BROOKFIELD ASSET MANAGEMENT INC.



- and -



BROOKFIELD PROPERTY PARTNERS L.P.



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BROOKFIELD PROPERTY L.P.



- and –



BROOKFIELD GLOBAL PROPERTY ADVISOR LIMITED



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BROOKFIELD PROPERTY GROUP LLC



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BROOKFIELD ASSET MANAGEMENT PRIVATE INSTITUTIONAL
CAPITAL ADVISER US, LLC



- and –



BPG HOLDINGS GROUP INC.



- and –



each of the Holding Entities that has
executed this Agreement on Schedule A hereto










AMENDED AND RESTATED master
services AGREEMENT










March
3, 2015













Table
of Contents





|Article 1                                                             |                                                                 |   
|--------------------------------------------------------------------- | --------------------------------------------------------------- | --
|INTERPRETATION                                                        | 2                                                              
|1.1                                                                   | Definitions                                                     | 2 
|1.2                                                                   | Headings and Table of Contents                                  | 7 
|1.3                                                                   | Interpretation                                                  | 7 
|1.4                                                                   | Actions by the Service Providers or the Service Recipients      | 8 
|1.5                                                                   | Generally Accepted Accounting Principles                        | 8 
|1.6                                                                   | Invalidity of Provisions                                        | 8 
|1.7                                                                   | Entire Agreement                                                | 8 
|1.8                                                                   | Waiver, Amendment                                               | 9 
|1.9                                                                   | Governing Law                                                   | 9 
|                                                                      |                                                                 |   
|Article 2                                                             |                                                                 |   
|APPOINTMENT OF THE Service ProviderS                                  | 9                                                              
|2.1                                                                   | Appointment and Acceptance                                      | 9 
|2.2                                                                   | Other Holding Entities                                          | 9 
|2.3                                                                   | Other Service Providers                                         | 10
|2.4                                                                   | Subcontracting and Other Arrangements                           | 10
|                                                                      |                                                                 |   
|Article 3                                                             |                                                                 |   
|SERVICES AND POWERS OF THE Service ProviderS                          | 10                                                             
|3.1                                                                   | Services                                                        | 10
|3.2                                                                   | Supervision of the Service Providers’ Activities                | 12
|3.3                                                                   | Restrictions on the Service Providers                           | 12
|3.4                                                                   | Errors and Omissions Insurance                                  | 12
|3.5                                                                   | Responsibility for Certain Services                             | 12
|                                                                      |                                                                 |   
|Article 4                                                             |                                                                 |   
|RELATIONSHIP BETWEEN THE Service ProviderS AND THE SERVICE RECIPIENTS | 13                                                             
|4.1                                                                   | Other Activities                                                | 13
|4.2                                                                   | Exclusivity                                                     | 13
|4.3                                                                   | Independent Contractor, No Partnership, Joint Venture or Agency | 13
|                                                                      |                                                                 |   
|Article 5                                                             |                                                                 |   
|MANAGEMENT AND EMPLOYEES                                              | 14                                                             
|5.1                                                                   | Management and Employees                                        | 14
|5.2                                                                   | Compensation Charges                                            | 14
|                                                                      |                                                                 |   
|Article 6                                                             |                                                                 |   
|INFORMATION and records                                               | 14                                                             
|6.1                                                                   | Books and Records                                               | 14
|6.2                                                                   | Examination of Records by the Service Recipients                | 15
|6.3                                                                   | Access to Information by Service Provider Group                 | 15
|6.4                                                                   | Additional Information                                          | 16
|                                                                      |                                                                 |   
|Article 7                                                             |                                                                 |   
|FEES AND EXPENSES                                                     | 16                                                             















|7.1                                                                                    | Base Management Fee                                          | 16
|-------------------------------------------------------------------------------------- | ------------------------------------------------------------ | --
|7.2                                                                                    | Computation and Payment of Base Management Fee               | 16
|7.3                                                                                    | Failure to Pay When Due                                      | 17
|7.4                                                                                    | Amendment to the Fee Amount                                  | 17
|7.5                                                                                    | Expenses                                                     | 18
|7.6                                                                                    | Governmental Charges                                         | 18
|7.7                                                                                    | Computation and Payment of Expenses and Governmental Charges | 19
|                                                                                       |                                                              |   
|Article 8                                                                              |                                                              |   
|Brookfield’s obligation                                                                | 19                                                          
|                                                                                       |                                                              |   
|Article 9                                                                              |                                                              |   
|REPRESENTATIONS and WARRANTIES Of THE Service Providers AND THE SERVICE     RECIPIENTS | 19                                                          
|9.1                                                                                    | Representations and Warranties of the Service Providers      | 19
|9.2                                                                                    | Representations and Warranties of the Service Recipients     | 20
|                                                                                       |                                                              |   
|Article 10                                                                             |                                                              |   
|LIABILITY AND INDEMNIFICATION                                                          | 21                                                          
|10.1                                                                                   | Indemnity                                                    | 21
|10.2                                                                                   | Limitation of Liability                                      | 22
|10.3                                                                                   | Benefit to all Indemnified Parties                           | 22
|10.4                                                                                   | No Waiver                                                    | 22
|                                                                                       |                                                              |   
|Article 11                                                                             |                                                              |   
|TERM AND TERMINATION                                                                   | 23                                                          
|11.1                                                                                   | Term                                                         | 23
|11.2                                                                                   | Termination by the Service Recipients                        | 23
|11.3                                                                                   | Termination by the Service Providers                         | 24
|11.4                                                                                   | Survival Upon Termination                                    | 24
|11.5                                                                                   | Action Upon Termination                                      | 24
|11.6                                                                                   | Release of Money or other Property Upon Written Request      | 25
|                                                                                       |                                                              |   
|Article 12                                                                             |                                                              |   
|GENERAL PROVISIONS                                                                     | 26                                                          
|12.1                                                                                   | Limited Liability of Limited Partners                        | 26
|12.2                                                                                   | Assignment                                                   | 26
|12.3                                                                                   | Enurement                                                    | 27
|12.4                                                                                   | Notices                                                      | 27
|12.5                                                                                   | Further Assurances                                           | 29
|12.6                                                                                   | Counterparts                                                 | 29
|12.7                                                                                   | Other Holding Entities                                       | 29



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AMENDED AND RESTATED MASTER SERVICES
AGREEMENT



THIS
AGREEMENT made as of the 3rd day of March, 2015.



B E T W E E N:



BROOKFIELD ASSET MANAGEMENT INC.
(“Brookfield”), a corporation existing under the laws of the Province of Ontario



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BROOKFIELD PROPERTY PARTNERS
L.P.(“BPY”), an exempted limited partnership existing under the laws of Bermuda



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BROOKFIELD PROPERTY L.P.
(the “Property Partnership”), an exempted limited partnership existing under the laws of Bermuda



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BROOKFIELD GLOBAL PROPERTY ADVISOR
LIMITED (the “UK Service Provider”), a company incorporated under the laws of England



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BROOKFIELD PROPERTY GROUP LLC
(the “US Service Provider”), a limited liability company formed under the laws of the State of Delaware



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BROOKFIELD ASSET MANAGEMENT PRIVATE
INSTITUTIONAL CAPITAL ADVISER US, LLC (the “US Service Provider II”), a limited liability company formed
under the laws of the State of Delaware



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BPG HOLDINGS GROUP INC. (the
“Canadian Service Provider”), a corporation existing under the laws of the Province of Ontario



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each of the Holding Entities
(as defined below)



RECITALS:



A.           The
Service Recipients (as defined below) directly or indirectly hold interests in commercial property assets and will directly or
indirectly acquire, from time to time, interests in other commercial property assets; and













B.           BPY,
the Property Partnership and the Holding Entities engaged the UK Service Provider and the US Service Provider to provide or arrange
for other members of the Service Provider Group (as defined below) to provide to the Service Recipients certain management and
administration services, subject to the terms and conditions of an amended and restated master services agreement dated January
1, 2014 (the “Current Agreement”); and



C.           BPY,
the Property Partnership and the Holding Entities wish to amend and restate the Current Agreement to reflect the addition of the
US Service Provider II and the Canadian Service Provider as Service Providers (as defined below) and make certain other amendments
to the terms and conditions of the Current Agreement.



NOW THEREFORE
in consideration of the mutual covenants and agreements contained in this Agreement and other good and valuable consideration (the
receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows:



Article 1

INTERPRETATION



1.1           Definitions



In this Agreement, except
where the context otherwise requires, the following terms will have the following meanings:



1.1.1           “Advisers
Act” means the U.S. Investment Advisers Act of 1940, as amended;



1.1.2           “Affiliate”
means, with respect to a Person, any other Person that, directly or indirectly, through one or more intermediaries, Controls or
is Controlled by such Person, or is under common Control of a third Person;



1.1.3           “Agreement”
means this Amended and Restated Master Services Agreement;



1.1.4           “Available
Cash” means all cash and cash equivalents of the BPY Group available for distribution by the Service Recipients determined
at the sole discretion of the BPY General Partner, which, for greater certainty, (i) may not in all cases equal an amount of cash
held by the Service Recipients after the payment of expenses, debt service obligations on any indebtedness and any other expense
or reserve for any liability, working capital or capital expenditure and (ii) may include cash that has been borrowed by any of
the Service Recipients;



1.1.5           “Base
Management Fee” means the base management fee, calculated quarterly in arrears, equal to 25% of the Fee Amount;



1.1.6           “BPY”
has the meaning assigned thereto in the preamble;



1.1.7           “BPY
General Partner” means the general partner of BPY, which currently is Brookfield Property Partners Limited;



1.1.8           “BPY
Group” means BPY, the Property Partnership, the Holding Entities, the Operating Entities and any other direct or indirect
Subsidiary of a Holding Entity;



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1.1.9           “Brookfield”
has the meaning assigned thereto in the preamble;



