Document:

EX-4.2

 Exhibit 4.2 
 BROOKFIELD ASSET MANAGEMENT INC. 
 - and - 

BROOKFIELD PROPERTY PARTNERS L.P. 
 - and - 
 BROOKFIELD PROPERTY L.P. 

- and - 

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

- and - 

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

 
  
 FORM OF MASTER SERVICES AGREEMENT 
  

 
 n, 2012 

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1
	  			
	 INTERPRETATION
	  	 	1	  
	 1.1
	 	 Definitions
	  	 	1	  
	 1.2
	 	 Headings and Table of Contents
	  	 	6	  
	 1.3
	 	 Interpretation
	  	 	6	  
	 1.4
	 	 Actions by the Managers or the Service Recipients
	  	 	7	  
	 1.5
	 	 Generally Accepted Accounting Principles
	  	 	7	  
	 1.6
	 	 Invalidity of Provisions
	  	 	7	  
	 1.7
	 	 Entire Agreement
	  	 	7	  
	 1.8
	 	 Waiver, Amendment
	  	 	8	  
	 1.9
	 	 Governing Law
	  	 	8	  
		
	 ARTICLE 2
	  			
	 APPOINTMENT OF THE MANAGERS
	  	 	8	  
	 2.1
	 	 Appointment and Acceptance
	  	 	8	  
	 2.2
	 	 Other Holding Entities
	  	 	8	  
	 2.3
	 	 Other Managers
	  	 	9	  
	 2.4
	 	 Subcontracting and Other Arrangements
	  	 	9	  
		
	 ARTICLE 3
	  			
	 SERVICES AND POWERS OF THE MANAGERS
	  	 	9	  
	 3.1
	 	 Services
	  	 	9	  
	 3.2
	 	 Services Provided to BPY and the Property Partnership
	  	 	10	  
	 3.3
	 	 Supervision of the Managers’ Activities
	  	 	11	  
	 3.4
	 	 Restrictions on the Managers
	  	 	11	  
	 3.5
	 	 Errors and Omissions Insurance
	  	 	11	  
		
	 ARTICLE 4
	  			
	 RELATIONSHIP BETWEEN THE MANAGERS AND THE SERVICE RECIPIENTS
	  	 	11	  
	 4.1
	 	 Other Activities
	  	 	11	  
	 4.2
	 	 Exclusivity
	  	 	12	  
	 4.3
	 	 Independent Contractor, No Partnership, Joint Venture or Agency
	  	 	12	  
		
	 ARTICLE 5
	  			
	 MANAGEMENT AND EMPLOYEES
	  	 	12	  
	 5.1
	 	 Management and Employees
	  	 	12	  
	 5.2
	 	 Compensation Charges
	  	 	12	  
		
	 ARTICLE 6
	  			
	 INFORMATION AND RECORDS
	  	 	13	  
	 6.1
	 	 Books and Records
	  	 	13	  
	 6.2
	 	 Examination of Records by the Service Recipients
	  	 	13	  
	 6.3
	 	 Access to Information by Manager Group
	  	 	13	  
	 6.4
	 	 Additional Information
	  	 	14	  
		
	 ARTICLE 7
	  			
	 FEES AND EXPENSES
	  	 	14	  
	 7.1
	 	 Base Management Fee
	  	 	14	  

							
	 7.2
	 	 Computation and Payment of Base Management Fee
	  	 	14	  
	 7.3
	 	 Failure to Pay When Due
	  	 	15	  
	 7.4
	 	 Amendment to the Fee Amount
	  	 	15	  
	 7.5
	 	 Expenses
	  	 	15	  
	 7.6
	 	 Governmental Charges
	  	 	16	  
	 7.7
	 	 Computation and Payment of Expenses and Governmental Charges
	  	 	16	  
		
	 ARTICLE 8
	  			
	 BROOKFIELD’S OBLIGATION
	  	 	17	  
		
	 ARTICLE 9
	  			
	 REPRESENTATIONS AND WARRANTIES OF THE MANAGERS AND THE SERVICE RECIPIENTS
	  	 	17	  
	 9.1
	 	 Representations and Warranties of the Managers
	  	 	17	  
	 9.2
	 	 Representations and Warranties of the Service Recipients
	  	 	18	  
		
	 ARTICLE 10
	  			
	 LIABILITY AND INDEMNIFICATION
	  	 	18	  
	 10.1
	 	 Indemnity
	  	 	18	  
	 10.2
	 	 Limitation of Liability
	  	 	20	  
	 10.3
	 	 Benefit to all Indemnified Parties
	  	 	20	  
		
	 ARTICLE 11
	  			
	 TERM AND TERMINATION
	  	 	20	  
	 11.1
	 	 Term
	  	 	20	  
	 11.2
	 	 Termination by the Service Recipients
	  	 	20	  
	 11.3
	 	 Termination by the Managers
	  	 	21	  
	 11.4
	 	 Survival Upon Termination
	  	 	22	  
	 11.5
	 	 Action Upon Termination
	  	 	22	  
	 11.6
	 	 Release of Money or other Property Upon Written Request
	  	 	23	  
		
	 ARTICLE 12
	  			
	 GENERAL PROVISIONS
	  	 	23	  
	 12.1
	 	 Limited Liability of Limited Partners
	  	 	23	  
	 12.2
	 	 Assignment
	  	 	23	  
	 12.3
	 	 Enurement
	  	 	24	  
	 12.4
	 	 Notices
	  	 	24	  
	 12.5
	 	 Further Assurances
	  	 	25	  
	 12.6
	 	 Counterparts
	  	 	25	  
	 12.7
	 	 Other Holding Entities
	  	 	25	  

  
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 MASTER SERVICES AGREEMENT 

THIS AGREEMENT made as of the n day of
n, 2012. 
 BETWEEN: 

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

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

- and - 

BROOKFIELD PROPERTY L.P. (the “Property Partnership”), an exempted limited partnership existing under the laws of
Bermuda 
 - and - 
 each of the Managers (as defined below) 
 - and - 

each of the Holding Entities (as defined below) 
 RECITALS: 
 A. The Service Recipients (as defined below) directly or
indirectly hold interests in commercial property assets and will directly or indirectly acquire, from time to time, interests in other commercial property assets; and 
 B. BPY, the Property Partnership and the Holding Entities (as defined below) wish to engage the Managers to provide or arrange for other Service Providers (as defined below) to provide to the Service
Recipients certain management and administration services, subject to the terms and conditions of this Agreement, and the Managers wish to accept such engagement. 
 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
“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; 

 1.1.2 “Agreement” means this Master Services Agreement; 

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

1.1.4 “Base Management Fee” means the base management fee, calculated quarterly in arrears, equal to 25% of the Fee
Amount; 
 1.1.5 “BPY” has the meaning assigned thereto in the preamble; 

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

1.1.7 “BPY Group” means BPY, the Property Partnership, the Holding Entities, the Operating Entities and any other direct
or indirect Subsidiary of a Holding Entity; 
 1.1.8 “Brookfield” has the meaning assigned thereto in the
preamble; 
 1.1.9 “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; 
 1.1.10
“Brookfield Group” means Brookfield, any of its Affiliates and any Brookfield Fund, but excludes any member of the BPY Group; 
 1.1.11 “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;

 1.1.12 “Claims” has the meaning assigned thereto in Section 10.1.1; 

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

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

 1.1.15 “Effective Date” means the date of the Spin-Off; 

  
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 1.1.16 “Equity Enhancement Distribution” has the meaning assigned thereto
in Section 7.4; 
 1.1.17 “Expense Statement” has the meaning assigned thereto in Section 7.7; 

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

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

1.1.20 “Fee Amount” means an amount equal to $50 million, which amount shall be adjusted for inflation annually beginning
on January 1, 2014 at the Inflation Factor; 
 1.1.21 “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) 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; 

1.1.22 “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; 

1.1.23 “Governmental Authority” means any (i) international, multinational, national, federal, provincial, state,
regional, municipal, local or other government, governmental or public department, central bank, court, tribunal, arbitral body, commission, board, bureau, agency or instrumentality, domestic or foreign, (ii) self-regulatory organization or
stock exchange, (iii) subdivision, agent, commission, board, or authority of any of the foregoing, or (iv) quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of
the foregoing; 
 1.1.24 “Governmental Charge” has the meaning assigned thereto in Section 7.6; 

  
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 1.1.25 “Holding Entities” means the entities that have executed this
Agreement on Schedule B hereto and any direct wholly-owned Subsidiary of the Property Partnership created or acquired after the date of this Agreement, excluding, for greater certainty, any Operating Entities; 

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

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

1.1.28 “Independent Committee” means a committee of the board of directors of the BPY General Partner made up of
directors that are “independent” of Brookfield and its Affiliates, in accordance with the BPY General Partner’s Governing Instruments; 
 1.1.29 “Inflation Factor” means, at any time, the fraction obtained where the numerator is the Consumer Price Index for the United States of America (all items) for the then current year
and the denominator is the Consumer Price Index for the United States of America (all items) for the year immediately preceding the then current year, with appropriate mathematical adjustment made to ensure that both the numerator and the
denominator have been prepared on the same basis; 
 1.1.30 “Interest Rate” means, for any day, the rate of
interest equal to the overnight U.S. dollar London interbank offered rate on such day; 
 1.1.31 “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; 
 1.1.32 “Liabilities” has the meaning assigned
thereto in Section 10.1.1; 
 1.1.33 “Managers” means the entities that have executed this Agreement on
Schedule A hereto and any other Affiliate of Brookfield that is appointed from time to time to act as a manager pursuant to this Agreement; 
 1.1.34 “Manager Group” means the Managers and any other Service Providers; 
 1.1.35 “Operating Entities” means, from time to time, the Persons in which the Holding Entities, directly or indirectly, hold interests and that (i) directly hold real estate assets,
or (ii) indirectly hold real estate assets but all of the interests of which are not held, directly or indirectly, by the Holding Entities, other than, in the case of each of (i) and (ii), any Person in which the Holding Entities, directly
or indirectly, hold interests for investment purposes only of less than 5% of the outstanding equity securities of that Person; 

  
 - 4 -

 1.1.36 “Permit” means any consent, license, approval, registration, permit
or other authorization granted by any Governmental Authority; 
 1.1.37 “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; 

1.1.38 “Principal Exchange” means the principal stock exchange or public quotation system (determined on the basis of
aggregate trading volume for the prior four months) on which the Units are listed; 
 1.1.39 “Property General
Partner” means Brookfield Property General Partner Limited, which is the general partner of Property GP LP; 
 1.1.40
“Property GP LP” means Brookfield Property GP L.P., which is the general partner of the Property Partnership; 

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

1.1.42 “Property Partnership Units” means the limited partnership units of the Property Partnership; 

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

1.1.44 “Relationship Agreement” means the agreement dated as of the date hereof entered into among BPY, the Property
Partnership, the Holding Entities, Brookfield and the Managers that governs aspects of the relationship among them; 
 1.1.45
“Service Providers” means the Managers and any member of the Brookfield Group that the Managers have arranged to provide the Services to any Service Recipient; 
 1.1.46 “Service Recipients” means BPY, the Property Partnership, the Holding Entities and, at the option of the Holding Entities, any wholly-owned Subsidiary of a Holding Entity,
excluding, for greater certainty, any Operating Entities; 
 1.1.47 “Services” has the meaning assigned thereto
in Section 3.1; 
 1.1.48 “Spin-Off” means the distribution by Brookfield of its interests in BPY to the
shareholders of Brookfield; 

  
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 1.1.49 “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; 
 1.1.50 “Third
Party Claim” has the meaning assigned thereto in Section 10.1.2; 
 1.1.51 “Trading Price” means,
in any Quarter, with respect to any Unit that is listed on a stock exchange or public quotation system, the volume-weighted average trading price of such Unit on the Principal Exchange for the five trading days ending on the last trading day of such
Quarter; provided that where the Trading Price of such Unit is calculated in any currency other than U.S. dollars, such amount will be converted to U.S. dollars for purposes of this Agreement in accordance with the applicable exchange rate, as
determined by the Managers acting reasonably; and 
 1.1.52 “Units” means the limited partnership units of BPY.

  

	1.2	Headings and Table of Contents 

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

 

	1.3	Interpretation 

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

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

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

  
 - 6 -

 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 Managers or the Service Recipients 

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

	1.5	Generally Accepted Accounting Principles 

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

  

	1.6	Invalidity of Provisions 

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

	1.7	Entire Agreement 

 This
Agreement constitutes the entire agreement between the parties pertaining to the subject matter of this Agreement. There are no warranties, conditions, or representations (including any that may be implied by statute) and there are no agreements in
connection with such subject matter except as specifically set forth or referred to in this Agreement. No reliance is placed on any warranty, representation, opinion, advice or assertion of fact made either prior to, contemporaneous with, or after
entering into this Agreement, or any amendment or supplement hereto, by any party to this Agreement or its directors, officers, employees or agents, to any other party to this Agreement or its directors, officers, employees or agents, except to the
extent that the same has been reduced to writing and included as a term of this Agreement, and 

  
 - 7 -

 
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 MANAGERS 

 

	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
Managers to provide or arrange for other Service Providers to provide the Services to the Service Recipients. This appointment will be subject to each Service Recipient’s Governing Body’s supervision of the Managers and obligation to
manage and control the affairs of such Service Recipient. 
 2.1.2 The Managers 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 Service Providers to provide the Services to the Service Recipients upon the terms, conditions and limitations in this Agreement. 

 

	2.2	Other Holding Entities 

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

  
 - 8 -

	2.3	Other Managers 

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

 

	2.4	Subcontracting and Other Arrangements 

 The Managers may subcontract to any other Service Provider 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
Service Provider or any other of its Affiliates, and the Service Recipients hereby consent to any such subcontracting or arrangement; provided that the Managers will remain responsible to the Service Recipients for any Services provided by such
other Service Provider or Affiliate. 
 ARTICLE 3 

SERVICES AND POWERS OF THE MANAGERS 
  

	3.1	Services 

 The Managers
will provide or arrange for the provision by other Service Providers of, and will have the exclusive power and authority to provide or arrange for the provision by other Service Providers of, the following services (the “Services”)
to the Service Recipients: 
 3.1.1 supervising the carrying out of all day-to-day management, secretarial, accounting, banking,
treasury, administrative, liaison, representative, regulatory and reporting functions and obligations; 
 3.1.2 providing overall
strategic advice to the Holding Entities including advising with respect to the expansion of their business into new markets; 

3.1.3 supervising the establishment and maintenance of books and records; 

3.1.4 identifying and recommending to the Holding Entities acquisitions or dispositions from time to time and, where requested to do so,
assisting in negotiating the terms of such acquisitions or dispositions; 
 3.1.5 recommending and, where requested to do so,
assisting in the raising of funds whether by way of debt, equity or otherwise, including the preparation, review or distribution of any prospectus or offering memorandum in respect thereof and assisting with communications support in connection
therewith; 
 3.1.6 recommending to the Holding Entities suitable candidates to serve on the Governing Bodies of the Operating
Entities; 
 3.1.7 making recommendations with respect to the exercise of any voting rights to which the Holding Entities are
entitled in respect of the Operating Entities; 

  
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 3.1.8 making recommendations with respect to the payment of dividends by the Holding
Entities or any other distributions by the Service Recipients, including distributions by BPY to its unitholders; 
 3.1.9
monitoring and/or oversight of the applicable Service Recipient’s accountants, legal counsel and other accounting, financial or legal advisors and technical, commercial, marketing and other independent experts and managing litigation in which a
Service Recipient is sued or commencing litigation after consulting with, and subject to the approval of, the relevant Governing Body; 
 3.1.10 attending to all matters necessary for any reorganization, bankruptcy proceedings, dissolution or winding up of a Service Recipient, subject to approval by the relevant Governing Body; 

3.1.11 supervising the making of all tax elections, determinations and designations, the timely calculation and payment of taxes payable
and the filing of all tax returns due, by each Service Recipient; 
 3.1.12 supervising the preparation of the Service
Recipients’ annual consolidated financial statements, quarterly interim financial statements and other public disclosure; 

3.1.13 making recommendations in relation to and effecting the entry into insurance of each Service Recipient’s assets, together with
other insurances against other risks, including directors and officers insurance, as the relevant Service Provider and the relevant Governing Body may from time to time agree; 
 3.1.14 arranging for individuals to carry out the functions of the principal executive, accounting and financial officers for BPY only for purposes of applicable securities laws; 

3.1.15 providing individuals to act as senior officers of the Holding Entities as agreed from time to time, subject to the approval of the
relevant Governing Body; 
 3.1.16 providing advice, when requested, to the Service Recipients regarding the maintenance of
compliance with applicable Laws and other obligations; and 
 3.1.17 providing all such other services as may from time to time
be agreed with the Service Recipients that are reasonably related to the Service Recipient’s day-to-day operations. 
  

	3.2	Services Provided to BPY and the Property Partnership 

 3.2.1 Notwithstanding any provision herein to the contrary, the Managers other than BGRE Partners LP shall solely be responsible for the provision of Services to BPY and the Property Partnership. BGRE
Partners LP shall not be responsible for the provision of any Services to BPY and the Property Partnership. 

  
 - 10 -

 3.2.2 For greater certainty and notwithstanding any other provision herein in the contrary,
any Services provided to the Property Partnership in connection with any securities, whether equity or debt, of Brookfield BPY Holdings (Canada) Inc. that are held by the Property Partnership shall be provided by a Manager other than BGRE Partners
LP or an Affiliate of such Manager that is not resident in Canada with whom such Manager has made arrangements for the provision of such Services or to whom such Manager has sub-contracted the provision of such Services. 

 

	3.3	Supervision of the Managers’ Activities 

 The Managers 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. 
  

	3.4	Restrictions on the Managers 

 3.4.1 The Managers will, and will cause any other Service Provider 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 Manager or any Service Provider 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. 
 3.4.2 In performing its duties under this Agreement, each member of the Manager 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 Managers will refer to the Governing Body. 

 

	3.5	Errors and Omissions Insurance 

 The Managers will, and will cause, any other Service Provider 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 Service Providers under this Agreement and in an amount which is comparable to that which is customarily maintained by such other Persons.

 ARTICLE 4 
 RELATIONSHIP BETWEEN THE MANAGERS AND THE SERVICE RECIPIENTS 
  

	4.1	Other Activities 

 Subject
to the terms of the Relationship Agreement, no member of the Manager Group (and no Affiliate, director, officer, member, partner, shareholder or employee of any 

  
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member of the Manager 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 Managers, which may be withheld in the absolute discretion of the Managers.

  

	4.3	Independent Contractor, No Partnership, Joint Venture or Agency 

 The parties acknowledge that the Managers are providing or arranging for the provision of the Services hereunder as independent contractors and that the Service Recipients and the Managers 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 Managers from embarking upon an investment together as partners, joint venturers or in any other manner whatsoever. 

ARTICLE 5 
 MANAGEMENT AND EMPLOYEES 
  

	5.1	Management and Employees 

5.1.1 The Managers will arrange, or will arrange for another member of the Manager 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 Manager 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 Manager Group consistent with the terms of this Agreement to enable the members of the Manager Group to fulfill their obligations, covenants and responsibilities and to exercise their rights
pursuant to this Agreement, including making available to the Manager Group, and granting the Manager Group access to, the employees and contractors of the Service Recipients as any member of the Manager Group may from time to time request.

  

	5.2	Compensation Charges 

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

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

  
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 ARTICLE 6 
 INFORMATION AND RECORDS 
  

	6.1	Books and Records 

 6.1.1
The Managers will, or will cause any other member of the Manager 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. 
 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 Manager Group, the relevant member of the Manager 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 Manager 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 Manager Group’s business in the ordinary course. 

 

	6.3	Access to Information by Manager Group 

 6.3.1 The Service Recipients will: 
 6.3.1.1 grant, or cause to be granted, to the
Manager 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
Manager Group to perform its obligations, covenants and responsibilities pursuant to the terms hereof and to enable the Manager 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 Manager Group, and promptly notify the appropriate member of the Manager
Group of any material facts or information of which the Service Recipients is aware, including any known, pending or threatened suits, actions, claims, proceedings or orders by or against any member of the BPY Group before any Governmental
Authority, that 

  
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may affect the performance of the obligations, covenants or responsibilities of the Manager Group pursuant to this Agreement, including the maintenance of proper financial records. 

 

	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 Service Provider or any of its Affiliates has an interest and that, subject to
compliance with this Agreement, none of the Service Providers 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 Service Provider
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 Service Provider or any of its Affiliates knows, or ought reasonably to know, would cause or result in a breach
of any confidentiality provision of agreements to which any Service Recipient is a party or is bound. 
 ARTICLE 7

 FEES AND EXPENSES 
  

	7.1	Base Management Fee 

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

	7.2	Computation and Payment of Base Management Fee 

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

 7.2.2 For any Quarter in which the BPY General Partner determines that the Service Recipients have insufficient Available Cash
to pay the Base Management Fee as well as the next regular distribution on Units, the Service Recipients may elect to pay all or a portion of the Base Management Fee payable in such Quarter in Units or Property Partnership Units, provided that
(i) any such election will be made within 45 days following the end of the applicable Quarter, and (ii) no such payment will be made in Property Partnership Units without the written consent of the Managers. If the Service

  
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Recipients elect to pay all or a portion of the Base Management Fee in Units or Property Partnership Units, BPY or the Property Partnership, as applicable, will issue, and the applicable Manager
hereby agrees to acquire, Units or Property Partnership Units, as applicable, equal to the portion of the Base Management Fee elected to be paid in Units or Property Partnership Units divided by the Fair Market Value of a Unit on the date the
Service Recipients make such election (provided that no fractional Units or Property Partnership Units will be issued, and such number will be rounded down to the nearest whole number with the remainder payable to the Managers in cash). In such
case, BPY or the Property Partnership, as applicable, shall apply such payment against the subscription price for such Units or Property Partnership Units, as applicable. 
 7.2.3 If the Service Recipients elect to pay all or any portion of the Base Management Fee for any Quarter in Units or Property Partnership Units, the Service Recipients will take or cause to be taken all
appropriate action to issue such Units or Property Partnership Units, as applicable, including any action required to ensure that such Units or Property Partnership Units, as applicable, are issued in accordance with applicable Laws and listed on
any applicable stock exchanges and public quotation systems. 
  

	7.3	Failure to Pay When Due 

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

	7.4	Amendment to the Fee Amount 

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

	7.5	Expenses 

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

  
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 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 Manager 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 Manager Group that are reasonably necessary for the performance by the relevant member of the Manager 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 Manager 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 Manager Group which are personal to
such member of the Manager Group. Any failure by the Manager Group to collect monies on account of these Governmental Charges will not constitute a waiver of the right to do so. 

 

	7.7	Computation and Payment of Expenses and Governmental Charges 

 From time to time the Managers will, or will cause the other Service Providers 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. 

  
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 ARTICLE 8 
 BROOKFIELD’S OBLIGATION 
 Brookfield’s sole obligation pursuant
to this Agreement will be to use its commercially reasonable efforts to cause its Subsidiaries (other than any member of the BPY Group) to provide Services to the Service Recipients, as applicable, in accordance with the direction of the Managers.
Brookfield’s obligations pursuant to this Article 8 shall terminate at such time that all of the Managers cease to be Affiliates of Brookfield. 
 ARTICLE 9 
 REPRESENTATIONS AND WARRANTIES 

OF THE MANAGERS AND THE SERVICE RECIPIENTS 
  

	1.1	Representations and Warranties of the Managers 

 Each of the Managers (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 Service Provider, holds such Permits necessary to perform its obligations hereunder and is not aware of
any reason why such Permits might be cancelled; 
 9.1.3 it (or, as applicable, its general partner on its behalf) has the power,
capacity and authority to enter into this Agreement and to perform its duties and obligations hereunder; 
 9.1.4 it (or, as
applicable, its general partner) has taken all necessary action to authorize the execution, delivery and performance of this Agreement; 
 9.1.5 the execution and delivery of this Agreement by it (or, as applicable, its general partner on its behalf) and the performance by it of its obligations hereunder do not and will not contravene,
breach or result in any default under its Governing Instruments (or, as applicable, the Governing Instruments of its general partner), or under any mortgage, lease, agreement or other legally binding instrument, Permit or applicable Law to which it
is a party or by which it or any of its properties or assets may be bound; 
 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.

