In Investor Pre resentation May 20 2015 1 1 In Investment Su - PowerPoint PPT Presentation

In Investor Pre resentation May 20 2015 1 1

In Investment Su Summary Canada’s largest pure-play office REIT  24.1 million sf of valuable, hard to replicate central business district and suburban office  properties CBD properties generate ~70 % of NOI  Proven track record of value creation by senior management  Strong tenant roster  Significant unrealized value-add/repositioning opportunities  Well diversified by geography, asset & tenant mix  Strong occupancy with staggered lease maturities and rental rate growth  A conservative and flexible balance sheet; 47.6% Debt to GBV  Investment grade credit rating  In our history, we’ve never had a better quality portfolio or a stronger balance sheet with embedded opportunities for growth and value creation. 2

Ou Our r Pla Platfo form rm & & Expe xpert rtise Strong Operational, Development & Leasing Team Jane ne Gavan (1998) Chief Executive Officer Kev evin Hardy (2011) Paul Skea eans (2013) Andrew ew Re Reial (2012) Sharon Mi Mitchel ell (2013) SVP, GTA & Western Canada SVP, Eastern Canada SVP, Western Canada SVP, Operations Management Years of Experience in Years of Experience in Years of Experience in Years of Experience in Commercial Real Estate: Commercial Real Estate: Commercial Real Estate: Commercial Real Estate: 15+ (Bentall) 15+(Oxford Properties) 16 (GWL Realty & CBRE) 25 (Oxford & BMO) Sama manth tha Farrel ell (2012) Joh ohn Shiel elds (2013) Victor Sett ttino o (2013) Iren ene e Au (2006) VP Leasing, Eastern Canada VP Leasing, Eastern Canada VP Commercial Development VP Leasing, Western Canada Years of Experience in Years of Experience in Years of Experience in Years of Experience in Commercial Real Estate: Commercial Real Estate: Commercial Real Estate: Commercial Real Estate: 16 (Oxford Properties, CBRE, 20+ (CBRE) 14 (First Gulf Corporation) 20 (incl. Colliers & O&Y) V&A Properties) 20 20 Expe xperienced leasing professionals located in over 20 20 Markets across Canada 3

Ou Our r Pla Platfo form rm & & Expe xpert rtise Strong Support from Dream Dream’s platform benefits D.un: Dream has… 20 year history in real estate and  Transaction & capital markets expertise  renewable power developer, manager  Track record of development & value and investor creation Completed ~$20 billion of real estate   Synergies realized across broad platform and alternative investment transactions  Asset management & development 178 dedicated professionals in all  capabilities disciplines Extensive network of global JV partners  and financial institution support 4

Reo eorg rganization of Man anagement St Stru ructure re On April 2nd we completed the reorganization of the management structure of  DREAM Office REIT. As a result of the reorganization, the annual management fee, acquisition fee and  capital expenditure fee payable to Dream Asset Management Corporation (“Dream”) have been eliminated. In consideration for the sale, Dream received 4.85 million exchangeable limited partnership units exchangeable for REIT units. Dream will continue to provide strategic oversight on a cost recovery basis.  Dream Office continues to leverage the expertise of the acquisition and financing  teams at Dream. The transaction has resulted in an improved cost of capital and narrowing of the  price/NAV discount for Dream Office. 5

Proven Track Reco Pro ecord of Growth & & Pe Perfo formance Results of Our 6 Year Capital Allocation Strategy Unit Price $12.60 (as at Dec 31, 2008) $ 26.88 (as at May 15 , 2015) Market Capitalization $260 million $2.9 billion 10% 10 1-Year Fwd Consensus AFFO Estimates $2.22 $2.40 annual equiv. total AFFO Payout Ratio (on Consensus Estimates) 99% 93% return since AFFO Multiple (on Consensus Estimates) 5.7x 11.2x inception Annual Distribution / Implied Yield $2.20 / 17.5% $2.24 / 8.3% Consensus NAV Estimate $25.90 $30.72 Total Assets $1.3 billion $7.0 billion NOI by Segment: 90% Office / 10% Industrial 98% Office CBD / Suburban / Other Exposure as a % of NOI 65% / 23% / 12% 71% / 27% / 2% Downtown Toronto / Calgary as a % of NOI 13% Toronto / 39% Calgary 30% Toronto / 16% Calgary Telu lus Tower ower (7%); AIR R MIL MILES Tower ower (7%); Scotia ia Plaz aza (10%); 700 00 De la Ga Gauchèt ètie iere th Aven Top 5 Assets (and % of NOI) McFar Mc arla lane Tower ower (6%); 840 0 7 th enue (5%); Adel delaid ide Plac ace (4%); IBM M Corp orp. . Park k (5%); Stat atio ion Towe ower (5%) (3%); Telu lus Towe ower (3%); GTA (44%); Calgary (19%); YK/Sask/Regina Calgary (47%); Toronto (13%); Vancouver (8%); Edmonton (8%); BC (5%); Montreal Geographic Distribution of NOI (9%); NWT (6%); Regina (4%); Sask (3%); (5%); SW Ont. (4%); Ottawa (4%); QC/Atl. SW Ontario (1%); Industrial/Other (17%) Cda (2%); Other (1%) Reported Debt to GBV / Term / Wtd. Average Int. Rate 66% / 5.5 years / 5.8% 47.6% / 4.1 years / 4.2% We have transformed our asset profile over the last six years, improving the stability of our ca cash flo low and the quali lity of our bala alance she heet. 6

