----

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| Notes Regarding This AIF                                                                                                                                                                                                                                                | 1      |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Note Regarding Financial Information                                                                                                                                                                                                                                                                                      | 1      |
| Forward-Looking Statements                                                                                                                                                                                                                                              | 1      |
| Corporate Structure                                                                                                                                                                                                                                                     | 2      |
| Name, Address and Incorporation                                                                                                                                                                                                                                                                                           | 2      |
| Intercorporate Relationships and History                                                                                                                                                                                                                                                                                  | 2      |
| Residential Development                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 4      |
| General Development of the Business                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 5      |
| Acquisitions and Dispositions                                                                                                                                                                                                                                                                                             | 5      |
| Development                                                                                                                                                                                                                                                                                                               | 6      |
| Financings and Refinancings                                                                                                                                                                                                                                                                                               | 6      |
| Equity                                                                                                                                                                                                                                                                                                                    | 7      |
| Other                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 8      |
| Business of BPO                                                                                                                                                                                                                                                         | 9      |
| Overview                                                                                                                                                                                                                                                                                                                  | 9      |
| Commercial Property Operations                                                                                                                                                                                                                                                                                            | 9      |
| Commercial Development                                                                                                                                                                                                                                                                                                    | 11     |
| Prudent and Flexible Capital Plan                                                                                                                                                                                                                                                                                         | 11     |
| Primary Markets and Properties                                                                                                                                                                                                                                                                                            | 14     |
| Service Businesses                                                                                                                                                                                                                                                                                                        | 32     |
| Employees                                                                                                                                                                                                                                                                                                                 | 32     |
| Environmental Protection                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 32     |
| Company and Real Estate Industry Risks                                                                                                                                                                                                                                                                                    | 33     |
| Dividends and Dividend Policy                                                                                                                                                                                                                                           | 42     |
| Description of Capital Structure                                                                                                                                                                                                                                        | 43     |
| General Description of Capital Structure                                                                                                                                                                                                                                                                                  | 43     |
| Ratings                                                                                                                                                                                                                                                                                                                   | 44     |
| Market for Securities                                                                                                                                                                                                                                                   | 45     |
| Directors and Officers                                                                                                                                                                                                                                                  | 48     |
| Directors                                                                                                                                                                                                                                                                                                                 | 48     |
| Officers                                                                                                                                                                                                                                                                                                                  | 49     |
| Share Ownership                                                                                                                                                                                                                                                                                                           | 49     |
| Legal Proceedings                                                                                                                                                                                                                                                       | 50     |
| Interest of Management and Others in Material Transactions                                                                                                                                                                                                              | 50     |
| Auditors, Transfer Agent and Registrar                                                                                                                                                                                                                                  | 51     |
| Audit Committee Information                                                                                                                                                                                                                                             | 51     |
|                Relevant Education and Experience                                                                                                                                             | 51     |
|                Pre-Approval Policies and Procedures                                                                                                                                          | 51     |
|                External Auditor Service Fees (By Category)                                                                                                                                   | 52     |
| Additional Information                                                                                                                                                                                                                                                  | 52     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
| Appendix A – Subsidiaries                                                                                                                                                                                                                                         | 53     |
| Appendix B – Commercial Properties by Region                                                                                                                                                                                                                      | 56     |
| Appendix C – Summary of Terms and Conditions of Authorized Securities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 59     |
| Appendix D – Audit Committee Charter                                                                                                                                                                                                                              | 85     |

----

----

----

| 1. | BCE Development Acquisition |
|----|-----------------------------|

| 2. | Olympia & York (U.S.A.) Acquisition |
|----|-----------------------------------------|

| 3. | Gentra Acquisition |
|----|--------------------|

| 4. | Trizec Western Canada Acquisition |
|----|-----------------------------------|

| 5. | O&Y REIT Acquisition |
|----|--------------------------|

----

| 6. | Trizec Properties Acquisition |
|----|-------------------------------|

| 7. | Australian Acquisition |
|----|------------------------|

----

----

----

----

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|                               |                 |   |            |   |   |             |   |   | Total               |   |   |           |   |
|------------------------------------|----------------------|--------|-----------------|--------|--------|------------------|--------|--------|---------------------|--------|--------|----------------|--------|
| Tenant                             | Primary Location     |   | CreditRating(1) |   |   | Year ofExpiry(3) |   |   | (000’sSq.Ft.) |   |   | % of Sq.Ft.(2) |   |
| Bank of America/Merrill Lynch (4)  | NY/Toronto/Denver/LA |   | A               |   |   |             |   |   |                |   | 5,185  |           |   |   | 7.5 | % |
| Government and Government Agencies | All Markets          |   | AAA             |   |   | Various          |   |   |                | 4,788  |   |           |   | 7.1 | % |
| Chevron                            | Houston              |   | AA              |   |   | 2019             |   |   |                | 1,742  |   |           |   | 2.6 | % |
| Wells Fargo/Wachovia(5)            | New York             |   | AA-             |   |   | 2019             |   |   |                | 1,543  |   |           |   | 2.3 | % |
| CIBC(6)                            | NY/Toronto/Calgary   |   | A+              |   |   |             | 2033   |   |                |   | 1,420  |           |   |   | 2.1 | % |
| RBC                                | Five Markets         |   | AA-             |   |   | 2024             |   |   |                | 1,263  |   |           |   | 1.9 | % |
| Kellogg, Brown & Root          | Houston              |   | Not Rated       |   |   | 2030             |   |   |                | 1,254  |   |           |   | 1.8 | % |
| Bank of Montreal                   | Calgary/Toronto      |   | A+              |   |   |             | 2024   |   |                |   | 1,147  |           |   |   | 1.7 | % |
| Suncor Energy                      | Calgary              |   | BBB+            |   |   | 2028             |   |   |                | 1,015  |   |           |   | 1.5 | % |

| (1) | From Standard & Poor’s, Moody’s or DBRS |
|-----|---------------------------------------------------------|

| (2) | Prior to considering partnership interests in partially-owned properties |
|-----|--------------------------------------------------------------------------|

| (3) | Weighted average based on square feet |
|-----|---------------------------------------|

| (4) | Bank of America/Merrill Lynch leases 4.6 million square feet in the World Financial Center ("WFC"), of which they occupy 2.7 million square feet with the balance being leased to various subtenants ranging in size up to 500,000 square feet. Of this 2.7 million square feet, 1.9 million is in 4 WFC, in which Bank of America/Merrill Lynch has a 49% interest, and 0.8 million square feet is in 2 WFC, in which Bank of America/Merrill Lynch has an effective 25% interest through zero-coupon participating notes |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Wells Fargo/Wachovia leases 1.4 million square feet at One New York Plaza, of which they occupy 148,000 square feet with the balance being leased to five subtenants ranging in size up to 756,000 square feet |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | CIBC leases 1,094,000 square feet at 300 Madison Avenue in New York, of which they sublease 925,000 square feet to PriceWaterhouseCoopers |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

----

| · | Asset Management | Stable base fee for providing regular, ongoing services.                                                                                                                                                                            |
|--------|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |             |                                                                                                                                                                                                                                |
| · | Transaction      | Development, redevelopment and leasing activities conducted on behalf of these funds.                                                                                                                                               |
|   |             |                                                                                                                                                                                                                                |
| · | Performance      | Earned when certain predetermined benchmarks are exceeded. Performance fees which can add considerably to fee revenue, typically arise later in a fund’s life cycle and are therefore not fully reflected in current results. |

----

| Property                            | Region   | Description                                | Buildings | OwnedInterest(%) | Total(000’sSq.Ft.) |
|-------------------------------------|----------|--------------------------------------------|-----------|------------------|--------------------------|
| Direct                              |     |                                       |      |             |                     |
| Manhattan West                      | New York | Between 31st and 33rd Streets across from  | 1         | 100%             | 5,400                    |
|                                |     | the Farley Post Office                     |      |             |                     |
| Bay Adelaide Centre East &North | Toronto  | Bay and Adelaide Streets                   | 1         | 100%             | 1,400                    |
| Brookfield Place III                | Toronto  | Third phase of Brookfield Place project    | 1         | 54%              | 800                      |
| Bankers West Parkade                | Calgary  | West Parkade adjacent to Bankers Hall      | 1         | 50%              | 250                      |
| Herald Site                         | Calgary  | One block from our existing Calgary assets | 1         | 100%             | 1,200                    |
| 300 Queen Street(1)                 | Ottawa   | Third phase of Place de Ville project      | 1         | 25%              | 577                      |
| 1501 Tremont Place                  | Denver   | One Block from Republic Plaza              | 1         | 100%             | 733                      |
| Block 173                           | Denver   | One Block from Republic Plaza              | 1         | 100%             | 600                      |
|                                |     |                                       | 8         |             | 10,960                   |

| U.S. Office Fund         |             |                                                             |   |   |
|--------------------------|------------------|------------------------------------------------------------------|--------|--------|
| Reston Crescent          | Washington, D.C. | 36 acre landscaped campus in Reston, VA                          | 1      | 63%    | 724 |
| 1500 Smith Street        | Houston          | Adjacent to 1400 Smith Street                                    | 1      | 63%    | 500 |
| Allen Center Clay Street | Houston          | Located in the heart of the Allen Center / Cullen Center complex | 1      | 63%    | 600 |
| Five Allen Center        | Houston          | Adjacent to the Allen Center                                     | 1      | 63%    | 1,100 |

|                              |         |                                                                             |   |   |   |
|-----------------------------------|--------------|----------------------------------------------------------------------------------|--------|--------|--------|
| Australia                         |         |                                                                             |   |   |   |
| City Square                       | Perth        | 45-story City Square tower block in the heart of Perth’s business district | 1      | 100%   | 920    |
|                              |         |                                                                             |   |   |   |
| Other jointly controlled entities |         |                                                                             |   |   |
|                              |         |                                                                             |   |   |   |
| 100 Bishopsgate                   | London, U.K. | Located within the central core of the city of London                            | 1      | 50%    | 820    |
|                              |         |                                                                             |   |   |   |
| Total Development                 |         |                                                                             | 14     |   | 15,624 |

| (1) | Included in Canadian Office Fund |
|-----|----------------------------------|

----

|                                          | Three-Year | Annual Results |
|-----------------------------------------------|------------|----------------|
| Objective                                     | Average    | 2010           | 2009 | 2008 |
| Debt-to-total-market-capitalization           | 45%        | 38%            | 40% | 58% |
| Non-recourse debt as a percentage of total(1) | 96%        | 97%            | 96% | 94% |

| (1) | Non-recourse to BPO |
|-----|---------------------|

| ($ in Millions)                          | Location         | Rate % |   | Maturity Date | Dec. 31, 2010(1,2) | Mortgage Details(3) |
|------------------------------------------|------------------|--------|--------|---------------|--------------------|---------------------|
| Direct                                   |             |   |   |          |               |                |   |
| 235 St. Georges Terrace                  | Perth            | 6.63   |   | March         | 2011               | $                   | 48 | Non-recourse, floating rate |
| Queen’s Quay Terminal              | Toronto          | 7.26   |   | March         | 2011               |                | 32 | Non-recourse, fixed rate |
| Bay Adelaide Centre(4)                   | Toronto          | 2.60   |   | July          | 2011               |                | 403 | Non-recourse, floating rate |
| Fifth Avenue Place                       | Calgary          | 7.59   |   | August        | 2011               |                | 67 | Non-recourse, fixed rate |
| 1201 Louisiana Street                    | Houston          | 6.73   |   | September     | 2011               |                | 99 | Non-recourse, fixed rate |
| One Shelley Street                       | Sydney           | 7.35   |   | October       | 2011               |                | 160 | Non-recourse, floating rate |
| Potomac Tower                            | Washington, D.C. | 4.72   |   | November      | 2011               |                | 74 | Non-recourse, fixed rate |
| Brookfield Prime Property Fund pool debt | ―          | 5.68   |   | December      | 2011               |                | 486 | Non-recourse, floating rate |
| West 31st Street(5)                      | New York         | 6.00   |   | January       | 2012               |                | 105 | Non-recourse, floating rate |
| Exchange Tower                           | Toronto          | 6.83   |   | April         | 2012               |                | 58 | Non-recourse, fixed rate |
| 300 Madison Avenue                       | New York         | 0.53   |   | April         | 2012               |                | 25 | Non-recourse, floating rate |
| RBC Plaza(6)                             | Minneapolis      | 5.50   |   | April         | 2012               |                | 67 | Non-recourse, floating rate |
| Royal Centre                             | Vancouver        | 4.96   |   | May           | 2012               |                | 115 | Non-recourse, fixed rate |
| 151 Yonge Street(7)                      | Toronto          | 6.01   |   | June          | 2012               |                | 11 | Non-recourse, fixed rate |
| 52 Goulburn Street                       | Sydney           | 7.82   |   | July          | 2012               |                | 57 | Non-recourse, fixed rate |
| HSBC Building                            | Toronto          | 8.19   |   | October       | 2012               |                | 21 | Non-recourse, fixed rate |
| KPMG Tower(8)                            | Sydney           | 8.25   |   | November      | 2012               |                | 76 | Non-recourse, floating rate |
| Southern Cross West Tower                | Melbourne        | 8.79   |   | November      | 2012               |                | 65 | Non-recourse, fixed rate |
| 105 Adelaide                             | Toronto          | 5.32   |   | February      | 2013               |                | 22 | Non-recourse, fixed rate |
| Bay Wellington Tower                     | Toronto          | 6.49   |   | April         | 2013               |                | 323 | Non-recourse, fixed rate |
| 77 K Street                              | Washington, D.C. | 5.25   |   | May           | 2013               |                | 69 | Non-recourse, floating rate |
| Hudson’s Bay Centre (9)            | Toronto          | 5.20   |   | May           | 2013               |                | 108 | Non-recourse, fixed rate |
| World Square Retail(8,10)                | Sydney           | 8.34   |   | May           | 2013               |                | 59 | Non-recourse, fixed /floating rate |
| King Street Wharf Retail(8,10)           | Sydney           | 8.18   |   | May           | 2013               |                | 47 | Non-recourse, fixed /floating rate |
| Southern Cross East Tower(8,10)          | Melbourne        | 8.19   |   | May           | 2013               |                | 219 | Non-recourse, fixed /floating rate |
| 75 State Street                          | Boston           | 5.50   |   | June          | 2013               |                | 297 | Non-recourse, floating rate |
| 33 South Sixth Street(6)                 | Minneapolis      | 3.55   |   | August        | 2013               |                | 98 | Non-recourse, floating rate |
| Two World Financial Center               | New York         | 6.91   |   | September     | 2013               |                | 240 | Non-recourse, fixed rate |
| 601 South 12th Street                    | Washington, D.C. | 5.42   |   | October       | 2013               |                | 52 | Non-recourse, fixed rate |
| 701 South 12th Street                    | Washington, D.C. | 5.42   |   | October       | 2013               |                | 43 | Non-recourse, fixed rate |
| Bankers Hall                             | Calgary          | 7.20   |   | November      | 2013               |                | 165 | Non-recourse, fixed rate |
| Jean Edmonds Tower(7)                    | Ottawa           | 5.55   |   | January       | 2014               |                | 1 | Non-recourse, fixed rate |
| Republic Plaza                           | Denver           | 5.14   |   | April         | 2014               |                | 156 | Non-recourse, fixed rate |
| Suncor Energy Centre                     | Calgary          | 6.38   |   | June          | 2014               |                | 213 | Non-recourse, fixed rate |
| City Square(5)                           | Perth            | 6.61   |   | June          | 2014               |                | 182 | Non-recourse, floating rate |
| Two World Financial Center               | New York         | 9.00   |   | October       | 2014               |                | 161 | Non-recourse, fixed rate |
| Three World Financial Center             | New York         | 3.90   |   | December      | 2014               |                | 143 | Non-recourse, floating rate |
| 53 State Street                          | Boston           | 5.96   |   | August        | 2016               |                | 280 | Non-recourse, fixed rate |
| One World Financial Center               | New York         | 5.83   |   | February      | 2017               |                | 309 | Non-recourse, fixed rate |
| One Liberty Plaza                        | New York         | 6.14   |   | September     | 2017               |                | 835 | Non-recourse, fixed rate |
| 2 Queen Street East(7)                   | Toronto          | 5.64   |   | December      | 2017               |                | 29 | Non-recourse, fixed rate |
| Altius Centre(7)                         | Calgary          | 5.64   |   | December      | 2017               |                | 20 | Non-recourse, fixed rate |
| West 33rd Street(5)                      | New York         | 5.90   |   | April         | 2018               |                | 122 | Non-recourse, fixed rate |
| 22 Front Street                          | Toronto          | 6.24   |   | October       | 2020               |                | 19 | Non-recourse, fixed rate |

----

| ($ in Millions)                | Location         | Rate % |   | Maturity Date | Dec. 31, 2010(1,2) | Mortgage Details(3) |
|--------------------------------|------------------|--------|--------|---------------|--------------------|---------------------|
| Bankers Court                  | Calgary          | 4.95   |   | November      | 2020               |                | 48 | Non-recourse, fixed rate |
| Heritage Plaza                 | Houston          | 4.97   |   | January       | 2023               |                | 200 | Non-recourse, fixed rate |
| Jean Edmonds Tower(7)          | Ottawa           | 6.79   |   | January       | 2024               |                | 17 | Non-recourse, fixed rate |
| 701 9th Street                 | Washington, D.C. | 6.73   |   | December      | 2028               |                | 152 | Non-recourse, fixed rate |
| 300 Madison Avenue             | New York         | 7.26   |   | April         | 2032               |                | 400 | Non-recourse, fixed rate |
| Total Direct                   |             | 6.06   |   |          |               |                | 6,998 |   |
| Corporate                      |             |   |   |          |               |                |   |   |
| $300 Corporate Revolver(8)     | ―          | 4.01   |   | March         | 2011               |                | ― | Recourse, floating rate |
| $488 Corporate Revolver        | ―          | 4.01   |   | June          | 2011               |                | ― | Recourse, floating rate |
| BAM Bridge Loan(11)            | ―          | 3.26   |   | September     | 2011               |                | 428 | Recourse, floating rate |
| Total Corporate                |             | 3.26   |   |          |               |                | 428 |   |
| Total Commercial Property Debt |             | 5.90   |   |          |               | $                   | 7,426 |   |

| (1) | Represents our consolidated interest before non-controlling interests |
|-----|-----------------------------------------------------------------------|

| (2) | Net of $44 million of transaction costs |
|-----|-----------------------------------------|

| (3) | Non-recourse to BPO or BOX |
|-----|----------------------------|

| (4) | Has a one-year extension option available at maturity. The criteria to extend to 2012 have been met as of December 31, 2010 |
|-----|-----------------------------------------------------------------------------------------------------------------------------|

| (5) | Development debt |
|-----|------------------|

| (6) | Includes $165 million of commercial property debt related to assets held for sale |
|-----|-----------------------------------------------------------------------------------|

| (7) | Canadian Office Fund debt |
|-----|---------------------------|

| (8) | Represents corporate line from BAM |
|-----|------------------------------------|

| (9) | Has a two-year extension option to May 2015 which is available to us provided certain debt service and loan-to-value thresholds are met |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

| (10) | These debt balances are floating but a portion of each balance has interest rate swaps in place to fix the interest rate through maturity |
|------|-------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | Represents liability payable to BAM or a subsidiary of BAM |
|------|------------------------------------------------------------|

