1

Annual General Meeting | May 9, 2016

Ned GoodmanChairman of the Board

Michael CooperChief Responsible Officer

Jane GavanPresident Asset Management,

CEO Dream Office,CEO Dream Global

Pauline AlimchandaniCFO

Corporate Strategy & Finance

Development Transactions

Financial Reporting& Investor Relations

Jason LesterSVP, Vice Chair,

Partnership Investments

Development Partnerships & Private Funds

Joshua KaufmanSVP, Retail Development

Retail Development

Dan MarinovicSVP, Vice Chair,

Partnership Investments

Calgary Edmonton

ReginaSaskatoon

David LeemingSVP, Commercial

Development

Commercial Development

George ValentiniEVP, General Counsel

Legal, Transactions

John DaminanakisCIO

Business & Information Systems

Our Senior Management Team

Dream Unlimited Corp.[TSX: DRM]

Michael Cooper Chief Responsible Officer

Across all our entities, we have amassed expertise in…..

Transactions & Deal Structuring Development Asset Management Legal People & Culture

Strategic Finance Construction, Planning & Estimating Acquisitions/Dispositions Strategic Tax and Compliance Brand & Media

Capital Markets Engineering Design,Architecture & Procurement Leasing Internal Controls Human Resources

Corporate & Project Finance Development Finance & Underwriting Property Accounting Technology Services Shared Sustainability

Debt & Equity Financing Joint Venture Partnerships Property Operations Business Transformation Risk & Insurance

Financial Reporting & Analysis Investments incl. Equity and Mezzanine Investments Portfolio Management Custom IT Platform Sales & Marketing

Our breadth of capabilities

Our Strategy

Our Strategy

_We continue to experience profound changes driven by our commitment to continuously elevate our capabilities to be experts in all areas of development

_In addition, we continue to provide asset management services for approximately $12 billion of income properties in Canada & Europe and have developed a business of providing asset management in our development activities and renewable power projects for another $3 billion.

Our Strategy

_We are changing every aspect of our development business to change with how people are living and to align our capabilities with the need for greater integration of the different types ofland uses within a community.

Our Strategy

_We are focusing on the urbanization in our cities.

We are also integrating income properties into both the development of our master planned communities in Western Canada and our urban residential / mixed-use properties in Toronto & Ottawa.

This will be our competitive advantage.

11

Our Strategy

_ZibiOttawa/Gatineau

_Canary District (Pan Am Games Village)Toronto

_Distillery District Toronto

These three projects represent increasing opportunities to become a leading community where arts, culture, health and wellness blend with bustling business, shopping and entertainment to create desirable places to live, work and play. Demand is shifting towards these urban communities.

Building Urban Communities – Pan Am (Before)

Building Urban Communities – Pan Am (After)

14

Building Urban Communities – Distillery District (Before)

Started as a historical heritage site

15

Building Urban Communities – Distillery District (After)

Building Urban Communities – Distillery District (After)

Pure Spirit Clear Spirit Gooderham

Building Urban Communities – Zibi, Ottawa/Gatineau (Today)

Building Urban Communities – Zibi, Ottawa/Gatineau (Next)

_A World-Class sustainable community and redevelopment project.

Live an exceptionally unique and balanced lifestyle, combining the best of urbanity and healthy-living principles with a vibrant waterfront.

Our Core Development Business

Our Business

_As an integrated developer, we intend to participate in the market shareand profits of building:

_Retail & CommercialProperties

_Urban Mixed-Use & Condo Properties

_Single andMulti-family Properties

Our Business

_And manage all of our newly developed income generated properties as they are completed. We expect to find more opportunities in addition to what we already have.

Our Business

_We are fully immersed in each stage of the real estate development cycle.

This allows us to stay current, adapt, course-correct and manage in a changing economic environment to stay ahead in all areas we operate in.

This continues to be our competitive advantage

Our Strategy

building more sources ofrecurring income

Our Strategy – Building More Sources of Recurring Income

We are building out our current capabilities to diversify and generate recurring income

Retail Properties

$51M2015 Pre-Tax

IncomeCommercial Properties

Multi-Family Rental

Investment & Recreational

Properties

Asset Management

& Development Partnerships

Asset Management -

Energy & Infrastructure

Asset Management -

Dream Alternatives

2,200 skiers on average

each day

A-Basin has invested capital wisely and its recurring cash flow generation continues to increase

Recurring Income – Arapahoe Basin, Colorado

_Our little ski area has become increasing more significant to our organization

Net operating income grew by 94% from $3.5 million in 2013 to $7 million in 2015.

