March 2017 Investor Presentation Q4 Results · discount and mortgages payable premiums that are...

March 2017 Investor PresentationQ4 Results

Dream Hard Asset Alternatives Trust

*Implied yield is based on fixed distribution of $0.40 per unit and TSX closing price as at February 10, 2017. Unlike fixed income securities, there is no obligation on DAT to distribute to unitholders any fixed amount, and reductions in, or suspensions of, cash distributions may occur that would reduce the yield based on market price.

Development

6.2% Implied yield - Tax

efficient distributions

Renewable Power

Approximately

$1 billion in total assets

Income Property Re-development potential

Flexible Structure

Development

31.2% Debt to Gross Asset Value

Low leverage and conservative balance sheet.

Development

Managed by Dr eam

an experienced asset manager with a successful track record

AssetsIncome properties

Mortgages and LoansEnergy and Infrastructure

Development

Lending Portfolio

Dream Hard Asset Alternatives Trust (DAT) is a mutual fund trust, focused on hard asset alternative investments comprising real estate, real estate development, real estate lending and infrastructure, including renewable power.

At-a-glance

DAT Investor Presentation | 2

Dream Hard Asset Alternatives Trust | The Manager dream.ca/alternatives

DAT is managed by Dream. Dream started as a public company in 1996 with $500,000 of equity and has grown to its current equity value of $832 million representing an internal rate of return* of 32%. .

*IRR (Internal Rate of Return) represents the discount rate of annual net cash paid out to shareholders and the equity value (including minority interest) as at December 31, 2016 over the initial investment in 2003)

Experienced Asset Manager

State Street Financial CentreToronto, Ontario


Dream Hard Asset Alternatives Trust | Dream Platform

DAT is able to leverage all of Dream’s activities, relationships and expertise and take advantage of Dream’s experience and track record. Dream’s platform benefits DAT by providing:

Capital markets expertise

Track record of value creation

Asset management capabilities

Transaction expertise

Strength of Platform



We believe that hard asset alternative investments provide diversification from the traditional asset classes available broadly to investors.

$657.5 Millionin Portfolio Net Asset Value

21%in Mortgages and Loans

36% in Income Properties co-owned with Dream Office REIT and Dream Industrial REIT

31%in Development & Investment Holdings

12%in Renewable Power Assets

Portfolio Overview

12%Renewable Power

36%Income properties

21%Lending Portfolio

31%Development & Investment Holdings

Please see page 8 of the MD&A for further information on the portfolio breakdown. DAT Investor Presentation | 5


71.7%GTA & South

Western Ontario

2.3%Other Western

Canada

12.2%Eastern Canada

3%Saskatchewan

2.2%United Kingdom

Diverse Portfolio with Little Exposure to Western Canada

8.6%British Columbia


Dream Hard Asset Alternatives Trust | Objectives & Benefits

DAT's ObjectivesProvide an opportunity for unit-holders to invest in hard asset alternative investments, including real estate, real estate lending, real estate development and infrastructure including renewable power;

Build and maintain a growth-oriented portfolio;

Provide predictable and sustainable cash distributions to unit-holders on a tax-efficient basis; and

Grow and re-position the portfolio to increase both the Adjusted Funds Available for Distribution (AFAD) and Net Asset Value (NAV) per unit over time.

Benefits of Investing in Alternative Assets

Alternative Assets

Attractive returns

Low correlation with traditional asset

classes

Hedge against inflation

Different risk characteristics

1

23

4



A portfolio of office, industrial and retail commercial real estate properties in Canada, a majority of which are co-owned.

Interest-paying mortgages and corporate loans.

Solar and wind power projects in Canada and the United Kingdom that are operational or under con-struction.

Income Properties Lending Portfolio Development & Investment Holdings

Renewable Power Participating mortgages receiv-able and indirect investments in developments and income-produc-ing properties.