----

| Property                | Total Area(000’s Sq.Ft.) | Form and Percentageof Ownership                                                                            |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-------------------------|--------------------------------|------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 245 Park Avenue    | 1,787                          | 51% fee interest.  New York State Teachers’ Retirement System owns remaining 49% interest. |   | Located on a full square block in Midtown Manhattan, 245 Park Avenue is a 1.8 million square foot 46-story office tower.  The building is constructed of glazed brick, glass and steel and has an outdoor plaza for both tenant and public use. The building was built in 1967 and has undergone a complete renovation of the lobby, plaza and elevators.                                                                                         |
|                    |                           |                                                                                                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 300 Madison Avenue | 1,094                          | 100% fee interest.                                                                                         |   | Designed by Skidmore Owings & Merrill and completed in 2003, 300 Madison Avenue rises 35 stories in the heart of Midtown Manhattan, one block west of Grand Central Terminal. The elevated, spacious lobby features a striking 8-story glass atrium ascending above the building’s main entrance at the corner of 42nd Street and Madison Avenue. The building features an auditorium, dining facilities and other amenities on the lower levels. |

| Property                      | Total Area(000’s Sq.Ft.) | Form and Percentageof Ownership |   | Description                                                                                                                                                                                                                                                                                                                                                                                 |
|-------------------------------|--------------------------------|---------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| The Grace Building            | 1,557                     | 49.9% fee interest.             |   | The Grace Building is centrally located in Midtown Manhattan at 6th Avenue and 42nd Street. Built in 1971, Skidmore, Owings & Merrill designed the tower. The building’s distinctive curved tower walls are set back from the street and oversized windows provide views of the Manhattan skyline, the Hudson River and Bryant Park. The building has a 188-space parking garage. |
| 1065 Ave of the Americas | 682                            | 99% fee interest.               |   | 1065 Avenue of the Americas is a 35-story tower, completed in 1958 and renovated in 1993.                                                                                                                                                                                                                                                                                                   |
|                          |                           |                            |   |                                                                                                                                                                                                                                                                                                                                                                                        |
| 1411 Broadway            | 1,223                          | 49.9% fee interest.             |   | 1411 Broadway is a 40-story tower, completed in 1970 and renovated in 1999.                                                                                                                                                                                                                                                                                                                 |
|                          |                           |                            |   |                                                                                                                                                                                                                                                                                                                                                                                        |
| 1460 Broadway            | 220                            | 49.9% fee interest.             |   | 1460 Broadway is a 17-story tower, completed in 1951 and renovated in 1999.                                                                                                                                                                                                                                                                                                                 |

----

| Property                      | Total Area(000’s Sq.Ft.) | Form and Percentageof Ownership                                                         |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-------------------------------|--------------------------------|-----------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| One World Financial Center    | 1,713                          | 100% leasehold interest.                                                                |   | One World Financial Center is located at the south end of the four unique office towers, designed by Cesar Pelli, comprising the landmark World Financial Center complex that includes extensive public spaces and the spectacular Winter Garden.  One World Financial Center is a 40-story tower which was completed in 1986.  The building is connected to the World Financial Center complex through an enclosed passageway.                                                                     |
|                          |                           |                                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Two World Financial Center    | 2,706                          | 100% leasehold interest.                                                                |   | Two World Financial Center is a 44-story tower which was completed in 1987.  Tower Two is one of the World Financial Center buildings which houses the world headquarters of Merrill Lynch.  Tower Two is directly connected to the retail area of the World Financial Center and the Winter Garden.                                                                                                                                                                                                |
|                          |                           |                                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Three World Financial Center  | 1,307                          | Share of a tenancy in common interest.                                                  |   | Completed in 1985, Three World Financial Center is a 52-story tower, with our share of the building measuring 1,299,000 square feet of rentable area, and is world headquarters for American Express.  Three World Financial Center is connected to the rest of the World Financial Center complex through a courtyard, leading to the Winter Garden.                                                                                                                                                         |
|                          |                           |                                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Four World Financial Center   | 1,952                          | 51% leasehold interest.  Merrill Lynch owns remaining 49% leasehold interest. |   | Four World Financial Center is a 34-story tower which was completed in 1986.  Tower Four is one of the World Financial Center buildings which houses the world headquarters of Merrill Lynch and is 100% leased to and occupied by Merrill Lynch.                                                                                                                                                                                                                                                             |
|                          |                           |                                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| World Financial Center Retail | 290                            | 100% leasehold interest.                                                           |   | Consists of 290,000 square feet of retail space in Two, Three and Four World Financial Center which houses numerous restaurants, retailers and business services.                                                                                                                                                                                                                                                                                                                                                       |
|                          |                           |                                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| One Liberty Plaza             | 2,347                          | 100% fee interest.                                                                      |   | One Liberty Plaza is located in the financial district at Liberty Street and Broadway. This 54-story steel and glass tower  which was completed in 1972 was designed by Skidmore, Owings & Merrill for U.S. Steel and the strength of the building lies in the simplicity of its sleek glass and steel architecture. One Liberty Plaza offers sweeping views of New York Harbor and the five boroughs, soaring above Zuccotti Park, which received the 2007 American Institute of Architects Merit Award. |

| Property                | Total Area(000’s Sq.Ft.) | Form and Percentage of Ownership |   | Description                                                                                                                                                                                                                                                                                             |
|-------------------------|--------------------------------|----------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| One New York Plaza | 2,589                          | 100% fee interest.               |   | One York Plaza is located at Water and Whitehall Street and is the southernmost of all Manhattan skyscrapers. Constructed in 1970, this 50-story Downtown building is comprised of over 2.5 million square feet and has a unique 111,000 square foot base. The building underwent a renovation in 1995. |
|                    |                           |                             |   |                                                                                                                                                                                                                                                                                                    |
| Newport Tower           | 1,100                          | 100% fee interest.               |   | Constructed in 1990, Newport Tower is a 36-story building that offers unobstructed views of the New York Harbor and Manhattan skyline.                                                                                                                                                                  |

----

| Property             | Total Area(000’s Sq.Ft.) |   | Form and Percentageof Ownership | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|----------------------|--------------------------------|--------|---------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 53 State Street | 1,235                          |   | 100% fee interest.              | Located in the heart of Boston’s financial district, 53 State Street is a 40-story office tower that rises from the historic Boston Stock Exchange building.  The building was built in 1984.  The design of the building features a seven-story, glass-enclosed atrium that connects the two buildings and a reflective glass exterior.                                                                                                                                             |
|                 |                           |   |                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 75 State Street | 1,031                          |   | 100% fee interest.              | 75 State Street is located in the heart of Boston's financial district.  This 31-story Art Deco office building, built in 1988, consists of over one million square feet of office and retail space and a public parking garage which can accommodate 700 cars.  The building represents classic architectural design with extensive use of granite on the exterior facade and marble throughout the six-story great hall lobby, leading to the on-site retail, banking and food services. |

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| Property                                       |   | Total Area(000’s Sq.Ft.) |   | Form and PercentageOf Ownership                                  | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|------------------------------------------------|--------|--------------------------------|--------|------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 701 9th Street                            |   | 547                            |   | 100% fee interest.                                               | Built in 2001, 701 9th Street is located across from the national Portrait Gallery and one block west of the Verizon Center.                                                                                                                                                                                                                                                                                                                                                                     |
|                                           |   |                           |   |                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Potomac Tower                                  |   | 441                       |   | 100% fee interest.                                               | Located at 1001 North 19th Street in Rosslyn, Virginia, Potomac Tower is situated across the Potomac River from Georgetown.  The building offers a panorama of the Washington, D.C. skyline including the national monuments and the Capitol and an open view corridor up and down the Potomac River. Designed by I.M. Pei and completed in 1989, Potomac Tower is one Metro stop from Washington, D.C.’s CBD, and less than 10 minutes from Washington Reagan National Airport. |
|                                           |   |                           |   |                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 601 & 701 South 12th Street |   | 562                       |   | 100% fee interest.                                               | Located on five acres in the Pentagon City submarket of Arlington, Virginia, 601 and 701 South 12th Street consists of two 12-story office buildings. Green space connects the buildings. Built in 1982, the buildings were renovated in 2003 and 2004.                                                                                                                                                                                                                                          |
|                                           |   |                           |   |                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 1625 Eye Street                           |   | 571                       |   | 10% fee interest.  The remaining 90% is owned by Edge. | 1625 Eye Street’s prominent design features a limestone and glass façade with a 9-story light-filled atrium facing Eye Street. An illuminated 160-foot campanile offers upper floor tenants panoramic views of the Washington skyline.  The building was built in 2003.                                                                                                                                                                                                     |
|                                           |   |                           |   |                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 77K Street                                     |   | 326                            |   | 100% fee interest.                                               | Located in the Capitol Hill submarket of Washington, D.C., two blocks from Union Station, 77 K Street a 326,000 square foot, eleven-story office building. 77 K Street features a rooftop terrace with dramatic views of the U.S. Capitol and a private fitness facility.                                                                                                                                                                                                                        |
|                                           |   |                           |   |                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 650 Massachusetts Avenue, NW                   |   | 387                            |   | 100% fee interest.                                               | Attractively situated at the corner of Massachusetts Avenue NW and 7th Street, NW overlooking historic Mt. Vernon square, 650 Massachusetts Avenue, NW is an eight-story office building and a four-story parking garage.  The building is 1 1⁄2 blocks from the Gallery Place Metro Station and is within short walking distance of the Verizon Center sports and entertainment venue and the Washington Convention Center.                                                        |

| Property | Total Area(000’s Sq.Ft.) |   | Form and Percentage of Ownership | Description |
|----------|--------------------------------|--------|----------------------------------|-------------|
| 1200 K Street           |   | 434  |   | 100% fee interest. | Built in 1992, 1200 K Street is a 12-story building that is well located in the East End submarket of Washington, D.C.                                                                                                                                                                                                      |
|------------------------------|--------|-----------|--------|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                         |   |      |   |               |                                                                                                                                                                                                                                                                                                                                  |
|                         |   |      |   |               |                                                                                                                                                                                                                                                                                                                                  |
| 1250 Connecticut Avenue |   | 210       |   | 100% fee interest. | A unique Downtown building, 1250 Connecticut Avenue is a freestanding 8-story structure with windows on all four sides. Originally built in 1963, the property was renovated in 1996 and offers restaurants, retail and underground parking on site.                                                                                  |
|                         |   |      |   |               |                                                                                                                                                                                                                                                                                                                                  |
| 1400 K Street           |   | 224  |   | 100% fee interest. | 1400 K was designed by Skidmore, Owings & Merrill and opened in 1981. Located in the East End business district, the building has views of beautiful Franklin Park. The 12-story building has windows on all four sides allowing abundant natural light.                                                                          |
|                         |   |      |   |               |                                                                                                                                                                                                                                                                                                                                  |
| 2000 L Street                |   | 383  |   | 100% fee interest. | Centrally located in the CBD, 2000 L Street is an 13-story office building that opened in 1968.  In 1998, the building entrance, lobby, storefronts and common areas were remodeled as part of a redesign by RTKL Associates. A large floor plate offers remarkable flexibility and efficiency for tenants large and small. |

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| Property |   | Total Area(000’s Sq.Ft.) |   | Form and Percentage of Ownership | Description |
|----------|--------|--------------------------------|--------|----------------------------------|-------------|

| 2001 M Street                         |   | 264  |   | 98% fee interest.  The remaining 2% is owned by other partners.          | Built in 1986, this 12-story office building is considered one of the most prominent office buildings in the Washington, D.C. market.  Located in the West End of the CBD and within the Golden Triangle business improvement district, this beautiful, polished granite, Class A building has abundant parking and is close to numerous restaurants and shopping. |
|---------------------------------------|--------|-----------|--------|------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                  |   |      |   |                                                                               |                                                                                                                                                                                                                                                                                                                                                                         |
| 2401 Pennsylvania Ave            |   | 93   |   | 100% fee interest.                                                                 | Designed by Keyes Condon Florance, 2401 Pennsylvania Avenue was the recipient of The Washington Chapter of the American Institute of Architects (AIA/DC) “Award for Excellence in Architecture”. The mixed-use office, retail and residential building, built in 1990, is situated on the corner of Pennsylvania Avenue right at Washington Circle.              |
|                                  |   |      |   |                                                                               |                                                                                                                                                                                                                                                                                                                                                                         |
| Bethesda Crescent                     |   | 336  |   | 100% fee interest.                                                                 | Designed by Keyes Condon Florance, Bethesda Crescent is comprised of three office buildings located above the Bethesda Metro Station.  The buildings were built in 1955 and renovated in 1988.                                                                                                                                                                     |
|                                  |   |      |   |                                                                               |                                                                                                                                                                                                                                                                                                                                                                         |
| One Reston Crescent                   |   | 185  |   | 100% fee interest.                                                                 | One Reston Crescent, built in 2000, is the first building of the Reston Crescent development, a 6-story structure with state-of-the-art building systems and an elegant 2-story lobby.  Reston Crescent is a 36-acre, carefully phased master development set in a wooded park along the Dulles Corridor in Reston, Virginia.                                      |
|                                  |   |      |   |                                                                               |                                                                                                                                                                                                                                                                                                                                                                         |
| Silver Spring Metro Plaza             |   | 771  |   | 100% fee interest.                                                                 | Built in 1986, Silver Spring Metro Plaza is comprised of three buildings conveniently located in the Downtown Silver Spring business district.                                                                                                                                                                                                                               |
|                                  |   |      |   |                                                                               |                                                                                                                                                                                                                                                                                                                                                                         |
| Sunrise Tech Park                     |   | 316  |   | 100% fee interest.                                                                 | Sunrise Technology Park is a professional complex of four contemporary office and research and development buildings situated in Northern Virginia’s Reston/Herndon Corridor. Built in 1985, each single story structure features wrap-around window lines.                                                                                                            |
|                                  |   |      |   |                                                                               |                                                                                                                                                                                                                                                                                                                                                                         |
| Two Ballston Plaza                    |   | 223  |   | 100% fee interest.                                                                 | Built in 1988, Two Ballston Plaza is an 11-story building located at the west end of the Rosslyn-Ballston corridor.                                                                                                                                                                                                                                                          |
|                                  |   |      |   |                                                                               |                                                                                                                                                                                                                                                                                                                                                                         |
| Victor Building                       |   | 347  |   | 49.9% of the fee interest.  The remaining interest is held by Principal. | Expanded and renovated in 2000, the Victor Building is a historic property located in the East End submarket in Washington, D.C. It is a freestanding 9-story office building.  The lobby and entrance have recently been renovated and a fitness center and rooftop terrace have been added.                                                                      |
|                                  |   |      |   |                                                                               |                                                                                                                                                                                                                                                                                                                                                                         |
| 1550 & 1560 Wilson Blvd |   | 359  |   | 100% fee interest.                                                                 | The 1550 building is a 7-story pre-cast concrete building built in 1984. The lobby was upgraded in 2001 with an earth-tone marble floor and light wood accents on the walls. The 1560 building is 12-stories tall and was delivered in 1986 with a glass curtain wall system offering sweeping views of Arlington, Virginia.                                                 |
|                                  |   |      |   |                                                                               |                                                                                                                                                                                                                                                                                                                                                                         |
| Two Reston Crescent                   |   | 185       |   | 100% fee interest.                                                                 | Two Reston Crescent, the second building of the Reston Crescent development, was completed in 2007.  It is a 6-story structure with state-of-the-art building systems and an elegant 2-story lobby.  Reston Crescent is a 36-acre, carefully phased master development set in a wooded park along the Dulles Corridor in Reston, Virginia.               |

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| Property       | Total Area(000’s Sq.Ft.) |   | Form and Percentage of Ownership |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|----------------|--------------------------------|--------|----------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1201 Louisiana | 892                            |   | 100% fee interest.               |   | Situated in Houston's CBD, 1201 Louisiana is a 35-story building comprising 892,000 square feet. The property features direct connection to Houston's all-weather tunnel/skywalk system which provides direct access to Allen Center and the Hyatt Regency Hotel as well as many eateries and retail shops. Outfitted with mirror-finished reflective glass, 1201 Louisiana offers distinctive architecture and views of the city are highlighted by full floor-to-ceiling windows. The building was built in 1971 and renovated in 1981 and 1996.  The building is three blocks from the light rail and has three levels of on-site parking. |
|           |                           |   |                             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Heritage Plaza | 1,821                          |   | 100% fee interest.               |   | Situated on the western perimeter of downtown Houston, this 53-story office tower overlooks historic Sam Houston Park and is well-known for its distinctive design elements, a recognizable marker on the Houston skyline. The building is convenient to major thoroughfares and provides direct passage to adjacent buildings and surrounding amenities via sky bridge. Tenant amenities include ample on-site parking and a fitness center.                                                                                                                                                                                                           |

| Property                                                                                           | Total Area(000’s Sq.Ft.) |   | Form and Percentage of Ownership            |   | Description                                                                                                                                                                                                                                                                                                                                                   |
|----------------------------------------------------------------------------------------------------|--------------------------------|--------|---------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Allen Center                                                                                       |                           |   |                                        |   | Allen Center is a Class A office complex in Downtown Houston.    Allen Center is the only Downtown Houston development that incorporates a significant amount of green space into the common area plazas.  Served by the Downtown tunnel system, Allen Center is adjacent to several Metro bus and Downtown trolley stops.      |
|                                                                                               |                           |   |                                        |   |                                                                                                                                                                                                                                                                                                                                                          |
| -           One Allen Center                | 993                            |   | 100% fee interest.                          |   | Completed in 1972 and renovated in 1992, One Allen Center is a 34-story office tower in Allen Center.                                                                                                                                                                                                                                                         |
|                                                                                               |                           |   |                                        |   |                                                                                                                                                                                                                                                                                                                                                          |
| -           Two Allen Center                | 996                            |   | 100% fee interest.                          |   | Completed in 1978 and renovated in 1992, Two Allen Center is a 36-story office tower in Allen Center.                                                                                                                                                                                                                                                         |
|                                                                                               |                           |   |                                        |   |                                                                                                                                                                                                                                                                                                                                                          |
| -           Three Allen Center              | 1,195                          |   | 100% fee interest.                          |   | Completed in 1980, Three Allen Center is a 50-story office tower in Allen Center.                                                                                                                                                                                                                                                                             |
|                                                                                               |                           |   |                                        |   |                                                                                                                                                                                                                                                                                                                                                          |
| -           1400 Smith Street               | 1,267                          |   | 100% fee interest.                          |   | Completed in 1983, 1400 Smith Street is a 50-story office tower in Allen Center.                                                                                                                                                                                                                                                                              |
|                                                                                               |                           |   |                                        |   |                                                                                                                                                                                                                                                                                                                                                          |
| Cullen Center                                                                                      |                           |   |                                        |   | The Cullen Center complex consists of  four office towers: 500 Jefferson, Continental Center I, Continental Center II and KBR Tower.  Parking is available in four attached garages and there are several adjacent Metro stops. Cullen Center is inter-connected via an overhead walkway and is accessible to the Downtown tunnel system. |
|                                                                                               |                           |   |                                        |   |                                                                                                                                                                                                                                                                                                                                                          |
| -           Continental  Center I | 1,509                          |   | 100% fee interest.                          |   | Built in 1984, Continental Center I is a 51-story office tower in Cullen Center.                                                                                                                                                                                                                                                                              |
|                                                                                               |                           |   |                                        |   |                                                                                                                                                                                                                                                                                                                                                          |
| -           Continental Center 2            | 530                            |   | 100% fee interest.                          |   | Built in 1972, Continental Center 2 is a 20-story office tower in Cullen Center.                                                                                                                                                                                                                                                                              |
|                                                                                               |                           |   |                                        |   |                                                                                                                                                                                                                                                                                                                                                          |
| -           KBR Tower                       | 1,302                          |   | 50% fee interest and ground lease interest. |   | Built in 1973 and renovated in 1991, KBR Tower is a 40-story office tower in Cullen Center.                                                                                                                                                                                                                                                                   |
|                                                                                               |                           |   |                                        |   |                                                                                                                                                                                                                                                                                                                                                          |
| -           500 Jefferson              | 434                            |   | 100% fee interest.                          |   | Built in 1962, 500 Jefferson is a 20-story office tower in Cullen Center.                                                                                                                                                                                                                                                                                     |

