Ms. Keren Dubon reports

BROOKFIELD OFFICE PROPERTIES ANNOUNCES EXTENSION OF CONVERSION PRIVILEGE ON ITS CLASS AAA SERIES R PREFERENCE SHARES

Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners LP, has extended the conversion privilege on its Class AAA preference shares, Series R, to Sept. 23, 2026.

Holders of Series R shares have the right, at their option, exercisable no later than 5 p.m. Toronto time on Sept. 23, 2026, to convert all or part of their Series R shares, on a one-for-one basis, into Class AAA preference shares, Series S, effective Sept. 30, 2026.

As previously announced, if declared, the fixed quarterly dividends on the Series R shares for the five years commencing Oct. 1, 2026, and ending Sept. 30, 2031, will be paid at an annual rate of 6.829 per cent (42.68125 cents per share per quarter).

The quarterly floating-rate dividends on the Series S shares have an annual rate, calculated for each quarter, of 3.48 per cent over the annual yield on three-month government of Canada treasury bills. The actual quarterly dividend rate for the Oct. 1, 2026, to Dec. 31, 2026, dividend period for the Series S shares will be 1.454360 per cent (5.77 per cent on an annualized basis) and the dividend, if declared, for such dividend period will be 36.359 cents per share, payable on Dec. 31, 2026.

Holders of Series R shares are not required to elect to convert all or any part of their Series R shares into Series S shares.

As provided in the share conditions of the Series R shares: (i) if Brookfield determines that there would be fewer than one million Series R shares outstanding after Sept. 30, 2026, all remaining Series R shares will be automatically converted into Series S shares on a one-for-one basis effective Sept. 30, 2026; and (ii) if Brookfield determines that there would be fewer than one million Series S shares outstanding after Sept. 30, 2026, no Series R shares will be permitted to be converted into Series S shares. There are currently 9,946,218 Series R shares outstanding.

About Brookfield Office Properties Inc.

Brookfield Office Properties is a subsidiary of Brookfield Property Partners, one of the world's largest commercial real estate companies, with over $88-billion in total assets.