Pro Proven Trac ack Reco ecord rd of Growth & & Pe Perfo form rmance Our AFFO/Unit While De-levering Our Balance Sheet Since the inception of Dream Office REIT in 2003, we  generated a total return of over 21 0%. (CAGR of ~1 0%) Over the past six years, AFFO/unit has grown 21 %.  While the asset base has grown by $6.3 billion, our reported  debt/GBV has declined by almost 20%. 7

Pro Proven Trac ack Reco ecord rd of Growth & & Pe Perfo form rmance Value Creation Through Transformational Transactions Scotia Plaza Deleveraging Whiterock Portfolio $150 Million NCIB Announcement Sale of Industrial Book Value of Total Assets ($millions) Realex AFFO Portfolio Per Unit Slate Portfolio Sale of Eastern Portfolio Adelaide Place $125M 54 acquisition transactions convertible with Western Canada focus debenture We have an exceptional track record of gr growing our earn earnings, and the size and and quali lity of our portfolio. We actively manage our portfolio through our pursuit of accretive acquis isitions and the sale of non-core assets. 8

Irre replaceable Por Portfo folio in n Core re Canadian Mar arkets Large Scale & Diversification Q1 2015 - % NOI (excl. Reclassified Properties) CBD TOTAL OWNED SF % NOI CBD 2% 24. 4.1 M 70% 70% AVG. REMAINING PORTFOLIO AVG. TENANT SIZE Yellowknife LEASE TERM OCCUPANCY 11,600 SF SF 2% 5 YE 5 YEAR ARS 92.8 92.8% CBD 59% 59 5% CBD CBD 2% Edmonton 1% 8% CBD 1% Saskatoon British 3% Columbia 5% CBD CBD Quebec City 30% 5% 1% CBD CBD 2% 16% Atlantic GTA Montreal Canada 5% 44% 1% Regina 3% Calgary CBD 19% 4% CBD 2% SW Ontario USA 4% 40% 40% 2% Ottawa 4% 85% of our portfolio NOI is derived from “core” Canadian markets (GTA, Calgary, Edmonton, Vancouver, Montreal, Ottawa) 9

Irre replaceable Por Portfo folio Institutional Quality Assets Scotia Plaza 700 De la Gauchetière Adelaide Place 11,3 11 ,363 IBM Corporate Park Telus House Toronto (10%) Montreal (5%) Toronto (4%) Calgary (3%) Calgary (3%) Barclay Centre I & II Enbridge Place State Street Financial Ctr. 5001 Yonge Street AIR MILES Tower Calgary (2%) Edmonton (2%) Toronto (2%) Toronto (2%) Toronto (2%) HSBC Bank Place 36 Toronto Street 720 Bay Street 655 Bay Street Station Tower Toronto (1%) Edmonton (2%) Toronto (1%) Toronto (1%) Surrey (1%) Our top 15 properties produce ~40% of NOI (5.4 5.4 year weighted average lease term / 98% 8% committed occupancy / ~24,0 ,000 sf avg. tenant size) 10

Irre replaceable Por Portfo folio 5.4 Million Owned SF in Downtown Toronto 7 1. Scotia Plaza 97. 97.3% 2. Adelaide Place 15 15 5 3. 30 Adelaide Street East Committed 4. 438 University Ave Occupancy 5. 655 Bay Street 6. 74 Victoria Street / 137 Yonge Street 7. 720 Bay Street 8. 100 Yonge Street 9. 18 King Street East 10. 36 Toronto Street 25 25 11. 330 Bay Street 4 12. 20 Toronto Street / 33 Victoria Street 13. 8 King Street East 14. Victory Building – 80 Richmond St W 15. 49 Ontario Street 16. 212 King Street West 17. 357 Bay Street 18. 10 Lower Spadina Avenue 14 14 19. 360 Bay Street 6 19 19 3 22 22 20. 10 King Street East 17 17 23 23 21. 350 Bay Street 10 10 21 21 12 12 22. 67 Richmond Street 26 26 24 24 11 11 23. 366 Bay Street 8 9 2 1 24. 56 Temperance Street 20 20 13 13 25. 250 Dundas Street West 26. 83 Yonge Street Central Business District 16 16 Our scale & concentration in downtown Toronto affords us great opportunities. We are the largest landlord in the GTA. 18 18 11

Irre replaceable Por Portfo folio Potential Benefits from Transit Proposals Nor North Yo York Population: >650,000 Scar arbo borough Population: >600,000 Mi Miss ssiss issauga Population: 12 >700,000 *Source: StatsCan 2011 Consensus