Bulletin TheSpring 2015 Issue #: 002

1IRR (Internal Rate of Return) represents the discount rate of annual net cash paid out to shareholders and the equity value (including minority interest) as at December 31, 2014 over the initial investment in 2003. 2Assets under management (“AUM”) is the respective carrying value of total assets managed by the company on behalf of its clients, investors or partners. Assets under management is a measure of success against the competition and consists of growth or decline due to asset appreciation, changes in fair market value, acquisitions and dispositions, operations gains and losses, and inflows and outflows of capital.3Based on TSX closing price as of April 10, 2015 and units or shares outstanding as at March 27, 2015.4Yield is calculated based on the closing price of units on the TSX as of March 27, 2015 and current distribution rates. Unlike fixed income securities, there is no obligation on the REIT or the trust to distribute to unitholders any fixed amount, and reductions in, or suspensions of, cash distributions may occur that would reduce the yield based on market price.

Focus: Canadian OfficeYear Commenced: 2003Mkt Cap at Inception: $320 Mln

Current Mkt Cap:$3.0 Bln3

Total Assets: $7.6 BlnYield: 8.6% 4

Tax Treatment: 73% return of capital estimated for 2014

Canada’s largest office REIT

Focus: German OfficeYear Commenced: 2011Mkt Cap at Inception: $520 Mln

Current Mkt Cap:$1.1 Bln3

Total Assets: $2.7 Bln Yield: 8.2% 4

Tax Treatment: 50% return of capital estimated for 2014

First Canadian REIT to invest exclu-sively outside of Canada.

Focus: Canadian IndustrialYear Commenced: 2012Mkt Cap at Inception: $340 Mln

Current Mkt Cap:$694 Mln3

Total Assets: $1.7 BlnYield: 7.8% 4

Tax Treatment: 77% return of capital estimated for 2014

Largest pure play Canadian Industrial REIT.

Focus: Hard AssetsYear Commenced: 2014Initial Book Value: ~$725 Mln

Yield: 6.0% 4

Tax Treatment: 85% return of capital estimated for 2014

Provides investors the opportunity to access hard asset alternative invest-ments such as real estate, real estate lending, and infrastructure including renewable power.

Focus:Land development, housing and condominium devel-opment, retail development, asset management for our TSX-listed fund investments in Canadian hard assets, commerical property ownership and renewable energy infrastructure.

www.dream.ca

info@dream.ca

Year commenced: 1996Equity at inception: $0.5 MlnCurrent Mkt Cap: $1.1 BlnIRR over last 11 years: 39%1

Assets underManagement: 14.6 Bln2

30 Adelaide Street East, Suite 1600 | Toronto, Ontario, M5C 3H1 | 416.365.3535

www.dream.ca/officeofficeinfo@dream.ca

www.dream.ca/globalglobalinfo@dream.ca

www.dream.ca/industrialindustrialinfo@dream.ca

www.dream.ca/alternativesalternativesinfo@dream.ca

$14.6 Bln AUM

Dream Unlimited Corp.(TSX: DRM)

Dream Office REIT(TSX: D.UN)

Dream Global REIT(TSX: DRG.UN)

Dream Industrial REIT(TSX: DIR.UN)

Dream Alternatives Trust(TSX: DRA.UN)

Housing &Urban Development

RetailDevelopment

Land Development

Highlights of 2014 & 2015At Dream, we have always been focused on identifying and executing on unique opportunities for the benefit of the business and our shareholders and continued to do so throughout 2014 and the first quarter of 2015. The examples below are just a few of our transactions during the year and highlight our strive to generate additional value by being creative, unique and forward-looking.

Unlocking Long-term Real Estate ValueDream and Canadian Pacific (“CP”) recently announced the formation of a joint venture called DREAM Van Horne Properties, created to generate long-term shareholder value from CP’s surplus real estate poised for development by the joint venture. There is unlimited potential to develop land that has benefitted from the growth of the cities they are located in – including Chicago, Toronto, Edmonton and Montreal. The partnership with CP is a testament to the value of Dream’s diversified real estate platform and track record for creating value. We look forward to working with CP for many years.

