Portfolio Transformation Strategy

GRANITE'S EVOLUTION Investment Property Summary Then - December 31, 2011 13.8M SF Multi-Purpose $802M $1.9B Value Now - March 31, 2020 14.1M SF Special Purpose $1,089M 6.8M SF Multi-Purpose $868M 8.9M SF Special Purpose $1,067M $4.8B Value 24.5M SF Modern Logistics/Distribution $2,786M 3 Properties Under Development and 3 Land Held for Development $122M 27.9 94% 11% $1.5B $2.14 ~$700M 40.3 35% 23% $3.4B $3.58 ~$922M GLA (MSF) Magna % of GLA Net Leverage Ratio Market Cap FFOPU Incremental Debt Capacity @ 35% GLA (MSF) Magna % of GLA Net Leverage Ratio Market Cap LTM FFOPU Incremental Debt Capacity @ 35% Transforming the portfolio while creating value and maintaining financial flexibility Market capitalization and enterprise value are as at April 30, 2020. Where applicable, figures include the acquisition of a property subsequent to March 31, 2020 in Weert, Netherlands. May 2020 5

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