Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 

BROOKFIELD ASSET MANAGEMENT INC. 

- and - 
 BROOKFIELD
PROPERTY REIT INC. 
 - and - 

BPR OP, LP 
 - and -

 BROOKFIELD GLOBAL PROPERTY ADVISOR LIMITED 

- and - 
 BROOKFIELD
PROPERTY GROUP LLC 
 - and - 

BROOKFIELD ASSET MANAGEMENT PRIVATE INSTITUTIONAL CAPITAL 

ADVISER US, LLC 
  

 
 MASTER SERVICES AGREEMENT

  
  

August 27, 2018 
  

  
 [BPR MSA] 

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1 INTERPRETATION
	  	 	2	 
	 1.1
	 	Definitions	  	 	2	 
	 1.2
	 	Headings and Table of Contents	  	 	7	 
	 1.3
	 	Interpretation	  	 	7	 
	 1.4
	 	Actions by the Service Providers or the Service Recipients	  	 	8	 
	 1.5
	 	Generally Accepted Accounting Principles	  	 	8	 
	 1.6
	 	Invalidity of Provisions	  	 	8	 
	 1.7
	 	Entire Agreement	  	 	9	 
	 1.8
	 	Waiver, Amendment	  	 	9	 
	 1.9
	 	Governing Law	  	 	9	 
		
	 ARTICLE 2 APPOINTMENT OF THE SERVICE PROVIDERS
	  	 	9	 
	 2.1
	 	Appointment and Acceptance	  	 	9	 
	 2.2
	 	Other Service Providers	  	 	10	 
	 2.3
	 	Subcontracting and Other Arrangements	  	 	10	 
		
	 ARTICLE 3 SERVICES AND POWERS OF THE SERVICE PROVIDERS
	  	 	10	 
	 3.1
	 	Services	  	 	10	 
	 3.2
	 	Supervision of the Service Providers’ Activities	  	 	12	 
	 3.3
	 	Restrictions on the Service Providers	  	 	12	 
	 3.4
	 	Errors and Omissions Insurance	  	 	12	 
	 3.5
	 	Responsibility for Certain Services	  	 	12	 
		
	 ARTICLE 4 RELATIONSHIP BETWEEN THE SERVICE PROVIDERS AND THE SERVICE
RECIPIENTS
	  	 	13	 
	 4.1
	 	Other Activities	  	 	13	 
	 4.2
	 	Exclusivity	  	 	13	 
	 4.3
	 	Independent Contractor, No Partnership, Joint Venture or Agency	  	 	13	 
		
	 ARTICLE 5 MANAGEMENT AND EMPLOYEES
	  	 	14	 
	 5.1
	 	Management and Employees	  	 	14	 
	 5.2
	 	Compensation Charges	  	 	14	 
		
	 ARTICLE 6 INFORMATION AND RECORDS
	  	 	14	 
	 6.1
	 	Books and Records	  	 	14	 
	 6.2
	 	Examination of Records by the Service Recipients	  	 	15	 
	 6.3
	 	Access to Information by Service Provider Group	  	 	15	 
	 6.4
	 	Additional Information	  	 	16	 
		
	 ARTICLE 7 FEES AND EXPENSES
	  	 	16	 
	 7.1
	 	Net Base Management Fee and Base Management Fee Adjustment	  	 	16	 
	 7.2
	 	Currency	  	 	16	 
	 7.3
	 	Computation and Payment of Net Base Management Fee	  	 	17	 
	 7.4
	 	Failure to Pay When Due	  	 	17	 
	 7.5
	 	Expenses	  	 	17	 
	 7.6
	 	Governmental Charges	  	 	18	 
	 7.7
	 	Computation and Payment of Expenses and Governmental Charges	  	 	19	 

							
	 ARTICLE 8 BROOKFIELD’S OBLIGATION AND CONSENT RIGHT
	  	 	19	 
	 8.1
	 	Provision of Services to the Service Recipients	  	 	19	 
	 8.2
	 	Consent to Issuance of Class A Stock	  	 	19	 
		
	 ARTICLE 9 REPRESENTATIONS AND WARRANTIES OF THE SERVICE PROVIDERS AND THE
SERVICE RECIPIENTS
	  	 	19	 
	 9.1
	 	Representations and Warranties of the Service Providers	  	 	19	 
	 9.2
	 	Representations and Warranties of the Service Recipients	  	 	20	 
		
	 ARTICLE 10 LIABILITY AND INDEMNIFICATION
	  	 	21	 
	 10.1
	 	Indemnity	  	 	21	 
	 10.2
	 	Limitation of Liability	  	 	22	 
	 10.3
	 	Benefit to all Indemnified Parties	  	 	23	 
	 10.4
	 	No Waiver	  	 	23	 
		
	 ARTICLE 11 TERM AND TERMINATION
	  	 	23	 
	 11.1
	 	Term	  	 	23	 
	 11.2
	 	Termination by the Service Recipients	  	 	23	 
	 11.3
	 	Termination by the Service Providers	  	 	24	 
	 11.4
	 	Survival Upon Termination	  	 	25	 
	 11.5
	 	Action Upon Termination	  	 	25	 
	 11.6
	 	Release of Money or other Property Upon Written Request	  	 	25	 
		
	 ARTICLE 12 GENERAL PROVISIONS
	  	 	26	 
	 12.1
	 	Limited Liability of Limited Partners	  	 	26	 
	 12.2
	 	Assignment	  	 	26	 
	 12.3
	 	Enurement	  	 	27	 
	 12.4
	 	Notices	  	 	27	 
	 12.5
	 	Further Assurances	  	 	29	 
	 12.6
	 	Counterparts	  	 	29	 

  
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 MASTER SERVICES AGREEMENT 

THIS AGREEMENT made as of the 27th day of August, 2018. 

B E T W E E N: 
 BROOKFIELD ASSET
MANAGEMENT INC. (“Brookfield”), a corporation existing under the laws of the Province of Ontario 
 - and - 

BROOKFIELD PROPERTY REIT INC. (“BPR”), a Delaware corporation 

- and - 
 BPR OP,
LP (“BPROP”), a Delaware limited partnership 
 - and - 

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

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

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

A. The Service Recipients (as defined below) directly or indirectly hold interests in commercial property assets and will directly or
indirectly acquire, from time to time, interests in other commercial property assets; and 
 B. BPR and BPROP wish to engage the Service
Providers (as defined below) to provide or arrange for other members of the Service Provider Group (as defined below) to provide to the Service Recipients certain management and administration services, subject to the terms and conditions of this
Agreement. 
 NOW THEREFORE in consideration of the mutual covenants and agreements contained in this Agreement and other good and
valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows: 

 ARTICLE 1 

INTERPRETATION 
 1.1 Definitions

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

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

1.1.2 “Affiliate” means, with respect to a Person, any other Person that, directly or indirectly, through one or more
intermediaries, Controls or is Controlled by such Person, or is under common Control of a third Person; 
 1.1.3 “Agreement”
means this Master Services Agreement, as the same may be amended from time to time; 
 1.1.4 “Available Cash” means all cash
and cash equivalents of the Service Recipients available for distribution by the Service Recipients determined at the sole discretion of the BPR Board, which, for greater certainty, (i) may not in all cases equal an amount of cash held by the
Service Recipients after the payment of expenses, debt service obligations on any indebtedness and any other expense or reserve for any liability, working capital or capital expenditure and (ii) may include cash that has been borrowed by any of
the Service Recipients; 
 1.1.5 “Base Management Fee” means, the base management fee, calculated quarterly in arrears, in
an aggregate amount equal to 0.3125% (1.25% annually) of the Total Capitalization as of the last day of such Quarter; 
 1.1.6 “Base
Management Fee Adjustment” has the meaning assigned thereto in Section 7.1.2; 
 1.1.7 “BPR” has the meaning
assigned thereto in the preamble; 
 1.1.8 “BPROP” has the meaning assigned thereto in the preamble; 

1.1.9 “BPR Board” means the board of directors of BPR; 

1.1.10 “BPR Capital” means any Capital Commitment and/or (as the context requires) any Capital Contribution; 

1.1.11 “BPR Group” means BPR, BPROP, the Operating Entities and any other direct or indirect Subsidiary of BPROP; 

1.1.12 “BPY Fees” means the sum of the Base Management Fee (as defined and determined in accordance with in the BPY MSA) and
the Equity Enhancement Distribution (as defined and determined in accordance with the Property Partnership LPA); 

  
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 1.1.13 “BPY Group” has the meaning assigned thereto in the Property
Partnership LPA; 
 1.1.14 “BPY MSA” means the second amended and restated master services agreement dated the date hereof,
among, inter alia, Brookfield, Brookfield Property L.P., Brookfield Property Partners L.P., the Service Providers (as such term is defined in the BPY MSA), the Holding Entities (as such term is defined in the BPY MSA) and others, as amended from
time to time; 
 1.1.15 “Brookfield” has the meaning assigned thereto in the preamble; 

1.1.16 “Brookfield Fund” means any private investment entity, managed account, joint venture, consortium, partnership or
investment fund established, sponsored or managed by a member of the Brookfield Group; 
 1.1.17 “Brookfield Group” means
Brookfield, any of its Affiliates and any Brookfield Fund, but excludes any member of the BPR Group or BPY Group; 
 1.1.18 “Business
Day” means every day except a Saturday or Sunday, or a day which is a statutory or civic holiday in Bermuda, the Province of Ontario, or the State of New York; 

