2 *As at March 5, 201 5 Key metrics 5% Occupancy (1) 85.3% 86.4% - - PowerPoint PPT Presentation

Co Cologn gne Fr Frankfur ankfurt Mun unich Stu Stuttgart Ham ambur burg Düss üssel eldo dorf

2

*As at March 5, 201 5

3

5% AFFO/Unit increase in 2014

Key metrics Occupancy(1) 85.3% 86.4% Average in-place net rent per sf(1) €8.86 €8.46 Market rents above in-place rents(1) 2.9% 2.2% FFO/Unit $0.88 $0.85 AFFO/Unit $0.83 $0.79 AFFO Payout Ratio 96% 101% Distribution/Unit $0.80 $0.80 Improving AFFO Quality

11.3% 2014 Total Return

35% 65%

201 4 AFFO

53% 47%

201 3 AFFO

Initial Properties New Acquisitions

(1 ) 201 4 metrics reflect owned share of joint venture properties.

4

       Acquisitions $400+ million 69% tenant retention 5% increase in AFFO/unit Dispositions $130+ million 1 million square feet of leasing

5

German Unemployment Rate GDP Growth Rate

 Germany is the Eurozone’s largest economy and the world’s 4th largest with total output of $3.7 Trillion in 2013  German unemployment at 4.5%, among lowest in EU with employment levels at the highest point in recent years  German government posted GDP growth of 1.5% in 2014, higher than the GDP growth throughout the European Union  Germany remains one of the most highly sought after real estate investment markets in Europe with the total investment volume for commercial real estate reaching €40 billion in 2014, the best result since 2007  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. For example, we recently locked in a 10-year mortgage at an interest rate of 1.71%.

Source: ILO labour market statistics, Destatis

4 5 6 7 8 9 10 11 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14

Unemployment rate (in %)

Source: OECD Economic Outlook 201 4

December 201 4 4.5 .5%

• 2%
• 1 %

0% 1 % 2% 3% 4% 5% 201 0 201 1 201 2 201 3 201 4 Germany Eurozone

6

Source: JLL

Record Low Vacancy Rate Rents Continue to Increase  Large office stock (more than twice the size of Canada’s top 7 markets)  Limited new construction (available space under development is less than 1% of the existing stock)  Strong and diversified local economies Net Absorption in Big 7

70 80 90 100 110 Q3 2001 Q3 2002 Q3 2003 Q3 2004 Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014

Average Rental Index

Record Cap Rate to Bond Rate Spread

Source: JLL Source: JLL Source: JLL 200 400 600 800 1,000 1,200 1,400 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014* `000 m² 7.0 7.5 8.0 8.5 9.0 9.5 10.0 10.5 11.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Vacancy Rate (%)

Aggregated numbers excluding Cologne

• 1%

0% 1% 2% 3% 4% 5% 6% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Spread Office Yields (Big 7 average) 10 yr Bund Rates

7

We entered into a strategic joint venture partnership with Public Official Benefits Association (POBA), a South Korean pension fund to sell a 50% interest in eight of our properties for €247 million, including recently completed sale of Officium in Stuttgart. This transaction allowed us to leverage our operating platform and redeploy the proceeds into highly accretive

• pportunities such as Cologne Tower and Millerntorplatz.

We expect that this transaction will add approximately 3 cents in AFFO per unit

 We realized a significant cap rate compression from 6.3% as at acquisition to 5.4% on sale  The net proceeds were invested in assets of comparable or higher quality at an average cap rate of 5.9%  The REIT will be receiving asset management and leasing fee income of $ 1.3 million p.a. from POBA  The transaction provided us with the opportunity to refinance over $150 million of mortgages at 90 bps lower

interest rates when reinvesting the proceeds, while increasing the term to maturity by over 4 years

 The REIT realized a cash gain of approximately $100 million (100% of the assets) over our acquisition price, including the recovery of land transfer tax and financing costs

Europahaus, Darmstadt Werner-Eckert Str., Munich Z-Up, Stuttgart Cäcilium, Cologne doubleU, Düsseldorf Werfthaus, Frankfurt ABC Bogen, Hamburg k.26, Frankfurt Oasis is III, Stu Stuttgart rt Moskauerstr., Düsseldorf twenty2nd, Munich My Falkenried, Hamburg Officium Stuttgart

Over $1.8 billion in acquisitions since IPO with 30 properties added to portfolio

Cologne Tower, Cologne Bertholdstr., Freiburg

8

Feldmühleplatz, Düsseldorf

9 Purchase Price: $160 million Cap rate: 5.4% Interest rate: 1.77% Debt term: 10-year fixed GLA: 297,000 sf Occupancy: 100% WALT: 6.2 years

LEED Gold multi-tenant office property and dominant feature of Cologne’s skyline with tenants including Boston Consulting Group, IQWig, Liberty Mutual Group and Swiss Live Select.

