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Investor Presentation June 201 4 Randy Cameron John Todd Chief Executive Officer Chief Financial Officer 970 Fraser D Drive, Burlington Single Tenant Investing in Dream Industrial REIT: Participation in strong industrial fundamentals

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SLIDE 1

Investor Presentation

Randy Cameron Chief Executive Officer John Todd Chief Financial Officer

June 201 4

970 Fraser D Drive, Burlington – Single Tenant

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SLIDE 2
  • Participation in strong industrial fundamentals in Canada
  • Canadian GDP growth for 2014/15 projected to be 2% to 3%
  • Multi-tenant focus and geographic diversification
  • Portfolio is 2/3 multi-tenant which offers greater rent growth opportunities
  • Rent growth opportunities
  • Market rents are 6% above in-place and growing
  • Established platform, including relationship with Dream
  • 80 dedicated staff; access to Dream network and expertise
  • Secure and stable distribution
  • 89% payout ratio; 52.4% leverage; current yield > 7%

2

Investing in Dream Industrial REIT:

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SLIDE 3

Our Portfolio Distribution & Asset Classification

AB 30% SK 6% ON 28% QC 18% NS 18%

DIR.UN at-a-glance

3

15.6 M

square feet GLA

68%

from Multi- tenant

From IPO in October 2012 to May 2013, we grew

  • ur asset base from $0.7 billion to $1.5 billion,

diversifying our portfolio across major Canadian industrial markets.

205

Properties

$1.5 B

Total assets

Multi-tenant Single-tenant

by % of Net Operating Income

March 31, 2014

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SLIDE 4

Our focus since May 2013:

  • Operations and internal growth
  • Tenant relationships
  • Proactive property management
  • Growing occupancy
  • Processes and people

4

DIR.UN at-a-glance Q3-2013

(first full quarter at current size)

Q1-2014 Occupancy

95.1%. 96.3%

Comparative NOI

$ 26.3 M $ 26.5 M

AFFO/unit $ 0.19

$ 0.20

AFFO Payout ratio

91% 89%

Leverage

52.5% 52.4%

√ √ √ √ √

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SLIDE 5

5

0% 20% 40% 60% 80% 1 00% 1 20% 1 40% 1 60% $0.00 $0.05 $0.1 0 $0.1 5 $0.20 $0.25 Q4-1 2 Q1 -1 3 Q2-1 3 Q3-1 3 Q4-1 3 Q1 -1 4

RESULTS: AFFO and Distributions

AFFO/unit Distributions Payout ratio % Results Since our IPO we’ve grown our AFFO/unit and distributions, while reducing our payout ratio

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SLIDE 6

Multi-tenant focus means faster rent growth and lower tenant concentration risk

6

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Multi-tenant Single-tenant 32% 68%

Shorter lease term allows to capture the rent uplift faster

7

Net Operating Income by segment

(Q1 2014)

Weighted average lease term 3.6 yrs. Market rents

  • approx. 7.0% above

in-place Weighted average lease term 6.3 yrs. Market rents

  • approx. 4.0% above

in-place

Multi-tenant focus

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SLIDE 8

Benefits of multi tenant & smaller bay size assets

  • Space is less specialized -> larger variety of uses
  • Shorter lease terms provide greater opportunity to participate in rent growth
  • High replacement cost relative to single-tenant assets – rents in most markets

do not support new construction

  • Lack of recent new multi-tenant supply construction assets in Canada
  • Our portfolio is mainly located in urban infill locations

Our portfolio includes over 1,000 tenants of 5,000 square feet or less

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Multi-tenant focus

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These multi-tenant assets are typically generic, incorporating an office component and warehouse space; and can accommodate many uses.

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SLIDE 10

Industrial fundamentals in Canada remain strong

1 0

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  • 1 0,000
  • 5,000

5,000 1 0,000 1 5,000

  • 5.00%
  • 4.00%
  • 3.00%
  • 2.00%
  • 1 .00%

0.00% 1 .00% 2.00% 3.00% 4.00% 5.00%

1 1

Industrial fundamentals in Canada Growth in GDP drives demand for industrial space

Source: Stats. Canada & RBC

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SLIDE 12

1 2

Healthy GDP growth forecasted for our major markets

Source: Stats. Canada & RBC

AB AB SK SK

1 3E 1 4F 1 5F 5F

3.9 3.7 3.5

ON ON QC QC

4.8 2.0 2.7 1 .2 2.5 2.9 1 .1 1 .9 1 .8 0.8

NS NS

2.0 2.2

1 3E 1 4F 1 5F 5F 1 3E 1 4F 1 5F 5F 1 3E 1 4F 1 5F 5F 1 3E 1 4F 1 5F 5F 1 3E 1 4F 1 5F 5F

Canada

2.0 2.5 2.7

Canadian GDP growth (%)

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SLIDE 13

1 3

Industrial fundamentals in Canada Q1 2014 National

Market size (sq.ft.)

