Hamburg. Düsseldorf Cologne. Frankfurt. Stuttgart. Munich. *As at September 23, 201 5

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2 Hamburg Düsseldorf Cologne Frankfurt Stuttgart Munich *As at September 23,

3 Key metrics Occupancy 86.1% 85.3% Average in-place net rent per sf (1) Average inplace rents 6% since Q Market rents above in-place rents (1) 3.7% 2.9% FFO/Unit $0.39 $0.88 Distribution/Unit $0.40 $0.80 Weighted average interest rate 3.06% 3.23% Debt-to-gross book value 51% 51% 11.3% 2015 yearto-date total return 20% 35% Improving AFFO Quality Q AFFO Initial Properties New Acquisitions AFFO 80% 65% 3

4 Dispositions of $100+ million 0.8 million square feet of leasing 69% tenant retention In-place rents 6% 4

5 Unemployment rate (in %) Germany is the Eurozone s largest economy and the world s 4 th largest economy; German unemployment at 4.6%, among lowest in EU; German government posted GDP growth of 1.6% in 2014, higher than the GDP growth throughout the European Union and increased 2015 GDP growth projection to 1.7%; 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; First half of 2015 saw 24 billion in investment activity, up 42% over 2014; 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%. German Unemployment Rate June % Jan Jan Jan Jan Jan Jan Jan Jan Source: ILO labourmarket statistics, Destatis GDP Growth Rate 5% Germany Eurozone 4% 3% 2% 1% 0% -1 % -2% Source: OECD Economic Outlook

6 Rents Continue to Increase Record Cap Rate to Bond Rate Spread /sqm/month Berlin Dusseldorf Frankfurt Hamburg Cologne Munich Stuttgart 6% 5% Spread Office Yields (Big 7 average) 10 yr Bund Rates % % % * 1% 0% -1% Source: JLL Net Absorption in Big 7 Source: JLL Record Low Vacancy Rate Berlin Dusseldorf Frankfurt Hamburg 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..000 m² 1,400 1,200 1, * % Cologne Munich Stuttgart * Source: JLL Source: JLL 6

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. This transaction allowed us to leverage our operating platform and redeploy the proceeds into highly accretive opportunities such as Cologne Tower and Millerntorplatz. This transaction will add approximately 3 4 cents in AFFO per unit annually 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. 7

8 Over $1.8 billion in acquisitions since IPO with 31 properties added to portfolio 8

9 YTD % 1.70% 9.6 years 119

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12 (subject to final pricing)

13 Sources: Bloomberg, Dream Asset Management, Standard & Poor s, Fitch 13

14 Diversification of the Tenant Base % of GRI generated by tenants other than Deutsche Post IPO Q Q Q Q Total Dispositions In $ millions YTD Closed and under contract Terminations Terminations Replaced 81 % of GRI Replaced 77%of GRI 14

15 Retained 84% of GRI 15

16 Square feet 600, , ,000 Deutsche Post renewal Nearly 300, , ,000 - Q Q Q Q Q Q Q Q New leases and renewals (sf) 16 16

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18 Debt Maturities (in $ millions) IPO Blanket Facility 500 Overall term to maturity extended by 0.2 years Q Q As at June 30 th,

19 Asset Management & Advisory Services / Publicly listed funds Operating Businesses Dream Office REIT Dream Global REIT Dream Industrial REIT Dream Hard Asset Alternatives Trust Housing & Urban Development Land Development Renewable Power Largest Office REIT in Canada Largest Global REIT in Canada One of the Largest Dedicated Industrial REITs in Canada Fund for New Opportunities for Hard Asset Investments 19 19

20 Chief Executive Officer Jane Gavan Chief Executive Officer Industry Experience: 27 yrs Chief Financial Officer Acquisitions Portfolio Management Asset Management Germany Rene Gulliver Chief Financial Officer Industry Experience: 36 yrs Bruce Traversy Head of Investments Industry Experience: 26 yrs Alexander Sannikov Portfolio Manager Industry Experience: 9 yrs Anne Braun Head of Asset Management Industry Experience: 13 yrs Finance & Controlling Luxembourg Acquisitions Germany Leasing Germany Value Creation Germany Cengiz Coelhan Head of Finance & Controlling Industry Experience: 9 yrs Kim Andersson Investments Industry Experience: 11 yrs Michael Schwöbel Head of Leasing Industry Experience: 17 yrs Mark Göhring Strategic Assets Projects Industry Experience: 24 yrs 19 20