9

1 0 Purchase Price: $136 million Cap rate: 6.1% Interest rate: 1.71% Debt term: 10-year fixed GLA: 375,000 sf Occupancy: 89% WALT: 5.3 years

Multi-tenant property, built in 1997 and leased to a variety of tenants including Germany’s largest state pension fund and the City of Hamburg.

1 0

1 1

201 4

Property / Location Wern Werner er-Ec Ecker kert, Mu Munich My My Fa Falkenr kenried ed, Ha Hamb mburg Of Offi ficium, St Stuttgart Eur Europa

• pahaus, Darms

mstadt Col Colog

• gne Towe

Tower, Col Colog

• gne

GLA (sf) 64,700 221 ,200 268,000 21 0,700 296,700 Purchase Price $22 mln $92 mln $68 mln $57 mln $1 60 mln Cap Rate 6.5% 6.2% 6.6% 6.7% 5.4% Interest Rate / Term 1 .98% / 5 years 2.33% / 7 years 1 .99% / 7.5 years 1 .82% / 8 years 1 .77% / 1 0 years

GL GLA (mln mln sf) sf) Pu Purchase hase Pr Price Cap p Rate Int nter eres est R Rat ate Deb ebt Te Term 2012 – 6 Properties 1 .1 mln $ 259 mln 7.2% 2.53% 5.7 years 2013 – 18 Properties 2.8 mln $1 ,01 5 mln 6.7% 2.58% 6.6 years 2014 – 5 Properties 1 .1 mln $402 mln 6.0% 1 .92% 8.4 years 2015 – 1 Property 0.4 mln $1 36 mln 6.1 % 1 .71 % 1 0.0 years

Total

• tal Acqu

cquisiti sition

• ns

s 5.4 mln $1 $1 .8 8 bl bln 6.6% 2.3% 7.1 year ars

1 1

Top 1 1 0 T 0 Tena nants nts Ind ndus ustr try Total A tal Annu nnualize lized GRI (%) Credit R it Rating ting

1 Postal Services / Logistics 29.5 BBB+/Stable 2

• Prof. Services / Legal

3.5 n/a 3 Insurance 3.1 AA- 4 Energy/Technical Equipment Services 2.4 n/a 5 Financial Services 1 .9 A+ 6 Financial Services 1 .8 A+ 7 Entertainment 1 .6 n/a 8 Shipping/Logistics 1 .4 BBB+ 9 Internet 1 .3 AA 1 0 Consumer Discretionary 1 .3 n/a

1 2

Sources: Bloomberg, Dream Asset Management, Standard & Poor’s, Fitch

Replaced, 79% of GRI

201 2 Terminations

Replaced, 77% of GRI

201 4 Terminations

Reduced overall exposure to largest tenant

• Over the last three years, we reduced the exposure

to Deutsche Post from 85% to under 30% of its total gross rental income.

Active capital recycling program

• Since 2012, we sold or have under contract for sale 61

properties for approximately $200 million and redeployed the proceeds into newer high quality properties.

Took advantage

• f

large blocks

• f

contiguous space

• Took advantage of large blocks of contiguous

vacant space terminated by Deutsche Post, as the buildings became attractive to larger users;

• Signed over 585,000 sq. ft. of new leases pertaining

to 2012 terminations, including the leasing of 417,000 sq. ft. that Deutsche Post vacated as well as absorbing over 168,000 sq. ft. of previously existing vacancy.