Asset Class Characteristics


Contributes to Tax-efficiency

Income Growth

Stability of Cash-flow

NAV Growth

Hedge Against Inflation

Stability of Cash-flow

Income Growth

Preserves NAV

Hedge Against Inflation (short term loans)

Income Growth

NAV growth

Hedge Against Inflation

Stability of Cash-flow (20-year fixed contracts)

Contributes to Tax-efficiency

Income Growth

NAV Growth

Power Purchase Agreements may be indexed to inflation


Potential For Net Asset Value (NAV) IncreaseIncreasing the NAV per unit over time is a strategic focus for DAT and may be driven by:

Net Asset Value* Per Segment

Net asset value “NAV” represents the net assets attributable to unitholders of the Trust, including adjustments to remove deferred income taxes payable or receivable, Deferred Unit Incentive Plan payable, and the unamortized balance of the net lending portfolio discount and mortgages payable premiums that are included in net assets on the Trust’s consolidated statements of financial position. For definition of the non-IFRS measures, please refer to the Q4/16 MD&A.*Based on net asset value as at December 31, 2016 as disclosed in the Financial Statements.

$3.34

$1.96 $2.86

$1.21

$(0.28)

$9.09$9.09

$6.44


Renewable power projects becoming operational

Repositioning of the income properties assets

Completion of the development projects


Income-Producing PropertiesReal estate investing in income properties is cyclical but, historically, has provided attractive risk-adjusted returns. Compared to stocks and bonds, real estate investing generally offers posi-tive and stable cash flows, attractive yields, more consistent returns in periods of market volatility, and hedging capabilities against inflation.

West Metro Corporate Centre The West Mall | Toronto, Ontario


Dream Hard Asset Alternatives Trust | Income-Producing Properties

At-a-glance The majority of our income properties are co-owned with Dream Office REIT, Canada’s largest office REIT; and Dream Industrial REIT, Canada’s largest pure-play industrial REIT.

25Income Properties

2.2Million Square Feet of owned GLA*

286 Diversified Tenants

5.5 Years Weighted Average Remaining Lease Term

85.0% Committed and In-place Occupancy

$479.4MillionGross IFRS Asset Value

Victoria

London

Kamloops

Fredericton

Regina

Ottawa

Toronto & GTA

Halifax

*at DAT’s share DAT Investor Presentation | 11


Active Asset Management

Debt Maturities

Sussex Center Mississauga, Ontario

Our strong financial position and active asset management will enable us to focus on acquisition, disposition and future re-development opportunities.

Debt maturities are based on total maturity balance and principal repayments as at December 31, 2016.

Lease Expiries Net of Committed Renewals as a Percentage of GLA



Diversified Tenant Mix Our tenant base includes municipal, provincial, and federal governments as well as a wide range of larger, high quality international corporations. Our focus on strategic leasing should contribute to higher income potential for the properties.

Tenant Number of Buildings

GLA (DAT's Share) % of Total GLA % of Total Gross

RevenueRemaining Lease

Term Credit Rating*

TD Canada Trust 2 235,907 10.8% 9.0% 6.6 AA-SNC Lavalin Inc. 3 146,185 6.7% 8.2% 5.0 BBBGovernment of Canada 1 76,987 3.5% 3.5% 15.7 AAAGovernment of B.C. 1 61,920 2.8% 2.0% 3.2 BTechnicolor Creative Services 1 50,262 2.3% 3.0% 6.9 BTotal 571,261 26.1% 25.7% 7.0

* Credit ratings obtained from Standard & Poor’s and Egan Jones, which may reflect the parent’s or a guarantor’s credit rating. DAT Investor Presentation | 13


Lending PortfolioTraditional real estate lending continues to be valuable by providing a base return while we seek opportunities with more desirable risk-adjusted returns.

In addition, we believe that maintaining an allocation to traditional real estate lending provides more certain returns during economic uncertainty.

InGastown Vancouver | British Columbia


Dream Hard Asset Alternatives Trust | Lending Portfolio

At-a-glance Our mortgages are secured by all types of residential and commercial real estate property. We typically finance properties with lower risk profiles, such as multi-family residential rental properties and stabilized income properties. We also invest in higher yielding developer and construction loans when we are comfortable with the underlying security and covenant of the borrower.

15Mortgages and Corporate Loans

8.6% Weighted AverageEffective Interest Rate

0.85 Weighted Average Remaining Term to Maturity

Mt. Tremblant

Thunder Bay

Waterloo

Vancouver

Prince George

CalgaryRegina

Ottawa

TorontoGTA

Halifax

Saint George

52%First Mortgages



Maturity Summary of Lending Portfolio*

Sector Allocation of Lending Portfolio

Stable Cash Flow

*Based on contractual maturity dates of loans which may be refinanced subject to terms, conditions and management decisions. As at December 31, 2016.


