Dream Industrial Real Estate Investment Trust

###### Getting to Net ZeroNet Zero by 2035 Roadmap

## 03 Establish Oversight & Transparency

#### Governance

Dream believes in strong governance to oversee commitments and actions. We intend to incorporate the Net Zero Action Plan into relevant employee goals over time and set internal key performance indicators to monitor asset and initiative level progress annually. This will include, as applicable and when available, developing and updating asset-level net zero roadmaps and aligning business plans accordingly.

The net zero framework, as part of the sustainability mandate, is managed by the following:

Role Responsibility

- Oversees sustainability, the ESG Framework and associated
commitments for all entities.

ESG Executive Committee

- Communicates sustainability strategy and commitment across

(includes C-Suite executives from each

the company and with key external stakeholders.

Dream entity)

- Reports to relevant Board of Trustee or Board of Director
Committees on a regular basis.

- Reviews and approves net zero roadmaps, including commitments,

Net Zero Steering Committee

reporting, disclosures, governance changes, delivery strategy,

(includes senior leadership members

budgets, timelines, implementation and company-wide

from each Dream entity)

delegation.

- Engages consultants and provides diverse technical perspectives

Net Zero Working Group to develop and update net zero roadmaps.
(includes members from Technical
Services, Development, Construction, - Develops, evaluates and makes recommendations for the Net
Asset Management, Strategic Finance, Zero Action Plan, including commitments, reporting, disclosures,
Property Operations, Property delivery strategy, budgets, timelines, and implementation.
Management, and Sustainability &
ESG departments) - Oversees internal engagement across the Dream group of

companies.

- Shares technical expertise and experience to inform the Net Zero

Sustainability & ESG Teams Action Plan.
(includes Sustainability & ESG

- Serves as a forum to share information across departments and

departments, Zibi Sustainability Team

groups.

and Arapahoe Basin Sustainability
Team) - Manages the implementation of site-specific sustainability plans

and objectives.

[More information about sustainability governance can be found in the 2020-2021 Sustainability Report. ↗](https://dream.ca/wp-content/uploads/2021/12/2020_2021_Sustainability_Report_FINAL.pdf)

LeBreton Flats
Ottawa, ON

#### Disclosure Requirements

Dream believes that measurement, verification and disclosure are integral to accountability. We will provide annual updates on our
[progress toward reaching net zero, and our interim targets, in our Sustainability Report ↗. Portfolio greenhouse gas emissions and](https://dream.ca/wp-content/uploads/2021/12/2020_2021_Sustainability_Report_FINAL.pdf)
reductions are calculated to the industry-standard GHG Protocol.

We work with independent third-party verifiers to provide assurance over GHG and energy metrics. Dream will also consider building
portfolio level certifications, such as certifying an asset's net zero performance once achieved with a relevant asset-level program
(e.g. Canada Green Building Council's Zero Carbon Building standard). Dream also voluntarily makes disclosures and reports in
alignment with the following frameworks:

###### GRESB (Global Real Estate Sustainability Benchmark) ↗

###### NZAM (Net Zero Asset Managers Initiative) ↗

###### Taskforce on Climate-related Financial Disclosures ↗

###### United Nations Principles for Responsible Investment ↗

|Role|Responsibility|
|---|---|
|ESG Executive Committee (includes C-Suite executives from each Dream entity)|• Oversees sustainability, the ESG Framework and associated commitments for all entities. • Communicates sustainability strategy and commitment across the company and with key external stakeholders. • Reports to relevant Board of Trustee or Board of Director Committees on a regular basis.|
|Net Zero Steering Committee (includes senior leadership members from each Dream entity)|• Reviews and approves net zero roadmaps, including commitments, reporting, disclosures, governance changes, delivery strategy, budgets, timelines, implementation and company-wide delegation.|
|Net Zero Working Group (includes members from Technical Services, Development, Construction, Asset Management, Strategic Finance, Property Operations, Property Management, and Sustainability & ESG departments)|• Engages consultants and provides diverse technical perspectives to develop and update net zero roadmaps. • Develops, evaluates and makes recommendations for the Net Zero Action Plan, including commitments, reporting, disclosures, delivery strategy, budgets, timelines, and implementation. • Oversees internal engagement across the Dream group of companies.|
|Sustainability & ESG Teams (includes Sustainability & ESG departments, Zibi Sustainability Team and Arapahoe Basin Sustainability Team)|• Shares technical expertise and experience to inform the Net Zero Action Plan. • Serves as a forum to share information across departments and groups. • Manages the implementation of site-specific sustainability plans and objectives.|