1.1.10         “Brookfield
Fund” means any private investment entity, managed account, joint venture, consortium, partnership or investment fund
established, sponsored or managed by a member of the Brookfield Group;



1.1.11         “Brookfield
Group” means Brookfield, any of its Affiliates and any Brookfield Fund, but excludes any member of the BPY Group;



1.1.12         “Business
Day” means every day except a Saturday or Sunday, or a day which is a statutory or civic holiday in Bermuda, the Province
of Ontario, or the State of New York;



1.1.13         “Canadian
Service Provider” has the meaning assigned thereto in the preamble;



1.1.14         “CanHoldco”
means Brookfield BPY Holdings Inc.;



1.1.15         “Claims”
has the meaning assigned thereto in Section10.1.1;



1.1.16         “Compensation
Charge” has the meaning assigned thereto in Section 5.2;



1.1.17         “Control”
means the control by one Person of another Person in accordance with the following: a Person (“A”) controls
another Person (“B”) where A has the power to determine the management and policies of B by contract or status
(for example, the status of A being the general partner of B) or by virtue of the beneficial ownership of or control over a majority
of the voting interests in B; and, for greater certainty and without limitation, if A owns or has control over shares or other
securities to which are attached more than 50% of the votes permitted to be cast in the election of directors to the Governing
Body of B, or A is the general partner of B, a limited partnership, then in each case A Controls B for this purpose; and the term
“Controlled” has the corresponding meaning;



1.1.18         “Current
Agreement” has the meaning assigned thereto in the recitals;



1.1.19         “Equity
Enhancement Distribution” has the meaning assigned thereto in Section 7.4;



1.1.20         “Expense
Statement” has the meaning assigned thereto in Section 7.7;



1.1.21         “Expenses”
has the meaning assigned thereto in Section 7.5.2;



1.1.22         “Fair
Market Value” means, with respect to a Unit, (i) if such Unit is listed on a stock exchange or public quotation system,
the Trading Price of such Unit, or (ii) if such Unit is not listed on a stock exchange or public quotation system, the fair market
value of such Unit determined by the Governing Body of the BPY General Partner;



1.1.23         “Fee
Amount” means an amount equal to $50 million, which amount shall be adjusted for inflation annually beginning on January
1, 2014 at the Inflation Factor;



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1.1.24         “Governing
Body” means (i) with respect to a corporation or limited company, the board of directors of such corporation or limited
company, (ii) with respect to a limited liability company, the manager(s), director(s) or managing partner(s) of such limited liability
company, (iii) with respect to a partnership, the board, committee or other body of each general partner or managing partner of
such partnership, that serves a similar function (or if any such general partner or managing partner is itself a partnership, the
board, committee or other body of such general or managing partner’s general or managing partner that serves a similar function),
and (iv) with respect to any other Person, the body of such Person that serves a similar function, and in the case of each of (i)
through (iv) includes any committee or other subdivision of such body and any Person to whom such body has delegated any power
or authority, including any officer or managing director;



1.1.25         “Governing
Instruments” means (i) the memorandum of association and bye-laws in the case of any exempted company existing under
the Laws of Bermuda, (ii) the certificate of incorporation, amalgamation or continuance, as applicable, and by-laws in the case
of a corporation, (iii) the memorandum and articles of association in the case of a limited company, (iv) the partnership
agreement in the case of a partnership, (v) the articles of formation and operating agreement in the case of a limited liability
company, (vi) the trust instrument in the case of a trust and (vii) any other similar governing document under which
an entity was organized, formed or created or operates, including any conflict guidelines or protocols in place from time to time;



1.1.26         “Governmental
Authority” means any (i) international, multinational, national, federal, provincial, state, regional, municipal, local
or other government, governmental or public department, central bank, court, tribunal, arbitral body, commission, board, bureau,
agency or instrumentality, domestic or foreign, (ii) self-regulatory organization or stock exchange, (iii) subdivision, agent,
commission, board, or authority of any of the foregoing, or (iv) quasi-governmental or private body exercising any regulatory,
expropriation or taxing authority under or for the account of any of the foregoing;



1.1.27         “Governmental
Charge” has the meaning assigned thereto in Section 7.6;



1.1.28         “Holding
Entities” means the entities that have executed this Agreement on Schedule A hereto and any other primary holding Subsidiaries
of the Property Partnership created or acquired after the date of this Agreement through which the Property Partnership indirectly
holds its interest in the Operating Entities, excluding, for greater certainty, any Operating Entities;



1.1.29         “Indemnified
Party” has the meaning assigned thereto in Section 10.1.1;



1.1.30         “Indemnifying
Party” has the meaning assigned thereto in Section 10.1.1;



1.1.31         “Independent
Committee” means a committee of the board of directors of the BPY General Partner made up of directors that are “independent”
of Brookfield and its Affiliates, in accordance with the BPY General Partner’s Governing Instruments;



- 4 -







1.1.32         “Inflation
Factor” means, at any time, the fraction obtained where the numerator is the Consumer Price Index for the United States
of America (all items) for the then current year and the denominator is the Consumer Price Index for the United States of America
(all items) for the year immediately preceding the then current year, with appropriate mathematical adjustment made to ensure that
both the numerator and the denominator have been prepared on the same basis;



1.1.33         “Interest
Rate” means, for any day, the rate of interest equal to the overnight U.S. dollar London interbank offered rate on such
day;



1.1.34         “Investment
Advisory Services” means any recommendation to buy, sell, vote or take any similar action with respect to a Security;



1.1.35         “Laws”
means any and all applicable (i) laws, constitutions, treaties, statutes, codes, ordinances, principles of common and civil
law and equity, rules, regulations and municipal by-laws, whether domestic, foreign or international, (ii) judicial, arbitral,
administrative, ministerial, departmental and regulatory judgments, orders, writs, injunctions, decisions, and awards of any Governmental
Authority, and (iii) policies, practices and guidelines of any Governmental Authority which, although not actually having
the force of law, are considered by such Governmental Authority as requiring compliance as if having the force of law; and the
term “applicable”, with respect to such Laws and in the context that refers to one or more Persons, means such Laws
that apply to such Person or Persons or its or their business, undertaking, property or securities at the relevant time and that
emanate from a Governmental Authority having jurisdiction over the Person or Persons or its or their business, undertaking, property
or securities;



1.1.36         “Liabilities”
has the meaning assigned thereto in Section 10.1.1;



1.1.37         “Operating
Entities” means, from time to time, the Persons in which the Holding Entities, directly or indirectly, hold interests
and that (i) directly hold real estate assets, or (ii) indirectly hold real estate assets but all of the interests of which are
not held, directly or indirectly, by the Holding Entities, other than, in the case of each of (i) and (ii), any Person in which
the Holding Entities, directly or indirectly, hold interests for investment purposes only of less than 5% of the outstanding equity
securities of that Person;



1.1.38         “Permit”
means any consent, license, approval, registration, permit or other authorization granted by any Governmental Authority;



1.1.39         “Person”
means any natural person, partnership, limited partnership, limited liability partnership, joint venture, syndicate, sole proprietorship,
company or corporation (with or without share capital), limited liability corporation, unlimited liability company, joint stock
company, unincorporated association, trust, trustee, executor, administrator or other legal personal representative, Governmental
Authority or other entity however designated or constituted and pronouns have a similarly extended meaning;



1.1.40         “Principal
Exchange” means the principal stock exchange or public quotation system (determined on the basis of aggregate trading
volume for the prior four months) on which the Units are listed;



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1.1.41         “Property
Special LP” means Brookfield Property Special L.P., which is the special limited partner of the Property Partnership
and was previously named Brookfield Property GP L.P.;



1.1.42         “Property
Partnership” has the meaning assigned thereto in the preamble;



1.1.43         “Quarter”
means a calendar quarter ending on the last day of March, June, September or December;



1.1.44         “Redemption-Exchange
Units” means the limited partnership units of the Property Partnership with the rights and obligations specified in the
limited partnership agreement of the Property Partnership;



1.1.45         “Relationship
Agreement” means the agreement dated April 15, 2013 entered into among BPY, the Property Partnership, the Holding Entities
listed on Schedule A thereto, Brookfield and the UK Service Provider that governs aspects of the relationship among them;



1.1.46         “SEC”
means the U.S. Securities and Exchange Commission;



1.1.47         “Security”
shall have the meaning assigned thereto in the Advisers Act;



1.1.48         “Service
Agreement” means any agreement or arrangement entered into pursuant to Section 2.4 between a Service Provider, any other
member of the Service Provider Group and any Service Recipient pursuant to which Services are provided;



1.1.49         “Service
Provider Group” means the Service Providers and any member of the Brookfield Group that any Service Provider has arranged
to provide the Services to any Service Recipient;



1.1.50         “Service
Providers” means the UK Service Provider, the US Service Provider, the US Service Provider II, the Canadian Service Provider
and any other Affiliate of Brookfield that is appointed by the UK Service Provider, the US Service Provider, the US Service Provider
II, the Canadian Service Provider or any such Affiliate from time to time to act as a service provider pursuant to this Agreement;



1.1.51         “Service
Recipients” means BPY, the Property Partnership, the Holding Entities and, at the option of the Holding Entities, any
wholly-owned Subsidiary of a Holding Entity, excluding, for greater certainty, any Operating Entities;



1.1.52         “Services”
has the meaning assigned thereto in Section 3.1;



1.1.53         “Subsidiary”
means, with respect to any Person, (i) any other Person that is directly or indirectly Controlled by such Person, (ii) any trust
in which such Person holds all of the beneficial interests, or (iii) any partnership, limited liability company or similar entity
in which such Person holds all of the interests other than the interests of any general partner, managing member or similar Person;



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1.1.54         “Third
Party Claim” has the meaning assigned thereto in Section 10.1.2;



1.1.55         “Trading
Price” means, in any Quarter, with respect to any Unit that is listed on a stock exchange or public quotation system,
the volume-weighted average trading price of such Unit on the Principal Exchange for the five trading days ending on the last trading
day of such Quarter; provided that where the Trading Price of such Unit is calculated in any currency other than U.S. dollars,
such amount will be converted to U.S. dollars for purposes of this Agreement in accordance with the applicable exchange rate, as
determined by the Service Providers acting reasonably;



1.1.56         “UK
Service Provider” has the meaning assigned thereto in the preamble;



1.1.57         “Units”
means the limited partnership units of BPY;



1.1.58         “US
Service Provider” has the meaning assigned thereto in the preamble; and



1.1.59         “US
Service Provider II” has the meaning assigned thereto in the preamble.



