#1do Dream Unlimited Investor Presentation February 2021 TSX:DRM#2Presentation Overview Section 1 Section 2 Investment Highlights Dream Overview Section 3 Section 4 Appendix I Our Business Financial and Portfolio Highlights Asset List Page 3 LO 3 5 14 26 30#3d 1. Dream Unlimited Corp. Building Better Communities Leading developer of residential as well as commercial assets in Toronto + asset manager with $10 billion of assets under management and a track record of value creation Investment Highlights 2. Attractive development pipeline ~19,500 residential units and ~4 million square feet of commercial/retail space in Toronto and Ottawa 3. Approximately 6.7 million square feet of stabilized rental, retail and commercial GLA across the Dream group platform¹ 4. 5. 6. We invest with conviction and have been committed to making positive impacts in our communities for more than 25 years. Established track record of earning strong returns for our investors and building better communities Significant progress in Dream Equity Partners, including: US$300 million of managed multi-family assets in Texas & Arizona alongside a global investment partner and the expected launch of an open-end Impact Fund in early 2021 Over $426 million of available liquidity and a conservative leverage position of 27%² Note 1 - Inclusive of Dream, Dream Office REIT and Dream Impact Trust Note 2 - As at December 31st, 2020 3#4d $ in millions Dream Unlimited Corp. Building Better Communities 2020: Business as Usual Liquidity Debt to Total Assets¹ $500.0 $426.1 50.0% $400.0 $322.8 40.0% $300.0 $200.0 $100.0 30.0% 26.6% 23.0% 20.0% 10.0% $0.0 Q4.19 Q4.20 0.0% Q4.19 Q4.20 500,000 sf² Leasing in Dream Office 2.2 Million sf² Of zoning approvals obtained in 2020 88%2 Occupancy Rate in Dream Office REIT 19,7172 Units in Development Pipeline • $2.5 Billion Launch of Alpine Park 646 Acres of next generation greenfield development 10,000 people will call it home • 20,000 jobs created over the project's lifespan Note 1 total assets at book value Note 2 - as at December 31, 2020, units include condo and purpose-built rental units at the project level#5Dream Overview 힉스#6d Dream Unlimited Corp. Building Better Communities Dream Overview Dream Unlimited Corp. [TSX: DRM] Recurring Income Development Stabilized Income Generating Assets Asset Management & Equity Ownership in Dream Office REIT Urban Development Toronto & Ottawa Western Canada Community Development 25+ Years of experience as a real estate developer, owner and asset manager $10 Billion of assets under management $35 Billion of real estate and renewable power transactions globally have been completed#7d Dream Unlimited Corp. Building Better Communities $20B $18B 25+ Years of Real Estate Experience $16B $14B $12B $10B $8B $6B 2003 Launched Dream Office REIT (D.UN-T), focused on investing in Canadian office real estate 2005 Established Firelight Infrastructure Partners, eventually culminating in more than $2 billion in renewable power transactions 1996 Dream started with $500,000 of 1998 equity and $67 million of AUM $4B Acquired 11 operating companies, + Arapahoe Basin, one of Colorado's premiere ski resorts $2B $OB 1996 1997 1998 1999 2011 Launched Dream Global REIT (DRG.UN-T) most successful Canadian REIT IPO and first Canadian REIT to invest exclusively in Europe 2012 Dream Office acquires Scotia Plaza, an iconic trophy asset in the heart of Toronto's financial district comprising over 2 million sf for $1.3 billion Dream Industrial REIT (DIR.UN-T) created to capitalize on growing and increasingly attractive Canadian industrial market 2000 2001 2002 2003 2004 2005 2 2015 Dream Office commences Strategic Plan to become a downtown Toronto office REIT 2013 Dream Unlimited goes public through spin-out transaction 2014 Dream Hard Asset Alternatives launched to capitalize on alternative real estate opportunities 2017 Dream Global REIT completes transformational 135 property Netherlands transaction Dream Industrial expands into the U.S. 2018 Dream Office announces over $100 million Redevelopment & Dream Collection Program focused in downtown Toronto 2019 3 Dream Global acquired by Blackstone for $6.2 billion Aug 2007 Sold two thirds of Dream Office REIT assets to General Electric at the height of the market Jan 2020 Dream Industrial expands into Europe May 2020 Launch of Dream Equity Partners October 2020 DAT to refocus on impact investing opportunities as