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| Property | Total Area(000’s Sq.Ft.) |   | Form and Percentage of Ownership |   | Description |
|----------|--------------------------------|--------|----------------------------------|--------|-------------|
| 601 Figueroa                 | 1,162  |   | 100% fee interest.                                                      |   | The 52-story office tower, completed in 1990, features a Brazilian Rose polished granite exterior, two dramatic, 75-foot high atria lobbies, and an open-air plaza highlighted by a 36-foot tall fire and water feature.                                                                                                                                                                                                                                                            |
|------------------------------|-------------|--------|-------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                         |        |   |                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Bank of America Plaza        | 1,765       |   | 100% fee interest.                                                      |   | Bank of America Plaza was completed in 1974. The 55-story office tower is situated on a 4.21-acre site that features a unique formal garden with over 200 trees and three 24-foot waterfalls. Near the building’s main entrance is the 42-foot-high “Four Arches” sculpture by Alexander Calder.                                                                                                                                                                  |
|                         |        |   |                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Ernst & Young Tower | 1,636  |   | 100% fee interest.                                                      |   | Built in 1985 and designed by Skidmore, Owings and Merrill, Ernst & Young Plaza is a 41 story granite and glass tower situated in the Los Angeles CBD on approximately 4 acres. Situated below the park-like plaza area is 7 + FIG, a tri-level open air retail center.                                                                                                                                                                                                         |
|                         |        |   |                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Marina Towers                | 468         |   | 50% leasehold interest.A family trust holds the remaining 50% interest. |   | Marina Towers is comprised of two 12-story towers, completed in 1970 and 1972, overlooking the Los Angeles County small boat and yacht harbor in Marina Del Rey. The towers are architecturally mirrored with vertical bands of glass and engaged columns. A free-standing, six level parking structure and retail storefront sits between the two towers. Located prominently at the East border of Marina del Rey, tenants have unobstructed views in every direction.            |
|                         |        |   |                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Landmark Square              | 655    |   | 100% fee interest.                                                      |   | Located in Downtown Long Beach, Landmark Square, was built in 1991.  The 26-story office building features granite throughout the lobby, high ceilings, and unique works by local artists.  A beautifully designed garden located on the rooftop of the parking structure can be seen from almost every floor of the building.  Landmark Square has more than 1300 parking spaces that lead to both the lobby of the building as well as Pine Avenue. |
|                         |        |   |                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 5670 Wilshire Blvd.     | 445         |   | 100% fee interest.                                                      |   | 5670 Wilshire Boulevard is a 27-story office building, built in 1965 and renovated in 1990.  Outside of the serene granite clad lobby is a landscaped courtyard leading to the 5-story parking structure.                                                                                                                                                                                                                                                                 |
|                         |        |   |                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 9665 Wilshire Blvd.     | 235         |   | 100% fee interest.                                                      |   | 9665 Wilshire Boulevard is a 10-story office building located in Beverly Hills.  The building was built in 1972 and renovated in 1993.                                                                                                                                                                                                                                                                                                                                    |
|                         |        |   |                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Westwood Center              | 329         |   | 100% fee interest.                                                      |   | Westwood Center is a 22-story office building, built in 1965 and renovated in 2000.  The building features floor-to-ceiling glass, a beautifully designed lobby with abundant natural light and state of the art communication systems.                                                                                                                                                                                                                                   |
|                         |        |   |                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Wachovia Center              | 661         |   | 100% leasehold interest.                                                |   | Built in 1983, Wachovia Center is a 25-story Class A office building located in the Brentwood area of Los Angeles.  The building offers large floor plates, beautiful ocean, city and mountain views and is within walking distance of Brentwood’s many restaurants, banks and retail services.                                                                                                                                                                     |
|                         |        |   |                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Howard Hughes Center         |        |   |                                                                    |   | Howard Hughes Center is a first-class multi-building project located on the Westside of Los Angeles and convenient to the Los Angeles International Airport, Marina Del Rey and the South Bay.  The complex includes landscaped plazas, restaurants, theaters, a health club and retail services.                                                                                                                                                                         |
|                         |        |   |                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| -6060 Center Drive      | 381         |   | 100% fee interest.                                                      |   | 6060 Center Drive is a 10-story office building, completed in 1999.  It is nestled against a gentle water feature adjoining the main central courtyard and large, 25,000 foot floor plates. The building includes 20,000 square feet of basement space.                                                                                                                                                                                                                   |

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| Property | Total Area(000’s Sq.Ft.) |   | Form and Percentage of Ownership |   | Description |
|----------|--------------------------------|--------|----------------------------------|--------|-------------|

| -  6080 Center Drive | 479       | 100% fee interest.       | 6080 Center Drive is a 12-story office building, completed in 2001.  The lobby features natural stone and glass and incorporates the striking adjacent exterior landscape for a distinctly sophisticated feel. The building includes 20,000 square feet of basement space. |
|-------------------------------------|-----------|--------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                |      |                     |                                                                                                                                                                                                                                                                                      |
| -  6100 Center Drive      | 462       | 100% fee interest.       | 6100 Center Drive is a 12-story, 284,000-square-foot building completed in 2003.                                                                                                                                                                                                          |
|                                |      |                     |                                                                                                                                                                                                                                                                                      |
| -  6601 Center Drive      | 150       | 100% fee interest.       | Also known as Northpoint Tower, this 7-story office building was completed in 1991 and sits at the tip of the center.                                                                                                                                                                     |
|                                |      |                     |                                                                                                                                                                                                                                                                                      |
| -  Howard Hughes Tower    | 477  | 100% fee interest.       | Howard Hughes Tower is a 16-story Class A office building with efficient floor plates and unobstructed views.  The first building in the complex, the tower was built in 1987 and renovated in 2001.                                                                            |
|                                |      |                     |                                                                                                                                                                                                                                                                                      |
| -  Spectrum Club          | 37        | 100% fee interest.       | This single-user building was constructed and leased as a health club, providing a first-class amenity to the surrounding complex and neighboring revitalized community.                                                                                                                  |
| 701 B Street                   | 560       | 100% leasehold interest. | 701 B Street is a 24-story Class A office building, completed in 1982, and located in Downtown San Diego.                                                                                                                                                                                 |
|                                |      |                     |                                                                                                                                                                                                                                                                                      |
| 707 Broadway                   | 315       | 100% leasehold interest. | 707 Broadway is 18-story building built in 1963, renovated in 1988, and located in Downtown San Diego.                                                                                                                                                                                    |
|                                |      |                     |                                                                                                                                                                                                                                                                                      |
| Arden Towers at Sorrento            | 618       | 100% fee interest.       | Arden Towers at Sorrento is an office and retail complex completed in 1991 and located in the Sorrento Mesa submarket north of downtown San Diego.  The complex consists of four office towers and an adjacent 54,000 square foot retail center.                                |

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| Property             | Total Area(000’s Sq.Ft.) | Form and Percentageof Ownership | Description                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|----------------------|--------------------------------|---------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  Republic Plaza | 1,832                     | 100% fee interest.              | Built in 1984, Republic Plaza is Denver's tallest office building at 714 feet tall and 56 stories. Designed by Skidmore, Owings & Merrill and built of reinforced concrete clad in Sardinian granite, Republic Plaza includes 1.2 million square feet of office space, and three retail levels. The building is known for its three-story marble lobby that features a quarterly "Art in Public Places" program of Colorado and regional artists. |

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| Property                                | Total Area(000’s Sq.Ft.) | Form and Percentageof Ownership | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----------------------------------------|--------------------------------|---------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 33 South Sixth Street /City Center | 1,803                          | 100% fee interest.              | 33 South Sixth Street is a 50-story office building located in the heart of Minneapolis’ 64 square block skyway system. The building was constructed and opened in 1983.  The Minneapolis City Center component of the project consists of a retail mall renovated in 2005.  There are six skyway connections entering into the City Center. The project also houses the Minneapolis Marriott at City Center, a 584-room full- service hotel. The project also contains a 687 stall parking garage for office tower tenant and retail patrons. |
|                                    |                           |                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| RBC Plaza /Gaviidae Common I & II   | 1,248                     | 100% freehold interest.         | RBC Plaza, located at 60 South 6th Street, is a mixed-use office and retail development in the Minneapolis financial district on the Nicollet Mall. The 40-story office tower was completed in 1991. The property also has 700 underground parking stalls within the two Gaviidae garages. Gaviidae Common I and II is a five level retail center spanning two half-blocks on Nicollet Mall between 5th and 7th Streets, connected to the Downtown core by the 64 block skyway system.                                                                                   |

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| Property | Total Area(000’s Sq.Ft.) | Form and Percentageof Ownership |   | Description |
|----------|--------------------------------|---------------------------------|--------|-------------|
| Brookfield Place                                                                                                 |                           |                                                                                                                                                                                                                                                                                                                        |   | Brookfield Place consists of almost 3.2 million square feet of rentable commercial and parking space comprising two high-rise office towers located in Toronto’s financial core in the block bounded by Bay, Wellington, Yonge and Front Streets.  A 90-foot high glass enclosed galleria integrates the two office towers, the related retail space, the Hockey Hall of Fame and 13 other historical buildings.  With direct access to Union Station, the Metro Toronto subway system and Commerce Court, Brookfield Place is a key point of entry in the underground pedestrian walkway system in Toronto.                            |
|------------------------------------------------------------------------------------------------------------------|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                             |                           |                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| -    Bay Wellington Tower                                                                    | 1,340                     | 100% fee interest.                                                                                                                                                                                                                                                                                                          |   | Built in 1992, the Bay Wellington Tower is a 47-story tower located on the northern portion of Brookfield Place.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                             |                           |                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| -     22 Front Street  -     Retail and Parking | 144   743  | 100% fee interest in 22 Front Street 50% interest (on a psf basis)  in Retail and a 56% interest in Parking.  The remaining 50% interest in Retail and 44% interest in Parking  is owned by OMERS Realty Corporation.                                                                    |   | 22 Front Street is one of the 12 surviving historic buildings  at the Brookfield Place site that were incorporated as an integral component of complex’s designed and preserved as part of Toronto’s living heritage.This retail, heritage, office and parking complex is located between TD Canada Trust and Bay Wellington Towers and encompasses the office space in the historic and entertainment portion of Brookfield Place.  Brookfield Place includes retail on the concourse and main street levels, as well as 1,465  below-grade parking stalls serving Brookfield Place complex and the Downtown district. |
|                                                                                                             |                           |                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| The Exchange Tower Block                                                                                         |                           |                                                                                                                                                                                                                                                                                                                        |   | The Exchange Tower Block consists of two office towers including the Exchange Tower and 105 Adelaide, and the retail and parking components of the complex.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                                                                                             |                           |                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| -     Exchange Tower                                                                    | 1,160                     | 50% leasehold interest in the North parcel (containing a 3-story building) and a 50% freehold and leasehold interest in the South Parcel (which includes the Exchange Tower).  The remaining 50% leasehold and freehold interests are held by TTC Pension Fund (25%) and Hospitals of Ontario Pension Fund (25%). |   | Exchange Tower is located in Toronto’s financial core at the corner of York and King Streets.  The office property is integrated with the Toronto financial core and the underground pedestrian network as a component of the Exchange Tower Block.  The building was built 1981 and renovated in 1999.                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                             |                           |                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| -     105 Adelaide Street West                                                     | 232                       | 100% leasehold interest and a 25% fee interest in the Canadian Office Fund’s 50% interest.  The other 50% freehold interest is owned by a Canadian life insurance company                                                                                                                                   |   | 105 Adelaide Street West, also known as Lombard Place, is a 12-story office property located in the financial core between the Exchange Tower and First Canadian Place. This class ‘A’ building was built in 1962 and completely renovated in 1990.                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                             |                           |                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

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| Property | Total Area(000’s Sq.Ft.) | Form and Percentageof Ownership |   | Description |
|----------|--------------------------------|---------------------------------|--------|-------------|

| Hudson’s Bay Centre       | 1,092     | 100% leasehold interest and 100% fee interest in certain components.                                                                                      |   | The Hudson’s Bay Centre comprises an office tower at 2 Bloor Street East, the Bay department store and an extensive retail concourse with a variety of shops and services.  Built in 1973 and renovated in 2001, the building is directly above the intersection of two subway lines at the corner of Yonge and Bloor Streets and in close proximity to the Don Valley Expressway, the Hudson’s Bay Centre offers excellent accessibility.  |
|---------------------------------|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Queen’s Quay Terminal     | 504  | 100% fee interest.                                                                                                                                        |   | Built in 1926 and renovated in 1983, Queen’s Quay Terminal is located in the waterfront in Downtown Toronto’s financial district.  The property also contains  condominium units which are owned freehold by other parties.                                                                                                                                                                                                            |
|                            |      |                                                                                                                                                      |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| HSBC Building                   | 225  | 100% fee interest in 1/3 of the property and a 100% leasehold interest in 2/3 of the property.  The other freehold owner is a private investor. |   | The HSBC Building is located in Toronto’s financial core at the corner of Wellington and York Streets. The project is a 17-story office tower completed in 1990 and is integrated with the Toronto financial core and underground pedestrian network.                                                                                                                                                                                                            |
|                            |      |                                                                                                                                                      |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Bay Adelaide Centre   | 1,574     | 100% fee interest.                                                                                                                              |   | Recently completed in September 2009, the Bay Adelaide Centre is located in Toronto’s financial core at the corner of Bay and Adelaide Streets. The project is a 51-story office tower and is integrated with the underground pedestrian network.  Bay Adelaide Centre is the first major development in the Toronto financial district in over 17 years.                                                                                              |

| Property             | Total Area(000’s Sq.Ft.) | Form and Percentage of Ownership                                                                |   | Description                                                                                                                                                                                                                                                                                                                                                                                                 |
|----------------------|--------------------------------|-------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                 |                           |                                                                                            |   |                                                                                                                                                                                                                                                                                                                                                                                                        |
| First Canadian Place | 2,780                     | 50% fee interest.  The other 50% interest owner is a Canadian life insurance company. |   | Located in Downtown Toronto, First Canadian Place is a complex consisting of office, banking, shopping complex and parking. With 72-storys, the office tower has remained unchallenged as the tallest office building in Canada since it was constructed in 1975.                                                                                                                                           |
|                 |                           |                                                                                            |   |                                                                                                                                                                                                                                                                                                                                                                                                        |
| 151 Yonge St.   | 371                       | 100% fee interest.                                                                              |   | The Yonge Richmond Centre is situated in Toronto’s financial core.  The building was built in 1991 and renovated in 1998.  The property provides a direct connection to the city’s underground pedestrian walkway and is connected to  2 Queen Street East to the north as well as the Queen Street subway station.                                               |
|                 |                           |                                                                                            |   |                                                                                                                                                                                                                                                                                                                                                                                                        |
| 2 Queen St. E.  | 545                       | 100% leasehold interest.                                                                        |   | 2 Queen Street East is situated in Toronto’s financial core and built in 2003, the building is the city’s newest Downtown office tower.  The property’s unique design incorporates a historic 1910 bank branch.  The property provides a direct connection to the city’s underground pedestrian walkway and is integrated with the Queen Street subway station. |

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| Property                | Total Area(000’s Sq.Ft.) | Form and Percentageof Ownership                                                                                          | Description                                                                                                                                                                                                                                                                                                                                                                                              |
|-------------------------|--------------------------------|--------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                    |                           |                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                     |
| Bankers Hall            | 2,577                     | 50% fee interest.  The remaining 50% interest is owned by bcIMC.                                          | Built in 1988, the Bankers Hall complex is comprised of three towers: East Tower, West Tower and the Royal Bank Building.  The East and West Towers and twin 52-story office towers sitting above a 7-story office/retail podium that integrates the historic Hollingsworth Building and the adjacent 26-story Royal Bank Building.                                                            |
|                    |                           |                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                     |
| Bankers Court           | 324                       | 50% fee interest.  The remaining 50% interest is owned by bcIMC.                                          | Bankers Court, substantially completed in March 2009, is a 15-story office tower and is directly adjacent to Bankers Hall and connected by sky bridge.                                                                                                                                                                                                                                                   |
| Suncor Energy Centre    | 1,952                     | 50% fee interest. The remaining 50% interest is owned by ARCI Ltd.                                                       | Suncor Energy Centre consists of a two-tower office-retail complex and underground parking garage.  The office towers are 52-story west tower and the 32-story east tower.  The property is located in the Calgary CBD and is connected to the above-ground pedestrian walkway system. The property was constructed in 1983 and is one of the top three office complexes in Calgary. |
|                    |                           |                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                     |
| Fifth Avenue Place | 1,681                     | 50% fee interest.  The remaining 50% interest is owned by Alberta Investment Management. (“AIMCo”) | Fifth Avenue Place is comprised of two 35-story office towers.  Fifth Avenue Place, which is connected to the above-ground pedestrian walkway system, was completed in 1981, and since acquisition has undergone a substantial capital investment program.                                                                                                                                     |

| Property      | Total Area(000’s Sq.Ft.) | Form and Percentage of Ownership                                                                                      | Description                                                                                                                                                                                                                                                           |
|---------------|--------------------------------|-----------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|          |                           |                                                                                                                  |                                                                                                                                                                                                                                                                  |
| Altius Centre | 378                       | 25% fee interest. The remaining interest is owned 50% by CPP Investment Board (“CPPIB”) and 25% by AIMCo. | Altius Centre is situated in the heart of Downtown Calgary.  The property is a single tower, 31-story office building, directly connected to the city’s above-ground walkway system.  The building was built in 1973 and renovated in 1991. |

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| Property            | Total Area(000’s Sq.Ft.) | Form and Percentage of Ownership | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------------------|--------------------------------|----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                |                           |                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Place de Ville I    | 1,085                     | 100% leasehold interest.         | Place de Ville I is located in the western portion of Ottawa’s Downtown core in the block bounded by Albert Street, Kent Street, Queen Street and Lyon Street. Built in 1974 and renovated in 1994, the property is comprised of two towers (A and B), situated at right angles to each other.                                                                                                                                                                                                                                                       |
|                |                           |                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Place de Ville II   | 1,043                          | 100% fee interest.               | Place de Ville II is located in the western portion of Ottawa’s Downtown core in the block bounded by Sparks Street, Kent Street, Queen Street and Lyon Street.  It is comprised of Tower C, a 29-story building, the Podium, a smaller 4- story building, a below grade retail service concourse which includes office space, retail outlets, a food court, storage space and, a four-level underground parking facility with 770 parking stalls and storage facilities.  The building was built in 1971 and renovated in 1995. |
|                |                           |                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Jean Edmonds Towers | 649                       | 100% fee interest.               | Jean Edmonds Towers is located in the western portion of Ottawa’s Downtown core in the block bounded by Slater Street, Kent Street, Laurier Avenue West and Bank Street. Built in 1974 and renovated in 1994, the property is comprised of two 20-story buildings linked at ground level by a 1-story building which serves as a restaurant. The remaining ground floor premises, situated in the towers themselves, offer retail services.                                                                                                          |

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| Property     | Total Area(000’s Sq.Ft.) | Form and Percentageof Ownership | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------------|--------------------------------|---------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|         |                           |                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Royal Centre | 853                       | 100% fee interest.              | Royal Centre is a Class A office building located in the prime CBD of Downtown Vancouver that was most recently renovated in 2001. This 36-story building is adjacent to the Vancouver Hyatt Regency Hotel.  Located on the corner of Georgia and Burrard, Royal Centre is conveniently situated within the business and retail amenities of Downtown Vancouver.  The property has two retail levels with shops and services  with direct access to the Burrard Skytrain station, in addition to parking for 688 vehicles in a three-level underground parking garage. |

