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Investment & Recreational Properties, 11% Housing & Condo Development, 12% Land Development, 77% Investment & Recreational Properties, 3% Asset Management & Advisory, 16% Housing & Condo Development, 12% Land Development, 69% Investment & Recreational Properties, 6% Asset Management & Advisory, 30% Housing & Condo Development, 15% Land Development, 50% 8

(1) Net Operating Income or NOI represents revenue less direct operating costs, asset management and management services expenses, and selling and marketing and other operating costs, including depreciation. Net Margin measures operating earnings in each business segment of Dream. Please refer to page 42 for the Non-IFRS Measures in the 2015 Annual Report. (2) Net earnings presented are adjusted to exclude the impact of a non-recurring impairment charges of $7.0 million incurred during the year ended December 31, 2015. 9

600 500 CAGR = 7% CAGR = 20% 400 300 200 100 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Management & Other Fees Housing & Condos Investment & Recreational Land 10

93% 85% 89% 85% 88% 56% 83% 90% 92% Total Assets Under Management ($ mlns) Asset Management Revenue ($ mlns) Asset Management Revenue Non-REIT sources increasing as a % of total revenue $16,000 $14,000 $12,000 $15,000 $50 $45 $40 $35 $50 $45 $40 $35 REIT Non-REIT 10% 8% 17% 44% $10,000 $30 $30 $8,000 $6,000 $4,000 $2,000 $25 $20 $15 $10 $5 $25 $20 $15 $10 $5 7% 11% 15% 15% 12% $0 2007 2008 2009 2010 2011 2012 2013 2014 2015 $0 2007 2008 2009 2010 2011 2012 2013 2014 2015* $0 2007 2008 2009 2010 2011 2012 2013 2014 2015 8-Year CAGR of 26% 8-Year CAGR of 21% Other Fees Financing Fees Acquisition Fees Base Asset Management Fee *includes impact of the reorganization of the asset management agreement with Dream Office REIT, whereby Dream received 4.85 million REIT units in consideration for the asset management fee stream on April 2, 2015 11

Entity Project/Asset JV Partner Partner's Interest Partner Since Size of Partnership Dream Global/Dream Unlimited Rivergate -Vienna, Austria Asian sovereign wealth fund 50% 2015 189 ($285 million) Dream Unlimited 30+ Properties Canadian Pacific Railway 75% 2015 n/a* Dream Unlimited Domtar- Ottawa, Gatineau Windmill Development 50% - 65% 2014 $1 billion (total project est.) Dream Global/Dream Unlimited 8 German Office Assets POBA/ Korean Pension Fund** 50% 2014 CAD$320 million (at share) Dream Alternatives Condo Projects Empire Communities 20% 2014 $100 million (at share) Dream Office Scotia Plaza & Telus Tower H&R REIT 33% - 50% 2013 $560 million (at share) Dream Unlimited Canary - Pan Am Games Village Kilmer Van Nostrand Co. 50% 2011 $800 million (total project est) Dream Unlimited Condo Projects Streetcar 50% 2007 $550 million (at share) Dream Unlimited Canadian renewable power projects a Canadian Pension Plan 80% 2006 $1.5 billion (gross value) Dream Unlimited Distillery District Cityscape 50% 2004 $190 million (gross value + profits) 12

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$Millions 26% 33% 35% 44% 36% 38% 34% 34% # of Lots 44% 34% 31% 39% 36% 350 Total Annual Revenue From Land Development 2,500 300 250 2,000 200 1,500 150 1,000 100 50 500 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015-14

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Existing Communities Name of Master Planned Community Location Original Acres Years Active Acres Left to Develop Lot Equiv. Acres Total Acres 1 Stonebridge Saskatoon 757 2005-2013 4 7 11 2 Hampton Village Saskatoon 272 2004-2012 51 0 51 3 Willows Saskatoon 80 2004-2020 23 0 23 4 Harbour Landing Regina 789 2008-2016 64 22 86 5 EvansRidge Calgary 163 2010-2013 0 0 0 6 High River (Montrose) Calgary 213 2006-2024 129 17 147 7 The Meadows (Laurel, Maple Crest, Tamarack) Edmonton 1,400 1997-2020 195 8 204 Total 3,674 466 55 521 New Developments Name of Master Planned Community Location Original Acres* Years Active (Estimate)* Acres Left to Develop Lot Equiv. Acres Total Acres 8 Holmwood (incl. Brighton) Saskatoon 3,129 2014-2037 3,059 40 3,100 9 Blairmore (Kensington, Elk Point) Saskatoon 292 2013-2023 157 39 197 10 Harbour Landing West Regina 926 2021-2033 926 0 926 11 Northwest Regina (Coopertown) Regina 1,049 2016-2035 1,046 0 1,046 12 Foxtail Grove Regina 594 2025-2038 594 0 594 13 South East (Eastbrook) Regina 319 2016-2025 319 0 319 14 Glacier Ridge (Panorama) Calgary 479 2020-2030 479 0 479 15 Providence Calgary 1,816 2017-2040 1,816 0 1,816 16 Crossfield North of Calgary 156 2015-2029 127 22 149 17 Leduc South of Edmonton 529 2017-2029 529 0 529 Total (Incl. Acres Under Contract) 1 9,289 9,054 102 9,156 *Years active is an estimate subject to municipal approvals commencing upon land development, which can be very unpredictable. (1) In addition, we have acquired 195 acres of long term lands in Edmonton and 51 acres in other cities. More than double the acres we have developed over the last 20 years. 16

