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Granite Real Estate Investment Trust (GRT_u.TO)

GRT_u.TO on Toronto Stock Exchange

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Summary

Name Age Since Current Position

Kelly Marshall

52 2017 Independent Chairman of the Board of Trustees

Kevan Gorrie

49 2018 Chief Executive Officer

Ilias Konstantopoulos

2016 Chief Financial Officer

Lorne Kumer

2016 Executive Vice-President - Co-Head Global Real Estate

Stefan Wierzbinski

Executive Vice President - Europe

Peter Aghar

50 2017 Independent Trustee

Donald Clow

56 2016 Independent Trustee

Remco Daal

52 2017 Independent Trustee

Samir Manji

49 2017 Independent Trustee

Aladin Mawani

66 2017 Independent Trustee

Gerald Miller

63 2011 Independent Trustee

Jennifer Warren

53 2018 Independent Trustee

Biographies

Name Description

Kelly Marshall

Mr. Kelly John Marshall is Independent Chairman of the Board of Trustees of the Company. Since November 1, 2017, Mr. Marshall has been Executive Vice President of Strategic Partnerships at Ontario Municipal Employee Retirement System (“OMERS”) where he leads the growth of the pension fund’s strategic partnerships, including its relationships with third-party organizations, co-investors and other finance partners. Prior to joining OMERS, Mr. Marshall served as Managing Partner, Corporate Finance at Brookfield Asset Management Inc. (“Brookfield Management”) where he was responsible for the global corporate finance activities and oversaw all financings in each core region and business line. Throughout his 16 years with Brookfield Asset Management, he completed in excess of US$100 billion in debt and equity transactions. Those transactions involved corporate and asset level issuances in North and South America, Europe, UK, Australia and India for all of Brookfield Asset Management’s real estate, renewable power and infrastructure businesses. Mr. Marshall has over 25 years of finance experience, which was initially developed working for Olympia and York Developments Ltd. at Canary Wharf. This was followed by periods of employment with Citibank, in its real estate asset management group, and then two prominent U.S.-based real estate finance investment companies, Fortress Investment Group and Lonestar Opportunity Fund. Mr. Marshall graduated from Wilfrid Laurier University with a Honours degree in Business Administration.

Kevan Gorrie

Mr. Kevan S. Gorrie has been appointed Chief Executive Officer of the Company effective August 1, 2018. Mr. Gorrie is an accomplished real estate professional in the industrial real estate market who most recently served as the President and Chief Executive Officer of Pure Industrial Real Estate Trust, which owns an industrial property portfolio of over 25 million square feet acrossCanadaandthe United States. There he successfully grew and led that business until its recent strategic sale to Blackstone Property Partners and IvanhoéCambridge. With over 20 years of experience, Mr. Gorrie is a seasoned real estate executive who is well known in the Canadian capital markets and on both sides of the border in the industrial real estate market.

Ilias Konstantopoulos

Mr. Ilias Konstantopoulos is a Chief Financial Officer of the Company. Mr. Konstantopoulos has been Granite’s Chief Financial Officer since September 12, 2016 and brings a diverse and global background that includes over 20 years of corporate finance, mergers and acquisitions, and capital markets expertise as well as extensive experience in real estate. Previously, Mr. Konstantopoulos served as Managing Partner at Brookfield Financial and Managing Director at BMO Capital Markets and worked for several years at Ernst & Young where he earned his Canadian Chartered Professional Accountant, CA, and United States Certified Public Accountant, CPA, designations. Mr. Konstantopoulos graduated from McGill University with a Bachelor of Engineering and a Master of Business Administration and is a Professional Engineer.

Lorne Kumer

Mr. Lorne Kumer is Executive Vice-President - Co-Head Global Real Estate of Granite Real Estate Investment Trust. Mr. Kumer is Executive Vice-President, Co-Head Global Real Estate of Granite GP. Mr. Kumer oversees all aspects of Granite property operations related to Granite’s global real estate platform including asset management, acquisitions, dispositions, and development. He is also responsible for the global Magna International relationship. Mr. Kumer has over 25 years of experience in the real estate industry working for both public and private development companies. His experience includes property development, leasing, land planning and construction. For over 15 years, Mr. Kumer has worked for Granite and Magna in various roles including the management of Granite’s North American income-producing properties portfolio. Prior to joining Granite, Mr. Kumer held senior positions in the real estate industry including Vice President at C. Hunter Real Estate Corporation in Toronto and Vice President with Peregrine Hunter Properties Ltd. Mr. Kumer holds a Bachelor of Arts (Honours), business administration, from the Richard Ivey School of Business at the University of Western Ontario.