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| Property                 | Total Area(000’s Sq.Ft.) | Form and Percentageof Ownership      | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------------------------|--------------------------------|--------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     |                           |                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| One Shelley Street       | 372                            | 100% leasehold interest.             | The property consists of a nine-story tower plus rooftop terrace, ground floor with retail, commercial lobby and office space at level 1 and basement parking for 268 vehicles.  One Shelley Street has achieved a 6 Star Green Star – Office Design v2 rating. The property is located in the King Street Wharf precinct in close proximity to Wynyard bus and rail interchanges and is surrounded by retail and restaurants.                                              |
|                     |                           |                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| KPMG Tower               | 316                            | 50% freehold interest.               | KPMG Tower was developed and built in December 2003. The building comprises a ground level foyer, lobby café, auditorium and 15 levels of office accommodation. There are four floors of basement car parking accommodating 109 vehicles.  The property is located between Sussex and Shelley Streets at King Street Wharf. It is within walking distance of Wynyard Train Station and Pitt Street Mall and is well serviced by retail and restaurants at King Street Wharf. |
|                     |                           |                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| American Express House   | 171                            | 100% freehold interest held by BPPF. | American Express House is comprised of 10 levels of commercial office space, fully occupied by American Express, with ancillary retail and underground parking for 69 vehicles.  The property is located within the western corridor precinct of the Sydney CBD with frontage on Shelley Street. The building is proximate to Wynyard Railway Station, Bus Interchange and King Street Wharf public ferry terminal and the retail and restaurants at King Street Wharf.           |
|                     |                           |                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| World Square Retail      | 260                            | 50% freehold interest.               | Located within Sydney’s George, Liverpool, Pitt and Goulburn Streets, World Square shopping centre offers fresh and prepared food services and a unique selection of fashion, homewares and lifestyle items within over 90 specialty retailers. World Square Car Park has five levels of underground parking for 528 cars.                                                                                                                                                            |
|                     |                           |                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 52 Goulburn Street       | 277                            | 50% freehold interest.               | This building was built in 2007 and is positioned on the southern border of the midtown precinct of the Sydney CBD.  The property is bounded by George, Liverpool, Pitt and Goulburn Streets, Sydney. It is located close to the Downing Centre and Family Law Courts, Ernst & Young Centre and World Square Shopping Centre. Train and bus services are available at Town Hall, Museum and Central Stations.                                                                 |
|                     |                           |                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| King Street Wharf Retail | 61                             | 100% leasehold interest.             | King Street Wharf is a premium waterfront restaurant and tourist precinct. All premises incorporate water views over Darling Harbour towards Wharves 8 and 9 at Pyrmont Bay and the National Maritime Museum.                                                                                                                                                                                                                                                                               |
|                     |                           |                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| NAB House                | 461                            | 25% freehold interest.               | NAB House is an office tower with 29 levels of office accommodation, ground floor banking and cafeteria, and car parking for 219 vehicles.  The property is located in Sydney’s CBD and is bounded by George, Grosvenor, Lang and Jamison Streets. The property enjoys excellent access to major bus, rail and ferry terminals.                                                                                                                                             |
|                     |                           |                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| IAG House                | 428                            | 50% freehold interest.               | IAG House was completed in 1976 and refurbished in 1998 and 2009. The property comprises basement and ground floor retail, 28 levels of office accommodation and on-site parking for 80 vehicles. The property is located in the core commercial precinct of the Sydney CBD on the corner of George and King Streets                                                                                                                                                                        |
|                     |                           |                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| E & Y Complex        | 787                            | 100% freehold interest held by BPPF. | E & Y Complex is a landmark commercial office tower within the southern periphery of the midtown precinct of the Sydney CBD. The property comprises a substantial lobby with two retail areas and 35 upper levels of office accommodation incorporating low, mid, high and sky rise.  Surrounding development includes the World Square Shopping Centre and the property is well serviced by bus, rail and car.                                                               |
|                     |                           |                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Darling Park Complex     | 1,285                          | 30% leasehold interest.              | This landmark commercial and retail complex is located on Sussex Street, between Market and Druitt Streets. The property includes two buildings, Darling Park 1 and Darling Park 2, and comprises a total of 58 levels of office accommodation, over 600 basement car spaces, storage area and retail accommodation.                                                                                                                                                                        |

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| Property                  | Total Area(000’s Sq.Ft.) | Form and Percentageof Ownership                                           | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------------------------|--------------------------------|---------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                      |                           |                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Southern Cross East Tower | 991                            | 100% freehold interest (BPO holds a 75% interest and BPPF a 25% interest) | Southern Cross East Tower is a landmark office building with premium grade services. The building comprises a ground level foyer and retail tenancies, 36 upper levels of office accommodation and basement parking for 950 vehicles.  The property is located at the eastern end of the Melbourne CBD, bordering Exhibition, Bourke and Little Collins Streets. Public transport facilities include tram and bus services and Parliament Railway Station is situated nearby. |
|                      |                           |                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Southern Cross West Tower | 510                            | 50% freehold interest.                                                    | Southern Cross West Tower forms part of the Southern Cross landmark development. The was completed in 2009 and comprises ground floor retail tenancies, lobby and 20 upper levels of office accommodation.  The property is located at the eastern end of the Melbourne CBD, bordering Bourke and Little Collins Streets. Public transport facilities include tram and bus services and Parliament Railway Station is situated nearby.                                        |
|                      |                           |                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Defence Plaza             | 214                            | 100% freehold interest held by BPPF.                                      | This property is a modern commercial building constructed in 1990 consisting of ground floor retail and other accommodation together with nine upper levels of office accommodation. The property has two street frontages, with the main entrance on Bourke Street. The property is situated in the western fringe of the Melbourne CBD near the Southern Cross Railway Station. Also located nearby are the Docklands and Etihad Stadium.                                             |
|                      |                           |                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Bourke Place Trust        | 808                            | 42.96% freehold interest.                                                 | Bourke Place Trust comprises Bourke Place Tower, a premium-grade high rise office building with 45 office levels, retail space and basement parking for 428 vehicles; 558 Little Bourke Street, a commercial car park for 335 vehicles, with a restaurant at ground level; and Bourke Place Studios, retail and studio office accommodation.   Bourke Place Tower is located on the corner of Bourke and King Streets in the western end of the Melbourne CBD.           |

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| Property                | Total Area(000’s Sq.Ft.) | Form and Percentageof Ownership | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-------------------------|--------------------------------|---------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                    |                           |                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 235 St. Georges Terrace | 206                            | 50% leasehold interest.         | The property comprises nine levels of office accommodation and three levels of basement car-parking. The generous floor plates provide considerable design flexibility with minimal core openings. Adjoining the site is the Bishops Gardens, a unique heritage garden that provides active and visual amenity to the property.  The property is located at the western end of St Georges Terrace in the heart of Perth’s commercial and mining precinct, sharing the precinct with QV1, St Georges Square and Woodside Plaza. The location marks the western entry point to the Perth CBD. |

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| 1. | Redevelop, retrofit, redesign and renovate properties within the existing portfolio to achieve energy efficiency and reduction in carbon emissions; |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Incorporate innovative sustainability strategies to achieve best-in-industry environmental performance in all new office developments; and |
|----|--------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Seek best-in-class environmental certifications, take leadership positions in green industry organizations, and support new initiatives that foster the energy efficiency of office buildings and sustainable communities. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Building                                        | City        | Expiration       | Notes                                                                                                                                                                                               |
|-------------------------------------------------|-------------|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 105 Adelaide Street West                        | Toronto     | 2043(1)          | We own a 100% leasehold interest and a 25% interest in the ground lessor which holds a 50% freehold interest.                                                                                       |
| 2 Queen Street East                             | Toronto     | 2099             | Only a small portion of this property is subject to the ground lease (0.15 acres of 0.99 acres). We own a 25% leasehold interest in the leasehold parcel and a 25% interest in the freehold parcel. |
| 701 B Street                                    | San Diego   | 2069, 2076       | There are two ground leases for this property.                                                                                                                                                      |
| 707 Broadway                                    | San Diego   | 2089             | There are two ground leases that cover a portion of this property.                                                                                                                                  |
| Bankers Hall                                    | Calgary     | 2101             | We own a 50% interest in the ground lease.                                                                                                                                                          |
| Exchange Tower                                  | Toronto     | 2891, 2115, 2232 | There are three ground leases for this property. We own a 50% interest in the ground lessor of a portion of the property.                                                                           |
| First Canadian Place                            | Toronto     | 2023             | We own a 25% interest in the ground lessor which holds a 50% freehold interest.  We also own a 25% interest in the ground lessee which holds a 100% leasehold interest.                   |
| HSBC Building (70 York Street)                  | Toronto     | 2083             | Ground lease only covers a portion of the property                                                                                                                                                  |
| Hudson’s Bay Centre                       | Toronto     | 2070, 2011       | There are two ground leases that cover a portion of this property.                                                                                                                                  |
| KBR Tower                                       | Houston     | 2057             |                                                                                                                                                                                                |
| Marina Towers                                   | Los Angeles | 2063             |                                                                                                                                                                                                |
| One, Two, Three and Four World Financial Center | New York    | 2069             |                                                                                                                                                                                                |
| Place de Ville I                                | Ottawa      | 2065             | There is one ground lease for this property.                                                                                                                                                        |
| Royal Bank Building                             | Calgary     | 2101             | We own a 50% interest in the ground lessor.                                                                                                                                                         |
| Wachovia Center                                 | Los Angeles | 2066             |                                                                                                                                                                                                |

| (1) | Ground lessee has the option to extend the ground lease for an additional 30 years to 2073. |
|-----|---------------------------------------------------------------------------------------------|

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|   | · | the subsidiaries will be subject to tax on their taxable income at regular corporate rates; |
|--------|--------|---------------------------------------------------------------------------------------------|

|   | · | the subsidiaries will not be able to deduct, and will not be required to make, distributions to their stockholders, including us, in any year in which they fail to qualify as a REIT; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | the subsidiaries could be subject to federal alternative minimum tax and/or increased state and local taxes; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------|

|   | · | unless the subsidiaries are entitled to relief under specific statutory provisions, they will be disqualified from taxation as REITs for the four taxable years following the year during which they lose their qualification. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|             | 2010              | 2009              | 2008              |
|------------------|-------------------|-------------------|-------------------|
| Per common share | $0.56 per annum   | $0.56 per annum   | $0.56 per annum   |
|             | $0.14 per quarter | $0.14 per quarter | $0.14 per quarter |

| ($, except share information) | 2010                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2009                                        | 2008      |      |
|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------|-----------|-----------|
| Authorized                    | Outstanding                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                        | Per Share | Per Share | Per Share |   |
| 14,202,000                    | 14,201,980                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Class A redeemable voting, Series A & B | C$0.0833  | C$0.0833  | C$0.0833 |   |
| 2,000,000                     | 2,000,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Class AA Series E                           | C$0.4414  | C$0.4480  | C$0.8776 |   |
| 12,000,000                    | 8,000,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Class AAA Series E                          | C$0.4536  | C$0.4267  | C$0.8457 |   |
| 8,000,000                     | 8,000,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Class AAA Series F                          | C$1.5000  | C$1.5000  | C$1.5000 |   |
| 6,000,000                     | 4,400,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Class AAA Series G                          | $1.3125   | $1.3125   | $1.3125 |   |
| 8,000,000                     | 8,000,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Class AAA Series H                          | C$1.4375  | C$1.4375  | C$1.4375 |   |
| 8,000,000                     | 7,130,228                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Class AAA Series I                          | C$1.3000  | C$1.3000  | C$1.3000 |   |
| 8,000,000                     | 8,000,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Class AAA Series J                          | C$1.2500  | C$1.2500  | C$1.2500 |   |
| 8,000,000                     | 6,000,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Class AAA Series K                          | C$1.3000  | C$1.3000  | C$1.3000 |   |
| 11,500,000                    | 11,500,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Class AAA Series L(1)                       | C$1.6875  | C$0.45308 | - |   |
| 11,000,000                    | 11,000,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Class AAA Series N(2)                       | C$1.4480  | -         | - |   |
| 12,000,000                    | 12,000,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Class AAA Series P(3)                       | C$0.2504  | -         | - |   |
|                          | (1)   The Series L preference shares were issued on September 24, 2009 and an initial dividend of C$0.45308 per share was paid on December 31, 2010.  The annual dividend rate on these shares is C$1.6875 per share.  No amounts were paid on September 30, 2009.(2)   The Series N preference shares were issued on January 20, 2010.  The initial Series N dividend of C$0.2949 per share was paid on March 31, 2010.  The annual dividend rate on these shares is C$1.5375 per share.(3)   The Series P preference shares were issued on October 21, 2010.  The initial Series P dividend of C$0.2504 per share was paid on December 31, 2010.  The annual dividend rate on these shares is C$1.2875 per share. |

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|             | DBRS Limited (“DBRS”) | Standard & Poor’s Rating Service (“S&P”) |
|------------------|-----------------------------------|--------------------------------------------------------------------|
| Corporate rating | BBB(high)                         | BBB                                                                |
| Preferred shares | Pfd-3(high)                       | P3(high)                                                           |
| Outlook          | ―                           | Negative                                                           |

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|      | TSX                 | NYSE   |
|-----------|---------------------|--------|
|      | Price Per Share ($) |   | Price Per Share (US$) |   |
| Month     | High                | Low    | Volume | High | Low | Volume |
| December  | 17.78               | 16.70  | 9,957,066 | 17.65 | 16.39 | 31,436,880 |
| November  | 18.86               | 16.54  | 13,205,906 | 18.87 | 16.11 | 42,176,776 |
| October   | 18.30               | 16.05  | 21,213,322 | 17.92 | 15.62 | 55,388,064 |
| September | 16.44               | 15.33  | 17,756,470 | 15.98 | 14.58 | 37,749,712 |
| August    | 15.50               | 14.51  | 20,183,675 | 15.18 | 13.94 | 63,968,256 |
| July      | 16.88               | 13.88  | 20,543,584 | 16.28 | 13.14 | 66,454,612 |
| June      | 16.07               | 14.13  | 19,419,737 | 15.66 | 13.35 | 60,742,556 |
| May       | 16.90               | 11.51  | 18,989,855 | 16.73 | 11.63 | 83,113,624 |
| April     | 16.57               | 15.45  | 15,213,239 | 16.54 | 15.32 | 65,622,372 |
| March     | 16.15               | 14.34  | 22,091,184 | 15.80 | 13.90 | 63,255,656 |
| February  | 14.90               | 12.85  | 21,833,477 | 14.03 | 12.01 | 78,007,728 |
| January   | 13.42               | 12.51  | 13,867,972 | 12.82 | 11.79 | 55,319,484 |

|      | Price Per Share ($) |   |
|-----------|---------------------|--------|
| Month     | High                | Low    | Volume |
| December  | 26.94               | 25.83  | 120,005 |
| November  | 27.18               | 26.13  | 59,130 |
| October   | 26.61               | 26.00  | 245,171 |
| September | 27.19               | 25.63  | 162,972 |
| August    | 26.59               | 25.95  | 63,332 |
| July      | 26.45               | 25.41  | 172,381 |
| June      | 25.80               | 25.10  | 70,508 |
| May       | 25.31               | 25.00  | 113,590 |
| April     | 25.50               | 25.00  | 138,901 |
| March     | 25.95               | 25.03  | 140,785 |
| February  | 25.50               | 25.20  | 91,213 |
| January   | 25.43               | 25.10  | 249,535 |

|      | Price Per Share ($) |   |
|-----------|---------------------|--------|
| Month     | High                | Low    | Volume |
| December  | 26.00               | 25.50  | 78,215 |
| November  | 26.37               | 25.79  | 106,850 |
| October   | 26.34               | 25.45  | 38,680 |
| September | 25.90               | 25.01  | 61,620 |
| August    | 26.44               | 25.25  | 28,470 |
| July      | 25.25               | 24.21  | 48,565 |
| June      | 25.10               | 24.00  | 72,775 |
| May       | 24.85               | 23.85  | 32,243 |
| April     | 24.96               | 24.02  | 133,891 |
| March     | 25.00               | 23.51  | 79,315 |
| February  | 24.00               | 22.25  | 43,125 |
| January   | 23.00               | 21.34  | 53,737 |

----

|      | Price Per Share ($) |   |
|-----------|---------------------|--------|
| Month     | High                | Low    | Volume |
| December  | 26.29               | 25.70  | 53,427 |   |
| November  | 26.10               | 25.73  | 142,919 |   |
| October   | 26.10               | 25.59  | 110,577 |   |
| September | 26.10               | 25.50  | 199,430 |   |
| August    | 25.99               | 25.15  | 133,921 |   |
| July      | 25.75               | 24.74  | 124,200 |   |
| June      | 24.89               | 24.16  | 159,292 |   |
| May       | 24.73               | 24.01  | 186,623 |   |
| April     | 24.83               | 24.03  | 142,433 |   |
| March     | 25.15               | 24.51  | 227,583 |   |
| February  | 24.75               | 23.89  | 230,451 |   |
| January   | 24.20               | 23.08  | 463,678 |   |

|   | Price Per Share ($) |   |
|--------|---------------------|--------|
| Month  | High                | Low    | Volume |
|   | December            | 25.33  | 24.90 | 198,770 |
|   | November            | 25.42  | 25.10 | 415,393 |
|   | October             | 25.44  | 25.06 | 268,591 |
|   | September           | 25.67  | 25.00 | 370,118 |
|   | August              | 25.49  | 25.20 | 210,274 |
|   | July                | 25.34  | 25.00 | 145,128 |
|   | June                | 25.49  | 25.03 | 300,751 |
|   | May                 | 25.36  | 25.27 | 432,212 |
|   | April               | 25.44  | 25.27 | 166,518 |
|   | March               | 25.65  | 24.92 | 353,167 |
|   | February            | 25.83  | 25.21 | 135,626 |
|   | January             | 25.77  | 25.21 | 281,071 |

|      | Price Per Share ($) |   |
|-----------|---------------------|--------|
| Month     | High                | Low    | Volume |
| December  | 25.97               | 25.50  | 80,264 |
| November  | 26.20               | 25.00  | 214,635 |
| October   | 25.83               | 25.00  | 123,507 |
| September | 25.90               | 25.15  | 116,405 |
| August    | 25.19               | 25.01  | 75,729 |
| July      | 25.15               | 24.75  | 115,812 |
| June      | 24.90               | 23.90  | 157,154 |
| May       | 24.40               | 23.96  | 184,721 |
| April     | 24.88               | 24.06  | 159,470 |
| March     | 24.54               | 24.00  | 147,555 |
| February  | 24.56               | 24.09  | 133,095 |
| January   | 24.39               | 22.81  | 649,511 |

----

|      | Price Per Share ($) |   |
|-----------|---------------------|--------|
| Month     | High                | Low    | Volume |
| December  | 26.03               | 25.00  | 110,979 |   |
| November  | 26.49               | 25.50  | 65,613 |   |
| October   | 25.55               | 25.15  | 91,967 |   |
| September | 25.60               | 24.94  | 93,518 |   |
| August    | 24.99               | 24.56  | 65,499 |   |
| July      | 24.70               | 23.57  | 52,155 |   |
| June      | 23.75               | 22.55  | 38,288 |   |
| May       | 23.07               | 21.90  | 97,947 |   |
| April     | 23.77               | 22.50  | 55,030 |   |
| March     | 23.92               | 23.05  | 75,986 |   |
| February  | 22.97               | 22.33  | 105,129 |   |
| January   | 22.50               | 21.96  | 64,420 |   |

|      | Price Per Share ($) |   |
|-----------|---------------------|--------|
| Month     | High                | Low    | Volume |
| December  | 26.97               | 25.64  | 189,580 |   |
| November  | 26.90               | 26.28  | 224,184 |   |
| October   | 26.73               | 26.10  | 195,952 |   |
| September | 26.99               | 26.31  | 294,321 |   |
| August    | 26.99               | 26.08  | 185,175 |   |
| July      | 26.50               | 25.45  | 353,369 |   |
| June      | 26.34               | 25.50  | 187,939 |   |
| May       | 26.00               | 25.18  | 271,974 |   |
| April     | 25.89               | 25.34  | 346,229 |   |
| March     | 25.98               | 25.25  | 380,271 |   |
| February  | 25.99               | 25.50  | 392,299 |   |
| January   | 25.95               | 25.50  | 817,976 |   |

|                               | Price Per Share ($) |   |
|------------------------------------|---------------------|--------|
| Month                              | High                | Low    | Volume |
| December                           | 26.20               | 25.32  | 193,393 |   |
| November                           | 26.39               | 25.75  | 223,139 |   |
| October                            | 26.24               | 25.65  | 327,978 |   |
| September                          | 26.14               | 25.48  | 290,791 |   |
| August                             | 26.01               | 25.21  | 279,116 |   |
| July                               | 25.25               | 24.65  | 518,300 |   |
| June                               | 24.95               | 24.15  | 271,747 |   |
| May                                | 24.90               | 24.22  | 268,415 |   |
| April                              | 25.00               | 24.15  | 371,083 |   |
| March                              | 25.05               | 24.60  | 573,296 |   |
| February                           | 24.99               | 24.56  | 661,847 |   |
| January (January 20 to January 31) | 25.09               | 24.85  | 769,559 |   |

|                               | Price Per Share ($) |   |
|------------------------------------|---------------------|--------|
| Month                              | High                | Low    | Volume |
| December                           | 25.30               | 24.65  | 246,129 |   |
| November                           | 25.46               | 25.00  | 418,276 |   |
| October (October 21 to October 31) | 25.34               | 24.90  | 936,293 |   |

