Dream Global REIT

a joint venture Opportunity in German Offices

Contents Page Executive Summary

2

2

Dream Global REIT: Our Story

4-14

German Market Fundamentals

16-18

Joint Venture: A Programmatic Approach

20-22

Appendix I: Recent Acquisitions

24-29

Appendix II: Big 7 Market Fundamentals

31-40

a joint venture Opportunity in German Offices

Executive Summary Dream Global REIT is seeking an investment partner to create a joint venture targeting the German office sector The creation of an investment partnership based on initial seed asset investment and programmatic future acquisitions Dream Global REIT’s extensive local investment and management expertise offers an ideal platform to gain exposure to one of Europe’s most attractive real estate markets German real estate fundamentals remain strong, offering a stable investment environment Its significant market presence and leading investor operator reputation ensures DREAM Global REIT has access to the best market opportunities Dream Global REIT is a fully transparent, publicly listed vehicle with a solid balance sheet and strong relationships with local property owners, brokers and lenders

3

Dream Global REIT Our Story a joint venture Opportunity in German Offices

Dream Global REIT is part of the Dream group of companies: a premium global asset manager Dream Unlimited Corp. (TSX: DRM)

20 year history as a real estate developer, owner and manager in Canada, Germany and the United States

Asset Management

Completed $20 billion+ of real estate and alternative investment transactions 1,000+ dedicated professionals worldwide in all disciplines Extensive network of partners and strong financial relationships 58 million square feet of commercial assets under management

Operating Businesses

Dream Office REIT (TSX:D.UN)

Dream Global REIT (TSX:DRG.UN)

Dream Industrial REIT (TSX:DIR.UN)

Dream Alternative Trust (TSX:DRA.UN)

Largest office REIT in Canada

Largest global REIT in Canada

Pure-play Canadian industrial REIT

Fund for new opportunities in hard asset investments

Land Development

Housing and Urban Development

Renewable Power

$15 Billion of Assets Under Management

5

Dream Global REIT: a deeply experienced German office platform Over â‚Ź1.3 billion in acquisitions of high quality German office assets subsequent to its IPO in August 2011 Critical mass in Germany: A diversified portfolio of over â‚Ź2.0 billion of assets across the country Our track record ensures we see the best investment opportunities (on and off-market) Active asset management through our strong operating platform and local depth of expertise A solid balance sheet and capital structure are supported by diversified lender relationships, ensuring access to capital markets

6

a joint venture Opportunity in German Offices

The executive team has led Dream Global REIT’s growth and diversification strategy since the IPO Michael Cooper, Chair of the Executive Committee Michael Cooper is the founder and Chief Executive Officer of Dream Unlimited Corporation (“Dream”), a real estate development, investment & management company with approximately $14.7 billion of assets under management. Mr. Cooper’s extensive track record in the real estate industry dates back to 1986, including an instrumental role in founding Dundee Realty Corporation, the predecessor of Dream, in 1996. Under his leadership, the business has grown to be a leader in commercial real estate, residential development & homes, and alternative energy infrastructure. Among his accomplishments, Michael is responsible for the formation of three TSX-listed real estate investment trusts: Dream Office REIT (formerly Dundee REIT), Canada’s largest office REIT; Dream Global REIT (formerly Dundee International REIT), a Canadian REIT investing exclusively outside of Canada; Dream Industrial REIT (formerly Dundee Industrial REIT); and, most recently, the formation of Dream Alternatives Trust, (“DAT”), a TSX-listed mutual fund trust focused on hard asset alternative investments. He earned a law degree from the University of Western Ontario and an MBA from York University.

Jane Gavan, CEO Jane is the President and Chief Executive Officer of Dream Global REIT. She is also President, Asset Management of Dream Unlimited and Chief Executive Officer of Dream Office REIT, with more than 26 years of experience in the real estate industry.

Jane first joined Dundee in 1998 and was responsible for all legal affairs and played a key role in numerous transactions over the years. Prior to joining Dundee, Jane served as Legal Counsel for a number of companies including Oxford Properties Group, and Denison Mines and began her career in private practice with Blake, Cassels & Graydon LLP.

7

a joint venture Opportunity in German Offices

Dream Global REIT: Senior Executive Team A strong and highly experienced senior management platform, supported by Dream Unlimited Corp

Michael Cooper CEO of Dream Unlimited Corp Chair of the Executive Committee of Dream Global REIT Industry Experience: 27 yrs

Jane Gavan President & CEO Industry Experience: 26 yrs

8

INVESTMENTS

portfolio management

Finance & Accounting

Bruce Traversy Head of Investments Industry Experience: 27 yrs

Alexander Sannikov Portfolio Manager Industry Experience: 8 yrs

Rene Gulliver Chief Financial Officer Industry Experience: 35 yrs

Leasing Germany

Asset Management Germany

Michael Schwรถbel Head of Leasing Industry Experience: 16 yrs

Anne Braun Head of Asset Management Industry Experience: 12 yrs

Finance & controlling Luxembourg Cengiz Coelhan Head of Finance & Controlling Industry Experience: 8 yrs

Our Board of Trustees provides strategic oversight, international experience and relationships Detlef Bierbaum

Duncan Jackman

Johann Koss

John Sullivan

Chairman Dream Global REIT

Chairman and CEO E-L Financial Corporation

Founder and CEO Right to Play

President and CEO Cadillac Fairview Corp.

Mr. Bierbaum’s career spans 40+ years in insurance, financial services and real estate.

He is a member of numerous boards of directors in Germany, England, Luxembourg, the United States and Canada.

Mr. Jackman is the Chairman and CEO of an investment and insurance holding company and a leading member of Canada’s financial services and insurance industries.

Mr. Koss is the founder and CEO of Right To Play, a global organisation that uses the transformative power of play to educate and empower children facing adversity.

Jane Gavan

Michael Cooper

Chief Executive Officer

Chair of the Executive Committee

Mr. Sullivan is the President and CEO of Cadillac Fairview Corp., one of North America’s largest real estate companies with a 25+ year career in Canadian and international real estate.

9

Our “on-the-ground” local team provides significant depth and expertise based on a proven track record of delivering results European Office Locations

Dream Global REIT has a team of 50 professionals located in 6 offices across Europe, as well as over 20 dedicated professionals in Toronto, Canada Operating history with the properties Highly experienced in leasing, operations, management of capital expenditure and execution of value-add projects

HAMBURG (Leasing)

Well connected in their respective local markets HALLE (Leasing)

Focused on strong tenant relationships DUSSELDORF (Leasing)

LUXEMBOURG (Finance & Compliance)

FRANKFURT (Head Office)

MUNICH (Leasing)

10

a joint venture Opportunity in German Offices

Extensive investment experience and market access: Dream Global REIT is a top 3 acquirer in the German office market over the last 3 years Investment Expertise

Operational Expertise

Financing Expertise Selected acquisitions over the last 3 years

A dedicated German investments team within the DREAM platform with established solid local relationships Extensive experience in complex transaction structuring including share deals in multiple jurisdictions

Cologne Tower, Cologne Size: 27,564 sq m Occupancy: 100% Built in: 2001/2012 In-Place GRI: €6.2 million WALT: 6.2 years Largest Tenant: Institut für Qualität und Wirstschaflichkeit

im Gesundheitswesen

Millerntorplatz 1, Hamburg

Activity over the last 3 years In excess of 1,000 opportunities reviewed

Size: 31,816 sq m Occupancy: 88% Built in: 1997 In-Place GRI: €6.0 million WALT: 5.3 years Largest Tenant: Deutsche Rentenversicherung Gruppe

Over €1.3 billion in acquisitions 30 properties acquired 20 individual transactions 5 million square feet

Feldmuehlplatz, Dusseldorf Size: 22,889 sq m Occupancy: 100% Built in: 1950/2005/2007 In-Place GRI: €5.5 million WALT: 7.8 years Largest Tenant: Freshfields Bruckhaus Deringer

11

a joint venture Opportunity in German Offices

Dream Global REIT: The Investments Team A team of experienced investment professionals with a long track record in global real estate

Bruce Traversy, Head of Investments, Toronto Bruce is responsible for acquisitions and dispositions for Dream Global REIT. Bruce joined Dream in 1997 and has held various positions overseeing key areas including investments, asset management, research and analysis and investor relations. Since 2003, Bruce has completed over C$5 billion of commercial and industrial transactions. He holds a degree in Urban Development and has over 27 years experience within the real estate industry.