1.1.19 “Capital Commitment” means, with respect to any Operating Entity, at any time, the amount that a Service Recipient has
committed at such time to contribute (either as debt or equity) to such Operating Entity as set forth in the terms of the subscription agreement or other underlying documentation with respect to such Operating Entity at or prior to such time; 

1.1.20 “Capital Contribution” means, with respect to any Operating Entity, at any time, the amount of capital that a Service
Recipient has contributed (either as debt or equity) to such Operating Entity at or prior to such time; 
 1.1.21 “Claims”
has the meaning assigned thereto in Section 10.1.1; 
 1.1.22 “Class A Stock” means shares of
Class A stock of BPR; 
 1.1.23 “Compensation Charge” has the meaning assigned thereto in Section 5.2; 

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

  
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 1.1.25 “Creditable Operating Entity Payment” means the proportion of each
cash payment made by an Operating Entity to any member of the Brookfield Group, including any payment made in the form of a dividend, distribution or other profit entitlement, which the BPR Board determines to be comparable to the Base Management
Fee that is attributable to the BPR Capital invested in or committed to that Operating Entity, as applicable; provided that the aggregate amount of any Creditable Operating Entity Payments made by such Operating Entity in respect of any such Quarter
shall not exceed an amount equal to 0.3125% of the amount of the BPR Capital invested in such Operating Entity; 
 1.1.26 “Expense
Statement” has the meaning assigned thereto in Section 7.7; 
 1.1.27 “Expenses” has the meaning assigned
thereto in Section 7.5.2; 
 1.1.28 “Fair Market Value” means, with respect to a Class A Stock or Security,
(i) if such Class A Stock or Security is listed on a stock exchange or public quotation system, the Trading Price of such Class A Stock or Security, as applicable, or (ii) if such Class A Stock or Security is not listed on a
stock exchange or public quotation system, the fair market value of such Class A Stock or Security, as applicable, determined by the BPR Board; 

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

1.1.30 “Governing Instruments” means (i) the memorandum of association and
bye-laws in the case of any exempted company existing under the Laws of Bermuda, (ii) the certificate of incorporation, amalgamation or continuance, as applicable, and
by-laws in the case of a corporation, (iii) the memorandum and articles of association in the case of a limited company, (iv) the partnership agreement in the case of a partnership, (v) the
articles of formation and operating agreement in the case of a limited liability company, (vi) the trust instrument in the case of a trust and (vii) any other similar governing document under which an entity was organized, formed or
created or operates, including any conflict guidelines or protocols in place from time to time; 
 1.1.31 “Governmental
Authority” means any (i) international, multinational, national, federal, provincial, state, regional, municipal, local or other government, governmental or public department, central bank, court, tribunal, arbitral body, commission,
board, bureau, agency or instrumentality, domestic or foreign, (ii) self-regulatory organization or stock exchange, (iii) subdivision, agent, commission, board, or authority of any of the foregoing, or (iv) quasi-governmental or
private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing; 

  
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 1.1.32 “Governmental Charge” has the meaning assigned thereto in
Section 7.6; 
 1.1.33 “Indemnified Party” has the meaning assigned thereto in Section 10.1.1; 

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

1.1.35 “Independent Committee” means a committee of the BPR Board made up of directors that are “independent” of
Brookfield and its Affiliates, in accordance with BPR’s Governing Instruments; 
 1.1.36 “Interest Rate” means, for any
day, the rate of interest equal to the overnight U.S. dollar London interbank offered rate on such day; 
 1.1.37 “Investment
Advisory Services” means any recommendation to buy, sell, vote or take any similar action with respect to a Security; 
 1.1.38
“Laws” means any and all applicable (i) laws, constitutions, treaties, statutes, codes, ordinances, principles of common and civil law and equity, rules, regulations and municipal
by-laws, whether domestic, foreign or international, (ii) judicial, arbitral, administrative, ministerial, departmental and regulatory judgments, orders, writs, injunctions, decisions, and awards of any
Governmental Authority, and (iii) policies, practices and guidelines of any Governmental Authority which, although not actually having the force of law, are considered by such Governmental Authority as requiring compliance as if having the
force of law; and the term “applicable”, with respect to such Laws and in the context that refers to one or more Persons, means such Laws that apply to such Person or Persons or its or their business, undertaking, property or securities at
the relevant time and that emanate from a Governmental Authority having jurisdiction over the Person or Persons or its or their business, undertaking, property or securities; 

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

1.1.40 “Net Base Management Fee” means the Base Management Fee, as adjusted pursuant to Section 7.1.2; 

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

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

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

1.1.44 “Principal Exchange” means the principal stock exchange or public quotation system (determined on the basis of
aggregate trading volume for the prior four months) on which the Class A Stock or Securities, as applicable, are listed; 
 1.1.45
“Property Partnership LPA” means the second amended and restated limited partnership agreement of Brookfield Property L.P., dated the date hereof, as may be amended from time to time; 

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

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

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

1.1.49 “Service Agreement Fee” means, in any Quarter, any cash payment, including any such payment made in the form of a
dividend, distribution or other profit entitlement, which the Service Providers determine to be comparable to the Base Management Fee, and which is payable by a Service Recipient to a member of the Brookfield Group with respect to such Quarter; 

1.1.50 “Service Provider Group” means the Service Providers and any member of the Brookfield Group that any Service Provider
has arranged to provide the Services to any Service Recipient; 
 1.1.51 “Service Providers” means the UK Service Provider,
the US Service Provider, the US Service Provider II and any other Affiliate of Brookfield that is appointed by the UK Service Provider, the US Service Provider, the US Service Provider II or any such Affiliate from time to time to act as a service
provider pursuant to this Agreement; 
 1.1.52 “Service Recipients” means BPR and BPROP; 

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

1.1.54 “Subsidiary” means, with respect to any Person, (i) any other Person that is directly or indirectly Controlled by
such Person, (ii) any trust in which such Person holds all of the beneficial interests, or (iii) any partnership, limited liability company or similar entity in which such Person holds all of the interests other than the interests of any
general partner, managing member or similar Person; 
 1.1.55 “Third Party Claim” has the meaning assigned thereto in
Section 10.1.2; 

  
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 1.1.56 “Total Capitalization” means with respect to any Quarter the sum of
(i) the Fair Market Value of a Class A Stock multiplied by the number of Class A Stock issued and outstanding on the last trading day of such Quarter, plus (ii) for each class or series of security of other members of the BPR
Group (excluding for this purpose any Operating Entity) that are not held by the BPR Group or the BPY Group, the Fair Market Value of a security of such class or series multiplied by the number of securities of such class or series issued and
outstanding on the last trading day of such Quarter (calculated on a fully-diluted basis), plus (iii) the principal amount of all debt not captured by paragraph (ii) of this Section owed by each member of the BPR Group (excluding for this
purpose any Operating Entity) on the last trading day of such Quarter to any Person that is not a member of the BPR Group or the BPY Group, which debt has recourse to any member of the BPR Group (excluding for this purpose any Operating Entity),
less any amount of cash held by all members of the BPR Group (excluding for this purpose any Operating Entity) on such day; 
 1.1.57
“Trading Price” means, in any Quarter, with respect to any Class A Stock or Security that is listed on a stock exchange or public quotation system, the volume-weighted average trading price of such Class A Stock or
Security, as applicable, on the Principal Exchange for the five trading days ending on the last trading day of such Quarter; provided that where the Trading Price of such Class A Stock or Security is calculated in any currency other than U.S.
dollars, such amount will be converted to U.S. dollars for purposes of this Agreement in accordance with the applicable exchange rate, as determined by the Service Providers acting reasonably; 

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

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

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

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

1.3 Interpretation 
 In this Agreement,
unless the context otherwise requires: 
 1.3.1 words importing the singular will include the plural and vice versa, words importing gender
will include all genders or the neuter, and words importing the neuter will include all genders; 
 1.3.2 the words “include”,
“includes”, “including”, or any variations thereof, when following any general term or statement, are not to be construed as limiting the general term or statement to the specific items or matters set forth or to similar items or
matters, but rather as referring to all other items or matters that could reasonably fall within the broadest possible scope of the general term or statement; 

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

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

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

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

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

1.4 Actions by the Service Providers or the Service Recipients 

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

1.5 Generally Accepted Accounting Principles 

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

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

  
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 1.7 Entire Agreement 

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

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

1.9 Governing Law 
 This Agreement will be
governed by and interpreted and enforced in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. Each party irrevocably attorns and submits to the
non-exclusive jurisdiction of the Ontario courts situated in the City of Toronto and waives objection to the venue of any proceeding in such court or any argument that such court provides an inconvenient
forum. 
 ARTICLE 2 

APPOINTMENT OF THE SERVICE PROVIDERS 

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

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

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

 2.3 Subcontracting and Other Arrangements 

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

ARTICLE 3 
 SERVICES
AND POWERS OF THE SERVICE PROVIDERS 
 3.1 Services 

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

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

3.1.2 providing overall strategic advice to the Service Recipients including advising with respect to the expansion of their business into new
markets; 
 3.1.3 supervising the establishment and maintenance of books and records; 