  
 - 17 -

	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 Managers that: 

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

 9.2.2 it, or the relevant Operating Entity, holds such Permits necessary to own and operate the assets that it directly or
indirectly owns or operates from time to time and is not aware of any reason why such Permits might be cancelled; 
 9.2.3 it
(or, as applicable, its general partner on its behalf) has the power, capacity and authority to enter into this Agreement and to perform its duties and obligations hereunder; 
 9.2.4 it (or, as applicable, its general partner) has taken all necessary action to authorize the execution, delivery and performance of this Agreement; 

9.2.5 the execution and delivery of this Agreement by it (or, as applicable, its general partner on its behalf) and the performance by it
of its obligations hereunder do not and will not contravene, breach or result in any default under its Governing Instruments (or, if applicable, the Governing Instruments of its general partner), or under any mortgage, lease, agreement or other
legally binding instrument, Permit or applicable Law to which it is a party or by which any of its properties or assets may be bound; 
 9.2.6 no authorization, consent or approval, or filing with or notice to any Person is required in connection with the execution, delivery or performance by it (or, as applicable, its general partner on
its behalf) of this Agreement; and 
 9.2.7 this Agreement constitutes a valid and legally binding obligation of it enforceable
against it in accordance with its terms, subject to: (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of creditors’ rights and remedies
generally; and (ii) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are
considered in a proceeding at law or in equity. 
 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
Manager Group, any of its Affiliates (other than any member of the BPY Group) and any directors, officers, agents, subcontractors, contractors, delegates, members, partners, shareholders, employees and other representatives of each of the foregoing
(each, an “Indemnified Party”) from 

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

10.1.3 The Managers 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. 

  
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	10.2	Limitation of Liability 

10.2.1 The Managers 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 Service Provider, including as set forth in Section 3.3 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. 
 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 Managers 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 Managers hereby accept such trust and agree to hold and enforce such covenants on behalf of the Indemnified Parties. 
 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 Managers without payment of any termination fee if:

 11.2.1.1 any of the Managers 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 Managers 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 Managers to remedy the same; 

  
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 11.2.1.2 any of the Managers 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 Managers 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 Managers 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 BPY General Partner on behalf of BPY with the prior
unanimous approval of the members of the Independent Committee. 
 11.2.3 Each of the Service Recipients hereby agrees and
confirms that this Agreement may not be terminated due solely to the poor performance or underperformance of any of the BPY Group’s operations or any investment made by any member of the BPY Group on the recommendation of any member of the
Manager Group. 
  

	11.3	Termination by the Managers 

 11.3.1 The Managers 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 Managers and such default continues for a period of 60 days after written notice thereof specifying such default and 

  
 - 21 -

 
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 Managers 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 Managers, acting reasonably, for the Service Recipients to remedy the same; or 

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

 

	11.4	Survival Upon Termination 

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

	11.5	Action Upon Termination 

11.5.1 From and after the effective date of the termination of this Agreement, the Managers 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 Managers 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 Manager Group. 

  
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	11.6	Release of Money or other Property Upon Written Request 

 The Managers hereby agree that any money or other property of the Service Recipients or their Subsidiaries held by the Manager Group under this Agreement will be held by the relevant member of the Manager
Group as custodian for such Person, and the relevant member of the Manager 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 Manager Group of a written request signed by a duly authorized representative of a Service Recipient requesting the relevant member of the Manager Group to release to the Service Recipient any money or other property then held by the relevant
member of the Manager Group for the account of such Service Recipient under this Agreement, the relevant member of the Manager Group will release such money or other property to the Service Recipient within a reasonable period of time, but in no
event later than 60 days following such request. The relevant member of the Manager 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
Manager Group, any of its Affiliates (other than any member of the BPY Group) and any directors, officers, agents, subcontractors, delegates, members, partners, shareholders, employees and other representatives of each of the foregoing from and
against any and all Liabilities which arise in connection with the relevant member of the Manager 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 Managers 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
Managers 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 each of BPY, the Property Partnership and BGRE Partners LP 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 Managers without the prior written consent of BPY, except (i) pursuant to Section 2.4, or (ii) in the case of assignment by any 

  
 - 23 -

 
of the Managers to an Affiliate or to a Person that is its successor by merger, amalgamation or acquisition of the business of the Manager, 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 Manager is bound under this Agreement. In addition, provided that the Managers 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 Managers’ rights under this Agreement, including any amounts payable to the Managers under this Agreement, to a bona fide
lender as security. 
 12.2.2 This Agreement will not be assigned by any of the Service Recipients without the prior written
consent of the Managers, 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. 
 12.2.3
Any purported assignment of this Agreement in violation of this section 12.2 will be null and void. 
  

	12.3	Enurement 

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

	12.4	Notices 

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

73 Front Street 

Hamilton HM 12 

Bermuda 

Attention: Secretary 

  
 - 24 -

 12.4.2 if to the Property Partnership: 

Brookfield Property General Partner Limited 
 73 Front Street 
 Hamilton HM 12 

Bermuda 

Attention: Secretary 
 12.4.3 if to Brookfield: 
 Brookfield Asset Management Inc. 

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

M5J 2T3 

Attention: Vice President, Legal Affairs 
 12.4.4 if to any of the Managers, at the applicable address listed on Schedule A hereto 
 12.4.5 if to any of the Holding Entities, at the applicable address listed on Schedule B hereto 

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

 

	12.5	Further Assurances 

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

 

	12.6	Counterparts 

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

 

	12.7	Other Holding Entities 

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

  
 - 25 -

 [NEXT PAGE IS SIGNATURE PAGE] 

  
 - 26 -

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

			
	BROOKFIELD ASSET MANAGEMENT INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	BROOKFIELD PROPERTY PARTNERS L.P.,
		
	By:	 	1648285 ALBERTA ULC, its general partner
		
		 	  

		 	Name:
		 	Title:
	
	BROOKFIELD PROPERTY L.P.
		
	By:	 	BROOKFIELD PROPERTY GP L.P., its general partner
		
	By:	 	1648287 ALBERTA ULC, its general partner
		
		 	  

		 	Name:
		 	Title:

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

 

					
	BROOKFIELD ASSET MANAGEMENT (BARBADOS) INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Address for Notice:

 
					
	
	Brookfield Asset Management (Barbados) Inc.
	Cedar Court, 2nd Floor
	Wildey Business Park
	St. Michael, Barbados
	
	Attention: Secretary
	
	BGRE PARTNERS LP

 
					
		
	By:	 	BGRE PARTNERS GP INC., its general partner
		
		 	  

		 	Name:	 	
		 	Title:	 	
	
	Address for Notice:
	
	BGRE Partners GP Inc.
	Suite 300, Brookfield Place
	181 Bay Street, Box 762
	Toronto, Ontario
	M5J 2T3

 
					
	
	Attention: General Counsel

 
					
	BROOKFIELD DEVELOPMENTS EUROPE LTD.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Address for Notice:
	
	Brookfield Developments Europe Ltd.
	23 Hanover Square
	London W1S 1JB

 
					
	
	Attention: Secretary

 
					
	
	BROOKFIELD GLOBAL REAL ESTATE LLC
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Address for Notice:
	
	Brookfield Global Real Estate LLC
	Three World Financial Center
	200 Vesey Street, 11th Floor
	New York, New York
	10281-1021

 
					
	
	Attention: General Counsel

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

 

					
	BROOKFIELD BPY HOLDINGS (CANADA) INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Address for Notice:
	
	Brookfield BPY Holdings (Canada) Inc.
	Suite 300, Brookfield Place
	181 Bay Street, Box 762
	Toronto, Ontario
	M5J 2T3

 
					
	
	Attention: General Counsel

 
					
	
	BPY BERMUDA HOLDINGS I LIMITED
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Address for Notice:
	
	BPY Bermuda Holdings I Limited
	73 Front Street
	Hamilton HM 12
	Bermuda

 
					
	
	Attention: Secretary

 
					
	BROOKFIELD BPY PROPERTY HOLDINGS I INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Address for Notice:
	
	Brookfield BPY Property Holdings I Inc.
	Three World Financial Center
	200 Vesey Street, 11th Floor
	New York, New York
	10281-1021

 
					
	
	Attention: General Counsel

 
					
	
	BROOKFIELD BPY RETAIL HOLDINGS I INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	Address for Notice:
	
	Brookfield BPY Retail Holdings I Inc.
	Three World Financial Center
	200 Vesey Street, 11th Floor
	New York, New York
	10281-1021

 
					
	
	Attention: General Counsel

 Schedule C 
 JOINDER TO MASTER SERVICES AGREEMENT 
 THIS JOINDER to the Master Services
Agreement dated as of n, 2012 among Brookfield Asset Management Inc. (“Brookfield”), Brookfield Property Partners L.P., Brookfield Property L.P., the Managers and the Holding Entities
(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 Manager”).
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 the Managers may, from time to time, appoint an Affiliate of Brookfield to
act as a new Manager under that agreement; 
 B. The New Manager is an Affiliate of Brookfield; and 

C. The Managers wish to appoint the New Manager to act as a new Manager under the Master Services Agreement and the New Manager 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 Manager 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 Managers 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 Manager will be addressed as follows: 

 
 n 

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

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

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

					
	BROOKFIELD ASSET MANAGEMENT (BARBADOS) INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	BGRE PARTNERS LP
		
	By:	 	BGRE PARTNERS GP INC., its general partner
		
		 	  

		 	Name:	 	
		 	Title:	 	
	
	BROOKFIELD DEVELOPMENTS EUROPE LTD.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	BROOKFIELD GLOBAL REAL ESTATE LLC
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
			
	n	 		 	
		
	By:	 	  

		 	Name:	 	
		 	Title:EX-4.3

 Exhibit 4.3 
 BROOKFIELD PROPERTY GP L.P. 
 - and - 

BROOKFIELD PROPERTY PARTNERS L.P. 
 - and - 
 BPY I L.P. 

- and - 

BPY II L.P. 
 - and - 
 EACH PERSON WHO IS ADMITTED TO THE PARTNERSHIP AS A LIMITED

 PARTNER FROM TIME TO TIME 
  

 
 FORM OF AMENDED AND RESTATED
LIMITED PARTNERSHIP AGREEMENT 
 OF BROOKFIELD PROPERTY L.P. 

 
  
 n, 2012 

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1
	  			
	 INTERPRETATION
	  	 	2	  
	 1.1
	  	Definitions	  	 	2	  
	 1.2
	  	Headings and Table of Contents	  	 	14	  
	 1.3
	  	Interpretation	  	 	14	  
	 1.4
	  	Invalidity of Provisions	  	 	15	  
	 1.5
	  	Entire Agreement	  	 	15	  
	 1.6
	  	Waiver, Amendment	  	 	16	  
	 1.7
	  	Governing Law; Submission to Jurisdiction	  	 	16	  
		
	 ARTICLE 2
	  			
	 ORGANIZATIONAL MATTERS
	  	 	16	  
	 2.1
	  	Formation	  	 	16	  
	 2.2
	  	Purpose	  	 	17	  
	 2.3
	  	Powers	  	 	17	  
	 2.4
	  	Name	  	 	17	  
	 2.5
	  	Registered Office; Principal Office	  	 	17	  
	 2.6
	  	Power of Attorney	  	 	18	  
	 2.7
	  	Term	  	 	19	  
		
	 ARTICLE 3
	  			
	 CAPITAL CONTRIBUTIONS AND ISSUANCE OF PARTNERSHIP INTERESTS
	  	 	19	  
	 3.1
	  	Formation of the Partnership	  	 	19	  
	 3.2
	  	Initial Capital Contributions by the General Partner and the Initial Limited Partner	  	 	19	  
	 3.3
	  	Reorganization	  	 	20	  
	 3.4
	  	Interest and Withdrawal	  	 	20	  
	 3.5
	  	Issuances of Additional Partnership Interests	  	 	20	  
	 3.6
	  	Pre-emptive Rights	  	 	21	  
	 3.7
	  	Splits and Combinations	  	 	21	  
	 3.8
	  	Fully Paid and Non-Assessable Nature of Units	  	 	22	  
	 3.9
	  	Issuance of Units to BPY	  	 	22	  
		
	 ARTICLE 4
	  			
	 ALLOCATIONS
	  	 	22	  
	 4.1
	  	Maintenance of Capital Accounts	  	 	22	  
	 4.2
	  	Allocations – Overview	  	 	23	  
	 4.3
	  	General Allocations	  	 	23	  
	 4.4
	  	Special Allocations	  	 	24	  
	 4.5
	  	Allocation of Nonrecourse Liabilities	  	 	25	  
	 4.6
	  	Transfer of Interest	  	 	25	  
	 4.7
	  	Allocations for U.S. Tax Purposes	  	 	25	  
	 4.8
	  	Allocations for Canadian Federal Income Tax Purposes	  	 	26	  
	 4.9
	  	Currency Translation	  	 	27	  
	 4.10
	  	Authority of General Partner	  	 	27	  

  
 - ii -

  

							
		
	 ARTICLE 5
	  			
	 DISTRIBUTIONS
	  	 	27	  
	 5.1
	  	In General	  	 	27	  
	 5.2
	  	Distributions Prior to Dissolution	  	 	28	  
	 5.3
	  	Distributions on or After Dissolution	  	 	29	  
	 5.4
	  	Adjustment to Incentive Distributions Payable to General Partner	  	 	30	  
	 5.5
	  	Distributions Paid in the Form of Redemption Exchange Units	  	 	30	  
	 5.6
	  	Prohibition on Distributions	  	 	30	  
		
	 ARTICLE 6
	  			
	 REDEMPTION-EXCHANGE RIGHTS
	  	 	31	  
	 6.1
	  	Redemption-Exchange Rights	  	 	31	  
	 6.2
	  	Redemption and Exchange Procedures	  	 	31	  
	 6.3
	  	Redemption-Exchange Date	  	 	32	  
	 6.4
	  	Withdrawal of Exercise	  	 	32	  
	 6.5
	  	Effect of Exercise of the Redemption-Exchange Right	  	 	32	  
		
	 ARTICLE 7
	  			
	 REDEMPTION AMOUNT AND EXCHANGE RATIO
	  	 	33	  
	 7.1
	  	Redemption Amount	  	 	33	  
	 7.2
	  	Exchange Ratio and Adjustments	  	 	33	  
		
	 ARTICLE 8
	  			
	 ADJUSTMENTS
	  	 	33	  
	 8.1
	  	Unit Reorganization	  	 	33	  
	 8.2
	  	Unit Reclassification	  	 	34	  
	 8.3
	  	Adjustments Cumulative	  	 	34	  
		
	 ARTICLE 9
	  			
	 MANAGEMENT AND OPERATION OF PARTNERSHIP
	  	 	34	  
	 9.1
	  	Management	  	 	34	  
	 9.2
	  	Restrictions on General Partner’s Authority	  	 	35	  
	 9.3
	  	Reimbursement of Partnership Expenses	  	 	35	  
	 9.4
	  	Outside Activities	  	 	36	  
	 9.5
	  	Disclosure of Interests	  	 	37	  
	 9.6
	  	Indemnification	  	 	38	  
	 9.7
	  	Resolution of Conflicts of Interest	  	 	39	  
	 9.8
	  	Other Matters Concerning the General Partner	  	 	40	  
	 9.9
	  	Title to Partnership Assets	  	 	40	  
	 9.10
	  	Purchase or Sale of Units	  	 	41	  
	 9.11
	  	Reliance by Third Parties	  	 	41	  
	 9.12
	  	Services	  	 	41	  
		
	 ARTICLE 10
	  			
	 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
	  	 	42	  
	 10.1
	  	Limitation of Liability	  	 	42	  
	 10.2
	  	Management of Partnership Affairs	  	 	42	  

  
 - iii -

  

							
	 10.3
	  	Outside Activities	  	 	42	  
		
	 ARTICLE 11
	  			
	 BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	 	43	  
	 11.1
	  	Books, Records and Accounting	  	 	43	  
	 11.2
	  	Fiscal Year	  	 	43	  
	 11.3
	  	Delivery of Financial Statements	  	 	43	  
	 11.4
	  	Reports	  	 	43	  
		
	 ARTICLE 12
	  			
	 TAX MATTERS
	  	 	44	  
	 12.1
	  	Tax Information	  	 	44	  
	 12.2
	  	Preparation of Tax Returns	  	 	44	  
	 12.3
	  	Tax Elections	  	 	44	  
	 12.4
	  	Tax Controversies	  	 	44	  
	 12.5
	  	Withholding	  	 	45	  
	 12.6
	  	Election to be Treated as a Corporation	  	 	45	  
	 12.7
	  	U.S. Tax Classification of the Partnership	  	 	45	  
		
	 ARTICLE 13
	  			
	 CERTIFICATES; RECORD HOLDERS; TRANSFERS OF PARTNERSHIP INTERESTS
	  	 	46	  
	 13.1
	  	Certificates	  	 	46	  
	 13.2
	  	Mutilated, Destroyed, Lost or Stolen Certificates	  	 	46	  
	 13.3
	  	Record Holder	  	 	47	  
	 13.4
	  	Transfer Generally	  	 	47	  
	 13.5
	  	Registration and Transfer of Units	  	 	47	  
	 13.6
	  	Transfer of General Partner Units	  	 	48	  
	 13.7
	  	Restrictions on Transfers	  	 	49	  
		
	 ARTICLE 14
	  			
	 ADMISSION OF ADDITIONAL OR SUCCESSOR PARTNERS
	  	 	49	  
	 14.1
	  	Admission of Additional Limited Partners	  	 	49	  
	 14.2
	  	Admission of Successor General Partner	  	 	50	  
		
	 ARTICLE 15
	  			
	 WITHDRAWAL OR REMOVAL OF PARTNERS
	  	 	50	  
	 15.1
	  	Withdrawal of the General Partner	  	 	50	  
	 15.2
	  	Removal of the General Partner	  	 	52	  
	 15.3
	  	Interest of Departing General Partner and Successor General Partner	  	 	52	  
	 15.4
	  	Withdrawal of Limited Partners	  	 	53	  
		
	 ARTICLE 16
	  			
	 TERMINATION OF THE PARTNERSHIP
	  	 	53	  
	 16.1
	  	Dissolution	  	 	53	  
	 16.2
	  	Reconstitution of Partnership	  	 	53	  
	 16.3
	  	Liquidation	  	 	54	  
	 16.4
	  	Distributions in Kind	  	 	56	  

  
 - iv -

  

							
	 16.5
	  	Cancellation of Certificate of Limited Partnership	  	 	57	  
	 16.6
	  	Reasonable Time for Winding Up	  	 	57	  
	 16.7
	  	Return of Capital	  	 	57	  
	 16.8
	  	No Capital Account Restoration	  	 	57	  
	 16.9
	  	Waiver of Partition	  	 	57	  
		
	 ARTICLE 17
	  			
	 AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS; RECORD DATE
	  	 	57	  
	 17.1
	  	Amendment to be Adopted Solely by General Partner	  	 	57	  
	 17.2
	  	Amendment Procedures	  	 	59	  
	 17.3
	  	Amendment Requirements	  	 	59	  
	 17.4
	  	Meetings	  	 	60	  
	 17.5
	  	Notice of Meeting	  	 	61	  
	 17.6
	  	Record Date	  	 	61	  
	 17.7
	  	Adjournment	  	 	61	  
	 17.8
	  	Quorum	  	 	62	  
	 17.9
	  	Conduct of Meeting	  	 	62	  
	 17.10
	  	Action Without a Meeting	  	 	62	  
	 17.11
	  	Voting and Other Rights	  	 	63	  
		
	 ARTICLE 18
	  			
	 GENERAL PROVISIONS
	  	 	63	  
	 18.1
	  	Enurement	  	 	63	  
	 18.2
	  	Notices	  	 	63	  
	 18.3
	  	Further Assurances	  	 	65	  
	 18.4
	  	Counterparts	  	 	65	  

 Schedule A – Capital Contributions 

  
  

 AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT 

OF BROOKFIELD PROPERTY L.P. 
 THIS AGREEMENT is made as of the nth day of n, 2012 among BROOKFIELD PROPERTY GP L.P. (the
“General Partner”), an exempted limited partnership existing under the laws of Bermuda, as the General Partner, BROOKFIELD PROPERTY PARTNERS L.P. (the “Initial Limited Partner” or “BPY”), an
exempted limited partnership existing under the laws of Bermuda, as a limited partner, BPY I L.P., a limited partnership existing under the laws of the Province of Manitoba, as a limited partner, BPY II L.P., a limited partnership
existing under the laws of the Province of Manitoba, as a limited partner, and each person who is admitted to the Partnership (as hereinafter defined) as a limited partner in accordance with the provisions of this Agreement. 

WHEREAS the General Partner and the Initial Limited Partner formed a limited partnership under the laws of Bermuda upon the
entering into of a limited partnership agreement between the General Partner and the Initial Limited Partner dated as of January 5, 2012 (the “Initial Limited Partnership Agreement”). A Certificate of Registration for the
Partnership (as hereinafter defined) confirming the registration of the Partnership as an “Exempted Partnership” pursuant to a Certificate of Exempted Partnership under the Exempted Partnerships Act 1992 (Bermuda) (as supplemented,
the “Certificate of Exempted Partnership”) and as a “Limited Partnership” pursuant to a Certificate of Limited Partnership under the Limited Partnership Act 1883 (Bermuda) (as supplemented, the “Certificate
of Limited Partnership”) was issued by the Bermuda Registrar of Companies on January 5, 2012; 
 AND
WHEREAS the General Partner and the Initial Limited Partner wish to amend the Initial Limited Partnership Agreement by making the modifications reflected herein, to restate the Initial Limited Partnership Agreement as so amended and to admit BPY
II L.P. and BPY I L.P. as limited partners; 
 AND WHEREAS this Amended and Restated Limited Partnership Agreement shall
replace the Initial Limited Partnership Agreement in its entirety; 
 AND WHEREAS immediately following the
Reorganization (as hereinafter defined), the Class A Units will be held by BPY and the Redemption-Exchange Units will be held by BPY II L.P. and BPY I L.P.; 
 AND WHEREAS the Partners (as hereinafter defined) desire to set forth the rights, powers and duties of the Partners, the affairs of the Partnership and the conduct of the Partnership’s
activities, all upon the terms and conditions provided for in this Amended and Restated Limited Partnership Agreement. 
 NOW
THEREFORE in consideration of the premises, 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 covenant and agree,
each with the others, as follows: 

  
 2 

 

 ARTICLE 1 
 INTERPRETATION 
  

	1.1	Definitions 

 The
following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement. 
  

