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Investor PresentationMarch 2015

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Participation in strong Canadian industrial fundamentals

Current Canadian interest rate and foreign exchange environment favorable to industrial sector

Limited direct exposure (0.8% of expiries over the next two years) to Western Canada oil & gas industry,Alberta portfolio is currently 98% occupied

Multi-tenant Weighted Portfolio Better Positioned to Crystalize Rental Growth Opportunities

Market rents 4.4% above in-place rents with growth potential

Portfolio is 2/3 multi-tenant offering significant rental growth opportunities

Well diversified by geography and tenant mix, no tenant represents over 3% of net operating income

Track record of growth & performance since IPO

6.8% annual equivalent AFFO increase vs. IPO forecast in Oct 2012

Increasing asset base from $0.7 billion to $1.7 billion, diversifying the portfolio across all major markets

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Secure and stable distribution

88.5% payout ratio in 2014, current yield ~8%

Increased distribution by 4% in April 2013

Attractive valuation provides opportune entry point

Per consensus estimates, DIR.un currently trades at an attractive 11x P/AFFO and 13% discount to NAV.

Consensus “BUY” rating from all eight Canadian sell-side research analysts

Operating with an established platform, and opportunity to leverage relationship with Dream

Over 100 dedicated staff members primarily in leasing, property management and other functions

Full access to Dream’s extensive network of global relationships, track record of value creation forunitholders, and transaction & capital markets expertise

Multi-tenantSingle-tenant 5

6

77

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Single-tenant Multi-tenant

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99

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Total Occupancy

96.0%

Average Remaining Lease Term4.4 Years

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Calgary, 25%

GTA, 24%Montreal, 19%

Halifax, 16%

Edmonton, 8%

Regina, 5%

Other ON, 3%

Tenants in our Portfolio – Large & Small BayGeographic NOI %

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$1,000

$1,200

$1,400

$1,600

$1,800

2012 2013 2014

$0.71

$0.74

$0.79

$0.83

$0.65

$0.70

$0.75

$0.80

$0.85

IPO Forecast* 2013 2014 2015E**

KingSett/D.un Portfolio($130 mln)

AF

FO

/pe

r u

nit

6.8% 2-yr annual equiv. AFFO

increase since IPO forecast

KingSett Capital Portfolio ($500 mln)

C2C Industrial Acquisition ($230 mln)

CanFirst Portfolio($150 mln)

Bo

ok

Va

lue

of

Tota

l Ass

ets

($

mil

lio

ns)

4-5% expected growth**

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Location GLA (sf) No. of Properties Going-in Cap Rate Price ( Fair Value) Year

Kingsett & D.un PortfolioCalgary, Edmonton, GTA & Montreal

1,400,000 14 7.3% $128 million September 2014

C2C Portfolio Edmonton, GTA, Montreal & Halifax

2,500,000 25 6.7% $226 million May 2013

CanFirst Portfolio GTA 1,600,000 22 6.7% $152 million April 2013

KingSett PorftolioCalgary, GTA, Montreal & Halifax

5,300,000 79 6.6% $500 million December 2012

Initial PortfolioCalgary, Edmonton, GTA, Montreal & Halifax

6,000,000 77 6.7% $ 660 million October 2012

In two years, we have grown to ~$1.7 billion through acquisitions, maintaining leverage below 53%.

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86.6%

$0.202

$0.15

$0.16

$0.17

$0.18

$0.19

$0.20

$0.21

Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14

80%

85%

90%

95%

100%

105%

AFFO/unit

Payout ratio %

Pa

yo

ut

Ra

tio

AF

FO

/Un

it

Increased Distributions by 4%

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Unencumbered Assets

$166 million

AFFO Payout Ratio

88.5%

Interest Coverage Ratio

3.0x

Distribution Yield8%

Unencumbered Assets

$119 million

$0

$25

$50

$75

$100

$125

$150

$175

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Mortgages Convertible Debenture

3.61%

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Internal Growth Drivers External Growth Drivers

Increase Rents

Multi-tenant focus offers quicker realization of rent growth opportunities

Market rent above in-place rates at 4.4%

Zoning constraints are present in almost all of our key markets. The low level of new supply, especially for multi-assets, in conjunction with rents below rates that would justify new

construction place upward pressure on market rents and occupancy in our portfolio.

Improve Occupancy

Performance improvement of previously undermanaged portfolios. (Average occupancy

increase of 100+ bps on acquisitions)

“Generic” portfolio characteristic accommodates more tenant types and larger

variety of uses.

Accretive Transactions

$1 billion of acquisitions, more than doubling our portfolio size since IPO

Ability to access Dream’s relationships, transaction, asset management and capital markets expertise to obtain competitive advantage in transactions. Extensive network of national and

global JV partners and financial institution support.

Asset Management

Rooftop solar panel projects present creative sources of revenue from unused space

Opportunities for asset intensification/redevelopment and turning

structural vacancies into leasable space

Diversified asset management platform well positioned to consolidate fragmented

industrial sector in Canada

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Current Situation

Development Proposal

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Source: CBRE

Source: CBRE

Source: CBRE

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Source: CBRE Q4 2014 MarketView

7.5% above in-

place

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Source: CBRE Q4 2014 MarketView

1.8% above in-place

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Source: CBRE Q4 2014 Marketview, Avison Young

1.7% above in-place

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Source: CBRE Q4 2014 MarketView, Avison Young

2.5% above in-place

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