Short term loans provide attractive returns while we seek

longer term higher yielding opportunities.

Reduced risk in the lending portfolio through sector

diversification and focusing on Dream's core competency as a

developer.


Development And Investment HoldingsReal estate development can range from renovation and re-leasing of existing assets to acquisition of raw land for new development. Dream is very active in the development business and has its own engineers, construction managers, development officers and marketing officers on staff.

Empire Eau Du Soleil Toronto | Ontario


Dream Hard Asset Alternatives Trust | Development and Investment Holdings

At-a-glance

7 Retaildevelopment projects through-out Ontario with Villarboit Development Corp.

5 Multi-Residentialdevelopment projects in downtown Toronto and the GTA.

1Investment holding in TRYP Hotel PUR, in the heart of Quebec City, Quebec.

2 LP interestsin three shopping centres and one office tower, co-owned and managed by RioCan REIT.

Edmonton

Winnipeg Quebec City

North Bay

Owen Sound

Brantford Niagara FallsToronto

GTA

Our development projects are with strong partners with a long track record.



Drivers of Future Growth in NAV per Unit & Cash-Flow

Status

Investment Fair Value

($ millions)*

Total GLA (sq. Ft) or

Number of Units

Percentage Leased, Pre-sold

or Occupied

Expected / ActualCompletion Date Range

Villarboit Income-producing $12.1 316,000 sq.ft 96.6% NABayfield LP's Income-producing $14.0 1.15 million sq.ft. 75.8% NAHotel Pur Income-producing $2.5 242 units 49.7% NAVillarboit Under-development $62.6 877,000 sq.ft. 21.6% Q3 2018 - Q3 2019Empire Brampton (Lakeside) Construction $34.3 685 units 100% Q1 2017 - Q3 2017Empire Lakeshore (Eau Du Soleil) Construction $61.8 1,285 97.7% Q4 2019 - Q2 2020Axis Condominiums Pre-construction $5.1 572 NA 2020

Ivy Condominiums Pre-construction $2.2 253 NA 2020

Lakeshore East Pre-construction $11.5 NA NA NA

Empire, LakesideBrampton, Ontario

Empire | Eau Du SoleilToronto, Ontario

Hotel Pur Quebec City, Quebec

Mutual Street Toronto, Ontario

*As at December 31, 2016 IFRS values per Financial Statements DAT Investor Presentation | 19


Eau Du Soleil 2183 Lakeshore Blvd. West and Parklawn Road

Two-tower condominium development located on prime waterfront in Toronto

IFRS Value: $61.8 million*

97.7% pre-sold

1,285 units

Construction Began: May 2015

Projected Completion: 2020

Toronto, ON


*as at December 31, 2016 per Financial Statements DAT Investor Presentation | 20


Lakeside Brampton, ON

Pre-sold: 100%

No. of Units: 685

Construction Began: October 2014

Projected Completion: Q3, 2017

Empire’s newest master-planned community in Brampton, Ontario features a variety of housing including urban semis, town-homes, semi-detached and detached homes on a 96-acre site.


IFRS Value: $34.3 million

*as at December 31, 2016 per Financial statements DAT Investor Presentation | 21

Lakeshore East

$11.5 million equity investment for 37.5% economic interest

Joint venture with Dream Unlimited and Great Gulf Resi-dential

5.3 acre site

Potential for over 1 million square feet of density

Designated Toronto heritage site

Silos to be incorporated into development either through adaptive use or rehabilitation

351 - 369 Lakeshore Blvd. East, Toronto, ON

Historic waterfront property on prime downtown Toronto location





Energy + InfrastructureInfrastructure and renewable power investments are equity investments with long-term financing, long-term contracts and returns that are generally higher than real estate loans or equity when the equity investment is made prior to development. The renewable power sector is relatively new in Canada, although it has a long history elsewhere in the world.