South Kensington - Dream’s First Condo Residence in SaskatoonDream specializes in creating unique, forward-thinking communities that integrate retail and compelling public spaces with a wealth of conveniences for its residents. Dream’s master-plan for South Kensington includes our first condominium residence in Saskatoon. The South Kensington site is a collaborative effort for Dream, bringing together expertise from all our divisions to build an exceptionally planned community and influence every component of this neighbourhood.

South Korean Pension Fund Joint Venture Dream Global REIT entered into a long-term joint venture with Public Official Benefits Asso-ciation (“POBA”), a South Korean pension fund. To date, we sold a 50% interest in eight proper-ties for approximately CAD $650 million to our JV partner. This transaction allowed us to lever-age our operating platform in Germany and re-deploy the proceeds into highly accretive oppor-tunities, such as Cologne Tower, Cologne’s tallest office building and Dream Global’s largest asset.

Breaking Ground - Dream’s Inaugural Greenfield Retail DevelopmentAs a developer, we strive to capture additional value through commercial developments and in 2013, we hired an experienced team to develop retail projects on land owned by Dream. We are executing on our strategy to in-tensify development on our own and officially broke ground on phase one of Tamarack, our first greenfield retail development located in Edmonton in June 2014. The first phase of this 180,000 square foot multi-phase de-velopment is expected to be completed by mid-2015 and Goodlife Fitness has already moved in. This is just the beginning as we plan to develop on approximately 400 acres of our Western Canadian retail lands ourselves.

Asset Management & Management Services / Publicly Listed Funds Dream’s Operating Businesses

DREAM INDUSTRIAL REIT APPOINTS THEIR NEW CEO AND CFO

Dream Industrial REIT started 2015 with a new executive team in place with the appointment of Brent Chapman as President and Chief Executive Officer and Lenis Quan as Chief Financial Officer.

Brent replaced Randy Cameron, who retired as President and CEO on October 31, 2014. Brent has over 28 years of experience across all facets of the real estate industry and comes to Dream Industrial REIT from Guardian Capital Real Estate, where he was Managing Director. Prior to being with Guardian, Brent was President and CEO of GPM Investment Management and a director of Integrated Asset Management, the parent company of GPM. His career includes holding various senior positions in asset management, leasing, property management, acquisitions, financing and

development with Oxford Properties and Talisker Corporation.

Lenis is a senior finance professional with over fifteen years of executive experience. She was most recently the Chief Financial Officer of Gazit America, a publicly traded real estate investment company which was privatized. Prior to joining Gazit America, Lenis worked at Brookfield Asset Management for approximately ten years in a number of progressive executive finance positions. Lenis is a Chartered Professional Accountant and started her professional career with Deloitte.

Dream Executives were recently recognized for their excellence and professional achievements.

Dream Executives Recognized

DOMTAR LANDS REDEVELOPMENT – A UNIQUE OPPORTUNITY TO CREATE A WORLD-CLASS SUSTAINABLE COMMUNITYIn 2014, Dream was able to seize a very unique opportunity when it partnered up with Windmill Development Group to take part in transforming an important location in Canada’s National Capital Region. The 37-acre site referred to as the Domtar Lands is unique in many ways – it is located in both the City of Ottawa and the City of Gatineau and consists of two islands and a portion of the Gatineau River bank. Historically, the lands had been reserved for industrial uses. That changed and last October, Ottawa City Council approved the Official Plan and Zoning By-law amendment application to establish the lands to be developed into a unique and dynamic mixed-use community - an opportunity to create a world-class sustainable community in what is considered to be one of the largest redevelopments in the National Capital Region.

The result of this zoning will allow us to develop over 1.3 million square feet of density on the Ottawa Lands. A similar zoning amendment has been approved by the City of Gatineau, which will increase the total density to approximately 3.6 million square feet of mixed use, office, residential and hotel space, including 200,000 square feet of existing brick and beam structures. Whenever possible, existing heritage structures will be integrated. The development’s overall time horizon is about 12 years, with the first residential buildings to be marketed this year. Together with our partner, we have also been actively pursuing commercial and retail tenants and the responses continue to surpass our expectations. We are extremely proud to be part of such an outstanding opportunity to transform the “landscape” in our Nation’s capital.

