We believe in building better communities.

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2 has grown substantially since its formation in 1994, becoming one of Canada s leading real estate companies with more than 1,000 employees and approximately 15 billion of assets under management. We are an innovative real estate investment, development and management company primarily focused on the commercial and residential real estate sectors in North America and Europe. Our scope of business includes asset management and management services for four publicly listed funds, land development, housing, condominium and retail development, investment in and management of Canadian renewable energy infrastructure and commercial property ownership and management. We are one of Canada s largest developers, building communities to live in developing land, constructing homes, condominiums, retail centers and driving renewable power projects. We also build communities to work in, bringing office, industrial and retail spaces to life. We invest in and manage properties, enriching them for the people who work there and the greater community. We believe in building better communities. We have an established track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities. Over our 20-year history, we have completed over 20 billion of real estate and renewable power transactions. State Street Financial Centre Toronto, ON

3 Asset Management & Management Services Our asset management and management services businesses include real estate and hard asset alternative investments such as renewable power, real estate loans and mortgages as well as mixed-use, residential and retail developments. It also includes the management of partner interests and asset management of our owned assets. Our investors benefit from our team of highly experienced professionals that oversee each portfolio, with expertise in property management and leasing, acquisitions and dispositions, architecture, urban planning, engineering, construction, finance, accounting and law across a broad spectrum of property types and geographic markets. As the asset manager for almost 60 million square feet of space in over 600 properties across four publicly listed funds, we are on the front line and well-positioned to observe, in real time, the impact of economic trends on the drivers of demand for real property. We believe this access to real time economic data may provide us with a competitive advantage over other developers. Since the formation of the asset manager in 2007, Dream has overseen: 12B in acquisitions 3.7B of dispositions 1B creation of Dream Hard Asset Alternatives Trust In Canada, we manage: 6% of all office properties 1% of all industrial buildings 2% of all wind and solar renewable power projects In Germany we have: 6 local offices assets in the big 7 office markets a partnership with POBA a Korean-based pension fund Scotia Plaza Toronto, ON Dream Office REIT

4 Asset Management & Management Services TSX: DIR.UN Dream provides asset management and management services for Dream Global REIT, Dream Office REIT, Dream Industrial REIT, Dream Alternatives Trust, Dream Van Horne Properties, Dream CMCC Funds, as well as real estate services including property management and leasing for owned and partner assets. TSX: D.UN TSX: DRG.UN Dream Office REIT is Canada s largest office REIT and owns and operates a portfolio of approximately 24 million square feet of high-quality, well-located and attractively priced central business district and suburban office properties located in Canada s key office markets. 7.6B in total assets 24M sq ft of GLA Real Estate Management and Leasing Services Dream provides real estate services including property management and leasing for office, industrial and retail space. Dream Global REIT owns and operates approximately 13 million square feet of office and mixed-use space in Germany. The trust provides investors with exposure to an international real estate market through an established Canadian platform and six local offices. in Europe. 2.5B TSX: DRA.UN Dream Industrial REIT owns and operates approximately 17 million square feet of geographically diverse light industrial properties in key industrial markets across Canada. The property mix provides near-term rent growth opportunities for multi-tenant assets and lower management costs for single-tenant assets. 1.8B in total assets 17M sq ft of GLA Dream Alternatives Trust provides an opportunity for investors to access diversified hard asset alternative investments, including real estate, real estate loans and infrastructure, including renewable power, managed by a highly experienced team. 1B in total assets in real estate income properties, real estate loans, renewable power and development holdings in total assets Dream CMCC Funds 13M sq ft of GLA Dream and Canadian Mortgage Capital Corp. (CMCC) partnered in 2008 to create the Dream CMCC Funds. Currently active are two funds that invest in residential and commercial development and mezzanine financing opportunities with a value of ~87 million. 87M combined fund value Office, Industrial and Retail Space Cologne Tower Cologne, Germany Dream Global REIT Dream and Canadian Pacific (CP) formed Dream Van Horne Properties (Dream VHP) to develop CP s surplus lands in Canada and the United States over the next 20+ years. There is potential for over 4,000 acres of development, with more than 30 residential, commercial, mixed-use and industrial projects identified. 1B in land value