1.2           Headings
and Table of Contents



The inclusion of headings
and a table of contents in this Agreement are for convenience of reference only and will not affect the construction or interpretation
hereof.



1.3           Interpretation



In this Agreement, unless
the context otherwise requires:



1.3.1           words
importing the singular will include the plural and vice versa, words importing gender will include all genders or the neuter, and
words importing the neuter will include all genders;



1.3.2           the
words “include”, “includes”, “including”, or any variations thereof, when following any general
term or statement, are not to be construed as limiting the general term or statement to the specific items or matters set forth
or to similar items or matters, but rather as referring to all other items or matters that could reasonably fall within the broadest
possible scope of the general term or statement;



1.3.3           references
to any Person include such Person’s successors and permitted assigns;



1.3.4           except
as otherwise provided in this Agreement, any reference in this Agreement to a statute, regulation, policy, rule or instrument will
include, and will be deemed to be a reference also to, all rules and regulations made under such statute, in the case of a statute,
to all amendments made to such statute, regulation, policy, rule or instrument, and to any statute, regulation, policy, rule or
instrument that may be passed which has the effect of supplementing or superseding the statute, regulation, policy, rule or instrument
so referred to;



- 7 -







1.3.5           any
reference to this Agreement or any other agreement, document or instrument will be construed as a reference to this Agreement or,
as the case may be, such other agreement, document or instrument as the same may have been, or may from time to time be, amended,
varied, replaced, amended and restated, supplemented or otherwise modified;



1.3.6           in
the event that any day on which any amount is to be determined or any action is required to be taken hereunder is not a Business
Day, then such amount will be determined or such action will be required to be taken at or before the requisite time on the next
succeeding day that is a Business Day; and



1.3.7           except
where otherwise expressly provided, all amounts in this Agreement are stated and will be paid in U.S. currency.



1.4           Actions
by the Service Providers or the Service Recipients



Unless the context requires
otherwise, where the consent of or a determination is required by any Service Provider or Service Recipient hereunder, the parties
will be entitled to conclusively rely upon it having been given or taken, as applicable, if, such Service Provider or Service Recipient,
as applicable, has communicated the same in writing.



1.5           Generally
Accepted Accounting Principles



In this Agreement, references
to “generally accepted accounting principles” mean the generally accepted accounting principles used by BPY in preparing
its financial statements from time to time.



1.6           Invalidity
of Provisions



Each of the provisions
contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision
or part thereof by a court of competent jurisdiction will not affect the validity or enforceability of any other provision hereof.
To the extent permitted by applicable law, the parties waive any provision of law which renders any provision of this Agreement
invalid or unenforceable in any respect. The parties will engage in good faith negotiations to replace any provision which is declared
invalid or unenforceable with a valid and enforceable provision, the economic effect of which comes as close as possible to that
of the invalid or unenforceable provision which it replaces.



1.7           Entire
Agreement



This Agreement constitutes
the entire agreement between the parties pertaining to the subject matter of this Agreement. There are no warranties, conditions,
or representations (including any that may be implied by statute) and there are no agreements in connection with such subject matter
except as specifically set forth or referred to in this Agreement. No reliance is placed on any warranty, representation, opinion,
advice or assertion of fact made either prior to, contemporaneous with, or after entering into this Agreement, or any amendment
or supplement hereto, by any party to this Agreement or its directors, officers, employees or agents, to any other party to this
Agreement or its directors, officers, employees or agents, except to the extent that the same has been reduced to writing and included
as a term of this Agreement, and none of the parties to this Agreement has been induced to enter into this Agreement or any amendment
or supplement hereto by reason of any such warranty, representation, opinion, advice or assertion of fact. Accordingly, there will
be no liability, either in tort or in contract, assessed in relation to any such warranty, representation, opinion, advice or assertion
of fact, except to the extent contemplated above.



- 8 -







1.8           Waiver,
Amendment



Except as expressly provided
in this Agreement, no amendment or waiver of this Agreement will be binding unless executed in writing by the party to be bound
thereby. No waiver of any provision of this Agreement will constitute a waiver of any other provision nor will any waiver of any
provision of this Agreement constitute a continuing waiver unless otherwise expressly provided. A party’s failure or delay
in exercising any right under this Agreement will not operate as a waiver of that right. A single or partial exercise of any right
will not preclude a party from any other or further exercise of that right or the exercise of any other right.



1.9           Governing
Law



This Agreement will be
governed by and interpreted and enforced in accordance with the laws of the Province of Ontario and the federal laws of Canada
applicable therein. Each party irrevocably attorns and submits to the non-exclusive jurisdiction of the Ontario courts situated
in the City of Toronto and waives objection to the venue of any proceeding in such court or any argument that such court provides
an inconvenient forum.



Article 2
APPOINTMENT OF THE Service ProviderS



2.1           Appointment
and Acceptance



2.1.1           Subject
to and in accordance with the terms, conditions and limitations in this Agreement, the Service Recipients hereby appoint the Service
Providers to provide or arrange for other members of the Service Provider Group to provide the Services to the Service Recipients.
This appointment will be subject to each Service Recipient’s Governing Body’s supervision of the Service Providers
and obligation to manage and control the affairs of such Service Recipient.



2.1.2           The
Service Providers hereby accept the appointment provided for in Section 2.1.1 and agree to act in such capacity and to provide
or arrange for other members of the Service Provider Group to provide the Services to the Service Recipients upon the terms, conditions
and limitations in this Agreement.



2.2           Other
Holding Entities



The parties acknowledge
that any Holding Entity that is not a party to this Agreement will execute a counterpart of this Agreement agreeing to be bound
by the terms of this Agreement.



- 9 -







2.3           Other
Service Providers



Any Service Provider
may, from time to time, appoint an Affiliate of Brookfield to act as a new Service Provider under this Agreement, effective upon
the execution of a joinder agreement by the new Service Provider in the form set forth on Schedule B hereto.



2.4           Subcontracting
and Other Arrangements



Any Service Provider
may subcontract to any other member of the Service Provider Group or any of its other Affiliates, or arrange for the provision
of any or all of the Services to be provided by it under this Agreement by any other member of the Service Provider Group or any
other of its Affiliates, and the Service Recipients hereby consent to any such subcontracting or arrangement; provided that the
Service Providers will remain responsible to the Service Recipients for any Services provided by such other member of the Service
Provider Group or Affiliate.



Article 3
SERVICES AND POWERS OF THE Service ProviderS



3.1           Services



The Service Providers
will provide or arrange for the provision by other members of the Service Provider Group of, and will have the exclusive power
and authority to provide or arrange for the provision by other members of the Service Provider Group of, the following services
(the “Services”) to the Service Recipients:



3.1.1           supervising
the carrying out of all day-to-day management, secretarial, accounting, banking, treasury, administrative, liaison, representative,
regulatory and reporting functions and obligations;



3.1.2           providing
overall strategic advice to the Holding Entities including advising with respect to the expansion of their business into new markets;



3.1.3           supervising
the establishment and maintenance of books and records;



3.1.4           identifying
and recommending to the Holding Entities acquisitions or dispositions from time to time and, where requested to do so, assisting
in negotiating the terms of such acquisitions or dispositions;



3.1.5           recommending
and, where requested to do so, assisting in the raising of funds whether by way of debt, equity or otherwise, including the preparation,
review or distribution of any prospectus or offering memorandum in respect thereof and assisting with communications support in
connection therewith;



3.1.6           recommending
to the Holding Entities suitable candidates to serve on the Governing Bodies of the Operating Entities;



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3.1.7           making
recommendations with respect to the exercise of any voting rights to which the Holding Entities are entitled in respect of the
Operating Entities;



3.1.8           making
recommendations with respect to the payment of dividends by the Holding Entities or any other distributions by the Service Recipients,
including distributions by BPY to its unitholders;



3.1.9           monitoring
and/or oversight of the applicable Service Recipient’s accountants, legal counsel and other accounting, financial or legal
advisors and technical, commercial, marketing and other independent experts and managing litigation in which a Service Recipient
is sued or commencing litigation after consulting with, and subject to the approval of, the relevant Governing Body;



3.1.10         attending
to all matters necessary for any reorganization, bankruptcy proceedings, dissolution or winding up of a Service Recipient, subject
to approval by the relevant Governing Body;



3.1.11         supervising
the making of all tax elections, determinations and designations, the timely calculation and payment of taxes payable and the filing
of all tax returns due, by each Service Recipient;



3.1.12         supervising
the preparation of the Service Recipients’ annual consolidated financial statements, quarterly interim financial statements
and other public disclosure;



3.1.13         making
recommendations in relation to and effecting the entry into insurance of each Service Recipient’s assets, together with other
insurances against other risks, including directors and officers insurance, as the relevant member of the Service Provider Group
and the relevant Governing Body may from time to time agree;



3.1.14         arranging
for individuals to carry out the functions of the principal executive, accounting and financial officers for BPY only for purposes
of applicable securities laws;



3.1.15         providing
individuals to act as senior officers of the Holding Entities as agreed from time to time, subject to the approval of the relevant
Governing Body;



3.1.16         providing
advice, when requested, to the Service Recipients regarding the maintenance of compliance with applicable Laws and other obligations;
and



3.1.17         providing
all such other services as may from time to time be agreed with the Service Recipients that are reasonably related to the Service
Recipient’s day-to-day operations.