----

|   Name, municipality of residence              |   |  Director since |   |   Principal Occupation and Five-year Occupation History                                                                                                                                                                                |
|----------------------------------------------------------|--------|----------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                     |   |                 |   |                                                                                                                                                                                                                                             |
| GORDON E. ARNELLCalgary, Alberta, Canada                 |   | 1989                 |   | Mr. Arnell has been Chairman of our Board of Directors since 1995.                                                                                                                                                                               |
|                                                     |   |                 |   |                                                                                                                                                                                                                                             |
| WILLIAM T. CAHILL (2)(4)Ridgefield, Connecticut, U.S.A.  |   | 2000                 |   | Mr. Cahill has been Managing Director Independent Risk at Citi Community Capital since 2002.                                                                                                                                                |
|                                                     |   |                 |   |                                                                                                                                                                                                                                             |
| RICHARD B. CLARKNew York, New York, U.S.A.               |   | 2002                 |   | Mr. Clark has been President and Chief Executive Officer of BPO since 2002.                                                                                                                                                                      |
|                                                     |   |                 |   |                                                                                                                                                                                                                                             |
| JACK L. COCKWELL (3)Toronto, Ontario, Canada             |   | 1999                 |   | Mr. Cockwell has been Group Chairman of BAM since 2002.                                                                                                                                                                                     |
|                                                     |   |                 |   |                                                                                                                                                                                                                                             |
| MICHAEL HEGARTY (1)(4)Briarcliff Manor, New York, U.S.A. |   | 2010                 |   | Mr. Hegarty is a corporate director.  He retired in 2001 after 30 years experience in the financial services industry including most recently as the Senior Vice Chairman and Chief Operating Officer of AXA Financial.                |
|                                                     |   |                 |   |                                                                                                                                                                                                                                             |
| ALLAN S. OLSON (1)(2)(3)(4)Edmonton, Alberta, Canada     |   | 1995                 |   | Mr. Olson has been Chairman and Chief Executive Officer of First Industries Corporation, an investment and management company, since 1991.                                                                                                  |
|                                                     |   |                 |   |                                                                                                                                                                                                                                             |
| ROBERT L. STELZL (1)(3)(4)Hamilton, Montana, U.S.A       |   | 2005                 |   | Mr. Stelzl is a private real estate investor and investment manager.  In 2003, he retired from Colony Capital, LLC, a large real estate private equity investor, after 14 years as a principal and member of the Investment Committee. |
|                                                     |   |                 |   |                                                                                                                                                                                                                                             |
| DIANA L. TAYLOR (2)(4)New York, New York, U.S.A          |   | 2007                 |   | Ms. Taylor has been a managing director of Wolfensohn & Co since 2007. She served as the Superintendent of Banks for the State of New York from June 2003 through March 2007.                                                                |
|                                                     |   |                 |   |                                                                                                                                                                                                                                             |
| JOHN E. ZUCCOTTINew York, New York, U.S.A.               |   | 1998                 |   | Mr. Zuccotti has been Co-Chairman of our Board of Directors since 2002, Chairman of the Board of Directors of Brookfield Financial Properties, Inc. since 1996 and Senior Counsel, Weil, Gotshal and Manges LLP since 1998.                      |

| (1) | Member of the Audit Committee |
|-----|-------------------------------|

| (2) | Member of the Governance and Nominating Committee |
|-----|---------------------------------------------------|

| (3) | Member of the Human Resources and Compensation Committee |
|-----|----------------------------------------------------------|

| (4) | Independent director |
|-----|----------------------|

----

| Name, municipality of residence                     |   |  Position Held                                                                       |   |  Five-year Occupation History                                                                                                                                                                                                                                 |
|-----------------------------------------------------|--------|-------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                |   |                                                                                      |   |                                                                                                                                                                                                                                                               |
| THOMAS F. FARLEYCalgary, Alberta, Canada            |   | Chief Executive Officer, Canadian Commercial Operations                                   |   | Mr. Farley has held his present principal occupation since January 2009, prior to which he was President and Chief Operating Officer, Canadian Commercial Operations since 2002.                                                                                   |
|                                                |   |                                                                                      |   |                                                                                                                                                                                                                                                               |
| DENNIS H. FRIEDRICHNew York, New York, U.S.A.       |   | President and Chief Executive Officer, U.S. Commercial Operations                         |   | Mr. Friedrich has held his present principal occupation since January 2009, prior to which he was President and Chief Operating Officer, U.S. Commercial Operations since 2003.                                                                               |
|                                                |   |                                                                                      |   |                                                                                                                                                                                                                                                               |
| BRIAN W. KINGSTONMosman, New South Wales, Australia |   | President and Chief Executive Officer, Australian Commercial Operations                   |   | Mr. Kingston has held his present principal occupation since January 2011.  Mr. Kingstonjoined BAM in 2001 and has held various senior management positions including Senior Managing Partner and Chief Executive Officer of Brookfield Australia.  |
|                                                |   |                                                                                      |   |                                                                                                                                                                                                                                                               |
| G. MARK BROWNNew York, New York, U.S.A.             |   | Senior Vice President, Strategic Initiatives and Finance                                  |   | Mr. Brown has held his present principal occupation since 2005.                                                                                                                                                                                               |
|                                                |   |                                                                                      |   |                                                                                                                                                                                                                                                               |
| BRYAN K. DAVISNew York, New York, U.S.A.            |   | Senior Vice President andChief Financial Officer                                          |   | Mr. Davis has held his present principal occupation since 2007, prior to which he spent four years as Senior Vice President, Finance and one year as a Managing Partner of BAM.                                                                                    |
|                                                |   |                                                                                      |   |                                                                                                                                                                                                                                                               |
| BRETT M. FOXNew York, New York, U.S.A.              |   | Senior Vice President and General Counsel and Chief Compliance and Administrative Officer |   | Mr. Fox has held his present principal occupation since 2003.                                                                                                                                                                                                      |
|                                                |   |                                                                                      |   |                                                                                                                                                                                                                                                               |
| MICHELLE L. CAMPBELLNew York, New York, U.S.A.      |   | Vice President, Compliance and Assistant General Counsel                                  |   | Ms. Campbell has held her present principal occupation since 2007, prior to which she was an associate at Torys LLP since 2002.                                                                                                                                    |
|                                                |   |                                                                                      |   |                                                                                                                                                                                                                                                               |
| MELISSA J. COLEYNew York, New York, U.S.A.          |   | Vice President, Investor Relations and Communications                                     |   | Ms. Coley has held her present principal occupation since 2002.                                                                                                                                                                                                    |
|                                                |   |                                                                                      |   |                                                                                                                                                                                                                                                               |
| P. KEITH HYDEToronto, Ontario, Canada               |   | Vice President, Taxation                                                                  |   | Mr. Hyde has held his present principal occupation since 1988.                                                                                                                                                                                                     |
|                                                |   |                                                                                      |   |                                                                                                                                                                                                                                                               |
| DANA PETITTONew York, New York, U.S.A.              |   | Vice President and Controller                                                             |   | Ms. Petitto has held her present principal occupation since 2007, prior to which she was Assistant Controller of BPO since 2004.                                                                                                                                   |
|                                                |   |                                                                                      |   |                                                                                                                                                                                                                                                               |

----

----

----

| Service Performed      | 2010(1)     | 2009(2)    |
|------------------------|-------------|------------|
| Audit fees (3)         | $5,607,000  | $3,421,400 |
| Audit related fees (4) | $6,273,000  | $5,146,400 |
| All other fees         | —     | —    |
| Tax fees               | $30,000     | $209,100   |
| Total fees             | $11,910,000 | $8,776,900 |

| (1) | All amounts are billed in Canadian dollars and have been converted to U.S. dollars at the exchange rate on December 31, 2010 of C$1.00 for each US$1.00. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | All amounts are billed in Canadian dollars and have been converted to U.S. dollars at the exchange rate on December 31, 2009 of C$1.05 for each US$1.00. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Included in this amount is $280,000 and $135,000 (2009 - $nil and $323,100) relating to the audits of BOX and BPP. |
|-----|--------------------------------------------------------------------------------------------------------------------|

| (4) | Included in this amount is $5,110,000 (2009 - $4,148,450) related to the audit of various BPO subsidiaries and $1,163,000 (2009 - $997,900) of non-recurring fees. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Subsidiary | Jurisdiction of Formation | Percentage Interest |   | Property (including Percentage Interest if less than 100%) /Line of Business |
|------------|---------------------------|---------------------|--------|------------------------------------------------------------------------------|
| Brookfield Commercial Properties Inc. (“BCPI”)                              | Delaware                                 | 100%              |    | Holding Company                                                                                                                                                       |
|-----------------------------------------------------------------------------------------|------------------------------------------|-------------------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Brookfield Properties 711 Polk LLC                                                      | Delaware                                 | 100%              |    | 711 Polk, Houston                                                                                                                                                     |
| 1201 Louisiana Co. L.P.                                                                 | Delaware                                 | 100%              |    | 1201 Louisiana St., Houston                                                                                                                                           |
| 33 South 6th Street LLC                                                                 | Delaware                                 | 100%              |    | 33 South 6th Street, Minneapolis City Center,Minneapolis                                                                                                              |
| Brookfield Market Inc.                                                                  | Minnesota                                | 100%              |    | Gaviidae Common Phase I, Minneapolis                                                                                                                                  |
| DB Holdings, Inc.Brookfield DB Inc.                                                     | MinnesotaMinnesota                       | 100%100%          |    | RBC Plaza, MinneapolisGaviidae Common Phase II, Minneapolis                                                                                                           |
| Brookfield Properties 601 South 12th Co. LLC                                            | Delaware                                 | 100%              |    | 601 South 12th Street, Virginia                                                                                                                                       |
| Brookfield Properties 701 South 12th Co. LLC                                            | Delaware                                 | 100%              |    | 701 South 12th Street, Virginia                                                                                                                                       |
| Brookfield Properties Holdings Inc. (“BPHI”)                                | Delaware                                 | 100%              |    | Holding Company                                                                                                                                                       |
| Brookfield Properties W. 33rd Co. L.P.                                                  | Delaware                                 | 100%              |    | West 33rd 9th Avenue, NY                                                                                                                                              |
| West 31st Street, Inc.                                                                  | Delaware                                 | 100%              |    | West 31st 9th Avenue, NY                                                                                                                                              |
| Olympia & York Homes Corporation                                                    | California                               | 100%              |    | Lot at Chino Hills, CA                                                                                                                                                |
| Brookfield Financial Properties, L.P.                                                   | Delaware                                 | 99.4%             |    | Property Management and Holding Company                                                                                                                               |
| Brookfield Properties One WFC Co. LLC                                                   | Delaware                                 | 99.4%             |    | One World Financial Center, NY                                                                                                                                        |
| WFP Tower B Co. L.P.                                                                    | New York                                 | 99.4%             |    | Two World Financial Center, NY (Note: BPHI holds 1% of the Percentage Interest)                                                                                       |
| BFP Tower C Co. LLC                                                                     | Delaware                                 | 99.4%             |    | Three World Financial Center, NY (51.47%)                                                                                                                             |
| WFP Tower D Co. L.P.                                                                    | New York                                 | 99.4%             |    | Four World Financial Center, NY (51%)                                                                                                                                 |
| WFP Retail Co. LP                                                                       | Delaware                                 | 99.4%             |    | Retail space in Towers Two, Three and Four of World Financial Center, NY                                                                                              |
| Brookfield Properties OLP Co. LLC                                                       | Delaware                                 | 99.4%             |    | One Liberty Plaza, NY                                                                                                                                                 |
| BOP 245 Park LLC                                                                        | Delaware                                 | 99.4%             |    | 245 Park Avenue, NY (51%)                                                                                                                                             |
| BFP 300 Madison II LLC                                                                  | Delaware                                 | 99.4%             |    | 300 Madison Avenue, NY                                                                                                                                                |
| Brookfield Properties 53 State Fee Co. LLCBrookfield Properties 53 State Co. L.P.       | DelawareDelaware                         | 99.4%99.4%        | }       | 53 State Street, Boston (Note: Brookfield Properties, Inc. (“BPI”) holds 44.1% of the Percentage Interest and BCPI holds 4.9% of the Percentage Interest) |
| Brookfield Properties 75 State Co. LLC                                                  | Delaware                                 | 99.4%             |    | 75 State Street, Boston (Note: BPI holds 49% of the Percentage Interest)                                                                                              |
| BFP 1625 Eye Co. LLC                                                                    | Delaware                                 | 9.94%             |    | 1625 Eye Street, Washington, D.C.                                                                                                                                     |
| BFP 701 9th Co. LLC                                                                     | Delaware                                 | 99.4%             |    | 701 9th Street, Washington, D.C.                                                                                                                                      |
| 77 K Street Tower, LLC                                                                  | Delaware                                 | 99.4%             |    | 77 K Street, Washington. D.C.                                                                                                                                         |
| BFP Potomac Tower Co. LLC                                                               | Delaware                                 | 99.4%             |    | Potomac Tower, Arlington, Virginia                                                                                                                                    |
| WFP Pennland Co. Corp.                                                                  | Delaware                                 | 99.4%             |    | Land in Upper Dublin, PA (50%)                                                                                                                                        |
| WFP Property G.P. Corp.                                                                 | Delaware                                 | 99.4%             |    | Fort Washington and Industrial Property, PA (7.5%)                                                                                                                    |
| Brookfield Properties, Inc.                                                             | Delaware                                 | 100%              |    | Holding Company                                                                                                                                                       |
| BOP Fishermen’s Village LLC                                                       | Florida                                  | 100%              |    | Fishermen’s Village                                                                                                                                             |
| Brookfield Properties Investor Corporation                                              | Delaware                                 | 100%              |    | REIT                                                                                                                                                                  |
| Brookfield Republic Plaza LLC                                                           | Delaware                                 | 100%              |    | Republic Plaza & Tremont Garage, Denver (Note: BCPI holds 25% of the Percentage Interest)                                                                         |
| BOP 650 Mass LLC                                                                        | Delaware                                 | 100%              |    | 650 Massachusetts Avenue NW, Washington, D.C.                                                                                                                         |
| BOP Heritage LLC                                                                        | Delaware                                 | 100%              |    | Heritage Plaza, Houston                                                                                                                                               |
| Brookfield Properties 173 Co. LLC                                                       | Delaware                                 | 100%              |    | Block 173 Development Site, Denver                                                                                                                                    |
| Brookfield Mountain LLC                                                                 | Delaware                                 | 100%              |    | 1501 Tremont Place Development Site, Capital Federal Parcel, Block 196 & 197, Lombardi Parcel and adjacent building Development Sites, Denver                     |
| Brookfield Properties Investor CorporationBrookfield Properties Investor Corporation II | DelawareMaryland                         | 100%100%          |    | REITREIT                                                                                                                                                              |
| Trizec 9665 Wilshire, LLC                                                               | Delaware                                 | 46.5%             |    | 9665 Wilshire Blvd., Los Angeles                                                                                                                                      |
| TRZ Holdings Subsidiary LLC                                                             | Delaware                                 | 46.5%             |    | Holding Company                                                                                                                                                       |
| 2401P Co. LLC                                                                           | Delaware                                 | 46.5%             |    | 2401 Pennsylvania Avenue, Washington, D.C.                                                                                                                            |
| 1250C Co. LLC                                                                           | Delaware                                 | 46.5%             |    | 1250 Connecticut Avenue, Washington, D.C.                                                                                                                             |
| 1200 K Street I Co. LLC1200 K Street II Co. LLC                                         | Delaware Delaware                        | 46.5%46.5%        | }       | 1200 K Street, N.W., Washington, D.C.                                                                                                                                 |
| 1400 K Co. LLC1400 K Fee LLC                                                            | District of ColumbiaDistrict of Columbia | 46.5% 46.5%  |  } |  1400 K Street, N.W., Washington, D.C.                                                                                                                           |
| One Reston Co. LLC                                                                      | Delaware                                 | 46.5%             |    | One Reston Crescent, Reston, VA                                                                                                                                       |
| Two Reston Co. LLC                                                                      | Delaware                                 | 46.5%             |    | Two Reston Crescent, Reston, VA                                                                                                                                       |

----

| Subsidiary | Jurisdiction of Formation | PercentageInterest |   | Property (including Percentage Interest if less than 100%) /Line of Business |
|------------|---------------------------|--------------------|--------|------------------------------------------------------------------------------|

