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Growing Chorus of Unitholders Calling For Change at Granite, FrontFour and Sandpiper Remind Unitholders To Vote The BLUE Proxy Today

June 12, 2017

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TORONTO, June 12, 2017 – FrontFour Capital Group LLC (“FrontFour”) and Sandpiper Group (“Sandpiper”), owners of approximately 6.2% of the outstanding stapled units of Granite Real Estate Investment Trust ("Granite") (GRT.UN:TSX, GRP.U:NYSE), wish to thank unitholders for their strong support to-date and note that British Columbia Investment Management Corporation (“bcIMC”) has now publicly posted their voting records for 2017 which indicate that they have cast their vote on our BLUE proxy FOR FrontFour and Sandpiper’s nominees and WITHHELD their vote from current board members, G. Wesley Voorheis, Peter Dey and Brydon Cruise. With a global portfolio of more than $120 billion, bcIMC is one of Canada's largest institutional investors within the capital markets and a well respected expert when it comes to good governance. bcIMC invests on behalf of public sector clients in British Columbia.

“We are voting in favor of the dissident's nominees, and other new nominees, as the existing company board has perpetuated poor governance and compensation practices despite shareholders' concerns.”

- bcIMC’s 2017 Proxy Voting Record

As a reminder, both Institutional Shareholder Services Inc. ("ISS") and Glass, Lewis & Co., LLC ("Glass Lewis"), have also recommended that unitholders support FrontFour and Sandpiper’s nominees and WITHHOLD their vote from current board members, G. Wesley Voorheis (Chairman), Peter Dey (Vice Chairman) and Brydon Cruise (Compensation Committee Chair).

FrontFour and Sandpiper also wish to remind unitholders to vote only the BLUE proxy card FOR the election of all of FrontFour and Sandpiper’s highly-qualified nominees, Al Mawani, Peter Aghar and Samir Manji, and WITHHOLD their vote from G. Wesley Voorheis, Peter Dey and Brydon Cruise prior to our deadline of 12:00 p.m. (Noon) E.T. today. However, we will continue to accept unitholders’ BLUE proxy card up until Granite’s voting deadline of 10:00 a.m. E.T. on Tuesday, June 13, 2017.

If elected to the Board of Trustees of Granite, our nominees are committed to working collaboratively with the new board and management team to ensure a seamless transition. We intend to move forward productively to deliver value to all unitholders.


Concerned unitholders of Granite REIT along with ISS and Glass Lewis recommend that unitholders vote their BLUE form of proxy FOR FrontFour and Sandpiper’s nominees prior to 12:00 p.m. E.T. on Monday, June 12, 2017.

If you require any assistance in completing your BLUE form of proxy, please contact our strategic unitholder advisor and proxy solicitor, Kingsdale Advisors (“Kingsdale”) by telephone at 1-855-682-4840 toll-free in North America or call collect at 416-867-2272 outside of North America or by e-mail at

Even if you have voted the White proxy, it is not too late. A later-dated BLUE proxy will replace any previously voted White proxy.

For further information, contact Zachary George at FrontFour Capital Group LLC – (203) 274-9053 or Samir Manji at Sandpiper Group – (604) 558-4885.

Frontfour Capital Group LLC

FrontFour Capital Group LLC, located in the United States at 35 Mason Street, Greenwich, CT 06830, was formed in December 2006. FrontFour Capital Group LLC is registered with the Securities & Exchange Commission as an investment adviser under the Investment Advisers Act of 1940, as amended.

Sandpiper Group

Sandpiper is a Vancouver-based private equity firm focused on investing in real estate through direct property investments and securities. For more information about Sandpiper, visit

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