Dream Hard Asset Alternatives TrustJuly 29, 2014 – Conference Call Presentation

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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 or Dream Hard Asset Alternatives 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, regulatory risks, mortgage

rates and regulations, environmental risks, consumer confidence, seasonality, adverse

weather conditions, reliance on key clients and personnel and competition. All forward

looking information in this press release speaks as of July 29, 2014. Dream or Dream Hard

Asset Alternatives 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).

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Forward Looking Information

Prior to starting Dream, Michael Cooper was the founder and portfolio manager of Dynamic Real Estate Fund, the first mutual fund in Canada to invest only in publicly traded real estate securities. Michael recently gave up the position of CEO of Dream Office REIT, a position he had held since the founding of the business

He is assuming the responsibilities of managing Dream Alternatives Trust (“DAT”) which will be a key strategic focus for Dream.

Michael Cooper – CEO & Founder of Dream | Portfolio Manager of Dream Alternatives Trust

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Dream – Who we are

Dream has built its business identifying under-valued opportunities in real estate and alternative investments

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Dream – Who we are

Dream started as a public company in 1996 with $500,000 of equity

We have generated a 46% internal rate of return over the last 11 years to today’s $1.8 billion

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Leased 20 million square feet of commercial space

Completed $4.3 billion of debt financings

Raised $4.0 billion of equity

Completed almost $11 billion of acquisitions

Completed almost $3 billion of asset sales

$1.3 billion of aggregate distributions paid to our unitholders since 2003

Formation of a $1 billion hard asset alternative investments trust

and we’ve done this all ourselves since 2007 in this building.

Our Cumulative Activities as an Asset Manager Since 2007

Dream Unlimited Corp. (TSX: DRM)

Dream Office REIT (TSX: D.UN)

Dream Industrial

REIT (TSX: DIR.UN)

Dream Global REIT

(TSX: DRG.UN)

$14.5 Billion of Assets Under Management

Land Development

Housing and Urban

Development

Renewable Power

Largest Office REIT in Canada

One of the Largest

Dedicated Industrial REITs

in Canada

Largest Global REIT in Canada

Asset Management Operating Businesses

Dream Hard Asset Alternatives Trust

(TSX. DRA.UN)

“Best of Dream” Fund for New Opportunities for Hard Asset Investments

View of Everything We Do at Dream from the Top-Down

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A key strategic focus for Dream is the build-out of our asset management capabilities.

After extensive due diligence Dream acquired the rights to manage and restructure four ROI Capital funds into the Dream Alternatives Trust (DAT).

Dream’s platform benefits DAT:

• Transaction expertise• Capital markets expertise • Track record of development & value creation• Synergies realized across broad platform• Asset management capabilities

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The Importance of Dream Alternatives Trust

“Best of Dream Fund” for new opportunities. DAT will have the first right to invest in any opportunities that Dream manages requiring capital from investors:

• Renewable power projects identified by Dream• All lending identified by Dream• And any development opportunities that Dream finds where it is not the developer

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Dream Alternatives Trust | “Best Of”

Our objectives are to :

• Provide an opportunity for unitholders to invest in hard asset alternative investments

• Build and maintain a growth-oriented portfolio of real estate, real estate lending and infrastructure (including renewable power) assets

• Provide predictable and sustainable cash distributions to unitholderson a tax efficient basis; and

• Grow and re-position the portfolio to increase the overall average rate of return,providing the opportunity to increase the distributions to unitholdersover time

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Dream Alternatives Trust | Our Objectives

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Dream Alternatives Trust | Initial Assets

Initial Hard Assets

1. Income Producing properties through the Properties co-owned with Dream Office REIT andthe Bayfield LP Investments, (equity limited partnership investments in retail real estate).

2. Real estate loans consisting of mortgage/loan investments in hotel, land, multi-residential, condominium, retail, retirement home and commercial assets with fixed interest rates.

3. Real Estate development through Participating mortgage and co-ownership investments in residential, mixed-use and retail development projects.