Alexander Sannikov, Vice President, Portfolio Management, Toronto Alex is responsible for portfolio management for Dream Global REIT. Previously, he oversaw investment analysis for all acquisitions completed by Dream Global REIT since 2012. Alex joined Dream in 2008 and has held various positions in areas of research and analysis and investments. Prior to joining Dream, Alex was with American Appraisal in Moscow, Russia. Alex holds a degree in Applied Mathematics as well as a Masters of Finance degree.

Kim Andersson, Director, Investments, Frankfurt Kim is based in the Frankfurt office of Dream Global REIT and has over 10 years of experience in German acquisitions, dispositions and asset management. Prior to joining Dream Global REIT, Kim was a key part of the transactions team at SEB Asset Management in Germany and the Nordics, and before that he worked in Germany with the Freo Group, Sal Oppenheim jr. and Co. and Ernst & Young. Kim holds a degree in Economics.

12

Dedicated leasing and asset management teams: driving leasing velocity, tenant retention and value creation Investment Expertise

Operational Expertise

Financing Expertise

Historical Leasing and Occupancy for New Acquisitions Leasing Activity (square feet)

Occupancy (%)

200,000

100%

175,000

84% Retention Rate

150,000

98%

125,000

96%

100,000 94%

75,000 50,000

92%

25,000 0

Q2 2013

Q3 2013

Q4 2013

Q1 2014

Q2 2014

Q3 2014

Q4 2014

90%

Our on-the-ground team maintains consistently high occupancy and tenant retention, completing 700,000 square feet of leasing in our recent acquisitions over the last 21 months 13

Dream Global REIT: The German Asset Management Team A team of 45 professionals, on the ground driving performance and maximizing asset values for our investors

Michael Schwöbel, Head of Leasing, Germany Michael is the head of leasing for Dream Global REIT and oversees the advisory services for all revenue generating operations in Germany including leasing, dispositions, repositioning and value add initiatives.

Prior to joining Dream, Michael was Head of Leasing, Germany for Fortress Investment Group for 6 years and was in charge of several assignments at Deutsche Bank’s Corporate Real Estate division for more than 8 years. Michael holds a degree in Business Administration and a postgraduate degree in Real Estate Economics.

Anne Braun, Head of Asset Management, Germany Anne is the head of asset management for Dream Global REIT and oversees asset and property management services. Prior to joining Dream, Anne was a Partner at Cushman & Wakefield where she was responsible for property and asset management in Germany.

Prior to C&W, Anne worked for GE Real Estate in Germany. During her 12 years in the real estate sector, Anne has been involved in major real estate transactions in Germany covering all aspects from transaction, underwriting and operations. Anne studied business administration and holds an MBA.

Mark Göhring, Asset Strategy and Projects, Germany Mark is Director, Strategic Assets & Projects for Dream Global REIT. He is responsible for advising on the strategic repositioning of properties in Germany with a focus on optimising value at every stage of the property life cycle. Prior to joining Dream, Mark was responsible for various commercial real estate developments in excess of €1 billion in Germany as Vice Managing Director at Jupiter GmbH, Project Director at Multi Development and Project Manager at Vivico Real Estate. Mark holds a Master of Science in Civil Engineering (Diplom Ingenieur) and a postgraduate degree in Real Estate Economics.

14

a joint venture Opportunity in German Offices

Strong, long-term banking relationships: Deep relationships with a diversified pool of financial institutions Investment Expertise

Operational Expertise

Financing Expertise

Since 2011 Dream Global has completed â‚Ź1.4 billion in financing and refinancing transactions, including first mortgages, blanket facilities, unsecured bonds and acquisition lines 15

German Market Fundamentals a joint venture Opportunity in German Offices

Snapshot: German Economic Overview Germany is the Eurozone’s largest economy (and currently the world’s fourth largest) with total output of $3.7 trillion (2013) Germany continues to demonstrate high resilience and global competitiveness. It recorded the world’s highest trade surplus (worth $283bn) in 2014 German unemployment is amongst the Eurozone’s lowest (currently standing at 4.7%) Germany is expected to continue outperforming the wider Eurozone with average 5 year forecast GDP growth of 1.6% p.a. (2015-19)

GDP Growth Rate

German Unemployment Rate

5.0%

11.0%

4.0%

10.0% 9.0%

3.0%

8.0% 2.0%

May 2015 4.7%

7.0%

1.0%

6.0%

0.0%

5.0%

-1.0%

4.0% 2010

2011

2012 Germany

2013

2014 Eurozone

2015

2016

2007

2008

2009

2010

2011

Source: OECD Economic Outlook, 2014

2012

2013

2014 Source: ILO labour market statistics, Destatis

Supportive economic fundamentals ensure a stable investment environment 17

Snapshot: The German Investment Market

Increasing capital value growth in secondary locations

Prime Office Yields (%)

One of the most highly sought after real estate markets in Europe

Increasing international activity

8

6%

7

5%

6

4%

5

3%

4 2%

3 1%

2

0%

1

ich

r Zu

A downward pressure on cap rates is forecast to continue Significant spread between cap rates and financing costs

Record Funding Spread

A Stable Yield Environment

A ‘safe haven’ investment destination

ris va WE ich ity lm rg /M orf lin en slo lan rid lin m on na gh els aw ue Pa ene on un - C kho mbu furt eld Ber hag O Mi ad Dub erda Ly elo bur uss ars rag M G nd M on oc a nk ss rc in Br W P st en t H ra Du Ba Ed Lo nd S op Am F o C L Prime Yield Q1 2015 West Europe CEE Southern Europe & Ireland

-1%

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Spread

Growing Commercial Investment Volume

Office Yields (Big 7 average)

10 yr Bund Rates

Increasing International Activity 100%

€ bn

90%

60

80%

49.5

70%

54.7

60%

40

50%

39.8 20

20.6

19.6

19.3

23.5

25.3

30.7

30% 20% 10%

10.3

0 2005

2006

2007

2008

2009

40%

0%

2010

2011

2012

2013

2014

2007

2008

2009

2010

2011

Share of foreign Investors

2012

2013

2014

Q1 15

Share of domestic Investors

Germany offers strong real estate fundamentals, underpinned by low volatility and an attractive financing environment 18

a joint venture Opportunity in German Offices

Snapshot: The German Office Letting Market Vacancy and Rent

Prime Rental Index

Continued rental growth across markets/regions

Forecast

Index 2000 = 100

110

Index 1987 = 100

%

185

Record low vacancy rates

180

100

175

Forecast 10 year high

170 165

90

160

Positive net absorption (10% increase in 2014 vs 2013)

155

80 70

Average Rental Index Prime Rental Index

150 145 140

Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 2001 2002 2003 2003 2004 2005 2006 2006 2007 2008 2009 2009 2010 2011 2012 2012 2013 2014 2015 2015

10 year low

2005

2006

2007

2009

2010

2011

2012

2013

Prime Rental Index

Aggregated numbers for Berlin, Düsseldorf, Munich and Stuttgart

Limited speculative development with 80% pre-let ahead of completion

2008

Net Absorption in ‘Big 7’

2014

2015

2016

2018

Vacancy Rate (%)

Office Take-Up (Rolling) (,000 sq m)

(,000 sq m)

2017

12 11.5 11 10.5 10 9.5 9 8.5 8 7.5 7 6.5

Forecast

3,300

1,400 1,200

2,600

1,000 800

1,900

600 400

1,200 Office Employment Growth 2015:

200 0

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* * Forecast - 2015

500

1-1,5%

Expiring Lease Contracts 2015:

~ 10 Mio.m2

Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 2004 2005 2006 2006 2007 2008 2009 2009 2010 2011 2012 2012 2013 2014 2015 2015

Big 6 - Berlin, Dusseldorf, Frankfurt, Hamburg, Munich and Stuttgart Big 7 - Berlin, Dusseldorf, Frankfurt, Hamburg, Cologne, Munich and Stuttgart

Continued positive market fundamentals with stable expected future development 19

Joint Venture A Programmatic Approach a joint venture Opportunity in German Offices

Joint Venture: A Programmatic Partnership Approach Dream Global and the JV Partner commit equity capital to the investment program

Dream Global REIT

Joint Venture Partner

Dream Global partially seeds the investment program by selling interests in selected assets to the JV Partner Dream Global and the JV Partner jointly secure assets to complete the investment program

Asset Manager

Dream is responsible for managing assets and sourcing new opportunities matching agreed investment parameters

Luxembourg HoldCo

Future investments to be approved by both parties on a deal-by-deal basis

Luxembourg SPV(s)

Initial Seed Asset(s)

Luxembourg SPV

Luxembourg SPV

Luxembourg SPV

Luxembourg SPV

Programmatic Future Acquisitions (deal-by-deal)

21

Joint Venture: Terms & Target Metrics Sponsor and Asset Manager

• Dream Global

Target Equity

• €250 to €350 million

• 20% contributed by Dream Global REIT, 80% by the Joint Venture Partner

Target Return

• 7% to 8% IRR levered (net of fees and expenses)

• 5% to 7% cash-on-cash yield (excluding principal repayment on leverage)

Target Gearing

•

50% to 60% loan-to-value (LTV)

Seed Assets •

25% to 35% of target equity, to be selected from recent acquisitions (see Appendix) transferred in by Dream Global

Investment Horizon

All equity to be deployed within a 24 month period

22

•

a joint venture Opportunity in German Offices

Joint Venture: Why partner with Dream Global?