3.1.4 identifying and recommending to the Service Recipients acquisitions or dispositions from time to time and, where requested to do so,
assisting in negotiating the terms of such acquisitions or dispositions; 
 3.1.5 recommending and, where requested to do so, assisting in
the raising of funds whether by way of debt, equity or otherwise, including the preparation, review or distribution of any prospectus or offering memorandum in respect thereof and assisting with communications support in connection therewith; 

  
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 3.1.6 recommending to the Service Recipients suitable candidates to serve on their Governing
Bodies or the Governing Bodies of the Operating Entities; 
 3.1.7 making recommendations with respect to the exercise of any voting rights
to which the Service Recipients are entitled in respect of the Operating Entities; 
 3.1.8 making recommendations with respect to the
payment of dividends by the Service Recipients or any other distributions by the Service Recipients, including distributions by BPR to its shareholders; 

3.1.9 monitoring and/or oversight of the applicable Service Recipient’s accountants, legal counsel and other accounting, financial or
legal advisors and technical, commercial, marketing and other independent experts and managing litigation in which a Service Recipient is sued or commencing litigation after consulting with, and subject to the approval of, the relevant Governing
Body; 
 3.1.10 attending to all matters necessary for any reorganization, bankruptcy proceedings, dissolution or winding up of a Service
Recipient, subject to approval by the relevant Governing Body; 
 3.1.11 supervising the making of all tax elections, determinations and
designations, the timely calculation and payment of taxes payable and the filing of all tax returns due, by each Service Recipient; 
 3.1.12
supervising the preparation of the Service Recipients’ annual consolidated financial statements, quarterly interim financial statements and other public disclosure; 

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

3.1.14 arranging for individuals to carry out the functions of the principal executive, accounting and financial officers for BPR only for
purposes of applicable securities laws; 
 3.1.15 providing individuals to act as senior officers of the Service Recipients as agreed from
time to time, subject to the approval of the relevant Governing Body; 
 3.1.16 providing advice, when requested, to the Service Recipients
regarding the maintenance of compliance with applicable Laws and other obligations; and 
 3.1.17 providing all such other services as may
from time to time be agreed with the Service Recipients that are reasonably related to the Service Recipient’s day-to-day operations. 

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

  
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 3.2 Supervision of the Service Providers’ Activities 

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

3.3.1 The Service Providers will, and will cause any other member of the Service Provider Group to, refrain from taking any action that is not
in compliance with or would violate any Laws or that otherwise would not be permitted by the Governing Instruments of the Service Recipients. If any Service Provider or any member of the Service Provider Group is instructed to take any action that
is not in such compliance by a Service Recipient’s Governing Body, such person will promptly notify such Governing Body of its judgment that such action would not comply with or violate any such Laws or otherwise would not be permitted by such
Governing Instrument. 
 3.3.2 In performing its duties under this Agreement, each member of the Service Provider Group will be entitled to
rely in good faith on qualified experts, professionals and other agents (including on accountants, appraisers, consultants, legal counsel and other professional advisors) and will be permitted to rely in good faith upon the direction of a Service
Recipient’s Governing Body to evidence any approvals or authorizations that are required under this Agreement. All references in this Agreement to the Service Recipients or Governing Body for the purposes of instructions, approvals and requests
to the Service Providers will refer to the Governing Body. 
 3.4 Errors and Omissions Insurance 

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

 Notwithstanding any provision herein to the contrary: 

3.5.1 the US Service Provider, the US Service Provider II and, subject to the remainder of this Section 3.5, the UK Service Provider
shall be responsible for the provision of Services to BPR and BPROP; 

  
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 3.5.2 the US Service Provider, the US Service Provider II and any other Affiliate of
Brookfield that is appointed by the US Service Provider, the US Service Provider II or such Affiliate pursuant to Section 2.2 shall be responsible for the provision of the Services described in Sections 3.1.1, 3.1.3, 3.1.5, 3.1.8-3.1.12 and 3.1.17 to BPR and BPROP and the UK Service Provider shall not be responsible for the provision of, nor shall it provide, any such Services; and 

3.5.3 the US Service Provider, the US Service Provider II and any other Affiliate of Brookfield that is appointed by the US Service Provider,
the US Service Provider II or such Affiliate pursuant to Section 2.2 shall be responsible for the provision of the Services to any Service Recipient that is not (i) an Affiliate of the UK Service Provider, or (ii) acting as principal,
and the UK Service Provider shall not be responsible for the provision of, nor shall it provide, any such Services. 
 ARTICLE 4

 RELATIONSHIP BETWEEN THE SERVICE PROVIDERS AND THE SERVICE RECIPIENTS 

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

The Service Recipients will not, during the term of this Agreement, engage any other Person to provide any services comparable to the Services
without the prior written consent of the Service Providers, which may be withheld in the absolute discretion of the Service Providers. 
 4.3 Independent
Contractor, No Partnership, Joint Venture or Agency 
 The parties acknowledge that the Service Providers are providing or arranging for
the provision of the Services hereunder as independent contractors and that the Service Recipients and the Service Providers are not partners or joint venturers with or agents of each other, and nothing herein will be construed so as to make them
partners, joint venturers or agents or impose any liability as such on any of them as a result of this Agreement; provided however that nothing herein will be construed so as to prohibit the Service Recipients and the Service Providers from
embarking upon an investment together as partners, joint venturers or in any other manner whatsoever. 

  
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 ARTICLE 5 

MANAGEMENT AND EMPLOYEES 
 5.1
Management and Employees 
 5.1.1 The Service Providers will arrange, or will arrange for another member of the Service Provider Group to
arrange, for such qualified personnel and support staff to be available to carry out the Services. Such personnel and support staff will devote such of their time to the provision of the Services to the Service Recipients as the relevant member of
the Service Provider Group reasonably deems necessary and appropriate in order to fulfill its obligations hereunder. Such personnel and support staff need not have as their primary responsibility the provision of the Services to the Service
Recipients or be dedicated exclusively to the provision of the Services to the Service Recipients. 
 5.1.2 Each of the Service Recipients
will do all things reasonably necessary on its part as requested by any member of the Service Provider Group consistent with the terms of this Agreement to enable the members of the Service Provider Group to fulfill their obligations, covenants and
responsibilities and to exercise their rights pursuant to this Agreement, including making available to the Service Provider Group, and granting the Service Provider Group access to, the employees and contractors of the Service Recipients as any
member of the Service Provider Group may from time to time request. 
 5.2 Compensation Charges 

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

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

ARTICLE 6 

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

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

6.2 Examination of Records by the Service Recipients 

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

6.3.1 The Service Recipients will: 

6.3.1.1 grant, or cause to be granted, to the Service Provider Group full access to all documentation and information, including all of the
books, records, documents and financial and operating data of the Service Recipients required to be maintained under Section 6.1.2, necessary in order for the Service Provider Group to perform its obligations, covenants and responsibilities
pursuant to the terms hereof and to enable the Service Provider Group to provide the Services; and 
 6.3.1.2 provide, or cause to be
provided, all documentation and information as may be reasonably requested by any member of the Service Provider Group, and promptly notify the appropriate member of the Service Provider Group of any material facts or information of which the
Service Recipients is aware, including any known, pending or threatened suits, actions, claims, proceedings or orders by or against any member of the BPR Group before any Governmental Authority, that may affect the performance of the obligations,
covenants or responsibilities of the Service Provider Group pursuant to this Agreement, including the maintenance of proper financial records. 

  
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 6.4 Additional Information 

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

ARTICLE 7 
 FEES AND
EXPENSES 
 7.1 Net Base Management Fee and Base Management Fee Adjustment 

7.1.1 The Service Recipients hereby agree to pay as provided by this Article 7, during the term of this Agreement, the Net Base Management
Fee, quarterly in arrears. The Net Base Management Fee will accrue commencing on the date hereof and will be pro-rated based on the number of days during the first Quarter in which this Agreement is in effect.

 7.1.2 The amount of the Net Base Management Fee payable hereunder for any Quarter will be equal to the amount of the Base Management Fee
reduced (the “Base Management Fee Adjustment”) by the following amounts, to the extent that such amounts have not previously reduced the amount of the Base Management Fee as a result of the application of the Base Management Fee
Adjustment in a previous Quarter: 
 7.1.2.1 any Service Agreement Fees paid in or payable for that Quarter; 

7.1.2.2 any Creditable Operating Entity Payments paid in or payable for that Quarter; 

7.1.2.3 any Residual Creditable Operating Entity Payments (as defined and determined in the Property Partnership LPA) paid in or payable for
that Quarter to the extent such amounts have not already been applied to reduce the BPY Fees for such Quarter; and 
 7.1.2.4 any Residual
Equity Enhancement Adjustment (as defined and determined in the Property Partnership LPA) paid in or payable for that Quarter to the extent such amounts have not already been applied to reduce the BPY Fees for such Quarter. 

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

  
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 7.3 Computation and Payment of Net Base Management Fee 

7.3.1 The Service Providers or another member of the Service Provider Group will compute each instalment and allocation of the Net Base
Management Fee (including computation of the Base Management Fee Adjustment and by and to whom the Net Base Management Fee is payable) as soon as practicable, but in any event no later than 5 (five) Business Days, following the end of the Quarter
with respect to which such instalment is payable. A copy of the computations and allocations made will thereafter, for informational purposes only, promptly be delivered to each Service Recipient by the relevant member of the Service Provider Group
upon request. Payment of such instalment of the Net Base Management Fee shown therein will be due and payable no later than the forty-fifth (45th) day following the end of such Quarter. 

