Investor PresentationJuly 2014

2

Investment Summary

Canada’s largest pure-play office REIT

24.6 million sf of valuable, hard to replicate central business district and suburban office properties

CBD properties generate ~70% of NOI

Proven Track record of value creation by senior management

Strong tenant roster

Significant unrealized value-add/repositioning opportunities

Well diversified by geography, asset & tenant mix

Strong occupancy with staggered lease maturities and rental rate growth

A conservative and flexible balance sheet; 47.6% Debt to GBV

Investment grade credit rating

In our history, we’ve never had a better quality portfolio or a stronger balance sheet with embedded opportunities for growth and value creation.

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Our Platform & ExpertiseStrong Depth & Expertise, with a Proven Track Result of Delivering Results

Jane Gavan (1998)Chief Executive Officer

Mario Barrafato (2001)SVP & Chief Financial Officer

Ana Radic (1997)SVP & Chief Operating Officer

Our senior management team has worked together for many years - completing over $17 billion of commercial real estate transactions, and establishing a respected

presence in major urban markets across the country.

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Kevin Hardy (2011)SVP, Eastern CanadaYears of Experience in Commercial Real Estate: 15+ (Oxford Properties)

Paul Skeans (2013)SVP, Western Canada Years of Experience in Commercial Real Estate: 16 (GWL Realty & CBRE)

Victor Settino (2013)VP Commercial DevelopmentYears of Experience in Commercial Real Estate: 14 (First Gulf Corporation)

Sharon Mitchell (2013)SVP, Operations ManagementYears of Experience in Commercial Real Estate: 25 (Oxford & BMO)

Our Platform & ExpertiseStrong Operational, Development & Leasing Team

90+ years of combined real estate experience amongst our internally-managed senior operational team. 20 Experienced leasing professionals located in over 20 Markets across Canada

Andrew Reial (2012)SVP, GTA & Western Canada Years of Experience in Commercial Real Estate: 15+ (Bentall)

Samantha Farrell (2012)VP Leasing, Eastern CanadaYears of Experience in Commercial Real Estate: 16 (Oxford Properties, CBRE, V&A Properties)

John Shields (2013)VP Leasing, Eastern CanadaYears of Experience in Commercial Real Estate: 20+ (CBRE)

Irene Au (2006)VP Leasing, Western CanadaYears of Experience in Commercial Real Estate: 20 (incl. Colliers & O&Y)

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Our Platform & ExpertiseStrong Support from Dream

Dream’s platform benefits D.un:

Transaction & capital markets expertise Track record of development & value

creation Synergies realized across broad

platform Asset management & development

capabilities

20 year history in real estate and renewable power developer, manager and investor

Completed ~$20 billion of real estate and alternative investment transactions

178 dedicated professionals in all disciplines

Extensive network of global JV partners and financial institution support

Dream has…

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Proven Track Record of Growth & PerformanceResults of Our 5 Year Capital Allocation Strategy

December 2008 March 2014

Unit Price $12.60 (as at Dec 31, 2008) $29.59 (as at June 25, 2014)

Market Capitalization $260 million $3.2 billion

1-Year Fwd Consensus AFFO Estimates $2.22 $2.43

AFFO Payout Ratio (on Consensus Estimates) 99% 92%

AFFO Multiple 5.7x 12.2x

Annual Distribution / Implied Yield $2.20 / 17.5% $2.24 / 7.6%

Consensus NAV Estimate $25.90 $34.32

Total Assets $1.3 billion $7.6 billion

NOI by Segment: 90% Office / 10% Industrial 100% Office

CBD / Suburban / Other Exposure as a % of NOI 65% / 23% / 12% 70% / 30% / 0%

Downtown Toronto / Calgary as a % of NOI 13% Toronto / 39% Calgary 28% Toronto / 17% Calgary

Top 5 Assets (and % of NOI)Telus Tower (7%); AIR MILES Tower(7%); McFarlane Tower (6%); 840 7th

Avenue (5%); Station Tower (5%)

Scotia Plaza (10%); 700 De la Gauchètiere (4%); Adelaide Place (4%); IBM Corp. Park (3%); Telus Tower (2%);

Geographic Distribution of NOICalgary (47%); Toronto (13%); Vancouver (9%); NWT (6%); Regina (4%); Sask (3%); SW Ontario (1%); Industrial/Other (17%)

GTA (42%); Calgary (19%); YK/Sask/Regina(8%); Edmonton (8%); BC (5%); Montreal

(5%); SW Ont. (4%); Ottawa (4%); QC/Atl. Cda (2%); Other (3%)

Reported Debt to GBV / Term / Wtd. Average Int. Rate 66% / 5.5 years / 5.83% 47.6% / 4.6 years / 4.22%

We have transformed our asset profile over the last five years, while delivering attractive annual returns of 19% to our unitholders.

