M 6.4M 59% 32.8M Geographically diversified asset base 1 Excludes assets held for sale and reflects adjustments for subsequent events. Refer to the "Subsequent Events" section in Appendix C on page 25. By Number of Income-Producing Properties 15 12% 27% (+)33 13 11% 122 7% 9 52 43% March 2022 12#13IPP PORTFOLIO SEGMENTATION BY CATEGORY1 Distribution/E-commerce Properties 78 Properties 41.2M SF (~528K SF/property) $5.6B Fair Value (~$136/SF) WALT: 6.3 years $241.3 M Annualized Revenue(~$5.85/SF): 66% Magna Concentration: 1% Concentration in the GTA (rev): 7% Clear Height: 34' Average Age: 10 Yrs Overall Cap Rate: 4.10% Flex/Office 4 Properties 0.7M SF (~170K SF/property) $0.2B Fair Value (~$232/SF) WALT: 6.4 years $8.9M Annualized Revenue (~$13.01/SF): 2% Magna Concentration: 36% Concentration in the GTA (rev): 48% Clear Height: 26' Average Age: 22 Yrs Overall Cap Rate: 5.00% 71% $7.9B C 2% 14% 13% Industrial/Warehouse 33 Properties 5.1M SF (~156K SF/property) $1.0B Fair Value(~$194/SF) WALT: 4.0 years $41.5M Annualized Revenue (~$8.09/SF): 12% Magna Concentration: 78% Concentration in the GTA (rev): 56% Clear Height: 32' Average Age: 34Yrs Overall Cap Rate: 4.20% Special Purpose Properties 7 Properties (2 GTA, 1 Germany, 4 Austria) 8.9M SF (~1,268K SF/property) $1.1B Fair Value (~$125/SF) WALT: 4.4 years $73.6 M Annualized Revenue(~$8.29/SF): 20% Magna Concentration: 92% Concentration in the GTA (rev): 21% Clear Height: 31' Average Age: 52 Yrs Overall Cap Rate: 6.81% Cap Rate in Canada: 4.25% Cap Rate in Europe: 8.12% IPP Total Fair Value of $7.9B with an overall WALT of 5.8 years 1 Excludes assets held for sale and reflects adjustments for subsequent events. Refer to the "Subsequent Events" section in Appendix C on page 25. March 2022 13#14DEVELOPMENT AND EXPANSION PIPELINE ១ Altbach, Germany ~0.3M SF Fort Worth, Texas ~0.6M SF Nashville area, Tennessee ~1.4M SF 1 2 Mississauga, Ontario (expansion) ~0.1M SF Houston, Texas (Phase I and Phase II) ~1.4M SF Active development program to enhance total return & platform value Indiana 1.0M SF March 2022 14#15LEASE EXPIRATION PROFILE¹ Outstanding Lease Expiries by Annualized Revenue Annualized Revenue $365.3M Overall WALT 5.8 Years Occupancy 99.7% 41.9% 100 Canada USA Austria Germany Netherlands 90 Annualized Revenue (C$M) 80 70 60 50 40 17.3% 13.7% 30 3.6% 8.0% 6.8% 8.6% 20 10 0 2022 2023 2024 2025 2026 2027 2028+ % of Annualized Rev. 3.6% 13.7% 17.3% 6.8% 8.0% 8.6% 41.9% % of GLA 4.6% 16.5% 17.6% 6.5% 8.6% 8.0% 38.1% # of Leases 19 33 22 13 21 14 46 Staggered and geographically diversified lease maturity profile 1 Excludes assets held for sale and reflects adjustments for subsequent events. Refer to the "Subsequent Events" section in Appendix C on page 25. March 2022 15#16HIGH QUALITY & CREDITWORTHY TENANT BASE Annualized Top 10 Tenants GLA % WALT Revenue % Credit Rating1,2 Magna Amazon MAGNA amazon 29% 22% 4.4 A- 5% 4% 17.2 AA True Value Company TrueValue. 3% 2% 19.2 NR ADESA ADESA 2% -% 7.6 NR Other Tenants ACE Hardware Walmart LGI Logistics Group International MEMBER OF ELANDERS GROUP MARS petcare SAMSUNG Restoration Hardware RH 2% 2% 6.3 Ba2 DECATHLON Hanon Systems Hanon 2% 1% 7.7 AA SYSTEMS wayfair Spreetail FTP Spreetail 2% 2% 4.8 NR Light Mobility Solutions Gmbh פה 2% 1% 1.9 NR KUEHNE+NAGEL Ingram Micro INGRAM 2% 2% 3.0 BB- Cardinal Health™ Cornerstone Brands CST 2% 2% 2.8 B+ GEODIS RICOH Top 10 Tenants 51% 38% 6.8 Creditworthy non-Magna tenants each comprising less than 10% of Revenue and GLA March 2022 1 Credit rating is quoted on the S&P or equivalent rating scale where publicly available. NR refers to Not Rated. 2 The credit rating indicated may, in some instances, apply to an affiliated company of Granite's tenant which may not be the guarantor of the lease. 16#17Market Capitalization¹ BALANCE SHEET STRENGTH² Capitalization Unit Price (03/04/2022) Units Outstanding Credit Facility Debt Maturity Profile $94.24 $1,200 65.7 998 $6,191 $1,000 Weighted average debt term-to-maturity - 5.5 years Weighted average cost of debt - 1.59% $0 $800 Construction Loan due Dec/23 $1 Debentures 3.873% due Nov/23 $400 (C$M) $600 500 500 500 401 US$185M Term Loan due Dec/24 $234 $400 300 234 C$300M Term Loan due Dec/26 Debentures 3.062% due Jun/27 $300 $200 $500 Debentures 2.194% due Aug/28 $500 $0 Debentures 2.378% due Dec/30 Debt4 $500 2021 2023 2024 2026 2027 2028 2030 $2,435 Less: Cash and Cash Equivalents ($299) ⚫ Available Liquidity under credit facility which matures in March 2026 $400M Debentures 3.873% due Nov/23 swapped into Euros with an effective interest rate of 2.43%; $1M Construction Loan due Dec/23 with variable interest rate of US Prime Rate minus 90 