#1November 2021 ་་ Dream Impact Trust Investor Presentation TSX:MPCT-UN#2dream impact trust Presentation Overview Section 3 Appendix I Section 1 Section 2 Introduction Our Impact Approach Portfolio Overview & Strategy Summary of Portfolio Assets Appendix II Impact Scoring System Appendix III Impact Portfolio Highlights Appendix IV Impact Investing Overview#3Dream | Impact Trust BUILDING BETTER COMMUNITIES 2 Michael Cooper Founder Dream Group of Companies "We invest to create positive and lasting impacts on communities and the environment. While many investors are beginning to integrate environmental and social considerations in their investment strategy, we have been doing this and doing it well for many years. With Dream Impact Trust, we see an opportunity to create shared value, targeting investments with measurable impacts together with market returns." First Public impact investment vehicle in Canada 90/100 Inaugural GRESB rating, top 20% of globally assessed companies 15-20% Targeted development IRR² 10-13% Targeted income property IRR² 38% CAGR¹ Growth in the Canadian impact investing market Note 1 - Global Sustainable Investment Review, 2020 Note 2 - Non-GAAP Measure#4Dream | Impact Trust Dream's Impact Philosophy - Building Better Communities RESPONSIBLE CONSUMPTION AND PRODUCTION Q REDUCED INEQUALITIES 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE CLIMATE 13 ACTION 11 DECENT WORK AND ECONOMIC GROWTH NO POVERTY •••• ZERO HUNGER SSS GOOD HEALTH AND WELL-BEING SUSTAINABLE CITIES AND COMMUNITIES W CLEAN WATER AND SANITATION AFFORDABLE AND CLEAN ENERGY QUALITY EDUCATION 5 GENDER EQUALITY BUILDING BETTER COMMUNITIES 3 SUSTAINABLE DEVELOPMENT GOALS Dream supports the Sustainable Development Goals#5Dream | Impact Trust PURPOSE DRIVEN RETURNS 4 Experience and Capabilities of Dream, our Manager¹ CAD$13 Billion Assets Under Management 25+ Years of Experience as a Real Estate Developer, Owner and Asset Manager ~$1 Billion Private Capital Raised YTD 2021 $7 billion of Impact Investments that have or are being built, managed or sold Note 1 - As at September 30th, 2021 Note 2 - As at November 8th, 2021 11.7 Million SF of Commercial / Retail GLA 23,000+ rental units Total Portfolio ~600 Professionals Across North America and Europe Over CAD$35 Billion of Real Asset Transactions Completed Globally 28% Ownership of Dream Impact Trust2 2035 Net-zero target for our Impact businesses#6Dream | Impact Trust Dream Overview Dream Unlimited Corp. [TSX: DRM] Recurring Income Stabilized Income Generating Assets BUILDING BETTER COMMUNITIES 5 Development Asset Management & Equity Ownership in Dream Office REIT Urban Development Toronto & Ottawa Western Canada Community Development dream impact trust Dream Impact Trust [TSX: MPCT.UN]#7Dream | Impact Trust Experienced Leadership Team & Well-Resourced Platform Executive Management Michael Cooper Dream Platform Meaghan Peloso Chief Financial Officer Portfolio Manager Jane Gavan Jason Lester President, Asset Management Vice Chair, Development Dream Platform Pino Di Mascio Head, Impact Strategy & Delivery Stephen Cleghorn Director, Portfolio Management BUILDING BETTER COMMUNITIES 6 Richard Florida¹ Vice-Chair, Impact Tsering Yangki Head of Real Estate Finance & Development Gordon Wadley EVP, Properties Jamie Cooper Director, Impact Investments Kimberly Lefever Director, Investor Relations Lee Hodgkinson Head of Sustainability and Technical Services 130+ professionals in investments and development Decades-long relationships with lenders, brokers, and government agencies Vertically-integrated platform to source and execute on compelling and innovative opportunities Experienced management team with a track record of impact investing Note 1 - Zanetti Photography#8Dream | Impact Trust Strong + Experienced Board of Trustees Amar Bhalla Chair Independent Trustee President, Capit Investment Corp Pauline Alimchandani Trustee Chief Financial Officer, Northland Power BUILDING BETTER COMMUNITIES 7 Karine MacIndoe Independent Trustee Nearly 20 years in Real Estate and Capital Markets Diverse, majority independent Board with experience across real estate, governance, strategy, leadership and