Dream Impact Trust (MPCT.UN-T) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2006 Aug-07 Dec-07 2008 2019 2020#8Pending#9do Dream Unlimited Corp. Building Better Communities Dream Real Estate Portfolio Global real estate holdings across Dream entities total 34 million sf in North America and Europe with a pipeline of ~5 million sf of retail/commercial development and -19,7171 residential units as well as nearly 2,000² income producing rental units in Dallas and Phoenix. Across Dream, we own, manage or provide management services for: • A 5.6 million sf portfolio of exceptionally located boutique office portfolio largely located in downtown Toronto A $3.2 billion diversified industrial portfolio comprising over 27 million sf located across North America and Europe An exceptional portfolio of real estate development, real estate lending and income properties 1 - at 100% project level 2- at 100% ownership, includes acquisitions completed through Feb 3, 2021#10Pending#11do Dream Unlimited Corp. Building Better Communities 11 Impact Investing is What We Do Launched $1+ Billion fund exclusively focused on renewable energy 2005 First TSX listed company to have a female majority board 2013 Published first Dream Corporate Sustainability Report 2015 Formed Alate Partners to invest in innovative real estate & related companies 90% of Dream Global's Netherlands portfolio are Green-certified 2018 cont. Dream Impact Trust is created from repositioning DAT DAT & HSBC Close on $120 million Green Loan Dream becomes a member of the Global Impact Investing Network and signatory to the Operating Principles for Impact Management 2004 2011 2014 2018 2019 88 181 2020 Dream forms a partnership to invest, improve and reposition Toronto's Distillery District Selected to develop LEED Gold Pan/Parapan AM Athletes Village inclusive of affordable and student housing, winner of numerous awards including 2014 BILD community of the Year Dream invests in Zibi, to create Canada's most sustainable master- planned community Dream Industrial + Dream Global commence rooftop solar programs Dream selected to deliver 700+ affordable housing units in a mixed-income community Dream Office achieves green certification for 100% of its properties over 100,000 sf Establishes partnership with Anishnawbe Health Toronto to develop a mixed-use Indigenous Hub, which will celebrate indigenous culture and serve the needs of Toronto's First Nations community Dream has been a track record of impact-oriented investing and is well positioned to provide investors with access to double-bottom line investment opportunities and irreplaceable projects#12Pending#13do Dream Unlimited Corp. Building Better Communities Sustainability and ESG 2019 Highlights Environmental Social West Don Lands community will offer purpose-built rentals that include affordable options Zibi is 1 of 10 Endorsed One Planet communities in the world based on 10 sustainable principles and construction of District Thermal ~~$700,000 donated to charities across the Dream Group of Companies 449 Gifts were donated to seniors in need through the Tree of Dreams with Dream tenants Distillery District Achieved BOMA BEST certification for improving sustainability of heritage buildings Arapahoe Basin Entered collaboration with the Colorado Carbon Fund to offset 2019 fuel-related GHG emissions from all diesel, gasoline and propane use Community Engagement We are actively engaged with the community through strong partnerships and support for local charitable organizations Tenant Focused We are committed to tenant satisfaction and are continually looking for ways to improve their experience in our buildings Brightwater Completed remediation of former oil refinery site in preparation for Brightwater development Energy Star Leading the industry as one of Canada's largest ENERGY STAR certified builders -$250,000 in tuition and professional development fees were reimbursed to employees¹ Employee Development, Education and Well-Being Committed to employees learning and promotion of healthy workplaces and lifestyles Governance 50% of Dream Unlimited Board members are women 75% of Dream Unlimited Board members are independent Strong Governance policies and transparency in all aspects of our business Board Mandated and supported sustainability initiatives Whistleblower procedures and reporting guidelines 13 Note 1 - Based on Dream Asset Management Corporation employees, which