bps Less: Proceeds from Assets Held for Sale ($34) US$185M Term Loan LIBOR+ due Dec/24 swapped into Euros with an effective interest rate of 0.272% $300M Term Loan BA+ due Dec/26 swapped into Euros with an effective interest rate of 1.105% Add: Non-controlling Interests $3 Enterprise Value¹ $8,296 . ⚫ $500M Debentures 3.062% due Jun/27 swapped into USD with effective interest rate of 2.964% • $500M Debentures 2.194% due Aug/28, swapped into USD and Euro with effective blended interest rate of 1.004% $500M Debentures 2.378% due Dec/30 swapped into Euros with effective interest rate of 1.045% Available Liquidity³ Debt Metrics³ Cash and Cash Equivalents Credit Facility Available Total Available Liquidity³ LTM Adj. EBITDA / LTM Interest Net Debt / LTM Adj. EBITDA $299 LTM FFO / Net Debt $998 $1,297 Net Debt/ Fair Value of Investment Properties Net Debt/Enterprise Value Unencumbered Assets / Unsecured Net Debt Secured Debt / Fair Value of Investment Properties Incremental Net Debt Capacity at 35% Net Leverage Ratio Sector leading balance sheet with significant liquidity and substantially all unencumbered assets 1 Market capitalization and enterprise value are as at March 4, 2022. 2 Excludes assets held for sale and reflects adjustments for subsequent events. Refer to the "Subsequent Events" section in Appendix C on page 25. 3 For definitions of Granite's non-IFRS performance measures and non-IFRS ratios, refer to Appendix A and B on page 23 and 24. 4 Debt excludes swap mark-to-market liabilities and lease obligations. 6.8x 7.0x 12% 26% 24% 3.8x 0.01% $1.1B March 2022 17#18CREDIT METRICS SUMMARY • The following table was sourced from DBRS' North American Real Estate Peer Comparison dated August 26, 2021. DBRS North American Real Estate Peer Comparison 1: ១ Granite² Peer Group Average Granite Rank Among Peer Group Total Debt to Capital 33.0% 49.8% #3 Total Debt to EBITDA 7.5x 9.9x #4 Cash Flow to Total Debt 0.1x 0.1x #2 Debt Service Coverage 7.5x 2.5x #1 EBITDA Interest Coverage 7.6x 3.3x #1 Distributions to FFO³ 72.2% 80.6% #7 Granite's balance sheet & access to Euro-denominated debt offers a competitive advantage 1 Source: DBRS North American Real Estate Peer Comparison for 17 issuers as of August 26, 2021. Credit metrics for each issuer are as of the dates indicated in the report (December 31, 2020 for Granite). Certain terms used, such as Total Debt, EBITDA and FFO, do not have standardized meanings under IFRS and as such may not be comparable between the North American Real Estate Peer issuers used in the study. 2 Granite's debt as at December 31, 2020 included the 2021 Debentures that were refinanced on December 18, 2020 and subsequently redeemed on January 4, 2021. All December 31, 2020 debt ratios have been adjusted on a pro-forma basis to reflect the redemption of the 2021 Debentures for peer comparison purposes. Peer Group Average excludes Morguard Corporation. March 2022 18#19FINANCIAL FLEXIBILITY & TARGET LONG-TERM LEVERAGE RATIO1 • • • Strong balance sheet provides pathway for measured growth with potential for further diversification and optimization of the portfolio Target long term net leverage ratio¹ of ~30 - 35% while maintaining patient and opportunistic approach to acquisitions and development Long term leverage target fully reflected in current credit ratings from Moody's and DBRS Rating Agency Commentary Incremental Net Debt Capacity Net Leverage Ratio 1,2 Incremental Debt Capital ($M) 26% (current) N/A $462 35% $1,121 30% Moody's 03/12/2021: Baa2 (Stable) "Granite's Baa2 senior unsecured rating reflects its commitment to maintaining a conservative capital structure, with moderate long-term target leverage of debt/total assets under 35% and a fully unencumbered asset base, as the REIT executes its strategic growth plan and portfolio transformation. The ratings are further supported by Granite's good liquidity and long-term net-lease contracts with minimal rollover that result in stable earnings year over year. It also incorporates the REIT's success in transforming its portfolio over the past few years, effectively improving its asset quality and long-term growth profile." DBRS Morningstar 03/22/2021: BBB(high) (Stable) "DBRS Morningstar has revised upward its assessment of Granite's asset quality and market position. These revisions are supported by Granite completing approximately $2.0 billion in acquisitions over the last two years, with such acquisitions consisting of modern distribution assets located in key distribution markets in Canada, the Netherlands, and the U.S., while continuing to dispose of noncore special-purpose properties. Furthermore, the Trust collected 100% of its