Mr. Michael Cooper reports

DREAM UNLIMITED CORP. ANNOUNCES CLOSING OF ARAPAHOE BASIN SALE AND SPECIAL DIVIDEND

Dream Unlimited Corp. has closed its previously announced sale of Arapahoe basin, the company's ski area in Colorado, to Alterra Mountain Company. Based on today's exchange rate and internal estimates of taxes payable, management believes this results in after-tax profit of approximately $115-million after closing costs and adjustments.

"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. The closing of this transaction greatly improves our financial flexibility and allows us to significantly reduce our debt load while rewarding our shareholders through a special dividend for making the choice to continue to hold our stock."

Dream acquired Arapahoe basin in 1997, at a time when the resort only had 490 skiable acres. Over the last 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.

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 the company 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 their 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 be partially directed at repaying over $100-million of debt and maintaining financial flexibility, while a portion will be returned to shareholders through a special dividend of $1.00 per Class A subordinate voting share and Class B common share, payable on Dec. 31, 2024, to shareholders of record on Dec. 13, 2024.

The dividends are designated as eligible dividends for the purposes of Section 89 of the Income Tax Act (Canada).

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 $26-billion of assets under management across four Toronto Stock Exchange-listed trusts, its private asset management business and numerous partnerships. The trust also develops land, residential and income-generating 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.