Granite's Evolution

GRT 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

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