Mitigated loss of gross rental income due to proactive discussions with tenant

• Renewed
• r extended significant

amount of space initially subject to early terminations through proactive discussions with Deutsche Post and Postbank, mitigating the overall exposure to these early terminations. IPO 201 1 Q4 201 2 Q4 201 3 Q4 201 4 Diversification of the Tenant Base Total Dispositions

20 40 60 80 1 00 1 20 1 40 201 2 201 3 201 4 201 5 YTD

closed

1 3

Under contract

In $ millions

% of GRI generated by tenants other than Deutsche Post

50,000 1 00,000 1 50,000 200,000 250,000 300,000 350,000 400,000 Q1 201 3 Q2 201 3 Q3 201 3 Q4 201 3 Q1 201 4 Q2 201 4 Q3 201 4 Q4 201 4

Leasing ( ing (squa uare fe feet) t)

His Histo torical rical Port rtfolio io Leasin asing g & & Oc Occup cupancy ancy

New Leases and Renewals Average Leasing Volume

1 4

Over 1 million sf leased in 2014 Average remaining lease term of 4.7 Years

1 4

1 51 5

1 00 200 300 400 201 5 201 6 201 7 201 8 201 9 2020 2021 2022 2023 2024 2025

IPO Blanket Facility Overall interest rate lowered by 16 bps

Q3 Q3 201 01 4 Q4 201 4 Debt Maturities (in $ millions)

As at Dec 31, 2014

1 5

Overall term to maturity extended by 1 year

1 6

Dream Hard Asset Alternatives Trust Dream platform provides:

• Asset management capabilities
• Transaction and capital markets expertise
• Track record of development & value creation
• Synergies realized across broad platform

Dream has:

• 20 year history in real estate and as a renewable

power developer, manager and investor

• Completed ~$20 billion of real estate and alternative

investment transactions

• 1,000+ dedicated professionals in all disciplines

1 7

Dream Unlimited Corp. . (TSX: DRM)

Dream Office REIT Dream Industrial REIT Dream Global REIT Housing & Urban Development Land Development Renewable Power

Largest Office REIT in Canada One of the Largest Dedicated Industrial REITs in Canada Largest Global REIT in Canada Fund for New Opportunities for Hard Asset Investments

Asset M Management Operating B Businesses

1 7

Chief Executive Officer Value Creation Germany Acquisitions Germany Finance & Controlling Luxembourg Asset Management Germany Leasing Germany

Cengiz Coelhan Head of Finance & Controlling Industry Experience: 9 yrs Anne Braun Head of Asset Management Industry Experience: 13 yrs Michael Schwöbel Head of Leasing Industry Experience: 17 yrs Kim Andersson Investments Industry Experience: 11 yrs Mark Göhring Strategic Assets Projects Industry Experience: 24 yrs

Chief Financial Officer Portfolio Management

Alexander Sannikov Portfolio Manager Industry Experience: 9 yrs

Acquisitions

Bruce Traversy Head of Investments Industry Experience: 26 yrs Rene Gulliver Chief Financial Officer Industry Experience: 36 yrs Jane Gavan Chief Executive Officer Industry Experience: 27 yrs

1 91 8

19

Dream Global REIT’s properties are locally managed by a team of 45 professionals in six offices across Europe  Operating history with the properties  Highly experienced in leasing, operations, asset repositioning and the management of capital expenditures  Well connected in the local markets  Focus on strong tenant relationships Dream Global’s management offices are located in:  Frankfurt (German head office)  Munich (Leasing)  Cologne (Leasing)  Hamburg (Leasing)  Halle (Leasing)  Luxembourg (Finance & Compliance)

3

Unique opportunity to gain exposure to Germany, one of the best real estate market in Europe

• German real estate fundamentals are expected to remain strong and outperform the rest of Europe
• Local economy is diversified with low unemployment of 4.5%
• The vacancy rate in the Big 7 office markets is at the lowest level since 2002

Active asset management through our strong operating platform and local depth of expertise

• We have 45 experienced and dedicated real estate professionals on the ground in Europe
• Our team has leased over 3 million square feet of commercial space since inception
• Market rents in our initial portfolio are currently 12.5% above in-place rents, providing upside upon re-leasing

Significant improvement in asset quality and tenant diversification have lead to stable, high quality cash flows

• Gross rental income (GRI) from Deutsche Post, which was 85% at the time of IPO, is now below 30%
• As at Q1 2015, 70% of our 2014 AFFO was generated by new, high quality, well located office properties in most

desired markets

• We continue recycling capital by selling our Initial Properties at book value or better capitalizing on the cap rate

compression and value appreciation through development opportunities.