includes DRM and MPCT.UN employees. Does not include employees at Dream recreational properties, employees on unpaid leave of absence (e.g. permanent disability, long-term disability, parental leave) or interns#14Pending#15d Dream Unlimited Corp. Building Better Communities Asset Management & Equity Ownership Dream Equity Partners WDL Block 8 Toronto, Ontario In May 2020, we launched Dream Equity Partners, our private asset management business to investors that share our passion for building better communities Dream Equity Partners leverages our core competencies in managing and developing office, multi-family, industrial and mixed-use assets in Canada, the United States and Europe with a focus on core, core-plus and value-add investments. 15#16d 1,200 units Dallas, Texas Dream Unlimited Corp. Building Better Communities Asset Management & Equity Ownership U.S. Multi-family 792 units Phoenix, Arizona In February 2021, Dream entered into a partnership with a leading global investment manager to establish and grow a U.S. multi-family asset management platform with institutional investors Dream will become a General Partner for the partnership earning asset management fees, property management fees and a promote on assets under management. Dream will manage approximately US$300 million of US multi-family properties comprising nearly 2,000 units and will continue to grow the platform alongside institutional investors 16#17d Dream Unlimited Corp. Building Better Communities Canary Indigenous Hub Toronto, Ontario Dream Impact Fund will be one of the world's first open-ended funds, focused exclusively on investments that generate measurable social, environmental and financial returns Asset Management & Equity Ownership Dream Impact Fund Dream will be launching the Dream Impact Fund, having secured initial commitments from some of Canada's leading financial institutions and high-net worth individuals. Dream will contribute its interest in four projects creating an attractive and irreplaceable Seed Portfolio#18d Dream Unlimited Corp. Building Better Communities 18 Dream Impact Fund - Seed Portfolio Overview Canary Indigenous Hub Toronto, ON West Don Lands Rentals Toronto, ON Zibi Natural Sciences Building Ottawa, ON Zibi Community Utility Ottawa, ON Gatineau, QC ΕΕΕΕ First purpose-built Indigenous Hub in any major North American city An Indigenous Hub inclusive of healthcare, childcare, and education facilities + a market condo and a market rental building Multi-Family Residential with 30% affordable units Under-construction on 770- unit LEED Gold rental project Office Complex in Canada's most sustainable Community 185,000 sf building, 80% leased to the Federal Government for 15 years Zero-Carbon District Energy Heating and Cooling System System reuses local energy to supply all of Zibi with zero- carbon heating and cooling 2024 Completion 2023 Completion 2021 Completion 2021 Completion#19Asset Management & Equity Ownership Dream Impact Trust (MPCT.UN) Dream Impact Trust was created from Dream Hard Asset Alternatives Trust to better align its name with its purpose. Dream Impact focuses on investments that generate both strong financial returns and provide positive social and environmental impacts in our communities. First & only Canadian Publicly Traded Vehicle Focused on Impact Investing ~26% Ownership* of Dream Impact Trust by Dream Unlimited 15%-20% Targeted Development IRR Performance Benchmarks To be Aligned With Established Impact Investing Principles Note 1 - On October 26, 2020, Dream Hard Asset Alternatives Trust changed its name to Dream Impact Trust to better align its brand with the Trust's purpose Note 2 at December 31, 2020 d#20Pending#21Pending#22Pending#23d Dream Unlimited Corp. Building Better Communities 2020 Project 250 Dundas St W WDL Blocks 347 WDL Block 20 Development - 2020 and 2021 Expected Approvals¹ Entity City Dream Ownership² Total Residential Units Total GFA (sf) Dream Office REIT Toronto 31.6% 522 500,000 Dream/Dream Impact Toronto 33.3% 855 869,000 Dream/Dream Impact Toronto 33.3% 661 848,000 2,038 2,217,000 2020 Total Gross Acres 2021 Project Entity Dream Ownership² Gross acres Total Residential Units Total GFA (sf) Downtown Toronto & GTA Various 31.6%-50.0% n/a 7,432 6,444,000 Calgary Dream 100.0% 163 TBD TBD Regina Dream 100.0% 229 TBD TBD Saskatoon Dream 100.0% 1,358 TBD TBD 2021 Total 1,750 7,432 6,444,000 Over 7,400 units and -1,750 