Notwithstanding any provision
herein to the contrary, all Investment Advisory Services shall be provided by a Service Provider that is registered with the SEC
as an investment adviser (including a Service Provider that is so registered in reliance on the SEC’s American Bar Association
no action letter dated January 18, 2012).



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3.2           Supervision
of the Service Providers’ Activities



The Service Providers
will, at all times, be subject to the supervision of the relevant Service Recipient’s Governing Body and will only provide
or arrange for the provision of such Services as such Governing Body may request from time to time and provided that the relevant
Governing Body shall remain responsible for all investment and divestment decisions made by the Service Recipient.



3.3           Restrictions
on the Service Providers



3.3.1           The
Service Providers will, and will cause any other member of the Service Provider Group to, refrain from taking any action that is
not in compliance with or would violate any Laws or that otherwise would not be permitted by the Governing Instruments of the Service
Recipients. If any Service Provider or any member of the Service Provider Group is instructed to take any action that is not in
such compliance by a Service Recipient’s Governing Body, such person will promptly notify such Governing Body of its judgment
that such action would not comply with or violate any such Laws or otherwise would not be permitted by such Governing Instrument.



3.3.2           In
performing its duties under this Agreement, each member of the Service Provider Group will be entitled to rely in good faith on
qualified experts, professionals and other agents (including on accountants, appraisers, consultants, legal counsel and other,
professional advisors) and will be permitted to rely in good faith upon the direction of a Service Recipient’s Governing
Body to evidence any approvals or authorizations that are required under this Agreement. All references in this Agreement to the
Service Recipients or Governing Body for the purposes of instructions, approvals and requests to the Service Providers will refer
to the Governing Body.



3.4           Errors
and Omissions Insurance



The Service Providers
will, and will cause, any other member of the Service Provider Group to, at all times during the term of this Agreement maintain
“errors and omissions” insurance coverage and other insurance coverage which is customarily carried by Persons performing
functions that are similar to those performed by the members of the Service Provider Group under this Agreement and in an amount
which is comparable to that which is customarily maintained by such other Persons.



3.5           Responsibility
for Certain Services



Notwithstanding
any provision herein to the contrary:



3.5.1           the
US Service Provider, the US Service Provider II and, subject to the remainder of this Section 3.5, the UK Service Provider
shall be responsible for the provision of Services to BPY and the Property Partnership and the Canadian Service Provider shall
not be responsible for the provision of any Services to BPY and the Property Partnership;



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3.5.2           the
US Service Provider, the US Service Provider II and any other Affiliate of Brookfield that is appointed by the US Service Provider,
the US Service Provider II or such Affiliate pursuant to Section 2.3 shall be responsible for the provision of the Services described
in Sections 3.1.1, 3.1.3, 3.1.5, 3.1.8-3.1.12 and 3.1.17 to BPY and the Property Partnership and the UK Service Provider shall
not be responsible for the provision of, nor shall it provide, any such Services;



3.5.3           the
US Service Provider, the US Service Provider II and any other Affiliate of Brookfield that is appointed by the US Service Provider,
the US Service Provider II or such Affiliate pursuant to Section 2.3 shall be responsible for the provision of the Services to
any Service Recipient that is not (i) an Affiliate of the UK Service Provider, or (ii) acting as principal, and the UK Service
Provider shall not be responsible for the provision of, nor shall it provide, any such Services; and



3.5.4           anyServices provided to the Property Partnership in connection with any securities, whether equity or debt, of CanHoldco that
are held by the Property Partnership shall be provided by the US Service Provider or the US Service Provider II or an Affiliate
of either the US Service Provider or the US Service Provider II that is not resident in Canada with whom the US Service Provider
or the US Service Provider II, as the case may be, has made arrangements for the provision of such Services or to whom the US Service
Provider or the US Service Provider II, as the case may be, has subcontracted the provision of such Services.



Article 4
RELATIONSHIP BETWEEN THE Service ProviderS AND THE SERVICE RECIPIENTS



4.1           Other
Activities



Subject to the terms
of the Relationship Agreement, no member of the Service Provider Group (and no Affiliate, director, officer, member, partner, shareholder
or employee of any member of the Service Provider Group) will be prohibited from engaging in other business activities or sponsoring,
or providing services to, third parties that compete directly or indirectly with the Service Recipients.



4.2           Exclusivity



The Service Recipients
will not, during the term of this Agreement, engage any other Person to provide any services comparable to the Services without
the prior written consent of the Service Providers, which may be withheld in the absolute discretion of the Service Providers.



4.3           Independent
Contractor, No Partnership, Joint Venture or Agency



The parties acknowledge
that the Service Providers are providing or arranging for the provision of the Services hereunder as independent contractors and
that the Service Recipients and the Service Providers are not partners or joint venturers with or agents of each other, and nothing
herein will be construed so as to make them partners, joint venturers or agents or impose any liability as such on any of them
as a result of this Agreement; provided however that nothing herein will be construed so as to prohibit the Service Recipients
and the Service Providers from embarking upon an investment together as partners, joint venturers or in any other manner whatsoever.



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Article 5

MANAGEMENT
AND EMPLOYEES



5.1           Management
and Employees



5.1.1           The
Service Providers will arrange, or will arrange for another member of the Service Provider Group to arrange, for such qualified
personnel and support staff to be available to carry out the Services. Such personnel and support staff will devote such of their
time to the provision of the Services to the Service Recipients as the relevant member of the Service Provider Group reasonably
deems necessary and appropriate in order to fulfill its obligations hereunder. Such personnel and support staff need not have as
their primary responsibility the provision of the Services to the Service Recipients or be dedicated exclusively to the provision
of the Services to the Service Recipients.



5.1.2           Each
of the Service Recipients will do all things reasonably necessary on its part as requested by any member of the Service Provider
Group consistent with the terms of this Agreement to enable the members of the Service Provider Group to fulfill their obligations,
covenants and responsibilities and to exercise their rights pursuant to this Agreement, including making available to the Service
Provider Group, and granting the Service Provider Group access to, the employees and contractors of the Service Recipients as any
member of the Service Provider Group may from time to time request.



5.2           Compensation
Charges



5.2.1           The
parties acknowledge and agree that it may be desirable for employees and other personnel of any member of the BPY Group or the
Brookfield Group to provide services not included in the Services to a member of the other group. In these cases, all or a portion
of the compensation (including cash, options or other security-based compensation) paid or payable to employees or other personnel
who devote a portion of their time to the provision of services to the other group may be allocated to a member of such other group
(a “Compensation Charge”).



5.2.2           At
the end of each calendar year, Brookfield and BPY agree to negotiate in good faith the terms of any Compensation Charge in respect
of that calendar year; provided that the amount of any Compensation Charge allocated to a member of the BPY Group must be approved
by the governance and nominating committee of the BPY General Partner.



Article 6
INFORMATION and records



6.1           Books
and Records



6.1.1           The
Service Providers will, or will cause any other member of the Service Provider Group to, as applicable, maintain proper books,
records and documents in which complete, true and correct entries, in conformity in all material respects with generally accepted
accounting principles and all requirements of applicable Laws, will be made.



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6.1.2           The
Service Recipients will maintain proper books, records and documents in which complete, true and correct entries, in conformity
in all material respects with generally accepted accounting principles and all requirements of applicable Laws, will be made.



6.2           Examination
of Records by the Service Recipients



Upon reasonable prior
notice by the Service Recipients to the relevant member of the Service Provider Group, the relevant member of the Service Provider
Group will make available to the Service Recipients and their authorized representatives, for examination during normal business
hours on any Business Day, all books, records and documents required to be maintained under Section 6.1.1. In addition, the
Service Provider Group will make available to the Service Recipients or their authorized representatives such financial and operating
data in respect of the performance of the Services under this Agreement as may be in existence and as the Service Recipients or
their authorized representatives may from time to time reasonably request, including for the purposes of conducting any audit in
respect of expenses of the Service Recipients or other matters necessary or advisable to be audited in order to conduct an audit
of the financial affairs of the Service Recipients. Any examination of records will be conducted in a manner which will not unduly
interfere with the conduct of the Service Recipients’ activities or of the Service Provider Group’s business in the
ordinary course.



6.3           Access
to Information by Service Provider Group



6.3.1           The
Service Recipients will:



6.3.1.1           grant,
or cause to be granted, to the Service Provider Group full access to all documentation and information, including all of the books,
records, documents and financial and operating data of the Service Recipients required to be maintained under Section 6.1.2,
necessary in order for the Service Provider Group to perform its obligations, covenants and responsibilities pursuant to the terms
hereof and to enable the Service Provider Group to provide the Services; and



6.3.1.2           provide,
or cause to be provided, all documentation and information as may be reasonably requested by any member of the Service Provider
Group, and promptly notify the appropriate member of the Service Provider Group of any material facts or information of which the
Service Recipients is aware, including any known, pending or threatened suits, actions, claims, proceedings or orders by or against
any member of the BPY Group before any Governmental Authority, that may affect the performance of the obligations, covenants or
responsibilities of the Service Provider Group pursuant to this Agreement, including the maintenance of proper financial records.



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6.4           Additional
Information



The parties acknowledge
and agree that conducting the activities and providing the Services contemplated herein may have the incidental effect of providing
additional information which may be utilized with respect to, or may augment the value of, business interests and related assets
in which any member of the Service Provider Group or any of its Affiliates has an interest and that, subject to compliance with
this Agreement, none of the members of the Service Provider Group or any of their respective Affiliates will be liable to account
to the Service Recipients with respect to such activities or results; provided, however, that the relevant member of the Service
Provider Group will not (and will cause its Affiliates not to), in making any use of such additional information, do so in any
manner that the relevant member of the Service Provider Group or any of its Affiliates knows, or ought reasonably to know, would
cause or result in a breach of any confidentiality provision of agreements to which any Service Recipient is a party or is bound.