7.3.2 For any Quarter in which the BPR Board determines that the Service Recipients have insufficient Available Cash to pay the Net Base
Management Fee as well as the next regular distribution on the Class A Stock, the Service Recipients may elect to pay all or a portion of the Net Base Management Fee payable in such Quarter in Class A Stock, provided that any such election
will be made within forty-five (45) days following the end of the applicable Quarter. If the Service Recipients elect to pay all or a portion of the Net Base Management Fee in Class A Stock, BPR will issue, and the applicable Service
Provider hereby agrees to acquire, Class A Stock equal to the portion of the Net Base Management Fee elected to be paid in Class A Stock divided by the Fair Market Value of a Class A Stock the date the Service Recipients make such
election (provided that no fractional Class A Stock will be issued, and such number will be rounded down to the nearest whole number with the remainder payable to the Service Providers in cash). In such case, BPR shall apply such payment
against the subscription price for such Class A Stock. 
 7.3.3 If the Service Recipients elect to pay all or any portion of the Net
Base Management Fee for any Quarter in Class A Stock, BPR will take or cause to be taken all appropriate action to issue such Class A Stock, including any action required to ensure that Class A Stock are issued in accordance with
applicable Laws and listed on any applicable stock exchanges and public quotation systems. 
 7.4 Failure to Pay When Due 

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

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

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

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

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

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

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

7.5.2.5 fees, costs and expenses relating to financial reporting, regulatory filings and investor relations and the fees, costs and expenses of
agents, advisors and other Persons who provide Services to a Service Recipient; 
 7.5.2.6 any other fees, costs and expenses incurred by the
relevant member of the Service Provider Group that are reasonably necessary for the performance by the relevant member of the Service Provider Group of its duties and functions under this Agreement; and 

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

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

  
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 7.7 Computation and Payment of Expenses and Governmental Charges 

From time to time the Service Providers will, or will cause the other members of the Service Provider Group to, prepare statements (each an
“Expense Statement”) documenting the Expenses and Governmental Charges to be reimbursed by the Service Recipients pursuant to this Article 7 and will deliver such statements to the relevant Service Recipient. All Expenses and
Governmental Charges reimbursable pursuant to this Article 7 will be reimbursed by the relevant Service Recipient no later than the date which is 30 days after the receipt of an Expense Statement. The provisions of this Section 7.7 will
survive the termination of this Agreement. 
 ARTICLE 8 

BROOKFIELD’S OBLIGATION AND CONSENT RIGHT 

8.1 Provision of Services to the Service Recipients 

Brookfield’s sole obligation pursuant to this Agreement will be to use its commercially reasonable efforts to cause its Subsidiaries
(other than any member of the BPR Group) to provide Services to the Service Recipients, as applicable, in accordance with the direction of the Service Providers. Brookfield’s obligations pursuant to this Section 8.1 shall terminate at such
time that all of the Service Providers cease to be Affiliates of Brookfield. 
 8.2 Consent to Issuance of Class A Stock 

Prior to the issuance by BPR of any Class A Stock, BPR shall obtain the written consent of Brookfield, which consent shall be provided or
withheld in Brookfield’s sole discretion, provided that Brookfield shall deliver its written decision on whether or not to provide such consent within 10 Business Days of receiving a written request from BPR, in respect of such issuance.
Brookfield shall be entitled to such consent right for as long as Brookfield is a party to the Rights Agreement with Wilmington Trust, National Association, dated as of April 27, 2018. 

ARTICLE 9 

REPRESENTATIONS AND WARRANTIES 

OF THE SERVICE PROVIDERS AND THE SERVICE RECIPIENTS 

9.1 Representations and Warranties of the Service Providers 

Each of the Service Providers (or, as applicable, its general partner on its behalf) hereby represents and warrants to the Service Recipients
that: 
 9.1.1 it (and, as applicable, its general partner) is validly organized and existing under the Laws governing its formation and
existence; 
 9.1.2 it, or another member of the Service Provider Group, holds such Permits necessary to perform its obligations hereunder
and is not aware of any reason why such Permits might be cancelled; 

  
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 9.1.3 it (or, as applicable, its general partner on its behalf) has the power, capacity and
authority to enter into this Agreement and to perform its duties and obligations hereunder; 
 9.1.4 it (or, as applicable, its general
partner) has taken all necessary action to authorize the execution, delivery and performance of this Agreement; 
 9.1.5 the execution and
delivery of this Agreement by it (or, as applicable, its general partner on its behalf) and the performance by it of its obligations hereunder do not and will not contravene, breach or result in any default under its Governing Instruments (or, as
applicable, the Governing Instruments of its general partner), or under any mortgage, lease, agreement or other legally binding instrument, Permit or applicable Law to which it is a party or by which it or any of its properties or assets may be
bound; 
 9.1.6 no authorization, consent or approval, or filing with or notice to any Person is required in connection with the execution,
delivery or performance by it (or, as applicable, its general partner on its behalf) of this Agreement; and 
 9.1.7 this Agreement
constitutes a valid and legally binding obligation of it enforceable against it in accordance with its terms, subject to: (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general
application limiting the enforcement of creditors’ rights and remedies generally; and (ii) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to
the availability of equitable remedies, whether such principles are considered in a proceeding at law or in equity. 
 9.2 Representations and Warranties
of the Service Recipients 
 Each of the Service Recipients (or, as applicable, its general partner on its behalf) hereby represents and
warrants to the Service Providers that: 
 9.2.1 it (and, as applicable, its general partner) is validly organized and existing under the
Laws governing its formation and existence; 
 9.2.2 it, or the relevant Operating Entity, holds such Permits necessary to own and operate
the assets that it directly or indirectly owns or operates from time to time and is not aware of any reason why such Permits might be cancelled; 

9.2.3 it (or, as applicable, its general partner on its behalf) has the power, capacity and authority to enter into this Agreement and to
perform its duties and obligations hereunder; 
 9.2.4 it (or, as applicable, its general partner) has taken all necessary action to
authorize the execution, delivery and performance of this Agreement; 
 9.2.5 the execution and delivery of this Agreement by it (or, as
applicable, its general partner on its behalf) and the performance by it of its obligations hereunder do not and will not contravene, breach or result in any default under its Governing Instruments (or, if applicable, the Governing Instruments of
its general partner), or under any mortgage, lease, agreement or other legally binding instrument, Permit or applicable Law to which it is a party or by which any of its properties or assets may be bound; 

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

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

ARTICLE 10 

LIABILITY AND INDEMNIFICATION 
 10.1
Indemnity 
 10.1.1 The Service Recipients (for the purposes of this Article 10, each an “Indemnifying Party”)
hereby jointly and severally agree, to the fullest extent permitted by applicable Laws, to indemnify and hold harmless each member of the Service Provider Group, any of its Affiliates (other than any member of the BPR Group) and any directors,
officers, agents, subcontractors, contractors, delegates, members, partners, shareholders, employees and other representatives of each of the foregoing (each, an “Indemnified Party”) from and against any claims, liabilities, losses,
damages, costs or expenses (including legal fees) (“Liabilities”) incurred by them or threatened in connection with any and all actions, suits, investigations, proceedings or claims of any kind whatsoever, whether arising under
statute or action of a Governmental Authority or otherwise or in connection with the business, investments and activities of the Service Recipients or in respect of or arising from this Agreement or the Services provided hereunder
(“Claims”), including any Claims arising on account of the Governmental Charges contemplated by Section 7.6; provided that no Indemnified Party will be so indemnified with respect to any Claim to the extent that such Claim is
finally determined by a final and non-appealable judgment entered by a court of competent jurisdiction, or pursuant to a settlement agreement agreed to by such Indemnified Party, to have resulted from such
Indemnified Party’s bad faith, fraud, wilful misconduct, gross negligence or, in the case of a criminal matter, conduct undertaken with knowledge that the conduct was unlawful. 

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

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

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

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

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

10.2.2 The Service Recipients hereby agree that no Indemnified Party will be liable to a Service Recipient, a Service Recipient’s
Governing Body (including, for greater certainty, a director or officer of a Service Recipient or another individual with similar function or capacity) or any security holder or partner of a Service Recipient for any Liabilities that may occur as a
result of any acts or omissions by the Indemnified Party pursuant to or in accordance with this Agreement, except to the extent that such Liabilities are finally determined by a final and non-appealable
judgment entered by a court of competent jurisdiction to have resulted from the Indemnified Party’s bad faith, fraud, wilful misconduct, gross negligence, or in the case of a criminal matter, conduct undertaken with knowledge that the conduct
was unlawful. 
 10.2.3 The maximum amount of the aggregate liability of the Indemnified Parties pursuant to this Agreement will be equal to
the amounts previously paid in respect of Services pursuant to this Agreement in the two most recent calendar years by the Service Recipients pursuant to Article 7. 