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(1) *for further details please refer to page 23 in the MD&A (1) Estimated value upon completion represents the estimated value of a real estate asset upon completion of the development of such asset. The estimated value upon completion is forward-looking information and may differ materially from the estimates used herein. Development yield is calculated using the Estimated Stabilized NOI at completion and the total estimated cost of development including land. 23

17 Acres N NE SE Active Retail Projects Under Construction (as at Q4/15) Edmonton Est. acres Est. GLA at to developcompletion Committe d Leases 1 Weighted average lease term 2 Major Tenants Est, completion date Est. cost of Est. value upon development Est. cost psf completion including land Est. value psf upon completion Tamarack North East 5.6 62,600 28,645 13.9 GoodLife Fitness 2018 $18,600 $25,000 $297 $399 Tamarack North 3.2 24,900 16,059 17.4 Tamarack South East 9.1 96,900 88,606 10.8 Petro Canada, McDonald s Michaels, Sport Check, Shoppers Drug Mart, Tim Hortons, Liquid Depot 2017 $7,100 $11,600 $285 $466 2017 $35,000 $41,100 $361 $424 17.9 184,400 133,310 12.7 60,700 $77,600 $329 $421 1 Committed leases represent the GLA under an agreement to lease between a tenant and the Company as at December 31, 2015 2 The weighted average lease term is from the commencement date of the committed lease and excludes renewal options 24

Active Retail Projects Under Construction (as at Q4/15) Saskatoon Est. acres Est. GLA at to developcompletion Committe d Leases 1 Weighted average lease term 2 Major Tenants Est. completion date Est. cost of Est. value upon development Est. cost psf completion including land Est. value psf upon completion South Kensington 6.5 72,000 55,139 17.7 Shoppers Drug Mart, Save-On Foods 2018 $19,000 $29,300 264 407 6.5 72,000 55,139 17.7 2018 $19,000 $29,300 264 407 1 Committed leases represent the GLA under an agreement to lease between a tenant and the Company as at December 31, 2015 2 The weighted average lease term is from the commencement date of the committed lease and excludes renewal options 25

PIPELINE ACTIVE Project Name Location Net Acres GLA Dream Ownership Est. Construction Start Tamarack North Edmonton 3 25,000 100% 2014 Tamarack SE Edmonton 9 97,000 100% 2014 Tamarack NE Edmonton 6 62,000 100% 2014 High River West Calgary 4 38,000 100% 2016 Shops of South Kensington Saskatoon 6 72,000 100% 2016 Holmwood NW Wilson JV Saskatoon 23 245,000 50% 2016 Kingston East Toronto 9 160,000 100% 2016 Harbour Landing Regina 10 105,000 100% 2017 Meadows Tamarack 17 225,000 100% 2018 Coopertown Regina 20 240,000 100% 2019 Providence West Calgary 10 110,000 100% 2019 Providence Regional Retail Calgary 120 1,300,000 100% 2022 Hampton Village Saskatoon 14 150,000 100% 2017 Holmwood Suburban Centre Regional Retail Saskatoon 65 710,000 100% 2018 TOTAL 322 3,539,000 26

Development Site *artist rendering of proposed development 27

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o o Phase 1 : Currently under development Block 4: Condo, occupancy Q2/1 6 Block 1 1 : Condo, occupancy Q2/1 6 (Presold 87%*) Block 4/1 1 /1 5: Retail, occupancy Q1 /1 6 (74% leased) Block 3: Third-party affordable housing, turnover March 201 6 Block 1 5: Third-party Aboriginal residence, turnover March 201 6 Block 1 /1 4: George Brown/YMCA, turnover March 201 6 Phase II Block 1 6/1 2/1 3: contemplated as mixed-use residential or commercial to be built out upon market demand. (~1,000 units and over 20,000 sf of retail) *as of February 1 1 th, 201 6 Note: Dream owns 50% of Pan Am/Canary District 29