19% 5-yr annual equiv. total

return

12% Annual

equiv. total return since

inception

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66%

48%

40%

45%

50%

55%

60%

65%

70%

Q4/08 Q1/14

Reported Debt/GBV

$2.08

$2.43

$1.90

$2.00

$2.10

$2.20

$2.30

$2.40

$2.50

2008 2013

Reported AFFO per Unit

Since the inception of Dream Office REIT in 2003, we generated a total return of 229%. (CAGR of ~12%)

Over the past five years, AFFO/unit has grown 17%.

While the asset base has grown by $6.3 billion, our reported debt/GBV has declined by almost 20%.

Proven Track Record of Growth & PerformanceOur AFFO/Unit While De-levering Our Balance Sheet

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$1.50

$1.60

$1.70

$1.80

$1.90

$2.00

$2.10

$2.20

$2.30

$2.40

$2.50

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

$5,500

$6,000

$6,500

$7,000

$7,500

$8,000

Dec-03 Dec-04 Dec-05 Dec-06 Aug-07 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13

Book Value

Bo

ok

Va

lue

of

Tota

l Ass

ets

($

mil

lio

ns)

AFFO Per Unit

54 acquisition transactions with Western Canada focus

Sale ofEasternPortfolio

$125Mconvertible debenture

AdelaidePlace

SlatePortfolio

Sale ofIndustrial

Scotia Plaza

DeleveragingNCIB

Proven Track Record of Growth & PerformanceValue Creation Through Transformational Transactions

Whiterock Portfolio

RealexPortfolio

We have an exceptional track record of growing our earnings, and the size and quality of our portfolio. We actively manage our portfolio through our pursuit of accretive

acquisitions and the sale of non-core assets that no longer fit our strategy.

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% NOI CBD

70%

Q1 2014 - % NOI (excl. Reclassified Properties)

TOTAL OWNED SF

24.6 M

Irreplaceable PortfolioLarge Scale & Diversification

BritishColumbia

5%

Calgary19%

Yellowknife2%

Edmonton9%

Saskatoon3%

Regina3%

GTA42%

SW Ontario4%

Ottawa4%

Montreal5%

Quebec City1%

AtlanticCanada

1%

USA2%

CBD1%

CBD5%

CBD17%

CBD2%

CBD3%

CBD3%

CBD4%

CBD28%

CBD4%

CBD1%

CBD2%

41%

84% of our portfolio NOI is derived from “core” markets (GTA, Calgary, Edmonton, Vancouver, Montreal, Ottawa)

57%

AVG. TENANT SIZE

11,549 SF

AVG. REMAINING LEASE TERM

5 YEARS

PORTFOLIOOCCUPANCY

94.2%

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11,363

Scotia PlazaToronto (10%)

700 De la GauchetièreMontreal (4%)

Adelaide PlaceToronto (4%)

IBM Corporate ParkCalgary (3%)

Telus TowerCalgary (2%)

State Street Financial Ctr.Toronto (2%)

Enbridge PlaceEdmonton (2%)

Barclay Centre I & IICalgary (3%)

5001 Yonge StreetToronto (2%)

AIR MILES TowerToronto (2%)

655 Bay StreetToronto (1%)

HSBC Bank PlaceEdmonton (1%)

74 Victoria/137 Yonge StToronto (1%)

840 7th Avenue SWCalgary (1%)

Station TowerSurrey (1%)

Irreplaceable PortfolioInstitutional Quality Assets

Our top 15 properties produce 40% of NOI (6.0 year weighted average lease term / 98% committed occupancy / 22,000 sf avg. tenant size)

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Irreplaceable PortfolioSignificant Strides to Increase CBD & GTA Exposure

BC, 7%

Calgary, 53%

Edmonton, 2%

YK, Sask, Regina, 13%US, 1%

GTA, 20%

Ottawa, 4%

NOI Breakdown, Beginning of 2010

CBD, 63%

Suburban Office,

24%

Industrial / Other, 13%

NOI Breakdown, Q1/14

CBD, 67%

Suburban Office,

28%

Retail , 5%

Total IFRS Asset Base = $1.4 Billion Total IFRS Asset Base = $7.6 Billion

BC, 5%

Calgary, 19%

Edmonton, 8%

YK, Sask, Regina , 8%

US, 2%SW Ont., 4%

GTA, 43%

Montreal, 5%

Ottawa, 4%

QC, Atl. Cda2%

Downtown – 28%GTA West – 9%GTA East – 5%

Downtown – 15%GTA West – 5%

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12

3

4

5

6

7

25

16

18

8

26

1320

9

12

10

17

14

22

2411

2123

19

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Our scale & concentration in downtown Toronto affords us great opportunities. We are the largest landlord in the GTA.