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22 Comparison is based on August 31, 2015 closing prices 322

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25 Acquisitions $400+ million Dispositions $130+ million 1 million square feet of leasing 69% tenant retention 5% increase in AFFO/unit 25

26 Appendix 1 Case Studies 26 26

27 Before After Atrium Entrance Interior Interior 27 27

28 Before After Entrance Lobby 28

29 Existing Retail New Retail Concept 29

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31 Appendix 2 Big 7 Markets 31

32 Rents Net Absorption /sqm/month Achieved Maximum Rent Prime Rent Weighted Average Rent Q2 10 Q2 11 Q2 12 Q2 13 Q2 14 Q , , , , , ,000 80,000 30,000-20,000-70, , , , ,000 44,700 34, Tenant Mix by Business Sector Q Office Vacancy Key Trends: Munich Dream Global (1 ) 11% 5% 6% 6% 6% 6% 6% 8% 18% 12% 17% Manufacturing Business Services IT Media, Publishing Social and personal Services Construction, Real Estate Education, Health, Social Public Administration Trade Banking, Finance Others, unknown,000 sqm Vacancy incl. sub-lettings (in 000s % sqm) 2,500 Vacancy Rate (in %) ,000 1,500 1, Q Prime Rents Average Vacancy Rate 6.5% 2.7% (1 ) Metrics pertaining to Dream Global REIT s Acquisition Properties in Munich 2014 Total Investment Volume 5 bln Prime Yield 3.9% Source: JLL 32

33 Rents Net Absorption /sqm/month Achieved Maximum Rent Prime Rent Weighted Average Rent 0 Q2 10 Q2 11 Q2 12 Q2 13 Q2 14 Q , , , , , ,000 80,000 30,000-20,000-70, , ,200 52,400 87,600 66,700-50, * Tenant Mix by Business Sector Q Office Vacancy Key Trends: Berlin Dream Global (1 ) 26% 5% 6% 6% Source: JLL 6% 6% 11% 7% 10% 8% 9% Banking, Finance Trade Business Services Manufacturing New Media Education, Health, Social Media, Publishing Construction, Real Estate Social and personal Services IT Others, unknown 1,750 1,500 1,250 1, ,000 sqm Vacancy incl. sub-lettings (in 000s sqm) Q2 15 % Prime Rents Average Vacancy Rate 6.9% 1.7% (1 ) Metrics pertaining to Dream Global REIT s Acquisition Properties in Berlin Transaction volume of at least 4.4 bln 40% international investors in 2014 Prime Yield 4.3% 33

34 Rents Net Absorption /sqm/month Achieved Maximum Rent Prime Rent Weighted Average Rent 0 Q2 10 Q2 11 Q2 12 Q2 13 Q2 14 Q , , , , , ,000 80,000 30,000-20,000-70, , , ,600 72,000-18,400 10, Tenant Mix by Business Sector Q Office Vacancy Key Trends: Hamburg Dream Global (1 ) 12% Public Administration 4% 4% 5% 5% 7% 24% 13% Business Services Media, Publishing Trade Manufacturing Construction, Real Estate Education, Health, Social Social and personal Services IT 7% Transport, Storage 9% 10% Others, unknown,000 sqm Vacancy incl. sub-lettings (in 000s sqm) Vacancy Rate (in %) 1,500 1,250 1, Q2 15 % Prime Rents Average Vacancy Rate 6.7% 4.6% (1 ) Metrics pertaining to Dream Global REIT s Acquisition Properties in Hamburg 2014 Total Investment Volume 3.5 bln Prime Yield 4.3% Source: JLL 34

