Mr. Matthew Cherry reports

BROOKFIELD PROPERTY PARTNERS RENEWS NORMAL COURSE ISSUER BID

Brookfield Property Partners LP (BPY) has accepted a notice filed by BPY of its intention to renew its prior normal course issuer bid for a one-year period. BPY stated that at times its LP units trade in price ranges that do not fully reflect their value. As a result, from time to time, acquiring LP units represents an attractive and desirable use of available funds.

The notice provides that BPY may, during the 12-month period commencing Aug. 6, 2015, and ending Aug. 5, 2016, purchase on the Toronto Stock Exchange, the New York Stock Exchange and any alternative Canadian trading platform, up to 13,142,359 LP units, representing approximately 5 per cent of its issued and outstanding LP units. At July 24, 2015, there were 262,847,195 LP units issued and outstanding. Under the normal course issuer bid, BPY may purchase up to 40,025 LP units on the Toronto Stock Exchange during any trading day, which represents approximately 25 per cent of the average daily trading volume of 160,100 on the Toronto Stock Exchange for the most recently completed six calendar months prior to the Toronto Stock Exchange's acceptance of the notice of the normal course issuer bid. This limitation does not apply to purchases made pursuant to block purchase exemptions and purchases made on another exchange.

The price to be paid for the limited partnership units under the normal course issuer bid will be the market price at the time of purchase. The actual number of limited partnership units to be purchased and the timing of such purchases will be determined by BPY, and all purchases of limited partnership units will be effected through the facilities of the Toronto Stock Exchange, the New York Stock Exchange and any alternative Canadian trading platform. All LP units purchased by BPY under this bid will be promptly cancelled.

Under its prior normal course issuer bid that commenced on June 18, 2014, and expired on June 17, 2015, BPY purchased 222,557 LP units through open market purchases on the New York Stock Exchange. The weighted average price that BPY paid per LP unit acquired under this bid was $22.46 (U.S.).

From time to time, when BPY does not possess material non-public information about itself or its securities, it may enter into a predefined plan with its broker to allow for the repurchase of LP units when BPY ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Any such plans entered into with BPY's broker will be adopted in accordance with applicable Canadian securities laws. BPY will not have entered into any such plans by Aug. 6, 2015.