Dream Hard Asset Alternatives Trust | Energy & Infrastructure

Why Invest in Renewable Power?Contracts for renewable power are typically with governments or regulated utilities that have high credit ratings and provide for the sale of electricity at a fixed rate for between 20 and 25 years.

Returns are generally higher than real estate loans or equity when the investment is made prior to the operational stage.

Operating costs are relatively predictable and the debt is typically limited in recourse to the particular asset and is completely paid off over the term of the contract.

Complex environmental approval and regulatory process, however, the construction is relatively quick with predictable pricing.

Wind and sunshine are free.

Low correlation to other financial investments.

Demand in Canada is increasingly growing for ‘green’ initiatives.


Dream Hard Asset Alternatives Trust | Energy & Infrastructure

Long-term Stable Cash Flow

Number of Projects

Economic Interest

Installed Capacity MW

Weighted Average Remaining PPA

(Years)

Commercial opera-tional date Carrying Value

Operational

Ontario Rooftop Solar 10 100% 3.1 18.0 Q2- 2014 - Q3 2015 $13.9 millionUnited Kingdom Wind 32 91% 2.5 17.9 Q2 2013 - Q3 2016 $16.1 millionNova Scotia Wind 3 80% 10.5 18.8 Q4 2015 $33.5 millionOntario Ground-mount Solar 10 100% 4.8 19.6 Q4 2015 - Q4 2016 $69.3 million

Total 20.9 18.7 $132.8 million

As at December 31 2016, per Financial Statements DAT Investor Presentation | 25

3 of these projects have community or Aboriginal partners and will benefit from participation development and a share in

project cash flows.

Projects have a Feed In Tariff (FIT) contract (allows for the sale of power at a fixed price

and a fixed term of 20 years).

~$130 million of invested and committed equity in solar and wind power projects with a target return on equity of 7% - 10% based on the stabilized equity interest over the term

of the 20 year Power Purchase Agreement.

Dream Hard Asset Alternatives Trust | Composition of Existing Capital

Conservative Capital StructureDream Alternatives has a conservative and flexible balance sheet providing us with ample liquidity to maximize the value of the current investments and pursue future investment opportunities.

*Represents mortgage debt on the co-owned properties with Dream Office REIT and the renewable power construction loan. Information is as at December 31, 2016.

$657.5 Millionin portfolio net asset value

$1Billionin total assets

31.2%Debt to Gross Asset Value*

$50 MillionCredit Facility Maximum

10 Lower Spadina Toronto, Ontario


Dream Hard Asset Alternatives Trust | Increased Liquidity

Since listing on July 8, 2014 DAT has traded over 80% of the outstanding units.*

New investors include retail and institutional investors.

Dream Asset Management has purchased an aggregate of 6.3 million units in the open market for its own account, repre-senting approximately 9% of total units outstanding.*

Unitholder Turnover

Improved Liquidity

*As at February 23, 2016

Original Units20%

Units Turned-over80%


Dream Hard Asset Alternatives Trust | Potential Future Stabilized Portfolio

While we have been turning over the initial assets, we believe we have improved the existing assets, by investing in higher returning assets, such as renewable power, and identifying lending and development activities that are likely to generate higher returns.

As the non-income-producing assets are liquidated over time and the proceeds are re-invested, DAT is expected to produce significantly higher current returns.

Once we have all of DAT’s assets available for investment, we believe that future returns will be more diversified and higher on a risk-adjusted basis.

We will continue to maximize returns from current investments through Dream’s core competencies of lending and investing directly in development of residential properties, renewable power projects and commercial income-producing properties.

We will continue to seek opportunities in Canadian renewable energy assets. Renewable power investments have typically provided pre-dictable returns at levels that are higher than from income properties.

Conservative balance sheet positions us to take advantage of future investment opportunities.