Real Estate Development

25%

Income Producing Properties

40%

Real Estate Loans 35%

221 Henry StreetBrantford, Ontario

Empire CommunitiesEau Du Soleil

Toronto, Ontario

VillamarkMarkham, Ontario

890 McKeown RdNorth Bay, Ontario

Brookdale SquareCornwall, Ontario

Laurentian SquarePembroke, Ontario

McLeod CentreNiagara Falls, Ontario

2125 16th Street EastOwen Sound, Ontario

Empire CommunitiesBrampton, Ontario

Real Estate Development

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Sussex CentreMississauga, ON

55 Norfolk St. SouthSimcoe, ON

Valhalla CentreToronto, ON

80 Whitehall Drive Markham, ON

2010 Winston Park Dr.Oakville, ON

219 Laurier Ave. West

Ottawa, ON

West Metro CentreToronto, ON

49 Ontario StreetToronto, ON

460 Two Nations Fredericton Inc. LP

Fredericton, NB

10 Lower SpadinaToronto, ON

Commerce WestToronto, ON

Gateway BusinessCentre

Victoria, BC

London City Centre

London, ON

2810 Matheson Blvd.Mississauga, ON

Wedgewood PlazaHalifax, NS

Lansdowne Village Kamloops, BC

TillsonburgGateway,

Tillsonburg, ON

6501 Mississauga Rd.Mississauga , ON

6531 Mississauga Rd.Mississauga , ON

Bayfield Mill WoodsLP Edmonton, AB

Bayfield Retail 2009 LP Kingston ON, Winnipeg MB

Dream Alternatives Trust | Income Producing Properties

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Dream Alternatives Trust | Co-Owned properties Update

• 19 commercial properties co-owned with Dream Office REIT

• In place and committed occupancy of 91.4%.

• Weighted average remaining lease term of 4.6 years.

• Average tenant size of approximately 22,798 square feet.

• Average in place net rents are approximately 4% below market.

(As at June 30, 2014)

— During the time it takes to turn over the assets, Dream believes it will improve the existing assets, invest in consistent and higher returning assets such as renewable power and identify lending and development activities that are likely to generate higher returns.

— Hard assets provide additional diversification from the traditional asset classes of stocks and bonds.

— Begin rebalancing to provide higher risk adjusted returns.

— Development loans and development equity have historically provided very attractive returns.

— Renewable power investments in wind and solar have historically provided Dream with predictable returns that are higher than from income properties.

Dream Alternatives Trust | Conceptual Portfolio

IncomeProperties

33%WesternCanada

82, 196, 64740%

RenewablePower33%

Real EstateDevelopment

DevelopmentLoans

TraditionalLoans

33%

Potential Future Stabilized Portfolio

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Dream Alternatives Trust | Initial Listing

• July 8th DAT listed on TSX (~$725 million book value).

• The Trust is currently trading at a ~30% discount to initial equity book value. Over the past 5 years, our managed REITs have traded at a combined discount of 1% to consensus NAV.

• In the last few months before the reorganization the ROI funds traded at a discount of approximately 25%.

• The current yield on the trust is 5.7% and it is tax efficient (we expect tax deferral of approximately 75% in 2014 and approximately 90% in 2015).

• Over time, Management expects to grow and re-position the portfolio to increase the overall average rate of return.

Current Yield as at July 25, 2014

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Dream Alternatives Trust | Improved Liquidity for Investors

• Since announcing the formation of DAT on April 2nd, the ROI funds liquidity increased significantly, trading 5 million units up until the date of closing.

• Since listing DAT has traded over 3 million units in just over 2 weeks.

ROI Funds - 6 Mths Prior to Annoucement

Dream Alternatives Trust - Since Inception

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100

200

300

30

220

Vo

lum

e ('

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0s)

Relative Average Daily Trading Volumes Between Aggregate of 3 ROI Funds and DAT

• Dream has indicated that it will invest up to $50 million as lead order over the next three years to help DAT grow, as it wants to align its interests and also to earn higher overall returns with additional capital.