Irreplaceable Portfolio5.4 Million Owned SF in Downtown Toronto

1. Scotia Plaza2. Adelaide Place3. 30 Adelaide Street East4. 438 University Ave5. 655 Bay Street6. 74 Victoria Street / 137 Yonge Street7. 720 Bay Street8. 100 Yonge Street9. 18 King Street East10. 36 Toronto Street11. 330 Bay Street12. 20 Toronto Street / 33 Victoria Street13. 8 King Street East14. Victory Building – 80 Richmond St W15. 49 Ontario Street16. 212 King Street West17. 357 Bay Street18. 10 Lower Spadina Avenue19. 360 Bay Street20. 10 King Street East21. 350 Bay Street22. 67 Richmond Street23. 366 Bay Street24. 56 Temperance Street25. 250 Dundas Street West26. 83 Yonge Street

97% Committed Occupancy

Central Business District

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TenantGross Rental

Revenue(%)

# of Properties

Owned Area(%)

Wtd. Avg. Remaining Lease Term

(Years)

CreditRating

1 Bank of Nova Scotia 7.26 17 4.04 10.3 AA

2 Government of Canada 6.02 30 6.59 2.8 AA+

3 Government of Ontario 3.10 9 2.73 5.3 AA+

4 Government of Quebec 1.88 5 2.84 12.4 A+

5 Bell Canada 1.84 7 1.53 4.1 BBB+

6 Telus 1.48 2 1.17 2.0 BBB+

7 Enbridge Pipelines Inc. 1.47 1 1.01 4.9 A-

8 Government of Saskatchewan 1.37 7 1.53 2.7 AA+

9 State Street Trust Company 1.36 2 1.00 8.0 AA-

10 Government of Alberta 1.18 12 1.27 3.7 AA+

Managing RiskStrong Relationships With Our Tenants

Our top tenants have exceptional credit ratings, and are diversified across many properties, which reduces re-leasing risk.

We are the 1st or 2nd Largest Landlord to:

5 properties

17 properties

2 properties

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-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

2014 2015 2016 2017 2018 2019 2020 2021 2022+

Total - uncommitted Total - committed

*Market rents are estimate only and are based on current market rents with no allowance for increases in future years. Subject to changes in market conditions.

Managing RiskStaggered Lease MaturitiesEmbedded Rental Rate Growth

Our rental rates remain below market, which, when coupled with our well-staggered lease maturities positions us to consistently capture gains with new leasing

GLA

1.3 million SF uncommitted

(6.0%) 2.2 million SF uncommitted

(9.9%)

3.4 million SF uncommitted

(15.4%)

15

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

2014 2015 2016 2017 2018

Downtown Calgary Downtown Toronto

Managing RiskStaggered Lease Expiries & Small Average Tenant SizeDowntown Calgary and Downtown Toronto

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Number of Tenants

Exp

irin

g G

LA

6,000 SF

4,200 SF

36

3778

60

121

52

97

45

77

7,400 SF

3,800 SF

13,000 SF

5,800 SF

6,300 SF

9,400 SF

8,000 SF

7,200 SF

AverageTenant

Size

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Managing RiskTenant Size and MTM on RentsDowntown Calgary and Downtown Toronto

6,000 SF

4,200 SF

7,400 SF

3,800 SF

13,000 SF

5,800 SF

6,300 SF

9,400 SF

8,000 SF

7,200 SF

AverageTenant

Size

Calgary -Downtown

Calgary -Suburban

Toronto –Downtown

Toronto -Suburban

Total

Total SF (% of Total Portfolio SF)

3,100,000 (12.6%)

800,000 (3.3%)

5,400,000 (22.0%)

4,200,000 (17.1%)

13,500,000(55%)

Occupancy 95.9% 86.1% 96.8% 92.4% 94.8%

In Place Rents 21.92 16.32 23.35 14.42 19.75

Estimated Market Rents 25.58 17.98 25.71 14.90 21.71

Market vs. In Place Rents (%) 17% 10% 10% 3% 10%

17

86%

88%

90%

92%

94%

96%

98%

100%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Our Occupancy vs. National Average

700 bps

400 bps

300 bps500 bps

Dream Office REIT

National Office Average(CBRE)

400 bps

Consistently above the national average.

