Hamburg. Düsseldorf Cologne. Frankfurt. Stuttgart. Munich. *As at May 1 4, 201 5

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2 Hamburg Düsseldorf Cologne Frankfurt Stuttgart Munich *As at May 1 4,

3 Key metrics Occupancy (1) 85.3% 86.4% Average in-place net rent per sf (1) Market rents above in-place rents (1) 2.9% 2.2% 5% AFFO/Unit increase in 2014 FFO/Unit $0.88 $0.85 AFFO/Unit $0.83 $0.79 AFFO Payout Ratio 96% 101% Distribution/Unit $0.80 $0.80 Improving AFFO Quality 65% AFFO 35% 47% Initial Properties New Acquisitions AFFO 53% 11.3% 2014 Total Return (1 ) metrics reflect owned share of joint venture properties. 3

4 Acquisitions $400+ million Dispositions $130+ million 1 million square feet of leasing 69% tenant retention 5% increase in AFFO/unit 4

5 Unemployment rate (in %) Germany is the Eurozone s largest economy and the world s 4 th largest economy; German unemployment at 4.8%, among lowest in EU; German government posted GDP growth of 1.6% in 2014, higher than the GDP growth throughout the European Union and increased 2015 GDP growth projection to 1.8%; German Unemployment Rate March % Jan Jan Jan Jan Jan Jan Jan Jan Source: ILO labourmarket statistics, Destatis Germany remains one of the most highly sought after real estate investment markets in Europe with the total investment volume for commercial real estate reaching 40 billion in 2014, the best result since 2007; GDP Growth Rate 5% 4% 3% Germany Eurozone 2% Mortgage rates in Germany are among the lowest in recent history, as increased competition in the German lending market has put pressure on credit spreads. For example, we recently locked in a 10-year mortgage at an interest rate of 1.71%. 1% 0% -1 % -2% Source: OECD Economic Outlook

6 Rents Continue to Increase Record Cap Rate to Bond Rate Spread /sqm/month Berlin Dusseldorf Frankfurt Hamburg Cologne Munich Stuttgart 6% 5% Spread Office Yields (Big 7 average) 10 yr Bund Rates % % % * 1% 0% -1% Source: JLL Net Absorption in Big 7 Source: JLL Record Low Vacancy Rate Berlin Dusseldorf Frankfurt Hamburg Large office stock (more than twice the size of Canada s top 7 markets) Limited new construction (available space under development is less than 1% of the existing stock) Strong and diversified local economies.000 m² 1,400 1,200 1, * % Cologne Munich Stuttgart * Source: JLL Source: JLL 6

7 We entered into a strategic joint venture partnership with Public Official Benefits Association (POBA), a South Korean pension fund to sell a 50% interest in eight of our properties for 247 million, including recently completed sale of Officium in Stuttgart. This transaction allowed us to leverage our operating platform and redeploy the proceeds into highly accretive opportunities such as Cologne Tower and Millerntorplatz. We expect that this transaction will add approximately 3 4 cents in AFFO per unit We realized a significant cap rate compression from 6.3% as at acquisition to 5.4% on sale The net proceeds were invested in assets of comparable or higher quality at an average cap rate of 5.9% The REIT will be receiving asset management and leasing fee income of $ 1.3 million p.a. from POBA The transaction provided us with the opportunity to refinance over $150 million of mortgages at 90 bps lower interest rates when reinvesting the proceeds, while increasing the term to maturity by over 4 years The REIT realized a cash gain of approximately $100 million (100% of the assets) over our acquisition price, including the recovery of land transfer tax and financing costs 7

8 Feldmühleplatz, Düsseldorf Werner-Eckert Str., Munich doubleu, Düsseldorf Cäcilium, Cologne Moskauerstr., Düsseldorf Over $1.8 billion in acquisitions since IPO with 30 properties added to portfolio Z-Up, Stuttgart Werfthaus, Frankfurt Oasis III, Stuttgart twenty2nd, Munich Millerntorplatz 1, Hamburg My Falkenried, Hamburg Officium Stuttgart ABC Bogen, Hamburg k.26, Frankfurt Cologne Tower, Cologne Europahaus, Darmstadt 8

