Source - Brookfield Asset Management

Opportunities exist where value can be maximized through operating initiatives,developments/redevelopments, recycling capital from current investments andcapitalizing on a global economic recoveryBPY Growth Potential (1)Cap rate 5.7%Intrinsic value per unit at Dec. 31, 2012 (2) $ 25Add: Increase in cash flows 7Add: Development / redevelopment program valued @ 6% 3Add: Scale acquisition – $3b at yield of 12% leveraged IRR 2Add on issuances – $500m/year invested at a leveraged 12% 4Intrinsic value under above assumptions $ 4150 bps cap rate compression (to 5.2%) (3) 14$ 55(1)The table above presents purely hypothetical examples of how the value of the BPY units might be impacted by the businessdevelopments described above. The values presented above are presented for discussion and illustrative purposes only, in order to giveyou a general sense as to how the value might be affected by such developments, and you should not infer from the presentation of thetable that the amounts presented above are projections or guarantees of the value of the BPY units or that the assumed developmentswill occur or will have the illustrated impact. Future results will be different from this information and the differences may be material. Ouroperations are subject to numerous risks and uncertainties, including those discussed on pages 41-43. In no way should you rely on theabove financial information as indicators of performance or value. Brookfield Property Partners does not make any representation,express or implied, as to the accuracy, correctness, or completeness of the information.(2)The intrinsic value is the pro forma equity attributable to LP units and REUs as of December 31, 2012 divided by the pro forma numberof outstanding units of BPY (on a fully exchanged basis).(3)Cap rate compression relates to a reduction in the implied capitalization rate used to value our investment properties.27