Future Portfolio & Outlook


Dream Hard Asset Alternatives Trust | Summary & Progress

Summary

Actively managing the assets with Dream Office REIT to drive leasing and tenant retention

Distributions were 100% Return of Capital in 2016

Development projects are progressing towards completion

Increased the renew-able power allocation to 12% of the portfolio

Renewable power in-vestments are expected to generate a return on equity of 11 % - 12% upon completion

Repatriated 38% of the legacy portfolio


Growth-oriented portfolio

Increase the Net Asset Value (NAV) over time

Increase the Adjusted Funds Available for Dis-

tribution (AFAD)

Provide predictable and sustainable cash distri-butions to unitholderson a tax-efficent basis

Dream Hard Asset Alternatives Trust | Depth and Expertise of Management Team

Michael Cooper CRO, Dream,

Portfolio Manager, DAT

Lindsay BrandDirector, Alternative

Investments

Port

folio

M

anag

emen

t

Joshua Kaufman SVP, Retail &

Commercial Development

Jason LesterVice Chair, Development

Dev

elop

men

t O

ppor

tuni

ties

Adam ReedsVP, Energy &

Infrastructure

Mikhail ArkaevVP, Energy &

Infrastructure

Rene

wab

le

Pow

er

Pauline AlimchandaniCFO, Dream

CFO, Dream Alternatives Trust

Franca SmithVP, Finance DAT

Fina

nce

Kim LefeverSenior Manager, Investor

Relations

Inve

stor

Rel

atio

ns

Experienced Management Team

Jay JiangVP, Strategic Finance


Dream Hard Asset Alternatives Trust | Experienced and Diverse Board of Directors

Trust Board is 100% Independent

David Kaufman CAIA, Chair of the Board of Trustees

Andrew Lapham James Eaton

President Weatons Holdings Ltd.

Board/Trustee Member - J.C. Clark Ltd., Defyrus Inc. True Patriot Love Foundation, Canadian Art Foun-dation, John David and Signy Eaton Foundation

Founder, President & CEO - Westcourt Capital Corporation

Host/Writer/Contributor – BNN “Alternative Invest-ing”, Financial Post “Alternative Inves-tor”, CBC “Lang & O’Leary Exchange”

Executive AdvisorThe Blackstone Group, Canada

Private Equity/Hedge Fund - Onex Partners, Odyssey Partners, John A. Levin & Co.

Trust Board


President & CEO Dream Unlimited Corp.

Board Member – Dream Unlimited Corp., Dream Office REIT, Dream Global REIT, Dream Industrial REIT, Atrium Mortgage Invest-ment Corporation

Pauline AlimchandaniCPA, CA, CFA

Joanne FerstmanCPA, CA

Jane GavanMichael Cooper

CFODream Unlimited Corp.

Vice President, Research Analyst, Real Estate & REITs - BMO Capital MarketsAssurance, Con-sulting & Deals - Pricewaterhouse-Coopers

Board MemberDream Unlimited Corp., Dream Office REIT, Excellon Resources Inc., Aimia Inc., Osisko Mining Corporation

President & CEO – Dundee Capital Markets Inc. Vice-Chair, Head of Capital Markets – Dundee Wealth Inc.

PresidentAsset Management – Dream Unlimited Corp.

CEO – Dream Office REIT, Dream Global REITBoard Member – Dream Unlimited Corp., Dream Office REIT, Dream Industrial REIT



Michael CooperPortfolio [email protected]

Contact Information


Kimberly LefeverSenior Manager, Investor [email protected]


Pauline AlimchandaniChief Financial [email protected]


Franca SmithVice President, [email protected]



Appendix Portfolio Overview



Overview

West Metro Centre Mississauga, ON

Valhalla CentreMississauga, ON

Sussex Centre Mississauga, ON

Commerce WestMississauga, ON

London City CentreLondon, ON

2810 Matheson Blvd.Mississauga, ON

49 Ontario StreetToronto, ON

10 Lower SpadinaToronto, ON

219 Laurier Avenue W Ottawa, ON

Gateway Business CtreVictoria, BC

Lansdowne VillageKamloops, BC

349 Carlaw AvenueToronto, ON



55 Norfolk St. South Simcoe, ON

Wedgewood PlazaHalifax, NS

460 Two Nations Fredericton, NB

Overview

6501 + 6531 Mississauga Rd. Mississauga, ON

80 Whitehall Drive Markham, ON

125 McDonald St.Regina, SK

363 Maxwell Cres.Regina, SK

1105 Pettigrew Ave. Regina, SK

1640 Broder St. Regina, SK

1802 Stock Road Regina, SK

2190 Industrial Drive Regina, SK



Overview

MMS Enterprises (Empire)