acres are expected to be approved in 2021, marking significant progress and increased value potential in our development pipeline Note 1 - Project statistics at 100% project level 23#24d Dream Unlimited Corp. Building Better Communities E T Alpine Park, Calgary Brighton, Saskatoon Development Western Canada Community Development Development comprised of land, housing, multi-family and commercial assets within our master-planned communities in Saskatchewan and Alberta. Dream currently owns ~9,200 acres of lands across Western Canada#25Pending#26Pending#27Pending#28d Dream Unlimited Corp. Building Better Communities Millions $3,000 $2,500 $2,000 $1,500 $1,000 $500 Conservative Leverage with Ample Liquidity Based on the fair market value of our portfolio, portfolio leverage would be meaningfully lower 27% Debt to Book Value $0 Total Assets Project Debt Corporate Debt 28#29Millions d Dream Unlimited Corp. Building Better Communities $500 $400 $300 $200 $100 $114 $102 $115 $123 Ample Liquidity to Manage the Uncertainty Ahead Targeting $350 - $400 million of liquidity over the near-term $164 $133 $167 $179 $156 $128 $146 $323 $261 $378 $0 Q1.17 Q2.17 Q3.17 Q4.17 Q1.18 Q2.18 Q3.18 Q4.18 Q1.19 Q2.19 Q3.19 Q4.19 Q1.20 Q2.20 Q3.20 Q4.20 Liquidity to Market Cap Ratio Liquidity Note 1 - Liquidity available under respective credit facilities. $375 $426 0% 50% 45% 40% 30% 20% 10% 29#30Pending#31do Project/Property Dream Unlimited Corp. Building Better Communities Entity Dream Ownership(1) Status 31 Total residential units at completion(2) (at 100%) Residential GFA(1) (at 100%) Total commercial In-place and retail GLA(2) (at 100%) and committed occupancy Occupancy/ stabilization date Recurring income segment Downtown Toronto & GTA Commercial: Adelaide Place 50 & 90 Burnhamthorpe Road West (Sussex Centre] Dream Office REIT 31.6% Income property 658,000 96.6% Dream Office 65.8% REIT/Dream Impact Income property 655,000 86.4% 2200-2206 Eglinton Avenue East & 1020 Birchmount Road Dream Office REIT 31.6% Income property 442,000 58.5 % State Street Financial Centre Distillery District Dream Office REIT 31.6% Income property 414,000 100.0% Dream 50.0% Income property 395,000 99.7% 438 University Avenue Dream Office REIT 31.6% Income property 323,000 99.1% 655 Bay Street Dream Office REIT 31.6% Income property 301,000 97.8% 74 Victoria Street/137 Yonge Street Dream Office REIT 31.6% Income property 266,000 98.9% 720 Bay Street Dream Office REIT 31.6% Income property 248,000 100.0% 36 Toronto Street Dream Office REIT 31.6% Income property 214,000 98.2% 330 Bay Street Dream Office REIT 31.6% Income property 165,000 84.0% 20 Toronto Street/33 Victoria Street Dream Office REIT 31.6% Income property 158,000 96.5% 250 Dundas Street West Dream Office REIT 31.6% Income property 121,000 98.5% Victory Building 49 Ontario 425 Bloor Street East 212 King Street West 357 Bay Street 10 Lower Spadina Dream Office REIT 31.6% Income property 101,000 72.4% Dream Impact 100.0% Redevelopment TBD TBD 88,000 91.5% Dream Office REIT 31.6% Income property 83,000 97.5% Dream Office REIT 31.6% Income property 73,000 100.0% Dream Office REIT 31.6% Income Property 65,000 100.0% Dream Impact 100.0% Income property 61,000 100.0% Dream/Dream 100 Steeles Avenue West 50.0% Redevelopment TBD TBD 59,000 96.4% Impact 360 Bay Street Dream Office REIT 31.6% Income property 58,000 86.8% 67 Richmond Street West Dream Office REIT 31.6% Income property 50,000 94.4% 6 Adelaide Street East Dream Office REIT 31.6% Income property 53,000 84.9% 350 Bay Street Dream Office REIT 31.6% Income property 53,000 94.8% 366 Bay Street Plaza Imperial 349 Carlaw 56 Temperance Street Dream Office REIT 31.6% Income property 36,000 34.0% Dream Impact 40.0% Income property 35,000 86.2% Dream Impact 100.0% Income property 34,000 91.6% Dream Office REIT 31.6% Income property 32,000 89.2% Canary District - Stage 1 retail Dream 50.0% Income property 32,000 86.3% Plaza Bathurst Queen and Mutual Dream Impact 40.0% Income property 24,000 100.0% Dream Impact 9.0% Income property 24,000 80.0% 220 King Street West Dream Office REIT 15.8% Income property 22,000 83.4% Other GTA retail Other: Dream 17.1-50.0% Income property 290,000 83.5% The Broadview Hotel The Gladstone Hotel Dream 50.0% Income property Dream 50.0% Income property Total Downtown Toronto & GTA 5,633,000 91.1%#32do Dream Unlimited Corp. Building Better Communities 32 Project/Property Entity Dream