rent during the pandemic while improving occupancy and generating robust same property net operating income growth (SPNOI), therefore demonstrating the resilience of Granite's assets, tenants, and cash flows. The Stable trends consider DBRS Morningstar's expectations that industrial real estate fundamentals will remain supportive in the near to medium term and that Granite will continue to execute its long-term strategy of growing and diversifying its asset base through acquisitions and developments as well as funding such growth initiatives with cash on hand, incremental debt, and equity, similar to recent years." Commitment to maintaining a sustainable investment grade rating and conservative capital structure 1 For definitions of Granite's non-IFRS performance measures and non-IFRS ratios, refer to Appendix A and B on page 23 and 24. 2 Excludes assets held for sale and reflects adjustments for subsequent events. Refer to the "Subsequent Events" section in Appendix C on page 25. March 2022 19#20CANADIAN REAL ESTATE DEBT COMPARISON¹ Total Debt-to-Capital 90% 80% 70% 60% 50% 40% 30% 20% 10% Chartwell Brookfield Crombie Cominar Artis H&R First Capital Average Morguard Corp Americold Summit Industrial SmartCentres RioCan Choice Properties CT REIT Granite 2 Dream Industrial Allied Properties Total Debt-to-EBITDA 19.0x 17.0x 15.0x 13.0x 11.0x 9.0x 7.0x 5.0x 3.0x 1.0x Brookfield First Capital Morguard Corp Cominar Summit Industrial Crombie Artis RioCan H&R Chartwell Average SmartCentres Allied Properties Choice Properties Granite² CT REIT Dream Industrial Americold 1 2 Granite has leading debt metrics within DBRS¹ universe of Canadian Real Estate entities March 2022 20 20 Source: DBRS North American Real Estate Peer Comparison for 17 issuers as of August 26, 2021. Credit metrics for each issuer are as of the dates indicated in the report (December 31, 2020 for Granite). Certain terms used, such as EBITDA and FFO, do not have standardized meanings under IFRS and as such may not be comparable between the North American Real Estate Peer issuers used in the study. Granite's debt at December 31, 2020 included the 2021 Debentures that were refinanced on December 18, 2020 and subsequently redeemed on January 4, 2021. All December 31, 2020 debt ratios have been adjusted on a pro-forma basis to reflect the redemption of the 2021 Debentures for peer comparison purposes.#21CANADIAN REAL ESTATE DEBT COMPARISON¹ EBITDA Interest Coverage 8.0x 7.0x 6.0x 5.0x 4.0x 3.0x 2.0x 1.0x 0.0x Cominar Crombie Brookfield First Capital Morguard Corp H&R Artis Chartwell Summit Industrial Allied Properties Average Choice Properties CT REIT RioCan Americold SmartCentres Dream Industrial Granite 1.40 1.20 1.00 0.80 0.60 0.40 0.20 0.00 Distributions/Cash Flow from Operations² Brookfield Summit Industrial Chartwell RioCan SmartCentres Crombie Choice Properties Average Allied Properties First Capital Granite Cominar Dream Industrial Americold CT REIT H&R Artis Granite has leading cash flow coverage metrics among DBRS¹ universe of Canadian Real Estate entities March 2022 21 1 Source: DBRS North American Real Estate Peer Comparison for 17 issuers as of August 26, 2021. Credit metrics for each issuer are as of the dates indicated in the report (December 31, 2020 for Granite). Certain terms used, such as EBITDA and FFO, do not have standardized meanings under IFRS and as such may not be comparable between the North American Real Estate Peer issuers used in the study. 2 Peer Group Average excludes Morguard Corporation.#22LEADERSHIP TEAM Kevan Gorrie Teresa Neto President and Chief Executive Officer Chief Financial Officer Lorne Kumer Executive Vice President, Head of Global Real Estate ១ Michael Ramparas Executive Vice President, Global Real Estate and Head of Investments Witsard Schaper Senior Vice President, Head of Europe based in Amsterdam Lawrence Clarfield Executive Vice President, General Counsel and Corporate Secretary Jon Sorg Senior Vice President, Head of U.S. based in Dallas March 2022 22#23APPENDIX The following non-IFRS performance measures and non-IFRS ratios are important measures used by management in evaluating the Trust's underlying operating performance and debt management. These non-IFRS performance measures and non-IFRS ratios are not defined by IFRS and do not have standard meanings. The Trust's method of calculating non-IFRS performance measures may differ from other issuers' methods and, accordingly, may not be comparable with similar measures presented by other issuers. All non-IFRS performance measures as well as non-IFRS ratios shown within this presentation have been adjusted for subsequent events. Please refer to section