Oakville, ON

West Vancouver LandsVancouver, BC

YorkvilleToronto, ON

Empire Communities Eau Du SoleilToronto, ON

Hotel PURQuebec City, QC

Fairmont Resort Mt Tremblant, QC

Korf Properties Saskatchewan

Villarboit Villamark

Markham, ON

Hilldale GardensBurnaby, BC

York DownsMarkham, ON



Overview - Residential Development

Empire Communities Eau Du SoleilToronto, ON

Empire CommunitiesLakeside

Brampton, ON

Mutual Street Development Toronto, ON

Great Gulf ResidentialLakeshore East

Toronto, ON

Church Wood Residences Toronto, ON



Overview - Retail Development

Villarboit Laurentian Square

Pembroke, ON

Villarboit 890 McKeown Rd

North Bay, ON

VillarboitBrookdale Square

Cornwall, ON

Villarboit 2125 16th Street East

Owen Sound, ON

Villarboit Villamark

Markham, ON

Villarboit McLeod Centre

Niagara Falls, ON

Villarboit 221 Henry Street

Toronto, ON

Bayfield Mill Woods LPEdmonton, AB

Bayfield Retail (2009) LP Kingston, ON; Winnipeg, MB

Hotel PUR*Quebec City, QC

* Hospitality DAT Investor Presentation | 38


Dream Alternatives Trust has two residential development projects with Empire Communities. The projects include a low-rise residential development in Brampton, Ontario and a two-tower condominium development on Lakeshore Blvd. in Toronto, Ontario.

Empire Communities has established a tradition of creating prestigious award-winning homes, new condominiums and communities in the Greater Toronto, Hamilton and Niagara regions, while earning a reputation for outstanding attention to detail and customer service. The company received recognition as Ontario’s 2013 Green Builder of the Year.

Empire has built more than 10,000 homes and high-rise condominiums throughout Southern Ontario and the GTA. Empire’s many neighbourhoods include Beyond the Sea, Rain, Eau Du Soleil, the Hub, Lakeside, Wynfield, Wyndance, Glow and many others.

See www.empirecommunities.com for more information.



7 retail development projects with Villarboit Development.Corporation

Villarboit is a Toronto-based developer of retail properties with a 25-year history of delivering properties for its clients and investors. The company is fully integrated, with in-house capabilities for all primary aspects of the development business including acquisitions, site planning, construction, and leasing. It also provides construction services to select national retailers, and other third-party developers.

Villarboit’s retail clients include: Winners, Home Depot, Shoppers Drug Mart, Home Hardware, Sportchek, Michaels, Value Village, Dollarama and Best Buy.

The investments started in 2012 or later and are in various stages of leasing and construction. They include six non-recourse participating loan investments and one co-ownership investment.



The Bayfield LP investments consist of an approximately 20% limited partnership interest in two separate L.P.’s with an investment value of approximately $15 million.

The Bayfield Retail (2009) L.P. owns a 70% co-ownership interest in two shopping centres, one in Kingston, Ontario and the other in Winnipeg, Manitoba.

The Bayfield Mill Woods LP (together with Bayfield Retail 2009 LP) owns approximately 60% of a shopping centre and 100% of an office building.


Dream Hard Asset Alternatives Trust | Non-IFRS Measures & Forward Looking Information

Forward Looking InformationThis presentation may contain 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 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 general and local economic and business conditions, employment levels, mortgage and interest rates and regulations, regulatory risks, environmental risks, consumer confidence, the financial condition of tenants and borrowers, local real estate conditions, adverse weather conditions and variability in wind conditions and solar irradiation, reliance on key clients, partners and personnel, the uncertainties of acquisitions and new projects, inflation and competition. All forward-looking information in this presentation speaks as of February 28, 2016. The Trust 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).

These filings are also available at the Trust’s website at www.dreamalternatives.ca.

Non-IFRS MeasuresThe Trust’s 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 adjusted funds available for distribution (“AFAD”), annualized AFAD return on net assets, net assets attributable to unitholders of the Trust, debt-to-gross book value, net asset value per unit, and average yield on equity, 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. 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 net income, total comprehensive income or cash flows generated from operating activities 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” in the Trust’s Management’s Discussion and Analysis for the period ended December 31, 2016.


Thank you

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