9 Purchase Price: $160 million Cap rate: 5.4% Interest rate: 1.77% Debt term: 10-year fixed GLA: 297,000 sf Occupancy: 100% WALT: 6.2 years LEED Gold multi-tenant office property and dominant feature of Cologne s skyline with tenants including Boston Consulting Group, IQWig, Liberty Mutual Group and Swiss Live Select. 9 9

10 Purchase Price: $136 million Cap rate: 6.1% Interest rate: 1.71% Debt term: 10-year fixed GLA: 375,000 sf Occupancy: 89% WALT: 5.3 years Multi-tenant property, built in 1997 and leased to a variety of tenants including Germany s largest state pension fund and the City of Hamburg

11 201 4 Property / Location Werner-Eckert, Munich My Falkenried, Hamburg Officium, Stuttgart Europahaus, Darmstadt Cologne Tower, Cologne GLA (sf) 64, , , , ,700 Purchase Price $22 mln $92 mln $68 mln $57 mln $1 60 mln Cap Rate 6.5% 6.2% 6.6% 6.7% 5.4% Interest Rate / Term 1.98% / 5 years 2.33% / 7 years 1.99% / 7.5 years 1.82% / 8 years 1.77% / 1 0 years GLA (mln sf) Purchase Price Cap Rate Interest Rate Debt Term Properties 1.1 mln $ 259 mln 7.2% 2.53% 5.7 years Properties 2.8 mln $1,01 5 mln 6.7% 2.58% 6.6 years Properties 1.1 mln $402 mln 6.0% 1.92% 8.4 years Property 0.4 mln $1 36 mln 6.1 % 1.71 % years Total Acquisitions 5.4 mln $1.8 bln 6.6% 2.3% 7.1 years 11 11

12 Top 1 0 Tenants Industry Total Annualized GRI (%) Credit Rating 1 Postal Services / Logistics 26.3 BBB+/Stable 2 Prof. Services / Legal 3.5 n/a 3 Insurance 3.1 AA- 4 Energy/Technical Equipment Services 2.5 n/a 5 German State Pension Fund 2.1 n/a 6 Financial Services 2.0 A+ 7 Financial Services 1.7 A+ 8 Entertainment 1.6 n/a 9 Internet 1.3 AA 10 Shipping/Logistics 1.3 BBB+ Sources: Bloomberg, Dream Asset Management, Standard & Poor s, Fitch 12

13 Reduced overall exposure to largest tenant Over the last three years, we reduced the exposure to Deutsche Post from 85% to 26% of its total gross rental income. Active capital recycling program Since 2012, we sold or have under contract for sale 87 properties for approximately $230 million and redeployed the proceeds into newer high quality properties. Took advantage of large blocks of contiguous space Took advantage of large blocks of contiguous vacant space terminated by Deutsche Post, as the buildings became attractive to larger users; Signed over 585,000 sq. ft. of new leases pertaining to 2012 terminations, including the leasing of 417,000 sq. ft. that Deutsche Post vacated as well as absorbing over 168,000 sq. ft. of previously existing vacancy. Mitigated loss of gross rental income due to proactive discussions with tenant Renewed or extended significant amount of space initially subject to early terminations through proactive discussions with Deutsche Post and Postbank, mitigating the overall exposure to these early terminations. Diversification of the Tenant Base % of GRI generated by tenants other than Deutsche Post IPO Q Q Q Q Terminations Replaced, 76% of GRI Total Dispositions In $ millions YTD Terminations Replaced, 77% of GRI Closed and under contract 13

14 Over 1 million sf leased in 2014 Average remaining lease term of 4.4 Years 14 14

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16 Overall term to maturity extended by 1 year 1516

17 Dream Unlimited Corp. (TSX: DRM) Asset Management & Management Services / Publicly listed funds Operating Businesses Dream Office REIT Dream Global REIT Dream Industrial REIT Dream Hard Asset Alternatives Trust Housing & Urban Development Land Development Renewable Power Largest Office REIT in Canada Largest Global REIT in Canada One of the Largest Dedicated Industrial REITs in Canada Dream platform provides: Asset management capabilities Transaction and capital markets expertise Track record of development & value creation Synergies realized across broad platform Fund for New Opportunities for Hard Asset Investments Dream has: 20 year history in real estate and as a renewable power developer, manager and investor Completed ~$20 billion of real estate and alternative investment transactions 1,000+ dedicated professionals in all disciplines 17 17