C of this Appendix for details on the Trust's subsequent events. A) NON-IFRS PERFORMANCE MEASURES Funds from operations ១ FFO is a non-IFRS performance measure that is widely used by the real estate industry in evaluating the operating performance of real estate entities. Granite calculates FFO as net income attributable to stapled unitholders excluding fair value gains (losses) on investment properties and financial instruments, gains (losses) on sale of investment properties including the associated current income tax, deferred income taxes and certain other items, net of non-controlling interests in such items. The Trust's determination of FFO follows the definition prescribed by the Real Estate Property Association of Canada ("REALPAC") guidelines on Funds From Operations & Adjusted Funds From Operations for IFRS dated January 2022 ("REALPAC Guidelines"). Granite considers FFO to be a meaningful supplemental measure that can be used to determine the Trust's ability to service debt, fund capital expenditures and provide distributions to stapled unitholders. FFO is reconciled to net income, which is the most directly comparable IFRS measure. FFO should not be construed as an alternative to net income or cash flow generated from operating activities determined in accordance with IFRS. Adjusted funds from operations AFFO is a non-IFRS performance measure that is widely used by the real estate industry in evaluating the recurring economic earnings performance of real estate entities after considering certain costs associated with sustaining such earnings. Granite calculates AFFO as net income attributable to stapled unitholders including all adjustments used to calculate FFO and further adjusts for actual maintenance capital expenditures that are required to sustain Granite's productive capacity, leasing costs such as leasing commissions and tenant allowances incurred and non-cash straight-line rent and tenant incentive amortization, net of non-controlling interests in such items. The Trust's determination of AFFO follows the definition prescribed by REALPAC's Guidelines. Granite considers AFFO to be a meaningful supplemental measure that can be used to determine the Trust's ability to service debt, fund expansion capital expenditures, fund property development and provide distributions to stapled unitholders after considering costs associated with sustaining operating earnings. AFFO is also reconciled to net income, which is the most directly comparable IFRS measure. AFFO should not be construed as an alternative to net income or cash flow generated from operating activities determined in accordance with IFRS. Net operating income - cash basis Granite uses NOI on a cash basis, which adjusts NOI to exclude lease termination and close-out fees, and the non-cash impact from straight-line rent and tenant incentive amortization recognized during the period. NOI - cash basis is a commonly used measure by the real estate industry and Granite believes it is a useful supplementary measure of the income generated by and operating performance of income-producing properties in addition to the most comparable IFRS measure, which Granite believes is NOI. NOI - cash basis is also a key input in Granite's determination of the fair value of its investment property portfolio. March 2022 23#24Same property net operating income - cash basis ១ Same property NOI - cash basis refers to the NOI - cash basis for those properties owned by Granite throughout the entire current and prior year periods under comparison. Same property NOI - cash basis excludes properties that were acquired, disposed of, classified as properties under or held for development or assets held for sale during the periods under comparison. Granite believes that same property NOI - cash basis is a useful supplementary measure in understanding period-over-period organic changes in NOI - cash basis from the same stock of properties owned. Constant currency same property NOI Constant currency same property NOI is a non-GAAP measure used by management in evaluating the performance of properties owned by Granite throughout the entire current and prior year periods on a constant currency basis. It is calculated by taking same property NOI as defined above and excluding the impact of foreign currency translation by converting the same property NOI denominated in foreign currency in the respective periods at the current period average exchange rates. Adjusted earnings before interest, income taxes, depreciation and amortization ("Adjusted EBITDA") Adjusted EBITDA is calculated as net income before lease termination and close-out fees, interest expense, interest