To support integration of sustainability across our business and help ensure that non-financial considerations such as ESG matters and, for certain Dream group entities, impact objectives, are considered alongside financial considerations, our governance policies specify oversight and accountability for ESG matters at the board level. Such policy language is also reflected in relevant board mandates, committee charters and corporate policies.[(1)] On a quarterly basis, the applicable governance committee of each Dream entity is provided with an ESG update from the Head of Sustainability and Technical Services. The Chair of each governance committee then provides an update at each of the entity board meetings. In addition, we intend to conduct ESG education sessions for the applicable governance committee every three years. In 2022, ESG training was provided by Quinn+Partners, sustainability advisors, and focused on key ESG trends affecting Dream's business and best practices for strong and effective ESG governance."
"Governance, Compensation and Environmental Committee Members: Governance, Compensation and Environmental Committee - Oversee approach to environmental, social and governance matters Chief Executive Officer - Highest-level executive with oversight over ESG and impact matters, including sustainability and climate change, at Dream Industrial - Works wit� t�e ��ief �inancial Officer to provide leaders�ip over t�e sustainability strategy and oversee adoption of t�e ESG Framework ESG Executive Committee (Members of the Executive Leadership team from each Dream entity) - Receive regular updates from the Sustainability and ESG team on behalf of all departments and the sustainability working groups - Adopt ESG Framework for Dream Industrial - Communicate sustainability strategy and commitment across company and key external stakeholders - Delegate implementation to Dream Industrial's Sustainability and ESG team - Reports to the Governance, Compensation and Environmental Committee Green Finance Committee - A cross-departmental committee co-chaired by the CEO and CFO and made up of senior executives representing the following departments at Dream Industrial: Finance, Sustainability and Portfolio Management - Establis�ed to provide oversig�t of �ream �ndustrial�s �reen �ond �ramework and to identify sustainable financing options Sustainability and ESG Team - Embed sustainability strategy and commitment across company and with key external stakeholders - Oversee the implementation of the ESG Framework for each Dream entity - �anage portfolio sustainability initiatives including building certifications� energy� water and waste management and monitoring, as well as strategic initiatives - Meet quarterly with the ESG Executive Committee Sustainability Working Groups - Responsible for advancing sustainability initiatives and activities at company and property level - Includes three working groups covering the following focus areas: Green Property Operations, Employee Engagement and Tenant Engagement - Includes representatives from central functions, regions, and properties - Report regularly to the Sustainability and ESG team Investment Committee - �eview t�e investment�s Ac�uisition ��ecklist and approve investments t�at meet bot� financial and impact goals - Hold the project team accountable to achieve goals and create impact

###### Getting to Net ZeroNet Zero by 2035 Roadmap

## 03 Establish Oversight & Transparency

#### Governance

Dream believes in strong governance to oversee commitments and actions. We intend to incorporate the Net Zero Action Plan into relevant employee goals over time and set internal key performance indicators to monitor asset and initiative level progress annually. This will include, as applicable and when available, developing and updating asset-level net zero roadmaps and aligning business plans accordingly.

The net zero framework, as part of the sustainability mandate, is managed by the following:

Role Responsibility

- Oversees sustainability, the ESG Framework and associated commitments for all entities.

ESG Executive Committee

- Communicates sustainability strategy and commitment across

the company and with key external stakeholders.