1.7 Billion

Vacancy rate

4.0%

Net absorption (sq.ft.)

5.3 MM

New supply under construction

(as a % of total market size)

0.8% NATIONAL INDUSTRIAL MARKET

Market data : CBRE

Canadian industrial fundamentals are strong and improving

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SLIDE 14

1 4

Key Markets - Calgary

Calgary Industrial Q1 201 4 Marke ket Our Portfolio Marke ket Size 1 24 M sq. ft. 2.6 M sq. ft. Vacancy Rate 4.7% 1 .0%

  • Growing market with low vacancy
  • Our portfolio is 99% occupied
  • US retailers (Target, WalMart) seeking

industrial space.

  • High population growth

DIR space

  • Est. Market

In In-place Net rent psf

$ 1 0.02 $ 9.06

1 0.6% above in-place

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SLIDE 15

Key Markets - Calgary 2256 29th

th street – Multi-tenant

1 5

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1 1 39-1 1 65 40th Av NE – Multi-tenant Key Markets - Calgary

1 6

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2876 Sunridge Way NE – Single-tenant Key Markets - Calgary

1 7

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1 8

Edmonton Industrial Q1 201 4 Marke ket Our Portfolio Marke ket Size 1 06 M sq. ft. 0.8 M sq. ft. Vacancy Rate 2.4% 1 .3%

  • Growing market with large population

increase

  • Industrial market inventory close to

all-time low vacancy of 2.4%

  • Limited supply of industrial zoned land
  • Significant petro-chemical projects

underway north-east of the City

DIR space

  • Est. Market

In In-place Net rent psf

$ 1 0.23 $ 8.64

1 8.4% above in-place

Key Markets - Edmonton

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SLIDE 19

1 6206 1 1 4th

th St NW (Alberta Park) – Multi-tenant

Key Markets - Edmonton

1 9

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2240 Premier Way – Single-tenant

Recently purchased the remaining 50% interested in this asset; all assets in our portfolio are now 100% owned

Key Markets - Edmonton

20

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Regina Industrial Q1 201 4 Marke ket Our Portfolio Marke ket Size 1 7 M sq. ft. 0.8 M sq. ft. Vacancy Rate 3.5% 4.5%

  • Municipality limiting the release of

industrial land

  • Few developers of multi-tenant industrial
  • Significant demand for industrial space

with double digit rents supporting new development

DIR space

  • Est. Market

In In-place Net rent psf

$ 8.28 $ 7.37

1 2.3% above in-place

Key Markets - Regina

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SLIDE 22

628-668 Henderson Drive ve (Chestemere) ) – Multi-tenant

Variety of practical uses for the space.

Key Markets - Regina

22

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402 McDonald street – Multi-tenant

Many of our properties are suitable for retail-like uses.

Key Markets - Regina

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GTA Industrial Q1 201 4 Marke ket Our Portfolio Marke ket Size 747 M sq. ft. 4.3 M sq. ft. Vacancy Rate 2.3% 1 .7%

  • Canada’s largest industrial market
  • Market vacancy down to 2.3%
  • Chrysler planning to re-tool their Windsor

assembly plant

  • Low Canadian dollar
  • Very little new construction in our niche

DIR space

  • Est. Market

In In-place Net rent psf

$ 6.22 $ 6.1 0

2.0% above in-place

Key Markets – Greater Toronto Area (GTA)

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SLIDE 25

Key Markets - GTA 45A West Wilmot Street– Multi-tenant

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855 Matheson Bouleva vard – Multi-tenant Key Markets - GTA

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970 Fraser Drive ve, Burlington – Single-tenant Key Markets - GTA

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Montreal Industrial Q1 201 4