| 1550 and 1560 Wilson Co. LLC                                                           | Delaware            | 46.5%       |   | 1550 & 1560 Wilson Blvd., Rosslyn, VA                                                                                                                                                                                                                                                                                                |   |
|----------------------------------------------------------------------------------------|---------------------|-------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Bethesda Crescent (Wisconsin) Sub LLC                                                  | Delaware            | 46.5%       |   | Bethesda Crescent 7401 & 7475 Wisconsin Avenue, Bethesda                                                                                                                                                                                                                                                                             |   |
| Bethesda Crescent (4600) Sub LLC                                                       | Delaware            | 46.5%       |   | Bethesda 4600 East-West Highway, Bethesda                                                                                                                                                                                                                                                                                                |   |
| TRZ Holdings IV LLC                                                                    | Delaware            | 46.5%       |   | Holding Company                                                                                                                                                                                                                                                                                                                          |   |
| Newport Tower Co. LLC                                                                  | Delaware            | 46.5%       |   | Newport Tower, 525 Washington Blvd., Jersey City                                                                                                                                                                                                                                                                                         |   |
| One NY Plaza Co. LLC                                                                   | Delaware            | 46.5%       |   | One New York Plaza, NY                                                                                                                                                                                                                                                                                                                   |   |
| 1114 6th Avenue Co. LLC                                                                | Delaware            | 46.5%       |   | 1114 Avenue of the Americas (Grace Building), NY (49.9%)                                                                                                                                                                                                                                                                                 |   |
| 1411 TrizecHahn – Swig, L.L.C.                                                   | Delaware            | 46.5%       |   | 1411 Broadway (World Apparel Center), NY (49.9%)                                                                                                                                                                                                                                                                                         |   |
| 1460 Fee TrizecHahn – Swig, L.L.C.1460 Leasehold TrizecHahn – Swig, L.L.C. | Delaware            | 46.5%46.5%  | }      | 1460 Broadway, NY (49.9%)                                                                                                                                                                                                                                                                                                                |   |
| TrizecHahn 1065 Avenue of the Americas LLC                                             | Delaware            | 46.5%       |   | 1065 Avenue of the Americas, NY (99%)                                                                                                                                                                                                                                                                                                    |   |
|         2000 L Co. LLC                              | District ofColumbia |  46.5% |   | 20 2000 L Street, N.W., Washington, D.C.                                                                                                                                                                                                                                                                                                 |   |
| 2001 M Co. LLC                                                                         | Delaware            | 45.6%       |   | 2001 M Street, N.W., Washington, D.C. (49.5%)                                                                                                                                                                                                                                                                                            |   |
| 750 Ninth Street, LLC                                                                  | Delaware            | 46.5%       |   | Victor Building, Washington, D.C.  (49.9%)                                                                                                                                                                                                                                                                                     |   |
| Silver SM Co. LLC                                                                      | Maryland            | 46.5%       |   | Silver Spring Metro Plaza, Montgomery, MD                                                                                                                                                                                                                                                                                                |   |
| Two Ballston Plaza Co. LLC                                                             | Delaware            | 46.5%       |   | Two Ballston Plaza, Arlington, VA                                                                                                                                                                                                                                                                                                        |   |
| LS 111 West Ocean Co. LLC                                                              | Delaware            | 46.5%       |   | Landmark Square, Long Beach, CA                                                                                                                                                                                                                                                                                                          |   |
| 333 South Hope Co. LLC                                                                 | Delaware            | 46.5%       |   | Bank of America Plaza, 333 S. Hope St., Los Angeles                                                                                                                                                                                                                                                                                      |   |
| 601 Figueroa Co. LLC                                                                   | Delaware            | 46.5%       |   | Figueroa at Wilshire, 601 South Figueroa, Los Angeles                                                                                                                                                                                                                                                                                    |   |
| Marina Airport Building Ltd.                                                           | California          | 46.5%       |   | Marina Towers (North and South), Marina del Rey, CA (50%)                                                                                                                                                                                                                                                                                |   |
| EYP Realty, LLC                                                                        |                | 46.5%       |   | Ernst & Young Plaza and 7+FIG, Los Angeles                                                                                                                                                                                                                                                                                           |   |
| Trizec 6080 HHC, LLC                                                                   | Delaware            | 46.5%       |   | HHC 6080 Center Drive, Los Angeles                                                                                                                                                                                                                                                                                                       |   |
| Trizec Northpoint Tower, LLC                                                           | Delaware            | 46.5%       |   | HHC Northpoint 6601 Center Drive W., Los Angeles                                                                                                                                                                                                                                                                                         |   |
| Trizec 5670 Wilshire, LLC                                                              | Delaware            | 46.5%       |   | 5670 Wilshire Boulevard, Los Angeles                                                                                                                                                                                                                                                                                                     |   |
| Trizec HHC Spectrum, LLC                                                               | Delaware            | 46.5%       |   | Howard Hughes Center – Spectrum Club, Los Angeles                                                                                                                                                                                                                                                                                  |   |
| Trizec 6060 HHC, LLC                                                                   | Delaware            | 46.5%       |   | HHC 6060 Center Drive, Los Angeles                                                                                                                                                                                                                                                                                                       |   |
| Trizec 6100 HHC, LLC                                                                   | Delaware            | 46.5%       |   | HHC 6100 Center Drive, Los Angeles                                                                                                                                                                                                                                                                                                       |   |
| Trizec West LA Tower, LLC                                                              | Delaware            | 46.5%       |   | HHC HH Tower, 6701 Center Drive West, Los Angeles                                                                                                                                                                                                                                                                                        |   |
| Trizec Westwood Center, LLC                                                            | Delaware            | 46.5%       |   | Westwood Center, 110 Glendon Avenue, Los Angeles                                                                                                                                                                                                                                                                                         |   |
| Trizec Wilshire Center, LLC                                                            | Delaware            | 46.5%       |   | World Savings Center, 11601 Wilshire Blvd., Los Angeles                                                                                                                                                                                                                                                                                  |   |
| Trizec 701 B Street, LLC                                                               | Delaware            | 46.5%       |   | 701 B Street, San Diego                                                                                                                                                                                                                                                                                                                  |   |
| Trizec 707 Broadway, LLC                                                               | Delaware            | 46.5%       |   | 707 Broadway, San Diego                                                                                                                                                                                                                                                                                                                  |   |
| Trizec Sorrento Towers, LLC                                                            | Delaware            | 46.5%       |   | Sorrento Retail, 9450 Scranton Road, San DiegoSorrento Towers North, 5355 – 5375 Mira Sorrento Place, San DiegoSorrento Towers South, 9276 and 9330 Scranton Road Corporate Center, San Diego                                                                                                                                      |   |
| Dresser – Cullen Venture                                                         | Texas               | 46.5%       |   | Kellogg Brown & Root Tower, 601 Jefferson, Houston (50%)                                                                                                                                                                                                                                                                             |   |
| Cullen 500 Jefferson Co. L.P.                                                          | Delaware            | 46.5%       |   | 500 Jefferson, Houston                                                                                                                                                                                                                                                                                                                   |   |
| Cullen Allen Holdings, L.P.                                                            | Delaware            | 46.5%       |   | Continental Center I, 1600 Smith Street, HoustonOne, Two and Three Allen Center, Houston                                                                                                                                                                                                                                                 |   |
| Four Allen Center Co. LLC                                                              | Delaware            | 46.5%       |   | 1400 Smith Street, Houston                                                                                                                                                                                                                                                                                                               |   |
| Cullen Continental II Co. L.P.                                                         | Delaware            | 46.5%       |   | Continental Center II, 600 Jefferson, Houston                                                                                                                                                                                                                                                                                            |   |
| Waterview Hotel, L.L.C.                                                                | Delaware            | 46.5%       |   | Waterview – Parcel I & III, North Lynn Street, Arlington, VA (25%)                                                                                                                                                                                                                                                             |   |
| Waterview Residential, L.L.C.                                                          | Delaware            | 46.5%       |   | Waterview/Lynn Building, 1117 & 1111 N. 19th Street, Arlington, VA (25%)                                                                                                                                                                                                                                                             |   |
| Houston Hotel Associates Limited Partnership, L.L.P.                                   | Delaware            | 46.5%       |   | The Crowne Plaza, Downtown Houston (23%)                                                                                                                                                                                                                                                                                                 |   |
| BPO Properties Ltd.                                                                    | Canada              | 100%        |   | Malvern Lands (Eastern and Western), TorontoOak Ridges Farm Development Site, Toronto (25%)Bay Adelaide Centre East Tower Development Site, TorontoBrookfield Place III Development Site, TorontoRoyal Centre Pavilion Development Site, VancouverBankers West Parkade Development Site, Calgary (50%)Bankers Hall Fitness Club, Calgary |   |
| BPO Value Add Trust                                                                    | Alberta             | 100%        |   | Altius Centre, Calgary (25%)                                                                                                                                                                                                                                                                                                             |   |
| BPO Core Trust                                                                    | Alberta             | 100%   |   | Place de Ville I, Ottawa (25%)Place de Ville II, Ottawa (25%)Place de Ville III, Ottawa (25%)300 Queen Street and 300 Sparks Street, Place de Ville Development Site, Ottawa (25%)Jean Edmonds Tower, Ottawa (25%)2 Queen Street East, Toronto (25%)Yonge Richmond Centre, 151 Yonge St., Toronto (25%)                                  |   |
| First Place Tower Brookfield Properties Inc.                                           | Ontario             | 25%         |   | First Canadian Place, TorontoLeasehold (100%) and Freehold (50%)                                                                                                                                                                                                                                                                         |   |
| 6440982 Canada Inc.BPO Properties CHS LP                                               | CanadaAlberta       | 100%100%    | }      | Calgary Herald Development Site, Calgary                                                                                                                                                                                                                                                                                                 |   |
| BPO Properties Bay Adelaide LP                                                         | Ontario             | 100%        |   | Bay-Adelaide Centre North Block above elevation 86.86 Development Site, Toronto                                                                                                                                                                                                                                                          |   |
| BPO Properties Yonge Adelaide LP                                                       | Ontario             | 100%        |   | Yonge Adelaide Development Site, Toronto                                                                                                                                                                                                                                                                                                 |   |
| Brookfield Office Properties Canada                                                    | Ontario             | 40.5%       |   | REIT                                                                                                                                                                                                                                                                                                                                     |   |

----

| Subsidiary | Jurisdiction of Formation | PercentageInterest |   | Property (including Percentage Interest if less than 100%) /Line of Business |
|------------|---------------------------|--------------------|--------|------------------------------------------------------------------------------|

| Brookfield Office Properties Canada LP                                       | Ontario       | 83.3%       |   | 105 Adelaide Street West, Toronto22 Front Street W., TorontoHSBC Building, 70 York Street, TorontoBay-Adelaide Centre, TorontoBay-Wellington Tower, TorontoExchange Tower & Lands, Toronto (50%)Merivale Pad, NepeanBankers Court, Calgary (50%)Royal Centre & Lands, Vancouver                                                                                                                                                                                                                                                                    |
|------------------------------------------------------------------------------|---------------|-------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Bankers Hall LP4087844 Canada Inc.                                           | AlbertaCanada | 83.3%41.65% |   | Bankers Hall, Calgary (50%)Bankers Hall Leasehold, Calgary                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| RBB LP4087861 Canada Inc.                                                    | AlbertaCanada | 83.3%41.65% |   | Royal Bank Building, Calgary (50%)Royal Bank Building Leasehold, Calgary                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Fifth Avenue LP                                                              | Alberta       | 83.3%       |   | Fifth Avenue Place, Calgary (50%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| SEC LP                                                                       | Alberta       | 83.3%       |   | Suncor Energy Centre, Calgary (50%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Queen’s Quay LP                                                        | Ontario       | 83.3%       |   | Queen’s Quay Terminal & Lands, Toronto                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| BPO Properties Bloor Yonge LP                                                | Ontario       | 83.3%       |   | Hudson’s Bay Centre, Toronto                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Brookfield Place (Wellington) Limited                                        | Canada        | 83.3%       |   | Bay-Wellington Tower Operating Lease, Toronto                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Galleria Concourse Operations Inc.                                           | Ontario       | 41.65%      |   | Brookfield Place, Retail and Parking Head Lease, Toronto                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Brookfield Homes Holdings Ltd.                                               | Ontario       | 100%        |   | Residential Land Development Company (Canada)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Brookfield LePage Johnson Controls FacilityManagement Services  LP | Ontario       | 40%         |   | Facilities Management Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Brookfield Properties Ltd.                                                   | Ontario       | 100%        |   | Holding Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Carma Developers LP                                                          | Alberta       | 100%        |   | Residential Land Development Company (Canada)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Carma, Inc.                                                                  | Nevada        | 100%        |   | Residential Land Development Company (U.S.)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Brookfield Residential Services Ltd.                                         | Ontario       | 80%         |   | Condominium Management Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| BOPA Holdings Ltd.                                                           | Ontario       | 100%        |   | BOPA Trust which holds economic interests in:One Shelley Street, SydneyKPMG Tower, Sydney (50%)American Express House, SydneyWorld Square Retail, Sydney (50%)52 Goulburn Street, Sydney (50%)King Street Wharf Retail, SydneyNAB House, Sydney (25%)IAG House, Sydney (50%)E & Y Complex, SydneyDarling Park Complex, Sydney (30%)Southern Cross East Tower, MelbourneSouthern Cross West Tower, Melbourne (50%)Defence Plaza, MelbourneBourke Place Trust, Melbourne235 St. Georges Terrace, Perth (42.96%)City Square Development Site, Perth (50%) |
| BOP (UK) Holdings Ltd.                                                       | Ontario       | 100%        |   | 100 Bishopsgate Development Site, London, U.K. (50%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

----

|                         |                 |             |  ASSETS UNDER MANAGEMENT | PROPORTIONATE(1) | PROPORTIONATE NET OF MINORITY SHARE(2) |
|------------------------------|----------------------|------------------|-------------------------------|------------------|----------------------------------------|
| (SQUARE FEET IN 000’S) | NUMBER OF PROPERTIES | LEASED%          | OFFICE                        | RETAIL           | LEASABLE                               |  PARKING |  TOTAL | OWNED% |  LEASABLE | TOTAL |  LEASABLE | TOTAL |   |
| Direct                       |                 |             |                          |             |                                   |   |   |   |   |   |   |   |   |
| NEW YORK                     |                 |             |                          |             |                                   |   |   |   |   |   |   |   |   |
| World Financial Center       |                 |             |                          |             |                                   |   |   |   |   |   |   |   |   |
| One                          | 1                    | 99.4             | 1,603                         | 52               | 1,655                                  | 58 | 1,713 | 100 | 1,655 | 1,713 | 1,645 | 1,703 |   |
| Two                          | 1                    | 100.0            | 2,671                         | 35               | 2,706                                  | — | 2,706 | 100 | 2,706 | 2,706 | 2,690 | 2,690 |   |
| Three                        | 1                    | 99.7             | 1,254                         | —          | 1,254                                  | 53 | 1,307 | 100 | 1,254 | 1,307 | 1,246 | 1,299 |   |
| Retail                       |                 | 75.4             | —                       | 168              | 168                                    | 122 | 290 | 100 | 168 | 290 | 167 | 288 |   |
| One Liberty Plaza            | 1                    | 97.4             | 2,327                         | 20               | 2,347                                  | — | 2,347 | 100 | 2,347 | 2,347 | 2,333 | 2,333 |   |
| 300 Madison Avenue           | 1                    | 100.0            | 1,089                         | 5                | 1,094                                  | — | 1,094 | 100 | 1,094 | 1,094 | 1,088 | 1,088 |   |
|                         | 5                    | 98.7             | 8,944                         | 280              | 9,224                                  | 233 | 9,457 | 100 | 9,224 | 9,457 | 9,169 | 9,401 |   |
| BOSTON                       |                 |             |                          |             |                                   |   |   |   |   |   |   |   |   |
| 53 State Street              | 1                    | 80.6             | 1,164                         | 30               | 1,194                                  | 41 | 1,235 | 100 | 1,194 | 1,235 | 1,187 | 1,227 |   |
| 75 State Street              | 1                    | 85.5             | 771                           | 25               | 796                                    | 235 | 1,031 | 100 | 796 | 1,031 | 791 | 1,025 |   |
|                         | 2                    | 82.6             | 1,935                         | 55               | 1,990                                  | 276 | 2,266 | 100 | 1,990 | 2,266 | 1,978 | 2,252 |   |
| WASHINGTON, D.C.             |                 |             |                          |             |                                   |   |   |   |   |   |   |   |   |
| 1625 Eye Street              | 1                    | 100.0            | 370                           | 16               | 386                                    | 185 | 571 | 10 | 39 | 57 | 38 | 57 |   |
| 701 9th Street               | 1                    | 100.0            | 340                           | 24               | 364                                    | 183 | 547 | 100 | 364 | 547 | 362 | 544 |   |
| Potomac Tower                | 1                    | 100.0            | 238                           | —          | 238                                    | 203 | 441 | 100 | 238 | 441 | 236 | 438 |   |
| 601 South 12th Street        | 1                    | 100.0            | 309                           | —          | 309                                    | — | 309 | 100 | 309 | 309 | 309 | 309 |   |
| 701 South 12th Street        | 1                    | 100.0            | 253                           | —          | 253                                    | — | 253 | 100 | 253 | 253 | 253 | 253 |   |
| 77 K Street                  | 1                    | 90.7             | 307                           | 19               | 326                                    | — | 326 | 100 | 326 | 326 | 324 | 324 |   |
| 650 Massachusetts            | 1                    | 72.0             | 231                           | 82               | 313                                    | 74 | 387 | 100 | 313 | 387 | 312 | 387 |   |
|                         | 7                    | 94.6             | 2,048                         | 141              | 2,189                                  | 645 | 2,834 | 82 | 1,842 | 2,320 | 1,834 | 2,312 |   |
| HOUSTON                      |                 |             |                          |             |                                   |   |   |   |   |   |   |   |   |
| 1201 Louisiana Street        | 1                    | 86.7             | 836                           | 8                | 844                                    | 48 | 892 | 100 | 844 | 892 | 844 | 892 |   |
| Heritage Plaza               | 1                    | 84.0             | 1,150                         | —          | 1,150                                  | 671 | 1,821 | 100 | 1,150 | 1,821 | 1,150 | 1,821 |   |
|                         | 2                    | 85.2             | 1,986                         | 8                | 1,994                                  | 719 | 2,713 | 100 | 1,994 | 2,713 | 1,994 | 2,713 |   |
| DENVER                       |                 |             |                          |             |                                   |   |   |   |   |   |   |   |   |
| Republic Plaza               | 1                    | 96.3             | 1,281                         | 48               | 1,329                                  | 503 | 1,832 | 100 | 1,329 | 1,832 | 1,329 | 1,832 |   |
|                         | 1                    | 96.3             | 1,281                         | 48               | 1,329                                  | 503 | 1,832 | 100 | 1,329 | 1,832 | 1,329 | 1,832 |   |
| MINNEAPOLIS                  |                 |             |                          |             |                                   |   |   |   |   |   |   |   |   |
| 33 South Sixth Street        | 2                    | 94.2             | 1,108                         | 370              | 1,478                                  | 325 | 1,803 | 100 | 1,478 | 1,803 | 1,478 | 1,803 |   |
| RBC Plaza                    | 2                    | 91.8             | 610                           | 442              | 1,052                                  | 196 | 1,248 | 100 | 1,052 | 1,248 | 1,052 | 1,248 |   |
|                         | 4                    | 93.2             | 1,718                         | 812              | 2,530                                  | 521 | 3,051 | 100 | 2,530 | 3,051 | 2,530 | 3,051 |   |
| Direct U.S. Properties       | 21                   | 94.3             | 17,912                        | 1,344            | 19,256                                 | 2,897 | 22,153 | 98 | 18,909 | 21,639 | 18,834 | 21,561 |   |
| TORONTO                      |                 |             |                          |             |                                   |   |   |   |   |   |   |   |   |
| Brookfield Place             |                 |             |                          |             |                                   |   |   |   |   |   |   |   |   |
| Bay Wellington Tower         | 1                    | 99.0             | 1,298                         | 42               | 1,340                                  | — | 1,340 | 100 | 1,340 | 1,340 | 1,116 | 1,116 |   |
| Retail and Parking           | 1                    | 92.8             | —                       | 53               | 53                                     | 690 | 743 | 70 | 37 | 520 | 21 | 434 |   |
| 22 Front Street              | 1                    | 100.0            | 136                           | 8                | 144                                    | — | 144 | 100 | 144 | 144 | 119 | 120 |   |
| Exchange Tower               | 1                    | 92.2             | 963                           | 66               | 1,029                                  | 131 | 1,160 | 50 | 515 | 580 | 429 | 483 |   |
| 105 Adelaide                 | 1                    | 99.5             | 176                           | 7                | 183                                    | 49 | 232 | 100 | 183 | 232 | 153 | 193 |   |
| Hudson’s Bay Centre    | 1                    | 99.7             | 536                           | 261              | 797                                    | 295 | 1,092 | 100 | 797 | 1,092 | 664 | 909 |   |
| Queen’s Quay Terminal  | 1                    | 98.7             | 427                           | 77               | 504                                    | — | 504 | 100 | 504 | 504 | 420 | 420 |   |
| HSBC Building                | 1                    | 100.0            | 188                           | 6                | 194                                    | 31 | 225 | 100 | 194 | 225 | 162 | 187 |   |
| Bay Adelaide West            | 1                    | 88.6             | 1,155                         | 37               | 1,192                                  | 382 | 1,574 | 100 | 1,192 | 1,574 | 993 | 1,311 |   |
| 151 Yonge Street(3)          | 1                    | 68.0             | 289                           | 10               | 299                                    | 72 | 371 | 25 | 75 | 93 | 75 | 93 |   |
| 2 Queen Street East(3)       | 1                    | 98.9             | 448                           | 16               | 464                                    | 81 | 545 | 25 | 116 | 136 | 116 | 136 |   |
|                         | 11                   | 94.4             | 5,616                         | 583              | 6,199                                  | 1,731 | 7,930 | 81 | 5,097 | 6,440 | 4,268 | 5,402 |   |
| CALGARY                      |                 |             |                          |             |                                   |   |   |   |   |   |   |   |   |
| Bankers Hall                 | 3                    | 99.0             | 1,944                         | 224              | 2,168                                  | 409 | 2,577 | 50 | 1,084 | 1,289 | 903 | 1,073 |   |
| Bankers Court                | 1                    | 100.0            | 255                           | 7                | 262                                    | 62 | 324 | 50 | 131 | 162 | 109 | 135 |   |
| Suncor Energy Centre         | 2                    | 96.3             | 1,710                         | 22               | 1,732                                  | 220 | 1,952 | 50 | 866 | 976 | 721 | 813 |   |
| Fifth Avenue Place           | 2                    | 99.9             | 1,428                         | 47               | 1,475                                  | 206 | 1,681 | 50 | 738 | 841 | 615 | 700 |   |
| Altius Centre(3)             | 1                    | 98.2             | 303                           | 3                | 306                                    | 72 | 378 | 25 | 77 | 95 | 77 | 95 |   |
|                         | 9                    | 98.4             | 5,640                         | 303              | 5,943                                  | 969 | 6,912 | 49 | 2,896 | 3,363 | 2,425 | 2,816 |   |
| OTTAWA                       |                 |             |                          |             |                                   |   |   |   |   |   |   |   |   |
| Place de Ville I(3)          | 2                    | 100.0            | 571                           | 12               | 583                                    | 502 | 1,085 | 25 | 146 | 271 | 146 | 271 |   |
| Place de Ville II(3)         | 2                    | 99.2             | 598                           | 12               | 610                                    | 433 | 1,043 | 25 | 152 | 261 | 152 | 261 |   |
| Jean Edmonds Towers(3)       | 2                    | 99.8             | 541                           | 13               | 554                                    | 95 | 649 | 25 | 138 | 162 | 138 | 162 |   |
|                         | 6                    | 99.7             | 1,710                         | 37               | 1,747                                  | 1,030 | 2,777 | 25 | 436 | 694 | 436 | 694 |   |
| VANCOUVER                    |                 |             |                          |             |                                   |   |   |   |   |   |   |   |   |
| Royal Centre                 | 1                    | 97.8             | 494                           | 95               | 589                                    | 264 | 853 | 100 | 589 | 853 | 490 | 710 |   |
|                         | 1                    |   97.8 | 494                           | 95               | 589                                    | 264 | 853 | 100 | 589 | 853 | 490 | 710 |   |
| OTHER                        |                 |             |                          |             |                                   |   |   |   |   |   |   |   |   |
| Other                        | 1                    | 100.0            | 70                            | 3                | 73                                     | — | 73 | 100 | 73 | 73 | 73 | 73 |   |
|                         | 1                    | 100.0            | 70                            | 3                | 73                                     | — | 73 | 100 | 73 | 73 | 73 | 73 |   |
| Direct Canadian Properties   | 28                   | 96.9             | 13,530                        | 1,021            | 14,551                                 | 3,994 | 18,545 | 62 | 9,091 | 11,423 | 7,692 | 9,695 |   |
| TOTAL DIRECT                 | 49                   | 95.4             | 31,442                        | 2,365            | 33,807                                 | 6,891 | 40,698 | 79 | 28,000 | 33,062 | 26,526 | 31,256 |   |

|   | (1)Reflects Brookfield Office Properties (“BPO”) interest before considering minority interest of other subsidiaries including Brookfield Financial Properties L.P. (“BFP LP”) of 0.6% and Brookfield Office Properties Canada (“BOX”) of 16.7% |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2)Reflects BPO interest net of minority interests described in note above, which includes a 99.4% ownership interest in BFP LP and an 83.3% ownership interest in BOX |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3)Represents Canadian Office Fund assets |
|--------|-------------------------------------------|

