Portfolio Transformation Strategy

CREDIT METRICS SUMMARY • The following table was sourced from DBRS' Canadian Real Estate Peer Comparison dated January 2020. DBRS Canadian Real Estate Peer Comparison¹: ១ Granite Peer Group Average Granite Rank Among Peer Group Total Debt to Capital 32.4% 49.6% #2 Total Debt to EBITDA 6.5x2 9.5x #2 Cash Flow to Total Debt 3,4 0.14x 0.12x #1 Debt Service Coverage³ 9.95x 2.59x #1 EBITDA Interest Coverage 9.95x 3.42x #1 Distributions to FFO3,5 76.5% 73.4% #10 Granite's balance sheet & access to Euro-denominated debt offers a competitive advantage 1 Source: DBRS Canadian Real Estate Peer Comparison for 15 issuers as of January 2020. Credit metrics for each issuer are as of the dates indicated in the report (December 31, 2018 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 Canadian Real Estate Peer issuers used in the study. 2 At December 31, 2018, Granite prefunded upcoming commitments scheduled to close through the third quarter of 2019 by fully drawing down term loans. DBRS notes that had Granite not prefunded upcoming contractual commitments, total debt-to-EBITDA would have been 3.5x for the LTM ending December 31, 2018. 3 Peer Group Average excludes Choice Properties (metric is N/A per DBRS). 4 Peer Group Average excludes Americold (metric is N/A per DBRS). 5 Peer Group Average excludes Morguard Corporation. May 2020 16

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