Managing RiskTrack Record of Stable and Outperforming Occupancy

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High Leasing Volume

Downtown Calgary

441 5th Avenue Atrium II Life Plaza

McFarlane Tower Northland Building

Physical occupancy in our downtown Calgary portfolio increased 60 bps in Q1/14 as a result of 22.4k sf of positive absorption. 22 new leases were completed during the

quarter, totaling approximately 169k sf.

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Downtown Toronto

High Leasing Volume

In Q1/14, our leasing team completed over 110k sf of transactions in downtown Toronto which included 39k sf of new leases and 72k sf of renewals. Average renewal rate of

$28.29 and new leasing rate of $22.74 have met or exceeded our forecast rates.

Scotia Plaza Adelaide Place 36 Toronto Street

10 King Street E 80 Richmond St W

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BBB (Low)Credit Rating

DBRS

Q1/14

Total Assets $ 7,667

Equity $ 4,017 52.4%

Secured Debt $ 3,115 40.6%

Convertible Debt $ 52 0.7%

Unsecured Debt $ 482 6.3%

Debt to GBV 47.6%

Undrawn Credit Facility $249.2

Borrowing Capacity on Unencumbered Assets

$462.8

Potential Borrowing Capacity $712.0

Average Interest Rate

4.2%

Average Term to Maturity

4.6 years

Capital StructureComposition of Existing Capital

Conservative and Flexible Balance Sheet

Unencumbered Assets

$771 million

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Capital StructureBuilding Strong and Lasting Relationships with Our Lenders

Secured Mortgage Financing 2011 2012 2013 Total

Amount $750 $844 $251 $1,915

Average Term (Years) 7.8 7.9 8.8 7.7

Average Rate 4.2% 3.6% 4.1% 3.9%

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$680

$1,105$920

$1,825

$4,155

$3,275

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

2009 2010 2011 2012 2013 2014YTD

Iss

ua

nc

e (

C$

mil

lio

ns

)

Other REIT Dream Office REIT

7%

4%

Capital StructureActive Issuer in the Unsecured Debt Space

Source: TD Securities

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0

100

200

300

400

500

600

700

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023+

Amount ($ millions)

Tota

l De

bt

Ma

turi

tie

s ($

mil

lio

ns)

Weighted Average Interest Rate 4.22%4.6 year average term to maturity

Capital StructureWell Staggered Debt Maturity Profile

Well staggered maturity profile with room for interest savings on upcoming mortgage maturities.

Total Debt: $3.7 billion

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ComparativesAttractive Valuation Relative to Our Peers

Priced as at June 25, 2014

Office Price Mkt Cap Yield

2014

P/AFFO

2015

P/AFFO

Historical

P/AFFO

Consensus

NAV

NAV

Prem/Disc NAV Cap

Implied

Cap

Debt/

Assets

Allied Properties $35.35 $2,461 4.0% 19.0x 16.9x 14.8x $32.40 9.1% 6.2% 6.0% 35%

Brookfield Canada $26.80 $2,500 4.6% 19.7x 19.4x 17.3x $32.17 -16.7% 5.3% 6.1% 42%

Diversified

Artis $15.83 $2,137 6.8% 12.7x 12.1x 13.9x $16.54 -4.3% 6.6% 6.7% 49%

Cominar $18.92 $2,431 7.6% 12.1x 11.7x 13.9x $20.12 -6.0% 6.8% 7.0% 54%

CREIT $46.08 $3,190 3.8% 17.6x 17.0x 15.2x $44.57 3.4% 6.1% 5.9% 39%

H&R $22.90 $6,627 5.9% 14.2x 14.0x 13.5x $24.48 -6.5% 6.1% 6.3% 51%

Dream Office $29.59 $3,175 7.6% 12.2x 12.1x 13.8x $34.32 -13.8% 6.5% 7.0% 48%

Source: SNL Financial (Consensus data used for AFFO, NAV, NAV Cap estimates), BMO Capital Markets

Dream Office currently trades at a 12.2x 2014 P/AFFO and 14% discount to NAV. At our current valuation, we compare favourably across many metrics versus our peers

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At current valuation, with our current portfolio, management team and strategy, we believe we are a very compelling investment.