	 	1.1.1.	“Adjusted Capital Account Deficit” means, with respect to any Partner, the deficit balance, if any, in such Partner’s Capital Account as of the
end of the relevant fiscal year, after giving effect to the following adjustments: 

  

	 	1.1.1.1	credit to such Capital Account any amounts which such Partner is obligated to restore pursuant to any provision of this Agreement or is deemed obligated to restore
pursuant to the penultimate sentences of Treasury Regulations Section 1.704-2(g)(1) and 1.704-2(i)(5); and 

  

	 	1.1.1.2	debit to such Capital Account the items described in Treasury Regulations Sections 1.704-l(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), and
1.704-1(b)(2)(ii)(d)(6); provided that, the foregoing definition of “Adjusted Capital Account Deficit” is intended to comply with the provisions of Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations and shall be
interpreted consistently therewith; 

  

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

  

	 	1.1.3.	“Agreement” means this Amended and Restated Limited Partnership Agreement of Brookfield Property L.P.; 

 

	 	1.1.4.	“Applicable Number of BPY Units” means the product of the number of Redemption-Exchange Units specified in an Exchange Notice multiplied by the
Exchange Ratio; 

  

	 	1.1.5.	“Applied Incentive Amount” has the meaning assigned to such term in Section 5.4; 

 

	 	1.1.6.	“Assets” means all assets, whether tangible or intangible and whether real, personal or mixed, at any time owned by the Partnership (or by the General
Partner, one or more of its Affiliates or one or more nominees for the benefit of the Partnership, in each case in accordance with Section 9.9) or acquired by the General Partner for the account of the Partnership in the course of carrying on
the activities of the Partnership; 

  

	 	1.1.7.	 “Available Cash” means all cash and cash equivalents available for distribution by the Partnership determined at the sole discretion
of the General Partner, subject to Section 5.5, which, for greater certainty, (i) may not in all cases equal an amount of cash held by the Partnership after the payment of expenses, debt service obligations on any

  
 3 

 

	 	
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 the Partnership or another member
of the BPY Group for purposes of being available for distribution by the Partnership; 

  

	 	1.1.8.	“Base Management Fee” has the meaning assigned to such term in the Master Services Agreement; 

 

	 	1.1.9.	“Book Item” has the meaning assigned to such term in Section 4.7; 

 

	 	1.1.10.	“BPO” means Brookfield Office Properties Inc.; 

  

	 	1.1.11.	“BPY” has the meaning assigned to such term in the recitals; 

 

	 	1.1.12.	“BPY Capital” means, with respect to any Operating Entity, at any time, the amount that a member of the BPY Group (excluding for this purpose any
Operating Entity) has committed and/or contributed at such time (either as debt or equity) to such Operating Entity (and, in the case of a commitment, 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); 

  

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

  

	 	1.1.14.	“BPY Partnership Agreement” means the limited partnership agreement of BPY; 

 

	 	1.1.15.	“BPY Unit” is a Unit (as that term is defined in the BPY Partnership Agreement) in BPY; 

 

	 	1.1.16.	“Brookfield” means Brookfield Asset Management Inc.; 

  

	 	1.1.17.	“Brookfield Group” means Brookfield and any Affiliates of Brookfield, other than any member of the BPY Group; 

 

	 	1.1.18.	“Business” means the business to be acquired by the BPY Group, as described in the Registration Statement; 

 

	 	1.1.19.	“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; 

  

	 	1.1.20.	“Canadian Tax Purposes” means, for the purposes of determining liability for Tax, pursuant to Canadian federal and provincial Tax Laws;

  

	 	1.1.21.	“CanHoldco” means Brookfield BPY Holdings (US) Inc.; 

  

	 	1.1.22.	“CanHoldco Shares” has the meaning assigned to such term in Section 4.8.3; 

  
 4 

 

	 	1.1.23.	“Capital Account” means, in relation to each Partner, the account maintained in the books of the Partnership for each Partner in accordance with
Section 4.1; 

  

	 	1.1.24.	“Capital Amount” means, as of the date hereof and with respect to each Unit and General Partner Unit the amount received in exchange for the Initial GP
Capital Contribution and the Initial LP Capital Contribution of $1.00; provided, however, that the Capital Amount with respect to each Unit and General Partner Unit shall hereafter be adjusted as provided in Section 3.5.3;

  

	 	1.1.25.	“Capital Contribution” means the amount of capital contributed to the Partnership by each Record Holder (or the Person from which the Record Holder
purchased or acquired the Partnership Interests) in respect of the Partnership Interests purchased or acquired by or issued to that Record Holder; 

  

	 	1.1.26.	“Capital Surplus” has the meaning assigned to such term in Section 5.2.4; 

 

	 	1.1.27.	“Cause” means a court of competent jurisdiction has entered a final, non-appealable judgment finding the General Partner liable for actual fraud, gross
negligence, bad faith or willful misconduct in its capacity as General Partner of the Partnership; 

  

	 	1.1.28.	“Certificate” means a certificate issued by the Partnership evidencing ownership of one or more Units or any other Partnership Interests, or of
options, rights, warrants or appreciation rights relating to Partnership Interests, in such form as may be adopted by the General Partner from time to time; 

 

	 	1.1.29.	“Certificate of Exempted Partnership” has the meaning assigned to such term in the recitals; 

 

	 	1.1.30.	“Certificate of Limited Partnership” has the meaning assigned to such term in the recitals; 

 

	 	1.1.31.	“Class A Units” means the limited partner interests in the Partnership having the rights and obligations specified in this Agreement and that are
designated as Class A Units; 

  

	 	1.1.32.	“Closing Date” means the date of the Spin-Off; 

  

	 	1.1.33.	“Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time, as interpreted by the applicable regulations thereunder,
and any reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provisions of future law; 

 

	 	1.1.34.	“Conflicts Guidelines” has the meaning assigned to such term in Section 9.7.2; 

 

	 	1.1.35.	 “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

  
 5 

 

	 	
a majority of the voting interests in B; and, for greater certainty and without limitation, if A owns or has control over shares or other securities to which are attached more than 50% of the
votes permitted to be cast in the election of directors to the Governing Body of B, or A is the general partner of B, a limited partnership, then in each case A Controls B for this purpose; and the term “Controlled” has the
corresponding meaning; 

  

	 	1.1.36.	“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 General Partner determines to be comparable to the Equity Enhancement Distribution Amount that is attributable to the BPY 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 BPY Capital invested in such Operating Entity; 

  

	 	1.1.37.	“Departing General Partner” means a former General Partner, from and after the effective date of any withdrawal or removal of such former General
Partner pursuant to Section 15.1 or 15.2; 

  

	 	1.1.38.	“Depreciation” means, for each fiscal year, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable for U.S.
federal income tax purposes with respect to an asset for such fiscal year, except that (i) with respect to any asset the Gross Asset Value of which differs from its adjusted tax basis for U.S. federal income tax purposes at the beginning of
such fiscal year and which difference is being eliminated by use of the “remedial method” as defined by Section 1.704-3(d) of the Treasury Regulations, Depreciation for such fiscal year shall be the amount of book basis recovered for
such fiscal year under the rules prescribed by Section 1.704-3(d)(2) of the Treasury Regulations, and (ii) with respect to any other asset the Gross Asset Value of which differs from its adjusted tax basis for U.S. federal income tax
purposes at the beginning of such fiscal year, Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset Value as the U.S. federal income tax depreciation, amortization, or other cost recovery deduction for such fiscal
year bears to such beginning adjusted tax basis; provided, however, that in the case of clause (ii) above, if the adjusted tax basis for U.S. federal income tax purposes of an asset at the beginning of such fiscal year is zero, Depreciation
shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the General Partner; 

  

	 	1.1.39.	“Equity Enhancement Distribution” means, with respect to any Quarter, an amount equal to 0.3125% of the amount by which the Total Capitalization as of
the last day of such Quarter exceeds the Initial Capitalization (such amount, the “Equity Enhancement Distribution Amount”), less (i) the amount by which the Base Management Fee for such Quarter exceeds $12.5 million, which
amount shall be adjusted for inflation annually beginning on January 1, 2014, at the Inflation Factor (as defined in the Master Services Agreement) and (ii) any Creditable Operating Entity Payments paid or payable in relation to such
Quarter. 

  
 6 

 

	 	1.1.40.	“Event of Withdrawal” has the meaning assigned to such term in Section 15.1.1; 

 

	 	1.1.41.	“Exchange Notice” has the meaning assigned to such term in Section 6.2.2; 

 

	 	1.1.42.	“Exchange Ratio” has the meaning assigned to such term in Section 7.2; 

 

	 	1.1.43.	“Exchange Right” has the meaning assigned to such term in Section 6.1.3; 

 

	 	1.1.44.	“Exempted Partnerships Act” means the Exempted Partnerships Act 1992 (Bermuda); 

 

	 	1.1.45.	“First Distribution Threshold” means $0.275 per Unit per Quarter (pro rated for any Quarter in which (i) a Unit is not Outstanding for the entire
Quarter, or (ii) the Capital Amount in respect of a Unit is adjusted pursuant to Section 3.5.3); 

  

	 	1.1.46.	“fiscal year” as such term relates to the Partnership shall be the fiscal year of the Partnership as determined in accordance with Section 11.2;

  

	 	1.1.47.	“General Partner” means Brookfield Property GP L.P., an exempted limited partnership existing under the laws of Bermuda, and includes any person who
becomes a successor or replacement general partner of the Partnership pursuant to the terms of this Agreement after the date hereof; 

  

	 	1.1.48.	“General Partner Units” means the interests in the Partnership owned by the General Partner, having the rights and obligations specified in this
Agreement, and which are designated as General Partner Units; 

  

	 	1.1.49.	“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) 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, respectively, that serves a similar function (or if any such general 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; 

  

	 	1.1.50.	“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 bylaws in the case of a corporation, (iii) the memorandum and articles of association and by-laws, as applicable, 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 and operates, in each case as amended, supplemented or otherwise modified from time to time; 

  
 7 

 

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

 

	 	1.1.52.	“Gross Asset Value” means, with respect to any asset, the asset’s adjusted basis for U.S. federal income tax purposes, except as follows:

  

	 	1.1.52.1	the Gross Asset Value of any property contributed by a Partner to the Partnership is the gross fair market value of such property as determined by the General Partner
at the time of contribution; 

  

	 	1.1.52.2	the Gross Asset Value of all Assets (i) shall be adjusted to equal their respective gross fair market values, as determined by the General Partner, effective as of
the acquisition of an additional interest in the Partnership by any new or existing Partner in exchange for more than a de minimis Capital Contribution, unless the General Partner determines that such adjustment is not necessary or
appropriate to reflect the relative economic interests of the Partners in the Partnership; and (ii) may be so adjusted, as determined by the General Partner, as of the following times: (a) the distribution by the Partnership to the Partner
of more than a de minimis amount of property as consideration for an interest in the Partnership; (b) the grant of an interest in the Partnership (other than a de minimis interest) as consideration for the provision of services to
or for the benefit of the Partnership by an existing Partner acting in a Partner capacity, or by a new Partner acting in a Partner capacity or in anticipation of becoming a Partner; and (c) the liquidation of the Partnership within the meaning
of Treasury Regulations Section 1.704-1(b)(2)(ii)(g); provided, however, that the adjustments pursuant to clauses (ii)(a) and (ii)(b) above shall be made only if the General Partner reasonably determines that such adjustments are
necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; 

  

	 	1.1.52.3	the Gross Asset Value of an Asset distributed to any Partner shall be adjusted to equal the gross fair market value of such asset on the date of distribution as
determined by the General Partner; and 

  

	 	1.1.52.4	if the Gross Asset Value of an Asset has been determined or adjusted pursuant to 1.1.52.1 or 1.1.52.2 above, such Gross Asset Value shall thereafter be adjusted by
Depreciation taken into account with respect to such asset for purposes of computing Net Income or Net Loss; 

  

	 	1.1.53.	“Gross Proceeds” has the meaning assigned to such term in Section 3.9; 

 

	 	1.1.54.	 “Holding Entities” means BPY Bermuda Holdings Limited, CanHoldco, Brookfield BPY Property Holdings I Inc., and Brookfield BPY Retail
Holdings I Inc. and 

  
 8 

 

	 	
any direct wholly-owned Subsidiary of the Property Partnership created or acquired after the date of this Agreement; 

 

	 	1.1.55.	“IFRS-IASB” means International Financial Reporting Standards as issued by the International Accounting Standards Board consistently applied or such
other applicable accounting principles; 

  

	 	1.1.56.	“Incentive Distribution” means any performance-based dividend, distribution or other profit entitlement but, for greater certainty, does not include
Creditable Operating Entity Payments; 

  

	 	1.1.57.	“Incentive Distribution Account” has the meaning assigned to such term in Section 5.4; 

 

	 	1.1.58.	“Income for Canadian Tax Purposes” means, in respect of any fiscal year of the Partnership, the income of the Partnership for that fiscal year,
determined in accordance with the Income Tax Act; 

  

	 	1.1.59.	“Income Tax Act” means the Income Tax Act (Canada), and includes the regulations promulgated thereunder; 

 

	 	1.1.60.	“Indemnified Party” has the meaning assigned to such term in Section 9.6.1; 

 

	 	1.1.61.	“Independent Committee” means a committee of the board of directors of the General Partner’s general partner made up of directors that are
“independent” of Brookfield and its Affiliates, as contemplated by applicable securities Laws; 

  

	 	1.1.62.	“Initial Capitalization” means the sum of (i) the Initial Market Value of a BPY Unit multiplied by the number of BPY Units issued and outstanding
on the last trading day of the Initial Trading Period (assuming full conversion or exchange of any limited partnership interests held by any member of the Brookfield Group in the Partnership into BPY Units), plus (ii) for each class or series
of security of other members of the BPY Group (excluding for this purpose any Operating Entity) that are not held by the BPY Group, the Initial 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 the Initial Trading Period (calculated on a fully-diluted basis), plus (iii) the principal amount of all debt not captured by paragraph (ii) of this Section 1.1.62 owed by
each member of the BPY Group (excluding for this purpose any Operating Entity and amounts owed to any member of the Brookfield Group under the Revolving Credit Facility) on the date of the Spin-Off, which debt has recourse to any member of the BPY
Group (excluding for this purpose any Operating Entity), less any amount of cash held by all members of the BPY Group (excluding for this purpose any Operating Entity) on the date of the Spin-Off; 

 

	 	1.1.63.	“Initial GP Capital Contribution” has the meaning assigned to such term in Section 3.2; 

 

	 	1.1.64.	“Initial Limited Partner” has the meaning assigned to such term in the recitals; 

  
 9 

 

	 	1.1.65.	“Initial Limited Partnership Agreement” has the meaning assigned to such term in the recitals; 

 

	 	1.1.66.	“Initial LP Capital Contribution” has the meaning assigned to such term in Section 3.2; 

 

	 	1.1.67.	“Initial Market Value” means the volume-weighted average trading price of a security traded on the principal stock exchange (determined on the basis of
trading volumes) for the Initial Trading Period; provided that, for purposes of calculating the Initial Capitalization or the Total Capitalization, if a security is not traded on a stock exchange, the fair market value of such security is determined
by the General Partner; 

  

	 	1.1.68.	“Initial Trading Period” means the 30 trading days commencing on the date of the Spin-Off ; 

 

	 	1.1.69.	“Interested Party” has the meaning assigned to such term in Section 9.5.1; 

 

	 	1.1.70.	“Interim Capital Transactions” means sales or other voluntary or involuntary dispositions of any Assets (other than cash, cash equivalents, marketable
securities and the like) prior to the commencement of the dissolution and liquidation of the Partnership. 

  

	 	1.1.71.	“Invested Capital” means, on any particular date, the amount of capital contributed (directly or indirectly and either as debt or equity) to an
Operating Entity or Holding Entity prior to such date; 

  

	 	1.1.72.	“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; 

 

	 	1.1.73.	“Liabilities” has the meaning assigned to such term in Section 9.6.1; 

 

	 	1.1.74.	“Limited Partner” means a Person who is the direct beneficial owner of a Unit, without regard to the Record Holder (unless the Record Holder is such
Person), and includes holders of Class A Units and Redemption-Exchange Unit; 

  

	 	1.1.75.	“Limited Partnership Act” means the Limited Partnership Act 1883 (Bermuda); 

 

	 	1.1.76.	“Liquidator” means the General Partner or other Person approved pursuant to Section 16.3 who performs the functions described therein;

  
 10 

 

	 	1.1.77.	“Loss for Canadian Tax Purposes” means, in respect of any fiscal year of the Partnership, the loss of the Partnership for that fiscal year, determined
in accordance with the Income Tax Act; 

  

	 	1.1.78.	“Managers” means Brookfield Asset Management (Barbados) Inc., BGRE Partners LP, Brookfield Developments Europe Ltd. and Brookfield Global Real Estate
LLC and any other Affiliate of Brookfield that is appointed from time to time to act as a manager pursuant to the Master Services Agreement; 

  

	 	1.1.79.	“Market Value” means, at any time, the volume-weighted average trading price of a security traded on the principal stock exchange (determined on the
basis of trading volumes) for the preceding five trading days; provided that, for purposes of calculating the Total Capitalization, if a security is not traded on a stock exchange, the fair market value of such security is determined by the General
Partner; 

  

	 	1.1.80.	“Master Services Agreement” means the master services agreement dated the date hereof among, inter alia, the Managers, the Partnership, BPY, the
Holding Entities and others; 

  

	 	1.1.81.	“Net Income” and “Net Loss” means, for each fiscal year or other period, an amount equal to the Partnership’s taxable income or
loss for such fiscal year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in
taxable income or loss) with the following adjustments: 

  

	 	1.1.81.1	any income of the Partnership that is exempt from U.S. federal income tax, and to the extent not otherwise taken into account in computing Net Income or Net Loss
pursuant to this paragraph, shall be added to such taxable income or loss; 

  

	 	1.1.81.2	any expenditures of the Partnership described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury
Regulations Section 1.704-1(b)(2)(iv)(i), and to the extent not otherwise taken into account in computing Net Income or Net Loss pursuant to this paragraph, shall be subtracted from such taxable income or loss; 

 

	 	1.1.81.3	in the event the Gross Asset Value of any Asset is adjusted pursuant to subdivisions 1.1.52.2 or 1.1.52.3 of the definition of Gross Asset Value herein, the amount of
such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Net Income or Net Loss; 

  

	 	1.1.81.4	gain or loss resulting from any disposition of Partnership property with respect to which gain or loss is recognized for U.S. federal income tax purposes shall be
computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; 

  
 11 

 

	 	1.1.81.5	in lieu of depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account
Depreciation for such fiscal year; and 

  

	 	1.1.81.6	any items which are specially allocated pursuant to the provisions of Section 4.4 shall not be taken into account in computing Net Income or Net Loss;

  

	 	1.1.82.	“Nonrecourse Deductions” has the meaning set forth in Treasury Regulations Section 1.704-2(b)(1) and 1.704-2(c); 

 

	 	1.1.83.	“Nonrecourse Liability” has the meaning set forth in Treasury Regulations Section 1.752-1(a)(2); 

 

	 	1.1.84.	“Notice” has the meaning assigned to such term in Section 18.2; 

 

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

 

	 	1.1.86.	“Opinion of Counsel” means a written opinion of counsel acceptable to the General Partner; 

 

	 	1.1.87.	“Outstanding” means, with respect to Units or Partnership Interests, all Units or Partnership Interests that are issued by the Partnership and
reflected as outstanding on the Partnership’s books and records as of the date of determination; 

  

	 	1.1.88.	“Partner” means the General Partner or a Limited Partner; 

 

	 	1.1.89.	“Partner Nonrecourse Debt” has the meaning set forth in Treasury Regulations Section 1.704-2(b)(4); 

 

	 	1.1.90.	“Partner Nonrecourse Debt Minimum Gain” means an amount, with respect to each Partner Nonrecourse Debt, equal to the Partnership Minimum Gain that
would result if the Partner Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Treasury Regulations Section 1.704-2(i)(3); 

 

	 	1.1.91.	“Partner Nonrecourse Deductions” has the meaning set forth in Treasury Regulations Sections 1.704-2(i)(1) and 1.704-2(i)(2); 

 

	 	1.1.92.	“Partnership” means Brookfield Property L.P., the limited partnership heretofore formed and continued pursuant to this Agreement;

  

	 	1.1.93.	“Partnership Interest” means any partnership interest, including any General Partner Unit, Class A Unit or Redemption-Exchange Unit;

  
 12 

 

	 	1.1.94.	“Partnership Minimum Gain” has the meaning set forth in Treasury Regulations Sections 1.704-2(b)(2) and 1.704-2(d); 

 

	 	1.1.95.	“Percentage Interest” means, as of the date of such determination, as to any Partner, the quotient of the number of Partnership Interests held by such
Partner divided by the total number of all Partnership Interests then Outstanding, expressed as a percentage; 

  

	 	1.1.96.	“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; 

  

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

 

	 	1.1.98.	“Record Date” means the date established by the General Partner for determining (i) the identity of Record Holders entitled to notice of any
meeting of Limited Partners or entitled to consent to a Partnership action in writing without a meeting or entitled to exercise rights in respect of any lawful action of Limited Partners, or (ii) the identity of Record Holders entitled to
receive any report or distribution; 

  

	 	1.1.99.	“Record Holder” means, as of any particular Business Day, the Person in whose name a Unit is registered on the books of the Partnership as of the
opening of business on such Business Day, or with respect to other Partnership Interests, the Person in whose name any such other Partnership Interest is registered on the books which the General Partner has caused to be kept as of the opening of
business on such Business Day; 

  

	 	1.1.100.	“Redemption Amount” has the meaning assigned to such term in Section 7.1; 

 

	 	1.1.101.	“Redemption-Exchange Date” has the meaning assigned to such term in Section 6.3; 

 

	 	1.1.102.	“Redemption-Exchange Unitholder” means a holder of Redemption-Exchange Units; 

 

	 	1.1.103.	“Redemption-Exchange Units” means the limited partner interests in the Partnership having the rights and obligations specified in this Agreement and
that are designated as Redemption-Exchange Units; 

  

	 	1.1.104.	“Redemption Notice” has the meaning assigned to such term in Section 6.2.1; 

 

	 	1.1.105.	“Redemption Right” has the meaning assigned to such term in Section 6.1.2; 

 

	 	1.1.106.	“Registration Statement” means the final registration statement and prospectus of BPY filed with securities regulators in connection with the Spin-Off;

  
 13 

 

	 	1.1.107.	“Relationship Agreement” means the relationship agreement between certain members of the Brookfield Group, the Partnership, BPY, the Holding Entities
and others dated as of the date hereof; 

  

	 	1.1.108.	“Reorganization” means the transactions relating to the indirect acquisition of the Business by the Holding Entities; 

 

	 	1.1.109.	“Revolving Credit Facility” means the revolving credit facility provided by one or more members of the Brookfield Group on or before the Spin-Off;

  

	 	1.1.110.	“Second Distribution Threshold” means $0.575 per Unit per Quarter (pro rated for any Quarter in which (i) a Unit is not Outstanding for the entire
Quarter, or (ii) the Capital Amount in respect of a Unit is adjusted pursuant to Section 3.5.3); 

  

	 	1.1.111.	“Spin-Off” means the distribution by Brookfield of its interests in BPY to the shareholders of Brookfield; 

 

	 	1.1.112.	“Subscription Number” has the meaning assigned to such term in Section 3.9; 

 

	 	1.1.113.	“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; 

  

	 	1.1.114.	“Tax” means all forms of taxation, whether direct or indirect and whether levied by reference to income, profits, gains, net wealth, asset values,
turnover, added value or other reference and statutory, governmental, national, federal, state, provincial, local governmental or municipal impositions, duties, contributions and levies (including social security contributions, national insurance
contributions and any other payroll taxes), whenever and wherever imposed (whether imposed by way of a withholding or deduction for or on account of tax or otherwise) and in respect of any Person, and all penalties, charges, costs and interest
relating thereto; 

  

	 	1.1.115.	 “Total Capitalization” means with respect to any Quarter the sum of (i) the Market Value of a BPY Unit multiplied by the number
of BPY Units issued and outstanding on the last trading day of such Quarter (assuming full conversion or exchange of any limited partnership interests held by any member of the Brookfield Group in the Partnership into BPY Units), plus (ii) for
each class or series of security of other members of the BPY Group (excluding for this purpose any Operating Entity) that are not held by the BPY Group, the 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 1.1.115 owed by each
member of the BPY Group (excluding for this purpose any Operating Entity and amounts owed to any member of the Brookfield Group under the Revolving Credit Facility) on the last trading day of such Quarter to any Person that is not a member of the
BPY Group, which debt has recourse to any member of the BPY Group (excluding for this purpose any Operating Entity), less any 

  
 14 

 

	 	
amount of cash held by all members of the BPY Group (excluding for this purpose any Operating Entity) on such day; 

 

	 	1.1.116.	“transfer” has the meaning assigned to such term in Section 13.4.1; 

 

	 	1.1.117.	“Treasury Regulations” means the Income Tax Regulations promulgated under the Code, as amended from time to time; 

 

	 	1.1.118.	“Underlying Incentive Distribution” has the meaning assigned to such term in Section 5.4.1; 

 

	 	1.1.119.	“Unit” means any Class A Unit or Redemption-Exchange Unit; 

 

	 	1.1.120.	“Unit Reclassification” has the meaning assigned to such term in Section 8.2; 

 

	 	1.1.121.	“Unit Reorganization” has the meaning assigned to such term in Section 8.1; 

 

	 	1.1.122.	“Unrecovered Capital Amount” means, as of the relevant date of determination and with respect to any Unit or General Partner Unit, an amount equal to
the excess of (i) the Capital Amount then applicable to such Unit or General Partner Unit over (ii) the amount of distributions made in respect of such Unit or General Partner Unit pursuant to Section 5.2.4 or Section 16.3.3.4.3
during the period of time beginning on the date the Capital Amount in respect of each Unit and General Partner Unit was last adjusted pursuant to Section 3.5.3 and ending on such date of determination; and 

 

	 	1.1.123.	“Withdrawal Opinion of Counsel” an Opinion of Counsel that withdrawal of the General Partner (following the selection of the successor general partner)
will not (i) result in the loss of the limited liability of any Limited Partner, (ii) cause the Partnership or any BPY Group member to be treated as an association taxable as a corporation or otherwise to be taxed as an entity for tax
purposes (to the extent not previously treated as such), or (iii) cause the Partnership or BPY to become an “investment company” under the U.S. Investment Company Act of 1940, as amended, or similar legislation in other jurisdictions.

  

	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 shall include the plural and vice versa, words importing gender shall include all genders or the neuter, and words importing the neuter
shall 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 

  
 15 

 

	 	
term or statement to the specific items or matters set forth or to similar items or matters, but rather as referring to all other items or matters that could reasonably fall within the broadest
possible scope of the general term or statement; 

  

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

 

	 	1.3.4.	except as otherwise provided in this Agreement, any reference in this Agreement to a statute, regulation, policy, rule or instrument shall include, and shall 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 shall 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 shall be
determined or such action shall 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 shall be paid in U.S. currency. 