A unique opportunity to gain exposure to Germany, one of the best real estate markets in Europe An attractive financing environment presents attractive return spreads The opportunity to invest alongside a leading German office platform providing committed equity participation Active asset management through our strong operating platform and local depth of expertise A pipeline of attractive acquisition opportunities

23

Appendix I Recent Acquisitions a joint venture Opportunity in German Offices

Recent Acquisitions Cologne Tower, Im Mediapark 8, Cologne

Cäcilium, Cäcilienkloster 2-10, Cologne

Property Details

Property Details

Size: 27,664 sq m Occupancy: 100% Built in: 2001/2012 In-Place GRI: €6.2 million WALT: 6.2 years Largest Tenant: Institut für Qualität und

Wirstschaflichkeit im Gesundheitswesen Debt: €69.1 million Interest Rate: 1.77% Debt Maturity: 11/2024

Size: 18,666 sq m Occupancy: 99% Built in: 2008 In-Place GRI: €4.0 million WALT: 3.6 years Largest Tenant: BNP Paribas SA/NV Debt: €43.6 million Interest Rate: 1.92% Debt Maturity: 03/2020

Feldmuehlplatz 1 + 15, Dusseldorf

Millerntorplatz 1, Hamburg

Property Details

Property Details

Size: 22,889 sq m Occupancy: 100% Built in: 1950/2005/2007 In-Place GRI: €5.5 million WALT: 7.8 years Largest Tenant: Freshfields Bruckhaus Deringer Debt: €45.8 million Interest Rate: 2.32% Debt Maturity: 11/2018

Size: 31,816 sq m Occupancy: 88% Built in: 1997 In-Place GRI: €6.0 million WALT: 5.3 years Largest Tenant: Deutsche Rentenversicherung Gruppe Debt: €59.4 million Interest Rate: est. 1.7% Debt Maturity: est. 01/2025

25

Recent Acquisitions

26

My Falkenried, Lehmweg 7, 8, 8a, Hamburg

Moskauer Straße 25-27, Dusseldorf

Property Details

Property Details

Size: 20,668 sq m Occupancy: 99% Built in: 2005/2006 In-Place GRI: €3.8 million WALT: 3.0 years Largest Tenant: Scholz & Friends Debt: €36.7 million Interest Rate: 2.26% Debt Maturity: 02/2023

Size: 20,176 sq m Occupancy: 97% Built in: 2003 In-Place GRI: €3.1 million WALT: 6.7 years Largest Tenant: Landeshaupstadt Düsseldorf Debt: €27.7 million Interest Rate: 1.88% Debt Maturity: 03/2020

Hammer Straße 30-34, Hamburg

Oasis III, Heilbronner Straße 293, Stuttgart

Property Details

Property Details

Size: 16,008 sq m Occupancy: 100% Built in: 2006 In-Place GRI: €2.9 million WALT: 8.2 years Largest Tenant: Imtech Deutschland

GmbH & Co. KG Debt: €23.9 million Interest Rate: 2.41% Debt Maturity: 01/2018

Size: 15,805 sq m Occupancy: 100% Built in: 2002 In-Place GRI: €2.3 million WALT: 4.4 years Largest Tenant: Merecedes Benz

Leasing GmbH Debt: €18.4 million Interest Rate: 2.73% Debt Maturity: 10/2018

a joint venture Opportunity in German Offices

Recent Acquisitions ERGO Building, Karl-Martell-Straße 60, Nuremberg

Bertoldstraße 48, Freiburg

Property Details

Property Details

Size: 24,985 sq m Occupancy: 100% Built in: 1991/1992 In-Place GRI: €3.6 million WALT: 12.0 years Largest Tenant: ERGO Direkt Versicherungen Debt: €25.1 million Interest Rate: 2.45% Debt Maturity: 06/2017

Size: 11,293 sq m Occupancy: 100% Built in: 1998 In-Place GRI: €2.7 million WALT: 6.1 years Largest Tenant: CinemaxX Entertainment

GmbH & Co. Debt: €18.0 million Interest Rate: 2.63% Debt Maturity: 03/2021

Europahaus, Europaplatz 5, Darmstadt

Goldpunkt Haus, Greifswalderf Straße 154-156, Berlin

Property Details

Property Details

Size: 19,572 sq m Occupancy: 99% Built in: 2001 In-Place GRI: €2.7 million WALT: 6.2 years Largest Tenant: Bisnode Deutschland

Holding GmbH Debt: €24.5 million Interest Rate: 1.82% Debt Maturity: 09/2022

Size: 22,555 sq m Occupancy: 95% Built in: 1900/2002 In-Place GRI: €2.4 million WALT: 3.9 years Largest Tenant: Mister Spex GmbH Debt: €16.4 million Interest Rate: 3.22% Debt Maturity: 12/2022

27

a joint venture Opportunity in German Offices

Recent Acquisitions

28

Werner-Eckert-Straße 8-12, Munich

LEO252, Leopoldstraße 252, Munich

Property Details

Property Details

Size: 6,018 sq m Occupancy: 99% Built in: 2003 In-Place GRI: €1.1 million WALT: 3.2 years Largest Tenant: Meierhofer AG Debt: €8.6 million Interest Rate: 1.98% Debt Maturity: 03/2019

Size: 14,379 sq m Occupancy: 98% Built in: 1998 In-Place GRI: €1.9 million WALT: 4.2 years Largest Tenant: W&W Service GmbH Debt: €14.8 million Interest Rate: 2.21% Debt Maturity: 09/2019

Westendstraße 160-162, Munich

Parcside, Am Stadtpark 2, Nuremberg

Property Details

Property Details

Size: 11,344 sq m Occupancy: 98% Built in: 1996 In-Place GRI: €1.7 million WALT: 3.9 years Largest Tenant: TÜV SÜD Akademie GmbH Debt: €14.6 million Interest Rate: 2.63% Debt Maturity: 03/2021

Size: 8,793 sq m Occupancy: 100% Built in: 2003 In-Place GRI: €1.6 million WALT: 4.0 years Largest Tenant: THORWART Debt: €14.7 million Interest Rate: 2.63% Debt Maturity: 03/2021

Recent Acquisitions Humboldt Haus, Am Sandtorkai 37, Hamburg

Grammophon, Podbielskistraße 158-168, Hannover

Property Details

Property Details

Size: 10,634 sq m Occupancy: 99% Built in: 1960/1993 In-Place GRI: €2.3 million WALT: 2.3 years Largest Tenant: Maersk Deutschland

A/S & Co. KG Debt: €16.3 million Interest Rate: 2.27% Debt Maturity: 12/2017

Size: 19,686 sq m Occupancy: 90% Built in: 1992/1993 In-Place GRI: €1.9 million WALT: 3.7 years Largest Tenant: Region Hannover,

Der Regionspräsident Debt: €16.5 million Interest Rate: 1.75% Debt Maturity: 02/2023

Bürohaus Galilei, Reichskanzier-Müller-Str. 21-25, Mannheim

Schloßstraße 8, Hamburg

Property Details

Property Details

Size: 9,346 sq m Occupancy: 98% Built in: 2008 In-Place GRI: €1.5 million WALT: 2.9 years Largest Tenant: EuroChem Agro GmbH Debt: €12.6 million Interest Rate: 3.32% Debt Maturity: 03/2023

Size: 15,379 sq m Occupancy: 97% Built in: 1960/1998 In-Place GRI: €2.3 million WALT: 2.7 years Largest Tenant: Commerzbank AG

(Filiale Hamburg) Debt: €16.6 million Interest Rate: 2.32% Debt Maturity: 03/2018

29

Recent Acquisitions

30

Dillwächterstr. 5 /Tübinger Str. 11, Munich

Lörracher Straße 16/16a, Freiburg

Property Details

Property Details

Size: 7,609 sq m Occupancy: 87% Built in: 2001/2002 In-Place GRI: €1.3 million WALT: 2.1 years Largest Tenant: Landeshauptstadt München Debt: €10.5 million Interest Rate: 2.68% Debt Maturity: 02/2020