capital markets#9Dream | Impact Trust Benefits of the Dream Platform Committed impact investing platform with 25+ year track record; opportunities to embed impact investing across the Dream platform. Exceptional access to investment & partnership opportunities through Dream's relationships and proven track record. Extensive and diversified network of financial institution support provides enhanced access to financing opportunities. Highly aligned: 28% ownership¹ of Dream Impact Trust. Note 1 As at November 8th, 2021 Note 2 - As at September 30th, 2021 BUILDING BETTER COMMUNITIES 8 Access to a $13 billion², best-in-class and vertically integrated real estate and impact management platform#10dream impact trust 2. Our Impact Approach#11Dream | Impact Trust Our Impact Investing Focus Environmental Sustainability & Resilience PURPOSE DRIVEN RETURNS Attainable & Affordable Housing Inclusive Communities 10 Decarbonize real estate and reduce water and waste usage while also creating resilience against natural disasters and major climatic events Invest in mixed-income communities that are transit- oriented, located close to employment opportunities, and support an overall lower relative cost of living with high quality of life. 999 Intentionally design and program communities that are safe and inclusive for everyone. This includes creating spaces that encourage mental and physical health, and wellness. CLEAN WATER AND SANITATION CLEAN ENERGY AFFORDABLE AND QINDUSTRY, INNOVATION AND INFRASTRUCTURE RESPONSIBLE 12 CONSUMPTION AND PRODUCTION CLIMATE 13 ACTION SUSTAINABLE CITIES 11 AND COMMUNITIES H 1 NO POVERTY ZERO HUNGER DECENT WORK AND ECONOMIC GROWTH 10 REDUCED GOOD HEALTH INEQUALITIES AND WELL-BEING W❤ QUALITY EDUCATION GENDER 5 EQUALITY#12Dream | Impact Trust Dream's Industry Leading Impact Measurement System Aligned with the United Nations Sustainable Development Goals and other industry leading methodologies SUSTAINABLE DEVELOPMENT GOALS PURPOSE DRIVEN RETURNS Operating Principles for Impact Management IMPACT MANAGEMENT PROJECT Our proprietary scorecard measures the direct and indirect positive impact of each investment we make We report our key performance indicators for each impact vertical and set annual improvement targets Independent third-party verification by Bluemark, a leader in the impact verification space We recognize and work to mitigate against any associated negative externalities of each impact investment 11#13NET ZERO ASSET MANAGERS INITIATIVE Dream | Impact Trust Dream Platform - Awards, Certifications and Commitments ONE PLANET LIVING GIIN GLOBAL IMPACT INVESTING NETWORK INTERNATIONAL WELL WELL TM BUILDINGUTE SHIP IN ENER LEADERS RONMENTAL DESIGN LEED CERTIFIED Operating Principles for Impact Management PURPOSE DRIVEN RETURNS (12) BEST BOMA CERTIFIED SUSTAINABLE BUILDINGS PRI Principles for Responsible Investment Ⓡ GRES B#14dream impact trust 3. Portfolio Overview & Strategy#15Dream | Impact Trust PURPOSE DRIVEN RETURNS 14 Dream Impact Trust Strategy 15 Rue Jos-Montferrand (Block 2-3) Gatineau, QC 1. The Trust is Canada's first publicly traded vehicle focused on impact investing 2. The Trust is focused on creating strong financial returns for unitholders alongside positive and measurable impact in its communities related to UN SDG #11 - Inclusive, Safe, Resilient and Sustainable Cities 3. High-quality portfolio of stabilized income producing properties and active developments projects aligned with Dream's three impact verticals: Environmental Sustainability & Resilience, Attainable & Affordable Housing, Inclusive Communities 4. Over time, the Trust intends to reach a target allocation of 70% income properties and 30% development 5. -80% of the Trust's NAV is currently comprised of Impact investments and by 2024 we are expecting this to grow to 100% Weston Common Toronto, ON Note 1 - As at September 30th, 2021#16Dream | Impact Trust Outcomes From Each $100M Investment in Impact Projects PURPOSE DRIVEN RETURNS 15 Environmental Sustainability & Resilience Б ~860,000 kg of CO2 emissions eliminated annually² ~3,500,000 Equivalent vehicle km removed from the road each year³ Attainable & Affordable Housing 762 