5 Development Dream is one of Canada s largest and most active development companies with a highly experienced in-house team of engineers, architects, and project managers overseeing construction and development. We have extensive experience in land development, including master-planned communities, housing, condominium, mixed-use and retail development, and renewable power infrastructure. Our reputation as one of Canada s leading development companies has led us to many innovative partnerships including the revitalization of Toronto s Distillery District, the King Edward Private Residences, the Pan-American Games Athletes Village, the transformation of Ottawa/Gatineau s Chaudiere Islands into the vibrant and sustainable Zibi community, numerous boutique condominiums in downtown Toronto, as well as a 20-year partnership with Canadian Pacific to develop 4,000 plus surplus acres in key Canadian and US markets. Completed the development and sale of over 18,600 single family lots Projects consisting of 3,800 condos and 3,200 single family lots Dream Development is one of Western Canada s largest land developers with more than 10,000 acres of land under development. We have a long-standing and impressive track record of land development in Calgary, Edmonton, Regina, and Saskatoon, developing livable, thoughtfully designed and highly sought-after master-planned communities. Over the years, we have completed the development and sale of over 18,600 single-family lots. We are focused on converting raw land to the stage where homes, condominiums, mixed-use and retail buildings may be constructed. Established in 2013, Dream Centres is focused on building retail shopping centres primarily within the master-planned communities developed by Dream. Within these master-planned communities, Dream Centres is actively developing over 2 million square feet of retail space on over 200 acres of land. Homes by Dream is dedicated to building Canada s best homes and world-class, award-winning condominium communities. In Regina and Saskatoon, we build well-designed single and multi-family homes, including townhomes and condominiums. In Toronto, we have become a leader in the development of unique, forward-thinking urban condominium communities that integrate retail and compelling public spaces ,100 acres* in Western Canada to be developed over the next years Harbour Landing Regina, SK * includes lands under commitment 1. The Willows Saskatoon, SK 2. Montrose Calgary, AB 3. Zibi Ottawa, ON / Gatineau, QC 4. South Kensington Sasktoon, SK 5. Tamarack Retail Edmonton, AB 6. Tamarack Goodlife Edmonton, AB 7. South Kensington Home Saskatoon, SK 8. The Gooderham Toronto, ON 9. South Kensington Condo Saskatoon, SK

6 Renewable Power Dream and its partners have completed over 1.5 billion of renewable power investments. Dream s asset management platform allows for investments in power infrastructure (renewables, energy storage and transmission), as well as traditional infrastructure (transit, waste and water facilities). Dream finds opportunities to partner with developers who have quality projects, but lack the capital required to construct their projects, as well as opportunities to acquire late-stage or operating projects. Renewable Power Investments include wind projects in Ontario and Nova Scotia, ground mount solar projects in Ontario and rooftop solar projects on industrial and retail properties in Ontario. Currently, all new renewable power investments identified by Dream are placed in Dream Alternatives Trust. 300M annually of renewable power developments have been completed by Dream 2% of all non-hydro (wind and solar) renewable power projects in Canada are managed by Dream 120MW of utility-scale solar has been completed by Dream 100MW of on-shore wind has been completed by Dream 20 MW of distributedgeneration solar has been completed by Dream

