Investor Presentation July 2014 At-a-Glance 15.8 M Square Feet - PowerPoint PPT Presentation

Investor Presentation July 2014

At-a-Glance 15.8 M Square Feet Hamburg Berlin 293 Properties $2.6 B Cologne Total Assets $1.1 B Frankfurt Market Capitalization 63% of GRI from Stuttgart “BIG 7” German Office Markets Munich 8.2% Cash Yield 2

Our Objectives Managing our investments to provide stable, sustainable and gro rowing cash flows through  investments in commercial real estate located outside of Canada. To date, 1 00% of our portfolio is located in Germany; Building a diversified, gro rowth-oriented portfolio of commercial properties;  Capitalizing on internal growth and seeking accretive acquisition opportunities in our  target markets; Growing the value of our assets and maximizing the long-term value of our Units  through the active and efficient management of our assets; and Providing predictable d distributions per unit, on a tax-efficient basis.  3

Our Growth Transformation March 2014 IPO (August 2011) Market Capitalization $1.1 billion $520 million 8% (as at June 25) 8% Distribution Yield Index Inclusion S&P/TSX Composite, Capped REIT Index None IFRS Asset Value $2.6 Billion $1.1 Billion % of GRI from Deutsche Post 35% 85% % of Asset Value in “Big 7” Office Markets (Munich, Berlin, Hamburg, Frankfurt, Dusseldorf, 63% 30% Cologne Stuttgart) Top 20 Assets as a % of NOI 48% 30% 5 years / € 8.72 per sf 6 years / € 4.75 per sf Weighted Average Lease Term / Rental Rate Debt / Gross Book Value (incl. converts) 56% net of cash 55% Weighted Average Interest Rate / Term on Debt 3.4% / 4.2 years 4.3% / 5.5 years No. of Dedicated Real Estate Professionals in Europe 35 14 4

Stable Cash Flow from New Properties Am Sandtorkai, Hamburg Karl-Martell-Str, Nuremberg Derendorfer Allee, Düsseldorf Greifswalder Str, Berlin Moskauerstr, Düsseldorf Hammer Str. 30-34, Hamburg Z-Up, Stuttgart Werfthaus, Frankfurt Oasis III, Stuttgart Marsstr. 20-22, Munich Podbielskistr., My Falkenried, Hamburg Cäcielienkloster, Cologne Schlossstr. 8, Hamburg Hannover Wermer-Eckert- 5 Löwenkontor, Berlin Lörracher Str., Freiburg ABC-Str, Hamburg K26, Frankfurt Feldmühleplatz, , Düsseldorf Str., Munich 5

Strong Support from Dream Dream’s platform benefits DRG: Transaction expertise  Capital markets expertise  Track record of development & value creation  Synergies realized across broad platform   Asset management capabilities Dream has:  20 year history in real estate and renewable power developer, manager and investor Completed ~$20 billion of real estate and  alternative investment transactions 178 dedicated professionals in all disciplines   Extensive network of global JV partners and financial institution support 6

Strong & Diverse Management Platform Rene Gulliver Jane Gavan Chief Financial Officer Chief Executive Officer Industry Experience: 35 yrs Industry Experience: 26 yrs Acquisitions Portfolio Management Chief Investment Strategist Asset Management Bruce Traversy Alexander Sannikov Gerwin Holland Anne Braun Head of Investments Portfolio Manager Chief Investment Strategist Head of Asset Management Industry Experience: 25 yrs Industry Experience: 8 yrs Industry Experience: 8 yrs Industry Experience: 12 yrs Finance Accounting Luxembourg Acquisitions Germany Leasing Germany Value Creation Germany Cengiz Coelhan Mark Goehring Kim Andersson Michael Schwöbel Head of Finance & Controlling Strategic Assets Projects Investments Head of Leasing Industry Experience: 8 yrs Industry Experience: 10 yrs Industry Experience: 16 yrs Industry Experience: 23 yrs Our team is experienced , diversified , on the ground and focused on execution . 7