20

4

Strategic JV opportunities to leverage our operating platform and access to capital globally

• Our recently announced partnership with POBA highlights the value of our management platform in Germany
• The REIT intends to pursue future joint venture investment opportunities alongside POBA or other partners

Pipeline of good acquisition opportunities

• Dream Global has been among the top 3 buyers of German office properties over the last three years
• We have established ourselves as a well-known player in the market and our ability to close deals is well recognized

by lenders, leading to repeat deals Historically low interest rate environment

• On average, our acquisitions have been completed at a ~400 bps spread between cap rate and cost of financing,

which equate to 10-12% levered returns on equity

• Present interest rate environment offers opportunities to generate attractive returns on future acquisitions as well as

refinance our existing debt

21

22

     

Acquisitions $400+ million 69% tenant retention 5% increase in AFFO/unit Dispositions $130+ million 1 million square feet of leasing

22

23

App Appendix 1 endix 1 – Case S Case Studies tudies

23

24

Before After

Darmstadt is one of the largest buildings in the REIT’s initial portfolio. Subsequent to the Deutsche Post termination, we leased a portion of the space and worked quickly to transform the interior and exterior of the building to enhance the appeal of the asset to prospective tenants. In Q1 2014, we leased an additional 72,000 sf at a term of 10 years and at an average rent that is almost 30% better than former DP rents. The tenant is a large educational institution with strong solvency rating. The asset is now almost fully leased. With our leasing efforts at Darmstadt, the value

• f the asset increased by 60%.

Atrium Entrance Interior Interior

24

25

Before After

Our 170,000 sf office property in Bremen is another example of a large and successful repositioning project. After Deutsche Post terminated space in 2012, the occupancy dropped to 70%. Our leasing team aggressively marketed the space, upgrading both the front entrance and the lobby. These transformations have helped in leasing the space to a wide range of tenants, including 33,400 sf to the City of Bremen. Today, the property is 93% leased with an average term of 10 years – with higher income, longer lease terms and a better tenant mix driving cap rate compression and value appreciation of over 20%.

Entrance Lobby

26

Existing Retail New Retail Concept

Millerntorplatz in Hamburg is one of our most recent acquisitions. The property is well located right next to a subway station and has a significant retail component. One of the opportunities we identified as part of our underwriting was to intensify the retail area by converting the atriums into retail space. As part of this project we anticipate to be able to create approximately 10,000 sq. ft. of high quality and high value space, increase rents throughout the retail component and ultimately add value to the entire property.

27

Feldmühleplatz in Düsseldorf was acquired in November 2013. It is a fully leased modern office complex located minutes away from the central business district. At the time of acquisition one tenant, Grohe, accounting for nearly 1/3 of the GLA, was scheduled to expire in the near term. In Q4 2014 we renewed the lease Grohe for a term

• f 5 years. Currently, the property has a WALT of 8 years, which resulted in an

appreciation of the value by more than 10%. In addition, the property has further long-term upside potential as the area around the property is the absolute top residential location in the city with condominium prices as high as €10,000 per square meter, representing over 300% of our purchase price.

Appendix Appendix 2 2 – Big Big 7 7 Mark Markets ts

28

29

Source: JLL

Key ey Tr Trends ends: Mun unich Dream eam Gl Global bal(1 ) Pr Prime e Rents ents €33.00 €1 2.95 Aver erage age Vac acanc ancy Rat ate 6.6% 2.7%

Net Absorption Office Vacancy Rents

 Full Year Investment Volume € 5 mln  Prime Yield – 4.2%

Tenant Mix by Business Sector 201 4

0.0 3.0 6.0 9.0 12.0 500 1,000 1,500 2,000 2,500 2009 2010 2011 2012 2013 2014 % ,000 sqm Vacancy incl. sub-lettings (in 000s sqm) Vacancy Rate (in %) 5 10 15 20 25 30 35 40 45 50 Q4 09 Q4 10 Q4 11 Q4 12 Q4 13 Q4 14 €/sqm/month Achieved Maximum Rent Prime Rent Weighted Average Rent 23% 16% 12% 11% 6% 5% 5% 5% 5% 4% 8%

Manufacturing Business Services IT Trade Media, Publishing Social and personal Services Banking, Finance Public Administration Construction, Real Estate Education, Health, Social Others, unknown

44,700 34,900 267,900 336,600 276,100 251,000

• 70,000
• 20,000

30,000 80,000 130,000 180,000 230,000 280,000 330,000 380,000 2009 2010 2011 2012 2013 2014 (1 ) Metrics pertaining to Dream Global REIT’s Acquisition Properties in Munich

30

Source: JLL

Key ey Tr Trends ends: Ber erlin Dream eam Gl Global bal(1 ) Pr Prime e Rents ents €22.00 €9.77 Aver erage age Vac acanc ancy Rat ate 7.7% 1 .7%