The Current Opportunity

Dream Office REIT is currently generating a 7.6% cash yield and an 8%+ AFFOyield (on consensus estimates)

We are conservatively financed in our view with our current debt to gross book

value ratio around 47.6% We own a collection of assets that are hard to replicate, with our portfolio quality at

its best in our history We believe that our ability to meet tenants’ needs in our portfolio, our relationships

and our contracts with tenants will help us outperform whatever benchmarks may beapplicable

Furthermore, we believe that with our scale and dedicated management team, wewill continue to generate increased and new sources of income

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Appendix: Value Creation

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Value CreationCase Studies – Assets Purchased in 2010/2011

Adelaide PlaceTORONTO

Total (owned) GLA:

655,728 sq. ft.

Description: 22-storey and 20-storey Class A downtown office towers

Year built / renovated:

1982 / 2001

Occupancy: 96%

Year purchased: 2010

Purchase price: $212 million (7.2% cap rate)

Q1/14 IFRSValue

$308 million

Value Increase Since Acquisition

$96 million (45%)

HSBC Bank PlaceEDMONTON

Total (owned) GLA:

298,660 sq. ft.

Description: 19-storey, Class A downtown office building

Year built / renovated:

1981

Occupancy: 93%

Year purchased:

2010

Purchase price:

$83 million (<7% cap rate)

Q1/14 IFRS Value

$103 million

Value Increase Since Acquisition

$20 million (24%)

Enbridge PlaceEDMONTON

Total (owned) GLA:

262,553 sq. ft.

Description: 22-storey, Class A downtown office building

Year built / renovated:

1981

Occupancy: 100%

Yearpurchased:

2010

Purchase price: $91 million (7.5% cap rate)

Q1/14 IFRS Value

$109 million

Value Increase Since Acquisition

$18 million (20%)

Saskatoon SquareSASKATOON

Total (owned) GLA:

228,780 sq. ft.

Description: 17-storeydowntown Class A office building

Year built / renovated:

1980

Occupancy: 94%

Year purchased: 2011

Purchase price: $50 million (<7% cap rate)

Q1/14 IFRS Value

$75 million

Value Increase Since Acquisition

$25 million (50%)

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High Leasing VolumeModern, High Quality Improvements

29

Our 1 million SF of retail space generates $24.5 million of NOI or 5.5% of our total NOI. As retail tenants seek more urban exposure, this presents an opportunity to:

• Grow existing rents

• Re-lease existing retail to best uses

• Re-purpose office and storage space to retail in CBD

• Add retail pads to suburban sites

Value CreationRetail Successes & Opportunities

3030

Value CreationRetail Successes

10 year lease transaction with Drake One Fifty at Adelaide Place

Net rents achieved are 25% higher than previous in place rents

31

10 year lease transactions with SpeakEasy 21 and Starbucks at Scotia Plaza

4,000 sf of vacant space leased at rents in excess of $50.00 psf

1,000 sf leased at 185% higher rents

Value CreationRetail Successes

32

Opportunities to Re-Purpose CBD office and storage space

8 King EastGround Floor and Lower Level Retail

357 Bay StreetGround & 2nd Floor Retail

700 De la GauchetièrePursuing new retail in 10,000 sf of lower level storage space with exterior access

Value CreationCBD Retail Opportunities

33

Ability to intensify on suburban sites.

• 5,600 sf pad site opportunity in Toronto’s west end

• Retail rents generated will exceed office rents by 115%

Value CreationSuburban Retail Opportunities

34

East Vancouver Site

• 1.7 acre site

• Potential to develop 200,000 sf, eight storey building

• Steps from the Skytrain and bus transit options

• New, highly efficient LEED Gold Core and Shell building

Value CreationCommercial Development Opportunities

35

Downtown Kitchener Site

• Infill development site

• Potential to develop 110,000 sf, 6 storey office building

• Immediate access to highways, public transit as well as Kitchener’s future iON LRT system

• New, highly efficient LEED Gold Core and Shell building

Value CreationCommercial Development Opportunities

36

Value CreationUrban Intensification Opportunity

East Toronto Site

• Located in Toronto, Ontario• 15 acres• 300,000 sf of existing office space• Potential for residential uses• Potential for retail uses

37

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Forward Looking Information

This slide presentation contains forward looking information within the meaning of

applicable securities legislation. 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 Office REIT's control, that 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, general and local economic and

business conditions; the financial condition of tenants; our ability to refinance maturing

debt; leasing risks, including those associated with the ability to lease vacant space. All

forward looking information in this presentation speaks as of June 26, 2014. Dream

Office REIT does not undertake to update any such forward looking information whether

as a result of new information, future events or otherwise. Additional information about

these assumptions and risks and uncertainties is disclosed in filings with securities

regulators filed on SEDAR (www.sedar.com).

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Thank you