Additional affordable housing units 1,4 ~$2,750,000 In rent saved annually by households in these units+ Inclusive Communities 999 4,300 Employment hours for underrepresented groups annually5 ~2,300 Hours of inclusive community programming annually (such as student tutoring and jobs training] Note 1 - For illustrative purposes only. Based upon of $100M of equity invested in affordable housing projects, assuming $350,000 per door Note 2 - Based on reducing GHG emissions in new acquisitions by 15%. Note 3 - United States Environmental Protection Agency, Greenhouse Gas Equivalencies Calculator Note 4 - Based upon maintaining 40% of units as affordable at a median $300 discount per month to market rent. Note 5 - Assuming 5% of property capital and operating contracts will be allocated to underrepresented groups. Note 6 - Assuming 4 hours of programming per week, per 150-unit building, for 45 weeks per annum#17Dream | Impact Trust Impact Investments Represent -80% of the Trust's NAV1 Investment Zibi West Don Lands Indigenous Hub Brightwater Sussex Center Lakeshore East 349 Carlaw 999 BUILDING BETTER COMMUNITIES 16. 巳 Affordable & Attainable Housing Inclusive Communities Environmental Sustainability & Resilience ✓ ✓ ✓ ✓ ✓ ✓ о ✓ о o ° 100 Steeles Ave. West о ° о 49 Ontario Street ° о 76 Stafford 68 70 Claremont 10 Lower Spadina Frank Gehry Project 262 Jarvis Weston Common ✓ о ✓ ✓ Note 1 - As at September 30th, 2021 Defined Impact o Impact Opportunity - Non-Impact ✓ °#18Dream | Impact Trust BUILDING BETTER COMMUNITIES 17 Financial & Portfolio Highlights ~$677 million 3,600 Units + 0.5M sf 19.9% Of high-quality assets primarily located in the Greater Toronto Area and Ottawa / Gatineau¹. ~3,600 residential units and 0.5 million square feet of retail and commercial GLA in our five-year development pipeline². Debt-to-asset value - conservative leverage provides flexibility'. 6.1% Distribution yield based on current trading price³. 20%+ Achieved return on Impact Investments across the Dream Group. 27% Discount to NAV 3,4 represents an attractive entry point with strong growth potential Note 1 As at September 30th, 2021 Note 2 - Project level figures, as at September 30th, 2021 Note 3 - Source: Bloomberg; Pricing Date: November 9th, 2021 Note 4 - Represents last published NAV of $8.99 as at December 31st, 2020 (updated annually)#19Dream | Impact Trust Attractive Valuation Relative to Net Asset Value BUILDING BETTER COMMUNITIES 18 Asset Class Cash and Lending Portfolio Expected Total Carrying Value Return Book Value Per % ($000's) Unit¹ $58,853 $0.91 11% Development and Investment Holdings² 15-20% $292,455 $4.50 57% Income Properties³ (Net of Mortgages Payable) 10-13% $211,784 $3.26 41% Other Assets and Liabilities ($47,466) ($0.73) -9% IFRS Book Value $515,626 $7.94 100% Add: FV Adj. on Assets Held at Cost $67,244 $1.05 Published NAV as at Dec 31, 2020 $582,870 $8.99 Market Capitalization $427,301 $6.58 Discount to IFRS Book Value -17% Discount to NAV -27% Note 1 - Total Unitholders' Equity Per Unit, unit count as at September 30th, 2021 Note 2 - Inclusive Development and Investment Holdings classified as Equity Accounted Investments Note 3 - Inclusive of Income Properties classified as Equity Accounted Investments Note 4 Source: Bloomberg; Pricing Date: November 9th, 2021#20BUILDING BETTER COMMUNITIES Dream | Impact Trust Delivery of Income Properties to Drive Recurring Income Growth Existing Existing Recently Completed Q4 2021 Natural Sciences Bldg Ottawa, Ontario 15 Rue Jos- 10 Lower Spadina Toronto, Ontario Montferrand Gatineau, QC Recently Acquired 2021 Sussex Centre Mississauga, Ontario Existing Existing 2022 Aalto Suites Ottawa, Ontario 2023 West Don Lands (Block 8) Toronto, ON 349 Carlaw Toronto, Ontario Recently Acquired 49 Ontario Toronto, Ontario Weston Common Toronto, Ontario ZCU Ottawa + Gatineau Recently Acquired Recently Acquired 2022 2024 76 Stafford Toronto, Ontario 68-70 Claremont Toronto, Ontario 262 Jarvis Toronto, Ontario FFFFFFFF Block 208 Ottawa, Ontario Canary Indigenous Hub Toronto, ON Recurring income is expected to continue to increase through 2025 with the stabilization of existing development assets Note For illustrative purposes only. Actual results may vary. 19#21dream impact trust Appendix I: Summary of Portfolio Assets#22Dream | Impact Trust Recurring Income Segment 1,2 BUILDING BETTER COMMUNITIES 21 Property Ownership² Location Impact Status³ Project Status 68-70 Claremont 100% Toronto & GTA I, E Income property Property Type Office Expected Stabilization Stabilized 76 Stafford 100% Toronto & GTA I, E Income property Office +Retail Stabilized Sussex Centre 50.1% Toronto & GTA I, E Income property Office +Retail Stabilized 349 Carlaw. 