Mr. Michael Cooper reports

DREAM OFFICE REAL ESTATE INVESTMENT TRUST CONFIRMS EFFECTIVE DATE OF UNIT CONSOLIDATION

Dream Office Real Estate Investment Trust today confirmed that the consolidation previously announced on Feb. 15, 2024, of all the issued and outstanding REIT units, Series A, REIT units, Series B, and special trust units of the REIT on the basis of one postconsolidation unit for every two preconsolidation units became effective today. The REIT A units are expected to begin trading on a postconsolidation basis on the Toronto Stock Exchange at the market opening on Feb. 27, 2024, under the same trading symbol D.UN. The REIT B units and special trust units are not listed or quoted on any marketplace. The new Cusip number and ISIN for the postconsolidation REIT A units are 26153P 20 3 and CA 26153P 20 3 5, respectively.

At markets close as of Feb. 21, 2024, there were 32,626,435 REIT A units and 5,233,823 special trust units issued and outstanding. The exact number of outstanding REIT A units and special trust units after the unit consolidation is 16,313,022 and 2,616,911, respectively, after taking into account the elimination of fractional units. No fractional REIT A units or special trust units were issued in connection with the unit consolidation. All fractions of postconsolidation REIT A units and special trust units, as the case may be, were rounded down to the nearest whole number.

Registered unitholders were mailed a letter of transmittal from the REIT's transfer agent, Computershare Trust Company of Canada, providing instructions regarding how to exchange their existing unit certificates representing preconsolidation REIT A units for direct registration advice statements or unit certificates representing the postconsolidation REIT A units to which they are entitled as a result of the unit consolidation. Until surrendered to the transfer agent, each unit certificate representing preconsolidation REIT A units will be deemed to represent the number of new whole postconsolidation REIT A units to which the holder is entitled as a result of the unit consolidation. Non-registered unitholders holding their REIT A units through a bank, broker or other nominee are encouraged to contact their nominee for further information.

The exercise prices and the number of REIT A units or special trust units, as the case may be, issuable upon the exercise or deemed exercise of any deferred units or other convertible or exchangeable securities of the REIT have been automatically proportionately adjusted based on the consolidation ratio to reflect the unit consolidation.

The general partner of Dream Office LP also effected a consolidation of the LP Class A units and LP Class B units of Dream Office LP on a proportionate basis effective today.

Further details on the unit consolidation are contained in the management information circular of the REIT dated April 21, 2023, which has been filed and is available under the REIT's profile on SEDAR+. Please review the circular for the specific terms and conditions of the unit consolidation. The letter of transmittal will also be available under the REIT'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. The REIT 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.