income, income tax expense, depreciation and amortization expense, fair value gains (losses) on investment properties and financial instruments, other expense relating to real estate transfer tax and loss on the sale of investment properties. Adjusted EBITDA, calculated on a 12-month trailing basis ("trailing 12-month adjusted EBITDA"), represents an operating cash flow measure that Granite uses in calculating the interest coverage ratio and indebtedness ratio noted below. Adjusted EBITDA is also defined in Granite's debt agreements and used in calculating the Trust's debt covenants. Available Liquidity Available liquidity is a non-IFRS performance measure defined as the sum of cash and cash equivalents and the unused portion of the credit facility. Granite believes that available liquidity is a useful measure to investors in determining the Trust's resources available as at period-end to meet its ongoing obligations and future commitments. Total Debt and Net Debt Total debt is a non-IFRS performance measure calculated as the sum of all current and non-current debt, the net mark to market fair value of cross-currency interest rate swaps and lease obligations as per the consolidated financial statements. Net debt subtracts cash and cash equivalents from total debt. Granite believes that it is useful to include the cross-currency interest rate swaps and lease obligations for the purposes of monitoring the Trust's debt levels. B) NON-IFRS RATIOS FFO and AFFO payout ratios The FFO and AFFO payout ratios are calculated as monthly distributions, which exclude special distributions, declared to unitholders divided by FFO and AFFO (non-IFRS performance measures), respectively, in a period. FFO payout ratio and AFFO payout ratio may exclude revenue or expenses incurred during a period that can be a source of variance between periods. The FFO payout ratio and AFFO payout ratio are supplemental measures widely used by analysts and investors in evaluating the sustainability of the Trust's monthly distributions to stapled unitholders. March 2022 24#25១ Interest coverage ratio The interest coverage ratio is calculated on a 12-month trailing basis using Adjusted EBITDA (a non-IFRS performance measure) divided by net interest expense. Granite believes the interest coverage ratio is useful in evaluating the Trust's ability to meet its interest expense. Indebtedness ratio The indebtedness ratio is calculated as total debt (a non-IFRS performance measure) divided by Adjusted EBITDA (a non-IFRS performance measure) and Granite believes it is useful in evaluating the Trust's ability to repay outstanding debt using its operating cash flows. Leverage and net leverage ratios The leverage ratio is calculated as the carrying value of total debt (a non-IFRS performance measure) divided by the fair value of investment properties (excluding assets held for sale) while the net leverage ratio subtracts cash and cash equivalents from total debt. The leverage ratio and net leverage ratio are supplemental measures that Granite believes are useful in evaluating the Trust's degree of financial leverage, borrowing capacity and the relative strength of its balance sheet. Unencumbered asset coverage ratio The unencumbered asset coverage ratio is calculated as the carrying value of investment properties (excluding assets held for sale) that are not encumbered by secured debt divided by the carrying value of total unsecured debt and is a supplemental measure that Granite believes is useful in evaluating the Trust's degree of asset coverage provided by its unencumbered investment properties to total unsecured debt. C) SUBSEQUENT EVENTS On February 3, 2022, Granite acquired three modern distribution facilities in Germany comprising 0.8 million square feet for $140.0 million (€96.6 million). On February 3, 2022, Granite terminated $350.0 million of a total $500.0 million principal of the 2028 Cross Currency Interest Rate Swap, which exchanged Canadian dollar denominated principal and interest payments of Granite's 2028 Debentures for US dollar denominated payments at a fixed interest rate of 2.096%. Simultaneously, Granite entered into a new $350.0 million cross-currency interest rate swap maturing August 30, 2028 to exchange the Canadian dollar denominated principal and interest payments of the 2028 Debentures for Euro denominated payments at a fixed interest rate of 0.536%. On February 18, 2022, Granite completed the disposition of an income producing property and piece of land held for development located in Poland that were classified as held for sale as at December 31, 2021, for gross proceeds of $36.2 million (€25.1 million). March 2022 25