Mr. Michael Cooper reports

DREAM OFFICE REIT RENEWS NORMAL COURSE ISSUER BID AND ANNOUNCES AUTOMATIC SECURITIES PURCHASE PLAN

The Toronto Stock Exchange (TSX) has accepted a notice filed by Dream Office Real Estate Investment Trust to renew its prior normal course issuer bid for a one-year period. Under the bid, the trust will have the ability to purchase for cancellation up to a maximum of 2,538,524 of its REIT units, Series A (representing 10 per cent of the trust's public float of 25,385,245 REIT A units as of Aug. 4, 2023), through the facilities of the TSX. The bid will commence on Aug. 21, 2023, and will remain in effect until the earlier of Aug. 20, 2024, or the date on which the trust has purchased the maximum number of REIT A units permitted under the bid. Daily repurchases will be limited to 40,440 REIT A units, representing 25 per cent of the average daily trading volume of the REIT A units on the TSX during the past six calendar months (being 161,762 REIT A units per day), other than purchases pursuant to applicable block purchase exceptions. As of Aug. 4, 2023, the number of issued and outstanding REIT A units was 32,623,208.

In connection with the renewal of its normal course issuer bid, the trust has established an automatic securities purchase plan with its designated broker to facilitate the purchase of REIT A units under the normal course issuer bid at times when the trust would ordinarily not be permitted to purchase its REIT A units due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by the trust's broker based upon the parameters prescribed by the TSX and the terms of the parties' written agreement. Outside of such restricted or blackout periods, the REIT A units may also be purchased in accordance with management's discretion. The plan has been precleared by the TSX and will terminate on Aug. 20, 2024.

The trust has renewed its normal course issuer bid because it believes that REIT A units may become available during the period of the bid at prices that would make the purchase of such REIT A units for cancellation in the best interests of the trust and its unitholders.

The trust sought and received approval from the TSX on Aug. 17, 2022, to purchase up to 3,292,287 REIT A units for the period from Aug. 19, 2022, to Aug. 18, 2023. Under this bid the trust purchased for cancellation 2,404,000 REIT A units through the facilities of the TSX at a weighted average price per unit of $16.10 for a total cost of approximately $38.7-million. Please note that the amount of REIT A units repurchased under the bid was in line with both management and board strategy with respect to use of capital for REIT A unit repurchases. Furthermore, the amount of REIT A units that can be repurchased in the market under the TSX rules on a daily basis is subject to various trading restrictions which impact the amount that can be repurchased on a daily basis.

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.

We seek Safe Harbor.