Overview of Our Markets –Western Canada

Our Markets: Calgary Calgary

1,816 Acres

163 Acres

479 Acres_Calgary

Dream’s Total Acreage: 2,800

# of units: 19,400(Single and Multi Family)

Commercial sq. ft. ~6 Mln

Dream Lands Held Future Ring RoadCity BoundaryCompleted Ring Road

ShoppingCentre

Commercial Homes

Our Markets: Calgary, Providence

Our Markets: Edmonton

Dream Lands Held

Future Ring Road

City Boundary

Completed Ring Road

_Edmonton

Dream’s total acreage in Edmonton: 2,100

# of units: 16,000(Single and Multi Family)

Commercial sq. ft. 0.5 Mln

ShoppingCentre

Commercial Homes

Building Retail within Our Markets: Edmonton, Tamarack

— x

Our Markets: Regina

Dream Lands Held

City Boundary

Ring Road_Regina

Dream’s total acreage in Regina: 3,800

# of units: 29,800(Single and Multi Family)

Commercial sq. ft. 1.2 Mln

ShoppingCentre

Commercial Homes

32

Our Markets: Regina, Coopertown

Our Markets: Saskatoon: Saskatoon

_Saskatoon

Dream’s total acreage in Saskatoon: 4,500

# of units: 29,900(Single and Multi Family)

Commercial sq. ft. 5.1 Mln

Dream Lands Held

City Boundary

ShoppingCentre

Commercial Homes

Our Markets: Saskatoon, Holmwood

Asset Management

Property Operations

Housing Development

~500 Units

LandDevelopment

10,000 acres of land

Condominium& Mixed-Use Development

8,000 Condos

Retail & Commercial Development

280 acres

AssetManagement

& Management Services

Recreational Properties

Arapahoe Basin Ski- Hill

Energy &Infrastructure

214 MW

InvestmentProperties

576,000 sf

DreamAlternativesTrust

[TSX:DRA.UN]

Publicly listed funds – 54 Million sf.

Dream IndustrialREIT[TSX: DIR.UN]

Dream OfficeREIT[TSX: D.UN]

Dream GlobalREIT[TSX: DRG.UN]

Private

Institutional,DevelopmentPartnerships & Private Funds

Technology & Transformation People & Culture Legal & Risk Tax Corporate Branding

& Marketing

Shared Services Platform

Dream Unlimited Corp.[TSX: DRM]

$ 15 Billion of Assets Under Management

Pauline AlimchandaniChief Financial Officer

Changing Composition of our Income

2014 Composition of Income

2015 Composition of Income

2016Composition of Income

Land Housing Condo Investment & Recreational Properties Asset Management & Equity Ownership Energy & Infrastructure

*income presented excludes fair value gains

Historical Earnings Growth

0

50

100

150

200

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

$ in

Mill

ions

Target is to continue to increase our earnings by 20% per year on average.

12 Year CAGR = 20%

A Lot of Embedded Growth Potential in Our Current Development Pipeline

345 Carlaw_Looking forward 10 years to 2025.

RetailFully owned pipeline of projects in Western Canada expected to be completed before 2025 have the potential to generate ~$230 million* of total profit (190 net acres or 2.1 million SF)

CondoPartnership pipeline of projects in Toronto & Ottawa expected to be completed before 2025 have the potential to generate ~$300 million* of total profit (6,700 units at project level / 6 million SF)

*Retail: assumes $111/psf of total profitability to 2.1 million of potential GLA in the retail pipeline, with profitability metrics based on active retail projects under construction as of March 31, 2016

* Condo: assumes $50/psf of total profitability to 6 million of potential SGFA in the condo pipeline, with profitability metrics based on active condo projects under construction as of March 31, 2016 (excludes CMCC Funds

2009 2010 2011 2012 2013 2014 2015 2016E

Development & Other Asset Management:

1. Dream Hard Asset Alternatives Trust

2. New Institutional Partnerships both in Canada and abroad

3. Development Partnerships

4. Energy & Infrastructure

Diversification & Growth of our Asset Management Business

Significant growth and diversification of our asset management business through the years.

Public REITs Development & Other Asset Management Activities

Our Financials

$3.73

$5.23

$6.43 $6.67

June 2013 2014 2015 Q1 2016 2016E

Growth in book equity per share since becoming a public company in 2013.

