Source - Brookfield Asset Management

Important Cautionary NotesThe forward-looking statements are based on Brookfield’s beliefs, assumptions and expectations of BPY’s future performance, taking intoaccount all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events orfactors, not all of which are known to Brookfield or within its control. If a change occurs, BPY’s business, financial condition, liquidity and resultsof operations may vary materially from those expressed in the forward-looking statements. The following factors, among others, could causeactual results to vary from the forward-looking statements: changes in the general economy; the cyclical nature of the real estate industry;actions of competitors; failure to attract new tenants and enter into renewal or new leases with tenants on favorable terms; BPY’s ability toderive fully anticipated benefits from future or existing acquisitions, joint ventures, investments or dispositions; actions or potential actionsthat could be taken by BPY’s co-venturers, partners, fund investors or co-tenants; the bankruptcy, insolvency, credit deterioration or other defaultof BPY’s tenants; actions or potential actions that could be taken by Brookfield; the departure of some or all of Brookfield’s key professionals;the threat of litigation; changes to legislation and regulations; possible environmental liabilities and other possible liabilities; BPY’s ability to obtainadequate insurance at commercially reasonable rates; BPY’s financial condition and liquidity; downgrading of credit ratings and adverse conditionsin the credit markets; changes in financial markets, foreign currency exchange, interest rates or political conditions; the general volatility of thecapital markets and the market price of BPY’s units; and other factors described in its registration statement, including those set forth underItem 3.D. in the Form 20-F “Key Information – Risk Factors,” Item 5. “Operating and Financial Review and Prospects” and Item 4.B. “Information onthe Company – Business Overview.”Except as required by applicable law, Brookfield undertakes no obligation to update or revise publicly any forward-looking statements, whetheras a result of new information, future events or otherwise.43