Ownership(1) Status Total residential units at completion(2) (at 100%) Residential GFA(1) (at 100%) Total commercial and retail GLA(2) (at 100%) In-place and committed occupancy Occupancy/ stabilization date Recurring income U.S. Arapahoe Basin ski hill, Colorado Dream 100.0% Income property n/a Tallows Apartments, Texas Dream 50% Income property 252 218,000 95.2% Fieldcrest Apartments, Texas Dream 50% Income property 180 144,000 93.3% Tall Timbers Apartments, Texas Dream 50% Income property 216 201,000 95.8% Villas at Waterchase, Texas Dream 50% Income property 244 215,000 94.7% Abbey at Vista Ridge, Texas Dream 50% Income property 300 297,000 90.0% 12800 Foster Street, Kansas D.UN 31.6% Income property 185,000 100.0% Total U.S. 1,192 1,075,000 185,000 94.5% Western Canada Residential and Mixed-Use: Kensington, Saskatoon Dream 100.0% Income property 48 75,000 Commercial: 444 7th Building, Calgary D.UN 31.6% Income property Saskatoon Square, Saskatoon D.UN 31.6% Income property ||| | | | Princeton Tower, Saskatoon D.UN 31.6% Income property 606 - 4th Building & Barclay Parkade, Calgary D.UN 31.6% Income property Kensington House, Calgary D.UN 31.6% Income property Shops of South Kensington, Saskatoon Dream 100.0% Income property 234 1st Avenue South, Saskatoon D.UN 31.6% Income property | | | | | Other: Willows, Saskatoon Total Western Canada Total recurring income 100.0% 261,000 74.5% 228,000 64.2% 136,000 48.1% 126,000 76.5% 78,000 95.7% 72,000 96.4% 10,000 66.8% Dream 100.0% Income property n/a 48 1,240 75,000 1,150,000 911,000 73.9% 6,729,000 89.5%#33d Project/Property46 Dream Unlimited Corp. Building Better Communities Total residential Residential Type Entity Dream Ownership(1) units Status at completion (at 100%)(2) GFA(1) (at 100%) Total commercial and retail GLA(2) (at 100%) In-place and committed occupancy 33 Occupancy/ stabilization date Development segment Downtown Toronto & GTA Residential and Mixed-Use: Riverside Square (Phase 2) Canary Commons (Block 12) Canary Block 13 Canary Block 10 WDL Block 8 WDL Block 3/4/7 Build to sell Dream 32.5% Planning 227 195,000 43,000 2022 Build to sell Dream 50.0% Under construction 401 372,000 15,000 100.0% 2022 WDL Block 20 Build to hold Dream Various Dream/Dream Impact Build to hold Dream/Dream Impact Build to hold Dream/Dream Impact Build to hold Dream/Dream Impact 50.0% 33.3-50.0% Planning 477 468,000 7,000 TBD Planning 206 158,000 25,000 2024 33.3% Under construction 770 623,000 4,000 2023 33.3% Planning 855 830,000 39,000 2025 33.3% Planning 661 586,000 262,000 TBD Distillery District - 31A Parliament Build to hold Dream 50.0% Planning 500 448,000 300,000 30.7% TBD Lakeshore East TBD Frank Gehry Dream/Dream Impact Build to sell Dream/Dream Impact 50.0% Planning 1,100 989,000 32,000 TBD 33.3% Planning 1,500 1,652,000 260,000 TBD Brightwater I and II Brightwater future blocks Seaton Build to sell Various Dream/Dream Impact Dream/Dream Impact 31.0% Planning 311 31.0% Planning 2,684 216,000 2,897,000 110,000 2023 290,000 2024-2032 Build to sell Dream Impact 7.0% Planning TBD TBD TBD TBD Scarborough Junction Other Zibi (Ottawa/Gatineau): Block 2-3 Block 208 Block 10 Block 211 Block 206 Build to sell Build to sell Dream Impact Various 45.0% Planning 6,619 5,270,000 Various Various Total Downtown Toronto & GTA 1,195 17,745 1,304,000 165,000 58,000 TBD TBD 16,208,000 1,610,000 33.7% Block 11 Block 207 Future blocks Build to hold Dream/Dream Impact Build to hold Dream/Dream Impact Build to hold Dream/Dream Impact Build to hold Dream/Dream Impact Build to hold Dream/Dream Impact Build to hold Dream/Dream Impact Build to hold Dream/Dream Impact Various 89.0% Under construction 55,000 81.2% 2021 89.0% Under construction 89.0% Under construction | |8 34,000 79.8% 2022 162 147,000 1,500 2022 89.0% Under construction 185,000 86.0% 2021 89.0% Planning 198 166,000 14,000 2023 89.0% Planning 126 116,000 5,000 2023 89.0% Planning 90,000 2023 Dream/Dream Impact 89.0% Planning 1,233 Total Zibi (Ottawa/Gatineau) U.S. 1,719 1,387,000 1,816,000 2,054,000 2,438,500 TBD 84.3% Las Vegas industrial site Build to hold Dream 10.0% Planning Hard Rock/Virgin Hotel, Las Vegas Build to sell Dream Impact 10.0% Under construction Total U.S. 464,000 TBD TBD 2023 464,000#34Pending#35Pending#36Deb Starkman Chief Financial Officer T: 416.365.4124 E: [email protected] Kimberly Lefever Director, Investor Relations T: 416.365.6339 E: [email protected]