  
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 10.2.4 For the avoidance of doubt, the provisions of this Section 10.2 will survive the
completion of the Services rendered under, or any termination or purported termination of, this Agreement. 
 10.3 Benefit to all Indemnified Parties

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

10.4 No Waiver 
 U.S. federal and state
securities laws impose liabilities under certain circumstances on Persons who act in good faith; nothing herein shall constitute a waiver or limitation of any rights which the Service Recipients may have, if any, under any applicable U.S. federal
and state securities laws. 
 ARTICLE 11 

TERM AND TERMINATION 
 11.1 Term

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

11.2.1 The Service Recipients may, subject to Section 11.2.2, terminate this Agreement effective upon written notice of termination to the
Service Providers without payment of any termination fee if: 
 11.2.1.1 any of the Service Providers defaults in the performance or
observance of any material term, condition or agreement contained in this Agreement in a manner that results in material harm to the Service Recipients and such default continues for a period of 60 days after written notice thereof specifying
such default and requesting that the same be remedied in such 60-day period; provided, however, that if the fact, circumstance or condition that is the subject of such obligation cannot reasonably be remedied
within such 60-day period and if, within such period, the Service Providers provide reasonable evidence to the Service Recipients that they have commenced, and thereafter proceed with all due diligence, to
remedy the fact, circumstance or condition that is the subject of such obligation, such period will be extended for a reasonable period satisfactory to the Service Recipients, acting reasonably, for the Service Providers to remedy the same; 

  
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 11.2.1.2 any of the Service Providers engages in any act of fraud, misappropriation of funds
or embezzlement against any Service Recipient that results in material harm to the Service Recipients; 
 11.2.1.3 there is an event of any
gross negligence on the part of any of the Service Providers in the performance of its obligations under this Agreement and such gross negligence results in material harm to the Service Recipients; or 

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

11.2.2 This Agreement may only be terminated pursuant to Section 11.2.1 by the BPR Board with the prior unanimous approval of the members
of the Independent Committee. 
 11.2.3 Each of the Service Recipients hereby agrees and confirms that this Agreement may not be terminated
due solely to the poor performance or underperformance of any of the BPR Group’s operations or any investment made by any member of the BPR Group on the recommendation of any member of the Service Provider Group. 

11.3 Termination by the Service Providers 

11.3.1 The Service Providers may terminate this Agreement effective upon written notice of termination to the Service Recipients without
payment of any termination fee if: 
 11.3.1.1 any Service Recipient defaults in the performance or observance of any material term,
condition or agreement contained in this Agreement in a manner that results in material harm to the Service Providers and such default continues for a period of 60 days after written notice thereof specifying such default and requesting that
the same be remedied in such 60-day period; provided, however, that if the fact, circumstance or condition that is the subject of such obligation cannot reasonably be remedied within such 60-day period and if, within such period, the Service Recipients provide reasonable evidence to the Service Providers that they have commenced, and thereafter proceed with all due diligence, to remedy the fact,
circumstance or condition that is the subject of such obligation, such period will be extended for a reasonable period satisfactory to the Service Providers, acting reasonably, for the Service Recipients to remedy the same; or 

  
 - 24 - 

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

11.4 Survival Upon Termination 
 If this
Agreement is terminated pursuant to this Article 11, such termination will be without any further liability or obligation of any party hereto, except as provided in Section 6.4, Section 7.4, Section 7.7, Article 10,
Section 11.5 and Section 11.6. 
 11.5 Action Upon Termination 

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

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

11.5.2.1 after deducting any accrued compensation and reimbursements for any Expenses to which it is then entitled, pay over to the Service
Recipients all money collected and held for the account of the Service Recipients pursuant to this Agreement; 
 11.5.2.2 deliver to the
Service Recipients’ Governing Bodies a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Governing
Bodies with respect to the Service Recipients; and 
 11.5.2.3 deliver to the Service Recipients’ Governing Bodies all property and
documents of the Service Recipients then in the custody of the Service Provider Group. 
 11.6 Release of Money or other Property Upon Written Request

 The Service Providers hereby agree that any money or other property of the Service Recipients or their Subsidiaries held by the
Service Provider Group under this Agreement will be held by the relevant member of the Service Provider Group as custodian for such Person, and the relevant member of the Service Provider Group’s records will be appropriately marked clearly to
reflect the ownership of such money or other property by such Person. Upon the receipt by the relevant member of the Service Provider Group of a written request signed by a duly authorized representative of a Service Recipient requesting the
relevant member of the Service Provider Group to release to the Service Recipient any money or other property then held by the relevant member of the Service Provider Group for the account of such Service Recipient under this Agreement, the relevant
member of the Service Provider Group will release such money or other property 

  
 - 25 - 

 
to the Service Recipient within a reasonable period of time, but in no event later than 60 days following such request. The relevant member of the Service Provider Group will not be liable
to any Service Recipient, a Service Recipient’s Governing Body or any other Person for any acts performed or omissions to act by a Service Recipient in connection with the money or other property released to the Service Recipient in accordance
with the second sentence of this Section 11.6. Each Service Recipient will indemnify and hold harmless the relevant member of the Service Provider Group, any of its Affiliates (other than any member of the BPR Group) and any directors,
officers, agents, subcontractors, delegates, members, partners, shareholders, employees and other representatives of each of the foregoing from and against any and all Liabilities which arise in connection with the relevant member of the Service
Provider Group’s release of such money or other property to the Service Recipient in accordance with the terms of this Section 11.6. Indemnification pursuant to this provision will be in addition to any right of such Persons to
indemnification under Section 10.1 hereof. For the avoidance of doubt, the provisions of this Section 11.6 will survive termination of this Agreement. The Service Recipients hereby constitute the Service Providers as trustees for each
Person entitled to indemnification pursuant to this Section 11.6 of the covenants of the Service Recipients under this Section 11.6 with respect to such Persons and the Service Providers hereby accept such trust and agree to hold and
enforce such covenants on behalf of such Persons. 
 ARTICLE 12 

GENERAL PROVISIONS 
 12.1 Limited
Liability of Limited Partners 
 The parties acknowledge that BPROP is a limited partnership, a limited partner of which is liable for
any liabilities or losses of the relevant partnership only to the extent of the amount that such limited partner has contributed, or agreed to contribute, to the capital of the relevant partnership and such limited partner’s pro rata share
of any undistributed income. 
 12.2 Assignment 

12.2.1 This Agreement will not be assigned by the Service Providers without the prior written consent of BPR, except in the case of assignment
by any of the Service Providers to an Affiliate or to a Person that is its successor by merger, amalgamation or acquisition of the business of the Service Provider, in which case the Affiliate or successor will be bound under this Agreement and by
the terms of the assignment in the same manner as such Service Provider is bound under this Agreement, and, in each case, such Service Provider and, if the assignee is not an Affiliate of Brookfield, Brookfield will be fully and forever released
from all obligations arising under this Agreement with respect to such Service Provider other than those obligations that have arisen prior to such assignment taking effect. In addition, provided that the Service Providers provide
prior written notice to the Service Recipients for informational purposes only, nothing contained in this Agreement will preclude any pledge, hypothecation or other transfer or assignment of any of the Service Providers’ rights under this
Agreement, including any amounts payable to the Service Providers under this Agreement, to a bona fide lender as security. In addition, nothing contained in this Section 12.2.1 will affect the Service Providers’ ability to enter into
subcontracting and other arrangements pursuant to Section 2.3. 

  
 - 26 - 

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

12.2.3 This Agreement will not be assigned by any of the Service Recipients without the prior written consent of the Service Providers, except
in the case of assignment by a Service Recipient to a Person that is its successor by merger, amalgamation or acquisition of the business of the Service Recipient, in which case the successor will be bound under this Agreement and by the terms of
the assignment in the same manner as the Service Recipient is bound under this Agreement, and, in each case, such Service Recipient will be fully and forever released from all obligations arising under this Agreement other than those obligations
that have arisen prior to such assignment taking effect. 
 12.2.4 Any purported assignment of this Agreement in violation of this
Section 12.2 will be null and void. 
 12.3 Enurement 

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

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

Brookfield Property REIT Inc. 

Brookfield Place 
 250 Vesey
Street, 15th Floor 
 New York, New York 

10281-1023 
 Attention: General
Counsel 

  
 - 27 - 

 12.4.2 if to BPROP: 

BPR OP, LP 
 250 Vesey Street,
15th Floor 
 New York, New York 

10281-1023 
 Attention: General
Counsel 
 12.4.3 if to Brookfield: 

Brookfield Asset Management Inc. 

Suite 300, Brookfield Place 
 181
Bay Street, Box 762, 
 Toronto, Ontario 

M5J 2T3 
 Attention: Chief Legal
Officer 
 12.4.4 if to the UK Service Provider: 

Brookfield Global Property Advisor Limited 

Level 25, 1 Canada Square 

London 
 E14 5AA 

Attention: Secretary 
 12.4.5 if
to the US Service Provider: 
 Brookfield Property Group LLC 

Brookfield Place 
 250 Vesey
Street, 15th Floor 
 New York, New York 

10281-1023 
 Attention: Secretary

 12.4.6 if to the US Service Provider II: 

Brookfield Asset Management Private Institutional Capital Adviser US, LLC 

Brookfield Place 
 250 Vesey
Street, 15th Floor 
 New York, New York 

10281-1023 
 Attention: Secretary

  
 - 28 - 

 12.4.7 if to any new Service Provider appointed pursuant to Section 2.2, at the address
listed in the joinder agreement executed by the new Service Provider 
 or to such other addresses as a party may from time to time notify the others in
accordance with this Section 12.4. 
 12.5 Further Assurances 

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

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

  
 - 29 - 

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

					
	BROOKFIELD ASSET MANAGEMENT INC.
		
	By:	 	 /s/ Justin Beber

		 	 Name:
 Title:
	 	 Justin Beber
 Chief Legal Officer

	
	BROOKFIELD PROPERTY REIT INC.
		