 

	1.4	Invalidity of Provisions 

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

	1.5	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

  
 16 

 

 
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 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. 
  

	1.6	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. 
  

	1.7	Governing Law; Submission to Jurisdiction 

 This Agreement will be governed by and construed in accordance with the laws of Bermuda. Each of the Partners (other than governmental entities prohibited from submitting to the jurisdiction of a
particular jurisdiction) will submit to the non-exclusive jurisdiction of any court in Bermuda in any dispute, suit, action or proceeding arising out of or relating to this Agreement. Each Partner waives, to the fullest extent permitted by Law, any
immunity from jurisdiction of any such court or from any legal process therein and further waives, to the fullest extent permitted by Law, any claim of inconvenient forum, improper venue or that any such court does not have jurisdiction over the
Partner. Any final judgment against a Partner in any proceedings brought in any court in Bermuda will be conclusive and binding upon the Partner and may be enforced in the courts of any other jurisdiction of which the Partner is or may be subject,
by suit upon such judgment. The foregoing submission to jurisdiction and waivers will survive the dissolution, liquidation, winding up and termination of the Partnership. 
 ARTICLE 2 
 ORGANIZATIONAL MATTERS 

 

	2.1	Formation 

 The
Partnership has been formed as an exempted limited partnership on January 5, 2012, pursuant to the provisions of the Limited Partnership Act and the Exempted Partnerships Act. Except as expressly provided to the contrary in this Agreement, the
rights, duties (including fiduciary duties), liabilities and obligations of the Partners and the administration, dissolution and termination of the Partnership shall be governed by the Limited Partnership Act and the Exempted Partnerships Act. All
Partnership Interests shall constitute personal property of the owner thereof for all purposes and a Partner has no interest in any specific Partnership property. 

  
 17 

 

	2.2	Purpose 

 The purpose of
the Partnership shall be to: (i) acquire and hold interests in the Holding Entities and, subject to the approval of the General Partner, interests in any other entity; (ii) engage in any activity related to the capitalization and financing
of the Partnership’s interests in those Holding Entities and such other Persons; and (iii) engage in any activity that is incidental to or in furtherance of the foregoing and that is approved by the General Partner and that lawfully may be
conducted by a limited partnership organized under the Limited Partnership Act and the Exempted Partnerships Act and this Agreement. To the fullest extent permitted by Law, the General Partner shall have no duty or obligation to propose or approve,
and may decline to propose or approve, the conduct by the Partnership of any activity free of any duty (including any fiduciary duty) or obligation whatsoever to the Partnership or any Limited Partner or Record Holder and, in declining to so propose
or approve, shall not be deemed to have breached this Agreement, any other agreement contemplated hereby, the Limited Partnership Act, the Exempted Partnerships Act or any other provision of Law. 

 

	2.3	Powers 

 The Partnership
shall be empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of the purposes and activities described in Section 2.2 and for the protection
and benefit of the Partnership. 
  

	2.4	Name 

 The name of the
Partnership shall be “Brookfield Property L.P.” The Partnership’s activities and affairs may be conducted under any other name or names deemed necessary or appropriate by the General Partner, including the name of the General Partner
or any Affiliate thereof. The words “Limited Partnership”, “L.P.” or similar words or letters shall be included in the Partnership’s name where necessary for the purposes of complying with the Laws of any jurisdiction that
so requires. Subject to compliance with the requirements of the Limited Partnership Act and the Exempted Partnerships Act, the General Partner in its sole discretion may change the name of the Partnership at any time and from time to time and shall
notify the Record Holders of such change in the next regular communication to Record Holders. 
 If the General Partner ceases
to be the general partner of the Partnership and the new general partner is not an Affiliate of Brookfield, the Partnership shall change its name so that it does not include “Brookfield” and could not be capable of confusion in any way
with such name. This obligation shall be enforceable and waivable by the General Partner notwithstanding that it may have ceased to be the general partner of the Partnership. 

 

	2.5	Registered Office; Principal Office 

 Unless and until changed by the General Partner, the registered office of the Partnership shall be located at 73 Front Street, 5th Floor, Hamilton HM 12, Bermuda. The head office of the Partnership and
the General Partner shall be 73 Front Street, 5th Floor, Hamilton HM 12, Bermuda, or such other place as the General Partner may from time to time designate by 

  
 18 

 

 
notice to the Record Holders. The Partnership may maintain offices at such other place or places within Bermuda as the General Partner deems necessary or appropriate. 

 

	2.6	Power of Attorney 

  

	 	2.6.1.	Each Limited Partner hereby constitutes and appoints each of the General Partner and, if a Liquidator shall have been selected pursuant to Section 16.3, the
Liquidator severally (and any successor to either thereof by merger, transfer, assignment, election or otherwise) and each of their authorized officers and attorneys-in-fact, with full power of substitution, as its true and lawful agent and
attorney-in-fact, with full power and authority in its name, place and stead, to: 

  

	 	2.6.1.1	execute, swear to, acknowledge, deliver, file and record in the appropriate public offices: (i) all certificates, documents and other instruments (including this
Agreement, the Certificate of Limited Partnership and the Certificate of Exempted Partnership and all amendments or restatements thereof) that the General Partner or the Liquidator deems necessary or appropriate to form, qualify or continue the
existence or qualification of the Partnership as an exempted limited partnership (or a partnership in which the limited partners have limited liability) in Bermuda and in all other jurisdictions in which the Partnership may conduct activities and
affairs or own property; (ii) all certificates, documents and other instruments that the General Partner or the Liquidator deems necessary or appropriate to reflect, in accordance with its terms, any amendment, change, modification or
restatement of this Agreement; (iii) all certificates, documents and other instruments (including conveyances and a certificate of cancellation) that the General Partner or the Liquidator deems necessary or appropriate to reflect the
dissolution and liquidation of the Partnership pursuant to the terms of this Agreement; (iv) all certificates, documents and other instruments relating to the admission, withdrawal or removal of any Partner pursuant to, or other events
described in, Article 14 or Article 15, or to the Capital Contribution of any Partner; (v) all certificates, documents and other instruments relating to the determination of the rights, preferences and privileges of any class or
series of Units or other Partnership Interests issued pursuant to Section 3.5; and (vi) any tax election with any Limited Partner or General Partner on behalf of the Partnership or all Partners; and 

 

	 	2.6.1.2	 execute, swear to, acknowledge, deliver, file and record all ballots, consents, approvals, waivers, certificates, documents and other instruments
necessary or appropriate, in the sole discretion of the General Partner or the Liquidator, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that is made or given by the Partners hereunder or is
consistent with the terms of this Agreement or is necessary or appropriate, in the sole discretion of the General Partner or the Liquidator, to effectuate the terms or intent of this Agreement; provided, that when required by any other provision of
this Agreement that establishes a percentage of the Limited Partners or of the Limited Partners of any class or series required to take any action, the General Partner or the Liquidator may exercise the power of attorney made in this

  
 19 

 

	 	
Section 2.6.1.2 only after the necessary vote, consent or approval of the Limited Partners or of the Limited Partners of such class or series, as applicable. 

Nothing contained in this Section 2.6.1 shall be construed as authorizing the General Partner to amend this Agreement except in
accordance with Article 17 or as may be otherwise expressly provided for in this Agreement. 
  

	 	2.6.2.	The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an interest, and it shall survive and not be affected by the subsequent
death, incompetency, disability, incapacity, dissolution, bankruptcy or termination of any Limited Partner or the transfer of all or any portion of such Limited Partner’s Partnership Interest and shall extend to such Limited Partner’s
heirs, successors, assigns and personal representatives. Each Limited Partner hereby agrees to be bound by any representation made by the General Partner or the Liquidator acting in good faith pursuant to such power of attorney; and each Limited
Partner hereby waives any and all defenses that may be available to it to contest, negate or disaffirm the action of the General Partner or the Liquidator taken in good faith under such power of attorney. Each Limited Partner shall execute and
deliver to the General Partner or the Liquidator, within 15 days after receipt of the General Partner’s or the Liquidator’s request therefor, such further designation, powers of attorney and other instruments as the General Partner or
the Liquidator deems necessary to effectuate this Agreement and the purposes of the Partnership. 

  

	2.7	Term 

 The Partnership
commenced upon the formation of the Partnership on January 5, 2012, pursuant to the Initial Limited Partnership Agreement, the Certificate of Limited Partnership and the Certificate of Exempted Partnership and shall continue in perpetual
existence until the termination of the Partnership in accordance with the provisions of Section 16.1. 
 ARTICLE 3

 CAPITAL CONTRIBUTIONS AND ISSUANCE OF PARTNERSHIP INTERESTS 

 

	3.1	Formation of the Partnership 

 In connection with the formation of the Partnership, the General Partner has been admitted as the General Partner of the Partnership and the Initial Limited Partner has been admitted as a Limited Partner
as of the date of the Initial Limited Partnership Agreement. 
  

	3.2	Initial Capital Contributions by the General Partner and the Initial Limited Partner 

 

	 	3.2.1.	The General Partner has made a Capital Contribution of $1,000 to the Partnership (“Initial GP Capital Contribution”) in exchange for 1000 General
Partner Units. The Initial Limited Partner has made a Capital Contribution of $1,000 to the Partnership (“Initial LP Capital Contribution”) in exchange for 1000 Units, which are designated as Class A Units.

  
 20 

 

	 	3.2.2.	Immediately prior to the Reorganization, 960 General Partner Units will be cancelled, and 960 Class A Units held by the Initial Limited Partner will be cancelled.

  

	3.3	Reorganization 

 The
Capital Contributions outlined in Schedule A will be made in connection with the Reorganization. 
  

	3.4	Interest and Withdrawal 

No interest on Capital Contributions shall be paid by the Partnership. No Partner shall be entitled to the withdrawal or return of its
Capital Contribution, except to the extent, if any, that distributions made pursuant to this Agreement or upon dissolution of the Partnership may be considered as such by Law and then only to the extent provided for in this Agreement. Except to the
extent expressly provided in this Agreement, no Partner shall have priority over any other Partner either as to the return of Capital Contributions or as to profits, losses or distributions. 

 

	3.5	Issuances of Additional Partnership Interests 

  

	 	3.5.1.	The Partnership may issue additional Partnership Interests (including new classes of Partnership Interests and options, rights, warrants and appreciation rights
relating to such Partnership Interests or class of Partnership Interests) for any Partnership purpose (including in connection with any distribution reinvestment plan and any payment of an Incentive Distribution pursuant to Section 5.5) at any
time and from time to time to such Persons for such consideration and on such terms and conditions as the General Partner shall determine in its sole discretion, all without the approval of any Limited Partners. 

 

	 	3.5.2.	Upon the issuance of any Class A Units to BPY pursuant to Section 3.9 hereof, the Capital Amount attributable to each such newly issued Class A Unit
shall equal the amount paid or contributed to the Partnership in respect of such Class A Unit. 

  

	 	3.5.3.	If the General Partner deems it necessary or advisable so as to preserve the economic preferences and rights of the Partners, upon or with respect to any issuance of
additional Units or General Partner Units (whether in connection with the issuance of Class A Units pursuant to Section 3.9 or otherwise), the General Partner may (subject to Section 11 of the Limited Partnership Act) adjust (which
adjustment may be upward or downward) the Capital Amount attributable to each Unit and General Partner Unit Outstanding prior to such issuance of new Units or General Partner Units to equal the amount that would be distributed pursuant to
Section 16.3.3 in respect of such Unit or General Partner Unit (as applicable) assuming the Partnership were liquidated at the end of the day immediately prior to such issuance of new Units or General Partners Units. 

 

	 	3.5.4.	 Except with respect to Class A Units issued to BPY pursuant to Section 3.9, and except as provided in Section 3.5.2 or
Section 3.5.3, each additional Partnership Interest authorized to be issued by the Partnership pursuant to Section 3.5.1 may be issued in one or more classes, or one or more series of any such classes, with such designations, preferences,
rights, powers and duties (which may be senior to existing classes and series of Partnership 

  
 21 

 

	 	
Interests), as shall be fixed by the General Partner in its sole discretion, including (i) the right to share in Partnership profits and losses or items thereof; (ii) the right to share
in Partnership distributions; (iii) the rights upon dissolution and liquidation of the Partnership; (iv) whether, and the terms and conditions upon which, the Partnership may or shall be required to redeem the Partnership Interest
(including sinking fund provisions); (v) whether such Partnership Interest is issued with the privilege of conversion or exchange and, if so, the terms and conditions of such conversion or exchange; (vi) the terms and conditions upon which
each Partnership Interest will be issued, evidenced by certificates and assigned or transferred; and (viii) the requirement, if any, of each such Partnership Interest to consent to certain partnership matters. 

 

	 	3.5.5.	The General Partner is hereby authorized to take all actions that it determines to be necessary or appropriate in connection with each issuance of Partnership Interests
and options, rights, warrants and appreciation rights relating to Partnership Interests pursuant to this Section 3.5, including the admission of additional Limited Partners in connection therewith and any related amendment of this Agreement,
and all additional issuances of Partnership Interests and options, rights, warrants and appreciation rights relating to Partnership Interests. The General Partner is authorized to do all things that it determines to be necessary or appropriate in
connection with any future issuance of Partnership Interests or options, rights, warrants or appreciation rights relating to Partnership Interests, including compliance with any Laws or guideline of any Governmental Authority.

  

	3.6	Pre-emptive Rights 

Unless otherwise determined by the General Partner, in its sole discretion, no Person shall have any pre-emptive, preferential or other
similar right with respect to the issuance of any Partnership Interest, whether unissued, held in the treasury or hereafter created. 
  

	3.7	Splits and Combinations 

  

	 	3.7.1.	Subject to Section 3.7.4, the Partnership may make a distribution of Partnership Interests to all Record Holders pro rata to their Percentage Interests or
may effect a subdivision or combination of Partnership Interests so long as, after any such event, each Partner shall have the same Percentage Interest in the Partnership as before such event. 

 

	 	3.7.2.	Whenever such a distribution, subdivision or combination of Partnership Interests or options, rights, warrants or appreciation rights relating to Partnership Interests
is declared, the General Partner shall select a Record Date as of which the distribution, subdivision or combination shall be effective and shall send notice thereof at least 20 days prior to such Record Date to each Record Holder as of a date
not less than 10 days prior to the date of such notice. The General Partner also may cause independent public accountants of international standing selected by it to calculate the number of Partnership Interests to be held by each Record Holder
after giving effect to such distribution, subdivision or combination. The General Partner shall be entitled to rely on any certificate provided by such firm as conclusive evidence of the accuracy of such calculation. 

  
 22 

 

	 	3.7.3.	Promptly following any such distribution, subdivision or combination, the Partnership may issue Certificates to the Record Holders of Partnership Interests or options,
rights, warrants or appreciation rights relating to Partnership Interests as of the applicable Record Date representing the new number of Partnership Interests or options, rights, warrants or appreciation rights relating to Partnership Interests
held by such Record Holders, or the General Partner may adopt such other procedures that it determines to be necessary or appropriate to reflect such changes. If any such combination results in a smaller total number of Partnership Interests
Outstanding or outstanding options, rights, warrants or appreciation rights relating to Partnership Interests, the Partnership shall require, as a condition to the delivery to a Record Holder of any such new Certificate, the surrender of any
Certificate held by such Record Holder immediately prior to such Record Date. 

  

	 	3.7.4.	The Partnership shall not be required to issue fractional Units upon any distribution, subdivision or combination of Units. If a distribution, subdivision or
combination of Units would result in the issuance of fractional Units but for the provisions of this Section 3.7.4, each fractional Unit shall be rounded to the nearest whole Unit, with each half Unit being rounded to the next higher Unit.

  

	3.8	Fully Paid and Non-Assessable Nature of Units 

 All Units issued pursuant to, and in accordance with the requirements of this Article 3 shall be fully paid and non-assessable Units in the Partnership. 

 

	3.9	Issuance of Units to BPY 

If, and to the extent that, BPY raises funds by way of the issuance of equity or debt securities, or otherwise, and is required under the
BPY Partnership Agreement to use the proceeds of such issuance of securities to subscribe for Class A Units, BPY shall, unless otherwise agreed by BPY and the Partnership, invest an amount equal to the gross proceeds of such issuance (the
“Gross Proceeds”) for a number of Class A Units (the “Subscription Number”) equal to (i) the quotient of the amount of the Gross Proceeds divided by the issue price of one BPY Unit (in the case of an issuance of BPY
Units) or the Market Value of one BPY Unit (in the case of an issuance of another security), multiplied by (ii) the inverse of the Exchange Ratio. 
 ARTICLE 4 
 ALLOCATIONS 

 

	4.1	Maintenance of Capital Accounts 

 The General Partner will maintain a separate capital account (a “Capital Account”) for each Partner in accordance with the following provisions: 

 

	 	4.1.1.	to each Partner’s Capital Account there shall be credited the amount of cash and the Gross Asset Value of any property contributed to the Partnership by such
Partner, such Partner’s distributive share of Net Income or any item in the nature of income or gain which is specially allocated pursuant to Section 4.4, and the amount of any Partnership liabilities assumed by such Partner or which are
secured by any property distributed to such Partner; 

  
 23 

 

	 	4.1.2.	to each Partner’s Capital Account there shall be debited the amount of cash and the Gross Asset Value of any property distributed to such Partner pursuant to any
provision of this Agreement, such Partner’s distributive share of Net Loss and any item in the nature of expense or loss which is specially allocated pursuant to Section 4.4, and the amount of any liabilities of such Partner assumed by the
Partnership or which are secured by any property contributed by such Partner to the Partnership; 

  

	 	4.1.3.	in the event all or a portion of an interest in the Partnership is transferred in accordance with the terms of this Agreement, the transferee shall succeed to the
Capital Account of the transferor to the extent that it relates to the transferred interest; and 

  

	 	4.1.4.	in determining the amount of any liability for the purposes of Sections 4.1.1 and 4.1.2 there shall be taken into account Code Section 752(c) and any other
applicable provisions of the Code and Treasury Regulations. 

 The provisions of this Section 4.1 and other
provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner consistent with such Treasury Regulations.

  

	4.2	Allocations – Overview 

 The rules set forth below in this Article 4 shall apply for the purpose of determining each Partner’s allocable share of the items of income, gain, loss and expense of the Partnership comprising
Net Income or Net Loss of the Partnership for each fiscal year or other period, determining special allocations of other items of income, gain, loss and expense, and adjusting the balance of each Partner’s Capital Account to reflect the
aforementioned general and special allocations. For each fiscal year or other period, the special allocations in Section 4.4 shall be made immediately prior to the general allocations of Section 4.3. 

 

	4.3	General Allocations 

  

	 	4.3.1.	The items of income, gain, loss and expense of the Partnership comprising Net Income or Net Loss for a fiscal year shall be allocated as of the end of such fiscal year
(and at such other times as it shall be necessary to allocate Net Income or Net Loss) among the Persons who were Partners during such fiscal year or other period in a manner that will, as nearly as possible, cause the Capital Account balance of each
Partner at the end of such fiscal year or other period to equal the excess (which may be negative) of: 

  

	 	4.3.1.1	 the amount of the hypothetical distribution (if any) that such Partner would receive if, on the last day of such fiscal year or other period,
(x) all Assets, including cash and any amount required to be contributed to the Partnership by the General Partner, were sold for cash in an amount equal to their Gross Asset Values, taking into account any adjustments thereto for such fiscal
year or other period, (y) all Partnership liabilities were satisfied in cash according to their terms (limited, with respect to each Nonrecourse Liability or any Partner Nonrecourse Debt in respect of such Partner, to the Gross Asset Values of
the assets securing 

  
 24 

 

	 	
such liability), and (z) the net proceeds thereof (after satisfaction of such liabilities) were distributed in full pursuant to Section 16.3.3, over 

 

	 	4.3.1.2	the sum of (x) the amount, if any, without duplication, that such Partner would be obligated to contribute to the capital of the Partnership, (y) such
Partner’s share of Partnership Minimum Gain determined pursuant to Treasury Regulations Section 1.704-2(g) and (z) such Partner’s share of Partner Nonrecourse Debt Minimum Gain determined pursuant to Treasury Regulations
Section 1.704-2(i)(5), all computed as of the hypothetical sale described in Section 4.3.1.1 above. 

  

	 	4.3.2.	Notwithstanding anything to the contrary in this Article 4, the amount of items of Partnership expense and loss allocated pursuant to Section 4.3.1 to any
Limited Partner shall not exceed the maximum amount of such items that can be so allocated without causing such Limited Partner to have an Adjusted Capital Account Deficit at the end of any fiscal year. All such items in excess of the limitation set
forth in this Section 4.3.2 shall be allocated first, to Partners who would not have an Adjusted Capital Account Deficit, pro rata, in proportion to their Capital Account balances, adjusted as provided in Sections 1.1.1.1 and
1.1.1.2, until no Partner would be entitled to any further allocation, and thereafter to the General Partner. 

  

	4.4	Special Allocations 

 The
following special allocations shall be made in the following order: 
  

	 	4.4.1.	In the event that there is a net decrease during a fiscal year in either Partnership Minimum Gain or Partner Nonrecourse Debt Minimum Gain, then notwithstanding any
other provision of this Article 4, each Partner shall receive such special allocations of items of Partnership income and gain as are required in order to conform to Treasury Regulations Section 1.704-2. 

 

	 	4.4.2.	Subject to Section 4.4.1, but notwithstanding any other provision of this Article 4, items of income and gain shall be specially allocated to the Partners in
a manner that complies with the “qualified income offset” requirement of Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(3). 

  

	 	4.4.3.	 In the event that a Partner has a deficit Capital Account balance at the end of any fiscal year which is in excess of the sum of (i) the amount
such Partner is then obligated to restore pursuant to this Agreement, and (ii) the amount such Partner is then deemed to be obligated to restore pursuant to the penultimate sentences of Treasury Regulations Sections 1.704-2(g)(1) and
1.704-2(i)(5), respectively, such Partner shall be specially allocated items of Partnership income and gain (consisting of a pro rata portion of each item of income and gain of the Partnership for such fiscal year in accordance with Treasury
Regulations Section 1.704-1(b)(2)(ii)(d)) in the amount of such excess as quickly as possible; provided, however, that any allocation under this Section 4.4.3 shall be made only if and to the extent that a Partner would have a
deficit Capital Account balance in excess of such sum after all 

  
 25 

 

	 	
allocations provided for in this Article 4 have been tentatively made as if this Section 4.4.3 were not in this Agreement. 

 

	 	4.4.4.	Partner Nonrecourse Deductions shall be specially allocated to the Partners in the manner in which they share the economic risk of loss (as defined in Treasury
Regulations Section 1.752-2) for such Partner Nonrecourse Debt. 

  

	 	4.4.5.	Each Nonrecourse Deduction of the Partnership shall be specially allocated to the Partners, pro rata, in proportion to their respective Percentage Interests.

  

	 	4.4.6.	The amounts of any Partnership income, gain, loss or expense available to be specially allocated pursuant to this Section 4.4 shall be determined by applying rules
analogous to those set forth in Section 1.1.81 as modified by Sections 1.1.81.1 through 1.1.81.5. 

  

	4.5	Allocation of Nonrecourse Liabilities 

 For purposes of determining each Partner’s share of Nonrecourse Liabilities, if any, of the Partnership in accordance with Treasury Regulations Section 1.752-3(a)(3), the Partners’ interest
in Partnership profits shall be determined in the same manner as prescribed by Section 4.4.5. 
  

	4.6	Transfer of Interest 

 In
the event of a transfer of all or part of any Partnership Interest (in accordance with the provisions of this Agreement) at any time other than the end of a fiscal year, or the admission of an additional Limited Partner in connection with the
issuance of additional Partnership Interests pursuant to Section 3.5, the shares of items of Net Income or Net Loss and specially allocated items allocable to the interest transferred shall be allocated between the transferor and the transferee
in a manner determined by the General Partner in its sole discretion that is not inconsistent with the applicable provisions of the Code and Treasury Regulations. 
  

	4.7	Allocations for U.S. Tax Purposes 

  

	 	4.7.1.	Each item of income, gain, loss, or deduction for U.S. federal income tax purposes that corresponds to an item of income, gain, loss or expense that is either taken
into account in computing Net Income or Net Loss or is specially allocated pursuant to Section 4.4 (a “Book Item”) shall be allocated among the Partners in the same proportion as the corresponding Book Item is allocated among them
pursuant to Section 4.3 or Section 4.4 hereof. 

