Portfolio Transformation Strategy

GRT HISTORICAL PERFORMANCE Total Return vs TSX Composite & TSX Capped REIT Indices 220% 195% 170% 145% 120% 95% 70% 45% 20% -5% Q2 2012 Q4 2012 Q2 2013 Q4 2013 Cumulative Total Return % Q2 2014 Q4 2014 Q2 2015 Q4 2015 TSX Capped REIT Index Q2 2016 Q4 2016 Q2 2017 Q4 2017 Q2 2018 Q4 2018 COVID-19 20% Q2 2019 Q4 2019 15% 10% 5% 0% -5% -10% -15% -20% Annualized Total Return % -25% 1Yr 2Yr 3Yr Granite REIT TSX Capped REIT Index TSX Composite Index Granite REIT TSX Composite Index Granite has consistently outperformed the TSX and Capped REIT Total Return indices Total return data sourced from Bloomberg and is as at March 31, 2020. 5Yr May 2020 8 ១

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