Size: 5,230 sq m Occupancy: 100% Built in: 1991 In-Place GRI: €0.7 million WALT: 2.9 years Largest Tenant: Reha-Süd GmbH Debt: €5.1 million Interest Rate: 2.63% Debt Maturity: 03/2021

31

Appendix II Big 7 Market Fundamentals a joint venture Opportunity in German Offices

ESTONIA

STOCKHOLM

LATVIA

RIGA

Office Leasing Markets Overview: The “Big 7” office locations in Germany LITHUANIA

DENMARK

VILNIUS MINSK

In Q1 2015, take up 6% above previous year’s level BELARUS

Vacancies declined positive net absorption HAMBURG

Positive net absorption BERLIN

NETHERLANDS

BELGIUM

LUXEMBOURG

FRANCE

WARSAW

POLAND

KIEV

Take-up (,000 sq m) Q1-2015

Take-up (,000 sq m) 5y-0

Prime Rent (€/sq m/Month) Q1 UKRAINE 2015

Stock (mn sq m) Q1 2015

Vacancy Rate (%) Q1 2015

Berlin

149

120

22.00

17.07

7.4

Dusseldorf

89

108

26.00

9.13

10.3

Frankfurt

86

90

35.00

11.94

10.2

SLOVAKIA Hamburg

130

105

24.50

14.68

6.9

Cologne

55

73

22.00

7.58

6.3

Munich BUDAPEST

185

152

33.00

20.14

6.5

Stuttgart

72

41

19.50

8.30

5.1

DUSSELDORF COLOGNE

FRANKFURT

CZECH REPUBLIC

STUTTGART MUNICH

AUSTRIA

HUNGARY

ROMANIA

SWITZERLAND SLOVENIA LJUBLJANA

CROATIA

BUCHAREST

ZAGREB BELGRADE

BOSNIA & HERZEGOVINA

SERBIA

BULGARIA

SARAJEVO

ITALY

Status: October 2014 Source: JLL

SOFIA

PRESTINA

KOSOVO

33 SKOPJE

Key Trends: Berlin Rents

€/sq m/mth €/sq€/sq m/mth €/sq m/mth €/sq m/mth m/mth

35 35 30 30 25 25 20 20 15 15 10 10 5 5 00

35 35 35 30 30 30 25 25 25 20 20 20 15 15 15 10 10 10 5 55

0 00 Q1 10

Q110 10 Q1

Net Absorption sq m

Q1 10 Q1 11Q1 1110 Q1Q1 11

Q1 11 Q1 12Q1 1211 Q1Q1 12

380,000 380,000 380,000 380,000 380,000 330,000 330,000 330,000 330,000 330,000 280,000 262,500 262,500 280,000 262,500 280,000 280,000 280,000 208,400 230,000 208,400 230,000 208,400 208,400 208,400 230,000 230,000 230,000 180,000 180,000 180,000 180,000 180,000 126,200 126,200 126,200 130,000 126,200 126,200 87,600 130,000 130,000 130,000 130,000 87,600 87,600 66,700 87,600 87,600 80,000 66,700 52,400 66,700 66,700 66,700 80,000 52,400 80,000 52,400 80,000 80,000 52,400 52,400 Achieved Maximum Rent 30,000 -50,100 Achieved Maximum Rent Achieved AchievedMaximum Maximum Rent Maximum Rent30,000 Achieved Rent -50,100 30,000 -50,100 30,000 -50,100 30,000 Prime Rent -50,100 Prime Rent Prime Rent -20,000 PrimeRent Rent Prime Weighted Average Rent-20,000 -20,000 -20,000 Weighted Average RentWeighted Average Rent -20,000 WeightedAverage AverageRent Rent Weighted -70,000 -70,000 -70,000 -70,000 Q1 12 Q1 13 Q1 14 Q1 15 -70,000 2009 2010 2011 2012 2013 2014

Q1 13Q1 1312 Q1Q1 13

Q1 14Q1 1413 Q1 15 Q1Q1 1514 Q1Q1 14 Q1 15

20092009 2009

Q1 15

20102010 2015* 200920112011 201020122012 201120132013 201220142014 2014 2011 2012 2013 20142013 2015* 2010 2015*

Take-Up by Business Sector Q1 2015

Prime rents are currently €22.00 m2/month 7.4% Average vacancy rate 2014 Transaction Volume of €4.36 billion.

20% 20%

20%20% 20%

2% 2% 2% 3% 3% 3% 3% 3% 3%

5% 5% 5%

2% 2% 3% 3% 3% 3% 5% 5% 6% 6%

6% 6% 6% 7% 7% 7%

7% 7% 8% 8% 8%

,000sq sqm m ,000 Media ■ New Media New Media ■ ■ 1,750 NewMedia Media ■ New ■ New 1,750 Education, 1,750 ■ Education, ■ 23% ■ Education, Health, Social 23%23% Education, 23% ■ Education, ■ 23% Health, Social Social Health,Social Social Health, Health, Construction,1,500 ■ 1,500 Construction, 1,500 ■ ■ Real Estate Construction,■ Construction, ■ Construction, Real Estate Real Estate RealEstate Estate Real Media, ■ 1,250 Media, ■ ■ 1,250 ■ Media, 1,250 Publishing Media, ■ Media, Publishing Publishing Publishing Publishing Business Services ■ Business Services ■ Business Services ■ ■ 1,000 BusinessServices Services ■ Business 1,000 1,000 IT ■ IT IT ■ ■ ■ ITIT 12% ■ Public Administration ■ Public Administration 750750 12%12% 12% ■ Public Administration Public Administration Administration 12%■ ■ ■ Public ■ Manufacturing 750 Manufacturing ■ ■ ■ Manufacturing Manufacturing ■ Manufacturing Personal ■ Social && Personal 500500 Social & Personal ■ ■ ■ 500 Services Social&&Personal PersonalSocial ■ Social Services Services Services Services Trade ■ Trade Trade ■ 11% ■ 250250 Trade ■ Trade ■ 11%11% 11% ■ Others, unknown 250 11% Others, unknown ■ ■ ■ Others,unknown unknownOthers, unknown ■ Others, 8% 8%

* Forecast - Status: April 2015 - Source: JLL Research Germany

2015* 2015*

Office Vacancy ,000 sq m

4.5% Prime yield

262,500 262,500

0 00

,000 sq m ,000 sq m

% % %

1,750 1,750 1,500 1,500 1,250 1,250 1,000 1,000 750 750 500 500

250 250 00

20102010 2010

2010 2011 2012 2013 2014 20112011 2010 20122012 2011 20132013 2012 20142014 2013 Q1 15 2014 2012 2013 2014 Q115 15 2011 Q1

% %

10.0 10.0 10.0

10.0 10.0

8.08.0 8.0

8.0 8.0

6.06.0 6.0

6.0 6.0

4.04.0 4.0

4.0 4.0

2.02.0 2.0

2.0 2.0

0.00.0 0.0 Q1 15 Q1 15

0.0 0.0

Vacancy incl.sqsub-lettings (in 000’s sq m) Vacancy incl. sub-lettings (in 000’s m) Vacancy incl. sub-lettings Vacancyincl. incl.sub-lettings sub-lettings (in 000’s sqm) m) (in 000’s sq m) Vacancy (in 000’s sq Vacancy Rate (in %) Vacancy Rate (in %) Vacancy Rate (in %) VacancyRate Rate(in (in%) %) Vacancy

Source: JLL

34

a joint venture Opportunity in German Offices

Key Trends: Dusseldorf

3535 35 3030 30 2525 25 2020 20 1515 15 1010 10 5 55

0 00 Q1 10 Q1 10

35 30 30 25 25 20 20 15 15 10 10 5 5 0 0

Q1 10

Net Absorption

Rents

€/sq m/mth m/mth €/sq€/sq m/mth €/sq m/mth €/sq m/mth 35

Q1 10 Q1Q1 1110 Q1 11 Q1 11

Q1 11 Q1Q1 1211 Q1 12 Q1 12

380,000 380,000 380,000 330,000 330,000 330,000 280,000 280,000 280,000 230,000 230,000 230,000 180,000 180,000 180,000 130,000 130,000 130,000 80,000 80,000 Achieved Maximum Rent 80,000 Achieved Maximum Rent Maximum Rent Achieved Maximum Rent Achieved Achieved Maximum Rent Prime Rent 30,000 30,000 30,000 Prime Prime RentRent Prime Rent Prime Rent Weighted Average Rent -20,000 -20,000 Weighted Average Rent Weighted Average Rent Weighted Average Rent -20,000 Weighted Average Rent Q1 12 Q1 13 Q1 14 Q1-70,000 15 -70,000 -70,000

Q1Q1 1312 Q1 13 Q1 13

Q1Q1 1413 Q1 14 Q1 14

Q1Q1 15 Q1 15 Q1 1514

Q1 15

sq m

380,000 380,000 330,000 330,000 280,000 280,000 230,000 230,000 178,100 178,100 161,000 180,000 153,800 178,100 161,000 161,000 161,000 180,000 153,800 153,800 161,000 153,800 153,800 130,000 99,100 130,000 99,100 99,100 99,100 73,800 99,100 80,000 73,800 73,800 73,800 80,000 73,800 30,000 -7,400 -22,300 30,000 -7,400 -22,300 -7,400 -22,300 -7,400 -22,300 -7,400 -22,300 -20,000 -20,000 -70,000 -70,000 2009 2010 2011 2012 2013 2014 2009 2009 2009

2010 201120102012 201220112013 201320122014 201420132015* 2015* 2010 2009 2011 2014 2010 2011 2012 2013 2014 2015*

Take-Up by Business Sector Q1 2015 4.4% Prime yield Prime rents are currently €26.00 m2/month 10.3% Average vacancy rate 2014 Transaction Volume of €2.05 billion.