  

	 	4.7.2.	 In the event any property of the Partnership is credited to the Capital Account of a Partner at a value other than its tax basis (whether as a result
of a contribution of such property or a revaluation of such property pursuant to Section 1.1.52.2), then allocations of taxable income, gain, loss and deductions with respect to such property shall be made in a manner which will comply with
Section 704(b) and Section 704(c) of the Code and the Treasury Regulations thereunder. The Partnership, in the discretion of the General Partner, 

  
 26 

 

	 	
may make, or not make, “curative” or “remedial” allocations (within the meaning of the Treasury Regulations under Section 704(c) of the Code) including, but not limited
to: 

  

	 	4.7.2.1	“curative” allocations which offset the effect of the “ceiling rule” for a prior fiscal year (within the meaning of Treasury Regulations
Section 1.704-3(c)(3)(ii)); and 

  

	 	4.7.2.2	“curative” allocations from dispositions of contributed property (within the meaning of Treasury Regulations Section 1.704-3(c)(3)(iii)(B)).

  

	 	4.7.3.	All tax credits shall be allocated among the Partners as determined by the General Partner in its sole and absolute discretion, consistent with applicable Law.

  

	4.8	Allocations for Canadian Federal Income Tax Purposes. 

  

	 	4.8.1.	The Income for Canadian Tax Purposes for a given fiscal year of the Partnership will be allocated to each Partner in an amount calculated by multiplying the Income for
Canadian Tax Purposes by a fraction, the numerator of which is the sum of the distributions received by such Partner with respect to such fiscal year and the denominator of which is the aggregate amount of the distributions made by the Partnership
to Partners with respect to such fiscal year. Generally, the source and character of items of income so allocated to a Partner with respect to a fiscal year of the Partnership will be the same source and character as the distributions received by
such Partner with respect to such fiscal year. 

  

	 	4.8.2.	If, with respect to a given fiscal year, no distribution is made by the Partnership or the Partnership has a loss for Canadian federal income tax purposes, one quarter
of the income, or loss, as the case may be, for Canadian federal income tax purposes of the Partnership for such fiscal year, will be allocated to the Partners of record at the end of each Quarter ending in such fiscal year pro rata to their
respective Percentage Interests at each such date. To such end, any Person who was a Partner at any time during such fiscal year but who has disposed of all of such Person’s Units before the last day of that fiscal year may be deemed to be a
Partner on the last day of such fiscal year for the purposes of subsection 96(1) of the Income Tax Act. Generally, the source and character of such income or losses so allocated to a Partner at the end of each Quarter will be the same source and
character as the income or loss earned or incurred by the Partnership in such Quarter. 

  

	 	4.8.3.	 Notwithstanding Sections 4.8.1 and 4.8.2, the gain(s) for Canadian Tax Purposes realized by the Partnership on the disposition of the common shares of
CanHoldco (the “CanHoldco Shares”) for any given fiscal year of the Partnership, in an aggregate amount equal to the amount of accrued gain on the CanHoldco Shares on the date of the transfer of the CanHoldco Shares to the
Partnership in connection with the Reorganization computed in accordance with the Income Tax Act, will be allocated to the Initial Limited Partner (or to the Initial Limited Partner and any member of the BPY Group to which the Initial Limited
Partner assigns any Partnership Interests in proportion to their respective holdings of the aggregate Partnership Interests held by them at the time of the disposition of the CanHoldco Shares or to the general partner of the Partnership if the
general partner is a member of the BPY Group at the time of allocation and no other members of the BPY Group hold any 

  
 27 

 

	 	
Partnership Interests of the Partnership at such time); provided, however, that any such gain(s) that exceed in the aggregate the amount of accrued gain on the CanHoldco Shares on the date of the
transfer of the CanHoldco Shares to the Partnership in connection with the Reorganization will be allocated in accordance with Sections 4.8.1 and 4.8.2. 

 

	4.9	Currency Translation 

Allocations of amounts other than in U.S. Dollars shall be converted into U.S. Dollars by the General Partner on such date as the General
Partner deems appropriate, using rates quoted by appropriate financial institutions of repute or by internationally recognized financial publications or news services to fix the rate of translation. 

 

	4.10	Authority of General Partner 

 Except as otherwise specifically provided by this Agreement, all decisions and other matters concerning (i) the computation and allocation of specific items of income, gain, expense or loss among the
Partners and (ii) accounting procedures to be employed by the Partnership shall be determined in good faith by the General Partner, which determination shall be final and conclusive as to all Partners. In furtherance of the foregoing, the
General Partner may adjust allocations of items that would otherwise be made pursuant to the terms of this Agreement to the extent necessary to (A) comply with the requirements of the Code and Treasury Regulations (including the requirements of
Section 704(b) and Section 704(c) of the Code and the Treasury Regulations promulgated thereunder), (B) comply with the requirements of the Income Tax Act, (C) reflect the Partners’ interests in the Partnership or
(D) consistently reflect the distributions made by the Partnership to the Partners pursuant to the terms of this Agreement. The General Partner may make or revoke, but shall not be obligated to make or revoke, any tax election provided for
under the Code, or any provision of state, local or non-U.S. tax Law or under the Income Tax Act. 
 ARTICLE 5

 DISTRIBUTIONS 
  

	5.1	In General 

 Subject to
this Article 5 and Section 16.3.3, the General Partner may in its sole discretion make distributions at any time or from time to time to the Partners in accordance with their Percentage Interests. Such payment shall constitute full payment
and satisfaction of the Partnership’s liability in respect of such payment, regardless of any claim of any Person who may have an interest in such payment by reason of an assignment or otherwise. For the avoidance of doubt, BPY, the Property
Partnership or one or more of the Holding Entities may (but none is obligated to) borrow money in order to obtain sufficient cash in order to make a distribution. The amount of Taxes withheld or paid by the Partnership or another member of the BPY
Group in respect of taxable income allocated to a Partner shall be treated as a distribution to such Partner. 

  
 28 

 

	5.2	Distributions Prior to Dissolution 

  

	 	5.2.1.	Prior to the dissolution of the Partnership pursuant to Section 16.1, distributions of Available Cash shall be made pursuant to this Section 5.2. Any
distribution to the General Partner pursuant to Sections 5.2.2.5 to 5.2.2.6 shall be made to the General Partner in its capacity as the general partner and without regard to the number of General Partner Units held by the General Partner.

  

	 	5.2.2.	Subject to Section 5.2.3 and Section 5.2.4, any distributions of Available Cash made by the Partnership with respect to any Quarter shall be distributed:

  

	 	5.2.2.1	first, 100% to BPY until there has been distributed pursuant to this Section 5.2.2.1 an amount equal to the amount of BPY’s outlays and expenses for the
Quarter properly incurred; 

  

	 	5.2.2.2	second, 100% to all Redemption-Exchange Unitholders pro rata in proportion to their respective Percentage Interests (which, for purposes of this
Section 5.2.2.2, will be calculated using Redemption-Exchange Units only) (which distribution will be treated as having been made pursuant to Sections 5.2.2.4 or 5.2.2.5, as applicable) all amounts that have been deferred in previous Quarters
pursuant to Section 5.2.3 and not yet recovered; 

  

	 	5.2.2.3	third, 100% to the General Partner until an amount equal to the Equity Enhancement Distribution has been distributed pursuant to this Section 5.2.2.3;

  

	 	5.2.2.4	fourth, 100% to all Partners pro rata in proportion to their respective Percentage Interests until there has been distributed pursuant to this
Section 5.2.2.3 in respect of each Unit Outstanding as of the last day of such Quarter an amount equal to the First Distribution Threshold; 

  

	 	5.2.2.5	fifth, (i) 85% to all the Partners pro rata in proportion to their respective Percentage Interests and, (ii) 15% to the General Partner until there has
been distributed pursuant to this Section 5.2.2.5 in respect of each Unit Outstanding as of the last day of such Quarter an amount equal to the excess of (a) the Second Distribution Threshold over (b) the First Distribution Threshold;
and 

  

	 	5.2.2.6	thereafter, (i) 75% to all Partners pro rata in proportion to their respective Percentage Interests and, (ii) 25% to the General Partner.

  

	 	5.2.3.	Notwithstanding Sections 5.2.2: 

  

	 	5.2.3.1	 for any Quarter in which the General Partner determines, in its sole discretion, there is insufficient Available Cash to pay the Equity Enhancement
Distribution pursuant to Section 5.2.2.3, the General Partner may elect to pay all or a portion of the distribution pursuant to Section 5.2.2.3 in Redemption-Exchange Units equal to the amount in cash that the General Partner has elected
to be paid in respect of Section 5.2.2.3 in Redemption-Exchange Units divided by 

  
 29 

 

	 	
the Market Value of a BPY Unit on the date that the General Partner makes such election, provided that (A) any such election shall be made within 45 days following the end of the applicable
Quarter and (B) no fractional Redemption-Exchange Units will be issued, and such number will be rounded down to the nearest whole number with the remainder payable to the General Partner in cash; 

 

	 	5.2.3.2	if the General Partner determines in its sole discretion that, with respect to any Quarter, there is insufficient Available Cash to distribute in respect of each Unit
Outstanding as of the last day of such Quarter an amount equal to the then current distribution level, then the General Partner may elect to defer all or a portion of the amounts distributable pursuant to such level in respect of each
Redemption-Exchange Unit and instead distribute (A) first, up to an amount not to exceed the then current distribution level to all Partners holding Class A Units pro rata in proportion to their respective Percentage Interest (which, for
purposes of this Section 5.2.3.2, will be calculated using Class A Units only) which distribution will be treated as having been made to holders of Class A Units pursuant to Sections 5.2.2.4 or 5.2.2.5, as applicable, and
(B) second, the difference, if any, between the amounts distributable pursuant to such then current distribution level in respect of each Redemption-Exchange Unit (after giving effect to clause (A) above) and the amount the General Partner
elects to defer pursuant to such level in respect of each Redemption-Exchange Unit, to all Partners holding Redemption-Exchange Units pro rata in proportion to their respective Percentage Interest (which, for purposes of this Section 5.2.3.2,
will be calculated using Redemption-Exchange Units only) which distribution will be treated as having been made to holders of Redemption-Exchange Units pursuant to Sections 5.2.2.4 or 5.2.2.5, as applicable; and 

 

	 	5.2.3.3	in any Quarter the General Partner may, in its sole discretion, waive the requirement to make distributions of Available Cash to the General Partner pursuant to clause
(ii) in Sections 5.2.2.4 and 5.2.2.5. 

  

	 	5.2.4.	Available Cash that is deemed by the General Partner to be cash from Interim Capital Transactions and representative of unrecovered capital (“Capital
Surplus”) shall be distributed: 

  

	 	5.2.4.1	first, to Partners pro rata in proportion to the Unrecovered Capital Amounts attributable to the Units and General Partner Units held by the Partners until the
Unrecovered Capital Amount attributable to each Unit and General Partner Unit is equal to zero; and 

  

	 	5.2.4.2	thereafter, in accordance with Section 5.2.2. 

  

	5.3	Distributions on or After Dissolution 

 Upon a dissolution of the Partnership pursuant to Section 16.1, distributions shall be made in the manner prescribed in Section 16.3.3 hereof. 

  
 30 

 

	5.4	Adjustment to Incentive Distributions Payable to General Partner 

  

	 	5.4.1.	The General Partner shall maintain a notional account (as adjusted pursuant to this Section 5.4, the “Incentive Distribution Account”) that will
track the amount of Incentive Distributions that have been paid or are payable in respect of any period following the Closing Date by any Operating Entity or Holding Entity to any member of the Brookfield Group with respect to the Partnership’s
Invested Capital in such Operating Entity or Holding Entity (“Underlying Incentive Distributions”). 

  

	 	5.4.2.	Notwithstanding anything to the contrary in this Article 5, any amounts otherwise payable to the General Partner pursuant to clause (ii) of either
Section 5.2.2.5 or Section 5.2.2.6 shall, subject to Section 5.4.3, be reduced by (but will not be less than zero) any amount in the Incentive Distribution Account at the time of the distribution (any such amount, once applied to
reduce amounts otherwise payable, is referred to as an “Applied Incentive Amount”). 

  

	 	5.4.3.	The amount of any reduction pursuant to Section 5.4.2 in the amounts otherwise payable to the General Partner shall be adjusted on an equitable basis as necessary
in order to take into account the benefit that Limited Partners would have received had the Underlying Incentive Distributions not been paid or payable. 

  

	 	5.4.4.	The Incentive Distribution Account shall be adjusted from time to time to deduct the amount of any Applied Incentive Amount or any clawback or similar amount paid or
contributed to an Operating Entity or Holding Entity in respect of an Underlying Incentive Distribution. For greater certainty, it is acknowledged that the Incentive Distribution Account may be negative as a result of the adjustment for such
clawback or similar amount. In no event will a negative balance in the Incentive Distribution Account require a payment to the General Partner. 

  

	 	5.4.5.	Any amounts in the Incentive Distribution Account shall be taken into account in a similar manner to the foregoing in effecting distributions pursuant to
Section 16.3.3. 

  

	5.5	Distributions Paid in the Form of Redemption Exchange Units 

 The General Partner may elect, at its sole discretion, to reinvest the distribution amounts paid or payable by the Partnership to the General Partner, as contemplated by Section 5.2.2.3 or by clause
(ii) of either Section 5.2.2.5 or Section 5.2.2.6 in exchange for a number of Redemption-Exchange Units issued by the Partnership to the General Partner equal to the amount of cash that would otherwise be paid to the General Partner
divided by the Market Value of a BPY Unit on the date that the distribution is declared. 
  

	5.6	Prohibition on Distributions 

 The General Partner shall not cause the Partnership to make any distribution of Available Cash pursuant to this Article 5: 

 

	 	5.6.1.	unless there is sufficient cash available therefor (including as a result of borrowing); 

  
 31 

 

	 	5.6.2.	which would render the Partnership unable to pay its debts as and when they fall due; or 

 

	 	5.6.3.	which, in the opinion of the General Partner, would or might leave the Partnership with insufficient funds to meet any future or contingent obligations or which would
contravene the Limited Partnership Act. 

 ARTICLE 6 

REDEMPTION-EXCHANGE RIGHTS 
  

	6.1	Redemption-Exchange Rights 

  

	 	6.1.1.	Subject to Section 6.1.3, the Redemption-Exchange Units entitle a Redemption-Exchange Unitholder to redeem all or any portion of its Redemption-Exchange Units in
accordance with this Article 6 at any time after the second anniversary of the Closing Date. 

  

	 	6.1.2.	Subject to the provisions of this Agreement, a Redemption-Exchange Unitholder may require the Partnership to redeem all or any portion of the Redemption-Exchange Units
(the “Redemption Right”) for an amount of cash equal to the Redemption Amount. Each Redemption-Exchange Unit to be redeemed by the Redemption-Exchange Unitholder must be tendered in accordance with the procedures set out in
Section 6.2. 

  

	 	6.1.3.	Subject to the provisions of this Agreement, BPY shall have the right (the “Exchange Right”), which shall be exercisable after presentation of the
Redemption Notice in accordance with Section 6.2, to elect to acquire all (but not less than all) the Redemption-Exchange Units to be redeemed under the Redemption Notice in consideration for the Applicable Number of BPY Units.

  

	6.2	Redemption and Exchange Procedures 

  

	 	6.2.1.	In order to exercise its Redemption Right, a Redemption-Exchange Unitholder shall deliver to the Partnership and BPY a notice (the “Redemption Notice”)
of its intention to redeem the Redemption-Exchange Units that contains all relevant information (including the Redemption-Exchange Date), and that is presented together with all related certificates and documents that the Partnership or BPY may
reasonably require or as may be required by applicable Law to effect the Redemption Right, including the certificates representing the Redemption-Exchange Units being redeemed. 

 

	 	6.2.2.	At any time within two Business Days from the date of BPY’s receipt of the Redemption Notice, BPY may elect to exercise the Exchange Right with respect to all (but
not less than all) of the Redemption-Exchange Units to be redeemed pursuant to the Redemption Notice and shall give written notice to the Partnership and to the Redemption-Exchange Unitholder of such election (the “Exchange
Notice”). The Exchange Notice shall contain all relevant information, and shall be presented together with all related certificates and documents that the Partnership and Redemption-Exchange Unitholder may reasonably require or as may be
required by applicable Law to effect the Exchange Right. 

  
 32 

 

	 	6.2.3.	If BPY exercises its Exchange Right, on the Redemption-Exchange Date, BPY will acquire the number of Redemption-Exchange Units specified in the Redemption Notice in
exchange for the Applicable Number of BPY Units. BPY shall take all steps necessary under the BPY Partnership Agreement to effect the issuance of the Applicable Number of BPY Units to the Redemption-Exchange Unitholder, including by issuing a
certificate in the name of the Redemption-Exchange Unitholder upon request and subject to the terms of the BPY Partnership Agreement. The General Partner and the Partnership shall take all steps necessary under this Agreement to effect the transfer
of the Redemption-Exchange Units specified in the Redemption Notice to BPY, including the register of such transfer in the Partnership’s register of Limited Partners and, upon request, by issuing a new certificate in the name of BPY
representing the Redemption-Exchange Units transferred to BPY in accordance with this Article 6, without expense to BPY. 

  

	 	6.2.4.	If BPY does not exercise its Exchange Right, on the Redemption-Exchange Date, for each Redemption-Exchange Unit that is presented by the Redemption-Exchange Unitholder
for redemption, the Partnership will pay to the Redemption-Exchange Unitholder cash in an amount equal to the Redemption Amount. Upon the surrender of certificates representing more Redemption-Exchange Units than the number of Redemption-Exchange
Units to be redeemed under the Redemption Notice, the holder thereof will be entitled, upon request, to receive from the Partnership forthwith, without expense to such holder, a new certificate representing the Redemption-Exchange Units not being
redeemed at that time. 

  

	6.3	Redemption-Exchange Date 

The date specified in any Redemption Notice (the “Redemption-Exchange Date”) must be a Business Day and must not be less
than five Business Days nor more than twenty Business Days after the date upon which the Redemption Notice is received by the Partnership and BPY. If no such Business Day is specified in the Redemption Notice, the Redemption-Exchange Date shall be
deemed to be the fifth Business Day after the date on which the Redemption Notice is received by the Partnership and BPY. 
  

	6.4	Withdrawal of Exercise 

At any time prior to the applicable Redemption-Exchange Date, any Redemption-Exchange Unitholder who delivers a Redemption Notice to the
Partnership will be entitled to withdraw such Redemption Notice. 
  

	6.5	Effect of Exercise of the Redemption-Exchange Right 

  

	 	6.5.1.	If the Redemption Right has been exercised, at 8:30 a.m. (Bermuda time) on the Redemption-Exchange Date: 

 

	 	6.5.1.1	the closing of the redemption contemplated by the Redemption Notice or, if applicable, the closing of the exchange contemplated by the Exchange Notice will be deemed to
have occurred; 

  

	 	6.5.1.2	 any Redemption-Exchange Unitholder who exercised the Redemption Right will cease to be a holder of such Redemption-Exchange Units and will not

  
 33 

 

	 	
be entitled to exercise any of the rights in respect of such Redemption-Exchange Units, other than the right to receive the Redemption Amount or the Applicable Number of BPY Units deliverable
hereunder and any right to receive distributions payable in respect of such Redemption-Exchange Units for any Quarter ending prior to the Redemption-Exchange Date; 

 

	 	6.5.1.3	immediately following the closing of the exchange contemplated by Section 6.5.1.1, if applicable, BPY shall exchange the Redemption-Exchange Units for Class A
Units on a one for one basis and, in addition to any other Units previously held by BPY, BPY will be considered and deemed for all purposes to be the holder of the number of Class A Units equal to the number of Redemption-Exchange Units
exchanged pursuant to the Exchange Right; and 

  

	 	6.5.1.4	other than as specifically contemplated herein, the BPY Units issued to any Redemption-Exchange Unitholder pursuant to Section 6.2.2 will be issued in accordance
with the BPY Partnership Agreement. 

 ARTICLE 7 

REDEMPTION AMOUNT AND EXCHANGE RATIO 
  

	7.1	Redemption Amount 

Subject to Section 8.2, the “Redemption Amount” shall be either (i) the product of (a) the Market Value
of one BPY Unit multiplied by the number of Redemption-Exchange Units specified in a Redemption Notice to be redeemed and (b) the Exchange Ratio or (ii) such other amount of cash as may be agreed by the relevant Redemption Exchange
Unitholder and the Partnership. 
  

	7.2	Exchange Ratio and Adjustments 

 The “Exchange Ratio” shall initially be one and shall be adjusted from time to time pursuant to Sections 8.1 or 8.2. 

ARTICLE 8 
 ADJUSTMENTS 
  

	8.1	Unit Reorganization 

 In
the event that there is any change in the number of Redemption-Exchange Units or BPY Units Outstanding from time to time as a result of a subdivision, consolidation, reclassification, capital reorganization or similar change in the
Redemption-Exchange Units or the BPY Units, as the case may be (each such event, a “Unit Reorganization”), the Exchange Ratio shall be adjusted to be the number of BPY Units that would be received in respect of one
Redemption-Exchange Unit immediately following the Unit Reorganization as if the Redemption Right and the Exchange Right had been exercised in respect of such Redemption-Exchange Unit immediately before the Unit Reorganization. 

  
 34 

 

	8.2	Unit Reclassification 

In the event that there is any consolidation, amalgamation, arrangement, merger or other form of combination of BPY with or into any
other entity resulting in a reclassification of the Outstanding BPY Units (“Unit Reclassification”), then the Exchange Ratio will be adjusted in a manner approved by the General Partner, acting reasonably, to ensure that:

  

	 	8.2.1.	the Redemption-Exchange Unitholders would receive the amount of cash equal to the Market Value (or, if no Market Value is available, the fair market value) of the
securities that such Redemption-Exchange Unitholder would have been entitled to receive pursuant to the Unit Reclassification if, on the effective date of such Unit Reclassification, the holders had been the registered holders of the number of BPY
Units that they would have received had such Redemption-Exchange Units been exchanged for the Applicable Number of BPY Units pursuant to the Exchange Right immediately before the effective date of the Unit Reclassification; and

  

	 	8.2.2.	the Redemption-Exchange Unitholders would receive the securities that such Redemption-Exchange Unitholders would have been entitled to receive pursuant to the Unit
Reclassification if, on the effective date of the Unit Reclassification, the holders had been the registered holders of the number of BPY Units that they would have received had such Redemption-Exchange Units been exchanged for the Applicable Number
of BPY Units pursuant to the Exchange Right immediately before the effective date of the Unit Reclassification. 

  

	8.3	Adjustments Cumulative 

The adjustments to the Exchange Ratio provided for in Section 8.1 and 8.2 shall be cumulative. 

ARTICLE 9 
 MANAGEMENT AND OPERATION OF PARTNERSHIP 
  

	9.1	Management 

  

	 	9.1.1.	The General Partner shall conduct, direct and manage all activities of the Partnership. Except as otherwise expressly provided in this Agreement, all management powers
over the activities and affairs of the Partnership shall be exclusively vested in the General Partner, and no Limited Partner shall have any management power over the activities and affairs of the Partnership. In addition to the powers now or
hereafter granted a general partner of a limited partnership under applicable Law or that are granted to the General Partner under any other provision of this Agreement, the General Partner, subject to Section 9.2, shall have full power and
authority to do all things and on such terms as it determines, in its sole discretion, to be necessary or appropriate to conduct the activities and affairs of the Partnership, to exercise all powers set forth in Section 2.3 and to effectuate
the purposes set forth in Section 2.2. 

  

	 	9.1.2.	 In exercising its authority under this Agreement, the General Partner may, but shall be under no obligation to, take into account the tax consequences
to any Partner 

  
 35 

 

	 	
(including the General Partner) of any action taken (or not taken) by it. The General Partner and the Partnership shall not have any liability to a Limited Partner for monetary damages or
otherwise for losses sustained, liabilities incurred or benefits not derived by such Limited Partner in connection with such decisions so long as the General Partner has acted pursuant to its authority under this Agreement. 

 

	 	9.1.3.	Notwithstanding any other provision of this Agreement, the Limited Partnership Act, the Exempted Partnerships Act or any applicable Law, each Person who is a Partner on
the date hereof and each other Person who may acquire a Partnership Interest hereby: (i) approves, ratifies and confirms the execution, delivery and performance by the parties thereto of the Master Services Agreement, the Relationship Agreement
and the other agreements described in or contemplated by the Registration Statement; (ii) agrees that the General Partner (on its own or through any officer of the Partnership) is authorized to execute, deliver and perform the agreements
referred to in clause (i) of this sentence and the other agreements, acts, transactions and matters described in or contemplated by the Registration Statement on behalf of the Partnership without any further act, approval, or vote of the
Persons who are Partners on the date hereof or the other Persons who may acquire a Partnership Interest; and (iii) agrees that the execution, delivery or performance by the General Partner, the Managers or any Affiliate of any of them, of this
Agreement, the Master Services Agreement, the Relationship Agreement or any agreement authorized or permitted under such agreements, shall not constitute a breach by the General Partner of any duty that the General Partner may owe the Partnership or
the Limited Partners or any other Persons under this Agreement (or any other agreements) or of any duty existing at Law, in equity or otherwise. 