	By:	 	 /s/ Stacie L. Herron

		 	 Name:
 Title:
	 	 Stacie L. Herron
 Executive Vice President,
General Counsel and Secretary

	
	BPR OP, LP
		
	By:	 	GGP REAL ESTATE HOLDING II, INC., its general partner
		
	By:	 	 /s/ Stacie L. Herron

		 	Name: Title:	 	 Stacie L. Herron
 Executive Vice President,
General Counsel and Secretary

	
	BROOKFIELD GLOBAL PROPERTY ADVISOR LIMITED
		
	By:	 	 /s/ Philippa Elder

		 	Name: Title:	 	 Philippa Elder
 Director

	
	BROOKFIELD PROPERTY GROUP LLC
		
	By:	 	 /s/ Brett Fox

		 	Name: Title:	 	 Brett Fox
 Managing Partner

 [BPR Master Services Agreement] 

 
			
	BROOKFIELD ASSET MANAGEMENT PRIVATE INSTITUTIONAL CAPITAL ADVISER US, LLC
		
	By:	 	 /s/ Brett Fox

		 	 Name: Brett Fox
 Title:   Managing
Partner

 [BPR Master Services Agreement] 

 Schedule A 

JOINDER TO MASTER SERVICES AGREEMENT 

THIS JOINDER to the Master Services Agreement dated as of •, 2018 among Brookfield Asset Management Inc. (“Brookfield”),
Brookfield Property REIT Inc., BPR OP, LP, the UK Service Provider, the US Service Provider and the US Service Provider II (the “Master Services Agreement”) is made and entered into as of this • day of •, by •, a
[corporation/partnership/limited partnership] governed by the laws of • (the “New Service Provider”). Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Master Services
Agreement. 
 RECITALS: 
 A. The Master
Services Agreement provides that any Service Provider may, from time to time, appoint an Affiliate of Brookfield to act as a new Service Provider under that agreement; 

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

C. The • Service Provider wishes to appoint the New Service Provider to act as a new Service Provider under the Master Services
Agreement and the New Service Provider wishes to accept such appointment. 
 NOW THEREFORE in consideration of the mutual covenants
and agreements contained in this Joinder and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows: 

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

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

 3. Enurement. This Joinder will enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted
assigns. 
 4. Notices. Notices and other communications to the New Service Provider will be addressed as follows: 

 
 • 

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

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

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

			
	[• SERVICE PROVIDER]
		
	By:	 	
                 

		 	Name:
		 	Title:
	
	[NEW SERVICE PROVIDER]
		
	By:	 	
                 

		 	Name:
		 	Title:

 [Joinder to Master Services Agreement]EX-10.5

 Exhibit 10.5 

JOINT GOVERNANCE AGREEMENT 

among 
 BROOKFIELD
PROPERTY REIT INC. (formerly known as GGP Inc.), 
 BROOKFIELD PROPERTY PARTNERS L.P., 

BROOKFIELD PROPERTY PARTNERS LIMITED AND 

BP US REIT LLC (formerly known as Brookfield Properties, Inc.) 

Dated as of August 28, 2018 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I. DEFINITIONS	  	 	1	 
	 Section 1.1
	 	 Certain Defined Terms
	  	 	1	 
	 Section 1.2
	 	 Other Definitional Provisions
	  	 	3	 
		
	ARTICLE II. CORPORATE GOVERNANCE	  	 	3	 
	 Section 2.1
	 	 Director Nominee Designation Rights
	  	 	3	 
	 Section 2.2
	 	 Dividend Record and Payment Date
	  	 	5	 
	 Section 2.3
	 	 Attendance at Meetings of Holders of BPY Units
	  	 	6	 
		
	ARTICLE III. EFFECTIVENESS AND TERMINATION	  	 	6	 
	 Section 3.1
	 	 Termination
	  	 	6	 
		
	ARTICLE IV. MISCELLANEOUS	  	 	6	 
	 Section 4.1
	 	 Amendments and Modifications
	  	 	6	 
	 Section 4.2
	 	 Waivers, Delays or Omissions
	  	 	6	 
	 Section 4.3
	 	 Successors and Assigns
	  	 	7	 
	 Section 4.4
	 	 Notices
	  	 	7	 
	 Section 4.5
	 	 Entire Agreement
	  	 	8	 
	 Section 4.6
	 	 Governing Law
	  	 	8	 
	 Section 4.7
	 	 Submission to Jurisdiction
	  	 	8	 
	 Section 4.8
	 	 Waiver of Jury Trial
	  	 	9	 
	 Section 4.9
	 	 Severability
	  	 	9	 
	 Section 4.10
	 	 No Third-Party Beneficiaries
	  	 	9	 
	 Section 4.11
	 	 Enforcement
	  	 	9	 
	 Section 4.12
	 	 Titles and Subtitles
	  	 	10	 
	 Section 4.13
	 	 Counterparts
	  	 	10	 

  
 i 

 JOINT GOVERNANCE AGREEMENT 

This Joint Governance Agreement, dated as of August 28, 2018 (this “Agreement”), among Brookfield Property REIT Inc., a
Delaware corporation (formerly known as GGP Inc., the “Company”), Brookfield Property Partners L.P., a Bermuda exempted limited partnership (“BPY”), Brookfield Property Partners Limited, a Bermuda exempted company
(“BPY GP”), and BP US REIT LLC, a Delaware limited liability company (formerly known as Brookfield Properties, Inc., a Delaware corporation) (“BPI” and together with BPY and BPY GP, the “BPY
Parties” and each individually a “BPY Party”). Each of the Company and each BPY Party is referred to herein as a “Party,” and together as the “Parties.” 

RECITALS 
 WHEREAS,
immediately prior to the Parties entering into this Agreement, Goldfinch Merger Sub Corp., a Delaware corporation and an indirect wholly owned subsidiary of BPY (“Merger Sub”), has merged with and into the Company (the
“Merger”), with the Company surviving the Merger, pursuant to that certain Agreement and Plan of Merger, dated as of March 26, 2018, among the Company, BPY and Merger Sub. 

WHEREAS, the Parties desire to establish herein certain rights and obligations with respect to the governance of the Company and the
relationship between the BPY Parties and the Company following the Merger. 
 NOW, THEREFORE, in consideration of the foregoing premises and
the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the Parties agree as follows: 

ARTICLE I. 

DEFINITIONS 

Section 1.1 Certain Defined Terms. 

Unless otherwise specified herein or if context otherwise requires, as used herein, the following terms shall have the following meanings: 

“Affiliate” means, with respect to any Person, any other Person that, directly or indirectly, through one or more
intermediaries, controls or is controlled by such Person, or is under common control of a third Person as of the date or time on or at which the determination of affiliation is being made. 

“Agreement” has the meaning assigned to such term in the Preamble. 

“beneficial owner” or “beneficially own” has the meaning given such term in Rules 13d- 3 and 13d-5
under the Exchange Act, and a Person’s beneficial ownership of securities shall be calculated in accordance with the provisions of such rules; provided, however, that for purposes of determining beneficial ownership, (i) a
Person shall be deemed to be the beneficial owner of any security which may be acquired by such Person, whether within sixty days or thereafter, upon the conversion, exchange or exercise of any warrants, options, rights or other securities, and
(ii) no Person shall be deemed to beneficially own any security solely as a result of this Agreement. 

 “BPI” has the meaning assigned to such term in the Preamble. 

“BPI Designee” has the meaning assigned to such term in Section 2.1(a). 

“BPY” has the meaning assigned to such term in the Preamble. 

“BPY GP” has the meaning assigned to such term in the Preamble. 

“BPY GP Board” means the board of directors of BPY GP. 

“BPY Party” has the meaning assigned to such term in the Preamble. 

“BPY Unit” means a limited partnership interest in BPY representing a fractional part of all the limited partnership
interests in BPY, which is designated as a “Unit,” and shall include any limited partnership interest or other equity interest of BPY or any successor to BPY into which such BPY Unit is converted or for which such BPY Unit is exchanged.

 “Business Day” means any day that is not a Saturday, a Sunday or a day which is a statutory or civic holiday in the
State of New York. 
 “Class A Stock” means the Class A Stock, par value $0.01 per share, of the Company and shall
include any capital stock or other equity interest of the Company or any successor to the Company into which such Class A Stock is converted or for which such Class A Stock is exchanged, provided that any such capital stock or other
equity interest of the Company or any successor to the Company has terms substantially similar to those of the Class A Stock as set forth in subsections C(1)(a), C(3) and C(4) of Article IV of the Company Charter. 

“Company” has the meaning assigned to such term in the Preamble. 

“Company Board” means the board of directors of the Company. 

“Company Bylaws” means the bylaws of the Company as in effect as of the date hereof immediately following the Merger and as
the same may be amended, restated or amended and restated from time to time in accordance with the terms thereof, the terms of the Company Charter and applicable law. 

“Company Charter” means the certificate of incorporation of the Company as in effect as of the date hereof and as the same
may be amended, restated or amended and restated from time to time in accordance with the terms thereof and applicable law. 

“Company Stock” means, collectively, the Common Stock, par value $0.01 per share, the Class A Stock, par value $0.01 per
share, the Class B Stock, par value $0.01 per share, and the Class C Stock, par value $0.01 per share, of the Company. 

“Designation Notice” has the meaning assigned to such term in Section 2.1(b). 