Key Trends: Düsseldorf

14% 14%

14% 14% 14% 4%4% 4% 4%4% 4%

4%4% 4% 5%5% 5% 8%8% 8%

4% 4% 4% 4% 4% 4% 5% 5% 8% 8% 10% 10% 10%

2015* 2015*

Office Vacancy sq ,000,000 sq m ,000 sqmm

■ Public Administration 1,250 1,250 15% Public Administration Public Administration Public Administration ■■ ■ Public Administration ■ 15% ■ Business Services1,250 15% 15% 15% Business Services Business Services Business Services ■■ ■ ■ Business Services ■ Construction, Construction,■ Construction, Construction, Real Estate ■■ Construction, 1,000 ■ Real Estate Real Estate Estate 1,000 1,000 Media, Real Estate ■ Real Media, Media, Publishing Media, ■■ ■ Media, ■ Publishing Publishing 15% Manufacturing Publishing ■ Publishing 15% 15% 15% Manufacturing Manufacturing 750 Manufacturing 750 ■ 15% ■ ■ 750 ■ Manufacturing ■ Trade Trade Trade Trade ■■ ■ ■ Trade ■ Social & Personal Social & Personal Social & Personal Services & Personal ■■ ■ Social Social & Personal ■ Services Services Services 500 Services ■ Education, 500500 Education, ■ Education, Education, Health, Social ■■ Education, ■11% Health, Social Health, Social Health, Social Health, Social■ Transport, Storage 11% 11% 11% Storage Storage 11% ■■ Transport, ■ Storage 250 250 Banking, Finance ■ Transport, Transport, Storage ■ Transport, 250 Banking, Finance Banking, Finance Banking, Finance ■ ■ ■ Banking, Finance Others, unknown ■ 10% ■ 10% Others, unknown Others, unknown Others, unknown ■ ■ 10% ■ 10% 10% 10% ■ Others, unknown 10%

* Forecast - Status: April 2015 - Source: JLL Research Germany

178,100 178,100

0 00

,000 sq m ,000 sq m

% %%

% %

1,250 1,250

15.0 15.0 15.0

15.0 15.0

1,000 1,000

12.0 12.0 12.0

12.0 12.0

750 750

9.09.0 9.0

9.0 9.0

500 500

6.06.0 6.0

6.0 6.0

250 250

3.03.0 3.0

3.0 3.0

2010 2010 2010

0 0

2010 2011 2012 2013 2014 2011 2012 2013 2014 Q1 15 2011 2010 2012 2011 2013 2012 2014 2013 Q1 15 2011 2012 2013 2014 Q12014 15

0.00.0 Q1 15 0.0 Q1 15

0.0 0.0

Vacancy incl. sub-lettings (in 000s sq m) Vacancy sub-lettings (in 000s sq m) Vacancy incl.incl. sub-lettings (in 000s sqsub-lettings m) Vacancy incl. (in 000s sq m) Vacancy incl. sub-lettings 000s Vacancy (in Rate (in sq %)m) Vacancy (in %) Vacancy RateRate (in %) Vacancy Rate (in %) Vacancy Rate (in %)

Source: JLL

35

a joint venture Opportunity in German Offices

Key Trends: Frankfurt Rents

€/sq m/mth €/sq m/mth€/sq m/mth €/sq m/mth €/sq m/mth

505050 454545 404040 353535 303030 252525 202020 151515 101010 5 5 5 0 0 0

Net Absorption sq m

380,000 336,600 380,000 380,000 380,000 380,000 330,000 330,000 330,000 330,000 330,000 276,100 267,900 280,000 251,000 280,000 280,000 280,000 280,000 230,000 223,300 223,300 223,300 223,300 230,000 230,000 230,000 230,000 180,000 180,000 180,000 180,000 153,800 153,800 180,000 153,800 153,800 130,000 104,700 104,700 130,000 104,700 130,000 130,000 104,700 130,000 96,600 96,600 96,600 96,600 80,000 44,700 80,000 80,000 80,000 34,900 80,000 34,200 34,200 34,200 34,200 Achieved Maximum Achieved Maximum RentRent Achieved MaximumRent Rent Achieved Maximum Rent Achieved Maximum 30,000 30,000 30,000 -55,600 30,000-67,600 -55,600 30,000 -55,600 -67,600 -67,600 -67,600 Prime Prime RentRent Prime PrimeRent Rent Prime Rent -20,000 -20,000 -20,000 -20,000 Weighted Weighted Average Weighted Average RentRentAverage Weighted AverageRent Rent-20,000 Weighted Average Rent -70,000 -70,000 -70,000 -70,000 -70,000 Q1 12 Q1 13 Q1 14 Q1 15 2009 2010 2011 2012 2013 2014

50 50 45 45 40 40 35 35 30 30 25 25 20 20 15 15 10 10 5 5 0 0

Q1 10 Q1 11 Q1 10 Q1 11 Q1 Q1 Q1 Q1 Q1 Q1 10 Q1 Q1 Q1 Q1 Q1Q115 Q111 1011 Q1 12 Q112 1112 Q1 13 Q113 1213 Q1 14 Q114 1314 Q1 15 1415 Q1 10

Prime rents are currently €35.00 m2/month 10.2% Average vacancy rate 2014 Transaction Volume of €5.51 billion.

8%8%8%

8%8%8%

9% 8% 9%9%9%

9% 9% 12%9% 12% 12%

IT IT IT IT ■ 1,250 ■ Publishing 1,250 ■■ 1,250 16% Media, Publishing Publishing Media, Publishing Media, Publishing ■ ■ ■ Construction, ■ Media, Real Estate 1,000 1,000 1,000 Public Administration Public Administration Public Administration ■ ■ Public Administration ■■ & Personal ■ Social & Personal Social & Personal Social & Personal 750 Social &Social Personal ■ Services ■ ■■ 750 750 Services Services Services Services Trade ■ Construction, Construction, Construction, Construction, ■ ■ ■ ■ Real Estate 500 500 Estate ■ Banking, Real Estate RealReal Estate Finance 500 12% Insurance■ Insurance Insurance Insurance ■ Education, ■■ 250 250 Others, unknown Others, unknown Others, Social unknown 250 Others, unknown ■ ■ Health, ■■ 12% ■ Others, unknown 0 0

* Forecast - Status: April 2015 - Source: JLL Research Germany

2015* 2015*

Office Vacancy

,000 sq m sq m ,000 sq m sq m ,000,000 sq,000 m 2%2% 7% 2% 3% 3% 3% 2% 3% 2,500 Business Services ■ 4%4%4% 2,000 2,000 2,000 4% 4% Banking, Finance Banking, Finance Banking, Finance 2,000 Banking, Finance ■ ■ ■ ■16% Manufacturing ■ 4% 4%4%4% Business Services Business Services Business Services Business Services ■ ■ ■ ■ 5% 1,750 1,750 1,750 1,750 ■ IT Education, 5% 2,000 Education, 5%5%5% Education, ■ ■ Education, ■■ Health, Social Health, Social ■ Public Health, Social Social 40% Health, 40% 40% 40% 6% 1,500 Administration 1,500 1,500 1,500 Manufacturing Manufacturing Manufacturing ■ ■ Manufacturing ■■ 5% 5%5%5% ■ Media, 7% 8%

-55,600

2009 2010 2010 2011 2011 2012 2013 2014 2015* 2009 2010 2011 2012 2013 2014 2015* 2009 2010 2012 2011 2013 2012 2014 20132015* 2014 2009