  

	9.2	Restrictions on General Partner’s Authority 

 Except as provided in Article 16, the General Partner may not cause the Partnership to sell, exchange or otherwise dispose of all or substantially all of the BPY Group’s assets or the Assets,
taken as a whole, in a single transaction or a series of related transactions without the prior approval of the holders of a majority of the voting power of Outstanding Units; provided however that this provision shall not preclude or limit the
General Partner’s ability, in its sole discretion, to mortgage, pledge, hypothecate or grant a security interest in all or substantially all of the assets of the BPY Group or the Assets (including for the benefit of Persons who are not members
of the BPY Group and Affiliates of the General Partner) and shall not apply to any forced sale of any or all of the assets of the BPY Group or the Assets pursuant to the foreclosure of, or other realization upon, any such encumbrance. The General
Partner shall not, on behalf of the Partnership, except as permitted under Section 13.6, Section 15.1 and Section 15.2, elect or cause the Partnership to elect a successor general partner of the Partnership. 

 

	9.3	Reimbursement of Partnership Expenses 

  

	 	9.3.1.	Except as provided in this Agreement, the General Partner shall not be compensated for its services as General Partner of the Partnership. 

  
 36 

 

	 	9.3.2.	The General Partner shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine in its sole discretion, for (i) all direct and
indirect expenses it incurs or payments it makes on behalf of the Partnership (including amounts paid to any Person to perform services for the Partnership or for the General Partner in the discharge of its duties to the Partnership), and
(ii) all other necessary or appropriate expenses allocable to the Partnership or otherwise reasonably incurred by the General Partner in connection with conducting the Partnership’s affairs (including expenses allocated to the General
Partner by its Affiliates). The General Partner shall determine the fees and expenses that are allocable to the Partnership in any reasonable manner determined by the General Partner in its sole discretion. Reimbursements pursuant to this
Section 9.3 shall be in addition to any reimbursement to the General Partner as a result of indemnification pursuant to Section 9.6. 

  

	9.4	Outside Activities 

  

	 	9.4.1.	The General Partner shall, for so long as it is the general partner of the Partnership, maintain as its sole activity the activity of acting as the general partner of
the Partnership and undertaking activities that are ancillary or related thereto. The General Partner is not permitted to engage in any business or activity or incur or guarantee any debts or liabilities except in connection with or incidental to
its performance as general partner as described above or incurring, guaranteeing, acquiring, owning or disposing of debt or equity securities of any other member of the BPY Group. 

 

	 	9.4.2.	Each Indemnified Party (other than the General Partner) shall have the right to engage in businesses of every type and description and other activities for profit, and
to engage in and possess interests in business ventures of any and every type or description, irrespective of whether (i) such activities are similar to those activities of the General Partner, the Partnership or any other member of the BPY
Group, or (ii) such businesses and activities directly compete with, or disfavor or exclude, the Partnership, the General Partner or any other member of the BPY Group. Such business interests, activities and engagements shall be deemed not to
constitute a breach of this Agreement or any duties stated or implied by Law or equity, including fiduciary duties, owed to any of the General Partner, the Partnership (or any of their respective investors) or any other member of the BPY Group (or
any of their respective investors) and shall be deemed not to be a breach of the General Partner’s fiduciary duties or any other obligation of any type whatsoever of the General Partner. None of the General Partner, the Partnership or any other
member of the BPY Group or any other Person shall have any rights by virtue of this Agreement or the partnership relationship established hereby or otherwise in any business ventures of an Indemnified Party. 

 

	 	9.4.3.	The General Partner and the Indemnified Parties shall have no obligation hereunder or as a result of any duties stated or implied by Law or equity, including fiduciary
duties, to present business or investment opportunities to the Partnership, the Limited Partners or any member of the BPY Group. 

  

	 	9.4.4.	 The Affiliates of the General Partner shall have no obligation to (i) permit the Partnership or any other member of the BPY Group to use any
facilities or assets of the 

  
 37 

 

	 	
Affiliates of the General Partner (other than the Assets), except as may be provided in contracts, agreements or of the arrangements entered into from time to time specifically dealing with such
use, or (ii) to enter into such contracts, agreements or other arrangements. 

  

	 	9.4.5.	Notwithstanding anything to the contrary in this Section 9.4, nothing in this Section 9.4 shall affect any obligation of an Indemnified Party to present a
business or investment opportunity to the Partnership, the General Partner or any other member of the BPY Group pursuant to a separate written agreement between such Indemnified Party and the Partnership, the General Partner or any other member of
the BPY Group. 

  

	9.5	Disclosure of Interests 

  

	 	9.5.1.	The General Partner, its Affiliates and their respective partners, members, shareholders, directors, officers, employees and shareholders (each hereinafter referred to
as an “Interested Party”) may become Limited Partners or beneficially interested in Limited Partners in the Partnership and may hold, dispose of or otherwise deal with Units with the same rights they would have if the General
Partner were not party to this Agreement. 

  

	 	9.5.2.	An Interested Party shall not be liable to account either to other Interested Parties or to the Partnership, the Partners or any other Persons for any profits or
benefits made or derived by or in connection with any transaction contemplated by Section 9.4.2. 

  

	 	9.5.3.	An Interested Party may sell investments to, purchase Assets from, vest Assets in and contract or enter into any contract, arrangement or transaction with the
Partnership, any other member of the BPY Group or any other Person whose securities are held directly or indirectly by or on behalf of the Partnership or another member of the BPY Group, including any contract, arrangement or transaction relating to
any financial, banking, investment banking, insurance, secretarial or other services, and may be interested in any such contract, transaction or arrangement and shall not be liable to account either to the Partnership, any other member of the BPY
Group or any other Person in respect of any such contract, transaction, arrangement or interest, or any benefits or profits made or derived therefrom, by virtue only of the relationship between the parties concerned, provided that nothing herein
contained shall permit an Interested Party or Limited Partner to enter into any such contract, transaction or arrangement as aforesaid, unless the terms thereof are permitted by or approved in accordance with the provisions of the Governing
Instruments of the General Partner. 

  

	 	9.5.4.	Without limiting the generality of the foregoing, an Interested Party or Limited Partner may enter into any contract, transaction or arrangement with any member of the
BPY Group to provide advice or services, including investment management, monitoring or oversight services, services with respect to corporate finance matters and valuations, services relating to the arrangement of new financing, mergers and
acquisitions, services relating to the provision of directors or other manager of a Person and other investment banking services, including introduction and transaction organization services. 

  
 38 

 

	9.6	Indemnification 

  

	 	9.6.1.	The General Partner and any of its Affiliates, and their respective officers, directors, agents, shareholders, partners, members and employees, any Person who serves on
the board of directors or other Governing Body of any member of the BPY Group, and any Person that the General Partner designates as an indemnified person (each, an “Indemnified Party”) shall, to the fullest extent permitted by Law,
be indemnified on an after Tax basis out of the Assets (and the General Partner shall be entitled to grant indemnities on behalf of the Partnership, and to make payments out of the Assets, to any Indemnified Party in each case in accordance with
this Section 9.6) against any and all losses, claims, damages, liabilities, costs and expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements and other amounts (collectively,
“Liabilities”) arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, in which any Indemnified Party is or may be involved, or is threatened to be involved,
as a party or otherwise, in connection with the investments and activities of the Partnership or by reason of such Person being the General Partner, or an Affiliate of the General Partner, or an officer, director, agent, shareholder, partner, member
or employee of the General Partner or an Affiliate of the General Partner, or a Person who serves on the board of directors or other Governing Body of any member of the BPY Group, provided that no such Indemnified Party shall be so indemnified, with
respect to any matter for which indemnification is sought, to the extent that a court of competent jurisdiction determines pursuant to a final and non-appealable judgment that, in respect of such matter, the Indemnified Party acted in bad faith or
engaged in fraud or willful misconduct, or in the case of a criminal matter, action that the Indemnified Party knew to be unlawful. An Indemnified Party shall not be denied indemnification in whole or in part under this Section 9.6 because the
Indemnified Party had an interest in the transaction with respect to which indemnification applies if the transaction was otherwise permitted by the terms of this Agreement. 

 

	 	9.6.2.	To the fullest extent permitted by Law, amounts incurred in respect of Liabilities incurred by an Indemnified Party in defending any claim, demand, action, suit or
proceeding, whether civil, criminal, administrative or investigative, shall from time to time be advanced by the Partnership prior to a determination that the Indemnified Party is not entitled to be indemnified, upon receipt by the Partnership of an
undertaking by or on behalf of the Indemnified Party to repay such amount if it shall be determined that the Indemnified Party is not entitled to be indemnified as provided by the proviso of Section 9.6.1. 

 

	 	9.6.3.	The indemnification provided by this Section 9.6 shall be in addition to any other rights to which an Indemnified Party may be entitled under any agreement
(including the Master Services Agreement), as a matter of the Law or otherwise, both as to actions in the Indemnified Party’s capacity as an Indemnified Party and as to actions in any other capacity, and shall continue as to any Indemnified
Party who has ceased to serve in the capacity in which such Indemnified Party became entitled to indemnification under this Section 9.6, and shall enure to the benefit of such Person’s heirs, successors, assigns and administrators. The
indemnification provisions of this Section 9.6 are for the benefit of each Indemnified Party, its heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Person.

  
 39 

 

	 	9.6.4.	No amendment, modification or repeal of this provision or any other provision of this Agreement shall in any manner terminate, reduce or impair the right of any past,
present or future Indemnified Party to be indemnified by the Partnership or the obligations of the Partnership to indemnify any such Indemnified Party under and in accordance with the provisions of this Agreement as in effect immediately prior to
such amendment, modification or repeal with respect to any claim, demand, action, suit or proceeding, whether civil, criminal, administrative or investigative, arising from or relating to matters occurring, in whole or in part, prior to such
amendment, modification or repeal, regardless of when such claim, demand, action, suit or proceeding may arise or be asserted. 

  

	 	9.6.5.	Notwithstanding anything to the contrary in this Agreement, (i) no Indemnified Party shall be liable to the Partnership, any Partner or any other Person who has
acquired an interest in a Partnership Interest for any Liabilities sustained or incurred by such Person as a result of any act or omission of the Indemnified Party, except to the extent there has been a final and non-appealable judgment entered by a
court of competent jurisdiction determining that such Liabilities resulted from the Indemnified Party’s bad faith, fraud, wilful misconduct, or in the case of a criminal matter, actions with knowledge that the conduct was unlawful, and
(ii) any matter that is approved by a majority of the members of the Independent Committee shall not constitute a breach of this Agreement or any duties to the Partnership or to the Partners stated or implied by Law or equity, including
fiduciary duties. 

  

	 	9.6.6.	To the extent that an Indemnified Party has any duties to the Partnership or to the Partners, including fiduciary duties, such Indemnified Party acting in connection
with the Partnership’s activities or affairs shall not be liable to the Partnership or to any Partner for its good faith reliance on the provisions of this Agreement. 

 

	 	9.6.7.	Any amendment, modification or repeal of this Section 9.6 (or that otherwise affects this Section 9.6) that limits its scope shall be prospective only and
shall not in any way affect the limitations on the liability of the Indemnified Parties under this Section 9.6 as in effect immediately prior to such amendment, modification or repeal with respect to any claim, demand, action, suit or
proceeding, whether civil, criminal, administrative or investigative, arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claim, demand, action, suit or
proceeding may arise or be asserted, provided that the Indemnified Party became an Indemnified Party hereunder prior to such amendment, modification or repeal. 

 

	 	9.6.8.	The provisions of this Section 9.6 shall survive the dissolution of the Partnership. 

 

	9.7	Resolution of Conflicts of Interest 

  

	 	9.7.1.	Notwithstanding anything to the contrary in this Agreement, conflicts of interest and potential conflicts of interest that are approved by a majority of the members of
the Independent Committee from time to time are hereby approved by all Partners. 

  

	 	9.7.2.	 The parties acknowledge and agree that the Independent Committee may grant approvals for any matters that may give rise to a conflict of interest or
potential conflict of interest pursuant to the guidelines, policies or procedures adopted by the Independent 

  
 40 

 

	 	
Committee at the date hereof and as amended from time to time with the approval of a majority of the members of the Independent Committee (the “Conflicts Guidelines”), and if and
to the extent that such matters are permitted by the Conflicts Guidelines, no further special approval will be required in connection with such matter permitted thereby. 

 

	9.8	Other Matters Concerning the General Partner 

  

	 	9.8.1.	The General Partner may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, bond, debenture, or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

 

	 	9.8.2.	The General Partner may consult with legal counsel, accountants, appraisers, management consultants, investment bankers and other consultants and advisers selected by
it, and any act taken or omitted to be taken in reliance upon the opinion (including an Opinion of Counsel) of such Persons as to matters that such General Partner reasonably believes to be within such Person’s professional or expert competence
shall be conclusively presumed to have been done or omitted in good faith and in accordance with such opinion. 

  

	 	9.8.3.	The General Partner shall have the right, in respect of any of its powers or obligations hereunder, to act through any of its duly authorized officers of the General
Partner or any duly appointed attorney or attorneys-in-fact. Each such attorney shall, to the extent provided by the General Partner in the power of attorney, have full power and authority to do and perform each and every act and duty that is
permitted or required to be done by the General Partner hereunder. 

  

	 	9.8.4.	To the fullest extent permitted by applicable Law, any standard of care applicable to the General Partner shall be modified, waived or limited as required to permit the
General Partner to act in accordance with the terms of this Agreement or any other agreement contemplated hereby and to make any decision pursuant to the authority prescribed in this Agreement or any other agreement contemplated hereby.

  

	9.9	Title to Partnership Assets 

 Title to Assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall have
any ownership interest in such Assets or any portion thereof. Title to any or all of the Assets may be held in the name of the Partnership, the General Partner, the general partner of the General Partner, one or more of its Affiliates or one or more
nominees, as the General Partner may determine. The General Partner hereby declares and warrants that any Assets for which record title is held in the name of the General Partner, its general partner or one or more of its Affiliates or one or more
nominees shall be held by the General Partner, its general partner or such Affiliate or nominee for the use and benefit of the Partnership in accordance with the provisions of this Agreement; provided, however, that the General Partner shall use its
reasonable efforts to cause record title to such Assets (other than those assets in respect of which the General Partner determines that the expense and difficulty of conveyancing makes transfer of record title to the Partnership impracticable) to
be transferred 

  
 41 

 

 
into the name of the Partnership as soon as reasonably practicable; provided that, prior to the withdrawal or removal of the General Partner or as soon thereafter as practicable, the General
Partner shall use reasonable efforts to effect the transfer of record title to the Partnership and prior to any such transfer, will provide for the use of such Assets in a manner satisfactory to the Partnership. All Assets shall be recorded as the
property of the Partnership in its books and records, irrespective of the name in which record title to such Assets is held. 
  

	9.10	Purchase or Sale of Units 

The General Partner may cause the Partnership to purchase or otherwise acquire Units. As long as Units are held by the Partnership, such
Units shall not be considered Outstanding for any purpose, except as otherwise provided herein. The General Partner or any Affiliate of the General Partner may also purchase or otherwise acquire and sell or otherwise dispose of Units for its own
account, subject to the provisions of Article 13 and Article 14. 
  

	9.11	Reliance by Third Parties 

Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Partnership shall be entitled to assume that the
General Partner has full power and authority to encumber, sell or otherwise use in any manner any and all Assets and to enter into any contracts on behalf of the Partnership, including contracts related to the incurrence or guarantee of
indebtedness, and such Person shall be entitled to deal with the General Partner as if it were the Partnership’s sole party in interest, both legally and beneficially. Each Limited Partner hereby waives any and all defenses or other remedies
that may be available against such Person to contest, negate or disaffirm any action of the General Partner in connection with any such dealing. In no event shall any Person dealing with the General Partner or its representatives be obligated to
ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or expedience of any act or action of the General Partner or its representatives. Each and every certificate, document or other instrument executed
on behalf of the Partnership by the General Partner or its representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (i) at the time of the execution and delivery of such
certificate, document or instrument, this Agreement was in full force and effect, (ii) the Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Partnership
and (iii) such certificate, document or instrument was duly executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Partnership. 

 

	9.12	Services 

 The General
Partner may cause the Partnership to appoint any Person (including any Affiliate of the General Partner) to manage the affairs of the Partnership, in accordance with the Conflicts Guidelines. Any services rendered pursuant to such appointment shall
be on terms that are fair and reasonable to the Partnership, provided that the requirements of this Section 9.12 shall be deemed satisfied as to (i) any services provided under the Master Services Agreement and any agreement contemplated
thereby, (ii) any transaction approved by a majority of the members of the Independent Committee, or (iii) any transaction entered into in accordance with 

  
 42 

 

 
the Conflicts Guidelines. The provisions of Section 9.3 shall apply to the rendering of services described in this Section 9.12. 

ARTICLE 10 
 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS 
  

	10.1	Limitation of Liability 

The Limited Partners shall have no liability under this Agreement except as expressly provided in this Agreement or the Limited
Partnership Act or the Exempted Partnerships Act. 
 If it were determined that a Limited Partner was participating in the
control or management of the Partnership or conducting the affairs of, signing or executing documents for or otherwise binding the Partnership (or purporting to do any of the foregoing) within the meaning of the Limited Partnership Act or the
Exempted Partnerships Act, such legislation provides that such Limited Partner would be liable as if it were a general partner of the Partnership in respect of all debts of the Partnership incurred while that Limited Partner was so acting or
purporting to act. 
  

	10.2	Management of Partnership Affairs 

 No Limited Partner (other than the General Partner or any officer, director, employee, partner, agent or trustee of the General Partner, in its capacity as such, if such Person shall also be a Limited
Partner) shall take part in the management or control of the activities and affairs of the Partnership or have any right or authority to act for or bind the Partnership or to take part or in any way to interfere in the conduct or management of the
Partnership or to vote on matters relating to the Partnership, to have access to the books and records of the Partnership other than as required by applicable Law or as set forth in this Agreement. The transaction of any such activities or affairs
by the General Partner or any officer, director, employee, partner, agent or trustee of the General Partner, in its capacity as such, shall not affect, impair or eliminate the limitations on the liability of the Limited Partners under this
Agreement. 
  

	10.3	Outside Activities 

Subject to the provisions of Section 9.4, which shall continue to be applicable to the Persons referred to therein, regardless of
whether such Persons shall also be Limited Partners, any Limited Partner shall be entitled to and may have interests and engage in activities in addition to activities relating to the Partnership, including interests and activities in direct
competition with the Partnership or BPY. Neither the Partnership nor any of the other Partners shall have any rights by virtue of this Agreement in any ventures of any Limited Partner. 

  
 43 

 

 ARTICLE 11 

BOOKS, RECORDS, ACCOUNTING AND REPORTS 
  

	11.1	Books, Records and Accounting 

 The General Partner shall keep or cause to be kept at the principal office of the Partnership appropriate books and records with respect to the Partnership’s activities and affairs. Any books and
records maintained by or on behalf of the Partnership in the regular course of its activities and undertakings, including the record of the Record Holders, books of account and records of Partnership proceedings, may be kept on information storage
devices, provided, that the books and records so maintained are convertible into clearly legible written form within a reasonable period of time. The books of the Partnership shall be maintained, for financial reporting purposes, on an accrual basis
in accordance with IFRS-IASB. In accordance with Bermuda Law, the records of account and registers will be kept available for inspection by any Limited Partner or its duly authorized representatives during regular business hours at the registered
office of the Partnership. Limited Partners shall not have access to any information of the Partnership contained in its books and records which the General Partner is required by legal or contractual restriction to keep confidential or which, in
the opinion of the General Partner, acting reasonably, should be kept confidential in the interests of the Partnership or may be kept confidential as proceed in this Agreement, and each Limited Partner hereby waives any right to greater access to
the books and records of the Partnership than is permitted herein, to the greatest extent permitted by Law. 
  

	11.2	Fiscal Year 

 Subject to
Section 17.1.9, the fiscal year of the Partnership shall be the calendar year; provided, however, if the Code requires a taxable year of the Partnership other than a calendar year then, for U.S. tax purposes, the fiscal year of the Partnership
shall be such taxable year. 
  

	11.3	Delivery of Financial Statements 

 The General Partner shall deliver to BPY (i) the annual financial statements of the Partnership, and (ii) the accounts and financial statements of any Holding Entity or any other holding entity
established by the Partnership. 
  

	11.4	Reports 

  

	 	11.4.1.	If required by applicable Law, including any rule of any stock exchange on which the BPY Units or other partnership interests of BPY are or will be listed for trading,
or if required by a Partner, the General Partner shall prepare in accordance with IFRS-IASB and make publicly available as of a date selected by the General Partner, in its sole discretion, financial statements of the Partnership for such fiscal
year of the Partnership audited by a firm of independent public accountants of international standing selected by the General Partner as well as a statement of the accounting policies used in their preparation, such information as may be required by
applicable Laws and such information as the General Partner deems appropriate. 

  
 44 

 

	 	11.4.2.	If required by applicable Law, including any rule of any stock exchange on which the BPY Units or other partnership interests of BPY are or will be listed for trading,
or if required by a Partner, the General Partner shall prepare in accordance with IFRS-IASB and make publicly available quarterly financial statements of the Partnership, which may be unaudited as of a date selected by the General Partner.

 ARTICLE 12 
 TAX MATTERS 
  

	12.1	Tax Information 

  

	 	12.1.1.	Following each taxable year of the Partnership, the General Partner shall use commercially reasonable efforts to supply each Person that was a Partner at any time
during such taxable year with a Schedule K-1 (or equivalent) within ninety (90) days after the close of such taxable year. The General Partner shall also, where reasonably possible and applicable, prepare and send such Persons such other
information required by any non-U.S. Limited Partner for U.S. federal income tax reporting purposes. 

  

	 	12.1.2.	Within ninety (90) days following the end of each fiscal year of the Partnership and within the ninety (90) days after the date of the dissolution of the
Partnership, the General Partner shall use commercially reasonable efforts to supply each Person that was a Partner at any time during such fiscal year and who is required to file an income tax return under the Income Tax Act (or, in the case of a
Partner that is a partnership, that has one or more partners who is required to file an income tax return under the Income Tax Act) all necessary income tax reporting information with respect to such Partner’s income from the Partnership for
such fiscal year. 

  

	12.2	Preparation of Tax Returns 

 The General Partner shall arrange for the preparation and timely filing of all returns of Partnership income, gains, deductions, losses and other items required of the Partnership for U.S. federal and
state income tax purposes and, where applicable, Canadian Tax Purposes. The classification, realization and recognition of income, gain, losses and deductions and other items shall be computed (i) for U.S. federal income tax purposes, on the
accrual method of accounting, and (ii) for Canadian Tax Purposes, in accordance with the Income Tax Act. 
  

	12.3	Tax Elections 

 The
General Partner shall determine whether to make, to refrain from making or to revoke the election provided for in Section 754 of the Code, and any and all other elections permitted by the Code, the Income Tax Act or any other national, federal,
provincial, state or local tax Law, in its sole discretion. 
  

	12.4	Tax Controversies 

Subject to the provisions hereof, the General Partner is designated the Tax Matters Partner (as defined in Section 6231 of the Code)
and the designated partner for the 

  
 45 

 

 
purposes of the Income Tax Act including subsections 152(1.4) to 152(1.8) thereof, and is authorized and required to represent the Partnership (at the Partnership’s expense) in
connection with all examinations of the Partnership’s affairs by tax authorities, including resulting administrative and judicial proceedings, and to expend Partnership funds for professional services and costs associated therewith. Each
Partner agrees to cooperate with the General Partner and to do or refrain from doing any or all things reasonably required by the General Partner to conduct such proceedings. 

 

	12.5	Withholding 

Notwithstanding any other provision of this Agreement, the General Partner is authorized to take any action that it determines in its
sole discretion to be necessary or appropriate to cause the Partnership to comply with any withholding requirements established under the Code, the Income Tax Act or any other national, federal, provincial, state or local Law including pursuant to
Chapters 3 and 4 of Subtitle A of the Code. To the extent that the Partnership is required to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to any Partner, the amount withheld shall
be treated as a distribution of cash pursuant to Section 5.2 or Section 16.3 (as applicable) in the amount of such withholding from such Partner. To the extent an amount otherwise payable to a member of the BPY Group is required to be
withheld and paid over to any taxing authority, and such withheld amount is attributable to a Partner’s ownership of Units, then such withheld amount shall be treated as a distribution of cash to such Partner pursuant to Section 5.2 or
Section 16.3 (as applicable) in the amount of such withholding. 
  

