GRANITE REAL ESTATE INVESTMENT TRUST

Date of Information

Information in this AIF is dated as of December 31, 2023, unless otherwise indicated.

Note Regarding Financial Information

Financial information of Granite REIT and Granite GP is presented on a combined basis as permitted under exemptions granted by applicable Canadian securities regulatory authorities. Accordingly, throughout this Annual Information Form, unless otherwise specified or the context otherwise indicates, ‘‘Granite’’ refers to the combined Granite REIT and Granite GP and their subsidiaries.

Except as otherwise noted, financial data included in this Annual Information Form has been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. This Annual Information Form should be read in conjunction with the combined financial statements and appended notes, and management’s discussion and analysis, each of which appear in Granite’s annual report for 2023 and are available on SEDAR+ at www.sedarplus.com. Granite refers to Canadian dollars as ‘‘dollars’’ or ‘‘$’’, United States dollars as "US dollars", “US$” or ‘‘USD’’ and Euros as ‘‘EUR’ or "€". Granite publishes its financial statements in Canadian dollars.