U.S. Unitholders Tax Information

U.S. withholding tax under IRC Section 1446(a) on the monthly distributions of Granite Real Estate Investment Trust (“Granite REIT”) stapled units

Granite REIT does expect non-U.S. investors to be subject to U.S. tax withholding under IRC Section 1446(a) on the portion of the monthly distributions considered to be US sourced dividends received on their units.

Granite REIT recommends that unitholders, brokers, and withholding agents consult with their tax advisors with respect to their U.S. federal withholding tax obligations.

U.S. withholding tax under IRC Section 1446(f) on the disposition of Granite Real Estate Investment Trust (“Granite REIT”) stapled units

Granite REIT does not expect non-U.S. investors to be subject to U.S. tax withholding under IRC Section 1446(f) on the disposition of their units. Granite REIT has not been and does not expect to be engaged in a U.S. trade or business within the meaning of Treas. Reg. Sec. 1.1446(f)-4(b)(3)(ii)(A)(2). Granite REIT intends to issue qualified notices in accordance with Treas. Reg. Sec. 1.1446(f)-4(b)(3)(iii) as applicable.

Granite REIT recommends that unitholders, brokers, and withholding agents consult with their tax advisors with respect to their U.S. federal withholding tax obligations.