Annual General Meeting – May 4, 2016

Detlef Bierbaum Chairman of the Board

Jane Gavan Chief Executive Officer

Dream Global REIT is an owner and operator of 13.5 million square feet of office and mixed-use space in Germany and Austria and provides a unique opportunity to gain exposure to the European real estate market.

DRG.UN at-a-glance*

13.5M

203

Square Feet GLA

Properties

$2.8B

9%

Total Assets

Distribution yield As at March 31, 2016

Hamburg

Düsseldorf Cologne

Frankfurt

Stuttgart Munich

Vienna, Austria

Key 2015 highlights

o Over $500 million of high quality office property acquisitions, including expansion into Vienna with a new JV partner; o Early refinancing of term loan credit facility, expected to result in incremental AFFO of $0.05/unit;

o Strong leasing performance with 1.3 million square feet of new leases and renewals; o Successful lease negotiations with Deutsche Post and Deutsche Postbank – 99% of GRI subject to 2016 termination rights retained o 79% tenant retention, with 620,000 sf of renewals completed in 2015

Strong German real estate fundamentals o Unemployment rate at 4.5% - among the lowest in the EU o GDP growth of 1.7% in 2015 and economic growth for 2016 is expected to remain strong o Record-low vacancy and moderate new supply in Germany’s 7 largest office markets

o Increasing rental rates across major German office markets o Total investment in commercial real estate reached €55 billion in 2015 – an increase of almost 40% over 2014 o Mortgage rates in Germany are among the lowest recent history; we completed a 7-year mortgage at 1.07%

$565 million of acquisitions since the beginning of 2015

Millerntorplatz 1, Hamburg Purchase Price: Going–in cap rate: Interest rate: GLA: Occupancy:

$136 million 6.1% (growing to 7%) 1.71% 375,000 sf 88%

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Anger Entrée, Erfurt Purchase Price: Cap rate: Interest rate: GLA: Occupancy:

$27.5 million 7.1% 1.42% 131,000 sf 96%

Zimmer 56, Berlin Purchase Price: Going-in cap rate: Interest rate: GLA: Occupancy:

$64.7 million 4.8% (growing to 6%) 0.95% variable (capped at 1.95%) 170,000 sf 99%

Vienna, Austria

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Rivergate, Vienna

Rivergate, Vienna Purchase Price: $285 million Going-in cap rate: 5.2% Interest rate: 1.6% GLA: 574,000 sf Occupancy: 94%

Europa-Center, Essen Purchase Price: Cap rate: Interest rate:

$41.5 million 7.2% 1.62%

GLA: Occupancy:

147,000 sf 96%

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Werner-Eckert-Strasse, Munich Purchase Price: Cap rate: Interest rate:

$23.2 million 6.1% 1.07%

GLA: Occupancy:

Centrally located office property in Berlin’s Mitte district

64,000 sf 96%

Rene Gulliver Chief Financial Officer

Key operating metrics

Key metrics Occupancy Average in-place net rent per sf Average market rents per sf Market rents above in-place rents Weighted average lease term

Q1 2016

Q4 2015

Q4 2014

88.0%

87.5%

85.3%

€9.66

€9.61

€8.86

€10.30

€10.20

€9.57

6.6%

6.1%

2.9%

4.4 years

4.4 years

4.4 years

Continued improvements in operating metrics

Q1 2016 financial results Financial results – Q1 2016

Q1 2016

Q1 2015

$41.5 million

$38.3 million

FFO/unit (basic)

20 cents

19 cents

AFFO/unit (basic)

20 cents

18 cents

Net operating income

35%

16%

Improving AFFO quality Q1 2016 AFFO 84%

Q1 2015 AFFO

Initial Properties New Acquisitions 65%

Interest  74bps 500

New Blanket Facility

600 IPO Blanket Facility

Debt Maturities (in $ millions)

Transformed debt maturity profile

400 300 200

Average Overall term to LTV maturity extended  by 0.2 years 300bps

Debt Maturity  1 year

Q4 2014 Q4 2015

100 0 2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

As at December 30, 2015

Transformed our debt maturity profile while reducing borrowing costs

Proactive leasing strategy to maximize value of our assets

Deutsche Post renewal

600,000

Square feet

500,000 400,000

79% tenant retention in 2015

300,000

1.3 million sf leased in 2015

200,000 100,000 -

Q2 2014

Q3 2014

Q4 2014

Q1 2015

Q2 2015

New leases and renewals (sf)

Q3 2015

Q4 2015

Q1 2016

Average remaining lease term of 4.4 Years

Michael Schwöbel Head of Real Estate, Europe

Active asset management

o Reduced overall exposure to largest tenant o Active capital recycling program o Mitigated loss of GRI due to proactive discussion with tenant

Lüdenscheid

Hamburg

Bremen

Darmstadt

o Took advantage of large blocks of contiguous space o Value-add opportunities

Value creation update - Saarbrücken

Value creation update – Saarbrücken

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Value creation update - Saarbrücken

30% Pipeline 33% Leased

37% Final stages

Value creation update - Millerntorplatz 1, Hamburg

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Value creation update - Millerntorplatz 1, Hamburg

http://www.bilderbuchhamburg.de/bilder/hamburg_st_pauli_mille rntorplatz_luftbild_reeperbahn_simon_von _utrecht_stra%C3%9Fe_kleine_seilerstra %C3%9Fe_f34b195223_978x1304xin.jpeg

signed 6,000 square foot lease at $60/sf adding $0.5 million annually to NOI

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Value creation update - Millerntorplatz 1, Hamburg

http://www.bilderbuchhamburg.de/bilder/hamburg_st_pauli_mille rntorplatz_luftbild_reeperbahn_simon_von _utrecht_stra%C3%9Fe_kleine_seilerstra %C3%9Fe_f34b195223_978x1304xin.jpeg

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Outlook

o Focus on leasing & driving occupancy of our properties o Pursue refinancing of convertible debentures o Continue recycling capital & improving the quality of our portfolio

o Grow and create new joint venture relationships o Actively manage our real estate with a focus on adding value

Forward looking information This 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 Dream Global 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, global 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; and interest and currency rate functions. Our objectives and forward-looking statements are based on certain assumptions, including that the Canadian and European economies remain stable, interest rates remain stable, conditions within the real estate market remain consistent, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward-looking information in this press release speaks as of the date of this presentation. Dream Global REIT does not undertake to update any such forwardlooking 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 contained in Dream Global REIT’s filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at Dream Global REIT’s website at www.dreamglobalreit.ca. Non-GAAP Measures The Trust’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, the Trust discloses and discusses certain non-GAAP financial measures, including net operating income (“NOI”), funds from operations (“FFO”), adjusted funds from operations (“AFFO”), as well as other measures discussed elsewhere in this presentation. These nonGAAP measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other income trusts. The Trust has presented such non-GAAP measures as Management believes they are relevant measures of the Trust’s underlying operating performance. Non-GAAP measures should not be considered as alternatives to net income, cash generated from (utilized in) 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, please refer to the “NonGAAP Measures and Other Disclosures” in Dream Global REIT’s Management’s Discussion and Analysis for the three months ended March 31, 2016.