• In addition, Michael Cooper has personally bought ~240k (over $1.5 million) of DAT units on the TSX since July 8th to align his interests and he will continue to show his support for the Trust.

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Dream Alternatives Trust | Aligned Interests

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Dream Alternatives Trust | Ongoing Support

• Currently promoting DAT to potential investors and institutions.

• Engaging in dialogue with various analysts regarding potential coverage.

• Providing quarterly financial statements, and an AGM, DAT will be a stand alone business with its own brand, governance and website.

• From the most senior levels, Dream is focused on ensuring DAT is a success and will utilize considerable resources to achieve a positive outcome.

DREAM Unlimited Corp.

Dream Industrial REIT

Dan MarinovicSVP Land & Housing

Jason LesterSVP Urban Development

George ValentiniEVP & General Counsel

Jane Gavan President, Asset Management; CEO Dream Office; CEO Dream Global

Pauline Alimchandani CFO

Michael CooperCEO

Mario BarrafatoCFO

Ana RadicCOO

Kevin HardySVP, Portfolio Management

Sharon MitchellPresident, Dundee Realty

Management

Andrew ReialSVP, Portfolio Management

Paul SkeansSVP, Portfolio Management

Randy CameronPresident & CEO

John ToddCFO

Yanick FrappierSVP, Portfolio Management

Joe IadelucaSVP, Portfolio Management

Nicholas StrylandVP, Eastern Industrial Leasing

Bruce TraversySVP

Dream Office REIT

Cecilia WilliamsVP & Controller

Depth and Expertise of Our Canadian Platform – We Work Together to Create Value for all our Managed Entities

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Kim LefeverSenior Manager, Investor

Relations

Victor SettinoVP, Commercial Development

Adam ReedsDirector, Renewable Power

Investments

Joshua KaufmanVP, Retail & Commercial

Development

Ayesha ShafiqDirector, Real Estate

Investments

Michael KosiancicVP, Firelight Infrastructure

Partners

Pauline AlimchandaniCPA, CA, CFA

James Eaton

Jane Gavan

• CFO –Dream Unlimited Corp

• Vice President, Research Analyst, Real Estate & REITs - BMO Capital Markets

• Assurance, Consulting & Deals - PricewaterhouseCoopers LLP

• President - Weatons Holdings Ltd.

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

Joanne FerstmanCPA, CA

• Board Member – Dream 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.

• President, Asset Management – Dream Unlimited Corp.

• CEO – Dream Office REIT, Dream Global REIT

• Board Member – Dream Unlimited Corp., Dream Office REIT, Dream Industrial REIT

David Kaufman CAIA, Chair of the Board of Trustees

• Founder, President & CEO – Westcourt Capital Corporation

• Host/Writer/Contributor – BNN “Alternative Investing”, Financial Post “Alternative Investor”, CBC “Lang & O’Leary Exchange”

• Real Estate/Private Equity – Magna Golf Club, Menkes Developments, Lynx Equity

Andrew Lapham• Executive Advisor – The Blackstone Group, Canada

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

Michael Cooper• President & CEO –Dream Unlimited Corp.

• Board Member – Dream Unlimited Corp., Dream Office REIT, Dream Global REIT, Dream Industrial REIT, Atrium Mortgage Investment Corporation

Experienced and Diverse Board of Directors

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Contact Information:

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Dream Unlimited Corporation

Pauline AlimchandaniChief Financial Officer416-365-5992palimchandani@dream.ca

Dream Hard AssetAlternatives Trust

Kimberly LefeverSenior Manager, Investor Relations416-365-6339klefever@dream.ca

Dream Hard AssetAlternatives Trust

Michael Cooper

Portfolio Manager

416-365-5145

mcooper@dream.ca

Dream Hard AssetAlternatives Trust

Cecilia Williams

Vice President, Finance

416-365-4185

cwilliams@dream.ca