Granite's Evolution

CREDIT METRICS SUMMARY • The following table was sourced from DBRS' North American Real Estate Peer Comparison dated August 26, 2021. DBRS North American Real Estate Peer Comparison 1: ១ Granite² Peer Group Average Granite Rank Among Peer Group Total Debt to Capital 33.0% 49.8% #3 Total Debt to EBITDA 7.5x 9.9x #4 Cash Flow to Total Debt 0.1x 0.1x #2 Debt Service Coverage 7.5x 2.5x #1 EBITDA Interest Coverage 7.6x 3.3x #1 Distributions to FFO³ 72.2% 80.6% #7 Granite's balance sheet & access to Euro-denominated debt offers a competitive advantage 1 Source: DBRS North American Real Estate Peer Comparison for 17 issuers as of August 26, 2021. Credit metrics for each issuer are as of the dates indicated in the report (December 31, 2020 for Granite). Certain terms used, such as Total Debt, EBITDA and FFO, do not have standardized meanings under IFRS and as such may not be comparable between the North American Real Estate Peer issuers used in the study. 2 Granite's debt as at December 31, 2020 included the 2021 Debentures that were refinanced on December 18, 2020 and subsequently redeemed on January 4, 2021. All December 31, 2020 debt ratios have been adjusted on a pro-forma basis to reflect the redemption of the 2021 Debentures for peer comparison purposes. Peer Group Average excludes Morguard Corporation. March 2022 18

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