7 building better communities Dream Alternatives Trust Launched Dream Global REIT / POBA JV Formed Windmill Dream JV established to develop 37 acres of prime lands in Ottawa / Gatineau Dream Unlimited goes public through spin-out transaction CP Rail / Dream Partnership formed 15B Michael J. Cooper Founder, President and CEO Mr. Michael J. Cooper is the President and Chief Executive Officer of Dream, the Founder of Dream Asset Management Corporation ( DAM ), and the Founder and Portfolio Manager of Dream Hard Asset Alternatives Trust ( Dream Alternatives ). He has an extensive track record in the real estate industry dating back to He helped found DAM (formerly Dundee Realty Corporation) in 1996 and continues to hold the office of Chief Executive Officer. Under his leadership, the business has grown to 15 billion of commercial real estate, residential development and renewable energy infrastructure assets under management. Among his accomplishments, Michael is responsible for the formation of four TSX-listed investment trusts: Dream Office REIT, Dream Global REIT, Dream Industrial REIT and Dream Alternatives Trust. Scotia Plaza and Whiterock REIT acquired Launched Dream Industrial REIT Launched Dream Global REIT which was the most successful Canadian REIT IPO Dream Unlimited wins bid to develop Pan Am Athletes Village, an 800 million development : Acquired 11 operating companies and Arapahoe Basin and established Dream Development and Homes by Dream Launched Dream Office REIT Firelight Infrastructure Partners LP established 2/3rds of Dream Office REIT s assets sold to GE for 2.4B Dream formed with 500,000 of equity Aug 2007 Dec

8 Focus: Land development, housing and condominium development, retail development, asset management for our TSX-listed fund investments in Canadian hard assets, commerical property ownership and renewable energy infrastructure. dream.ca Year commenced: 1996 IRR over last 11 years: 36% 1 Equity at inception: 0.5 Mln Current Mkt Cap: Mln Assets under Management: 15.0 Bln 3 Focus: Canadian Office Year Commenced: 2003 Mkt Cap at Inception: 320M Focus: German Office Year Commenced: 2011 Mkt Cap at Inception: 520M Focus: Canadian Industrial Year Commenced: 2012 Mkt Cap at Inception: 340M Focus: Hard Assets Year Commenced: 2014 Initial Book Value: 725 M Market Cap: 1.9 Bln 2 Total Assets: 7.5 Bln Market Cap: 0.9 Bln 2 Total Assets: 2.4 Bln Market Cap: 0.6 Bln 2 Total Assets: 1.7 Bln Canada s largest office REIT First Canadian REIT to invest exclusively outside of Canada. Largest pure play Canadian Industrial REIT. Provides investors the opportunity to access hard asset alternative investments such as real estate, real estate lending, and infrastructure including renewable power. dream.ca/office officeinfo@dream.ca dream.ca/global globalinfo@dream.ca dream.ca/industrial industrialinfo@dream.ca dream.ca/alternatives alternativesinfo@dream.ca Development Retail, land and residential Asset Management & Management Services Four publicly listed funds, Dream CMCC Funds, Dream VHP development partnership + real estate services Energy & Infrastructure Dream Centres Retail Development Dream Development Land Development Homes by Dream Housing, Condo & Multi-residential Development Dream Office REIT (TSX: D.UN) Dream Industrial REIT (TSX: DIR.UN) 15 Bln AUM Dream Global REIT (TSX: DRG.UN) Dream Alternatives (TSX: DRA.UN) Energy & Infrastructure 1 IRR (Internal Rate of Return) represents the discount rate of annual net cash paid out to shareholders and the equity value (including minority interest) as at September 30, 2015 over the initial investment in Market cap is based on the TSX closing price as of December 11, 2015 and the units or shares outstanding as at December 11, Assets under management is a measure of success against the competition and consists of growth or decline due to asset appreciation, changes in fair market value, acquisitions and dispositions, operations gains and losses, and inflows and outflows of capital. Explore our businesses Dream Unlimited dream.ca Development dream.ca/development Homes dream.ca/homes Centres dream.ca/centres Office dream.ca/office Global dream.ca/global Industrial dream.ca/industrial Alternatives dream.ca/alternatives General Inquiries Contact us: info@dream.ca Leasing Dream offers prime office, retail and industrial spaces in well-located, high-quality properties. To learn more or search for space, visit: dreamleasing.ca For leasing inquiries, contact us: Office space - office.leasing@dream.ca Retail space - retail.leasing@dream.ca Industrial space - industrial.leasing@dream.ca

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