Article 7

FEES
AND EXPENSES



7.1           Base
Management Fee



7.1.1           The
Service Recipients hereby agree to pay as provided by this Article 7, during the term of this Agreement, the Base Management
Fee, quarterly in arrears.



7.1.2           The
amount of the Base Management Fee payable hereunder for any Quarter will be reduced by the full amount of any fees paid in or payable
for a Quarter by a Service Recipient pursuant to a Service Agreement, to the extent that such amounts have not previously reduced
the amount of the Base Management Fee in a previous Quarter.



7.1.3           For
the purposes of Section 7.1.2 hereof, if a payment pursuant to a Service Agreement was denominated in a currency other than
U.S. dollars, the amount of such payment will be converted to U.S. dollars for purposes of this Agreement in accordance with the
applicable exchange rate, as determined by the Service Providers acting reasonably.



7.2           Computation
and Payment of Base Management Fee



7.2.1           The
Service Providers or another member of the Service Provider Group will compute each instalment and allocation of the Base Management
Fee as soon as practicable, but in any event no later than five Business Days, following the end of the Quarter with respect to
which such instalment is payable. A copy of the computations and allocations made will thereafter, for informational purposes only,
promptly be delivered to each Service Recipient by the relevant member of the Service Provider Group upon request. Payment of the
Base Management Fee for any Quarter (whether in cash, Units, Redemption-Exchange Units or any combination of the foregoing) will
be due and payable no later than the 45th day following the end of such Quarter.



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7.2.2           For
any Quarter in which the BPY General Partner determines that the Service Recipients have insufficient Available Cash to pay the
Base Management Fee as well as the next regular distribution on Units, the Service Recipients may elect to pay all or a portion
of the Base Management Fee payable in such Quarter in Units or Redemption-Exchange Units, provided that (i) any such election will
be made within 45 days following the end of the applicable Quarter, and (ii) no such payment will be made in Redemption-Exchange
Units without the written consent of the Service Providers. If the Service Recipients elect to pay all or a portion of the Base
Management Fee in Units or Redemption-Exchange Units, BPY or the Property Partnership, as applicable, will issue, and the applicable
Service Provider hereby agrees to acquire, Units or Redemption-Exchange Units, as applicable, equal to the portion of the Base
Management Fee elected to be paid in Units or Redemption-Exchange Units divided by the Fair Market Value of a Unit on the date
the Service Recipients make such election (provided that no fractional Units or Redemption-Exchange Units will be issued, and such
number will be rounded down to the nearest whole number with the remainder payable to the Service Providers in cash). In such case,
BPY or the Property Partnership, as applicable, shall apply such payment against the subscription price for such Units or Redemption-Exchange
Units, as applicable.



7.2.3           If
the Service Recipients elect to pay all or any portion of the Base Management Fee for any Quarter in Units or Redemption-Exchange
Units, the Service Recipients will take or cause to be taken all appropriate action to issue such Units or Redemption-Exchange
Units, as applicable, including any action required to ensure that such Units or Redemption-Exchange Units, as applicable, are
issued in accordance with applicable Laws and listed on any applicable stock exchanges and public quotation systems.



7.3           Failure
to Pay When Due



Any amount payable by
any Service Recipient to any member of the Service Provider Group hereunder which is not remitted when so due will remain due (whether
on demand or otherwise) and interest will accrue on such overdue amounts (both before and after judgment) at a rate per annum equal
to the Interest Rate.



7.4           Amendment
to the Fee Amount



The parties acknowledge
and agree that it may be desirable to increase the Fee Amount from time to time. The parties agree to negotiate in good faith the
amount of such increase, which increase (i) may only be made if Property Special LP is then entitled to receive an equity enhancement
distribution under the limited partnership agreement of the Property Partnership (the “Equity Enhancement Distribution”),
and (ii) will only be payable in a Quarter if and to the extent that the increase does not result in a net increase in the Equity
Enhancement Distribution and the adjusted Base Management Fee when taken together (as compared to the Equity Enhancement Distribution
and Base Management Fee ignoring such increase).



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7.5           Expenses



7.5.1           The
Service Providers acknowledge and agree that the Service Recipients will not be required to reimburse any member of the Service
Provider Group for the salaries and other remuneration of the management, personnel or support staff who provide the Services to
such Service Recipients or overhead for such persons, other than as contemplated by Section 5.2.



7.5.2           Each
of the Service Recipients will reimburse the relevant member of the Service Provider Group for all out-of-pocket fees, costs and
expenses, including those of any third party (other than those contemplated by Section 7.5.1) (“Expenses”),
incurred by the relevant member of the Service Provider Group in connection with the provision of the Services. Such Expenses are
expected to include, among other things:



7.5.2.1           fees,
costs and expenses relating to any debt or equity financing;



7.5.2.2           fees,
costs and expenses incurred in connection with the general administration of any Service Recipient;



7.5.2.3           taxes,
licenses and other statutory fees or penalties levied against or in respect of a Service Recipient in respect of Services;



7.5.2.4           amounts
owed by the relevant member of the Service Provider Group under indemnification, contribution or similar arrangements;



7.5.2.5           fees,
costs and expenses relating to financial reporting, regulatory filings and investor relations and the fees, costs and expenses
of agents, advisors and other Persons who provide Services to a Service Recipient;



7.5.2.6           any
other fees, costs and expenses incurred by the relevant member of the Service Provider Group that are reasonably necessary for
the performance by the relevant member of the Service Provider Group of its duties and functions under this Agreement; and



7.5.2.7           fees,
costs and expenses incurred in connection with the investigation, acquisition, holding or disposal of any asset or business that
is made or that is proposed to be made.



7.6           Governmental
Charges



Without limiting Section
7.5, the Service Recipients will pay or reimburse the relevant member of the Service Provider Group for all sales taxes, use taxes,
value added taxes, goods and services taxes, harmonized sales taxes, withholding taxes or other similar taxes, customs duties or
other governmental charges (“Governmental Charges”) that are levied or imposed by any Governmental Authority
by reason of this Agreement or the fees or other amounts payable hereunder, except for any income taxes, corporation taxes, capital
taxes or other similar taxes payable by any member of the Service Provider Group which are personal to such member of the Service
Provider Group. Any failure by the Service Provider Group to collect monies on account of these Governmental Charges will not constitute
a waiver of the right to do so.



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7.7           Computation
and Payment of Expenses and Governmental Charges



From time to time the
Service Providers will, or will cause the other members of the Service Provider Group to, prepare statements (each an “Expense
Statement”) documenting the Expenses and Governmental Charges to be reimbursed by the Service Recipients pursuant to
this Article 7 and will deliver such statements to the relevant Service Recipient. All Expenses and Governmental Charges reimbursable
pursuant to this Article 7 will be reimbursed by the relevant Service Recipient no later than the date which is 30 days after
the receipt of an Expense Statement. The provisions of this Section 7.7 will survive the termination of this Agreement.



Article 8

Brookfield’s
obligation



Brookfield’s sole
obligation pursuant to this Agreement will be to use its commercially reasonable efforts to cause its Subsidiaries (other than
any member of the BPY Group) to provide Services to the Service Recipients, as applicable, in accordance with the direction of
the Service Providers. Brookfield’s obligations pursuant to this Article 8 shall terminate at such time that all of
the Service Providers cease to be Affiliates of Brookfield.



Article 9

REPRESENTATIONS
and WARRANTIES

Of
THE Service Providers AND THE SERVICE RECIPIENTS



9.1           Representations
and Warranties of the Service Providers



Each of the Service Providers
(or, as applicable, its general partner on its behalf) hereby represents and warrants to the Service Recipients that:



9.1.1           it
(and, as applicable, its general partner) is validly organized and existing under the Laws governing its formation and existence;



9.1.2           it,
or another member of the Service Provider Group, holds such Permits necessary to perform its obligations hereunder and is not aware
of any reason why such Permits might be cancelled;



9.1.3           it
(or, as applicable, its general partner on its behalf) has the power, capacity and authority to enter into this Agreement and to
perform its duties and obligations hereunder;



9.1.4           it
(or, as applicable, its general partner) has taken all necessary action to authorize the execution, delivery and performance of
this Agreement;



9.1.5           the
execution and delivery of this Agreement by it (or, as applicable, its general partner on its behalf) and the performance by it
of its obligations hereunder do not and will not contravene, breach or result in any default under its Governing Instruments (or,
as applicable, the Governing Instruments of its general partner), or under any mortgage, lease, agreement or other legally binding
instrument, Permit or applicable Law to which it is a party or by which it or any of its properties or assets may be bound;



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9.1.6           no
authorization, consent or approval, or filing with or notice to any Person is required in connection with the execution, delivery
or performance by it (or, as applicable, its general partner on its behalf) of this Agreement; and



9.1.7           this
Agreement constitutes a valid and legally binding obligation of it enforceable against it in accordance with its terms, subject
to: (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application
limiting the enforcement of creditors’ rights and remedies generally; and (ii) general principles of equity, including
standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of
equitable remedies, whether such principles are considered in a proceeding at law or in equity.