	12.6	Election to be Treated as a Corporation 

 Notwithstanding anything to the contrary contained herein, if the General Partner determines in its sole discretion that it is no longer in the best interests of the Partnership to continue as a
partnership for U.S. federal income tax purposes, the General Partner may elect to treat the Partnership as an association or as a publicly traded partnership taxable as a corporation for U.S. federal (and applicable state) income tax
purposes. 
  

	12.7	U.S. Tax Classification of the Partnership 

 Prior to the General Partner making an election described in Section 12.6 hereof, it is intended that the Partnership be classified as a partnership for U.S. federal income tax purposes. In
furtherance of the foregoing, and prior to the General Partner making an election described in Section 12.6, to ensure that interests in the Partnership are not traded on an established securities market within the meaning of Treasury
Regulations Section 1.7704-1(b) or readily tradable on a secondary market or the substantial equivalent thereof within the meaning of Treasury Regulations Section 1.7704-1(c), notwithstanding anything to the contrary contained in this
Agreement, (i) the Partnership shall not participate in the establishment of a market or the inclusion of its interests thereon, and (ii) the Partnership shall not recognize any transfer made on any market by (x) redeeming the
transferor Partner (in the case of a redemption or repurchase by the Partnership) or (y) admitting the transferee as a Partner or otherwise recognizing any rights of the transferee, such as a right of the transferee to receive Partnership
distributions (directly or indirectly) or to acquire an interest in the capital or profits of the Partnership. 

  
 46 

 

 ARTICLE 13 

CERTIFICATES; RECORD HOLDERS; TRANSFERS OF PARTNERSHIP INTERESTS 

 

	13.1	Certificates 

  

	 	13.1.1.	Upon the Partnership’s issuance of Partnership Interests of all or any classes to any Person and the request of such Person, the Partnership shall issue one or
more Certificates in the name of such Person evidencing the number of such Partnership Interests being so issued. Certificates shall be executed on behalf of the Partnership by the General Partner. No Certificate evidencing the issuance of
Partnership Interests shall be valid for any purpose until it has been countersigned by the General Partner. 

  

	 	13.1.2.	Certificates may bear any legends required by applicable Law or otherwise determined to be appropriate by the General Partner. 

 

	13.2	Mutilated, Destroyed, Lost or Stolen Certificates 

  

	 	13.2.1.	If any mutilated Certificate is surrendered to the General Partner, the General Partner on behalf of the Partnership shall execute, countersign and deliver in exchange
therefor, a new Certificate evidencing the same number of Partnership Interests as the Certificate so surrendered. 

  

	 	13.2.2.	The General Partner on behalf of the Partnership shall execute, countersign and deliver a new Certificate in place of any Certificate previously issued if the Record
Holder of the Certificate: 

  

	 	13.2.2.1	makes proof by affidavit, in form and substance satisfactory to the General Partner, that a previously issued Certificate has been lost, destroyed or stolen;

  

	 	13.2.2.2	requests the issuance of a new Certificate before the Partnership has notice that the Certificate has been acquired by a purchaser for value in good faith and without
notice of an adverse claim; 

  

	 	13.2.2.3	if requested by the General Partner, delivers to the Partnership a bond, in form and substance satisfactory to the General Partner, with surety or sureties and with
fixed or open penalty as the General Partner may reasonably direct, in its sole discretion, to indemnify the Partnership and the General Partner against any claim that may be made on account of the alleged loss, destruction or theft of the
Certificate; and 

  

	 	13.2.2.4	satisfies any other reasonable requirements imposed by the General Partner. 

 

	 	13.2.3.	 If a Record Holder fails to notify the Partnership within a reasonable time after the holder has notice of the loss, destruction or theft of a
Certificate, and a transfer of the Partnership Interests represented by the Certificate is registered before the Partnership or the 

  
 47 

 

	 	
General Partner receives such notification, the Record Holder shall be precluded from making any claim against the Partnership or the General Partner for such transfer or for a new Certificate.

  

	 	13.2.4.	As a condition to the issuance of any new Certificate under this Section 13.2, the General Partner may require the payment of a sum sufficient to cover any Tax or
other governmental charge that may be imposed in relation thereto and any other expenses reasonably connected therewith. 

  

	13.3	Record Holder 

 In
accordance with Section 13.5.2, the Partnership shall be entitled to recognize the Record Holder as the Limited Partner with respect to any Units and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in
such Units on the part of any other Person, whether or not the Partnership shall have actual or other notice thereof, except as otherwise provided by applicable Law. Without limiting the foregoing, when a Person (such as a broker, dealer, bank,
trust company or clearing corporation or an agent of any of the foregoing) is acting as nominee, agent or in some other representative capacity for another Person in acquiring and/or holding Units, as between the Partnership on the one hand and such
other Person on the other hand, such representative Person shall be the Record Holder of such Partnership Interest. A Person may become a Record Holder without the consent or approval of any Partner. 

 

	13.4	Transfer Generally 

  

	 	13.4.1.	The term “transfer”, when used in this Agreement with respect to a Partnership Interest, shall be deemed to refer to a transaction (i) by which
the General Partner assigns its General Partner Units to another Person or (ii) by which the holder of a Unit assigns such Unit to another Person, and includes a sale, assignment (including the foreclosure of a pledge, encumbrance,
hypothecation or mortgage), gift, or exchange; save that the term transfer shall not be deemed to include the grant of a security interest, mortgage, charge or pledge of any kind over a Partnership Interest. 

 

	 	13.4.2.	No Partnership Interest shall be transferred, in whole or in part, except in accordance with the terms and conditions set forth in this Article 13. Any transfer or
purported transfer of a Partnership Interest not made in accordance with this Article 13 shall be null and void. 

  

	 	13.4.3.	Nothing contained in this Agreement shall be construed to prevent the parent entity of the General Partner from disposing of all of the issued and outstanding capital
stock of the General Partner. 

  

	13.5	Registration and Transfer of Units 

  

	 	13.5.1.	 The General Partner shall cause to be kept at its registered office in Bermuda on behalf of the Partnership a register in which, subject to such
reasonable regulations as it may prescribe and subject to the provisions of Section 13.5.2, the General Partner will provide for the registration and transfer of Units. The Partnership shall not recognize transfers of

  
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Certificates representing Units unless such transfers are effected in the manner described in this Section 13.5. Upon surrender for registration of a transfer of any Units evidenced by a
Certificate, and subject to the provisions of Section 13.5.2, the General Partner on behalf of the Partnership shall execute, countersign and deliver, in the name of the holder or the designated transferee or transferees, as required pursuant
to the holder’s instructions, one or more new Certificates evidencing the same aggregate number of Units as was evidenced by the Certificate so surrendered. 

 

	 	13.5.2.	Except as otherwise provided in Article 14, the Partnership shall not recognize any transfer of Units until the Certificates evidencing such Units are surrendered
for registration of the transfer. 

  

	 	13.5.3.	Subject to (i) the foregoing provisions of this Section 13.5; (ii) Section 13.3; (iii) Section 13.7; (iv) with respect to any class
or series of Units, the provisions of any statement of designations or amendment to this Agreement establishing such class or series; (v) any contractual provisions binding on any Limited Partner; (vi) Section 12.7; and
(vii) provisions of applicable Law including the Limited Partnership Act and the Exempted Partnerships Act, Units shall be freely transferable. 

  

	 	13.5.4.	The General Partner may, in its sole discretion and without giving a reason, refuse to register a transfer of any Unit in Certificated form which is not fully paid or
on which the Partnership has a lien. 

  

	13.6	Transfer of General Partner Units 

  

	 	13.6.1.	The General Partner may transfer its General Partner Units (including upon its merger, consolidation or other combination into any other Person or the transfer by it of
all or substantially all of its assets to another Person) if, but only if, (i) the transferee agrees to assume and be bound by the rights and duties of the General Partner, (ii) the transferee agrees to assume and be bound by the
provisions of this Agreement and (iii) the Partnership receives an Opinion of Counsel that such transfer (or merger, consolidation or combination) would not result in the loss of limited liability of any Limited Partner or of any limited
partner of BPY, cause the Partnership or BPY to be treated as an association taxable as a corporation or otherwise to be taxed as an entity for tax purposes (to the extent not previously treated as such) or cause the Partnership to become an
“investment company” under the U.S. Investment Company Act of 1940 (and similar legislation in other jurisdictions); provided, however, that no such opinion shall be required in connection with an election described in Section 12.6
made by the General Partner or in connection with a transfer following such an election. 

  

	 	13.6.2.	In the case of a transfer pursuant to this Section 13.6, the transferee or successor (as the case may be) shall be admitted to the Partnership as the General
Partner immediately after the transfer of the General Partner Units, and the Partnership shall continue without dissolution. 

  
 49 

 

	 	13.6.3.	The Parties agree that no transfer under this Section 13.6 will occur without the notification to and approval of the relevant Bermuda regulatory authorities in
accordance with Bermuda law. 

  

	13.7	Restrictions on Transfers 

Notwithstanding the other provisions of this Article 13, no transfer of any Partnership Interest shall be made if such transfer
would (i) violate the then applicable securities Laws or rules and regulations of any securities commission of any jurisdiction or any other Governmental Authorities with jurisdiction over such transfer, (ii) result in the taxation of the
Partnership as an association taxable as a corporation or otherwise subject the Partnership to entity-level taxation for tax purposes (in either case, for U.S. tax purposes, to the extent not otherwise elected by the General Partner pursuant to
Section 12.6 to be treated as such) or (iii) affect the Partnership’s existence or qualification as an exempted limited partnership under the Limited Partnership Act or Exempted Partnerships Act. 

ARTICLE 14 
 ADMISSION OF ADDITIONAL OR SUCCESSOR PARTNERS 
  

	14.1	Admission of Additional Limited Partners 

  

	 	14.1.1.	By acceptance of the transfer of any Units or the issuance of any Units in accordance with this Agreement, each Person to whom a Unit is transferred or issued
(including any nominee holder or an agent or representative acquiring such Units for the account of another Person) shall: 

  

	 	14.1.1.1	be admitted to the Partnership as a Limited Partner with respect to the Units so transferred or issued to such Person when any such transfer or issuance is reflected in
the books and records of the Partnership, with or without execution of this Agreement; 

  

	 	14.1.1.2	become bound by, and shall be deemed to have agreed to be bound by, the terms of this Agreement; 

 

	 	14.1.1.3	shall become the Record Holder of the Units so transferred or issued; 

  

	 	14.1.1.4	represents that the transferee or other recipient has the capacity, power and authority to enter into this Agreement; 

 

	 	14.1.1.5	be deemed to grant the powers of attorney set forth in this Agreement; 

  

	 	14.1.1.6	be deemed to make the consents and waivers contained in the Agreement, including with respect to the approval of the transactions and agreements entered into in
connection with the formation of the Partnership, the Reorganization and the Spin Off; and 

  

	 	14.1.1.7	 be deemed to ratify and confirm all contracts, agreements, assignments and instruments entered into on behalf of the Partnership, in

  
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accordance with this Agreement, including the granting of any charge or security interest over the Assets and the assumption of any indebtedness in connection with the affairs of the Partnership.

  

	 	14.1.2.	The transfer of any Unit and/or the admission of any new Limited Partner to the Partnership will not constitute any amendment to this Agreement. A Person may become a
Record Holder without the consent or approval of any of the Partners. A Person may not become a Limited Partner without acquiring a Unit. 

  

	 	14.1.3.	Any transfer of a Unit shall not entitle the transferee to share in the profits and losses, to receive distributions, to receive allocations of income, gain, loss,
deduction or credit or any similar item or to any other rights to which the transferor was entitled until the transferee becomes a Limited Partner and a party to this Agreement pursuant to this Article 14. 

 

	14.2	Admission of Successor General Partner 

 A successor general partner approved pursuant to Sections 15.1 or 15.2 or the transferee of or successor to the General Partner’s General Partner Units pursuant to Section 13.6 shall be
admitted to the Partnership as the general partner, subject to the requirements of the Limited Partnership Act and the Exempted Partnerships Act, effective immediately prior to the withdrawal or removal of the General Partner pursuant to
Sections 15.1 or 15.2 or immediately after the transfer of the General Partner’s General Partner Units pursuant to Section 13.6. Any such successor shall conduct the activities and affairs of the Partnership without the Partnership
being dissolved. In each case, the admission shall be subject to the successor general partner executing and delivering to the Partnership an acceptance of all of the terms and conditions of this Agreement and such other documents or instruments as
may be required to effect the admission. Any such successor is hereby authorized to and shall, subject to the terms hereof, conduct the activities and affairs of the Partnership without the Partnership being dissolved and shall be deemed to ratify
and confirm all contracts, agreements, assignments and instruments entered into on behalf of the Partnership, in accordance with this Agreement, including the granting of any charge or security interest over the Assets and the assumption of any
indebtedness in connection with the affairs of the Partnership. 
 ARTICLE 15 

WITHDRAWAL OR REMOVAL OF PARTNERS 
  

	15.1	Withdrawal of the General Partner 

  

	 	15.1.1.	The General Partner shall be deemed to have withdrawn from the Partnership upon the occurrence of any one of the following events (each such event herein referred to as
an “Event of Withdrawal”): 

  

	 	15.1.1.1	the General Partner voluntarily withdraws from the Partnership by giving 90 days’ advance written notice to the other Partners; 

 

	 	15.1.1.2	the General Partner transfers all of its rights as General Partner pursuant to Section 13.6; 

  
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	 	15.1.1.3	the General Partner is removed pursuant to Section 15.2; 

  

	 	15.1.1.4	the General Partner (i) makes a general assignment for the benefit of creditors; (ii) files a voluntary bankruptcy petition; (iii) files a petition or
answer seeking for itself a reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any Law; (iv) files an answer or other pleading admitting or failing to contest the material allegations of a
petition filed against the General Partner in a proceeding of the type described in Sections (i)-(iii) of this Section 15.1.1.4; or (v) seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the
General Partner or of all or any substantial part of its properties; 

  

	 	15.1.1.5	a final and non-appealable judgment is entered by a court with appropriate jurisdiction ruling that the General Partner is bankrupt or insolvent, or a final and
non-appealable order for relief is entered by a court with appropriate jurisdiction against the General Partner, in each case under any federal or state bankruptcy or insolvency Laws as now or hereafter in effect; or 

 

	 	15.1.1.6	a certificate of dissolution or its equivalent is filed for the General Partner, or 90 days expire after the date of notice to the General Partner of revocation of
its charter without a reinstatement of its charter, under the Laws of its jurisdiction of incorporation or organization. 

  

	 	15.1.2.	If an Event of Withdrawal specified in Sections 15.1.1.4, 15.1.1.5 or 15.1.1.6 occurs or is expected, the withdrawing General Partner shall give notice as soon as
reasonably practicable to the Limited Partners. The Partners hereby agree that only the Events of Withdrawal described in this Section 15.1 shall result in the withdrawal of the General Partner from the Partnership. 

 

	 	15.1.3.	Withdrawal of the General Partner from the Partnership upon the occurrence of an Event of Withdrawal shall not constitute a breach of this Agreement under the following
circumstances: (i) the General Partner voluntarily withdraws by giving at least 90 days’ advance notice to the Limited Partners, such withdrawal to take effect on the date specified in such notice; or (ii) at any time that the
General Partner ceases to be a general partner pursuant to Section 15.1.1.2 or is removed pursuant to Section 15.2. 

  

	 	15.1.4.	If the General Partner gives a notice of withdrawal pursuant to Sections 15.1.1.1 or 15.1.2, holders of at least a majority of the voting power of the Class A
Units may, prior to the effective date of such withdrawal, elect a successor general partner. If, prior to the effective date of the General Partner’s withdrawal, a successor is not selected by the Limited Partners as provided herein or the
Partnership does not receive a Withdrawal Opinion of Counsel in accordance with Section 13.6.1, the Partnership shall be dissolved in accordance with Article 16. Any such successor general partner shall be subject to the provisions of
Section 14.2. 

  
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	15.2	Removal of the General Partner 

 The General Partner may be removed if (i) such removal is approved by holders of at least 66 2/3% of the voting power of the Outstanding Class A Units; and (ii) the
Partnership receives a Withdrawal Opinion of Counsel. Any such action by such holders of Class A Units for removal of the General Partner must also provide for the election and succession of a new general partner. Such removal shall be
effective immediately following the admission of the successor general partner pursuant to Article 14. The removal of the General Partner is subject to the approval of the successor general partner by holders of a majority of the voting power
of the Outstanding Class A Units. Any such successor general partner shall be subject to the provisions of Section 14.2. 
  

	15.3	Interest of Departing General Partner and Successor General Partner 

 

	 	15.3.1.	In the event of (i) withdrawal of the General Partner under circumstances described in Section 15.1.3 or (ii) removal of the General Partner by the
Limited Partners under circumstances where Cause does not exist, the Departing General Partner shall, at its option exercisable prior to the effective date of the departure of such Departing General Partner, promptly receive from its successor in
exchange for its General Partner Units an amount in cash equal to the fair market value of the General Partner Units, such amount to be determined and payable as of the effective date of its departure. If the General Partner is removed by the
Limited Partners under circumstances where Cause exists or if the General Partner withdraws under circumstances other than as described in Section 15.1.3, its successor shall have the option described in the immediately preceding sentence, and
the Departing General Partner shall not have such option. 

  

	 	15.3.2.	For purposes of this Section 15.3.2, the fair market value of the Departing General Partner’s General Partner Units shall be determined by agreement between
the Departing General Partner and its successor or, failing agreement within 30 days after the effective date of such Departing General Partner’s departure, by an independent investment banking firm or other independent expert selected by
the Departing General Partner and its successor, which, in turn, may rely on other experts and the determination of which shall be conclusive as to such matter. If such parties cannot agree upon one independent investment banking firm or other
independent expert within 45 days after the effective date of such departure, then the Departing General Partner shall designate an independent investment banking firm or other independent expert, the Departing General Partner’s successor
shall designate an independent investment banking firm or other independent expert, and such firms or experts shall mutually select a third independent investment banking firm or independent expert, which shall determine the fair market value of the
General Partner Units. In making its determination, such independent investment banking firm or other independent expert shall consider the Assets, the rights and obligations of the General Partner and other factors it may deem relevant.

  

	 	15.3.3.	 If the General Partner Units are not acquired in the manner set forth in Section 15.3.1, the Departing General Partner shall become a Limited
Partner and its General Partner Units shall be converted into Units pursuant to a valuation made by an investment banking firm or other independent expert selected pursuant to Section 15.3.2,

  
 53 

 

	 	
without reduction in such Partnership Interest (but subject to proportionate dilution by reason of the admission of the Departing General Partner’s successor). 

 

	15.4	Withdrawal of Limited Partners 

 No Limited Partner shall have any right to withdraw from the Partnership; provided, however, that when a transferee of a Limited Partner’s Units becomes a Record Holder, such transferring Limited
Partner shall, subject to Section 4.8.2, cease to be a Limited Partner with respect to the Units so transferred. 

ARTICLE 16 
 TERMINATION OF THE PARTNERSHIP 
  

	16.1	Dissolution 

 Subject to
Section 16.2, the Partnership shall dissolve and its affairs shall be wound up, upon the earliest to occur of: 
  

	 	16.1.1.	the service of notice by the General Partner, with the approval of a majority of the members of the Independent Committee, that in the opinion of the General Partner,
the coming into force of any Law or binding authority renders illegal or impracticable the continuation of the Partnership; 

  

	 	16.1.2.	the election of the General Partner to dissolve, if the Partnership, as determined by the General Partner, is required to register as an “investment company”
under the U.S. Investment Company Act of 1940, as amended, or similar legislation in other jurisdictions; 

  

	 	16.1.3.	the date that the General Partner withdraws from the Partnership without the appointment of a successor pursuant to Section 15.1 having been implemented;

  

	 	16.1.4.	the date on which any court of competent jurisdiction enters a decree of judicial dissolution of the Partnership or an order to wind up or liquidate the General Partner
without the appointment of a successor pursuant to Section 15.1 or 15.2; or 

  

	 	16.1.5.	the date on which the General Partner decides to dispose of, or otherwise realize proceeds in respect of, all or substantially all of the Assets in a single transaction
or series of transactions. 

  

	16.2	Reconstitution of Partnership 

 The Partnership shall be reconstituted and continue without dissolution if within 30 days of the date of dissolution (and provided that a notice of dissolution with respect to the Partnership has not
been provided to the Bermuda Monetary Authority), a successor general partner appointed pursuant to this Agreement executes a transfer deed pursuant to which the new general partner assumes the rights and undertakes the obligations of the original
general partner, but only if the Partnership receives an Opinion of Counsel that the admission of the new general partner will not result in the loss of limited liability of any Limited Partner. 

  
 54 

 

	16.3	Liquidation 

 Upon
dissolution of the Partnership, unless the Partnership is continued under an election to reconstitute and continue the Partnership pursuant to Section 16.2, the General Partner shall act, or cause one or more Persons to act, as the Liquidator.
The Liquidator (if other than the General Partner) shall be entitled to receive such compensation for its services as may be approved by a majority of the members of the Independent Committee. If the General Partner is acting as the Liquidator, it
shall not be entitled to receive any additional compensation for acting in such capacity. The Liquidator shall agree not to resign at any time without 15 days’ prior notice and (if other than the General Partner) may be removed at any
time, with or without cause, by notice of removal approved by a majority of the members of the Independent Committee. Upon dissolution, removal or resignation of the Liquidator, a successor and substitute Liquidator (who shall have and succeed to
all rights, powers and duties of the original Liquidator) shall within 30 days thereafter be approved by a majority of the members of the Independent Committee. The right to approve a successor or substitute Liquidator in the manner provided
herein shall be deemed to refer also to any such successor or substitute Liquidator approved in the manner herein provided. Except as expressly provided in this Section 16.3, the Liquidator approved in the manner provided herein shall have and
may exercise, without further authorization or consent of any of the parties hereto, all of the powers conferred upon the General Partner under the terms of this Agreement (but subject to all of the applicable limitations, contractual and otherwise,
upon the exercise of such powers) to the extent necessary or desirable in the good faith judgment of the Liquidator to carry out the duties and functions of the Liquidator hereunder for and during such period of time as shall be reasonably required
in the good faith judgment of the Liquidator to complete the winding-up and liquidation of the Partnership as provided for herein. The Liquidator shall proceed to dispose of the Assets, discharge its liabilities, and otherwise wind up its affairs in
such manner and over such period as the Liquidator determines to be in the best interest of the Partners, subject to applicable Laws and the following: 
  

	 	16.3.1.	the Assets may be disposed of by public or private sale or by distribution in kind to one or more Partners on such terms as the Liquidators and such Partners or
Partners may agree; if any property is distributed in kind, the Partner receiving the property shall be deemed for purposes of Section 16.3.3 to have received cash equal to its fair market value; and contemporaneously therewith, appropriate
cash distributions must be made to the other Partners; the Liquidator may distribute the Assets, in whole or in part, in kind if it determines that a sale would be impractical or would cause undue loss to the Partners; 

 

	 	16.3.2.	liabilities of the Partnership, including amounts owed to the Liquidator as compensation for serving in such capacity (subject to the terms of Section 16.3) and
amounts to Partners otherwise than in respect of their distribution rights under Section 5.2, shall be discharged; with respect to any liability that is contingent, conditional or unmatured or is otherwise not yet due and payable, the
Liquidator shall either settle such claim for such amount as it thinks appropriate or establish a reserve of cash or other assets to provide for its payment; when paid, any unused portion of the reserve shall be distributed as additional liquidation
proceeds; and 

  
 55 

 

	 	16.3.3.	by the end of the taxable year in which the liquidation of the Partnership occurs (or, if later, within 90 days after the date of such liquidation), all property
and all cash in excess of that required to discharge liabilities of the Partnership pursuant to Section 16.3.2 shall be distributed to the Partners as provided in this Section 16.3.3: 

 

	 	16.3.3.1	an amount equal to the amount of cash or property held by the Partnership at such time, that is attributable to a realization event occurring prior to the date of an
event specified in Section 16.1 and that has not been deemed by the General Partner as Capital Surplus shall be distributed in accordance with Section 5.2.2 as if such distribution were a distribution occurring prior to dissolution;

  

	 	16.3.3.2	an amount equal to the amount of cash or property held by the Partnership at such time, that is attributable to a realization event occurring prior to the date of an
event specified in Section 16.1 and that has been deemed by the General Partner as Capital Surplus shall be distributed in accordance with Section 5.2.3 as if such distribution were a distribution occurring prior to dissolution;

  

	 	16.3.3.3	to the Partners holding Redemption-Exchange Units pro rata in proportion to their respective Percentage Interests (which, for purposes of this
Section 16.3.3.3, will be calculated using Redemption-Exchange Units only), the aggregate amount of distributions previously deferred pursuant to Section 5.2.3.2 and not previously recovered; and 

 

	 	16.3.3.4	all other cash and property of the Partnership shall be distributed to the Partners as follows: 

 

	 	16.3.3.4.1	first, 100% to BPY until BPY has received pursuant to this Section 16.3.3.4.1 an amount equal to the excess of (1) the amount of BPY’s outlays and
expenses incurred during the term of the Partnership, over (2) the aggregate amount of distributions received by BPY pursuant to Section 5.2.2.1; 

 

	 	16.3.3.4.2	second, 100% to the General Partner until the General Partner has received pursuant to this Section 16.3.3.4.2 an amount equal to the fair market value of the
Equity Enhancement Distribution as determined in good faith by a third party independent valuator engaged by the General Partner; provided that, such third party independent valuator shall be a nationally recognized investment banking, accounting or
valuation firm which is independent of the General Partner; provided further that, such amount shall not exceed 2.5 times the aggregate Equity Enhancement Distribution payments made to the General Partner during the immediately prior 24 months;

  

	 	16.3.3.4.3	 third, 100% to the Partners pro rata in proportion to the Unrecovered Capital Amounts attributable to the Units and General

  
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Partner Units held by the Partners until the Unrecovered Capital Amount attributable to each Unit and General Partner Unit is equal to zero; 

 

	 	16.3.3.4.4	fourth, 100% to the Partners pro rata in proportion to their respective Percentage Interests until there has been distributed pursuant to this
Section 16.3.3.4.4 in respect of each Unit Outstanding an amount equal to the excess of (1) the First Distribution Threshold for each Quarter during the period beginning on the date the Capital Amount in respect of each Unit and General
Partner Unit was last adjusted pursuant to Section 3.5.3 and ending on the date of distribution pursuant to this Section 16.3.3.4.4, over (2) the aggregate amount of distributions (if any) made in respect of a Unit pursuant to
Section 5.2.2.3 during such period of time; 

  

	 	16.3.3.4.5	fifth, 15% to the General Partner and 85% to the Partners, pro rata in proportion to their respective Percentage Interests, until there has been distributed
pursuant to this Section 16.3.3.4.5 in respect of each Unit Outstanding an amount equal to the excess of (1) the Second Distribution Threshold less the First Distribution Threshold for each Quarter during the period beginning on the date
the Capital Amount in respect of each Unit and General Partner Unit was last adjusted pursuant to Section 3.5.3 and ending on the date of distribution pursuant to this Section 16.3.3.4.5, over (2) the aggregate amount of distributions
(if any) made in respect of a Unit pursuant to Section 5.2.2.5 during such period of time; and 

  

	 	16.3.3.4.6	thereafter, 25% to the General Partner and 75% to the Partners, pro rata in proportion to their respective Percentage Interests. 