Net Absorption Office Vacancy

Tenant Mix by Business Sector 201 4

Rents

 Transaction volume of at least € 4.4 mln – 40% international investors  Prime Yield – 4.5%

0.0 2.0 4.0 6.0 8.0 10.0 250 500 750 1,000 1,250 1,500 1,750 2009 2010 2011 2012 2013 2014 % ,000 sqm Vacancy incl. sub-lettings (in 000s sqm) Vacancy Rate (in %) 5 10 15 20 25 30 35 Q4 09 Q4 10 Q4 11 Q4 12 Q4 13 Q4 14 €/sqm/month Achieved Maximum Rent Prime Rent Weighted Average Rent 15% 14% 9% 8% 8% 8% 7% 5% 5% 5% 16%

Business Services Manufacturing Banking, Finance New Media Social and personal Services IT Education, Health, Social Media, Publishing Trade Construction, Real Estate Others, unknown

• 50,100

126,200 208,400 52,400 66,700 87,600

• 70,000
• 20,000

30,000 80,000 130,000 180,000 230,000 280,000 330,000 380,000 2009 2010 2011 2012 2013 2014* (1 ) Metrics pertaining to Dream Global REIT’s Acquisition Properties in Berlin

31

Source: JLL

Key ey Tr Trends ends: Ham ambur burg Dream eam Gl Global bal(1 ) Pr Prime e Rents ents €24.50 €1 5.20 Aver erage age Vac acanc ancy Rat ate 6.8% 4.6%

Net Absorption Office Vacancy

Tenant Mix by Business Sector 201 4

Rents

 Full Year Transaction volume € 3.5mln  Prime Yield – 4.3%  Under Construction – 395 mln sqm

0.0 2.0 4.0 6.0 8.0 10.0 250 500 750 1,000 1,250 1,500 2009 2010 2011 2012 2013 2014 % ,000 sqm Vacancy incl. sub-lettings (in 000s sqm) 5 10 15 20 25 30 35 Q4 09 Q4 10 Q4 11 Q4 12 Q4 13 Q4 14 €/sqm/month Achieved Maximum Rent Prime Rent Weighted Average Rent 16% 14% 10% 8% 8% 8% 7% 6% 6% 5% 12%

Business Services Manufacturing Trade Media, Publishing Insurance IT Telecommunication Transport, Storage Banking, Finance Social and personal Services Others, unknown

• 18,400

10,000 222,500 192,800 72,000 158,600

• 70,000
• 20,000

30,000 80,000 130,000 180,000 230,000 280,000 330,000 380,000 2009 2010 2011 2012 2013 2014 (1 ) Metrics pertaining to Dream Global REIT’s Acquisition Properties in Hamburg

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Source: JLL

Key ey Tr Trends ends: Fr Frankfur ankfurt Dream eam Gl Global bal(1 ) Pr Prime e Rents ents €35.00 €23.82 Aver erage age Vac acanc ancy Rat ate 1 0.4% 2.2%

Net Absorption Office Vacancy Rents

 Transaction volume of at least € 5.5 mln in 2014  Prime Yield – 4.6%

Tenant Mix by Business Sector 201 4

0.0 3.0 6.0 9.0 12.0 15.0 250 500 750 1,000 1,250 1,500 1,750 2,000 2009 2010 2011 2012 2013 2014 % ,000 sqm Vacancy incl. sub-lettings (in 000s sqm) Vacancy Rate (in %) 5 10 15 20 25 30 35 40 45 50 Q4 09 Q4 10 Q4 11 Q4 12 Q4 13 Q4 14 €/sqm/month Achieved Maximum Rent Prime Rent Weighted Average Rent 32% 17% 7% 7% 6% 5% 5% 5% 3% 2% 11%

Banking, Finance Business Services Social and personal Services Manufacturing Education, Health, Social Transport, Storage Construction, Real Estate IT Public Administration Media, Publishing Others, unknown

34,200

• 67,600

96,600 223,300 153,800 104,700

• 70,000
• 20,000

30,000 80,000 130,000 180,000 230,000 280,000 330,000 380,000 2009 2010 2011 2012 2013 2014

(1 ) Metrics pertaining to Dream Global REIT’s Acquisition Properties in Frankfurt

33

Source: JLL

Key ey Tr Trends ends: Dream eam Gl Global bal(1 ) Pr Prime e Rents ents €26.00 €1 5.64 Aver erage age Vac acanc ancy Rat ate 1 0.9% 1 .3%

