Granite's Evolution

GRANITE'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

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