  
 2 

 “Exchange Act” means the U.S. Securities Exchange Act of 1934 and the rules
and regulations promulgated thereunder, each as amended from time to time. 
 “Independent” means, with respect to any
individual that serves as a director or equivalent role or is nominated or designated to serve as a director or equivalent role at any time, the satisfaction by such individual of the requirements to be “independent” of each of the Company
and the BPY Parties under the Stock Exchange Rules and any applicable rules and regulations of the U.S. Securities and Exchange Commission (or any successor agency thereto), in each case as amended from time to time. 

“Merger” has the meaning assigned to such term in the Recitals. 

“Merger Sub” has the meaning assigned to such term in the Recitals. 

“Party” has the meaning assigned to such term in the Preamble. 

“Person” means any individual, partnership, corporation, limited liability company, joint venture, trust, association or
other unincorporated organization or other entity, including any government or any agency or political subdivision thereof. 

“Stock Exchange Rules” means the rules and regulations of The NASDAQ Stock Market LLC (or any successor thereof) or, if the
shares of Class A Stock are listed on another primary securities exchange, of the securities exchange on which the shares of Class A Stock are listed at such time, in each case as amended from time to time. 

Section 1.2 Other Definitional Provisions. 

(a) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall
refer to this Agreement as a whole and not to any particular provision of this Agreement, and Article and Section references are to this Agreement unless otherwise specified. 

(b) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 

(c) References to a Party include its successors and permitted assigns. 

(d) The words “include,” “includes” and “including,” when used herein, shall be deemed in each case to be
followed by the words “without limitation” unless otherwise specified. 
 ARTICLE II. 

CORPORATE GOVERNANCE 

Section 2.1 Director Nominee Designation Rights. 

(a) BPI Designation and Company Nomination. Subject to the terms and conditions of this Agreement, BPI shall have the right, but not the
obligation, to designate one individual as a nominee for each directorship of the Company Board subject to election at any annual or 

  
 3 

 
special meeting of the Company’s stockholders at which directors will be elected (each, a “BPI Designee”), and the Company agrees to nominate for election to the Company
Board at such meeting the BPI Designees. As long as this Agreement remains in effect and except as provided in Section 2.1(d), neither the Company nor any member of the Company Board shall nominate for election to the Company Board any
individual other than those designated by BPI, unless BPI’s designation right is waived pursuant to Section 2.1(b) in the event that BPI fails to nominate BPI Designees and one or more of BPI’s previously designated individuals
serving on the Company Board are unavailable to serve. Nothing herein shall affect the rights of any stockholder of the Company to nominate for election to the Company Board individuals in addition to the BPI Designees in accordance with the terms
of the Company Bylaws, to solicit votes or proxies for or on behalf of such individuals or to otherwise take such action in connection with the nomination or election of directors as in the opinion of such stockholder may be in the best interests of
the Company. 
 (b) Mechanics of Designation. The Company shall give BPI at least 60 days prior written notice of the date of the
proposed mailing of proxy materials for any meeting of stockholders at which there will be (or there is anticipated to be) the election of directors of the Company, provided that no failure by the Company to give such notice shall be deemed
to be a breach of this Section 2.1(b) so long as BPI is not materially prejudiced by such failure. Promptly upon (and in any event within 20 days after) receipt of such notice from the Company, or upon the occurrence of any other event
that gives rise to the exercise by BPI of its rights hereunder to designate individuals for nomination for election to the Company Board, BPI shall give written notice (a “Designation Notice”) to the Company of the name of each BPI
Designee, together with the following: (i) all information relating to each such BPI Designee that is required to be provided under the Company Bylaws in respect of any individual who a stockholder proposes to nominate for election, including
all information relating to such individual that is required to be disclosed in the solicitation of proxies for election of directors or is otherwise required pursuant to Regulation 14A under the Exchange Act, (ii) each such BPI
Designee’s written consent to serve as a director if elected and, if applicable, to be named in the proxy statement for the applicable stockholder meeting as a nominee and (iii) a certificate from each such BPI Designee as to the
completeness and accuracy of such information so provided about him or her. If the Designation Notice is not provided to the Company in proper form or on a timely basis as provided above, BPI shall be deemed to have re-designated its existing
designee(s) then serving on the Company Board, except for any such designee who for any reason is unavailable to serve, in respect of which such right hereunder will be deemed to have been waived if a qualifying replacement is not promptly named. At
the request of the Company Board, any BPI Designee shall furnish to the Secretary of the Company the information required to be set forth in the Designation Notice. For the avoidance of doubt, (i) BPI’s rights under this Agreement are not
dependent upon BPI’s compliance with generally applicable provisions of the Company Bylaws or Company Charter as may be in effect from time to time regarding notice of stockholder nominations; (ii) the Company’s compliance with this
Section 2.1(b) to the extent inconsistent with its duties and obligations under the Company Bylaws shall not be deemed to be a violation of the Company Bylaws by the Company and (iii) the Company is not liable or responsible for
(A) any errors or omissions in any information or (B) the invalidity or illegality of any documents, in each case, provided by BPI to the Company pursuant to this Section 2.1(b). 

  
 4 

 (c) Voting and Approval. From the date hereof until this Agreement is terminated
pursuant to its terms, (i) BPI will vote, and will cause its controlled Affiliates and will use its best efforts to cause all of its other Affiliates to vote, all shares of Company Stock as to which it or they have voting rights for the
election of the BPI Designees, and (ii) the Company will cause its controlled Affiliates and use its best efforts to cause all of its other Affiliates to vote all shares of Company Stock as to which they have voting rights for the election of
the BPI Designees, and (iii) the Company Board will solicit proxies (or cause the Company or representatives thereof to solicit proxies) in favor of the election of the BPI Designees and recommend that the stockholders of the Company elect to
the Company Board each of the BPI Designees. Neither the Company Board nor the Company shall take any action to oppose the election of the BPI Designees, including recommending that stockholders vote in favor of any nominee opposing a BPI Designee.
BPI acknowledges that, as of the date hereof, the directors of the Company (including the BPI Designees), if and when elected by the stockholders of the Company at a meeting of stockholders that is properly called and held pursuant to the Company
Bylaws and applicable law and where a quorum is present, will be elected by a majority of votes cast by the shares represented at a meeting of stockholders and entitled to vote thereon, unless the election is contested, in which case, directors
shall be elected by a plurality of votes cast by the shares represented at such meeting, and that any BPI Designee who is nominated for election to the Company Board may fail to be elected by the stockholders of the Company. 

(d) Board Overlap. BPI agrees that subject to Section 2.1(e), unless (i) the BPY GP Board determines in good faith that it is
not in the best interests of the BPY Parties or the Company or (ii) any member of the BPY GP Board is not willing, eligible or available to serve on the Company Board, the BPI Designees will be the same individuals serving on the BPY GP Board.

 (e) Conflicts and Board Expansion. Notwithstanding any other provision of this Agreement, each of BPY GP and the Company will have
the right to expand its respective board of directors to add additional non-overlapping Independent members if it determines, in its sole discretion, that the addition of non-overlapping Independent board members is necessary to address or otherwise
resolve a conflict of interest arising from its relationship with the other entity. In addition, each of BPY GP and the Company agree to expand the size of their respective boards of directors as promptly as practicable following the written request
of BPI, and BPI will have the right to nominate the Independent director(s) to fill the directorship(s) created by such expansion. 
 (f)
Vacancies. In the event that a vacancy is created at any time by the death, disability, retirement, resignation or removal of any director, BPI shall have the right, but not the obligation, to cause the vacancy created thereby to be filled by
a new designee of BPI, and, in such a case, the Company hereby agrees to take all commercially reasonable actions necessary to accomplish the same. 

Section 2.2 Dividend Record and Payment Date. To the extent practicable and permitted by applicable law, the Company hereby
agrees that the Company Board shall set the record date and payment date for dividends with respect to shares of Class A Stock on identical dates to the record date and payment date set by BPY GP for distributions with respect to BPY Units.

  
 5 

 Section 2.3 Attendance at Meetings of Holders of BPY Units. BPY GP hereby
agrees that it will cause BPY to permit any beneficial owner of Class A Stock to attend a meeting of holders of BPY Units, if any such meetings are held. BPY GP and BPY shall be entitled to require customary evidence of beneficial ownership
from any holder of Class A Stock desiring to attend any meeting of holders of BPY Units, including evidence of ownership from the broker, bank or other nominee that holds such beneficial owner’s shares of Class A Stock of record. For
the avoidance of doubt, nothing in this Section 2.3 shall require BPY or BPY GP to provide notice of meetings of holders of BPY Units to the holders of Class A Stock in addition to any public notice provided to holders of BPY Units, and no
beneficial owner of Class A Stock, solely as a result of being the holder of Class A Stock, shall have the right to vote or participate in the meetings of holders of BPY Units except as an observer. 

ARTICLE III. 

EFFECTIVENESS AND TERMINATION 

Section 3.1 Termination. This Agreement shall automatically terminate at such time as BPI or its Affiliates no
longer continues to own or control shares of Company Stock representing at least 30% of the voting power of the Company. Upon such termination, no party shall have any further obligations or liabilities hereunder; provided that
such termination shall not relieve any party from liability or other obligation for any breach of this Agreement that occurred prior to such termination or terminate any unsatisfied rights or benefits accrued prior to such termination.  