100% Toronto & GTA I, E 49 Ontario 100% Toronto & GTA TBD 10 Lower Spadina 100% Toronto & GTA I, E Income property Redevelopment Income property Office Stabilized Office Stabilized Office + Retail Stabilized 100 Steeles 37.5% Toronto & GTA TBD Redevelopment Retail Stabilized Plaza Imperial 40% Toronto & GTA n/a Income property Office + Retail Stabilized Plaza Bathurst 40% Toronto & GTA n/a Income property Office + Retail Stabilized 15 Rue Jos-Montferrand 50% Ottawa/Gatineau I, E Income property Office +Retail Stabilized Weston Common 33% Toronto & GTA A, I, E Income property 262 Jarvis 33% Toronto & GTA A, I, E Income Property Multi-family residential Multi-family residential Stabilized Stabilized Note 1 - Lending portfolio is not included. Note 2 As at September 30th, 2021 Note 3 Investments will align with the following impact verticals as outlined in the MD&A in Section 1.2, "Our Strategy and Operating Segments": A- Attainable and Affordable Housing; I - Inclusive Communities; E - Environmental Sustainability & Resilience#23Dream | Impact Trust Development Segment1.2 BUILDING BETTER COMMUNITIES 22 Property Ownership² Location Impact Status3 Project Status Natural Sciences Bldg 50% Ottawa/Gatineau I, E Zibi Block 208 50% Ottawa / Gatineau I, E Under construction Under construction Aalto Suites 50% Ottawa Gatineau A, I, E Under construction WDL Block 8 25% Toronto & GTA A, I, E Brightwater I and II 23.3% Toronto & GTA I, E Brightwater Towns 23.3% Toronto & GTA I, E Under construction Under construction Planning Property Type Commercial Commercial Residential Residential Expected Stabilization Q4 2021 2022 2022 2023 Residential + commercial 2023 Residential 2023 Zibi Block 206 50% Ottawa / Gatineau A, I, E Under construction Residential + commercial 2023 Zibi Block 207 50% Ottawa Gatineau I, E Under construction Commercial 2023 Zibi Block 11 50% Ottawa Gatineau A, I, E Virgin Hotels, Las Vegas 10% Las Vegas n/a Under construction Open Residential 2023 Hotel 2023 Canary Block 10 25% Toronto & GTA I, E The Mason (Brightwater) 23.3% Toronto & GTA I, E Under construction Planning Residential 2024 Residential 2024 Ivy 75% Toronto & GTA n/a Under construction Residential 2024 WDL Block 3/4/7 25% Toronto & GTA A, I, E Under construction Residential 2025 Queen & Mutual 9% Toronto & GTA n/a Planning Residential 2025 Brightwater future blocks 23.3% Toronto & GTA I, E Planning WDL Block 20 25% Toronto & GTA A, I, E Planning Various Residential 2025 2032 TBD Zibi Future Blocks 50% Ottawa/Gatineau A, I, E Planning Various TBD Lakeshore East 37.5% Toronto & GTA TBD Planning Residential TBD Frank Gehry 25% Toronto & GTA TBD Planning Residential TBD Seaton 7% Toronto & GTA n/a Planning Various TBD Scarborough Junction 45%% Toronto & GTA n/a Planning Various TBD Note 1 - Lending portfolio is not included. Note 2-As at September 30th, 2021 Note 3-Investments will align with the following impact verticals as outlined in the MD&A in Section 1.2, "Our Strategy and Operating Segments": A- Attainable and Affordable Housing; I - Inclusive Communities; E - Environmental Sustainability & Resilience Note 4 - The Trust's equity ownership interest in Scarborough Junction is 45%, and the Trusts effective economic interest is expected to be approximately 23%#24dream impact trust Appendix II: Impact Scoring System#25Dream | Impact Trust Measuring Impact Through the Dream Impact Scoring System PURPOSE DRIVEN RETURNS 24 What? How much? Who? Sum of Scores Contribution? What are the expected impact outcomes of the investment? Identify up to five pathways that are measurable, benefit people and/or planet, and can be