18 Chief Executive Officer Jane Gavan Chief Executive Officer Industry Experience: 27 yrs Chief Financial Officer Acquisitions Portfolio Management Asset Management Germany Rene Gulliver Chief Financial Officer Industry Experience: 36 yrs Bruce Traversy Head of Investments Industry Experience: 26 yrs Alexander Sannikov Portfolio Manager Industry Experience: 9 yrs Anne Braun Head of Asset Management Industry Experience: 13 yrs Finance & Controlling Luxembourg Acquisitions Germany Leasing Germany Value Creation Germany Cengiz Coelhan Head of Finance & Controlling Industry Experience: 9 yrs Kim Andersson Investments Industry Experience: 11 yrs Michael Schwöbel Head of Leasing Industry Experience: 17 yrs Mark Göhring Strategic Assets Projects Industry Experience: 24 yrs 19 18

19 Dream Global REIT s properties are locally managed by a team of 50 professionals in six offices across Europe Operating history with the properties Highly experienced in leasing, operations, asset repositioning and the management of capital expenditures Well connected in the local markets Focus on strong tenant relationships Dream Global s management offices are located in: Frankfurt (German head office) Munich (Leasing) Cologne (Leasing) Hamburg (Leasing) Halle (Leasing) Luxembourg (Finance & Compliance) 19

20 Comparison is based on May 14, 2015 closing prices 320

21 Unique opportunity to gain exposure to Germany, one of the best real estate market in Europe German real estate fundamentals are expected to remain strong and outperform the rest of Europe Local economy is diversified with low unemployment of 4.8% The vacancy rate in the Big 7 office markets is at the lowest level since 2002 Active asset management through our strong operating platform and local depth of expertise We have 50 experienced and dedicated real estate professionals on the ground in Europe Our team has leased over 3 million square feet of commercial space since inception Market rents in our initial portfolio are currently 14% above in-place rents, providing upside upon re-leasing Significant improvement in asset quality and tenant diversification have lead to stable, high quality cash flows Gross rental income (GRI) from Deutsche Post, which was 85% at the time of IPO, is now at 26% As at Q1 2015, 70% of our AFFO was generated by new, high quality, well located office properties in most desired markets We continue recycling capital by selling our Initial Properties at book value or better capitalizing on the cap rate compression and value appreciation through development opportunities. 321

22 Strategic JV opportunities to leverage our operating platform and access to capital globally Our partnership with POBA highlights the value of our management platform in Germany The REIT intends to pursue future joint venture investment opportunities alongside POBA or other partners Pipeline of good acquisition opportunities Dream Global has been among the top 3 buyers of German office properties over the last three years We have established ourselves as a well-known player in the market and our ability to close deals is well recognized by lenders, leading to repeat deals Historically low interest rate environment On average, our acquisitions have been completed at a ~400 bps spread between cap rate and cost of financing, which equate to 10-12% levered returns on equity Present interest rate environment offers opportunities to generate attractive returns on future acquisitions as well as refinance our existing debt 422

23 Acquisitions $400+ million Dispositions $130+ million 1 million square feet of leasing 69% tenant retention 5% increase in AFFO/unit 23

24 Appendix 1 Case Studies 24 24

25 Before After Atrium Entrance Darmstadt is one of the largest buildings in the REIT s initial portfolio. Subsequent to the Deutsche Post termination, we leased a portion of the space and worked quickly to transform the interior and exterior of the building to enhance the appeal of the asset to prospective tenants. In Q1 2014, we leased an additional 72,000 sf at a term of 10 years and at an average rent that is almost 30% better than former DP rents. The tenant is a large educational institution with strong solvency rating. The asset is now almost fully leased. With our leasing efforts at Darmstadt, the value of the asset increased by 60%. Interior Interior 25 25

26 Before After Entrance Our 170,000 sf office property in Bremen is another example of a large and successful repositioning project. After Deutsche Post terminated space in 2012, the occupancy dropped to 70%. Our leasing team aggressively marketed the space, upgrading both the front entrance and the lobby. These transformations have helped in leasing the space to a wide range of tenants, including 33,400 sf to the City of Bremen. Today, the property is 93% leased with an average term of 10 years with higher income, longer lease terms and a better tenant mix driving cap rate compression and value appreciation of over 20%. Lobby 26