ARTICLE IV. 

MISCELLANEOUS 

Section 4.1 Amendments and Modifications. This Agreement may not be amended, supplemented or otherwise modified in any
manner, whether by course of conduct or otherwise, except by an instrument in writing specifically designated as an amendment hereto, signed on behalf of each Party. 

Section 4.2 Waivers, Delays or Omissions. It is agreed that no delay or omission to exercise any right, power or remedy
accruing to any Party, upon any breach, default or noncompliance by another Party under this Agreement, shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any
acquiescence therein, or of or in any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach, default or
noncompliance under this Agreement or any waiver on such Party’s part of any provisions or conditions of this Agreement, must be in writing and executed and delivered by a duly authorized officer on behalf of such Party and shall be effective
only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law or otherwise afforded to any Party, will be deemed cumulative with and not exclusive of any other remedy, and the exercise by a Party of any
one remedy will not preclude the exercise of any other remedy. 

  
 6 

 Section 4.3 Successors and Assigns. 

(a) This Agreement shall bind and inure to the benefit of and be enforceable by the Parties and their respective successors and permitted
assigns. 
 (b) The rights and obligations under this Agreement shall not be assigned or delegated (as applicable), by operation of
law or otherwise, without the prior written consent of the non-assigning or non-delegating Parties, and any such assignment or attempted assignment without such consent shall be void ab initio. 

Section 4.4 Notices. Any notice or other communication required or permitted to be given hereunder will be in
writing and will be given by prepaid registered or certified mail, by e-mail or other means of electronic communication; provided that the e-mail or other means of electronic communication is promptly confirmed by hand delivery
as hereinafter provided. Any such notice or other communication, if mailed by prepaid registered or certified mail at any time other than during a general discontinuance of postal service due to strike, lockout or otherwise, will be deemed to have
been received three Business Days after the postmarked date thereof, or if sent by e-mail or other means of electronic communication, will be deemed to have been received when sent, or if delivered by hand will be deemed to have been received upon
actual receipt either by the individual designated below or by an individual at such address having apparent authority to accept deliveries on behalf of the addressee. Notice of change of address will also be governed by this Section 4.4. In
the event of a general discontinuance of postal service due to strike, lockout or otherwise, notices or other communications will be delivered by hand or sent by e-mail or other means of electronic communication and will be deemed to have been
received in accordance with this Section 4.4. Notices and other communications will be addressed as follows: 
 If to BPI: 

c/o Brookfield Property Group 

Brookfield Place 
 250 Vesey
Street, 15th Floor 
 New York, NY 10281 

Attention:            General Counsel 

Telephone:          212-417-7000 

If to BPY or BPY GP: 
 Brookfield
Property Partners L.P. or Brookfield Property Partners Limited 
 73 Front Street, 5th Floor 

Hamilton, HM 12, Bermuda 

Attention:            Secretary 

Telephone:          441-294-3309 

  
 7 

 If to the Company: 

Brookfield Property REIT Inc. 

Brookfield Place 
 250 Vesey
Street, 15th Floor 
 New York, NY 10281 

Attention:            General Counsel 

Telephone:          212-417-7000 

or to such other addresses or as a Party may from time to time notify the other in accordance with this Section 4.4. 

Section 4.5 Entire Agreement. This Agreement constitutes the entire agreement and supersedes all prior and contemporaneous
agreements, arrangements, communications, understandings, representations and warranties (both written and oral), among the Parties with respect to the subject matter hereof. Notwithstanding any oral agreement or course of action of the Parties to
the contrary, no Party shall be under any legal obligation to enter into or complete the transactions contemplated hereby unless and until this Agreement shall have been executed and delivered by each of the Parties. 

Section 4.6 Governing Law. This Agreement shall be deemed to be made in and in all respects shall be interpreted, governed
by and construed by and in accordance with, the internal laws of the State of Delaware, without giving effect to applicable conflicts of laws, rules or principles thereof (or any other jurisdiction) to the extent that the application of such laws,
rules or principles would direct a matter to another jurisdiction. 
 Section 4.7 Submission to Jurisdiction. EACH OF THE
PARTIES EXPRESSLY, IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE PERSONAL JURISDICTION OF THE DELAWARE COURT OF CHANCERY OR, TO THE EXTENT SUCH COURT DECLINES TO ACCEPT JURISDICTION OVER A PARTICULAR MATTER, ANY FEDERAL COURT OF THE
UNITED STATES OF AMERICA LOCATED IN THE STATE OF DELAWARE SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVES, AND AGREES NOT TO
ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR THE INTERPRETATION OR ENFORCEMENT HEREOF, THAT IT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SUCH COURTS OR THAT SUCH COURTS
ARE AN INCONVENIENT FORUM, OR THAT THE VENUE OF SUCH COURTS MAY NOT BE APPROPRIATE OR THAT THIS AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION,
SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED IN SUCH A DELAWARE COURT OF CHANCERY OR FEDERAL COURT. EACH OF THE PARTIES FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. 

  
 8 

 
REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE ADDRESS SET FORTH IN SECTION 4.4 SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH
IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. 
 Section 4.8 Waiver of Jury Trial. AS A SPECIFICALLY BARGAINED-FOR
INDUCEMENT FOR EACH OF THE PARTIES TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH LEGAL COUNSEL), EACH PARTY EXPRESSLY, IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING,
DIRECTLY OR INDIRECTLY, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SUIT OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH PARTY MAKES THIS
WAIVER VOLUNTARILY, AND (iv) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 4.8. 

Section 4.9 Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability
of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application of such provision to any Person or any circumstance, is invalid or unenforceable, (a) a
suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the
application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application
of such provision, in any other jurisdiction. 
 Section 4.10 No Third-Party Beneficiaries. This Agreement is for the
sole benefit of the Parties and their successors and permitted assigns, and nothing herein expressed or implied shall give or be construed to give to any Person, other than the Parties and such successors and assigns, any legal or equitable rights
hereunder. 
 Section 4.11 Enforcement. THE PARTIES ACKNOWLEDGE AND AGREE THAT IRREPARABLE DAMAGE WOULD OCCUR IN THE
EVENT THAT ANY OF THE PROVISIONS OF THIS AGREEMENT WERE NOT PERFORMED IN ACCORDANCE WITH THEIR SPECIFIC TERMS OR WERE OTHERWISE BREACHED AND THAT MONETARY DAMAGES WOULD NOT BE AN ADEQUATE REMEDY THEREFOR. IT IS ACCORDINGLY AGREED THAT THE PARTIES
SHALL BE ENTITLED TO AN INJUNCTION OR INJUNCTIONS TO PREVENT BREACHES OR THREATENED BREACHES OF THIS AGREEMENT AND TO ENFORCE SPECIFICALLY THE TERMS AND PROVISIONS OF THIS AGREEMENT IN ANY COURT OF COMPETENT JURISDICTION, IN EACH CASE WITHOUT PROOF
OF DAMAGES OR OTHERWISE 

  
 9 

 
(AND EACH PARTY HEREBY WAIVES ANY REQUIREMENT FOR THE SECURING OR POSTING OF ANY BOND IN CONNECTION WITH SUCH REMEDY), THIS BEING IN ADDITION TO ANY OTHER REMEDY TO WHICH THEY ARE ENTITLED AT LAW
OR IN EQUITY. IN THE EVENT THAT ANY ACTION, SUIT OR PROCEEDING SHOULD BE BROUGHT IN EQUITY TO ENFORCE THE PROVISIONS OF THIS AGREEMENT, NO PARTY SHALL ALLEGE, AND EACH PARTY HEREBY WAIVES THE DEFENSE, THAT THERE IS AN ADEQUATE REMEDY AT LAW. 

Section 4.12 Titles and Subtitles. The table of contents and titles of the sections and subsections of this Agreement are
for convenience of reference only and are not to be considered in construing this Agreement. 
 Section 4.13
Counterparts. This Agreement may be executed in any number of counterparts and by the Parties on separate counterparts, each of which shall be deemed an original, but all the counterparts shall together constitute one and the same instrument.
This Agreement and any signed agreement or instrument entered into in connection with this Agreement, and any amendments or waivers hereto and thereto, to the extent signed and delivered by facsimile or in electronic format (e.g.,
“pdf” or “tif”) shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in
person. 
 [The remainder of this page is intentionally left blank] 

  
 10 

 IN WITNESS WHEREOF, the Parties have duly executed this Joint Governance Agreement as of the
date first written above. 
  

					
	BROOKFIELD PROPERTY REIT INC.
	(formerly known as GGP Inc.)
		
	By:	 	 /s/ Michelle Campbell

		 	Name: Michelle Campbell
		 	Title: Secretary
	
	BROOKFIELD PROPERTY PARTNERS L.P.
		
	By:	 	Brookfield Property Partners Limited,
		 	its general partner
			
		 	By:	 	 /s/ Jane Sheere

		 		 	Name: Jane Sheere
		 		 	Title: Secretary
	
	BROOKFIELD PROPERTY PARTNERS LIMITED
		
	By:	 	 /s/ Jane Sheere

		 	Name: Jane Sheere
		 	Title: Secretary
	
	BP US REIT LLC
	(formerly known as Brookfield Properties, Inc.)
		
	By:	 	 /s/ Michelle Campbell

		 	Name: Michelle Campbell
		 	Title: Secretary

 [Signature Page to Joint Governance Agreement]

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