Marke ket Our Portfolio

Marke ket Size 295 M sq. ft. 3.7 M sq. ft. Vacancy Rate 7.4% 6.2%

  • Second largest industrial market in

Canada

  • Key market to build a national platform
  • Steady growth without new supply
  • Recent election stabilizes political

environment

DIR space

  • Est. Market

In In-place Net rent psf

$ 6.1 2 $ 5.93

3.2% above in-place

Key Markets - Montreal

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SLIDE 29

Top 1 1 0 tenant 21 1 ,000 sq. ft. - 1 1 25 50th

th Ave

venue Key Markets - Montreal

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SLIDE 30

Top 1 1 0 tenant 327, 7,000 sq. ft. – 1 0001 Metropolitan Bouleva vard East

Selective ownership of single-tenant assets provides stable cash flow with incrementally less management effort.

Key Markets - Montreal

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SLIDE 31

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Halifax Industrial Q1 201 4

Marke ket Our Portfolio

Marke ket Size 1 1 .5 M sq. ft. 2.7 M sq. ft. Vacancy Rate 6.3% 6.7%

  • Offshore drilling by Encana, Husky and

Shell are regionally supported through Halifax

  • Federal Gov’t estimates the ship building

program will add ~10,000 jobs

  • Limited opportunity for expansion of

inventory; Regional Municipality controls release of land

DIR space

  • Est. Market

In In-place Net rent psf

$ 7.47 $ 7.23

3.3% above in-place

Key Markets - Halifax

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1 20 Troop Ave venue – Multi-tenant

Approximately 90% of our asset ets i in this market et are multi-tenant.

Key Markets - Halifax

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50 Troop Ave venue – Multi-tenant Key Markets - Halifax

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320-340 Wright Ave venue – Multi-tenant Key Markets - Halifax

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Geographic diversification +urban concentration

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$99 million of NOI or 94% of total portfolio in key urban locations near major transportation infrastructure

  • 189 buildings with ~1,200 tenants
  • 14.6 M sf of industrial space
  • Market rents 6.0% above in-place rents
  • Weighted average lease term of 4.5 years

Examples of these are in the following slides

Geographic diversification + urban concentration

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SLIDE 37

Pearson International Airport

GTA, ON

Mississauga Industrial

~$6.3 M of NOI – 5.9% total portfolio

37

1 2 3 Km

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SLIDE 38

GTA, ON

QEW Corridor

~$5.8 M of NOI – 5.5% total portfolio

PLANT

38

2 4 6 km

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SLIDE 39

Calgary, AB

39

2 4 km

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SLIDE 40

Calgary, AB

Industrial North

~$10.8 M of NOI – 10.2% total portfolio

Calgary International Airport

Deer foot Trail

Main highway to Edmonton 40

1 2 4 km 3

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SLIDE 41

Calgary, AB

Industrial Southeast

~$3.8 M of NOI – 3.6% total portfolio

41

1 2 km

Deer foot Trail

Main highway to Edmonton

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SLIDE 42

Calgary, AB

Industrial Southwest

~$5.8 M of NOI – 5.5% total portfolio

42

Deer foot Trail

Main highway to Edmonton

1 km

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SLIDE 43

Montreal, QC

Industrial South

~$14.4 M of NOI – 13.6% total portfolio

43 ZOOM IN NEXT SLIDE

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SLIDE 44

Montreal, QC

Industrial South

~$3.8 M of NOI – 3.6% total portfolio

Pierre E Elliot Trudeau International Airport

3 km radius

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SLIDE 45

Halifax, NS

Burnside Park

~$19 M of NOI – 18% total portfolio

Residential Challenging land for development

45

1 3 km km 2

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Rent growth opportunities

 Rents below current market rents  Upward pressure on market rents

46

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47 March 31 , 201 4 Average in in-place base rent (psf) Market rent estimates (psf) Market rent/ in in-place rent (%) Weighted avg. remaining lease term (yrs)

Western Canada $ 8.66 $ 9.73 1 2.4% 4.3 Ontario $ 6.1 1 $ 6.23 2.0% 4.3 Quebec $ 5.95 $ 6.1 6 3.5% 5% 6.1 Eastern Canada $ 7.1 2 $ 7.35 3.2% 3.5 Total $ 6.96 $ 7.38 6.0% 4.6

Rent growth opportunities

Our in-place rents nation-wide are 6% below prevailing estimated market rents for our space. On top of this a number of factors are putting upward pressure on these market rents including:

  • The low level of new supply, especially

for multi-tenant assets

  • Rents below rates that would justify new

construction

  • Zoning constraints in almost all of our

markets

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SLIDE 48

Platform strength

48

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SLIDE 49

49

Platform strength John Todd

  • Chief Financial

Officer

  • Previously with First

Capital Realty Inc.