27 Existing Retail New Retail Concept Millerntorplatz in Hamburg is one of our most recent acquisitions. The property is well located right next to a subway station and has a significant retail component. One of the opportunities we identified as part of our underwriting was to intensify the retail area by converting the atriums into retail space. As part of this project we anticipate to be able to create approximately 10,000 sq. ft. of high quality and high value space, increase rents throughout the retail component and ultimately add value to the entire property. 27

28 Feldmühleplatz in Düsseldorf was acquired in November It is a fully leased modern office complex located minutes away from the central business district. At the time of acquisition one tenant, Grohe, accounting for nearly 1/3 of the GLA, was scheduled to expire in the near term. In Q we renewed the lease Grohe for a term of 5 years. Currently, the property has a WALT of 8 years, which resulted in an appreciation of the value by more than 10%. In addition, the property has further long-term upside potential as the area around the property is the absolute top residential location in the city with condominium prices as high as 10,000 per square meter, representing over 300% of our purchase price. 28

29 Appendix 2 Big 7 Markets 29

30 Rents Net Absorption /sqm/month Achieved Maximum Rent Prime Rent 50 Weighted Average Rent Q1 10 Q1 11 Q1 12 Q1 13 Q1 14 Q , , , , , ,000 80,000 30,000-20,000-70, , , , ,000 44,700 34, Tenant Mix by Business Sector Q Office Vacancy Key Trends: Munich Dream Global (1 ) 4% 5% 6% 7% 9% 7% 16% Business Services Manufacturing IT Public Administration Media, Publishing 16% Construction, Real Estate Social and personal Services Trade Banking, Finance 12% Education, Health, Social 9% Others, unknown 9%,000 sqm 2,500 Vacancy incl. sub-lettings (in 000s sqm) Vacancy Rate (in %) 2,000 1,500 1, Q1 15 % Prime Rents Average Vacancy Rate 6.5% 2.7% (1 ) Metrics pertaining to Dream Global REIT s Acquisition Properties in Munich 2014 Total Investment Volume 5 mln Prime Yield 4.0% Source: JLL 30

31 Rents Net Absorption /sqm/month Achieved Maximum Rent Prime Rent Weighted Average Rent 0 Q1 10 Q1 11 Q1 12 Q1 13 Q1 14 Q , , , , , ,000 80,000 30,000-20,000-70, , ,200 52,400 87,600 66,700-50, * Tenant Mix by Business Sector Q Office Vacancy Key Trends: Berlin Dream Global (1 ) 3% 2% 3% 5% 6% 20% Source: JLL 7% 8% 23% 11% 12% New Media Education, Health, Social Construction, Real Estate Media, Publishing Business Services IT Public Administration Manufacturing Social and personal Services Trade Others, unknown Vacancy incl. sub-lettings (in 000s sqm),000 sqm Vacancy Rate (in %) 1,750 1,500 1,250 1, Q1 15 % Prime Rents Average Vacancy Rate 7.5% 1.7% (1 ) Metrics pertaining to Dream Global REIT s Acquisition Properties in Berlin Transaction volume of at least 4.4 mln 40% international investors Prime Yield 4.5% 31

32 Rents Net Absorption /sqm/month 5 Achieved Maximum Rent Prime Rent Weighted Average Rent 0 Q1 10 Q1 11 Q1 12 Q1 13 Q1 14 Q , , , , , ,000 80,000 30,000-20,000-70, , , ,600 72,000-18,400 10, Tenant Mix by Business Sector Q Office Vacancy Key Trends: Hamburg Dream Global (1 ) 2% 3% 4% 4% 5% Source: JLL 19% Public Administration 27% Business Services 6% 7% 9% 14% Construction, Real Estate Media, Publishing Manufacturing Trade Social and personal Services Education, Health, Social Transport, Storage Banking, Finance Others, unknown,000 sqm Vacancy incl. sub-lettings (in 000s sqm) 1,500 Vacancy Rate (in %) 1,250 1, Q1 15 % Prime Rents Average Vacancy Rate 6.9% 4.6% (1 ) Metrics pertaining to Dream Global REIT s Acquisition Properties in Hamburg 2014 Total Investment Volume 3.5mln Prime Yield 4.3% Under Construction (000s) sqm 32