9.2           Representations
and Warranties of the Service Recipients



Each of the Service Recipients
(or, as applicable, its general partner on its behalf) hereby represents and warrants to the Service Providers that:



9.2.1           it
(and, as applicable, its general partner) is validly organized and existing under the Laws governing its formation and existence;



9.2.2           it,
or the relevant Operating Entity, holds such Permits necessary to own and operate the assets that it directly or indirectly owns
or operates from time to time and is not aware of any reason why such Permits might be cancelled;



9.2.3           it
(or, as applicable, its general partner on its behalf) has the power, capacity and authority to enter into this Agreement and to
perform its duties and obligations hereunder;



9.2.4           it
(or, as applicable, its general partner) has taken all necessary action to authorize the execution, delivery and performance of
this Agreement;



9.2.5           the
execution and delivery of this Agreement by it (or, as applicable, its general partner on its behalf) and the performance by it
of its obligations hereunder do not and will not contravene, breach or result in any default under its Governing Instruments (or,
if applicable, the Governing Instruments of its general partner), or under any mortgage, lease, agreement or other legally binding
instrument, Permit or applicable Law to which it is a party or by which any of its properties or assets may be bound;



9.2.6           no
authorization, consent or approval, or filing with or notice to any Person is required in connection with the execution, delivery
or performance by it (or, as applicable, its general partner on its behalf) of this Agreement; and



9.2.7           this
Agreement constitutes a valid and legally binding obligation of it enforceable against it in accordance with its terms, subject
to: (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application
limiting the enforcement of creditors’ rights and remedies generally; and (ii) general principles of equity, including
standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of
equitable remedies, whether such principles are considered in a proceeding at law or in equity.



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Article 10

LIABILITY
AND INDEMNIFICATION



10.1         Indemnity



10.1.1           The
Service Recipients (for the purposes of this Article 10, each an “Indemnifying Party”) hereby jointly and
severally agree, to the fullest extent permitted by applicable Laws, to indemnify and hold harmless each member of the Service
Provider Group, any of its Affiliates (other than any member of the BPY Group) and any directors, officers, agents, subcontractors,
contractors, delegates, members, partners, shareholders, employees and other representatives of each of the foregoing (each, an
“Indemnified Party”) from and against any claims, liabilities, losses, damages, costs or expenses (including
legal fees) (“Liabilities”) incurred by them or threatened in connection with any and all actions, suits, investigations,
proceedings or claims of any kind whatsoever, whether arising under statute or action of a Governmental Authority or otherwise
or in connection with the business, investments and activities of the Service Recipients or in respect of or arising from this
Agreement or the Services provided hereunder (“Claims”), including any Claims arising on account of the Governmental
Charges contemplated by Section 7.6; provided that no Indemnified Party will be so indemnified with respect to any Claim to the
extent that such Claim is finally determined by a final and non-appealable judgment entered by a court of competent jurisdiction,
or pursuant to a settlement agreement agreed to by such Indemnified Party, to have resulted from such Indemnified Party’s
bad faith, fraud, wilful misconduct, gross negligence or, in the case of a criminal matter, conduct undertaken with knowledge that
the conduct was unlawful.



10.1.2           The
Service Providers and the Service Recipients agree that if any action, suit, investigation, proceeding or Claim is made or brought
by any third party with respect to which an Indemnifying Party is obligated to provide indemnification under this Agreement (a
“Third Party Claim”), the Indemnified Party will have the right to employ its own counsel in connection therewith,
and the reasonable fees and expenses of such counsel, as well as the reasonable costs (excluding an amount reimbursed to such Indemnified
Party for the time spent in connection therewith) and out of pocket expenses incurred in connection therewith will be paid by the
Indemnifying Party in such case, as incurred but subject to recoupment by the Indemnifying Party if ultimately it is not liable
to pay indemnification hereunder.



10.1.3           The
Service Providers and the Service Recipients agree that, promptly after the receipt of notice of the commencement of any Third
Party Claim, the Indemnified Party in such case will notify the Indemnifying Party in writing of the commencement of such Third
Party Claim (provided that any accidental failure to provide any such notice will not prejudice the right of any such Indemnified
Party hereunder) and, throughout the course of such Third Party Claim, such Indemnified Party will use its best efforts to provide
copies of all relevant documentation to such Indemnifying Party and will keep the Indemnifying Party apprised of the progress thereof
and will discuss with the Indemnifying Party all significant actions proposed.



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10.1.4           The
parties hereto expressly acknowledge and agree that the right to indemnity provided in this Section 10.1 will be in addition to
and not in derogation of any other liability which the Indemnifying Party in any particular case may have or of any other right
to indemnity or contribution which any Indemnified Party may have by statute or otherwise at law.



10.1.5           The
indemnity provided in this Section 10.1 will survive the completion of Services rendered under, or any termination or purported
termination of, this Agreement.



10.2         Limitation
of Liability



10.2.1           The
Service Providers assume no responsibility under this Agreement other than to render the Services in good faith and will not be
responsible for any action of a Service Recipient’s Governing Body in following or declining to follow any advice or recommendations
of the relevant member of the Service Provider Group, including as set forth in Section 3.2 hereof.



10.2.2           The
Service Recipients hereby agree that no Indemnified Party will be liable to a Service Recipient, a Service Recipient’s Governing
Body (including, for greater certainty, a director or officer of a Service Recipient or another individual with similar function
or capacity) or any security holder or partner of a Service Recipient for any Liabilities that may occur as a result of any acts
or omissions by the Indemnified Party pursuant to or in accordance with this Agreement, except to the extent that such Liabilities
are finally determined by a final and non-appealable judgment entered by a court of competent jurisdiction to have resulted from
the Indemnified Party’s bad faith, fraud, wilful misconduct, gross negligence, or in the case of a criminal matter, conduct
undertaken with knowledge that the conduct was unlawful.



10.2.3           The
maximum amount of the aggregate liability of the Indemnified Parties pursuant to this Agreement will be equal to the amounts previously
paid in respect of Services pursuant to this Agreement in the two most recent calendar yearsby the Service Recipients pursuant
to Article 7.



10.2.4           For
the avoidance of doubt, the provisions of this Section 10.2 will survive the completion of the Services rendered under, or any
termination or purported termination of, this Agreement.



10.3         Benefit
to all Indemnified Parties



The Service Recipients
hereby constitute the Service Providers as trustees for each of the Indemnified Parties of the covenants of the Service Recipients
under this Article 10 with respect to such Indemnified Parties and the Service Providers hereby accept such trust and agree
to hold and enforce such covenants on behalf of the Indemnified Parties.



10.4         No
Waiver



U.S. federal and state
securities laws impose liabilities under certain circumstances on Persons who act in good faith; nothing herein shall constitute
a waiver or limitation of any rights which the Service Recipients may have, if any, under any applicable U.S. federal and state
securities laws.



- 22 -







Article 11

TERM
AND TERMINATION



11.1         Term



This Agreement will continue
in full force and effect, in perpetuity, until terminated in accordance with Section 11.2 or Section 11.3.



11.2         Termination
by the Service Recipients



11.2.1           The
Service Recipients may, subject to Section 11.2.2, terminate this Agreement effective upon written notice of termination to the
Service Providers without payment of any termination fee if:



11.2.1.1           any
of the Service Providers defaults in the performance or observance of any material term, condition or agreement contained in this
Agreement in a manner that results in material harm to the Service Recipients and such default continues for a period of 60 days
after written notice thereof specifying such default and requesting that the same be remedied in such 60-day period; provided,
however, that if the fact, circumstance or condition that is the subject of such obligation cannot reasonably be remedied within
such 60-day period and if, within such period, the Service Providers provide reasonable evidence to the Service Recipients that
they have commenced, and thereafter proceed with all due diligence, to remedy the fact, circumstance or condition that is the subject
of such obligation, such period will be extended for a reasonable period satisfactory to the Service Recipients, acting reasonably,
for the Service Providers to remedy the same;



11.2.1.2           any
of the Service Providers engages in any act of fraud, misappropriation of funds or embezzlement against any Service Recipient that
results in material harm to the Service Recipients;



11.2.1.3           there
is an event of any gross negligence on the part of any of the Service Providers in the performance of its obligations under this
Agreement and such gross negligence results in material harm to the Service Recipients; or



11.2.1.4           each
of the Service Providers makes a general assignment for the benefit of its creditors, institutes proceedings to be adjudicated
voluntarily bankrupt, consents to the filing of a petition of bankruptcy against it, is adjudicated by a court of competent jurisdiction
as being bankrupt or insolvent, seeks reorganization under any bankruptcy law or consents to the filing of a petition seeking such
reorganization or has a decree entered against it by a court of competent jurisdiction appointing a receiver liquidator, trustee
or assignee in bankruptcy or in insolvency.



- 23 -







11.2.2           This
Agreement may only be terminated pursuant to Section 11.2.1 by the BPY General Partner on behalf of BPY with the prior unanimous
approval of the members of the Independent Committee.



11.2.3           Each
of the Service Recipients hereby agrees and confirms that this Agreement may not be terminated due solely to the poor performance
or underperformance of any of the BPY Group’s operations or any investment made by any member of the BPY Group on the recommendation
of any member of the Service Provider Group.



11.3         Termination
by the Service Providers



11.3.1           The
Service Providers may terminate this Agreement effective upon written notice of termination to the Service Recipients without payment
of any termination fee if:



11.3.1.1           any
Service Recipient defaults in the performance or observance of any material term, condition or agreement contained in this Agreement
in a manner that results in material harm to the Service Providers and such default continues for a period of 60 days after
written notice thereof specifying such default and requesting that the same be remedied in such 60-day period; provided, however,
that if the fact, circumstance or condition that is the subject of such obligation cannot reasonably be remedied within such 60-day
period and if, within such period, the Service Recipients provide reasonable evidence to the Service Providers that they have commenced,
and thereafter proceed with all due diligence, to remedy the fact, circumstance or condition that is the subject of such obligation,
such period will be extended for a reasonable period satisfactory to the Service Providers, acting reasonably, for the Service
Recipients to remedy the same; or



11.3.1.2           any
Service Recipient makes a general assignment for the benefit of its creditors, institutes proceedings to be adjudicated voluntarily
bankrupt, consents to the filing of a petition of bankruptcy against it, is adjudicated by a court of competent jurisdiction as
being bankrupt or insolvent, seeks reorganization under any bankruptcy law or consents to the filing of a petition seeking such
reorganization or has a decree entered against it by a court of competent jurisdiction appointing a receiver liquidator, trustee
or assignee in bankruptcy or in insolvency.