----

|                                 |                 |    |  ASSETS UNDER MANAGEMENT | PROPORTIONATE(1) | PROPORTIONATE NET OF MINORITY SHARE(1) |
|--------------------------------------|----------------------|---------|-------------------------------|------------------|----------------------------------------|
| (SQUARE FEET IN 000’S)         | NUMBER OF PROPERTIES | LEASED% | OFFICE                        | RETAIL           | LEASABLE                               |  PARKING |  TOTAL | OWNED% |  LEASABLE | TOTAL |  LEASABLE | TOTAL |
| U.S. OFFICE FUND                     |                 |    |                          |             |                                   |   |   |   |   |   |   |   |
| MANAGED PROPERTIES                   |                 |    |                          |             |                                   |   |   |   |   |   |   |   |
| NEW YORK                             |                 |    |                          |             |                                   |   |   |   |   |   |   |   |
| The Grace Building                   | 1                    | 90.7    | 1,537                         | 20               | 1,557                                  | — | 1,557 | 31 | 489 | 489 | 489 | 489 |
| One New York Plaza                   | 1                    | 98.9    | 2,558                         | 31               | 2,589                                  | — | 2,589 | 63 | 1,631 | 1,631 | 1,631 | 1,631 |
| Newport Tower                        | 1                    | 88.1    | 1,059                         | 41               | 1,100                                  | — | 1,100 | 63 | 693 | 693 | 693 | 693 |
|                                 | 3                    | 93.9    | 5,154                         | 92               | 5,246                                  | — | 5,246 | 54 | 2,813 | 2,813 | 2,813 | 2,813 |
| WASHINGTON, D.C.                     |                 |    |                          |             |                                   |   |   |   |   |   |   |   |
| 1200 K Street                        | 1                    | 99.4    | 366                           | 24               | 390                                    | 44 | 434 | 63 | 246 | 273 | 246 | 273 |
| 1250 Connecticut Avenue              | 1                    | 87.6    | 163                           | 21               | 184                                    | 26 | 210 | 63 | 116 | 132 | 116 | 132 |
| 1400 K Street                        | 1                    | 100.0   | 178                           | 12               | 190                                    | 34 | 224 | 63 | 120 | 141 | 120 | 141 |
| 2000 L Street                        | 1                    | 92.6    | 308                           | 75               | 383                                    | — | 383 | 63 | 241 | 241 | 241 | 241 |
| 2001 M Street                        | 1                    | 99.6    | 190                           | 39               | 229                                    | 35 | 264 | 62 | 141 | 163 | 141 | 163 |
| 2401 Pennsylvania Avenue             | 1                    | 86.4    | 58                            | 19               | 77                                     | 16 | 93 | 63 | 49 | 59 | 49 | 59 |
| Bethesda Crescent                    | 3                    | 91.9    | 241                           | 27               | 268                                    | 68 | 336 | 63 | 169 | 212 | 169 | 212 |
| One Reston Crescent                  | 1                    | 100.0   | 185                           | —          | 185                                    | — | 185 | 63 | 117 | 117 | 117 | 117 |
| Silver Spring Metro Plaza            | 3                    | 83.7    | 640                           | 47               | 687                                    | 84 | 771 | 63 | 433 | 486 | 433 | 486 |
| Sunrise Tech Park                    | 4                    | 89.5    | 315                           | 1                | 316                                    | — | 316 | 63 | 199 | 199 | 199 | 199 |
| Two Reston Crescent                  | 1                    | 100.0   | 182                           | 3                | 185                                    | — | 185 | 63 | 117 | 117 | 117 | 117 |
| Two Ballston Plaza                   | 1                    | 88.9    | 204                           | 19               | 223                                    | — | 223 | 63 | 140 | 140 | 140 | 140 |
| Victor Building                      | 1                    | 91.9    | 302                           | 45               | 347                                    | — | 347 | 31 | 109 | 109 | 109 | 109 |
| 1550 & 1560 Wilson Blvd          | 2                    | 96.9    | 248                           | 35               | 283                                    | 76 | 359 | 63 | 178 | 226 | 178 | 226 |
|                                 | 22                   | 92.5    | 3,580                         | 367              | 3,947                                  | 383 | 4,330 | 60 | 2,375 | 2,615 | 2,375 | 2,615 |
| LOS ANGELES                          |                 |    |                          |             |                                   |   |   |   |   |   |   |   |
| 601 Figueroa                         | 1                    | 76.4    | 1,037                         | 2                | 1,039                                  | 123 | 1,162 | 63 | 655 | 732 | 655 | 732 |
| Bank of America Plaza                | 1                    | 95.3    | 1,383                         | 39               | 1,422                                  | 343 | 1,765 | 63 | 896 | 1,112 | 896 | 1,112 |
| Ernst & Young Tower              | 1                    | 81.4    | 910                           | 335              | 1,245                                  | 391 | 1,636 | 63 | 784 | 1,031 | 784 | 1,031 |
| Landmark Square                      | 1                    | 86.9    | 420                           | 23               | 443                                    | 212 | 655 | 63 | 279 | 413 | 279 | 413 |
| Marina Towers                        | 2                    | 90.1    | 356                           | 25               | 381                                    | 87 | 468 | 32 | 120 | 147 | 120 | 147 |
|                                 | 6                    | 85.9    | 4,106                         | 424              | 4,530                                  | 1,156 | 5,686 | 60 | 2,734 | 3,435 | 2,734 | 3,435 |
| HOUSTON                              |                 |    |                          |             |                                   |   |   |   |   |   |   |   |
| One Allen Center                     | 1                    | 97.3    | 914                           | 79               | 993                                    | — | 993 | 63 | 626 | 626 | 626 | 626 |
| Two Allen Center                     | 1                    | 97.3    | 987                           | 9                | 996                                    | — | 996 | 63 | 627 | 627 | 627 | 627 |
| Three Allen Center                   | 1                    | 91.7    | 1,173                         | 22               | 1,195                                  | — | 1,195 | 63 | 753 | 753 | 753 | 753 |
| 1400 Smith Street                    | 1                    | 100.0   | 1,229                         | 38               | 1,267                                  | — | 1,267 | 63 | 798 | 798 | 798 | 798 |
| Continental Center I                 | 1                    | 95.2    | 1,048                         | 50               | 1,098                                  | 411 | 1,509 | 63 | 692 | 951 | 692 | 951 |
| Continental Center II                | 1                    | 95.4    | 428                           | 21               | 449                                    | 81 | 530 | 63 | 283 | 334 | 283 | 334 |
| KBR Tower                            | 1                    | 99.9    | 985                           | 63               | 1,048                                  | 254 | 1,302 | 32 | 330 | 410 | 330 | 410 |
| 500 Jefferson Street                 | 1                    | 97.5    | 351                           | 39               | 390                                    | 44 | 434 | 63 | 246 | 273 | 246 | 273 |
|                                 | 8                    | 96.8    | 7,115                         | 321              | 7,436                                  | 790 | 8,226 | 58 | 4,355 | 4,772 | 4,355 | 4,772 |
| U.S. Office Fund – Managed     | 39                   | 93.0    | 19,955                        | 1,204            | 21,159                                 | 2,329 | 23,488 | 58 | 12,277 | 13,635 | 12,277 | 13,635 |
| U.S. Office Fund – Non-managed | 19                   | 87.5    | 6,002                         | 253              | 6,255                                  | 1,019 | 7,274 | 57 | 3,490 | 4,120 | 3,490 | 4,120 |
| TOTAL U.S. OFFICE FUND               | 58                   | 91.8    | 25,957                        | 1,457            | 27,414                                 | 3,348 | 30,762 | 58 | 15,767 | 17,755 | 15,767 | 17,755 |

|   |  (1)Reflects BPO proportionate ownership before non-controlling interests, which corresponds to a 63% interest in U.S. Office Fund |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

|                         |                 |    |  ASSETS UNDER MANAGEMENT | PROPORTIONATE(1) | PROPORTIONATE NET OF MINORITY SHARE(2) |
|------------------------------|----------------------|---------|-------------------------------|------------------|----------------------------------------|
| (SQUARE FEET IN 000’S) | NUMBER OF PROPERTIES | LEASED% | OFFICE                        | RETAIL           | LEASABLE                               |  PARKING |  TOTAL | OWNED% |  LEASABLE | TOTAL |  LEASABLE | TOTAL |
| AUSTRALIAN PROPERTIES        |                 |    |                          |             |                                   |   |   |   |   |   |   |   |
| SYDNEY                       |                 |    |                          |             |                                   |   |   |   |   |   |   |   |
| One Shelley Street           | 1                    | 100.4   | 330                           | 25               | 355                                    | 37 | 392 | 100 | 355 | 392 | 355 | 392 |
| KPMG Tower                   | 1                    | 99.4    | 296                           | 5                | 301                                    | 15 | 316 | 50 | 151 | 159 | 151 | 159 |
| American Express House(3)    | 1                    | 100.0   | 156                           | 5                | 161                                    | 10 | 171 | 100 | 161 | 171 | 109 | 116 |
| World Square Retail          | 2                    | 100.0   | —                       | 186              | 186                                    | 74 | 260 | 50 | 93 | 130 | 93 | 130 |
| 52 Goulburn Street           | 1                    | 100.0   | 248                           | —          | 248                                    | 29 | 277 | 50 | 124 | 139 | 124 | 139 |
| King Street Wharf Retail     | 1                    | 95.4    | —                       | 61               | 61                                     | — | 61 | 100 | 61 | 61 | 61 | 61 |
|                         | 7                    | 99.7    | 1,030                         | 282              | 1,312                                  | 165 | 1,477 | 71 | 945 | 1,052 | 893 | 997 |
| MELBOURNE                    |                 |    |                          |             |                                   |   |   |   |   |   |   |   |
| Southern Cross East Tower(3) | 1                    | 100.0   | 858                           | —          | 858                                    | 133 | 991 | 100 | 858 | 991 | 789 | 911 |
| Southern Cross West Tower    | 1                    | 99.8    | 499                           | 11               | 510                                    | — | 510 | 50 | 255 | 255 | 256 | 256 |
| Defence Plaza(3)             | 1                    | 98.4    | 205                           | —          | 205                                    | 9 | 214 | 100 | 205 | 214 | 139 | 145 |
|                         | 3                    | 99.7    | 1,562                         | 11               | 1,573                                  | 142 | 1,715 | 85 | 1,318 | 1,460 | 1,184 | 1,312 |
| PERTH                        |                 |    |                          |             |                                   |   |   |   |   |   |   |   |
| 235 St Georges Terrace       | 1                    | 100.0   | 192                           | —          | 192                                    | 14 | 206 | 50 | 96 | 103 | 96 | 103 |
|                         | 1                    | 100.0   | 192                           | —          | 192                                    | 14 | 206 | 50 | 96 | 103 | 96 | 103 |
| TOTAL                        | 11                   | 99.8    | 2,784                         | 293              | 3,077                                  | 321 | 3,398 | 77 | 2,359 | 2,615 | 2,173 | 2,412 |

|   | (1)Reflects BPO interest before considering minority interest of other subsidiaries including Brookfield Prime Property Fund (“BPPF”) of 31.6% |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2)Reflects BPO interest net of minority interests described in note above, which includes a 68.4% ownership interest in BPPF |
|--------|-------------------------------------------------------------------------------------------------------------------------------|

|   | (3)Represents BPPF assets |
|--------|---------------------------|

----

|                              |                 |    |  ASSETS UNDER MANAGEMENT | PROPORTIONATE(1) | PROPORTIONATE NET OF MINORITY SHARE(2) |
|-----------------------------------|----------------------|---------|-------------------------------|------------------|----------------------------------------|
| (SQUARE FEET IN 000’S)      | NUMBER OF PROPERTIES | LEASED% | OFFICE                        | RETAIL           | LEASABLE                               |  PARKING |  TOTAL | OWNED% |  LEASABLE | TOTAL |  LEASABLE | TOTAL |
| JOINTLY CONTROLLED INTERESTS      |                 |    |                          |             |                                   |   |   |   |
| 245 Park Avenue (NY)              | 1                    | 95.6    | 1,719                         | 68               | 1,787                                  | — | 1,787 | 51 | 911 | 911 | 906 | 906 |
| Four World Financial Center (NY)  | 1                    | 100.0   | 1,861                         | 43               | 1,904                                  | 48 | 1,952 | 51 | 971 | 996 | 965 | 990 |
| First Canadian Place (Toronto)(3) | 1                    | 91.1    | 2,378                         | 232              | 2,610                                  | 170 | 2,780 | 25 | 653 | 695 | 653 | 695 |
| NAB House (Sydney)(4)             | 1                    | 98.9    | 430                           | —          | 430                                    | 31 | 461 | 25 | 108 | 116 | 108 | 116 |
| IAG House (Sydney)(4)             | 1                    | 100.0   | 390                           | 27               | 417                                    | 11 | 428 | 50 | 209 | 215 | 209 | 215 |
| E&Y Complex (Sydney)(5)       | 1                    | 100.0   | 732                           | —          | 732                                    | 55 | 787 | 50 | 366 | 394 | 249 | 268 |
| Darling Park Complex (Sydney)(4)  | 3                    | 97.8    | 938                           | 265              | 1,203                                  | 82 | 1,285 | 30 | 361 | 386 | 361 | 386 |
| Bourke Place Trust (Melbourne)(4) | 1                    | 98.4    | 702                           | —          | 702                                    | 106 | 808 | 43 | 302 | 348 | 302 | 348 |
| TOTAL                             | 10                   | 96.2    | 9,150                         | 635              | 9,785                                  | 503 | 10,288 | 39 | 3,881 | 4,061 | 3,753 | 3,924 |

| TOTAL PROPERTIES | 128 | 94.4 | 69,333 | 4,750 | 74,083 | 11,063 | 85,146 | 68 | 50,007 | 57,493 | 48,219 | 55,347 |
|------------------|-----|------|--------|-------|--------|--------|--------|----|--------|--------|--------|--------|
| TOTAL MANAGED    | 109 | 95.0 | 63,331 | 4,497 | 67,828 | 10,044 | 77,872 | 69 | 46,517 | 53,373 | 44,729 | 51,227 |

|   | (1)Reflects BPO interest before considering minority interest of other subsidiaries including BFP LP of 0.6%, BOX of 16.7% and BPPF of 31.6% |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2)Reflects BPO interest net of minority interests described in note above, which includes a 99.4% ownership interest in BFP LP, an 83.3% ownership interest in BOX and a 68.4% ownership interest in BPPF |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3)Represents Canadian Office Fund asset |
|--------|------------------------------------------|

|   | (4)Represents assets held through participating loan interests |
|--------|----------------------------------------------------------------|