The community was recently name Zibi, which means ‘river’ in the Algonquin language. Read more here: http://goo.gl/AcbqDg

Dream Sponsors The Shoebox Project In 2014, Dream became the first National Corporate Sponsor of the Shoebox Proj-ect for Shelters, a national organization that brightens the lives of women living in shelters by providing them with gifts during the holidays. In the first of Dream’s three-year partnership with the Shoebox Project, Dream employees across the country contributed hundreds of shoe-boxes filled with gifts: boxes were collect-ed in Saskatoon, Regina, Calgary, Missis-sauga, Toronto and Dartmouth, and were often the result of colleagues making box-es together as teams. The drives in Regina and Saskatoon were the cities’ first, and Dream employees were proud to make and collect over 200 boxes to launch the Saskatchewan chapters.

In the newsIn the community

Name Earnings Release Date AGM Date AGM Time & Location

Dream Industrial REIT[TSX-DIR.UN]

May 5, 2015 May 5, 2015 4pm at Dream’s Corporate Offices30 Adelaide St. E., Toronto, 3rd Floor

Dream Global REIT[TSX-DRG.UN]

May 6, 2015 May 6, 2015 4pm at Dream’s Corporate Offices30 Adelaide St. E., Toronto, 3rd Floor

Dream Office REIT[TSX-D.UN]

May 7, 2015 May 7, 2015 4pm at Dream’s Corporate Offices30 Adelaide St. E., Toronto, 3rd Floor

Dream Unlimited[TSX-DRM]

May 11, 2015 May 11, 2015 4pm at Dream’s Corporate Offices30 Adelaide St. E., Toronto, 3rd Floor

Dream Alternatives Trust[TSX-DRA.UN]

May 12, 2015 May 12, 2015 4pm at Dream’s Corporate Offices30 Adelaide St. E., Toronto, 3rd Floor

Brent ChapmanCEO

Lenis QuanCFO

Recognized as one of Canada’s Top 100 Women by the Women’s Executive Network.

The Top 100 Awards celebrates the professional achievements of female leaders across the country in the private, public, and not-for-profit sectors. The Awards are given to remarkable women in nine different categories.

http://bit.ly/1cXu8R4

Recipient of prestigious German immobilien-manager. AWARD.

This award is an endorsement of Dream’s approach to running each of its businesses locally with the best teams on the ground, and Jane’s exemplary, innovative and courageous leadership skills.

http://goo.gl/PvXO9a

Michael Cooper, CEO of Dream Unlimited and Portfolio Manager for Dream Alternatives Trust was recognized as the Ernst and Young Entrepreneur of the Year for Real Estate.

EY Entrepreneur of The Year is the world’s most prestigious business award recognizing entrepreneurs who are building and leading successful, growing and dynamic businesses through regional, national and global awards programs in more than 145 cities in more than 60 countries.

http://bit.ly/1rDV0LS

Pauline Alimchandani, CFO of Dream Unlimited Was Selected as one of Real Estate Forum magazine’s “50 Under 40” in its October 2014 issue.

The editors of Real Estate Forum gathered information on some of the best and brightest young professionals in commercial real estate today. More than 500 nominees were judged based on their talent and success and Pauline was the only Canadian and one of the youngest selected.

http://bit.ly/1urOEpO

Nov 2014 - Behind the Scenes Dream Global In this print interview with the European Public Real Estate Association, (EPRA) Jane Gavan, CEO of Dream Global REIT, reflects on what it takes to be successful as a Canadian based company operating in Europe.

Read more here: http://bit.ly/1yrnFqA

Will Pan Am village pave the way for a 2028 Olympic bid?

This article in the Globe & Mail features Jason Lester of Dream and other members of the Dundee Kilmer Developments LP reflecting on the nearly completed, on-time, on-budget Pan Am Games athletes’ village – and how this could bolster Toronto’s aspirations for a possible 2028 Olympic bid. Read more here: http://goo.gl/qyT7EF

Dream Global REIT Property Tour - The Video

Seeing is believing - Dream Global REIT owns some of Germany’s finest buildings in the big cities. Jane Gavan, CEO of Dream Global REIT, invites you to view a virtual tour of our properties in Germany, includ-ing our recent acquisitions, Officium and Cologne Tower.

Watch it here: www.dream.ca/global

Upcoming AGMs

Jane Gavan, CEOof Dream Office REIT & Dream Global REIT