improved during the investment horizon (Pathways all connect to at least one UN SDG - this section does not produce a score) Will the investment produce deep and lasting impact? Duration - how long will the impact last? [scored on 1-5 scale) Degree what is the extent of the social or environmental change to the beneficiary? [scored on a 1-5 scale) Who will be affected? Are there many stakeholders, and how well-served are they already? Number of People - how many people will be affected? [scored on a 1-5 scale) Need of People/Planet - what is the relative need for this investment? How well served were the benefiting stakeholders before the investment? (scored on a 1-5 scale) The sum of both the How Much and Who section. This will derive the pathway's score which will then be multiplied by the multipliers explained below. Contribution Multiplier - How essential was Dream in achieving the impact? Would it have happened anyway? [scored on a Low/Medium/High (1.0/1.2/1.4) scale) Scale? Scale Multiplier - Solely based on the size (GFA) of the investment (scored on a 1.0 - 1.9 scale) Risk? NET IMPACT SCORE What is the risk (Low/Moderate/High) that the investment fails to achieve its intended impact? (No score is associated with this, but it does inform investment decision-making) The average score of the investment's combined pathways.#26dream impact trust Appendix III: Impact Portfolio Highlights The following information is based on current market conditions and is subject to change.#27Dream | Impact Trust PURPOSE DRIVEN RETURNS 26 West Don Lands - Block 8 899 Project Overview West Don Lands Block 8 is in downtown Toronto's east end and is comprised of 770 rental units, of which 30% are affordable. $357 million in financing was secured through CMHC's Rental Construction Financing initiative (at project level) and first occupancies are expected in 2023. This community will focus on accessibility, affordability and sustainability. Construction has progressed to the 14th floor with no major schedule delays or cost overruns. 131 181 Mill St, Toronto ON Residential Rental Kilmer Group, Tricon Capital Address Asset Class Project Partners Ownership % Total Residential GFA. 25% 624,000 sf Total Commerical GFA 4,000 sf Occupancy Date 2023 Impact Highlights Expected to reduce energy consumption by 27% compared to NECB 20151 Expected to reduce GHG emissions by 32% compared to NECB 20151 Provides tenants (30% of units) with real savings as affordable rent is at a 63% discount to market rent² Expected to reduce potable water consumption by 35% compared to market standard Note 1 - National Energy Code of Canada for Buildings Note 2 - Reflects discount for 900 sf unit with affordable rent at $1,343 per month compared to $3,600 local market rent#28Dream | Impact Trust Canary Indigenous Hub PURPOSE DRIVEN RETURNS 27 Address Asset Class Project Partners Ownership % Total Residential GFA³ ΕΠΕΝ 425 Cherry St, Toronto, ON Residential Rental Kilmer Group, Tricon Capital 25% 326,000 sf Total Commercial GFA³ 26,000 sf Occupancy Date 2024 даа Project Overview The Indigenous Hub and Canary House are being developed in partnership with Anishinábe Health Toronto and are comprised of a 206-unit condominium building (Canary House) and 26,000 sf of retail, along with a 237-unit residential rental building, community health centre and a mixed-use commercial building that includes a training, education and employment centre, a city daycare and commercial space (the Indigenous Hub). Construction commenced in May 2021 with initial occupancies in 2024. Impact Highlights Expected to reduce energy consumption by 31% compared to NECB 20151 Expected to reduce GHG emissions by 38% compared to NECB 20151 Increased access will reduce illness diagnosis times, increase continuity of care, improve the overall effectiveness of health services within these communities² Fully funded education, health and childcare center to support the local Indigenous community Note 1 - National Energy Code of Canada for Buildings Note 2 - National Collaborating Centre for Indigenous Health, 2019 Note 3 - Across the rental, condo and retail components; the Trust is invested in the