|   | (5)Represents BPPF asset |
|--------|--------------------------|

----

----

----

----

----

----

|   | a) | declare, pay or set apart for payment any dividends (other than stock dividends payable in shares of BPO ranking as to capital and dividends junior to the Class AAA, Series F Shares) on shares of BPO ranking as to dividends junior to the Class AAA, Series F Shares; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | except out of the net cash proceeds of a substantially concurrent issue of shares of BPO ranking as to return of capital and dividends junior to the Class AAA, Series F Shares, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any shares of BPO ranking as to capital junior to the Class AAA, Series F Shares; |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c) | redeem or call for redemption, purchase or otherwise retire for value or make any return of capital in respect of less than all of the Class AAA, Series F Shares then outstanding; |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d) | except pursuant to any purchase obligation, sinking fund, retraction privilege or mandatory redemption provisions attaching thereto, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any Class AAA Preference Shares, ranking as to the payment of dividends or return of capital on a parity with the Class AAA, Series F Shares; or |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | e) | issue any additional Class AAA, Series F Shares or any shares ranking as to dividends or return of capital prior to or on a parity with the Class AAA, Series F Shares, |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | (i) | declare, pay or set apart for payment any dividends (other than stock dividends payable in shares of BPO ranking as to capital and dividends junior to the Class AAA, Series G Shares) on shares of BPO ranking as to dividends junior to the Class AAA, Series G Shares; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | except out of the net cash proceeds of a substantially concurrent issue of shares of BPO ranking as to return of capital and dividends junior to the Class AAA, Series G Shares, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any shares of BPO ranking as to capital junior to the Class AAA, Series G Shares; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | redeem or call for redemption, purchase or otherwise retire for value or make any return of capital in respect of less than all of the Class AAA, Series G Shares then outstanding; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | except pursuant to any purchase obligation, sinking fund, retraction privilege or mandatory redemption provisions attaching thereto, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any Class AAA preference shares, ranking as to the payment of dividends or return of capital on a parity with the Class AAA, Series G Shares; or |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | issue any additional Class AAA, Series G Shares or any shares ranking as to dividends or return of capital prior to or on a parity with the Class AAA, Series G Shares, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | (i) | declare, pay or set apart for payment any dividends (other than stock dividends payable in shares of BPO ranking as to capital and dividends junior to the Class AAA, Series H Shares) on shares of BPO ranking as to dividends junior to the Class AAA, Series H Shares; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | except out of the net cash proceeds of a substantially concurrent issue of shares of BPO ranking as to return of capital and dividends junior to the Class AAA, Series H Shares, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any shares of BPO ranking as to capital junior to the Class AAA, Series H Shares; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | redeem or call for redemption, purchase or otherwise retire for value or make any return of capital in respect of less than all of the Class AAA, Series H Shares then outstanding; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | except pursuant to any purchase obligation, sinking fund, retraction privilege or mandatory redemption provisions attaching thereto, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any Class AAA preference shares, ranking as to the payment of dividends or return of capital on a parity with the Class AAA, Series H Shares; or |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | issue any additional Class AAA, Series H Shares or any shares ranking as to dividends or return of capital prior to or on a parity with the Class AAA, Series H Shares, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | (i) | declare, pay or set apart for payment any dividends (other than stock dividends payable in shares of BPO ranking as to capital and dividends junior to the Class AAA, Series I Shares) on shares of BPO ranking as to dividends junior to the Class AAA, Series I Shares; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | except out of the net cash proceeds of a substantially concurrent issue of shares of BPO ranking as to return of capital and dividends junior to the Class AAA, Series I Shares, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any shares of BPO ranking as to capital junior to the Class AAA, Series I Shares; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | redeem or call for redemption, purchase or otherwise retire for value or make any return of capital in respect of less than all of the Class AAA, Series I Shares then outstanding; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | except pursuant to any purchase obligation, sinking fund, retraction privilege or mandatory redemption provisions attaching thereto, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any Class AAA preference shares, ranking as to the payment of dividends or return of capital on a parity with the Class AAA, Series I Shares; or |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | issue any additional Class AAA, Series I Shares or any shares ranking as to dividends or return of capital prior to or on a parity with the Class AAA, Series I Shares, |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | (i) | declare, pay or set apart for payment any dividends (other than stock dividends payable in shares of BPO ranking as to capital and dividends junior to the Class AAA, Series J Shares) on shares of BPO ranking as to dividends junior to the Class AAA, Series J Shares; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | except out of the net cash proceeds of a substantially concurrent issue of shares of BPO ranking as to return of capital and dividends junior to the Class AAA, Series J Shares, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any shares of BPO ranking as to capital junior to the Class AAA, Series J Shares; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | redeem or call for redemption, purchase or otherwise retire for value or make any return of capital in respect of less than all of the Class AAA, Series J Shares then outstanding; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | except pursuant to any purchase obligation, sinking fund, retraction privilege or mandatory redemption provisions attaching thereto, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any Class AAA preference shares, ranking as to the payment of dividends or return of capital on a parity with the Class AAA, Series J Shares; or |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | issue any additional Class AAA, Series J Shares or any shares ranking as to dividends or return of capital prior to or on a parity with the Class AAA, Series J Shares, |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | (i) | declare, pay or set apart for payment any dividends (other than stock dividends payable in shares of BPO ranking as to capital and dividends junior to the Class AAA, Series K Shares) on shares of BPO ranking as to dividends junior to the Class AAA, Series K Shares; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | except out of the net cash proceeds of a substantially concurrent issue of shares of BPO ranking as to return of capital and dividends junior to the Class AAA, Series K Shares, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any shares of BPO ranking as to capital junior to the Class AAA, Series K Shares; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | redeem or call for redemption, purchase or otherwise retire for value or make any return of capital in respect of less than all of the Class AAA, Series K Shares then outstanding; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | except pursuant to any purchase obligation, sinking fund, retraction privilege or mandatory redemption provisions attaching thereto, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any Class AAA preference shares, ranking as to the payment of dividends or return of capital on a parity with the Class AAA, Series K Shares; or |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | issue any additional Class AAA, Series K Shares or any shares ranking as to dividends or return of capital prior to or on a parity with the Class AAA, Series K Shares, |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | declare, pay or set apart for payment any dividends (other than stock dividends payable in shares of BPO ranking as to capital and dividends junior to the Class AAA, Series L Shares) on shares of BPO ranking as to dividends junior to the Class AAA, Series L Shares; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | except out of the net cash proceeds of a substantially concurrent issue of shares of BPO ranking as to return of capital and dividends junior to the Class AAA, Series L Shares, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any shares of BPO ranking as to capital junior to the Class AAA, Series L Shares; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iii) | redeem or call for redemption, purchase or otherwise retire for value or make any return of capital in respect of less than all of the Class AAA, Series L Shares then outstanding; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | except pursuant to any purchase obligation, sinking fund, retraction privilege or mandatory redemption provisions attaching thereto, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any Class AAA preference shares, ranking as to the payment of dividends or return of capital on a parity with the Class AAA, Series L Shares; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | declare, pay or set apart for payment any dividends (other than stock dividends payable in shares of BPO ranking as to capital and dividends junior to the Class AAA, Series M Shares) on shares of BPO ranking as to dividends junior to the Class AAA, Series M Shares; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | except out of the net cash proceeds of a substantially concurrent issue of shares of BPO ranking as to return of capital and dividends junior to the Class AAA, Series M Shares, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any shares of BPO ranking as to capital junior to the Class AAA, Series M Shares; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | redeem or call for redemption, purchase or otherwise retire for value or make any return of capital in respect of less than all of the Class AAA, Series M Shares then outstanding; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | except pursuant to any purchase obligation, sinking fund, retraction privilege or mandatory redemption provisions attaching thereto, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any Class AAA preference shares, ranking as to the payment of dividends or return of capital on a parity with the Class AAA, Series M Shares; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | declare, pay or set apart for payment any dividends (other than stock dividends payable in shares of BPO ranking as to capital and dividends junior to the Class AAA, Series N Shares) on any shares of BPO ranking as to dividends junior to the Class AAA, Series N Shares; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | except out of the net cash proceeds of a substantially concurrent issue of shares of BPO ranking as to return of capital and dividends junior to the Class AAA, Series N Shares, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any shares of BPO ranking as to capital junior to the Class AAA, Series N Shares; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | redeem or call for redemption, purchase or otherwise retire for value or make any return of capital in respect of less than all of the Class AAA, Series N Shares then outstanding; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | except pursuant to any purchase obligation, sinking fund, retraction privilege or mandatory redemption provisions attaching thereto, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any Class AAA preference shares, ranking as to the payment of dividends or return of capital on a parity with the Class AAA, Series N Shares; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | (i) | declare, pay or set apart for payment any dividends (other than stock dividends payable in shares of BPO ranking as to capital and dividends junior to the Class AAA, Series O Shares) on shares of BPO ranking as to dividends junior to the Class AAA, Series O Shares; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | except out of the net cash proceeds of a substantially concurrent issue of shares of BPO ranking as to return of capital and dividends junior to the Class AAA, Series O Shares, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any shares of BPO ranking as to capital junior to the Class AAA, Series O Shares; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | redeem or call for redemption, purchase or otherwise retire for value or make any return of capital in respect of less than all of the Class AAA, Series O Shares then outstanding; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | except pursuant to any purchase obligation, sinking fund, retraction privilege or mandatory redemption provisions attaching thereto, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any Class AAA preference shares, ranking as to the payment of dividends or return of capital on a parity with the Class AAA, Series O Shares; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (v) | declare, pay or set apart for payment any dividends (other than stock dividends payable in shares of BPO ranking as to capital and dividends junior to the Class AAA, Series P Shares) on any shares of BPO ranking as to dividends junior to the Class AAA, Series P Shares; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | except out of the net cash proceeds of a substantially concurrent issue of shares of BPO ranking as to return of capital and dividends junior to the Class AAA, Series P Shares, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any shares of BPO ranking as to capital junior to the Class AAA, Series P Shares; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | redeem or call for redemption, purchase or otherwise retire for value or make any return of capital in respect of less than all of the Class AAA, Series P Shares then outstanding; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (viii) | except pursuant to any purchase obligation, sinking fund, retraction privilege or mandatory redemption provisions attaching thereto, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any Class AAA preference shares, ranking as to the payment of dividends or return of capital on a parity with the Class AAA, Series P Shares; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | (v) | declare, pay or set apart for payment any dividends (other than stock dividends payable in shares of BPO ranking as to capital and dividends junior to the Class AAA, Series Q Shares) on shares of BPO ranking as to dividends junior to the Class AAA, Series Q Shares; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | except out of the net cash proceeds of a substantially concurrent issue of shares of BPO ranking as to return of capital and dividends junior to the Class AAA, Series Q Shares, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any shares of BPO ranking as to capital junior to the Class AAA, Series Q Shares; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | redeem or call for redemption, purchase or otherwise retire for value or make any return of capital in respect of less than all of the Class AAA, Series Q Shares then outstanding; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (viii) | except pursuant to any purchase obligation, sinking fund, retraction privilege or mandatory redemption provisions attaching thereto, redeem or call for redemption, purchase or otherwise pay off, retire or make any return of capital in respect of any Class AAA preference shares, ranking as to the payment of dividends or return of capital on a parity with the Class AAA, Series Q Shares; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | a) | be directly responsible for overseeing the work of the external auditor of the Corporation engaged for the purpose of preparing or issuing an auditor’s report or providing other audit, review or attest services to the Corporation (the “auditor”); |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b) | require the auditor to report directly to the Committee; |
|--------|----|----------------------------------------------------------|

|   | c) | review and evaluate the auditor’s independence, experience, qualifications and performance and determine whether the auditor should be appointed or re-appointed and recommend to the Board the auditor who should be nominated for appointment or re-appointment by the shareholders; |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d) | where appropriate, recommend to the Board that the shareholders terminate the auditor; |
|--------|----|----------------------------------------------------------------------------------------|

|   | e) | when a change of auditor is proposed, review all issues related to the change, including the information to be included in the notice of change of auditor required, and the orderly transition of such change; |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | f) | review the terms of the auditor’s engagement and recommend to the Board the compensation of the auditor; |
|--------|----|----------------------------------------------------------------------------------------------------------------|

|   | g) | at least annually, obtain and review a report by the auditor describing: |
|--------|----|--------------------------------------------------------------------------|

|   | · | the auditor’s internal quality-control procedures; and |
|--------|--------|--------------------------------------------------------------|

|   | · | any material issues raised by the most recent internal quality control review, or peer review, of the auditor, or review by any independent oversight body such as the Canadian Public Accountability Board or the Public Company Accounting Oversight Board, or governmental or professional authorities within the preceding five years respecting one or more independent audits carried out by the auditor, and the steps taken to deal with any issues raised in any such review; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | h) | at least annually, confirm that the auditor has submitted a formal written statement describing all of its relationships with the Corporation; discuss with the auditor any disclosed relationships or services that may affect its objectivity and independence; obtain written confirmation from the auditor that it is objective within the meaning of the Rules of Professional Conduct/Code of Ethics adopted by the provincial institute or order of Chartered Accountants to which it belongs and is an independent public accountant within the meaning of the federal securities legislation administered by the United States Securities and Exchange Commission, and confirm that it has complied with applicable laws with the rotation of certain members of the audit engagement team; |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | i) | review and evaluate the lead partner of the auditor; |
|--------|----|------------------------------------------------------|

|   | j) | ensure the regular rotation of the audit engagement team members as required by law, and periodically consider whether there should be regular rotation of the audit firm; |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | k) | meet privately with the auditor as frequently as the Committee feels is appropriate to fulfill its responsibilities, which will not be less frequently than annually, to discuss any items of concern to the Committee or the auditor, including: |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | planning and staffing of the audit; |
|--------|--------|-------------------------------------|

|   | · | any material written communications between the auditor and management; |
|--------|--------|-------------------------------------------------------------------------|

|   | · | whether or not the auditor is satisfied with the quality and effectiveness of financial recording procedures and systems; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------|

|   | · | the extent to which the auditor is satisfied with the nature and scope of its examination; |
|--------|--------|--------------------------------------------------------------------------------------------|

|   | · | whether or not the auditor has received the full co-operation of management of the Corporation; |
|--------|--------|-------------------------------------------------------------------------------------------------|

|   | · | the auditor’s opinion of the competence and performance of the Chief Financial Officer and other key financial personnel; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------|

|   | · | the items required to be communicated to the Committee in accordance with generally accepted auditing standards; |
|--------|--------|------------------------------------------------------------------------------------------------------------------|

|   | · | all critical accounting policies and practices to be used by the Corporation; |
|--------|--------|-------------------------------------------------------------------------------|

|   | · | all alternative treatments of financial information within international financial reporting standards that have been discussed with management, ramifications of the use of such alternative disclosures and treatments, and the treatment preferred by the auditor; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | any difficulties encountered in the course of the audit work, any restrictions imposed on the scope of activities or access to requested information, any significant disagreements with management and management’s response; and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | any illegal act that may have occurred and the discovery of which is required to be disclosed to the Committee pursuant to paragraphs 240.41-42 and 250.22-24 of the Canadian Auditing Standards and the United States Securities Exchange Act of 1934. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | l) | pre-approve any non-audit service to be provided to the Corporation or any of its subsidiaries by the auditor in accordance with applicable law.  The Committee may delegate to one or more independent members the authority to pre-approve non-audit services to the extent permitted by applicable law. The pre-approval of non-audit services by any member to whom authority has been delegated must be presented to the full Committee at its first scheduled meeting following such pre-approval. The Committee may also adopt specific policies and procedures for the engagement of non-audit services provided these policies and procedures are detailed as to the particular services, mandate that the Committee be informed of each non-audit service and do not include the delegation of the Committee’s responsibilities to management; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | m) | resolve any disagreements between management and the auditor regarding financial reporting; |
|--------|----|---------------------------------------------------------------------------------------------|

|   | n) | prior to the disclosure to the public, review, and, where appropriate, recommend for approval by the Board, the following: |
|--------|----|----------------------------------------------------------------------------------------------------------------------------|

|   | · | audited annual financial statements, in conjunction with the report of the auditor; |
|--------|--------|-------------------------------------------------------------------------------------|

|   | · | interim financial statements; |
|--------|--------|-------------------------------|

|   | · | annual and interim earnings press releases; |
|--------|--------|---------------------------------------------|

|   | · | annual and interim management’s discussion and analysis of financial condition and results of operation; |
|--------|--------|----------------------------------------------------------------------------------------------------------------|

|   | · | reconciliations of the annual or interim financial statements; and |
|--------|--------|--------------------------------------------------------------------|

|   | · | all other audited or unaudited financial information contained in public disclosure documents (including without limitation, any prospectus, or other offering or public disclosure documents and financial statements required by regulatory authorities); |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | o) | discuss press releases containing financial information (to ensure consistency of the disclosure to the financial statement), as well as financial information and earnings guidance provided to analysts and rating agencies including the use of “pro forma” information in such press releases and financial information.  Such review may consist of a general discussion of the types of information to be disclosed or the types of presentations to be made; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | p) | review the effect of regulatory and accounting initiatives as well as off-balance sheet structures on the Corporation’s financial statements; |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | q) | review disclosures made to the Committee by the Chief Executive Officer and Chief Financial Officer during their certification process for applicable securities law filings about any significant deficiencies and material weaknesses in the design or operation of the Corporation’s internal control over financial reporting which are reasonably likely to adversely affect the Corporation’s ability to record, process, summarize and report financial information, and any fraud involving management or other employees; |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | r) | review the effectiveness of management’s policies and practices concerning financial reporting, any proposed changes in major accounting policies, the appointment and replacement of management responsible for financial reporting and the internal audit function; |
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|   | s) | review the adequacy of the internal controls that have been adopted by the Corporation to safeguard assets from loss and unauthorized use and to verify the accuracy of the financial records and any special audit steps adopted in light of significant deficiencies and material weaknesses in internal control over financial reporting; |
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|   | t) | meet privately with the person responsible for the Corporation’s internal audit function as frequently as the Committee feels appropriate to fulfill its responsibilities, which will not be less frequently than annually, to discuss any items of concern; |
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|   | u) | review the mandate, budget, planned activities, staffing and organizational structure of the internal audit function (which may be outsourced to a firm other than the auditor) to confirm that it is independent of management and has sufficient resources to carry out its mandate.  The Committee will discuss this mandate with the auditor, review the appointment and replacement of the person in charge of the Corporation’s internal audit function and review the significant reports to management prepared by the internal auditor and management’s responses; |
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|   | v) | review the controls and procedures that have been adopted to confirm that material information about the Corporation and its subsidiaries that is required to be disclosed under applicable law or stock exchange rules is disclosed and to review the public disclosure of financial information extracted or derived from the issuer’s financial statements and periodically assess the adequacy of these procedures; |
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|   | w) | establish and periodically review the procedures for the receipt, follow-up, retention and treatment of complaints received by the Corporation about accounting, internal controls, disclosure controls or auditing matters and for the confidential, anonymous submission by employees of concerns regarding questionable accounting or auditing matters; |
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|   | x) | review periodically, the Corporation’s policies with respect to risk assessment and management, particularly financial risk exposure, including the steps taken to monitor and control risks; |
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|   | y) | review periodically, the status of taxation matters of the Corporation; |
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|   | z) | review and approve the Corporation’s policies for hiring partners and employees and former partners and employees of the present auditor and any former auditors of the Corporation; |
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|   | aa) | review, with legal counsel where required, such litigation, claims, tax assessments, transactions, inquiries from regulators and material inquiries from governmental agencies or other contingencies which may have a material impact on financial results or which may otherwise adversely affect the financial well-being of the Corporation; and |
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|   | bb) | consider other matters of a financial nature as directed by the Board. |
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|   | · | the auditor’s independence; |
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|   | · | the performance of the auditor and the Committee’s recommendations regarding its reappointment or termination; |
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|   | · | the performance of the internal audit function department; |
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|   | · | the adequacy of the Corporation’s internal controls and disclosure controls; |
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|   | · | its recommendations regarding the annual and interim financial statements of the Corporation and any reconciliation of the Corporation’s financial statements, including any issues with respect to the quality or integrity of the financial statements; |
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|   | · | its review of any other public disclosure document including the annual information form and the annual and interim management’s discussion and analysis of financial condition and results of operations; |
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|   | · | the Corporation’s compliance with legal and regulatory requirements, particularly those related to financial reporting; and |
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|   | · | all other significant matters it has addressed and with respect to such other matters that are within its responsibilities. |
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|   | a) | the director is or was within the last three years an employee or executive officer (or has an immediate family member who is or was within the last three years an executive officer) of the Corporation.  A director is not disqualified from being independent if he or she previously acted as an interim chief executive officer of the Corporation, or currently acts or previously acted as a part-time chair or vice-chair of the Board or any Board committee; |
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|   | b) | the director (a) is a partner of or is employed by the Corporation’s internal or external auditor; (b) was within the last three years a partner or employee of that auditing firm and personally worked on the Corporation’s audit within that time; or (c) has a spouse, minor child or a child who lives in the director’s home and who (i) is a partner of the Corporation’s internal or external auditor; (ii) is an employee of the auditing firm and works in the audit, assurance or tax compliance (but not tax planning) practice; or (iii) was within the last three years a partner or employee of that auditing firm and personally worked on the Corporation’s audit during that time.  For this purpose, a “partner” does not include a partner whose interest in the auditing firm is limited to the receipt of fixed amounts of compensation (including deferred compensation) for prior service, if the compensation is not contingent in any way on continued service; |
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|   | c) | the director is or was within the last three years (or has an immediate family member who is or was within the last three years) an executive officer of another entity if any of the Corporation’s current executive officers serve or served at the same time on the compensation committee of that entity; |
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|   | d) | the director has (or an immediate family member who is employed as an executive officer of the Corporation has) received more than Cdn. $75,000 in direct compensation from the Corporation in any 12-month period within the last three years, other than (a) fees for acting as a director or committee member, including as the Chairperson of the Board or a Board committee; and (b) fixed amounts of compensation under a retirement or deferred compensation plan for prior service with the Corporation, if receipt is not contingent in any way on continued service; or |
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|   | e) | the director is an employee of (or has an immediate family member who is an executive officer of), another company that has, in the last three fiscal years, made payments to, or received payments from, the Corporation in excess of the greater of US $1 million and 2% of the other company’s consolidated gross revenues. |
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|   | a) | the director cannot after appointment to the Audit Committee accept, directly or indirectly, any consulting, advisory, or other compensatory fee from the Corporation or any of its subsidiaries, other than (a) fees for acting as a director, committee member, or part-time chair or vice-chair of the Board or any Board Committee; and (b) fixed amounts of compensation under a retirement or deferred compensation plan for prior service with the Corporation (provided such compensation is not contingent in any way on continued service).  A fee is considered to have been indirectly received by the director if it is received by (a) the director’s spouse, a minor child or a child who lives in the director’s home; or (b) an entity in which the director is a partner, a member or an officer (such as a managing director or executive officer) if that entity provides accounting, consulting, legal, investment banking or financial advisory services to the Corporation or any of its subsidiaries, unless the director is a limited partner or a non-managing member of the entity and plays no active role in providing services to the entity; and |
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|   | b) | the director cannot be an affiliated entity of the Corporation or any of its subsidiaries. |
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|   | a) | an understanding of generally accepted accounting principles and financial statements; |
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|   | b) | the ability to assess the general application of such principles in connection with the accounting for estimates, accruals and reserves; |
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|   | c) | experience preparing, auditing, analyzing or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the Corporation’s financial statements, or experience actively supervising one or more persons engaged in such activities; |
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|   | d) | an understanding of internal controls and procedures for financial reporting; and |
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|   | e) | an understanding of audit committee functions; |
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|   | a) | education and experience as a principal financial officer, principal accounting officer, controller, public accountant or auditor or experience in one or more positions that involve the performance of similar functions; |
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|   | b) | experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor or person performing similar functions; |
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|   | c) | experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing or evaluation of financial statements; or |
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|   | d) | other relevant experience. |
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