Investment Summary Unique opportunity to gain exposure to to the German real estate marke ket, through an established, aligned  and experienced Canadian platform. German real estate fundamentals are expected to remain strong and outperform the rest of Europe. Successful strategic acquisition of ~C$1 .4 billion of high quality German office assets since our IPO in  August 201 1 have led to stable, high quality cash flows: Critical mass, with approximately C$2.6 billion of assets  Significant improvement in in asset quality and tenant diversification through acquisitions in the  “Big 7 ” office markets in Germany Attractive returns – with acquisitions having been completed at a ~400 bps spread between cap rate At  and cost of financing, equating to 1 0-1 2% levered returns on equity The establishment of Dream Global as a well-known player in the German property market with  institutions, brokers, underwriters and lenders Active asset management through our strong operating platform and local depth of of expertise  Superior and well-covered current cash yield of 8.2%  German property fundamentals and the lending environment continue to offer attractive spreads on on high  quality acquisitions. 8

Growth & Repositioning of our Asset Base 3.0 2.5 Core assets 2.0 CAD$ billions Non-stabilized assets 1 .5 1 .0 0.5 0.0 Q4 201 1 Q4 201 2 Q4 201 3 Q2 201 4E Source: Dream Asset Management Since our IPO, Dream Global has completed $1.4 billion of acquisitions on an accretive basis. Our core assets as a percentage of our portfolio has grown from approximately 72% in 2011 to approximately 93% in asset value in 2014. Core assets also contributed approximately 90% to our 9 gross rental income.

Repositioning of our Asset Base 70 60 50 CAD$ millions 40 Under contract 30 Closed 20 1 0 0 201 2 201 3 201 4 (YTD) Source: Dream Asset Management We have sold or have under contract 41 non-core properties at 102% of book value, continuously improving the quality of our portfolio. 1 0

Diversification & Improving Quality of Our Tenants and Cash Flows Deutsche Post % of Tenant Base by GRI Contribution of GRI in Big 7 Office Markets 1 00% 80% 85% 5% 65% 5% 63% 75% 60% 50% 35% 5% 30% 38% 40% 25% 0% 20% IPO Q1 /1 4 Q4/1 4E IPO Q1 /1 4 Q4/1 4E Source: Dream Asset Management Source: Dream Asset Management Since acquiring our initial portfolio, we’ve diversified the tenant base and improved the quality of our cash flows . The gross rental income of our largest tenant, which was 85% at the time of IPO, is now only 35% . Meanwhile, we greatly increased GRI contribution of the “Big 7” office markets in Germany. 1 1

German Fundamentals Remain Very Attractive for Further Investments

Why Germany – Great Fundamentals Low interest rate environment   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. The trend is expected to continue Unemployment at 5.3% , among lowest in EU with employment levels at the highest point in recent  years Economy is diversified with GDP outlook improving   The German economy posted a Q1 GDP growth of 2.1% , ahead of the annual forecast of 1.8% for 2014  Domestic demand represent the key driver for growth Liquid and scalable real estate market   Germany remains one of the most highly sought after real estate investment markets in Europe  In Q1/14, the total investment volume for commercial real estate reached € 9.9 billion , a y/y increase of 47% Attractive spreads ( ~400 bps ) between cap rate and borrowing rates for further acquisitions  Large office stock with little new construction  Europe overall is in much better shape today and has been continuously improving since Summer 2011 1 3

Declining Unemployment Rate German Employment Index German Unemployment Rate % 42,500 11 42,000 10 Employment Figures (in 000s) 41,500 9 41,000 8 40,500 7 40,000 6 5 39,500 4 39,000 Jan-07 Jan-08 Jan-09 Jan-1 0 Jan-1 1 Jan-1 2 Jan-1 3 Jan-1 4 Jan-07 Jan-08 Jan-09 Jan-1 0 Jan-1 1 Jan-1 2 Jan-1 3 Jan-1 4 Source: ILO labour market statistics, Destatis Source: Bloomberg 1 4

German Office Market Property Fundamentals  Declining vacancy  Healthy spreads  Cap rate compression  Larger & more liquid Top German Office Stock Office stock Vacancy Net Yields Top Canadian Rates (CBD) Office Markets (in million sf) (in million sf) Office Markets 1 Munich 7.0% 4.3% 215 1 Toronto 151 2 Berlin 7.9% 4.6% 182 Montreal 70 2 3 Hamburg 7.5% 4.5% 150 3 Calgary 61 4 Frankfurt 11.4% 4.7% 118 4 Vancouver 43 5 Düsseldorf 11.5% 4.7% 96 5 Ottawa 39 6 Cologne 7.0% 4.7% 75 Edmonton 24 6 Stuttgart 5.2% 4.8% 86 Halifax 12 7 7 1 5 Sources: Jones Lang LaSalle Germany; CBRE Canada