project's rental component#29Dream | Impact Trust Zibi - The Waterfront City Natural Sciences Building Ottawa, Ontario E Location Asset Class Ottawa ON, Gatineau QC Residential & Commercial Project Partners Dream Ownership% Total Residential GFA 1,750,000 sf + 50.0% Total Commercial GFA 2,202,000 sf + Occupancy Date 2021 - TBD PURPOSE DRIVEN RETURNS 28 999 Project Overview Zibi is our 34-acre community, located in Ottawa, Ontario and Gatineau, Quebec, overlooking the Ottawa River. This community will welcome approximately 5,000 residents and 6,000 workers upon completion. The project is a multi-phase development that includes over 4.0 million sf of density consisting of over 1,900 residential units, including purpose-built rental units, over 2.0 million sf of commercial space and 8 acres of riverfront parks and plazas. As the first One Planet Master-Planned Community in Canada, Zibi is envisioned to be one of the most environmentally conscious and sustainable communities in the country. Impact Highlights • • • • Zibi will adhere to the 10 principles of the One Planet Living Framework - from eliminating GHG emitting energy sources to encouraging social equity Once fully completed, Zibi's District Energy System will result in a net-zero carbon community. Zibi will be connected through a pedestrian ecosystem + cycling network with access to multiple transit options Dream is focused on inclusive Indigenous engagement, with the First Nations involved at every stage of development and ensuring that their culture as well as traditions are represented.#30Dream | Impact Trust Brightwater PURPOSE DRIVEN RETURNS 29 Location Asset Class Project Partners Ownership % Total Residential GFA Total Commercial GFA Stabilization Port Credit, Ontario Residential and Commercial Dream, Kilmer Van Nostrand Co. Ltd., Diamond Corp., FRAM + Slokker 23.3% 3,113,000 sf 360,000 sf 2023 - 2032 дод Project Overview A 72-acre waterfront development in Mississauga's Port Credit area which will transform the site to a complete, vibrant and diverse community, will include an elementary school, YMCA and 18 acres of parks and outdoor space. The development won the Building Industry and Land Development Association Pinnacle Award in 2020 for Best New Community-Planned/Under Development. In 2020, the first two condo buildings were brought to market and sold out. In the spring of 2021, Brightwater Towns and The Mason were both brought to market and units brought to market have sold 100% and 99%, respectively. • Impact Highlights When the Trust entered into the development in 2017, it was contaminated due to its history as an oil refinery, requiring the excavation of 1.4 million tonnes of soil. The source remediation program has since been completed. The Brightwater community will embody waterfront living while promoting connectivity, mental and physical health, and well-being in the community. The development will include 18 acres of new parks and green space, which will include the Village Square, a planned hub for community programming.#31Dream | Impact Trust Weston Common Location Asset Class Project Partners Ownership % Total Units Commercial Space Toronto, Ontario Residential Rental Dream, Dream Impact Fund 33.3% 841 (at 100%) 52,000 sf PURPOSE DRIVEN RETURNS 30 дод Project Overview The asset is a unique combination of core and value-add multi- family apartments located in Toronto's Weston neighbourhood. It is a two-tower mixed-use apartment complex with a total of 841 suites adjacent to the Weston GO / UP Express station. The first tower, West 22, is a newly constructed (2019) rental building with best-in-class finishes and amenities. The second tower, The Residence at Weston, is a building constructed in 1974 that has seen $15 million of recent capital improvements prior to acquisition. Impact Highlights • • The Trust intends to increase the number of existing affordable housing units within the building at a 21% discount to market rent The Trust intends to hire an off-site Community Animator to facilitate inclusive community programming such as student tutoring or employment skills training The Trust intends to allocate a portion of construction and