Mr. Michael Cooper reports

DREAM UNLIMITED CORP. ANNOUNCES SALE OF ARAPAHOE BASIN

Dream Unlimited Corp. has entered into an agreement to sell Arapahoe Basin, the company's ski area in Colorado, to Alterra Mountain Company. The gross disposition price represents a modest premium to the resort's fair market value discussed at the company's Sept. 6, 2023, Dream investor day. Based on today's exchange rate and internal estimates of taxes payable, management believes this sale will result in after-tax profit of $110-million before closing costs and adjustments. The transaction is expected to close in 2024 and is subject to customary closing conditions, including regulatory approvals.

"Arapahoe Basin has been a great investment for Dream and one that we are very proud of," said Michael Cooper, chief responsible officer of Dream. "We have had the honour of taking care of this resort over the last quarter century, with a constant commitment to the visitor experience. We are thrilled that Alterra recognizes and shares the same values and will continue to foster its unique and incredible culture. As part of our capital management and allocation strategy, we decided it was a good time to crystallize the investment to further increase our liquidity. We look forward to further discussing the transaction on our Feb. 21 earnings call."

Dream acquired Arapahoe Basin in 1997, at a time when the resort only had 490 skiable acres. Over the past 27 years, together with the Arapahoe Basin management team, Dream expanded the ski area to 1,428 acres, replaced all of the lifts and most of the buildings, and opened the two highest-elevation restaurants in North America -- Il Rifugio and Steilhang Hut. Arapahoe Basin has the youngest average-age ski lift infrastructure in North America.

Dream maintained the historic A-frame building, which was originally in Denver and used to test the escape capsule of the B-58 Bomber. The building was moved to Arapahoe Basin temporarily in 1964 and has since become one of the most iconic lodges in the ski industry. During Dream's ownership, the management team increased skier days from under 200,000 skiers to about 600,000 skiers while continuously improving the quality of the experience for its customers.

Arapahoe Basin's brand represents an independent mindset with extreme skiing and quality of experience at its heart. In 2023, Ski Magazine ranked the ski area 12th best resort in the West (North America), ahead of many ski areas that are much larger and have accommodations, nightlife and more amenities than Arapahoe Basin.

The management team, including Alan Henceroth, chief operating officer of Arapahoe Basin, will continue to lead the ski area into the future and maintain the values and brand that Dream is so proud to have been a part of. Alterra, a world-class ski resort operator with a proven record of investing in its resorts while maintaining its distinctive cultures, is in a strong position to continue to grow the customer experience, increase the resort's offerings and build on the culture of the ski area.

The proceeds will primarily be directed at repaying debt and maintaining financial flexibility, while a portion may be returned to shareholders in due course. Dream is also evaluating other investments throughout the company to maximize shareholder value and increase liquidity.

About Dream Unlimited Corp.

Dream is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income-generating assets in both Canada and the United States, and has an established and successful asset management business, inclusive of $24-billion of assets under management across four Toronto Stock Exchange listed trusts, its private asset management business and numerous partnerships. Dream also develops land and residential assets in Western Canada. Dream expects to generate more recurring income in the future as its urban development properties are completed and held for the long term. Dream has a proven record for being innovative and for its ability to source, structure and execute on compelling investment opportunities.

We seek Safe Harbor.