11 13 20 8 21 23 4 3 5 16 15 17 24 18 25 29 22 Pan Am Games Village (17 acres) 12 14 7 9 1 2 26 Distillery District (13 acres) 27 28 10 6 Closed Projects (1,802 Units) Projects Under Construction (1,769 Units) Future Projects (2,724 Units) Pan Am Games Village Distillery District 30

Project Ownership Units Retail Area Closing 1 1 Distillery Commercial (Distillery) 50% - 332,695 2004 2 Pure Spirit (Distillery) 50% 383 30,313 2010 3 Corktown Phase 1 50% 134 9,717 2011 4 Corktown Phase 2 50% 192 14,554 2012 5 Trinity Lofts 50% 89 5,597 2012 6 Clear Spirit (Distillery) 50% 346 11,564 2013 7 8 Gladstone 50% 89 6,549 2013 8 Sync Lofts 50% 98 8,472 2013 9 King Edward Private Residences 17% 143-2013 10 Gooderham (Distillery) 50% 328 19,931 2014 Closed Projects Sub-Total 1,802 439,392 11 The Carlaw 25% 313-2015 12 The Carnaby 50% 437 30,062 2016 13 The Taylor 25% 96-2016 14 20 Gladstone 50% 113 11,819 2016 15 Canary Block 1/14 (Pan Am Village) (1) 50% 0 4,777 2016 16 Canary Block 15 (Pan Am Village) (1) 50% 0 4,196 2016 17 Canary Block 11 (Pan Am Village) 50% 369 7,188 2016 18 Canary Block 4 (Pan Am Village) 50% 441 16,226 2016 Projects Under Construction Sub-Total 1,769 74,268 19 646 & 663 Kingston Road 50% 108 5,220 2017 20 Riverside Square Phase 1 25% 672 23,735 2018 21 Broadview & Eastern 50% 110 14,936 2018 22 Riverside Square Phase 2 50% 216 48,916 2020 23 Canary Block 16 (Pan Am Village) 50% 159 9,500 2019 24 Canary Block 12 (Pan Am Village) 50% 348 6,603 2021 25-27 Other Future Potential (Distillery) 50% 634 251,459 2022+ 28 Canary Block 13 (Pan Am Village) 50% 477 7,438 2025 Zibi (Ottawa/Gatineau) 50% 2,000 366,691 2 2018/2030 Future Projects Sub-Total (2) 4,724 734,498 All Projects Total 8,295 1,248,158 (1) Pan Am Village also includes YMCA, 500 George Brown student residences, and 253 affordable rental units (2) All Future project statistics are subject to zoning approvals 1 Subject to zoning 2 Subject to zoning, with an additional 750,000 sf of commercial space 31

Status DREAM s Ownership % Total # of Unit Percent Closing # of Units Units Sold Inventory Unsold Sold Active Projects The Taylor (1220 Dundas St E) Construction 25% Q2 2016 96 91 5 95% 20 Gladstone Ave. Construction 50% Q2 2016 113 110 3 97% The Carlaw (345 Carlaw Avenue) Construction 25% 2015 313 313 0 100% The Carnaby (11 Peel Avenue Phase 1) Construction 50% Q2 2016 215 214 1 99% The Carnaby (11 Peel Avenue Phase 2) Riverside Square Ph I Construction Pre-Const. 50% 25% Q2 2016 Q3 2018 222 672 214 518 8 154 96% 77% 646 Kingston Road Pre-Const. 50% 2017 108 64 44 59% Subtotal 1,739 1,524 215 87% Pan Am Games Village Block 11 Construction 50% Q3 2016 369 346 23 94% Pan Am Games Village Block 4 Construction 50% Q3 2016 441 355 86 80% Pan Am Games Village Multi-Family, Sold to Non Profit Housing Agencies Construction 50% Q1 2016 Conversion 753 753 NA 100% Total Under Development 3,302 2,978 324 90% Closed Projects Corktown Phase 1 & 2 (510-569 King Street E) Closed 50% June 2011 / Oct 2012 326 326 0 100% Trinity (2 Eastern Avenue) Closed 50% Oct 2012 82 82 0 100% 2 Gladstone Closed 50% Feb 2012 55 55 0 100% Distillery District - Clear Spirit Closed 50% April 2013 346 346 0 100% Sync (630 Queen Street E) Closed 50% May 2013 98 98 0 100% King Edward - Private Residences Closed 17% July 2013 143 138 5 97% 8 Gladstone Avenue Distillery District - Gooderham Closed Closed 50% 50% Dec 2013 Aug 2014 89 328 89 327 0 1 100% 99% Subtotal Closed 1,467 1,461 6 99.5% *Figures presented as at December 31st, 2015 32