Q1 15

Take-Up by Business Sector Q1 2015 4.35% Prime yield

144,700

0

%%%

% %

15.0 15.0 15.0

12.0 15.0

12.0 12.0 12.0

12.0 9.0

1,500 1,250

9.09.09.0

1,000 1,000 750

9.0 6.0

6.06.06.0

6.0

3.03.03.0

3.0 3.0

0.0 0.00.0 Q1 15

0.0 0.0

500 250 00

2010 2011 2012 2013 2014 2010 2011 2011 2012 2012 2013 2013 2014 2014 Q1 15 Q1 15 2010 2011 2012 2013 2014 Q12014 15 2010 2011 2012 2013 2010

Q1 15

Vacancy incl.(insub-lettings (in 000s sq m) Vacancy incl. sub-lettings 000s sq m)(in Vacancy sub-lettings (in 000s sq m) Vacancy incl. sub-lettings 000s sq m) Vacancy incl.incl. sub-lettings (in 000s sq m) Vacancy Rate (in %) Vacancy Rate (in %) Vacancy Rate (in %) Vacancy Rate (in %) Vacancy Rate (in %)

Source: JLL

36

Key Trends: Hamburg Rents

€/sqm/mth m/mth€/sq m/mth €/sq €/sq m/mth €/sq m/mth

35 35 35 30 30 30

35 35

25 25 25 20 20 20

25 25

15 15 15 10 10 10

15 15

555

55

000

00

30 30 20 20 10 10

Q1 10 Q1Q11010

Net Absorption sq m

Q1 10 Q1 Q1 1111 Q1 Q1 1110

Q1 11 Q1 Q1 1212 Q1 Q1 1211

Q1 12 Q1 Q1 1313 Q1 Q1 1312

380,000 380,000 380,000 380,000 380,000 330,000 330,000 330,000 330,000 330,000 280,000 280,000 280,000 280,000 280,000 230,000 230,000 230,000 230,000 230,000 180,000 180,000 180,000 180,000 180,000 130,000 130,000 130,000 130,000 130,000 80,000 80,000 80,000 80,000 80,000 Achieved Maximum Rent AchievedMaximum Maximum Rent Achieved Rent Achieved Maximum Rent Achieved Maximum Rent 30,000 30,000 30,000 -18,400 30,000 -18,400 Prime Rent 30,000 PrimeRent Rent Prime -18,400 Prime Rent Prime Rent -20,000 Weighted Average Rent -20,000 Weighted Average Rent -20,000 -20,000 Weighted Average Rent Average Rent -20,000 Weighted Weighted Average Rent -70,000 -70,000 -70,000 -70,000 Q1Q1 1314 Q1 Q1 15 -70,000 Q11415 2009 Q11413 14 Q1 Q1

14 Q1Q11515

2009 2009

Q1 15

222,500 222,500 222,500

10,000 -18,400 10,000 10,000 -18,400

2009 2010 2010 2009 2010

2014 Transaction Volume of €3.53 billion.

158,600 158,600

158,600 158,600 158,600

19% 19%

19% 19% 19%

27% 27% 27%

2% 2%

2% 2% 2% 3% 3% 3% 4% 4% 4%

3% 3% 4% 4% 4% 4%

4% 4% 4% 5% 5% 5%

6% 6% 6%

14% 14% 14%

5% 5% 7% 7% 7%

6% 6%

9% 9% 7% 9% 7%

9% 9%

Public Administration Administration PublicAdministration Administration ■ Public Public ■ Public Administration ■■■ Business Services Services BusinessServices Services ■ ■ Business Business ■ ■ Business Services ■ 27% Construction, Construction, 27% ■ ■ Construction, Construction, ■ Real Estate ■■Construction, RealEstate Estate Real Real Estate Real Estate Media, Publishing Publishing Media,Publishing Publishing ■ Media, ■ Media, ■ ■■Media, Publishing Manufacturing Manufacturing ■ Manufacturing Manufacturing ■ Manufacturing ■■■ Trade ■ Trade Trade ■ Trade Trade ■■■ Social & & Personal Personal Social&&Personal Personal ■ Social ■ Social ■ & Personal ■■Social Services Services Services Services Services Education, Education, ■ Education, ■ Education, Education, ■■■ Health, Social Social Health,Social SocialHealth, Health, Health, Social Transport, Storage 14% Transport,Storage ■Storage ■ Transport, Transport, Storage 14% ■ ■ Transport, Storage ■ Banking, Finance Finance Banking,Finance Finance ■ ■ Banking, Banking, ■ ■ ■ Banking, Finance Others, unknown unknown Others,unknown unknown ■ Others, Others, ■■ ■ Others, unknown

■

* Forecast - Status: April 2015 - Source: JLL Research Germany

91,800 91,800

91,800 91,800 72,000 91,800 72,000

10,000 10,000

2010 2011 2011 2010 2011

2011 2012 2012 2011 2012

2012 2013 2013 2012 2013

2013 2014 2014 2013 2014

2014 2015* 2015* 2014 2015*

2015* 2015*

Office Vacancy ,000 sq sq m m ,000sqsqmm ,000 ,000 ,000 sq m

4.3% Prime yield

6.9% Average vacancy rate

192,800 192,800

72,000 72,000 72,000

Take-Up by Business Sector Q1 2015

Prime rents are currently €24.50 m2/month

222,500 222,500 192,800 192,800 192,800

1,500 1,500 1,500

1,500 1,500

1,250 1,250 1,250

1,250 1,250

1,000 1,000 1,000

1,000 1,000

750 750 750

750 750

500 500 500

500 500

250 250 250

250 250

000

00

2010 2010 2010

% %%

2010 2011 2011 2010 2011

2011 2012 2012 2011 2012

2012 2013 2013 2012 2013

2013 2014 2014 2013 2014

2014 Q1 15 2014 Q1Q1 1515

% %

10.0 10.0 10.0

10.0 10.0

8.0 8.0 8.0

8.0 8.0

6.0 6.0 6.0

6.0 6.0

4.0 4.0 4.0

4.0 4.0

2.0 2.0 2.0

2.0 2.0

0.0 0.0 0.0 Q115 15 Q1

0.0 0.0

Vacancy incl. incl. sub-lettings (in000s 000ssq sqm) m) Vacancyincl. incl.sub-lettings sub-lettings (in000s 000ssqsqm)m) (in Vacancy Vacancy sub-lettings Vacancy incl. sub-lettings (in(in 000s sq m) Vacancy Rate(in (in%) %) VacancyRate Rate (in Vacancy %)%) Rate Vacancy Vacancy Rate (in(in %)

Source: JLL

37

Key Trends: Cologne Rents

€/sq m/mth €/sq m/mth €/sq€/sq m/mth m/mth €/sq m/mth

25 25 25

25 25

20 20 20

20 20

15 15 15

15 15

10 10 10

10 10

5 55

5 5

0 00

0 2009 2010 20102010 2009

0

2009 20092009

Net Absorption sq m

2010 2011 20112011 2010

380,000 380,000 380,000 380,000 380,000 330,000 330,000 330,000 330,000 330,000 280,000 280,000 280,000 280,000 223,300 280,000 223,300 223,300 223,300 223,300 230,000 230,000 230,000 230,000 230,000 153,800 180,000 153,800 153,800 180,000 180,000 153,800 180,000 153,800 180,000 130,000 96,600 130,000 130,000 99,500 96,600 130,000 99,500 96,600 96,600 130,000 99,500 96,600 80,000 80,000 80,000 34,200 80,000 80,000 27,700 34,200 Achieved Maximum Rent 34,200 34,200 27,700 34,200 Achieved Maximum Rent Maximum Rent 27,700 27,700 Achieved Maximum Rent Achieved -67,600 30,000 27,700 Achieved Maximum Rent -67,600 30,000 Prime Rent -67,600 30,000 -67,600 30,000 -67,600 30,000 Prime Rent Prime Rent Prime Rent Prime Rent -20,000 Weighted Average Rent -20,000 -20,000 Weighted Average Rent -20,000 Weighted Average Rent Weighted -20,000 Weighted Average Rent Average Rent -70,000 -70,000 -70,000 -70,000 -70,000 2011 2012 2013 Q3 14 2009 2010 2011 2012 2013 2014

2012 20122012 2011

2013 20132013 2012

Q3 14 Q3 14 2013 Q3 14

2009 20092009

Q3 14

2010 2011 2012 2013 2014 2015* 20102010 2009 20112011 2010 20122012 2011 20132013 201220142014 20132015* 2014 2015*

Take-Up by Business Sector Q1 2015 4.5% Prime yield Prime rents are currently €22.00 m2/month 6.3% Average vacancy rate 2014 Transaction Volume of €1.31 billion.