35 Rents Net Absorption /sqm/month Achieved Maximum Rent Prime Rent Weighted Average Rent Q2 10 Q2 11 Q2 12 Q2 13 Q2 14 Q , , , , , ,000 80,000 30,000-20,000-70, , ,800 96, ,700 34,200-67, Tenant Mix by Business Sector Q Office Vacancy Key Trends: Frankfurt Dream Global (1 ) 6% 6% 5% 6% 4% 2% 3% 5% 7% 25% 31% Banking, Finance Business Services Public Administration Education, Health, Social Social and personal Services IT Manufacturing Media, Publishing Construction, Real Estate New Media Others, unknown,000 sqm Vacancy incl. sub-lettings (in 000s sqm) % 2,000 Vacancy Rate (in %) ,750 1, , , Q2 15 Prime Rents Average Vacancy Rate 1 0.0% 2.2% (1 ) Metrics pertaining to Dream Global REIT s Acquisition Properties in Frankfurt 2014 Total Investment Volume 5.5 bln Prime Yield 4.4% Source: JLL 35

36 Rents Net Absorption /sqm/month Achieved Maximum Rent Prime Rent Weighted Average Rent 0 Q2 10 Q2 11 Q2 12 Q2 13 Q2 14 Q , , , , , ,000 80,000 30,000-20,000-70, , ,000 99,100 73,800-7,400-22, Tenant Mix by Business Sector Q Office Vacancy Key Trends: Dream Global (1 ) 16% 17% Trade Business Services 3% Manufacturing Transport, Storage 5% Construction, Real Estate 15% IT 5% Telecommunication 6% Education, Health, Social Media, Publishing 7% 11% Social and personal Services 7% 8% Others, unknown Source: JLL,000 sqm Vacancy incl. sub-lettings (in 000s sqm) % 1,250 Vacancy Rate (in %) , Q2 15 Prime Rents Average Vacancy Rate 9.8% 1.3% (1 ) Metrics pertaining to Dream Global REIT s Acquisition Properties in Düsseldorf 2014 Total Investment Volume 2.0 bln Prime Yield 4.4% 36

37 Rents Net Absorption /sqm/month 5 Achieved Maximum Rent Prime Rent Weighted Average Rent 0 Q2 10 Q2 11 Q2 12 Q2 13 Q2 14 Q , , , , , ,000 80,000 30,000-20,000-70, ,300 69,500 80,100 70,300-13,100-38, Tenant Mix by Business Sector Q Office Vacancy Key Trends: Stuttgart Dream Global (1 ) 1% 1% 9% Manufacturing 46% Business Services 2% 1% Trade 5% IT 5% Education, Health, Social Public Administration 7% Banking, Finance Media, Publishing Social and personal Services 10% Insurance Others, unknown 13% Source: JLL,000 sqm Vacancy incl. sub-lettings (in 000s sqm) % 600 Vacancy Rate (in %) Q2 15 Prime Rents Average Vacancy Rate 5.0% 4.6% (1 ) Metrics pertaining to Dream Global REIT s Acquisition Properties in Stuttgart 2014 Total Investment Volume 1.2 bln Prime Yield 4.6% 37

38 Rents Net Absorption /sqm/month 5 Achieved Maximum Rent Prime Rent Weighted Average Rent 0 Q2 10 Q2 11 Q2 12 Q2 13 Q2 14 Q , , , , , ,000 80,000 30,000-20,000-70, , ,800 96,600 34,200 27,700-67, Tenant Mix by Business Sector Q Office Vacancy Key Trends: Cologne Dream Global (1 ) 10% Public Administration 3% 21% Business Services 3% Education, Health, Social 5% IT 5% 6% 7% Source: JLL 11% 11% 18% Trade Media, Publishing Social and personal Services Construction, Real Estate Banking, Finance Manufacturing Others, unknown,000 sqm Vacancy incl. sub-lettings (in 000s sqm) % 800 Vacancy Rate (in %) Q2 15 Prime Rents Average Vacancy Rate 6.1 % 0.3% (1 ) Metrics pertaining to Dream Global REIT s Acquisition Properties in Cologne 2014 Total Investment Volume 1.3 bln Prime Yield 4.4% 38

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40 Jane Gavan CEO (416) Rene Gulliver CFO (416) Alexander Sannikov Portfolio Manager (416)