Riverside Square, is located at the gateway of the Queen Street Bridge and Don Valley situated in the thriving East End of Toronto. Riverside Square offers a public square anchoring the development and features a mix of smaller and larger retail spaces fronting Queen Street that will include a grocery store, cafes, restaurants, a 5 dealership autoplex and an assortment of shops and commercial spaces. 33

Dream Windmill, the partnership between Dream and Windmill Development acquired 22 acres of land located at the former Domtar lands along the Ottawa River in Gatineau, Quebec for the purpose of developing a mixed-use master planned community to be marked Zibi. Dream Windmill has an additional 15 acres of directly adjacent lands under contract which it expects to acquire later in 2016, pending certain approvals. The project plan, inclusive of all 37 acres includes over 3.0 million square feet of density with over 2,000 residential units and over 1 million square feet of commercial space. We are developing an island community that will be in the centre of Ottawa, 1km from Parliament Hill. The community will be virtually selfsufficient and among the world s most sustainable communities, not to mention some of the best views in the country. 34

Debt (incl. Prefs) to- Total Assets * 35

24% CAGR in Total Equity to 2015 36

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2009 2010 2011 2012 2013 2014 2015 2016F 2017F 2009 2010 2011 2012 2013 2014 2015 2016F 2017F 2009 2010 2011 2012 2013 2014 2015 2016F 2017F 2009 2010 2011 2012 2013 2014 2015 2016F 2017F 7,000 6,402 6,494 6,832 Single-Family Detached Starts 6,000 5,000 4,775 5,782 5,084 5,961 6,062 5,017 5,658 5,970 5,683 5,600 5,800 CMHC Housing Starts Forecast 4,000 4,138 4,000 4,100 3,897 3,000 Dream Lot Sales 2,000 1,000 0 20 520 128 331 64 77 38 332 450 299 300 262 311 265 2,025 1,638 1,608 1,658 1,577 1,101 578 617 314 220 * 869 1,000 1,080 298 180 1,550 1,289 1,246 958 872 708 665707 569 458 513 510 520 334 164 252 267 Calgary Edmonton Saskatoon Regina Single-Detached Starts Single-Detached Starts Single-Detached Starts Single-Detached Starts 2009-2015 CMHC avg.: 5,520 2009-2015 Dream avg.: 168 2009-2015 CMHC avg.: 5,588 2009-2015 Dream avg.: 317 2009-2015 CMHC avg.: 1,515 2009-2015 Dream avg.: 439 2009-2015 CMHC avg.: 856 2009-2015 Dream avg.: 430 Proxy for market share: 3.0% Proxy for market share:5.6% Proxy for market share: 29.0% *869 lots sales were due to challenging servicing conditions during 2012, which resulted in sales options agreements entered into in the fourth quarter of 2012 not being exercised until early 2013 (Stonebridge) Source CMHC Proxy for market share: 50.2% 39

Forward Looking Information This presentation may contain forward-looking information within the meaning of applicable securities legislation including, but not limited to, statements regarding the timing and details of our current and future housing, condominium and retail developments, including size, capacity, density, cost, development mix and construction start, completion and closing dates, the status of our development applications, timing of occupancies and turnover of our condominium projects, our expectations regarding our joint ventures and our anticipated asset mix and composition of income. 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 s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These assumptions, risks and uncertainties include, but are not limited to, general and local economic and business conditions; inflation; expanding our land development, home building and asset management segments in line with management s goals; executing our plans with respect to our retail and multi-family segments; achieving our current financial goals, including with respect to pre-tax income; continued growth rate in line our past performance; employment levels; regulatory risks; timing and content of our development approvals; mortgage rates and regulations; environmental risks; consumer confidence; seasonality; adverse weather conditions; reliance on key clients and personnel and competition. All forward looking information in this presentation speaks as of the date of this presentation. Dream 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). Non-IFRS Measures Dream 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, Dream discloses and discusses certain non-ifrs financial measures, including: internal rate of return (IRR), assets under management, fee earning assets under management, debt-to-total assets, net operating income or NOI, net margin, gross margin, development yield, estimated cost of development and estimated stabilized NOI as well as other measures discussed elsewhere in this release. 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. Dream 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 comparable metrics determined in accordance with IFRS as indicators of Dream 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 section in Dream s MD&A for the year ended December 31, 2015. 40

Feel free to contact us should you have any questions Michael Cooper, CEO (416) 365-5145 mcooper@dream.ca Pauline Alimchandani, CFO (416) 365-5992 palimchandan@dream.ca