Mr. Michael Cooper reports

DREAM OFFICE REIT ANNOUNCES PRELIMINARY RESULTS OF ITS SUCCESSFUL $193.8 MILLION SUBSTANTIAL ISSUER BID

Dream Office Real Estate Investment Trust has released the preliminary results of its substantial issuer bid to purchase for cancellation up to 12.5 million of its outstanding REIT units, Series A, at a purchase price of $15.50 per REIT A unit, for an aggregate purchase price not to exceed $193.75-million. Holders of limited partnership Class B units, Series 1, of Dream Office REIT, a subsidiary of the trust, were permitted to participate in the offer by tendering their LP B units on an as-exchanged basis. The offer expired at 5 p.m. Eastern Time on June 19, 2023.

In accordance with the terms and conditions of the offer and based on the preliminary count by Computershare Investor Services Inc., the depositary for the offer, the trust has taken up and will purchase for cancellation 12.5 million REIT A units at the purchase price. After giving effect to the offer, 32,617,537 REIT A units and 5,233,823 LP B units will remain issued and outstanding, for a total of 37,851,360 REIT A units issued and outstanding on a fully exchanged basis.

Based on the preliminary count by the depositary for the offer, approximately 32,114,375 REIT A units (including LP B units tendered on an as exchanged basis) were tendered to the offer and not withdrawn. As the offer was oversubscribed, the trust will purchase the tendered REIT A units on a pro rata basis following determination of the final results of the offer, except that odd lot tenders (of holders beneficially owning fewer than 100 REIT A units) will not be subject to proration. The proration factor under the offer is preliminary and subject to verification. The trust and the depositary expect that the final determination of the proration factor will be made on or before June 21, 2023.

The trust will make payment for the REIT A units properly tendered and accepted for purchase by tendering the aggregate purchase amount to the depositary on or before June 22, 2023, in accordance with the offer and applicable laws, and the depositary will effect payment for the deposited units promptly thereafter. Payment for the deposited units will be made in cash, without interest. Any REIT A units invalidly tendered or tendered and not purchased will be returned to the tendering unitholder promptly by the depositary.

The full terms and conditions of the offer are described in detail in the offer to purchase and issuer bid circular of the trust dated May 10, 2023, as well as the related letter of transmittal and notice of guaranteed delivery, which are available under the trust's SEDAR profile.

About Dream Office Real Estate Investment Trust

Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office REIT 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.

We seek Safe Harbor.