Any distribution to the General Partner pursuant to Sections 16.3.3.4.5-16.3.3.4.6 shall be made to the General Partner in its capacity
as the general partner and without regard to the number of General Partner Units held by the General Partner. 
  

	16.4	Distributions in Kind 

Notwithstanding the provisions of Section 16.3, which require the liquidation of the Assets, but subject to the order of priorities
set forth therein, if prior to or upon dissolution of the Partnership, the Liquidator determines that an immediate sale of part or all of the Assets would be impractical or would cause undue loss to the Partners, the Liquidator may, in its absolute
discretion, defer for a reasonable time the liquidation of any Assets except those necessary to satisfy liabilities of the Partnership (including those to Partners as creditors) and/or distribute to the Partners or to specific classes of Partners,
in lieu of cash, as tenants in common and in accordance with the provisions of Section 16.3, undivided interests in such Assets as the Liquidator deems not suitable for liquidation. Any such distributions in kind shall be made only if, in the
good faith judgment of the Liquidator, such distributions in kind are in the best interest of the Limited Partners, and shall be subject to such conditions relating to the disposition and management of such properties as the Liquidator deems
reasonable and equitable and to any 

  
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agreements governing the operation of such properties at such time. The Liquidator shall determine the fair market value of any property distributed in kind using such reasonable method of
valuation as it may adopt. 
  

	16.5	Cancellation of Certificate of Limited Partnership 

 Upon the completion of the distribution of Partnership cash and property as provided in Sections 16.3 and 16.4, the Partnership shall be terminated and the Certificate of Limited Partnership and
Certificate of Exempted Partnership and all qualifications of the Partnership as a foreign limited partnership in jurisdictions other than Bermuda shall be cancelled and such other actions as may be necessary to terminate the Partnership shall be
taken. 
  

	16.6	Reasonable Time for Winding Up 

 A reasonable time shall be allowed for the orderly winding up of the activities and affairs of the Partnership and the liquidation of its Assets pursuant to Section 16.3 in order to minimize any
losses otherwise attendant upon such winding up, and the provisions of this Agreement shall remain in effect between the Partners during the period of liquidation. 
  

	16.7	Return of Capital 

 The
General Partner shall not be personally liable for, and shall have no obligation to contribute or loan any monies or property to the Partnership to enable it to effectuate, the return of the Capital Contributions of the Limited Partners, or any
portion thereof, it being expressly understood that any such return shall be made solely from Assets. 
  

	16.8	No Capital Account Restoration 

 No Partner shall have any obligation to restore any negative balance in its Capital Account upon liquidation of the Partnership. 

 

	16.9	Waiver of Partition 

Each Partner hereby waives any right to partition of the Partnership property. 

ARTICLE 17 
 AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS; RECORD DATE 
  

	17.1	Amendment to be Adopted Solely by General Partner 

 Subject to compliance with the requirements of the Limited Partnership Act and the Exempted Partnerships Act, each Limited Partner agrees that the General Partner (pursuant to its powers of attorney from
the Limited Partners), without the approval of any Limited Partner, may amend any provision of this Agreement, and execute, swear to, acknowledge, deliver, file and record whatever documents may be required in connection therewith, to reflect:

  

	 	17.1.1.	a change in the name of the Partnership, the location of the Partnership’s registered office or the Partnership’s registered agent; 

  
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	 	17.1.2.	the admission, substitution, withdrawal or removal of Partners in accordance with this Agreement; 

 

	 	17.1.3.	a change that the General Partner determines is reasonable and necessary or appropriate for the Partnership to qualify or to continue its qualification as an exempted
limited partnership under the Laws of Bermuda or a partnership in which the limited partners have limited liability under the Laws of any jurisdiction, or is necessary or advisable in the opinion of the General Partner to ensure that the Partnership
will not be treated as an association taxable as a corporation or otherwise taxed as an entity for tax purposes; 

  

	 	17.1.4.	an amendment that the General Partner determines to be necessary or appropriate to address changes in tax regulations, legislation or interpretation;

  

	 	17.1.5.	an amendment that is necessary, in the Opinion of Counsel, to prevent the Partnership or the General Partner or its directors or officers from in any manner being
subjected to the provisions of the U.S. Investment Company Act of 1940, as amended, or similar legislation in other jurisdictions; 

  

	 	17.1.6.	an amendment that the General Partner determines in its sole discretion to be necessary or appropriate for the creation, authorization or issuance of any class or
series of Partnership Interests or options, rights, warrants or appreciation rights relating to Partnership Interests pursuant to Section 3.5; 

  

	 	17.1.7.	any amendment expressly permitted in this Agreement to be made by the General Partner acting alone; 

 

	 	17.1.8.	any amendment that the General Partner determines in its sole discretion is necessary or appropriate to reflect and account for the formation by the Partnership of, or
its investment in, any Person, as otherwise permitted by this Agreement; 

  

	 	17.1.9.	a change in the Partnership’s fiscal year and related changes; 

  

	 	17.1.10.	any amendment concerning the computation or allocation of specific items of income, gain, expense or loss among the Partners that, in the sole discretion of the General
Partner, is necessary or appropriate to (i) comply with the requirements of any Laws, (ii) reflect the Partners’ interests in the Partnership or (iii) consistently reflect the distributions made by the Partnership to the Partners
pursuant to the terms of this Agreement; 

  

	 	17.1.11.	any amendment that in the sole discretion of the General Partner is necessary or appropriate to address any statute, rule, regulation, notice, or announcement that
affects or could affect the U.S. federal income tax treatment of any allocation or distribution related to any interest of the General Partner in the profits of the Partnership; or 

 

	 	17.1.12.	any other amendments substantially similar to any of the matters described in Section 17.1.1 through 17.1.11. 

  
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 In addition, the General Partner may make amendments to this Agreement without the approval
of any Limited Partner if those amendments, in the discretion of the General Partner: 
  

	 	17.1.13.	do not adversely affect the Limited Partners considered as a whole (including any particular class of Partnership Interest as compared to other classes of Partnership
Interests) in any material respect; 

  

	 	17.1.14.	are necessary or appropriate to satisfy any requirements, conditions or guidelines contained in any opinion or binding directive, order, ruling or regulation of any
Governmental Authority; 

  

	 	17.1.15.	are necessary or appropriate for any action taken by the General Partner relating to splits or combinations of Units or Partnership Interests made in accordance with
the provisions of this Agreement; or 

  

	 	17.1.16.	are required to effect the intent expressed in the Registration Statement or the intent of the provisions of this Agreement or are otherwise contemplated by this
Agreement. 

  

	17.2	Amendment Procedures 

Except as provided in Sections 17.1 and 17.3, all amendments to this Agreement shall be made in accordance with the following
procedures: 
  

	 	17.2.1.	amendments to this Agreement may only be proposed by or with the consent of the General Partner, provided that the General Partner shall have no duty or obligation to
propose any amendment to this Agreement and may decline to do so free of any fiduciary duty or obligation whatsoever to the Partnership or any Limited Partner and, in declining to propose or consent to an amendment to the fullest extent permitted by
Law, shall not be required to act in good faith or pursuant to any other standard imposed by this Agreement, any other agreement contemplated hereby or under the Limited Partnership Act or the Exempted Partnerships Act or any other Law or at equity;
and 

  

	 	17.2.2.	a proposed amendment shall be effective upon its approval by the General Partner and, where required under this Agreement or by the Limited Partnership Act, on the
consent, vote or approval of the amendment by the holders of a majority of the voting power of the Outstanding Units. 

  

	17.3	Amendment Requirements 

  

	 	17.3.1.	Notwithstanding the provisions of Sections 17.1 and 17.2, no provision of this Agreement that establishes a percentage of the voting power of the Outstanding Units
required to take any action shall be amended, altered, changed, repealed or rescinded in any respect that would have the effect of reducing such voting requirement unless such amendment is approved by the written consent or the affirmative vote of
the voting power of Outstanding Units whose aggregate Outstanding Units constitute voting power not less than the voting requirement sought to be reduced. 

  
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	 	17.3.2.	Notwithstanding the provisions of Sections 17.1 and 17.2, no amendment to this Agreement may (i) enlarge the obligations of any Limited Partner without its
consent except if the same occurs as a result of any amendment approved pursuant to Section 17.3.3, or (ii) enlarge the obligations, restrict in any way any action by or rights of or reduce in any way the amounts distributable,
reimbursable or otherwise payable by the Partnership to the General Partner or any of its Affiliates without the consent of the General Partner, which may be given or withheld in its sole discretion. 

 

	 	17.3.3.	Except as otherwise provided, and without limitation of the General Partner’s authority to adopt amendments to this Agreement as contemplated in Section 17.1,
the General Partner may amend the Partnership Agreement without the approval of holders of Outstanding Units, except that any amendment that would have a material adverse effect on the rights or preferences of any class of Outstanding Partnership
Interests in relation to other classes of Partnership Interests must be consented to or approved by the holders of at least a majority of the Outstanding Partnership Interests of the class affected. 

 

	 	17.3.4.	Notwithstanding any other provision of this Agreement, except for amendments pursuant to Section 17.1, no amendments shall become effective without the approval of
at least 90% of the voting power of the Outstanding Units unless the Partnership obtains an Opinion of Counsel to the effect that (i) such amendment will not cause the Partnership to be treated as an association taxable as a corporation or
otherwise taxable as an entity for tax purposes (provided that for U.S. tax purposes the General Partner has not made the election contemplated by Section 12.6), and (ii) such amendment will not affect the limited liability of any Limited
Partner or any limited partner of BPY under applicable Law; provided, however, that no such opinion shall be required in connection with an election described in Section 12.6 made by the General Partner or in connection with a transfer
following such election. 

  

	 	17.3.5.	This Section 17.3 shall only be amended with the approval of not less than 90% of the Outstanding Units. 

 

	17.4	Meetings 

  

	 	17.4.1.	 All acts of Limited Partners to be taken hereunder shall be taken in the manner provided in this Article 17. Special meetings of the Limited
Partners may be called by the General Partner or by Limited Partners holding greater than 50% or more of the voting power of the Outstanding Partnership Interests of the class or classes for which a meeting is proposed, provided that, for this
purpose, the Partnership Interests Outstanding shall not include Partnership Interests owned by the General Partner or any other member of the Brookfield Group. (For the avoidance of doubt, the Class A Units and the Redemption-Exchange Units
shall not constitute separate classes for this purpose.) Limited Partners shall call a special meeting by delivering to the General Partner one or more requests in writing stating that the signing Limited Partners wish to call a special meeting and
indicating the general or specific purposes for which the special meeting is to be called. Within 60 days after receipt of such a call from Limited Partners or within such greater time as may be reasonably necessary for the Partnership to
comply with any Laws, governing the holding of 

  
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a meeting or the solicitation of proxies for use at such a meeting, the General Partner shall send a notice of the meeting to the Limited Partners. 

 

	 	17.4.2.	A meeting shall be held at a time and place (outside of Canada) determined by the General Partner on a date not less than 10 days and not more than 60 days
after the mailing of notice of the meeting. Limited Partners shall not vote on matters that would cause the Limited Partners to be deemed to be taking part in the management and control of the activities and affairs of the Partnership so as to
jeopardize the Limited Partners’ limited liability under the Limited Partnership Act or the Law of any other jurisdiction in which the Partnership is qualified to conduct activities and affairs. 

 

	17.5	Notice of Meeting 

Notice of a meeting called pursuant to Section 17.4 shall be given to the Record Holders of the class or classes of Partnership
Interests in writing by mail or other means of written communication in accordance with Section 18.2 and shall include details of any proposal or other matter required by any provision of this Agreement or Law to be submitted for the
consideration and approval of the Limited Partners. The notice shall be deemed to have been given at the time when deposited in the mail or sent by other means of written communication. In addition, notices of special meetings pursuant to
Section 17.4 shall be delivered, announced and/or published to the extent required for the Partnership to comply with applicable Law. 
  

	17.6	Record Date 

 For
purposes of determining the Limited Partners entitled to notice of and participation in or to vote at a meeting of the Limited Partners or to provide consents or give approvals to any action by the Partnership as provided in Section 17.11
without a meeting as provided in Section 17.10, the General Partner may set a Record Date, which shall not be less than 10 nor more than 60 days before (a) the date of the meeting (unless such requirement conflicts with any applicable
Law, in which case the applicable Law shall govern) or (b) in the event that consents or approvals to any action by the Partnership are sought without a meeting, the date by which Limited Partners are requested in writing by the General Partner
to provide such consents or approvals. 
  

	17.7	Adjournment 

 When a
meeting is adjourned to another time or place, notice need not be given of the adjourned meeting and a new Record Date need not be fixed if the time and place thereof are announced at the meeting at which the adjournment is taken, unless such
adjournment shall be for more than 45 days. At the adjourned meeting, the Partnership may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 45 days or if a new Record Date
is fixed for the adjourned meeting, a notice of the adjourned meeting and/or the new Record Date, as applicable, shall be given in accordance with this Article 17. 

  
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	17.8	Quorum 

 A majority of
the Outstanding Units of the class or classes for which a meeting has been called (including Units held by the General Partner) represented in person or by proxy shall constitute a quorum at a meeting of Limited Partners of such class or classes
unless any such action by the Limited Partners requires approval by Limited Partners holding a greater percentage of the voting power of such Units, in which case the quorum shall be such greater percentage. At any meeting of the Limited Partners
duly called and held in accordance with this Agreement at which a quorum is present, the act of Limited Partners holding Outstanding Units that in the aggregate represent a majority of the Outstanding Units entitled to vote and be present in person
or by proxy at such meeting shall be deemed to constitute the act of all Limited Partners, unless a greater or different percentage is required with respect to such action under the provisions of this Agreement, in which case the act of the Limited
Partners holding Outstanding Units that in the aggregate represent at least such greater or different percentage shall be required. The Limited Partners present at a duly called or held meeting at which a quorum is present may continue to transact
business until adjournment, notwithstanding the withdrawal of enough Limited Partners to leave less than a quorum, if any action taken (other than adjournment) is approved by the required percentage of the voting power of Outstanding Units specified
in this Agreement (including Outstanding Units deemed owned by the General Partner). In the absence of a quorum, any meeting of Limited Partners may be adjourned from time to time by the affirmative vote of Units holding at least a majority of the
voting power of the Outstanding Units entitled to vote at such meeting (including Outstanding Units deemed owned by the General Partner) represented either in person or by proxy, but no other business may be transacted, except as provided in
Section 17.7. 
  

	17.9	Conduct of Meeting 

 The
General Partner shall have full power and authority concerning the manner of conducting any meeting of the Limited Partners or solicitation of consents or approvals in writing, including the determination of Persons entitled to vote, the existence
of a quorum, the satisfaction of the requirements of Section 17.4, the conduct of voting, the validity and effect of any proxies and the determination of any controversies, votes or challenges arising in connection with or during the meeting or
voting. The General Partner shall designate a Person to serve as chairman of any meeting and shall further designate a Person to take the minutes of any meeting, in either case including a Partner or a director or officer of the General Partner. All
minutes shall be kept with the records of the Partnership maintained by the General Partner. The General Partner may make such other regulations consistent with applicable Law and this Agreement as it may deem advisable concerning the conduct of any
meeting of the Limited Partners or solicitation of approvals in writing, including regulations in regard to the appointment of proxies, the appointment and duties of inspectors of votes and approvals, the submission and examination of proxies and
other evidence of the right to vote, and the revocation of consents or approvals in writing. 
  

	17.10	Action Without a Meeting 

If authorized by the General Partner, any action that may be taken at a meeting of the Limited Partners may be taken without a meeting if
(i) written consent to such action is 

  
 63 

 

 
solicited by or on behalf of the General Partner, and (ii) an approval in writing setting forth the action to be taken is signed by Limited Partners owning not less than the minimum
percentage of the Outstanding Units that would be necessary to authorize or take such action at a meeting at which all the Limited Partners were present and voted. Prompt notice of the taking of action by written consent or without a meeting shall
be given to the Limited Partners who have not approved in writing. The General Partner may specify that any written ballot from Limited Partners for the purpose of taking any action without a meeting shall be returned to the Partnership within the
time period, which shall be not less than 20 days, specified by the General Partner. If a ballot returned to the Partnership does not vote all of the Units held by the Limited Partner, the Partnership shall be deemed to have failed to receive a
ballot for the Units that were not voted. 
  

	17.11	Voting and Other Rights 

  

	 	17.11.1.	Only those Record Holders of Units on the Record Date set pursuant to Section 17.6 (and also subject to the limitations contained in the definition of
“Outstanding”) shall be entitled to notice of, and to vote at, a meeting of Partners or to act with respect to matters as to which the holders of the Outstanding Units have the right to vote or to act. All references in this
Agreement to votes, consents or approvals of, or other acts that may be taken by, the Outstanding Units shall be deemed to be references to the votes, consents, approvals or acts of the Record Holders of such Outstanding Units.

  

	 	17.11.2.	Each Outstanding Unit shall entitle the holder thereof to one vote for the purposes of any approval at a meeting of Limited Partners or by written consent, provided
that Redemption Exchange Unitholders will only be entitled to a maximum number of votes in respect of the Redemption-Exchange Units equal to 49% of the total voting power of all Outstanding Units. 

 

	 	17.11.3.	With respect to Units that are held for a Person’s account by another Person, in whose name such Units are registered, such other Person shall, in exercising the
voting or consent rights in respect of such Units on any matter, and unless the arrangement between such Persons provides otherwise, vote such Units in favor of, and at the direction of, the Person who is the beneficial owner, and the Partnership
shall be entitled to assume it is so acting without further inquiry. The provisions of this Section 17.11.3 (as well as all other provisions of this Agreement) are subject to the provisions of Section 13.3. 

ARTICLE 18 
 GENERAL PROVISIONS 
  

	18.1	Enurement 

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

	18.2	Notices 

  

	 	18.2.1.	To the Partnership and General Partner 

  
 64 

 

 Any notice, payment demand, request, report or other document required or permitted to be
given or made under this Agreement (“Notice”) by a Limited Partner to the Partnership or General Partner shall be given or sent by fax or letter post or by other means of written communication to the address of the General Partner
specified below, or at such other address as the General Partner may notify to the Record Holders, in compliance with applicable Laws: 
 Brookfield Property GP L.P. 
 73 Front Street 

Hamilton HM 12 

Bermuda 

Attention:                  Secretary 

Telecopier number:  441-296-4475 
  

	 	18.2.2.	To BPY 

 Any Notice by a
Limited Partner to BPY shall be given or sent by fax or letter post or by other means of written communication to the address of the general partner of BPY specified below, or at such other address as the General Partner may notify to the Record
Holders, in compliance with applicable Laws and regulations: 
 Brookfield Property Partners L.P. 

73 Front Street 

Hamilton HM 12 

Bermuda 

Attention:                  Secretary 

Telecopier number:  441-296-4475 
  

	 	18.2.3.	To the Limited Partners 

  

	 	18.2.3.1	Any Notice by the General Partner or Partnership to a Limited Partner shall, unless otherwise required by applicable Laws, be deemed given or made to the Limited
Partner when delivered in person or when sent to the relevant Record Holder by fax, letter post or by other means of written communication at the address described in Section 18.2.3.2 or when provided as set forth in Section 18.2.3.3.

  

	 	18.2.3.2	 Any Notice to be given or made to a Limited Partner hereunder shall be deemed conclusively to have been given or made, and the obligation to give any
Notice shall, unless otherwise required by applicable Laws, be deemed conclusively to have been fully satisfied, upon sending of such Notice to the Record Holder of the Partnership Interests, at such Person’s address as shown on the records of
the Partnership, or as otherwise shown on the records of the Partnership, regardless of any claim of any Person who may have an interest in 

  
 65 

 

	 	
such Partnership Interests by reason of any transfer or otherwise. An affidavit or certificate of making of any Notice in Section 18.2 executed by the General Partner, Partnership or the
mailing organization shall be prima facie evidence of the giving or making of such Notice. If any Notice addressed to a Record Holder at the address of such Record Holder appearing on the books and records of the Partnership or the Partnership is
returned by letter post marked to indicate that the relevant postal service is unable to deliver it, such Notice and any subsequent Notices shall be deemed to have been duly given or made without further mailing (until such time as such Record
Holder or another Person notifies the Partnership of a change in his address) if they are available for the Limited Partner at the principal office of the Partnership for a period of one year from the date of the giving or making of such Notice to
the other Limited Partners. 

  

	 	18.2.3.3	Any Notice to be given or made to a Limited Partner hereunder shall be deemed conclusively to have been given or made, and the obligation to give any Notice shall,
unless otherwise required by applicable Laws, be deemed conclusively to have been fully satisfied, upon issuing a press release complying with applicable Laws, if deemed by the General Partner in its sole discretion to be a reasonable or appropriate
means of providing such Notice. 

  

	18.3	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. 

 

	18.4	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] 

  
 66 

 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
set forth above. 
  

			
	 GENERAL PARTNER:
  

BROOKFIELD PROPERTY GP L.P., by its

general partner, 1648285 ALBERTA ULC

		
	By:	 	 
		 	Name:
		 	Title
	
	 LIMITED PARTNER:
  

BROOKFIELD PROPERTY PARTNERS L.P.,
 by
its general partner,
 1648285 ALBERTA ULC

		
	By:	 	 
		 	Name:
		 	Title
	
	 LIMITED PARTNER:
  

BPY I L.P.,
 by its general
partner,
 BPY GP Inc.

		
	By:	 	 
		 	Name:
		 	Title

  
 67 

 

 
			
	 LIMITED PARTNER:
  

BPY II L.P.,
 by its general
partner,
 BPY GP Inc.

		
	By:	 	 
		 	Name:
		 	Title

  
  

 SCHEDULE A 
 Capital Contributions

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