  • Over 20 years of

experience in corporate finance and accounting; 1 5 years of experience in real estate industry

Randy Camero ron

  • President and Chief

Executive Officer

  • Previously Senior Vice

President, Western Region, Dundee Realty Management Corp.

  • 30 years of

experience in the industrial real estate industry

Joe Iadeluca

  • Senior Vice President,

Eastern Canada

  • Previously worked

with GE Real Estate and Dundee Realty Management Corp.

  • Over 25 years of

commercial real estate experience

Yanick Frappier

  • Vice President,

Western Canada

  • Previously worked

for Ivanhoe Cambridge

  • 1 5 years of

experience in real estate industry

Nicholas Stryland

  • VP Leasing Central

and Eastern Canada

  • Previously worked for

Orlando Corporation

  • Over 1 9 years of

experience in in real estate industry

Our team consists of over 80 dedicated staff members, most of whom have significant industrial real estate experience gained fro rom a ke key industrial and

  • ther real estate operators in

Canada.

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SLIDE 50

Dream’s platform benefits DIR:

  • 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

50

Platform strength

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SLIDE 51

Secure & stable distribution

  • 89% AFFO payout ratio
  • 2.9x interest coverage
  • 44% debt to total assets excluding convertible debentures
  • $50 million credit facility currently undrawn
  • $138 million unencumbered assets

51

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SLIDE 52

Our focus in 2014:

  • Internal growth
  • Leasing
  • Operations
  • Tenant Relationships
  • Leverage strong market fundamentals
  • Optimizing our Portfolio
  • Selective capital recycling
  • Intensification opportunities

52

Summary and outlook

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SLIDE 53

This slide presentation contains forward looking information within the meaning of applicable securities legislation. 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 Industrial REIT’s control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward looking information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; the financial condition of tenants; our ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space. All forward looking information in this presentation speaks as of March 31 , 201 4. Dream Industrial REIT does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR (www.sedar.com).

53

Forward looking information

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SLIDE 54

Appendices

  • Initial growth and acquisitions
  • Strategy and execution
  • Metrics
  • Units and capitalization history
  • Rent growth opportunities
  • Industrial segments we operate in

54

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SLIDE 55
  • October 4, 2012 – IPO with total market capitalization of $340

million

  • Initial Portfolio of 77 properties spun off from Dundee REIT
  • $660 million fair value
  • 6 million square feet
  • National Pure Play Industrial REIT.
  • Geographically diversified
  • Mix of flex, warehouse and distribution and light manufacturing
  • Dream as asset manager – proven track record

55

Initial growth and acquisitions

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SLIDE 56

From IPO to May 2013:

  • Oct. 2012 - $660 million Initial Portfolio acquisition from Dundee REIT

77 properties - 6.0 million square feet

  • Dec. 2012 - $500 million KingSett Portfolio acquisition

79 properties - 5.1 million square feet

  • April 2013 - $152 million CanFirst Portfolio acquisition

22 properties - 1.6 million square feet

  • May 2013 - $226 million C2C Portfolio acquisition

25 properties - 2.5 million square feet $900+ million in acquisitions maintaining leverage below 53% Assembled and manage a national portfolio with 80+ dedicated employees while leveraging Dream platform.

56

Initial growth and acquisitions

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SLIDE 57

0% 25% 50% 75% 1 00% 4 8 1 2 1 6 IPO Q4-1 2 Q1 -1 3 Q2-1 3 Q3-1 3 Q4-1 3 Q1 -1 4

RESULTS: Portfolio size and Lev everage

57

Strategy and execution

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SLIDE 58

Improved performance of previously undermanaged portfolios

  • Average occupancy increase of ~100+bps on acquisitions.
  • Active Management of Tenant relationships – 80% renewal ratio
  • Turning structural vacancies into leasable space – 150,000 sf out of

394,000 sf of vacant space is now leased (vacant bay clean-up project)

  • We have lease commitments for 1.4 million square feet taking
  • ccupancy in 2014 compared to total expiries of 2.1 million square feet