operating contracts to local businesses that are owned by equity-seeking groups The Trust intends to retrofit building systems to reduce energy and water usage at The Residence at Weston#32dream impact trust Appendix IV: Impact Investing Overview#33Dream | Impact Trust PURPOSE DRIVEN RETURNS 32 "Impact investments are investments made with the intention to generate positive, measurable social and environmental impact alongside an attractive financial return." - Global Impact Investing Network#34Dream | Impact Trust Impact Investing Intersects Market Returns and Positive, Social, and Environmental Outcomes Traditional Focused exclusively on generating strong financial returns Responsible Focused on generating strong financial returns while excluding certain sectors (i.e. alcohol, tobacco) Sustainable Focused on generating strong financial returns from opportunities with a strong ESG focus Impact Focused on investment opportunities that provide strong financial returns alongside measurable social or environmental outcomes Strong Financial Returns PURPOSE DRIVEN RETURNS 33 Venture philanthropy Utilize a mix of grants, donations and investment funds to target societal issues Traditional philanthropy Donation and grant funding to target societal issues Intentional + Positive Social & Environmental Outcomes#35Dream | Impact Trust Impact Integration Increases Stability of Financial Returns PURPOSE DRIVEN RETURNS 1 Portfolio Stability 2 Market Demand 3 Asset Resiliency ( 34 During the peak of the Great Financial Crisis, market-rate U.S. multifamily vacancy was 10.7% while LIHTC (affordable housing] vacancy was 3.7%¹ 59% of residents would pay more to live in a green or sustainable community² More sustainable buildings that offer inclusive amenities will result in a longer economic life of the asset and thereby generate more cash flow Note 1 - CBRE, The Case For Affordable Housing, June 2020; U.S. Census Bureau Note 2 - AMLI Residential 2018 Sustainable Living Index#36Dream | Impact Trust Canada is a Leading Market for Impact Investing Government Goals 1 Affordable Housing 2 Mitigating Climate Change 3 Social Inclusion PURPOSE DRIVEN RETURNS 35 Canada's Commitments By 2030, every Canadian will have access to a home that they can afford and meets their needs. There are currently 1.7 million households in core housing need¹ Achieve a 40-45% reduction in GHG by 2030, including the retrofit and recommissioning of Canada's existing building stock Canada is targeting the highest level of immigration in its history, with 1.2 million immigrants by 2023, making it one of the most welcoming and inclusive countries in the world² The Canadian Government has established ambitious impact goals, receiving strong public support and will work together with private enterprises to help achieve these goals Note 1 Environment and Climate Change Canada Note 2 - Government of Canada 2021-2023 Immigration Levels Plan#37Dream | Impact Trust Forward-Looking Information & Non-IFRS Measures Forward-Looking Information BUILDING BETTER COMMUNITIES 36 This presentation may contain forward-looking information within the meaning of applicable securities legislation, including statements relating to the Trust's objectives and strategies to achieve those objectives, the Trust's beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, future growth and drivers thereof, results of operations, performance, business prospects and opportunities, market conditions, acquisitions, or divestitures, leasing transactions, future maintenance and development plans and costs, capital investments, financing, the availability of financing sources, income taxes, litigation and the real estate and lending industries in general, in each case, that are not historical facts; as well as statements regarding: the Trust's focus on impact investing; the Trust's ability to achieve its impact and sustainability goals; the Trust's ability to achieve strong financial returns alongside positive and measurable impact in its communities; the Trust's target portfolio allocation of 70% recurring income properties and 30% development; the proportion of the Trust's portfolio comprising impact