33 Rents Net Absorption /sqm/month Achieved Maximum Rent Prime Rent Weighted Average Rent Q1 10 Q1 11 Q1 12 Q1 13 Q1 14 Q , , , , , ,000 80,000 30,000-20,000-70, , ,800 96, ,700 34,200-67, Tenant Mix by Business Sector Q Office Vacancy Key Trends: Frankfurt Dream Global (1 ) 5% 8% 5% 8% Source: JLL 4% 3% 2% 4% 9% 12% Banking, Finance Business Services Education, Health, Social Manufacturing 40% IT Media, Publishing Public Administration Social and personal Services Construction, Real Estate Insurance Others, unknown 2,000 1,750 1,500 1,250 1, ,000 sqm Vacancy incl. sub-lettings (in 000s sqm) Vacancy Rate (in %) Q1 15 % Prime Rents Average Vacancy Rate 1 0.2% 2.2% (1 ) Metrics pertaining to Dream Global REIT s Acquisition Properties in Frankfurt 2014 Total Investment Volume 5.5 mln Prime Yield 4.4% 33

34 Rents Net Absorption /sqm/month 5 Achieved Maximum Rent Prime Rent Weighted Average Rent 0 Q1 10 Q1 11 Q1 12 Q1 13 Q1 14 Q , , , , , ,000 80,000 30,000-20,000-70, , ,000 99,100 73,800-7,400-22, Tenant Mix by Business Sector Q Office Vacancy Key Trends: Dream Global (1 ) 14% 15% Business Services Manufacturing 4% IT 4% Construction, Real Estate 15% Telecommunication 4% Trade 5% Public Administration Banking, Finance 8% 11% Media, Publishing Social and personal Services 10% 10% Others, unknown Source: JLL 1,250 1, ,000 sqm 0 Vacancy incl. sub-lettings (in 000s sqm) Vacancy Rate (in %) Q1 15 % Prime Rents Average Vacancy Rate 1 0.3% 1.3% (1 ) Metrics pertaining to Dream Global REIT s Acquisition Properties in Düsseldorf 2014 Total Investment Volume 2.0 mln Prime Yield 4.4% 34

35 Rents Net Absorption /sqm/month 5 Achieved Maximum Rent Prime Rent Weighted Average Rent 0 Q1 10 Q1 11 Q1 12 Q1 13 Q1 14 Q , , , , , ,000 80,000 30,000-20,000-70, ,300 69,500 80,100 70,300-13,100-38, Tenant Mix by Business Sector Q Office Vacancy Key Trends: Stuttgart Dream Global (1 ) 1% 1%1% 2% 4% 6% 7% 8% Source: JLL 12% Manufacturing 10% 48% Business Services Public Administration IT Education, Health, Social Trade Banking, Finance Transport, Storage Media, Publishing Insurance Others, unknown,000 sqm Vacancy incl. sub-lettings (in 000s sqm) Vacancy Rate (in %) Q1 15 % Prime Rents Average Vacancy Rate 5.1 % 4.6% (1 ) Metrics pertaining to Dream Global REIT s Acquisition Properties in Stuttgart 2014 Total Investment Volume 1.2 mln Prime Yield 4.6% 35

36 Rents Net Absorption /sqm/month Achieved Maximum Rent Prime Rent Weighted Average Rent 380, , , , , ,000 96, , , Q1 10 Q1 11 Q1 12 Q1 13 Q1 14 Q ,000 30,000-20,000-70,000 34,200 27,700-67, Tenant Mix by Business Sector Q Office Vacancy Key Trends: Cologne Dream Global (1 ) 4% 2% 2% 3% 4% 5% 6% Source: JLL 12% 14% 27% 21% Business Services IT Public Administration Trade Manufacturing Media, Publishing Construction, Real Estate Education, Health, Social Social and personal Services Banking, Finance Others, unknown,000 sqm Vacancy incl. sub-lettings (in 000s sqm) 800 Vacancy Rate (in %) Q1 15 % Prime Rents Average Vacancy Rate 6.3% 0.3% (1 ) Metrics pertaining to Dream Global REIT s Acquisition Properties in Cologne 2014 Total Investment Volume 1.3 mln Prime Yield 4.5% 36

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38 Jane Gavan CEO (416) Rene Gulliver CFO (416) Alexander Sannikov Portfolio Manager (416)