11.4         Survival
Upon Termination



If this Agreement is
terminated pursuant to this Article 11, such termination will be without any further liability or obligation of any party
hereto, except as provided in Section 6.4, Section 7.3, Section 7.7, Article 10, Section 11.5 and Section 11.6.



11.5         Action
Upon Termination



11.5.1           From
and after the effective date of the termination of this Agreement, the Service Providers will not be entitled to receive the Base
Management Fee for further Services under this Agreement, but will be paid all compensation accruing to and including the date
of termination.



- 24 -







11.5.2           Upon
any termination of this Agreement, the Service Providers will forthwith:



11.5.2.1           after
deducting any accrued compensation and reimbursements for any Expenses to which it is then entitled, pay over to the Service Recipients
all money collected and held for the account of the Service Recipients pursuant to this Agreement;



11.5.2.2           deliver
to the Service Recipients’ Governing Bodies a full accounting, including a statement showing all payments collected by it
and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Governing
Bodies with respect to the Service Recipients; and



11.5.2.3           deliver
to the Service Recipients’ Governing Bodies all property and documents of the Service Recipients then in the custody of the
Service Provider Group.



11.6         Release
of Money or other Property Upon Written Request



The Service
Providers hereby agree that any money or other property of the Service Recipients or their Subsidiaries held by the Service Provider
Group under this Agreement will be held by the relevant member of the Service Provider Group as custodian for such Person, and
the relevant member of the Service Provider Group’s records will be appropriately marked clearly to reflect the ownership
of such money or other property by such Person. Upon the receipt by the relevant member of the Service Provider Group of a written
request signed by a duly authorized representative of a Service Recipient requesting the relevant member of the Service Provider
Group to release to the Service Recipient any money or other property then held by the relevant member of the Service Provider
Group for the account of such Service Recipient under this Agreement, the relevant member of the Service Provider Group will release
such money or other property to the Service Recipient within a reasonable period of time, but in no event later than 60 days
following such request. The relevant member of the Service Provider Group will not be liable to any Service Recipient, a Service
Recipient’s Governing Body or any other Person for any acts performed or omissions to act by a Service Recipient in connection
with the money or other property released to the Service Recipient in accordance with the second sentence of this Section 11.6.
Each Service Recipient will indemnify and hold harmless the relevant member of the Service Provider Group, any of its Affiliates
(other than any member of the BPY Group) and any directors, officers, agents, subcontractors, delegates, members, partners, shareholders,
employees and other representatives of each of the foregoing from and against any and all Liabilities which arise in connection
with the relevant member of the Service Provider Group’s release of such money or other property to the Service Recipient
in accordance with the terms of this Section 11.6. Indemnification pursuant to this provision will be in addition to any right
of such Persons to indemnification under Section 10.1 hereof. For the avoidance of doubt, the provisions of this Section 11.6
will survive termination of this Agreement. The Service Recipients hereby constitute the Service Providers as trustees for each
Person entitled to indemnification pursuant to this Section 11.6 of the covenants of the Service Recipients under this Section
11.6 with respect to such Persons and the Service Providers hereby accept such trust and agree to hold and enforce such covenants
on behalf of such Persons.



- 25 -







Article 12

GENERAL
PROVISIONS



12.1         Limited
Liability of Limited Partners



The parties acknowledge
that each of BPY and the Property Partnership is a limited partnership, a limited partner of which is liable for any liabilities
or losses of the relevant partnership only to the extent of the amount that such limited partner has contributed, or agreed to
contribute, to the capital of the relevant partnership and such limited partner’s pro rata share of any undistributed
income.



12.2         Assignment



12.2.1           This
Agreement will not be assigned by the Service Providers without the prior written consent of BPY, except in the case of assignment
by any of the Service Providers to an Affiliate or to a Person that is its successor by merger, amalgamation or acquisition of
the business of the Service Provider, in which case the Affiliate or successor will be bound under this Agreement and by the terms
of the assignment in the same manner as such Service Provider is bound under this Agreement, and, in each case, such Service Provider
and, if the assignee is not an Affiliate of Brookfield, Brookfield will be fully and forever released from all obligations arising
under this Agreement with respect to such Service Providerother than those obligations that have arisen prior to such assignment
taking effect.In addition, provided that the Service Providers provide prior written notice to the Service Recipients for
informational purposes only, nothing contained in this Agreement will preclude any pledge, hypothecation or other transfer or assignment
of any of the Service Providers’ rights under this Agreement, including any amounts payable to the Service Providers under
this Agreement, to a bona fide lender as security. In addition, nothing contained in this Section 12.2.1 will affect the Service
Providers’ ability to enter into subcontracting and other arrangements pursuant to Section 2.4.



12.2.2           Notwithstanding
Section 12.2.1, this Agreement will not be assigned (within the meaning of the Advisers Act) by any Service Provider that is registered
with the SEC as an investment adviser without the prior written consent of BPY.



12.2.3           This
Agreement will not be assigned by any of the Service Recipients without the prior written consent of the Service Providers, except
in the case of assignment by a Service Recipient to a Person that is its successor by merger, amalgamation or acquisition of the
business of the Service Recipient, in which case the successor will be bound under this Agreement and by the terms of the assignment
in the same manner as the Service Recipient is bound under this Agreement, and, in each case, such Service Recipient will be fully
and forever released from all obligations arising under this Agreement other than those obligations that have arisen prior to such
assignment taking effect.



- 26 -







12.2.4           Any
purported assignment of this Agreement in violation of this Section 12.2 will be null and void.



12.3         Enurement



This Agreement will enure
to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.



12.4         Notices



Any notice or other communication
required or permitted to be given hereunder will be in writing and will be given by prepaid first-class mail, by facsimile or other
means of electronic communication or by hand-delivery as hereinafter provided. Any such notice or other communication, if mailed
by prepaid first-class mail at any time other than during a general discontinuance of postal service due to strike, lockout or
otherwise, will be deemed to have been received on the fourth Business Day after the post-marked date thereof, or if sent
by facsimile or other means of electronic communication, will be deemed to have been received on the Business Day following the
sending, or if delivered by hand will be deemed to have been received at the time it is delivered to the applicable address noted
below either to the individual designated below or to an individual at such address having apparent authority to accept deliveries
on behalf of the addressee. Notice of change of address will also be governed by this section. In the event of a general discontinuance
of postal service due to strike, lock-out or otherwise, notices or other communications will be delivered by hand or sent by facsimile
or other means of electronic communication and will be deemed to have been received in accordance with this section. Notices and
other communications will be addressed as follows:



|12.4.1 |            |  | if to BPY:                          
|------ | ---------- |  | ------------------------------------
|       |            |  |                                     
|       |            |  | Brookfield Property Partners Limited
|       |            |  | 73 Front Street                     
|       |            |  | Hamilton HM 12                      
|       |            |  | Bermuda                             
|       |            |  |                                     
|       | Attention: |  | Secretary                           
|       |            |  |                                     
|12.4.2 |            |  | if to the Property Partnership:     
|       |            |  |                                     
|       |            |  | Brookfield Property Partners Limited
|       |            |  | 73 Front Street                     
|       |            |  | Hamilton HM 12                      
|       |            |  | Bermuda                             
|       |            |  |                                     
|       | Attention: |  | Secretary                           



- 27 -







|12.4.3 |            |  | if to Brookfield:                                                                                                                                    
|------ | ---------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------
|       |            |  |                                                                                                                                                      
|       |            |  | Brookfield Asset Management Inc.                                                                                                                     
|       |            |  | Suite 300, Brookfield Place                                                                                                                          
|       |            |  | 181 Bay Street, Box 762,                                                                                                                             
|       |            |  | Toronto, Ontario                                                                                                                                     
|       |            |  | M5J 2T3                                                                                                                                              
|       |            |  |                                                                                                                                                      
|       | Attention: |  | Vice President, Legal Affairs                                                                                                                        
|       |            |  |                                                                                                                                                      
|12.4.4 |            |  | if to the UK Service Provider:                                                                                                                       
|       |            |  |                                                                                                                                                      
|       |            |  | Brookfield Global Property Advisor Limited                                                                                                           
|       |            |  | 23 Hanover Square                                                                                                                                    
|       |            |  | London, England                                                                                                                                      
|       |            |  | W1S 1JB                                                                                                                                              
|       |            |  |                                                                                                                                                      
|       | Attention: |  | Secretary                                                                                                                                            
|       |            |  |                                                                                                                                                      
|12.4.5 |            |  | if to the US Service Provider:                                                                                                                       
|       |            |  |                                                                                                                                                      
|       |            |  | Brookfield Property Group LLC                                                                                                                        
|       |            |  | Brookfield Place                                                                                                                                     
|       |            |  | 250 Vesey Street, 15th Floor                                                                                                                         
|       |            |  | New York, New York                                                                                                                                   
|       |            |  | 10281-1023                                                                                                                                           
|       |            |  |                                                                                                                                                      
|       | Attention: |  | Secretary                                                                                                                                            
|       |            |  |                                                                                                                                                      
|12.4.6 |            |  | if to the US Service Provider II:                                                                                                                    
|       |            |  |                                                                                                                                                      
|       |            |  | Brookfield Asset Management Private Institutional Capital Adviser US, LLC                                                                            
|       |            |  | Brookfield Place                                                                                                                                     
|       |            |  | 250 Vesey Street, 15th Floor                                                                                                                         
|       |            |  | New York, New York                                                                                                                                   
|       |            |  | 10281-1023                                                                                                                                           
|       |            |  |                                                                                                                                                      
|       | Attention: |  | Secretary                                                                                                                                            
|       |            |  |                                                                                                                                                      
|12.4.7 |            |  | if to the Canadian Service Provider:                                                                                                                 
|       |            |  |                                                                                                                                                      
|       |            |  | BPG Holdings Group Inc.                                                                                                                              
|       |            |  | Suite 300, Brookfield Place                                                                                                                          
|       |            |  | 181 Bay Street, Box 762,                                                                                                                             
|       |            |  | Toronto, Ontario                                                                                                                                     
|       |            |  | M5J 2T3                                                                                                                                              
|       |            |  |                                                                                                                                                      
|       | Attention: |  | President                                                                                                                                            
|       |            |  |                                                                                                                                                      
|12.4.8 |            |  | if to any new Service Provider appointed pursuant to Section 2.3, at the address listed in the joinder agreement executed by the new Service Provider



- 28 -







12.4.9           if
to any of the Holding Entities, at the applicable address listed on Schedule A hereto



or to such other addresses
as a party may from time to time notify the others in accordance with this Section 12.4.



