Source - Brookfield Asset Management

Optimal Structure• Bermuda-based publicly traded partnership that owns holding corporations primarily inthe U.S., Canada, Australia, Western Europe and Brazil• Favorable structure relative to MLPs (1)• Committed to structuring our activities to avoid generating income connected with theconduct of a trade or business (2)BPY MLP (1)Type of entity Publicly traded partnership Publicly traded partnershipUBTI No YesECI No YesU.S. tax slip issued K1 K1Payout ratio 80% of FFO 80%-90% of distributable cash flowIncentive distributions 25% maximum 50% maximum(1) MLP is Master Limited Partnership(2) No assurance can be provided that the company and the Property Partnership will be free from UBTI (unrelated business taxable income) or ECI (effectively connectedincome) in the future.Source: Management estimates based on Barclays Capital Master Limited Partnerships MLP Trader Weekly40