Stefan Wierzbinski

Mr. Stefan Wierzbinski is a Executive Vice President - Europe of Granite Real Estate Investment Trust. He is responsible for executing Granite’s strategic initiatives in Europe as it relates to acquisitions, dispositions, development, leasing and management of Granite’s European real estate portfolio. He is also responsible for the European Magna relationship and for the administration of the European subsidiaries, office and operations. He joined Granite in 2001. From 1997 to 2001, Mr. Wierzbinski worked with Arthur Andersen in Vienna, Austria as a tax consultant and auditor in several industries, including construction and real estate. Mr. Wierzbinski holds a Masters in Business Administration from the University of Business Administration in Vienna, Austria.

Peter Aghar

Mr. Peter Aghar is Independent Trustee of the Company. Mr. Aghar is the founder and President of Crux Capital Corporation, a value-add real estate investor, developer and venture capital investor active across Canada. Since 2013, Crux and its partners have purchased over three million square feet of commercial property and are participating in over one million square feet of development. Mr. Aghar has a successful 20+ year track record as an opportunistic value investor on an institutional scale, having been responsible for more than 100 real estate transactions totaling over $10 billion in value. Transactions have consisted of investments in Canada, the United States and internationally, including equity investments, developments, joint ventures, structured and mezzanine debt, open and closed end private equity funds as well as the privatization and launch of several public entities. Mr. Aghar was formerly President and Chief Investment Officer of KingSett Capital and a Managing Director of Institutional Accounts at GE Capital Real Estate. Mr. Aghar is a board member of a number of companies and investment funds as well a member of the Young Presidents’ Organization. He is a CPA, a CMA and a graduate of the University of Waterloo with an Honors Mathematics Degree.

Donald Clow

Mr. Donald E. Clow is Independent Trustee of the Company. Mr. Clow has been the President and Chief Executive Officer of Crombie REIT, a Canadian real estate investment trust that owns and operates shopping centres, freestanding grocery stores and office buildings with an enterprise value of approximately $4.75 billion, since 2009. Prior to joining Crombie REIT, Mr. Clow was the President of ECL Developments Limited, a real estate development subsidiary of Empire Company Limited (“Empire”). Prior to joining Empire, he was the President of Southwest Properties, an entrepreneurial real estate developer and owner of commercial and residential property. Mr. Clow serves on the Board of Trustees of Crombie REIT, the Board of Governors of Acadia University, the Board of Directors for REALpac, the BOMA National Advisory Board and the ICSC Foundation Canada. Mr. Clow holds a Bachelor of Business Administration from Acadia University, earned his CA designation with KPMG and was designated a Fellow Chartered Accountant in 2002. He is a recent graduate of the YPO President’s Program in Leadership at the Harvard Business School and is a member of World Presidents’ Organization.

Remco Daal

Mr. Remco Daal is Independent Trustee of the Company. Mr. Daal has been President of Canadian Real Estate for QuadReal Property Group since its establishment in June 2016, responsible for QuadReal’s domestic operations, including investment, development, and the management operation of the Canadian property portfolio. QuadReal is a global real estate company owned by the British Columbia Investment Management Corporation (bcIMC), one of Canada’s largest institutional investors, and has managed assets valued at over $18 billion. From 2000 to 2016, Mr. Daal worked at Bentall Kennedy Group, one of North America’s largest real estate investment advisors and Canada’s largest property manager, most recently as President and Chief Operating Officer from 2009 to 2016. Prior to joining Bentall Kennedy, Mr. Daal held senior positions with CIBC Development Corporation and a private Toronto-based development company. Mr. Daal has over 25 years of experience in the real estate sector. Mr. Daal currently serves on the board of Parkbridge Lifestyle Communities Inc. as well as the Faculty Advisory Board of UBC’s Sauder School of Business.