12% 12%12% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 3% 3% 3% 3% 3% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 5% 5% 5% 5% 5% 6% 6% 6%

12% 12% 27% 27%27%

■ ■

6% 6% 14% 14%14%

■ ■ ■ ■ ■ ■ ■

21% 21%21%

14% 14%

■ ■

2015* 2015*

Office Vacancy

,000 sq m sq m Services,000,000 sq m ■ Business Services Business Services Business Services ■ Business Services ■■ Business 800 IT 800 ■ 800 IT■ ITIT ■ IT ■ Administration ■ Public Administration Public Administration 27% Public Administration ■ Public Public Administration ■■27% ■ Trade Trade Trade ■ Trade ■■ Trade ■ Manufacturing 600600 Manufacturing ■ Manufacturing ■ Manufacturing 600 ■ Manufacturing ■ Media, Publishing Media, Publishing ■ Media, Publishing ■ Media, Publishing ■ Media, Publishing Construction, ■ Construction, Construction, ■ Construction, Real Estate ■■ Construction, Real Estate Real Estate Real Estate Real Estate 400 400400 Education, ■ Education, Education, ■ Education, Health, Social ■■ Education, Health, Social Health, Social Health, Social Health, Social Social & Personal ■ Social & Personal Social & Personal & Personal ■ Social Services & Personal ■■ Social Services Services Services Services 200 Banking, Finance 200 21% ■ Banking, Banking, Finance 200 ■ Banking, Finance Finance 21% ■ ■ Banking, Finance Others, unknown ■ Others, unknown Others, unknown ■ Others, unknown unknown ■■ Others,

* Forecast - Status: April 2015 - Source: JLL Research Germany

99,500 99,500

0 00

,000 sq m ,000 sq m

% %%

% %

800 800

10.0 10.0 10.0

10.0 10.0

600 600

8.0 8.08.0

8.0 8.0

6.0 6.06.0

6.0 6.0

4.0 4.04.0

4.0 4.0

2.0 2.02.0

2.0 2.0

0.0 0.00.0 Q1 15 Q1 15

0.0 0.0

400 400 200 200

2010 20102010

00

2010 2011 2012 2013 2011 2012 2013 2014 Q12014 15 20112011 2010 20122012 2011 20132013 2012 20142014 2013 Q1 15 Q12014 15

Vacancy incl. sub-lettings (in 000s sq m) Vacancy incl. sub-lettings (in sq 000s m) (in Vacancy incl.incl. sub-lettings (in 000s m)sqm) Vacancy incl. sub-lettings 000s sq m) Vacancy sub-lettings (in 000s Vacancy Rate (in sq %) Vacancy Rate (inVacancy %) Vacancy Rate (in %) Rate (in %) Vacancy Rate (in %)

Source: JLL

38

a joint venture Opportunity in German Offices

Key Trends: Munich Rents

m/mth €/sq m/mth€/sq €/sq €/sqm/mth m/mth €/sq m/mth

50 50 50 50 50 45 45 45 45 45 40 40 40 40 40 35 35 35 35 35 30 30 30 30 30 25 25 25 25 25 20 20 20 20 20 15 15 15 15 15 10 10 10 10 10 55 55 5 00 00 0 Q1 10 Q1 10Q1 10 Q1 11Q1 11 Q1 10

Q111 10 Q1

Net Absorption sq m

Q1Q1 1112 Q1Q1 1212 Q1 11

380,000 380,000 336,600 380,000 336,600 336,600 336,600 380,000 380,000 336,600 330,000 330,000 330,000 330,000 330,000 276,100 276,100 276,100 276,100 267,900 251,000 267,900 267,900 276,100 251,000 280,000 280,000 251,000 251,000 267,900 280,000 267,900 280,000 280,000 251,000 230,000 230,000 230,000 230,000 230,000 180,000 180,000 144,700 180,000 144,700 180,000 180,000 144,700 130,000 130,000 130,000 130,000 130,000 80,000 80,000 80,000 44,700 80,000 44,700 34,900 80,000 44,700 34,900 44,700 44,700 34,900 34,900 34,900 30,000 30,000 30,000 Achieved Maximum Rent 30,000 Achieved Maximum 30,000 Achieved Maximum Rent Rent Achieved Maximum Rent Achieved Maximum Rent Prime Rent -20,000 PrimePrime Rent Rent Prime Rent -20,000 -20,000 Prime Rent Average Weighted Average Rent -20,000 -20,000 Weighted Rent Weighted Average Rent Weighted AverageWeighted Rent Average Rent -70,000 -70,000 -70,000 -70,000 Q1Q1 1213 Q1Q1 1314 Q1Q11415 Q1 15 -70,000 2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014 2015*

Q1Q1 1313 Q1 12

Q1Q1 1414 Q1 13

Q1Q1 151514 Q1

2009 2009

Q1 15

2010 2009 2010

2011 2010 2012 2011 2013 2012 2014 2014 2011 2012 2013 20142013 2015* 2015*

Take-Up by Business Sector Q1 2015 4.0% Prime yield Prime rents are currently €33.00 m2/month 6.5% Average vacancy rate 2014 Transaction Volume of €5.00 billion.

7% 7% 7% 4% 4% 4% 4% 4% 5% 5% 5% 5% 5% 6% 6% 6% 7% 7% 7% 9% 9% 9%

6% 6% 7% 7% 9% 9% 9% 9% 9%

9% 9% 9% 9% 9%

7% 7%

Business Services ■ Services ■ Business Business Services Business Services ■ 16% ■ Manufacturing 16% Services ■ Business 16% 16% ■ Manufacturing 16% ■ ■■Manufacturing ■ Manufacturing Manufacturing IT ■ IT ■■IT■ ■ IT IT Public ■ Public ■ ■■Public ■ Public Public Administration Administration Administration Administration Administration Media, ■ Media, ■ Media, ■■Media, ■ Publishing Media, Publishing Publishing Publishing Publishing 16% 16% Construction, Construction, 16% 16% ■ ■ Construction, 16% ■■Construction, ■ Real Construction, Estate Real Estate Real Estate Real Estate Real Estate Social & Personal Social & Personal ■ ■ & Personal Social & Personal ■■Social ■ Social & Personal Services Services Services Services Services Trade ■ Trade ■ Trade ■■ Trade ■ Trade Banking, Finance Banking, Finance ■ ■ Banking, Finance Banking, Finance ■12% ■ 12% Banking, Finance ■ 12% 12% Education, 12% ■ Education,■ ■■Education, Education, ■ Health, Education, Social Health, Social Health, Social Health, Social Health, Social 9% Others, unknown Others, unknown 9% ■ ■ unknown ■■Others, ■ Others, unknown Others, unknown

* Forecast - Status: April 2015 - Source: JLL Research Germany

144,700 144,700

2015* 2015*

Office Vacancy ,000 sq m ,000 sq m ,000 ,000 sq m ,000sqsqmm

2,500 2,500 2,500

2,500 2,500

2,000 2,000 2,000

2,000 2,000

1,500 1,500 1,500

1,500 1,500

1,000 1,000 1,000

1,000 1,000

500 500 500

500 500

00 0

00

2010 2010 2010

2010 2011 2011 2010 2011

%% %

2011 2012 2012 2011 2012

2012 2013 2013 2012 2013

2013 2014 2014 2013 2014

2014 Q1 15 Q1Q115 2014 15

% %

12.0 12.0 12.0

12.0 12.0

9.0 9.0 9.0

9.0 9.0

6.0 6.0 6.0

6.0 6.0

3.0 3.0 3.0

3.0 3.0

0.0 0.0 0.0 Q1 15 Q1 15

0.0 0.0

Vacancy incl. sub-lettings Vacancy incl. sub-lettings (in 000s Vacancy incl. sub-lettings (inincl.

