Portfolio Transformation Strategy

CANADIAN REAL ESTATE DEBT COMPARISON¹ EBITDA Interest Coverage 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x ១ 0.0x Dream Office Cominar Crombie First Capital Morguard Corp Brookfield Property H&R CT REIT Chartwell Average Americold Choice Properties SmartCentres REIT RioCan Artis Allied Properties Granite 0% 20% 40% 60% 120% 100% 80% Brookfield Property Crombie RioCan SmartCenters REIT H&R Distributions/Cash Flow from Operations²,³ Granite has leading cash flow coverage metrics among DBRS¹ universe of Canadian Real Estate entities 1 Source: DBRS Canadian Real Estate Peer Comparison 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 Choice Properties excluded as metric is N/A per DBRS Canadian Real Estate Peer Comparison. 3 Peer Group Average excludes Morguard Corporation. Granite Dream Office Allied Properties Average Chartwell First Capital Cominar Americold CT REIT Artis Morguard Corp May 2020 19

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