Net Absorption Office Vacancy Rents

 2014 Full Year Investment volume € 2.0 mln  Prime Yield – 4.5%

Tenant Mix by Business Sector 201 4

0.0 3.0 6.0 9.0 12.0 15.0 250 500 750 1,000 1,250 2009 2010 2011 2012 2013 2014 % ,000 sqm Vacancy incl. sub-lettings (in 000s sqm) Vacancy Rate (in %) 5 10 15 20 25 30 35 Q4 09 Q4 10 Q4 11 Q4 12 Q4 13 Q4 14 €/sqm/month Achieved Maximum Rent Prime Rent Weighted Average Rent

21% 15% 9% 7% 7% 6% 6% 5% 3% 3% 18% Manufacturing Business Services Trade Media, Publishing Education, Health, Social IT Construction, Real Estate Social and personal Services Banking, Finance New Media Others, unknown

• 7,400

73,800 153,800 99,100

• 22,300

161,000

• 70,000
• 20,000

30,000 80,000 130,000 180,000 230,000 280,000 330,000 380,000 2009 2010 2011 2012 2013 2014 (1 ) Metrics pertaining to Dream Global REIT’s Acquisition Properties in Düsseldorf

34

Source: JLL

Key ey Tr Trends ends: Stut uttgar gart Dream eam Gl Global bal(1 ) Pr Prime e Rents ents €1 9.00 €1 2.00 Aver erage age Vac acanc ancy Rat ate 5.2% 4.6%

Net Absorption Office Vacancy Rents

 Fully Year Transaction volume € 1.2 mln  Prime Yield – 4.6%

Tenant Mix by Business Sector 201 4

0.0 2.0 4.0 6.0 8.0 100 200 300 400 500 600 2009 2010 2011 2012 2013 2014 % ,000 sqm Vacancy incl. sub-lettings (in 000s sqm) Vacancy Rate (in %) 5 10 15 20 25 30 Q4 09 Q4 10 Q4 11 Q4 12 Q4 13 Q4 14 €/sqm/month Achieved Maximum Rent Prime Rent Weighted Average Rent

37% 19% 10% 9% 5% 3% 2% 2% 2% 1% 10% Manufacturing IT Business Services Education, Health, Social Public Administration Social and personal Services Construction, Real Estate Media, Publishing Insurance Trade Others, unknown

• 13,100 -38,700

127,300 69,500 80,100 70,300

• 70,000
• 20,000

30,000 80,000 130,000 180,000 230,000 280,000 330,000 380,000 2009 2010 2011 2012 2013 2014 (1 ) Metrics pertaining to Dream Global REIT’s Acquisition Properties in Stuttgart

35

Source: JLL

Key ey Tr Trends ends: Co Cologn gne Dream eam Gl Global bal(1 ) Pr Prime e Rents ents €22.00 €1 7.41 Aver erage age Vac acanc ancy Rat ate 6.5% 0.3%

Net Absorption Office Vacancy Rents

 Full Year Investment Volume € 1.3 mln  Prime Yield – 4.5%

Tenant Mix by Business Sector 201 4

0.0 2.0 4.0 6.0 8.0 10.0 200 400 600 800 2009 2010 2011 2012 2013 2014 % ,000 sqm Vacancy incl. sub-lettings (in 000s sqm) Vacancy Rate (in %) 5 10 15 20 25 Q4 09 Q4 10 Q4 11 Q4 12 Q4 13 Q4 14 €/sqm/month Achieved Maximum Rent Prime Rent Weighted Average Rent

18% 18% 8% 8% 7% 7% 6% 6% 5% 4% 13% Business Services Education, Health, Social Public Administration Trade Manufacturing Media, Publishing Social and personal Services IT Construction, Real Estate Banking, Finance Others, unknown

34,200

• 67,600

96,600 223,300 153,800 27,700

• 70,000
• 20,000

30,000 80,000 130,000 180,000 230,000 280,000 330,000 380,000 2009 2010 2011 2012 2013 2014 (1 ) Metrics pertaining to Dream Global REIT’s Acquisition Properties in Cologne

36

Jane Gavan CEO (416) 365-6572 jgavan@dream.ca Rene Gulliver CFO (416) 365-5447 rgulliver@dream.ca Alexander Sannikov Portfolio Manager (416) 365-4106 asannikov@dream.ca Michael Schwöbel Head of Leasing +49-69-87 00 016 10 mschwoebel@dreamglobal.com