12.5         Further
Assurances



Each of the parties hereto
will promptly do, make, execute or deliver, or cause to be done, made, executed or delivered, all such further acts, documents
and things as the other party hereto may reasonably require from time to time for the purpose of giving effect to this Agreement
and will use reasonable efforts and take all such steps as may be reasonably within its power to implement to their full extent
the provisions of this Agreement.



12.6         Counterparts



This Agreement may be
signed in counterparts and each of such counterparts will constitute an original document and such counterparts, taken together,
will constitute one and the same instrument.



12.7         Other
Holding Entities



The parties acknowledge
that any Holding Entity that is not a party to this Agreement will execute a counterpart of this Agreement agreeing to be bound
by the terms of this Agreement.



[NEXT PAGE IS SIGNATURE PAGE]



- 29 -







IN WITNESS WHEREOF
the parties have executed this Agreement as of the day and year first above written.



| | BROOKFIELD ASSET MANAGEMENT INC.          
| | ------------------------------------------
| |                                           
| | By:                                       
| |                                           
| |                                           
| |                                           
| | BROOKFIELD PROPERTY PARTNERS L.P.,        
| |                                           
| | By:                                       
| |                                           
| | By:                                       
| |                                           
| |                                           
| |                                           
| | BROOKFIELD PROPERTY L.P.                  
| |                                           
| | By:                                       
| |                                           
| | By:                                       
| |                                           
| | By:                                       
| |                                           
| |                                           
| |                                           
| | BROOKFIELD GLOBAL PROPERTY ADVISOR LIMITED
| |                                           
| | By:                                       
| |                                           
| |                                           
| |                                           
| | BROOKFIELD PROPERTY GROUP LLC             
| |                                           
| | By:                                       
| |                                           
| |                                           



[Master Services Agreement]











| | BROOKFIELD ASSET MANAGEMENT PRIVATE INSTITUTIONAL CAPITAL ADVISER US, LLC
| | -------------------------------------------------------------------------
| |                                                                          
| | By:                                                                      
| |                                                                          
| |                                                                          
| |                                                                          
| | BPG HOLDINGS GROUP INC.                                                  
| |                                                                          
| | By:                                                                      
| |                                                                          
| |                                                                          



[Master Services Agreement]











Schedule A



IN WITNESS WHEREOF
the Holding Entities have executed this Agreement as of the day and year first above written.



| | Brookfield BPY Holdings Inc.
| | ----------------------------
| |                             
| | By:                         
| |                             
| |                             
| |                             
| | Address for Notice:         
| |                             
| | Brookfield BPY Holdings Inc.
| | Suite 300, Brookfield Place 
| | 181 Bay Street, Box 762     
| | Toronto, Ontario            
| | M5J 2T3                     
| |                             
| | Attention:  Secretary       
| |                             
| | BPY Bermuda Holdings Limited
| |                             
| | By:                         
| |                             
| |                             
| |                             
| | Address for Notice:         
| |                             
| | BPY Bermuda Holdings Limited
| | 73 Front Street             
| | Hamilton HM 12              
| | Bermuda                     
| |                             
| | Attention:  Secretary       



[Master Services Agreement]











| |                                           
| | ------------------------------------------
| | BPY Bermuda Holdings II Limited           
| |                                           
| | By:                                       
| |                                           
| |                                           
| |                                           
| | Address for Notice:                       
| |                                           
| | BPY Bermuda Holdings II Limited           
| | 73 Front Street                           
| | Hamilton HM 12                            
| | Bermuda                                   
| |                                           
| | Attention:  Secretary                     
| |                                           
| | BROOKFIELD
    BPY PROPERTY HOLDINGS I LLC
| |                                           
| | By:                                       
| |                                           
| |                                           
| |                                           
| | Address for Notice:                       
| |                                           
| | Brookfield BPY Property Holdings I LLC    
| | Brookfield Place                          
| | 250 Vesey Street, 15th Floor              
| | New York, New York                        
| | 10281-1023                                
| |                                           
| | Attention:  Secretary                     



[Master Services Agreement]











| |                                         
| | ----------------------------------------
| | BROOKFIELD BPY PROPERTY HOLDINGS iiI LLC
| |                                         
| | By:                                     
| |                                         
| |                                         
| |                                         
| | Address for Notice:                     
| |                                         
| | Brookfield BPY Property Holdings III LLC
| | Brookfield Place                        
| | 250 Vesey Street, 15th Floor            
| | New York, New York                      
| | 10281-1023                              
| |                                         
| | Attention:  Secretary                   
| |                                         
| | BROOKFIELD
    BPY RETAIL HOLDINGS I LLC
| |                                         
| | By:                                     
| |                                         
| |                                         
| |                                         
| | Address for Notice:                     
| |                                         
| | Brookfield BPY Retail Holdings I LLC    
| | Brookfield Place                        
| | 250 Vesey Street, 15th Floor            
| | New York, New York                      
| | 10281-1023                              
| |                                         
| | Attention:  Secretary                   



[Master Services Agreement]













| | BROOKFIELD BPY RETAIL HOLDINGS iV LLC
| | -------------------------------------
| |                                      
| | By:                                  
| |                                      
| |                                      
| |                                      
| | Address for Notice:                  
| |                                      
| | Brookfield BPY Retail Holdings IV LLC
| | Brookfield Place                     
| | 250 Vesey Street, 15th Floor         
| | New York, New York                   
| | 10281-1023                           
| |                                      
| | Attention:  Secretary                
| |                                      
| | BPY Bermuda Holdings III Limited     
| |                                      
| | By:                                  
| |                                      
| |                                      
| |                                      
| | Address for Notice:                  
| |                                      
| | BPY Bermuda Holdings III Limited     
| | 73 Front Street                      
| | Hamilton HM 12                       
| | Bermuda                              
| |                                      
| | Attention:  Secretary                



[Master Services Agreement]











| | BROOKFIELD BPY RETAIL HOLDINGS II INC.
| | --------------------------------------
| |                                       
| | By:                                   
| |                                       
| |                                       
| |                                       
| | Address for Notice:                   
| |                                       
| | Brookfield BPY Retail Holdings II Inc.
| | Brookfield Place                      
| | 250 Vesey Street, 15th Floor          
| | New York, New York                    
| | 10281-1023                            
| |                                       
| | Attention:  Secretary                 



[Master Services Agreement]











Schedule B



JOINDER TO MASTER SERVICES AGREEMENT



THIS
JOINDER to the Master Services Agreement dated as ofn, 2015 among
Brookfield Asset Management Inc. (“Brookfield”), Brookfield Property Partners L.P., Brookfield Property L.P.,
the UK Service Provider, the US Service Provider, the US Service Provider II, the Canadian Service Provider and the Holding Entities
(the “Master Services Agreement”) is made and entered into as of thisnday ofn, byn,
a [corporation/partnership/limited partnership] governed by the laws ofn
(the “New Service Provider”). Capitalized terms used herein but not otherwise
defined shall have the meanings set forth in the Master Services Agreement.



RECITALS:



A.           The
Master Services Agreement provides that any Service Provider may, from time to time, appoint an Affiliate of Brookfield to act
as a new Service Provider under that agreement;



B.           The
New Service Provider is an Affiliate of Brookfield; and



C.           The
nService Provider wishes to appoint the New Service Provider to act as a new
Service Provider under the Master Services Agreement and the New Service Provider wishes to accept such appointment.



NOW THEREFORE
in consideration of the mutual covenants and agreements contained in this Joinder and other good and valuable consideration (the
receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows:



1.          Agreement
to be Bound. The New Service Provider hereby agrees that upon execution of this Joinder, it shall become a party to the Master
Services Agreement and acknowledges that it is fully bound by, and subject to, all of the covenants, representations, terms and
conditions of the Service Providers under the Master Services Agreement.



2.          Successors
and Assigns. Any purported assignment of this Joinder in violation of section 12.2 of the Master Services Agreement will be
null and void.



3.          Enurement.
This Joinder will enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted
assigns.



4.          Notices.
Notices and other communications to the New Service Provider will be addressed as follows:



n











5.          Counterparts.
This Joinder may be signed in counterparts and each of such counterparts will constitute an original document and such counterparts,
taken together, will constitute one and the same instrument.



6.          Governing
Law. This Joinder will be governed by and interpreted and enforced in accordance with the laws of the Province of Ontario and
the federal laws of Canada applicable therein.



[NEXT PAGE IS SIGNATURE PAGE]











IN WITNESS WHEREOFthe parties have executed this Joinder as of the day and year first above written.



| | [n SERVICE PROVIDER]  
| | ----------------------
| |                       
| | By:                   
| |                       
| |                       
| |                       
| | [NEW SERVICE PROVIDER]
| |                       
| | By:                   
| |                       
| |                       



[Joinder to Master Services
Agreement]