DREAM Unlimited (DRM) AGM 2025 summary

Opening remarks and agenda

• Meeting called to order with Joanne Ferstman as Chair and Robert Hughes as Secretary, and officials appointed.

• Agenda included financial statements, director elections, auditor appointment, and amendment to the Deferred Share Incentive Plan.

• Scrutineers appointed and formal business expedited with designated movers and seconders for motions.

Financial performance review

• Western Canada Land division achieved record earnings, generating CAD 78 million in margin.

• Asset management division saw AUM increase to a record $28 billion year over year.

• Sale of Arapahoe Basin generated CAD 157 million in pre-tax earnings, proceeds used to repay debt and fund shareholder interests.

• Ended 2024 with CAD 367 million in available liquidity, positioning well for 2025.

• Income properties on balance sheet reached CAD 843 million, with a strong pipeline for future growth.

• Net asset value per share as of March 31, 2025, was $52, with key segments comprising 82% of NAV.

• Trading price reflects a 65% discount to NAV, highlighting significant unrealized value.

Board and executive committee updates

• Eight directors nominated and elected by acclamation, with detailed voting results to be released post-meeting.

• Joanne Ferstman served as Chair, Meaghan Peloso as CFO, and Michael Cooper as Chief Responsible Officer.