investments in future years; the Trust's development pipeline, including the number of residential units and retail and commercial GLA to be developed in the next five years; the Trust's growth potential and expected returns; the ability of our portfolio to support NAV growth and shareholder returns in future periods; our expected returns on development and investment holdings and income properties; our expectation that recurring income is expected to increase through 2025 with the stabilization of existing development assets; the expected stabilization dates of the assets in our recurring income and development segments; the expected demand for impact and sustainable assets and their ability to generate greater cash flow; our plans and proposals for current and future development projects, including projected sizes (including total residential GFA and commercial GFA), densities, uses, costs, timelines, development milestones, stabilization or completion dates and their expected sustainability impacts (including reductions in energy and water usage and GHG emissions, rental savings, improved health outcomes, social and community programming, public and park spaces, social procurement initiatives, achieving net-zero); our methodologies for valuing investments, including market value adjustments; 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 the Trust's control, which 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: adverse changes in general economic and market conditions; the impact of the novel coronavirus (COVID- 19] pandemic on the Trust; changes to the regulatory environment; environmental risks; local real estate conditions, including the development of properties in close proximity to the Trust's properties and changes in real estate values; timely leasing of vacant space and re-leasing of occupied space upon expiration; dependence on tenants' and borrowers' financial condition; the uncertainties of acquisition activity; the ability to effectively integrate acquisitions; dependence on our partners in the development, construction and operation of our real estate projects; uncertainty surrounding the development and construction of new projects and delays and cost overruns in the design, development, construction and operation of projects; our ability to execute on our strategic plans and meet financial obligations; interest and mortgage rates and regulations; inflation; availability of equity and debt financing and foreign exchange fluctuations. All forward-looking information in this presentation speaks as of November 1st, 2021. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR (www.sedar.com). These filings are also available at the Trust's website at www.dreamimpacttrust.ca. Non-IFRS Measures The Trust's condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). In this presentation, as a complement to results provided in accordance with IFRS, the Trust discloses and discusses certain non-IFRS financial measures including NAV, NAV per unit, debt-to-asset value, total unitholders' equity per unit, as well as other measures discussed elsewhere in this presentation. These non-IFRS measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. The Trust has presented such non-IFRS measures as management believes they are relevant measures of our underlying operating performance and debt management. Non-IFRS measures should not be considered as alternatives to unitholders' equity, net income, total comprehensive income or cash flows generated from operating activities (continuing), or comparable metrics determined in accordance with IFRS as indicators of the Trust's performance, liquidity, cash flow and profitability. For a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS, please refer to the "Non-IFRS Measures and Other Disclosures" section in the Trust's Management's Discussion and Analysis for the three and twelve months ended September 30, 2021.#38dream impact trust Michael Cooper Portfolio Manager T: 416.365.5145 E: [email protected] Meaghan Peloso Chief Financial Officer T: 416.365.6322 E: [email protected] Kimberly Lefever Director, Investor Relations T: 416.365.6339 E: [email protected]