Mr. Michael Cooper reports

DREAM OFFICE REIT ANNOUNCES DREAM INVESTOR DAY AND VOTING RESULTS OF ANNUAL AND SPECIAL MEETING OF UNITHOLDERS

On Wednesday, Sept. 6, 2023, Dream Unlimited Corp., Dream Office Real Estate Investment Trust and Dream Impact Trust are welcoming investors for a joint investor session. The event will be hosted at the head office at 30 Adelaide St. E, Suite 301, at 10 a.m. ET. This session will discuss each of Dream Unlimited, Dream Office and Dream Impact's net asset value, capital allocation strategy and business plan, to provide better insight into how each views and manages the business.

At Dream Office's annual and special meeting of unitholders held today, all of the nominees for election as trustees of the REIT referred to in its management information circular for the meeting were elected. Votes cast on this matter are detailed in the attached table.

At the meeting, PricewaterhouseCoopers LLP was appointed auditor of the REIT and its subsidiaries for the ensuing year, and the trustees were authorized to fix the remuneration of the auditor.

At the meeting, a special resolution approving certain amendments to the declaration of trust of the REIT intended to provide the trustees and the REIT's subsidiaries with greater flexibility, in accordance with market practice, in respect of financing transactions requiring a guarantee of the REIT, to increase quorum requirements and to address other non-substantive clarifying changes, as more particularly set forth in the circular, was approved by a requisite vote of more than 66-2/3rds per cent of the votes cast by the unitholders of the REIT.

At the meeting, a resolution approving certain amendments to the declaration of trust of the REIT to provide that the trustees may at any time declare an extraordinary distribution of cash, units or property of the REIT in specie, as more particularly set forth in the circular, was approved by a requisite vote of more than 50 per cent of the votes cast by the unitholders of the REIT.

At the meeting, a resolution approving certain amendments to the REIT's deferred unit incentive plan to increase the number of deferred trust units and income deferred trust units of the REIT that may be granted or credited under the plan by a further 500,000 units (or 250,000 units if the proposed unit consolidation referred to below is effected) was approved by a requisite vote of more than 50 per cent of the votes cast by the unitholders of the REIT.

At the meeting, a resolution authorizing the trustees to effect a consolidation of the issued and outstanding REIT units, Series A, of the REIT on the basis of one postconsolidation unit for every two preconsolidation units, the issued and outstanding REIT units, Series B, of the REIT on the basis of one postconsolidation unit for every two preconsolidation units, if applicable, and the issued and outstanding special trust units of the REIT on the basis of one postconsolidation unit for every preconsolidation units, as more particularly described in the circular, was approved by a requisite vote of more than 50 per cent of the votes cast by the unitholders of the REIT.

The consolidation resolution was required to be approved by more than 50 per cent of the votes cast by the unitholders entitled to vote at the meeting. Votes cast on this matter are detailed in the attached table.

If the board of trustees proceeds with the unit consolidation, it will take effect on a date to be co-ordinated with the Toronto Stock Exchange and details will be announced in advance by the REIT. No further action on the part of unitholders is required in order for the board of trustees to implement the unit consolidation.

About Dream Office Real Estate Investment Trust

Dream Office is an unincorporated, open-ended real estate investment trust. Dream Office is a premier office landlord in downtown Toronto with over 3.5 million square feet owned and managed. It has carefully curated an investment portfolio of high-quality assets in irreplaceable locations in one of the finest office markets in the world.