58

Strategy and execution

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59

$0 $25 $50 $75 $1 00 $1 25 $1 50 201 4 201 5 201 6 201 7 201 8 201 9 2020 2021 2022 2023 Mortgages Convertible Debenture

4.67 %

Debt ratio at 52.4% (44% secured debt) 2.9x interest coverage ratio

3.56% 4.27% 4.44% 3.36% 4.63% 3.68% 4.89% 4.06% 3.95%

Weighted average expiring interest rate

Metrics

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SLIDE 60

1 ,000 2,000 3,000 4,000 5,000 6,000 7,000 201 4 201 5 201 6 201 7 201 8 201 9+ Multi Tenant Single Tenant

1 1 .9%

60

Total occupancy of 96.3% and average remaining lease term of 4.7 years

  • Majority of leases mature 201 9+
  • Very few single tenant maturities in the next four years

5.1 .1 % 1 3.8% 1 3.6% 1 1 .2% 39.7 %

Uncommitted lease expiries

Metrics

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61

Since IPO (TSX: DIR.UN) in October 201 2:  1 05% market cap cap  1 1 8% enterprise value

Units

  • utstanding

Average d daily trading v volume Market price

(per unit)

Distribution yield

(annualized)

Market cap

($millions)

Enterprise value

($millions)

October 4, 201 2 34,034,631

  • $ 1 0.00

6.75% $ 340 $ 703 December 31 , 201 2 52,456,285 1 47,678 $ 1 1 .20 6.03% $ 588 $ 1 ,238 March 31 , 201 3 63,031 ,321 1 24,353 $ 1 0.82 6.21 % $ 682 $ 1 ,341 June 30, 201 3 70,571 ,882 1 36,863 $ 9.08 7.71 % $ 641 $ 1 ,487 September 30, 201 3 71 ,066,483 1 34,580 $ 8.74 8.01 % $ 621 $ 1 ,467 December 31 , 201 3 71 ,203,822 1 36,1 92 $ 8.85 7.91 % $ 630 $ 1 ,470 March 31 , 201 4 71 ,345,1 79 1 1 9,033 $ 9.40 7.45% $ 671 $ 1 ,504 June 24, 201 4 71 ,427,435 1 70,047 $ 9.74 7.1 8% $ 696 $ 1 ,532

Unit and capitalization history

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SLIDE 62

62 March 31 , 201 4 GLA Average in-place base rent (per sq. ft.) Market rent (per sq. ft.) Market rent/ in in-place rent (%) Average remaining lease term (years)

Western Canada Single Tenant Multi Tenant 331 ,000 3,899,000 $ 1 2.23 $ 8.36 $ 1 4.08 $ 9.35 1 5. 5.1 % 1 1 .8% 5.2 4.2 Ontario Single Tenant Multi Tenant 2,425,000 2,400,000 $ 5.96 $ 6.28 $ 6.08 $ 6.38 2.0% 1 .6% 5.5 3.1 Quebec Single Tenant Multi Tenant 2,41 0,000 1 ,322,000 $ 6.24 $ 5.40 $ 6.48 $ 5.56 3.8% 3.0% 7.8 3.0 Eastern Canada Single Tenant Multi Tenant 246,000 2,565,000 $ 7.1 5 $ 7.1 2 $ 6.92 $ 7.40

  • 3.2%

3.9% 3.0 3.5 Sub-total building Type Single Tenant Multi Tenant 5,41 2,000 1 0,1 86,000 $ 6.53 $ 7.1 9 $ 6.79 $ 7.70 4.0% 7.1 % 6.3 3.6

Total 1 5, 5,59 598,000 $ 6.96 $ 7.38 6.0% 4.6

Rent growth opportunities

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SLIDE 63

63

Flex Industrial Warehouse & Distribution Light Manufacturing

  • 39% of total GLA
  • 41 % of total Net Operating

Income

  • Typically generic assets, they

have an office component and warehouse space. It can accommodate from engineers and labs, small

  • nline e-commerce

distributors to quasi-retail

  • perators
  • 41 % of total GLA
  • 40% of total Net Operating

Income

  • Designed for storage and

distribution of goods

  • Provides highest degree of

flexibility and ease of conversion among industrial assets

  • 20% of total GLA
  • 1 9% of total Net Operating

Income

  • Designed for storage and

distribution of goods

  • Provides highest degree of

flexibility and ease of conversion among industrial assets

Industrial segments we operate in