000s sq m)sq m) (in 000s sq m) Vacancy sub-lettings Vacancy incl. sub-lettings (in 000s sq m) (in 000s sq m) Vacancy Rate (in %) Vacancy Rate (in %) Rate Vacancy Rate (in %)Vacancy (in %) Vacancy Rate (in %)

Source: JLL

39

a joint venture Opportunity in German Offices

Key Trends: Stuttgart Rents

€/sq m/mth €/sq m/mth €/sq m/mth €/sq m/mth €/sq m/mth

Net Absorption

30 30 25 25 20 20 15 15 10 10

3030 30 2525 25 2020 20 1515 15 1010 10 5 55 0 00

Q1Q1 10 Q11010

5 5 0 0

Q1 10 Q1Q1 11 Q11110 11

Q1 11 Q1Q1 12 Q11211 12

Q1 12 Q1Q1 13 Q11312 13

380,000 380,000 380,000 330,000 330,000 330,000 280,000 280,000 280,000 230,000 230,000 230,000 180,000 180,000 180,000 130,000 130,000 130,000 80,000 80,000 80,000 Achieved Maximum Rent Achieved Maximum Rent Achieved Maximum Rent 30,000 Achieved Maximum Achieved Rent Maximum Rent 30,000 30,000 Prime Rent Prime Rent Prime Rent Prime Rent Prime Rent Weighted Average Rent -20,000 -20,000 -20,000 Weighted Average Rent Weighted Average Rent Weighted Average Rent Average Rent Weighted -70,000 -70,000 Q1 13 Q1 14 Q1 15-70,000 Q1Q1 14 Q11413 14

1515 Q1Q1 15 Q1 Q1 14

Q1 15

380,000sq m

380,000 330,000 330,000 280,000 280,000 230,000 230,000 180,000 180,000 127,300 127,300 130,000 127,300 127,300 127,300 96,600 80,100 96,600 130,000 96,600 70,300 80,100 69,500 70,300 80,100 80,100 80,100 80,000 70,300 69,500 69,500 70,300 70,300 69,500 69,500 80,000 30,000 -13,100 -38,700 -13,100 -38,700 -13,100 30,000 -13,100-38,700 -38,700 -13,100 -38,700 -20,000 -20,000 -70,000 -70,000 2009 2010 2011 2012 2013 2014 2009 2009 2009

2010 2011 2012 2013 2014 2015* 2010 2010 2009 2011 2011 2010 2012 2012 2011 2013 2013 2012 2014 2014 2013 2015* 2015* 2014

Take-Up by Business Sector Q1 2015 4.6% Prime yield Prime rents are currently €19.50 m2/month 5.1% Average vacancy rate 2014 Transaction Volume of €1.24 billion.

12% 12% 12% 1% 1%1% 1%1% 1% 1%1% 1% 1% 1% 1%1% 1% 1% 2% 2% 2% 2% 2% 4% 4%4% 4% 4%

12% 12%

7%7% 7%

Manufacturing

8%8% 8%

,000 ,000 sqsq m ,000 sqmm

Health, Social Health, Social Health, Social Health, Social

7% 7% 8% 8% 10% 10% 10%

10% 10%

■ Trade Trade 300 Trade 300 ■■■ Trade 300 ■ Trade ■ Banking, Finance Banking, Finance Banking, Finance ■ Banking, Finance ■ ■ Banking, Finance ■ Transport, Storage ■ Transport, Storage 200 Transport, Storage 200 ■■■ Transport, Storage Transport, Storage 200 ■ Media, ■ Media, Media, Publishing ■■■ Media, Media, ■ Publishing Publishing Publishing Publishing 100 100 ■ Insurance 100 Insurance Insurance ■■■ Insurance ■ Others, Insurance unknown ■ Others, unknown unknown ■■Others, unknown ■ Others, ■ Others, unknown 0

* Forecast - Status: April 2015 - Source: JLL Research Germany

2015* 2015*

Office Vacancy

■ 600 Manufacturing Manufacturing 600 ■■■ Manufacturing ■ Manufacturing 600 ■ Business Services Business Services ■ Business Services ■ ■ Business Services Business Services ■ Public Administration 500 ■ 500 500 Public Administration Public Administration ■■■ Public Administration Public Administration ■ IT ■ IT48% ■ IT ■ 48% IT ■ 48% ■ IT 48%48% 400 ■ Education, 400 400 Education, Education, Social ■■■ Education, ■ Health, Education,

6% 6%

6%6% 6%

96,600 96,600

0 0

,000 sq m ,000 sq m

%%%

600 600 500 500 400 400 300 300 200 200 100 100

2010 2010 2010

0 0

2010 2011 2011 2011 2010

2011 2012 2012 2012 2011

2012 2013 2013 2013 2012

2013 2014 2014 2014 2013

Vacancy incl. sub-lettings (in 000s sq m) Vacancy incl. sub-lettings 000s m)m) (in 000s sq m) Vacancy incl. sub-lettings (in(in 000s sq sq m) Vacancy incl. sub-lettings Vacancy (in 000s sub-lettings sq Vacancy incl.

Rate (in %) Vacancy Rate %) Vacancy Rate (in(in %) Vacancy Rate (in Vacancy %) Rate (in %)

2014 1515 Q1Q1 15 Q1 2014

% %

8.0 8.0 8.0

8.0 8.0

6.0 6.0 6.0

6.0 6.0

4.0 4.0 4.0

4.0 4.0

2.0 2.0 2.0

2.0 2.0

0.0 0.0 0.0 Q1 15

0.0 0.0

Q1 15

Source: JLL

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Important Information Important Notice and Disclaimer This confidential presentation and the information set out herein (the “Presentation”) is summary in nature. Investors will have access to all supporting documentation, which investors should use in their own due diligence in evaluating a potential joint venture partnership with Dream Global REIT (“Dream”) (the “Venture”).

This Presentation is being supplied to you as a professional investor for information purposes only. This Presentation does not constitute an offer, invitation or solicitation of any investment in the Venture in any jurisdiction and will not be available to the public. This Presentation does not constitute investment, legal or tax advice. Further, this Presentation is subject to correction, completion and amendment without notice.

Any opinions, forecasts, projections or other statements, other than statements of historical fact that are made in this Presentation are forward-looking statements. Although JLL and Dream believe that the expectations reflected in such forward-looking statements are reasonable, they do involve a number of assumptions, risks and uncertainties. Accordingly, neither JLL, Dream, nor any of its affiliates makes any express or implied representation or warranty, and no responsibility is accepted with respect to the adequacy, accuracy, completeness or reasonableness of the facts, opinions, estimates, forecasts, or other information set out in this Presentation or any further information, written or oral notice, or other document at any time supplied in connection with this Presentation, and nothing contained herein shall be relied upon as a promise or representation regarding any future events or performance of the Venture. Past returns from investment in real estate (or real estate related investments) are no guarantee that the same (or enhanced) returns from real estate (or real estate related investments) will be achieved in the future. All information obtained from third party sources is believed to be reliable and current, but accuracy cannot be guaranteed and we do not undertake to update any information contained in this document. All assumptions, figures and calculations contained in the information must be independently verified and recipients should independently evaluate specific investments and strategies.

Key Risk Factors The Venture does not have an operating history. The success of the Venture will depend on the ability and experience of Dream and there can be no assurance that Dream will generate any gains or profits for the Venture. Investments in private real estate ventures involve special risks, and there can be no assurance that a venture’s investment objectives will be realized or that suitable investments may be identified. Investments may involve complex tax structures resulting in delays in distributing important tax information. Performance may be volatile due to leverage and other investment practices that may increase the risk of investment loss, and adherence to risk control mechanisms does not guarantee investment returns. There may be restrictions on transferring or sale of interests in the Venture. This is not an inclusive list of all risk factors, and prospective Venture partners should obtain suitable independent advice before making an investment.

Investment Performance and Regulatory Disclaimers Past performance is not an indication of future results. The information in these materials is not intended to contain or express exposure recommendations, advice, guidelines, or limits applicable to the Venture.

The information in these materials does not disclose or contemplate the hedging or exit strategies of the Venture. While investors should understand and consider risks associated with position concentrations when making an investment decision, this presentation is not intended to aid an investor in evaluating this or any other risk.

There can be no assurance that the Venture will achieve similar returns as proposed herein or that expected returns of the real estate investments will actually be achieved. While Dream’s proposed target returns are based on assumptions that it believes are reasonable based on its outlook with respect to current and future market conditions, the actual realized return on the real estate investments will depend on, among other factors, and without limitation: projected market exit values, cap rates, or price per square foot (or any other valuation metric); performance metrics; projected development, asset management, carry and other costs; and numerous other real estate investment projection assumptions, some of which may be unique to a specific deal.

Prospective Venture partners should be aware that while JLL Corporate Finance Ltd is authorised and regulated by the UK Financial Conduct Authority (‘FCA’), this proposed Venture is not a regulated product or vehicle under FCA rules.

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a joint venture Opportunity in German Offices

Contacts Michael Cooper

Jane Gavan

Fraser Bowen

Chair of the Executive Committee T: 1 (416) 365 5154 E: mcooper@dream.ca

CEO T: 1 (416) 365 6572 E: jgavan@dream.ca

Director, JLL EMEA Capital Markets T: +44 (0) 20 7399 5535 M: +44 (0) 7990 512 916 E: fraser.bowen@eu.jll.com

www.dream.ca

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30 Warwick Street London W1B 5NH