Samir Manji

Mr. Samir A. Manji is Independent Trustee of the Company. Mr. Manji has a long history in real estate. He is the founder and Chief Executive Officer of Sandpiper Group, a Vancouver-based real estate private equity firm established in 2016. In the early 90’s, Samir founded Amica Mature Lifestyles Inc. (a public company listed on the TSX), where he built Canada’s leading luxury seniors housing brand, and was the Chairman and Chief Executive Officer of the company until exiting in 2015 with the sale of the company to Ontario Teachers’ Pension Plan for an enterprise value of $1.1 billion. Through his family-controlled company, Barney River Investments Ltd., he has been involved in over $2 billion in hospitality, seniors housing and multifamily residential real estate acquisitions and dispositions. Over the past decade, Barney River has acquired several significant properties in the Greater Toronto Area, including the Hilton and Westin Harbour Castle hotels in downtown Toronto. Mr. Manji was recognized in 2006 as a recipient of Canada’s Top 40 Under 40 and was also named the Ernst & Young Entrepreneur of the Year award winner in the business-to-consumer products and services category in British Columbia in 2010. Mr. Manji graduated from the University of Waterloo and received his CPA, CA with KPMG LLP in Toronto. He is an active member of the Young Presidents’ Organization and he is the current President of the Ismaili Council of British Columbia.

Aladin Mawani

Mr. Aladin W. (Al) Mawani is Independent Trustee of the Company. Mr. Mawani is currently a Principal of Exponent Capital Partners Inc., a private equity investor and real estate advisory firm. Mr. Mawani has over 35 years of experience in the commercial real estate industry. His 15-year c-suite experience includes: 11 years as Executive Vice President & Chief Financial Officer of then TSX-listed Oxford Properties Group from 1989 to 2001, President & Chief Executive Officer of TSX-listed Calloway / SmartCentres REIT from 2011 to 2013, and President & Chief Executive Officer of privately-owned Rodenbury Investments in 2015 and 2016. He was an executive at a private equity investment firm from 2002 to 2004. He has served on many TSX-listed boards since 2002, including serving as chair of audit committees and governance and compensation committees. Mr. Mawani has also been a director of Extendicare Inc. since December 2017. Mr. Mawani is a CPA and CA, and has a Master of Business Administration from University of Toronto and a Masters in Law from York University.

Gerald Miller

Mr. Gerald J. (Gerry) Miller is Independent Trustee of Granite Real Estate Investment Trust. Mr. Miller was Executive Vice President, Finance and Chief Financial Officer of West Fraser Timber Co. Ltd. (“West Fraser”) from January 2009 until his retirement in July 2011. Mr. Miller has been a director of West Fraser since April 2012. From February 2007 to December 2008, Mr. Miller’s principal occupation was Executive Vice President, Operations of West Fraser. Prior to that, since 1986, Mr. Miller held several other senior finance, administration and operations offices at West Fraser, including Vice-President, Corporate Controller; Vice-President, Administration; and Executive Vice-President, Pulp and Paper. Mr. Miller is an experienced CPA and CA and has been a member of the Chartered Professional Accountants of British Columbia and the Chartered Professional Accountants of Canada for over 30 years. Prior to joining West Fraser in 1986, he was a Senior Audit and Tax Manager with one of the major Canadian Chartered Professional Accounting firms. Mr. Miller holds a Bachelor of Commerce degree from the University of British Columbia.

Jennifer Warren

Ms. Jennifer Warren is Independent Trustee of the Company. She was Managing Director and Head, U.S. Region and President and CEO of CIBC World Markets Corp. for Canadian Imperial Bank of Commerce (CIBC) from 2013 to 2017 responsible for all business and governance functions of CIBC’s operating business in the U.S. Prior to this role, Ms. Warren was Senior VicePresident, General Counsel (Canada) for CIBC from 2006 to 2013, responsible for the Canadian legal team of CIBC, as well as the Privacy and Ombudsman Office and the global documentation team. She managed a 100- person team who provided a comprehensive range of legal services to the bank’s main businesses: CIBC Retail and Business Banking, Wealth Management, and Wholesale Banking. Ms. Warren began her career in 1990 as a corporate/commercial lawyer with Blake, Cassels & Graydon LLP. In 1996, she joined Rogers Communications Inc. (RCI), the parent company of the Rogers group of companies. Ms. Warren became Vice-President, Assistant General Counsel of RCI in 2000 and became the senior legal advisor to, and member of, the senior management team, as well as, a key member of the corporate team responsible for acquisitions, divestitures, financings, strategic alliances, outsourcings and private investments. Ms. Warren holds a Bachelor of Laws and a Bachelor of Science from the University of Toronto.

Basic Compensation

Name Fiscal Year Total

Kelly Marshall

105,000

Kevan Gorrie

--

Ilias Konstantopoulos

1,034,920

Lorne Kumer

1,335,140

Stefan Wierzbinski

694,065

Peter Aghar

77,500

Donald Clow

165,126

Remco Daal

79,500

Samir Manji

67,000

Aladin Mawani

87,500

Gerald Miller

173,876

Jennifer Warren

--
As Of  31 Dec 2017