Dream Hard Asset Alternatives Trust Investor Presentation (October 2014) 1
Forward Looking Information This summary contains forward-looking information within the meaning of applicable securities legislation, including, but not limited to, statements regarding (i) expected distributions; (ii) expected rates of return on renewable power investments; and (iii) the expected completion of proposed renewable power investments and mortgage transactions. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream and Dream Hard Asset Alternatives Trust’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. The estimates and assumptions, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth in this presentation as well as the following: (a) our expected distribution rate depends on the distributions received from Dream Alternatives Master LP which may be affected by numerous factors including the results of operations of, and investments held by Dream Alternatives Master LP, economic conditions, debt service requirements and other factors that could differ materially from our expectations all of which are subject to a number of risks; (b) our expected rates of return on renewable power investments are subject to the assumption that the financial returns and other benefits from government contracts relating to these investments are realized on the terms anticipated by Dream; and (c) our proposed renewable power investments and mortgage transactions assume that these transactions will be completed on the timelines and in all material respects on the terms and conditions anticipated by Dream. Risks and uncertainties that may affect forward-looking information include, but are not limited to general and local economic and business conditions, employment levels, regulatory risks, mortgage rates and regulations, environmental risks, consumer confidence, seasonality, adverse weather conditions, reliance on key clients and personnel and competition. Specific risks and uncertainties include the fact that the completion of our renewable power investments and mortgage transactions are subject to a number of conditions which may not be satisfied and there can be no assurances that such transactions will be completed on the terms contemplated by Dream. All forward looking information in this summary speaks as of September 30, 2014. Dream and Dream Hard Asset Alternatives Trust do not undertake to update any such forward looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR (www.sedar.com). 2
Michael Cooper – CEO & Founder of Dream | Portfolio Manager of Dream Alternatives Trust Prior to starting Dream, Michael Cooper was the founder and portfolio manager of Dynamic Real Estate Fund, the first mutual fund in Canada to invest only in publicly traded real estate securities. Michael recently gave up the position of CEO of Dream Office REIT, a position he had held since the founding of the business He is assuming the responsibilities of managing Dream Alternatives Trust (“DAT”) which will be a key strategic focus for Dream. 3
Dream – Who we are Dream has built its business identifying under-valued opportunities in real estate and alternative investments 4 4
Dream – Who we are Dream started as a public company in 1996 with $500,000 of equity We have generated a 46% internal rate of return over the last 11 years to today’s $1.8 billion 5 5
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Our Cumulative Activities as an Asset Manager Since 2007 Leased 20 million square feet of commercial space Completed $4.3 billion of debt financings Raised $4.0 billion of equity Completed almost $11 billion of acquisitions Completed almost $3 billion of asset sales $1.3 billion of aggregate distributions paid to our unitholders since 2003 Formation of a $1 billion hard asset alternative investments trust and we’ve done this all ourselves since 2007 in this building. 7
View of Everything Dream Manages/Owns Dream Unlimited Corp. (TSX: DRM) Asset Management Operating Businesses Dream Office Dream Global Dream Dream Hard Asset Land Housing and Renewable REIT REIT Alternatives Trust Urban Industrial REIT Development Power (TSX: D.UN) (TSX: DRG.UN) (TSX: DIR.UN) (TSX: DRA.UN) Development Largest Office Fund for New Opportunities Largest Global Pure-Play Cdn REIT in Canada in Hard Asset Alternative REIT in Canada Industrial REIT Investments $14.7 Billion of Assets Under Management 8
The Importance of Dream Alternatives Trust A key strategic focus for Dream is the build-out of our asset management capabilities. After extensive due diligence Dream acquired the rights to manage and restructure four ROI Capital funds into the Dream Alternatives Trust (DAT). Dream’s platform benefits DAT: Transaction expertise • Capital markets expertise • Track record of development & value creation • Synergies realized across broad platform • Asset management capabilities • 9
Dream Alternatives Trust | “Best Of” “Best of Dream Fund” for new opportunities. DAT will have the first right to invest in any opportunities that Dream manages requiring capital from investors: Renewable power projects identified by Dream • All lending identified by Dream • And any development opportunities that Dream finds where it is not the developer • 10
Dream Alternatives Trust | Our Objectives Our objectives are to : Provide an opportunity for unitholdersto invest in hard asset alternative investments • Build and maintain a growth-oriented portfolio of real estate, real estate lending and • infrastructure (including renewable power) assets Provide predictable and sustainable cash distributions to unitholderson a tax • efficient basis; and Grow and re-position the portfolio toincrease the overall average rate of return, • providing the opportunity to increase the distributions to unitholdersover time 11
Dream Alternatives Trust | Current Assets (including commitments) Renewable Power Current Hard Assets* Investments 3% Real Estate Income Producing properties through the Properties co-owned • with Dream Office REIT and the Bayfield LP Investments, Development (equity limited partnership investments in retail real estate). 25% Income Producing Real Estate Properties Real estate loans consisting of mortgage/loan investments in • Development Income hotel, land, multi-residential, condominium, retail, retirement 23% 40% Producing Properties home and commercial assets with fixed interest rates. 38% Real Estate Loans Real Estate development through Participating mortgage and • 35% Real Estate Loans co-ownership investments in residential, mixed-use and retail 36% development projects. Renewable Power Commitments • *As at August 31, 2014 Including the renewable energy acquisitions and mortgage loan investments disclosed in the news release of Dream Hard Assets Alternatives Trust dated July 29, 2014. As disclosed in the news release, the renewable energy acquisitions and mortgage loan investments are subject to customary closing conditions and the foregoing allocation assumes these transactions will be completed on the timelines and in all material respects on the terms and conditions anticipated by Dream. 12
Dream Alternatives Trust | Real Estate Development Empire Communities Empire Communities Villarboit, Villarboit, Villamark Villarboit, McLeod Centre Eau Du Soleil Brampton, Ontario 221 Henry Street Markham, Ontario Niagara Falls, Ontario Toronto, Ontario Brantford, Ontario Villarboit, Villarboit, Villarboit, Villarboit, 2125 16 th Street East 890 McKeown Rd Laurentian Square Brookdale Square 13 North Bay, Ontario Owen Sound, Ontario Pembroke, Ontario Cornwall, Ontario
Dream Alternatives Trust | Land Development Projects 2 residential development projects with Empire Communities (low rise residential in Brampton and a two tower • condominium development on Lakeshore Blvd., Toronto). Empire has established a tradition of creating prestigious award winning new homes, new condos and communities in the Greater Toronto, Hamilton and Niagara regions. 7 retail development projects with VillarboitDevelopment Corporation throughout Ontario. Villarboitis a Toronto • based developer of high quality retail properties with a 25 year history. Mixed-use pre-development project in Toronto co-owned and managed by CastlepointStudio Partners. • All are in various stages of development. • 14
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