Mr. Matthew Cherry reports

BROOKFIELD PROPERTY PARTNERS RENEWS NORMAL COURSE ISSUER BID

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

The notice provides that the LP may, during the 12-month period commencing Aug. 20, 2018, and ending Aug. 19, 2019, purchase on the TSX, the Nasdaq Stock Market and any alternative Canadian trading system, up to 21,091,764 limited partnership units, representing approximately 10 per cent of its public float. At Aug. 7, 2018, there were 262,088,212 limited partnership units issued and outstanding, with 51,170,567 limited partnership units held by insiders, giving the LP a public float of 210,917,645 limited partnership units. Under the normal course issuer bid, the LP may purchase up to 42,776 limited partnership units on the TSX during any trading day, which represents approximately 25 per cent of the average daily trading volume of 171,107 on the TSX for the most recently completed six calendar months prior to the TSX'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 the LP, and all purchases of limited partnership units will be completed through the facilities of the TSX, the Nasdaq and any alternative Canadian trading system. All limited partnership units purchased by the LP under this bid will be promptly cancelled.

In connection with the normal course issuer bid, the LP entered into an automatic purchase plan with its designated broker. The automatic purchase plan will allow for the purchase of limited partnership units, subject to certain trading parameters, at times when the LP ordinarily would not be active in the market due to its own internal trading blackout period, insider trading rules or otherwise. Outside of these periods, limited partnership units will be repurchased in accordance with management's discretion and in compliance with applicable law. The plan will commence on Aug. 20, 2018, and terminate on Aug. 19, 2019.

Of the 20,468,827 limited partnership units approved for purchase under the LP's prior normal course issuer bid that commenced on Aug. 18, 2017, and expires on Aug. 17, 2018, BPY purchased 733,235 limited partnership units through open market purchases on the TSX, the Nasdaq, the New York Stock Exchange and other alternative Canadian trading systems. The weighted average price that the LP paid per limited partnership unit acquired under this bid was $19.02 (U.S.).

Brookfield Property Partners is one of the world's premier commercial real estate companies, with approximately $69-billion in total assets. The LP is a leading owner, operator and investor in commercial real estate, with a diversified portfolio of premier office and retail assets, as well as interests in multifamily, triple net lease, industrial, hospitality, self-storage, student housing and manufactured housing assets.