(includes C-Suite executives from each

Dream entity)

- Reports to relevant Board of Trustee or Board of Director
Committees on a regular basis.

- Reviews and approves net zero roadmaps, including commitments,

Net Zero Steering Committee

reporting, disclosures, governance changes, delivery strategy,

(includes senior leadership members

budgets, timelines, implementation and company-wide

from each Dream entity)

delegation.

- Engages consultants and provides diverse technical perspectives

Net Zero Working Group to develop and update net zero roadmaps.
(includes members from Technical
Services, Development, Construction, - Develops, evaluates and makes recommendations for the Net
Asset Management, Strategic Finance, Zero Action Plan, including commitments, reporting, disclosures,
Property Operations, Property delivery strategy, budgets, timelines, and implementation.
Management, and Sustainability &
ESG departments) - Oversees internal engagement across the Dream group of

companies.

- Shares technical expertise and experience to inform the Net Zero

Sustainability & ESG Teams Action Plan.
(includes Sustainability & ESG

- Serves as a forum to share information across departments and

departments, Zibi Sustainability Team

groups.

and Arapahoe Basin Sustainability
Team) - Manages the implementation of site-specific sustainability plans

and objectives.

[More information about sustainability governance can be found in the 2020-2021 Sustainability Report. ↗](https://dream.ca/wp-content/uploads/2021/12/2020_2021_Sustainability_Report_FINAL.pdf)

|Col1|Col2|Col3|Col4|Col5|
|---|---|---|---|---|
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LeBreton Flats

Ottawa, ON

#### Disclosure Requirements

Dream believes that measurement, verification and disclosure are integral to accountability. We will provide annual updates on our
[progress toward reaching net zero, and our interim targets, in our Sustainability Report ↗. Portfolio greenhouse gas emissions and](https://dream.ca/wp-content/uploads/2021/12/2020_2021_Sustainability_Report_FINAL.pdf)
reductions are calculated to the industry-standard GHG Protocol.

We work with independent third-party verifiers to provide assurance over GHG and energy metrics. Dream will also consider building
portfolio level certifications, such as certifying an asset's net zero performance once achieved with a relevant asset-level program
(e.g. Canada Green Building Council's Zero Carbon Building standard). Dream also voluntarily makes disclosures and reports in
alignment with the following frameworks:

###### GRESB (Global Real Estate Sustainability Benchmark) ↗

###### NZAM (Net Zero Asset Managers Initiative) ↗

###### Taskforce on
Climate-related Financial Disclosures ↗

###### United Nations
Principles for
Responsible Investment ↗

|Role|Responsibility|
|---|---|
|ESG Executive Committee (includes C-Suite executives from each Dream entity)|• Oversees sustainability, the ESG Framework and associated commitments for all entities. • Communicates sustainability strategy and commitment across the company and with key external stakeholders. • Reports to relevant Board of Trustee or Board of Director Committees on a regular basis.|
|Net Zero Steering Committee (includes senior leadership members from each Dream entity)|• Reviews and approves net zero roadmaps, including commitments, reporting, disclosures, governance changes, delivery strategy, budgets, timelines, implementation and company-wide delegation.|
|Net Zero Working Group (includes members from Technical Services, Development, Construction, Asset Management, Strategic Finance, Property Operations, Property Management, and Sustainability & ESG departments)|• Engages consultants and provides diverse technical perspectives to develop and update net zero roadmaps. • Develops, evaluates and makes recommendations for the Net Zero Action Plan, including commitments, reporting, disclosures, delivery strategy, budgets, timelines, and implementation. • Oversees internal engagement across the Dream group of companies.|
|Sustainability & ESG Teams (includes Sustainability & ESG departments, Zibi Sustainability Team and Arapahoe Basin Sustainability Team)|• Shares technical expertise and experience to inform the Net Zero Action Plan. • Serves as a forum to share information across departments and groups. • Manages the implementation of site-specific sustainability plans and objectives.|