24% CAGR in Book Equity to Q1/16

excess liquidity | conservative leverage | strong access to capital | unencumbered assets

Our Financials – Strong Balance Sheet

32.8% Debt –to- Total Assets

Unencumbered Asset Pool

Up to $167 Million of Available

Liquidity

As always, our liquidity is our most important asset and we have ample excess liquidity. We also have a deep inventory of assets that can provide us with even more liquidity if needed

*As at March 31, 2016

Michael CooperChief Responsible Officer

_We have so many opportunities within our core/existing business lines, even more we execute on new transactions or ideas.

_Opportunity to foster a development company that can create income properties for Dream was not in our original plan when we became a public company less than 3 years ago.

_Our retail opportunities are massive and will make our company stronger, safer and more valuable over time.

_Our condo division has evolved into a real business with a strong pipeline and continues to be very profitable for our company.

_Maintaining our excess liquidity position enables to operate with immense flexibility in Western Canadian markets.

_Our lands are very valuable and do not believe our IRR’s are impacted materially over the long term from a lower level of “normal” in our lot volumes.

_It is an exciting time to invest, work and be a part of our company both from a financial and non-financial perspective.

Forward Looking Information & Non-IFRS MeasuresForwardLookingInformation

Thispresentationmaycontainforward-lookinginformationwithinthemeaningofapplicablesecuritieslegislation including,but notlimitedto,statementsregarding thetiminganddetailsofourcurrentandfuturehousing,condominiumandretaildevelopments,includingsize,capacity,density,cost,developmentmixandconstructionstart,completionandclosingdates,thestatusofourdevelopmentapplications,timingofoccupanciesandturnoverofourcondominiumprojects,ourexpectationsregardingourjointventuresandouranticipatedassetmixandcompositionofincome.Forward-looking informationisbasedonanumberofassumptionsandissubjecttoanumberofrisksanduncertainties,manyofwhicharebeyondDream’scontrol,whichcouldcauseactualresultstodiffermaterially fromthosethataredisclosedinorimpliedbysuchforward-lookinginformation.Theseassumptions,risksanduncertaintiesinclude,butarenotlimited to,generalandlocaleconomicandbusinessconditions;inflation;expandingourlanddevelopment,homebuildingandassetmanagementsegmentsinlinewithmanagement’sgoals;executingourplanswithrespecttoourretailandmulti-familysegments;achievingourcurrentfinancialgoals,includingwithrespecttopre-taxincome;continuedgrowthrateinlineourpastperformance;employment levels; regulatory risks;timingandcontentofourdevelopmentapprovals;mortgage ratesandregulations;environmental risks;consumerconfidence;seasonality;adverseweatherconditions; relianceonkeyclientsandpersonnelandcompetition.Allforwardlookinginformationinthispresentationspeaksasofthedateofthispresentation. Dreamdoesnotundertaketoupdateanysuchforwardlookinginformationwhetherasaresultofnewinformation,futureeventsorotherwise,exceptasrequiredbylaw.AdditionalinformationabouttheseassumptionsandrisksanduncertaintiesisdisclosedinfilingswithsecuritiesregulatorsfiledonSEDAR(www.sedar.com).

Non-IFRSMeasures

Dream’scondensedconsolidatedfinancialstatementsarepreparedinaccordancewithInternationalFinancialReportingStandards(“IFRS”).Inthispresentation,asacomplement toresultsprovidedinaccordancewithIFRS,Dreamdisclosesanddiscussescertainnon-IFRSfinancialmeasures,including:internalrateofreturn(IRR),assetsundermanagement, feeearningassetsundermanagement, debt-to-totalassets,netoperatingincomeor“NOI”,netmargin,grossmargin,developmentyield,estimatedcostofdevelopmentandestimatedstabilizedNOIaswellasothermeasuresdiscussedelsewhereinthisrelease.Thesenon-IFRSmeasuresarenotdefinedbyIFRS,donothaveastandardizedmeaningandmaynotbecomparablewithsimilarmeasurespresentedbyotherissuers.Dreamhaspresentedsuchnon-IFRSmeasuresasManagementbelieves theyare relevant measuresofourunderlyingoperatingperformanceanddebtmanagement. Non-IFRSmeasuresshouldnotbeconsideredasalternativestocomparablemetricsdeterminedinaccordancewithIFRSasindicators of Dream’sperformance,liquidity,cashflow,andprofitability.Forafulldescriptionofthesemeasuresand,whereapplicable,areconciliationtothemostdirectlycomparablemeasurecalculatedinaccordancewithIFRS,pleaserefer tothe“Non-IFRSMeasures”sectioninDream’sMD&AendedMarch31,2016.