Dream Office - Historical Unit Price & Key Events $25.00 $24.00 - PowerPoint PPT Presentation

Dream Office - Historical Unit Price & Key Events $25.00 $24.00 Announcement of $1.7 B Portfolio Sale & $440 M SIB $23.00 Announcement of Strategic Plan $22.00 Dream Office Unit Price ($) AB Portfolio Writedown $21.00 & Commencement of AB Disposition Program Announcement of $240 M SIB $20.00 $19.00 Disposed of $1.8 B of Assets $18.00 $17.00 Price Performance Since Jan 1, 2016: $16.00 Dream Office REIT: 43.4% 1 $15.00 TSX Capped REIT Index: 21.4% 1 Disposed of $0.9 B of Assets $14.00 1-Jan-16 1-Apr-16 1-Jul-16 1-Oct-16 1-Jan-17 1-Apr-17 1-Jul-17 1-Oct-17 1-Jan-18 1-Apr-18 1-Jul-18 1. As at August 13, 2018 Source: Bloomberg

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High concentration of well connected assets in Downtown Toronto 60% of our total portfolio is located on this map 98.6% in-place and committed occupancy 5.0 years weighted average lease term Close proximity to public transit Intensification and redevelopment potential at 250 Dundas St. W., 212 King St. and 357 Bay St.

Downtown Toronto - Historical Vacancy and Absorption 14.0% 3,500,000 3,000,000 12.0% 2,500,000 Absorption (Sq. Ft.) 10.0% 2,000,000 Vacancy (%) 7.3% 8.0% 6.9% 6.1% 1,500,000 5.9% 5.2% 5.1% 6.0% 5.0% 4.4% 1,000,000 3.7% 4.0% 500,000 2.0% 0 0.0% -500,000 2009 2010 2011 2012 2013 2014 2015 2016 2017 Vacancy Rate (LHS) Absorption (RHS) Source: CBRE 15.0% $32.00 Downtown Toronto Office Market $31.00 12.5% $30.00 $29.00 10.0% $28.00 7.5% $27.00 $26.00 5.0% $25.00 $24.00 2.5% $23.00 0.0% $22.00 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 16 17 17 17 17 18 18 Downtown Office (Vacancy - Class A) Downtown Office (Avg. Class A Net Rent) Source: CBRE

Business Environment: Quality-Cost Index Total Labour Force Size Source: fDi Benchmark (2017) Source: StatsCanada, US Bureau of Labour Statistics (July 2017)

1,400 $35.00 1,200 $30.00 Lease Expiry (000s SF) $25.95 $24.42 $23.88 $22.69 $22.25 1,000 $25.00 $21.38 Rent ($ / SF) 800 $20.00 600 $15.00 400 $10.00 200 $5.00 0 $0.00 2018 2019 2020 2021 2022 2023+ Expiries (000s SF) Exp. Rent ($/SF)