years, the public REIT structure has resulted in a cost of capital for Dream Global that remains higher than some of its peers and impacts the REIT's ability to continue on its growth trajectory. The Transaction offers an opportunity to deliver a premium value to the REIT's Unitholders, closing the value gap and crystallizing returns to Unitholders with certainty.

Asset Management Agreement Separation

Dream Asset Management ("DAM"), a subsidiary of Dream, established the REIT in 2011 and has served, under an asset management agreement (the "AMA"), as the external asset manager since inception. The Transaction requires a separation of the AMA from DAM. Accordingly, the Dream Global board of trustees (the "Board") formed a special committee of independent trustees (the "Special Committee") to oversee the separation process and to supervisethis press release are to Canadian dollars.

Board Recommendation and Fairness Opinions

The Dream Global Board, after receiving the unanimous recommendation of the Special Committee and in consultation with its financial and legal advisors, has determined that the Transaction is in the best interests of Dream Global and fair and is recommending that Unitholders vote in favour of the Transaction.

TD Securities Inc. ("TD Securities") and National Bank Financial have provided fairness opinions to the Board that, based upon and subject to the assumptions and limitations described in their respective opinions, the consideration to be received by Unitholders, pursuant to the Transaction is fair, from a financial point of view, to such Unitholders (other than DAM and its affiliates).

The Special Committee also received the opinion of National Bank Financial to the